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Schedule of Investments |
April 30, 2020 (unaudited) |
Ranger Quest for Income & Growth Fund |
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| | | | | Shares or Principal | | |
Security Description | | | Amount ($) | | Fair Value ($)(1) |
| | | | | |
Common Stocks - 77.94% |
| | | |
Aerospace & Defense - 4.65% | | | |
Lockheed Martin Corp. | 1,247 | | 485,158 |
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Banks - 3.31% | | | |
J.P. Morgan Chase & Co. | 3,607 | | 345,406 |
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Beverages - 2.87% | | | |
PepsiCo, Inc. | 2,263 | | 299,372 |
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Biotechnology - 3.94% | | | |
AbbVie, Inc. | 4,995 | | 410,589 |
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Capital Markets - 7.82% | | | |
CME Group, Inc. Class-A | 3,720 | | 662,941 |
Blackstone Group, Inc. Class-A | 2,920 | | 152,541 |
| | | |
| | | 815,482 |
| | | |
Chemicals - 0.25% | | | |
Corteva, Inc. | 1,012 | | 26,504 |
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Diversified Telecommunication Services - 7.20% | | | |
Verizon Communications, Inc. | 9,415 | | 540,892 |
BCE, Inc. (Canada) | 5,181 | | 209,519 |
| | | |
| | | 750,411 |
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Electric Utilities - 3.20% | | | |
Duke Energy Corp. | 3,943 | | 333,814 |
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Food Products - 1.65% | | | |
Mowi ASA (Norway) | 10,033 | | 171,660 |
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Gas Utilities - 0.52% | | | |
Brookfield Infrastructure Corp. (2) | 1,289 | | 53,958 |
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Household Products - 3.16% | | | |
Procter & Gamble Co. | 1,482 | | 174,683 |
Kimberly-Clark Corp. | 1,114 | | 154,267 |
| | | |
| | | 328,950 |
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Insurance - 3.45% | | | |
Swiss RE AG ORD (Switzerland) | 2,570 | | 185,389 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 795 | | 174,844 |
| | | |
| | | 360,233 |
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Marine - 0.43% | | | |
Costamare, Inc. ADR (Monaco) | 8,979 | | 45,075 |
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Multiline Retail - 4.13% | | | |
Target Corp. | 3,925 | | 430,730 |
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Pharmaceuticals - 8.93% | | | |
Johnson & Johnson | 3,216 | | 482,529 |
Merck & Co., Inc. | 3,851 | | 305,538 |
Bristol-Myers Squibb Co. | 2,362 | | 143,633 |
| | | |
| | | 931,700 |
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Semiconductors & Semiconductor Equipment - 6.20% | | | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR (Taiwan) | 9,660 | | 513,236 |
Broadcom Inc. | 490 | | 133,094 |
| | | |
| | | 646,330 |
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Software - 9.78% | | | |
Microsoft Corp. | 5,693 | | 1,020,243 |
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Specialty Retail - 3.10% | | | |
Home Depot, Inc. | 1,472 | | 323,590 |
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Wireless Telecommunication Services - 3.35% | | | |
Tele2 AB Class-B (Sweden) (2) | 26,890 | | 348,904 |
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Total Common Stocks | (Cost $ 6,885,208) | | 8,128,109 |
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Preferred Stock - 1.30% |
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Goldman Sachs Group, Inc. 4.000% Perpetual | 6,660 | | 135,198 |
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Total Preferred Stock | (Cost $ 157,823) | | 135,198 |
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Exchange Traded Funds - 4.89% |
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Vanguard Total International Bond Index Fund ETF (4) | 8,908 | | 510,250 |
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Total Exchange Traded Funds | (Cost $ 510,644) | | 510,250 |
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Real Estate Investment Trusts - 10.71% |
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Equity Real Estate Investment Trust - 9.55% | | | |
Crown Castle International Corp. | 3,594 | | 572,991 |
Ascendas Real Estate Investment Trust (Singapore) | 200,936 | | 423,057 |
| | | |
| | | 996,048 |
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Mortgage Real Estate Investment Trust - 1.16% | | | |
Blackstone Mortgage Trust, Inc. Class-A | 5,163 | | 121,485 |
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Total Real Estate Investment Trusts | (Cost $ 924,350) | | 1,117,533 |
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Master Limited Partnerships & Publicly Traded Partnerships - 4.36% |
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Brookfield Infrastructure Partners, L.P. (Bermuda) | 11,604 | | 454,761 |
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Total Master Limited Partnerships & Publicly Traded Partnerships | (Cost $ 240,841) | | 454,761 |
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Short-Term Investment - 4.10% |
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First American Government Obligation Fund - Class Z 0.181% (3) | 427,702 | | 427,702 |
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Total Short-Term Investment | (Cost $ 427,702) | | 427,702 |
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Total Investments - 103.30% | (Cost $ 9,146,568) | | 10,773,553 |
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Liabilities in Excess of Other Assets - (3.30%) | | | (343,791) |
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Total Net Assets - 100.00% | | | 10,429,762 |
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(1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments. |
These inputs are summarized in the three broad levels listed below. |
• Level 1 - quoted prices in active markets for identical securities |
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) |
|
The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund's assets carried at fair value: |
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| | | | | | | |
| | | | | Investments in | | Other Financial |
Valuation Inputs | | | | Securities | | Instruments |
Level 1 - Quoted Prices | | | $ | 10,773,553 | $ | - |
Level 2 - Other Significant Observable Inputs | | | - | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 10,773,553 | $ | - |
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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. |
|
(2) Represents non-income producing securities. |
(3) The yield shown represents the 7-day yield in effect at April 30, 2020. | | | |
