| | | | | | | |
Schedule of Investments |
October 31, 2021 (unaudited) |
Ranger Small Cap Fund |
| | | | | | | |
| | | | | Shares or Principal | | |
Security Description | | | Amount ($) | | Fair Value ($)(1) |
| | | | | |
Common Stocks - 96.91% |
| | | |
Apparel Retailers - 1.90% | | | |
Boot Barn Holdings, Inc. (2) | 8,161 | | 852,743 |
| | | |
Banks - 5.28% | | | |
Cadence Bancorporation | 28,396 | | 824,037 |
Banc of California, Inc. | 38,206 | | 776,728 |
Home Bancshares Inc. | 32,365 | | 768,992 |
| | | | | | | |
| | | | | | | 2,369,757 |
| | | |
Biotechnology - 6.95% | | | |
Medpace Holdings, Inc. (2) | 8,280 | | 1,875,834 |
Avid Bioservices, Inc. (2) | 40,494 | | 1,242,356 |
| | | |
| | | 3,118,190 |
| | | |
Building Materials: Other - 3.05% | | | |
TopBuild Corp. (2) | 3,908 | | 1,004,239 |
The AZEK Company Inc. Class A (2) | 9,919 | | 363,928 |
| | | |
| | | 1,368,167 |
| | | |
Computer Services - 11.11% | | | |
Workiva, Inc. Class A (2) | 13,564 | | 2,028,496 |
Mimecast Ltd. (United Kingdom) (2) | 16,505 | | 1,245,137 |
Endava PLC Class A ADR (United Kingdom) (2) | 6,415 | | 1,016,521 |
Qualys, Inc. (2) | 5,575 | | 693,976 |
| | | |
| | | 4,984,130 |
| | | |
Cosmetics - 2.85% | | | |
e.l.f. Beauty Inc. (2) | 39,496 | | 1,276,116 |
| | | |
Defense - 2.09% | | | |
Kratos Defense & Security Solutions, Inc. (2) | 22,017 | | 470,944 |
Mercury Systems, Inc. (2) | 9,017 | | 464,736 |
| | | | | | | |
| | | 935,680 |
| | | |
Electronic Equipment: Gauges and Meters - 2.55% | | | |
Mesa Laboratories, Inc. | 3,741 | | 1,143,624 |
| | | |
Food Retailers and Wholesalers - 1.13% | | | |
Grocery Outlet Holding Corp. (2) | 22,824 | | 506,465 |
| | | |
Footware - 0.82% | | | |
Steven Madden, Ltd. | 8,134 | | 366,843 |
| | | |
Health Care Services - 4.76% | | | |
Phreesia, Inc. (2) | 11,606 | | 818,687 |
Omnicell, Inc. (2) | 4,487 | | 799,359 |
LHC Group, Inc. (2) | 3,827 | | 515,076 |
| | | | | | | |
| | | 2,133,122 |
| | | | | | | |
Home Construction - 4.37% | | | |
Skyline Champion Corp. (2) | 22,801 | | 1,443,759 |
Green Brick Partners, Inc. (2) | 19,828 | | 516,520 |
| | | |
| | | | | | | 1,960,279 |
| | | |
Home Improvement Retailers - 1.79% | | | |
SiteOne Landscape Supply, Inc. (2) | 3,416 | | 802,623 |
| | | |
Machinery: Industrial - 1.09% | | | |
Chart Industries, Inc. (2) | 2,764 | | 490,665 |
| | | |
Media Agencies - 0.71% | | | |
Cardlytics, Inc. (2) | 4,030 | | 317,000 |
| | | |
Medical Equipment - 6.21% | | | |
Repligen Corp. (2) | 4,696 | | 1,364,188 |
BioLife Solutions, Inc. (2) | 14,195 | | 754,464 |
LeMaitre Vascular, Inc. | 12,803 | | 665,884 |
| | | |
| | | 2,784,536 |
| | | |
Medical Services - 2.08% | | | |
NeoGenomics, Inc. (2) | 20,292 | | 933,432 |
| | | |
Medical Supplies - 4.45% | | | |
Neogen Corp. (2) | 25,211 | | 1,066,677 |
Conmed Corp. | 6,350 | | 928,878 |
| | | |
| | | | | | | 1,995,555 |
| | | |
Oil: Crude Producers - 1.37% | | | |
Brigham Minerals, Inc. Class A | 26,438 | | 612,833 |
| | | |
Pharmaceuticals - 1.87% | | | |
Heska Corp. (2) | 3,742 | | 836,449 |
| | | |
Professional Business Support Services - 5.65% | | | |
WNS Holdings Ltd. ADR (India) (2) | 21,032 | | 1,867,852 |
Maximus, Inc. | 7,900 | | 668,103 |
| | | |
| | | 2,535,955 |
| | | |
Recreational Products - 1.77% | | | |
Yeti Holdings, Inc. (2) | 8,093 | | 795,785 |
| | | |
Renewable Energy Equipment - 0.59% | | | |
TPI Composites, Inc. (2) | 7,874 | | 264,803 |
| | | |
Restaurants & Bars - 2.12% | | | |
Texas Roadhouse, Inc. | 10,448 | | 927,887 |
Brinker International, Inc. (2) | 568 | | 23,833 |
| | | |
| | | | | | | 951,720 |
| | | |
Semiconductors - 2.27% | | | |
nLight, Inc. (2) | 18,275 | | 513,893 |
Silicon Laboratories, Inc. (2) | 2,664 | | 502,857 |
| | | | | | | |
| | | | | | | 1,016,750 |
| | | | | | | |
Software - 7.83% | | | |
Pegasystems, Inc. | 10,486 | | 1,244,898 |
Simulations Plus, Inc. | 16,095 | | 812,798 |
Cerence, Inc. (2) | 5,077 | | 533,745 |
DoubleVerify Holdings, Inc. (2) | 11,970 | | 473,174 |
AppFolio, Inc. Class A (2) | 3,405 | | 448,405 |
| | | |
| | | | | | | 3,513,020 |
| | | |
Specialty Chemicals - 1.70% | | | |
Quaker Chemical Corp. | 3,093 | | 760,383 |
| | | | | | | |
Telecommunications Services - 0.73% | | | |
8x8, Inc. (2) | 14,461 | | 327,686 |
| | | |
Transaction Processing Services - 3.98% | | | |
Evo Payments, Inc. Class A (2) | 46,090 | | 999,231 |
Repay Holdings Corp. Class A (2) | 37,368 | | 785,102 |
| | | |
| | | 1,784,333 |
| | | |
Trucking - 3.84% | | | |
SAIA, Inc. (2) | 5,509 | | 1,722,334 |
| | | |
| | | | | | | |
Total Common Stocks | (Cost $ 30,054,367) | | 43,460,978 |
| | | |
Short-Term Investments - 3.30% |
| | | |
First American Government Obligation Fund - Class Z 0.02% (3) | 1,479,183 | | 1,479,183 |
| | | |
Total Short-Term Investment | (Cost $ 1,479,183) | | 1,479,183 |
| | | |
Total Investments - 100.21% | (Cost $ 31,533,550) | | 44,940,161 |
| | | |
Liabilities In Excess of Other Assets - (0.21%) | | | (94,156) |
| | | |
Total Net Assets - 100.00% | | | 44,846,005 |
| | | |
(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 October 31, 2021 in valuing the Fund's assets carried at fair value: |
| | | | | | | |
| | | | | | | |
| | | | | Investments in | | Other Financial |
Valuation Inputs | | | | Securities | | Instruments |
Level 1 - Quoted Prices | | | $ | 44,940,161 | $ | - |
Level 2 - Other Significant Observable Inputs | | | - | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 44,940,161 | $ | - |
| | | | | | | |
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 October 31, 2021. | | | |
