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Schedule of Investments |
October 31, 2022 |
Ranger Micro Cap Fund |
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| Shares or Principal |
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Security Description | | | Amount ($) | | Fair Value ($)(1) |
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Common Stocks - 94.97% |
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Apparel Retailers - 1.88% |
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Boot Barn Holdings, Inc. (2) | 2,028 |
| 115,190 |
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Auto Parts - 1.67% |
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Stoneridge, Inc. (2) | 4,935 |
| 102,993 |
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Banks - 9.66% |
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Metropolitan Bank Holding Corp. (2) | 2,580 |
| 170,280 |
Business First Bancshares, Inc. (2) |
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| 6,660 |
| 165,035 |
Capstar Financial Holdings, Inc. | 5,510 |
| 97,417 |
Banc of California, Inc. | 4,862 |
| 81,098 |
Five Star Bancorp | 1,242 |
| 36,030 |
Triumph Bancorp, Inc. (2) | 885 |
| 45,577 |
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| 595,437 |
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Biotechnology - 5.84% |
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Avid Bioservices, Inc. (2) | 14,022 |
| 237,533 |
ANI Pharmaceuticals, Inc. (2) | 3,183 |
| 122,832 |
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| 360,365 |
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Building Materials: Other - 0.14% |
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Insteel Industries, Inc. | 339 |
| 8,933 |
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Cosmetics - 4.16% |
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e.l.f. Beauty, Inc. (2) | 5,930 |
| 256,532 |
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Electronic Equipment: Control and Filter - 3.88% |
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NAPCO Security Technologies, Inc. | 8,420 |
| 239,296 |
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Electronic Equipment: Gauges and Meters - 1.81% |
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Mesa Laboratories, Inc. | 844 |
| 111,585 |
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Electronic Equipment: Other - 2.04% |
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Allied Motion Technologies, Inc. | 3,716 |
| 125,675 |
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Home Construction - 2.40% |
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Green Brick Partners, Inc. (2) | 6,410 |
| 148,263 |
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Medical Equipment - 11.19% |
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LeMaitre Vascular, Inc. | 4,871 |
| 211,401 |
BioLife Solutions, Inc. (2) | 8,514 |
| 200,249 |
iRadimed Corp. (2) | 5,220 |
| 151,641 |
InfuSystem Holdings, Inc. (2) | 16,610 |
| 126,734 |
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| 690,025 |
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Medical Supplies - 8.47% |
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UFP Technologies, Inc. (2) | 2,549 |
| 239,224 |
Utah Medical Products, Inc. | 1,990 |
| 178,204 |
Anika Therapeutics, Inc. (2) | 3,681 |
| 104,614 |
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| 522,042 |
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Metal Fabricating - 1.29% |
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Omega Flex, Inc. | 840 |
| 79,296 |
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Oil: Crude Producers - 6.36% |
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Brigham Minerals, Inc. Class A | 6,835 |
| 211,885 |
Evolution Petroleum Corp., Inc. | 22,845 |
| 180,247 |
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| 392,132 |
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Oil & Gas Field Services, NEC - 0.09% |
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Aris Water Solutions, Inc. (2) | 340 |
| 5,790 |
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Restaurants and Bars - 3.77% |
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Kura Sushi USA, Inc. Class A (2) | 2,945 |
| 232,743 |
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Semiconductors - 1.16% |
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nLight, Inc. (2) | 6,654 |
| 71,664 |
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Software - 18.52% |
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Model N, Inc. (2) | 7,390 |
| 280,820 |
American Software, Inc. Class A | 11,401 |
| 195,299 |
Mitek Systems, Inc. (2) | 17,080 |
| 193,175 |
PDF Solutions, Inc. (2) | 7,620 |
| 179,680 |
Simulations Plus, Inc. | 4,231 |
| 175,587 |
CI&T, Inc. Class A (2) |
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| 14,320 |
| 117,424 |
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| 1,141,985 |
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Specialty Retailers - 2.84% |
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America's Car-Mart, Inc. (2) | 2,560 |
| 175,002 |
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Telecommunications Equipment - 0.93% |
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Genasys, Inc. (2) | 20,150 |
| 57,428 |
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Transaction Processing Services - 6.87% |
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I3 Verticals, Inc. Class A (2) | 10,426 |
| 226,870 |
Paya Holdings, Inc. Class A (2) | 17,800 |
| 143,112 |
Repay Holdings Corp. Class A (2) | 8,832 |
| 53,787 |
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| 423,769 |
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Total Common Stocks | (Cost $ 6,049,105) |
| 5,856,145 |
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Short-Term Investment - 5.05% |
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First American Government Obligation Fund - Class Z 2.8843% (3) | 311,494 |
| 311,494 |
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Total Short-Term Investment | (Cost $ 311,494) |
| 311,494 |
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Total Investments - 100.02% | (Cost $ 6,360,599) |
| 6,167,639 |
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Liabilities In Excess of Other Assets - (0.02%) |
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| (1,526) |
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Total Net Assets - 100.00% |
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| 6,166,113 |
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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) |
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The following is a summary of the inputs used as of October 31, 2022 in valuing the Fund's assets carried at fair value: |
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| | | | | Investments in | | Other Financial |
Valuation Inputs | | | | Securities | | Instruments (9) |
Level 1 - Quoted Prices | | | $ | 6,167,639 | $ | - |
Level 2 - Other Significant Observable Inputs | | | - | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 6,167,639 | $ | - |
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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. |
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(2) Represents non-income producing securities. |
(3) The yield shown represents the 7-day yield in effect at October 31, 2022 |
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