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Schedule of Investments |
April 28, 2023 |
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 - 97.05% |
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Apparel Retailers - 3.19% |
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Boot Barn Holdings, Inc. (2) | 2,577 |
| 186,755 | |
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Auto Parts - 1.53% |
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Stoneridge, Inc. (2) | 4,765 |
| 89,725 | |
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Banks - 5.22% |
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Business First Bancshares, Inc. | 7,580 |
| 116,884 | |
Metropolitan Bank Holding Corp. (2) | 3,370 |
| 108,143 | |
Triumph Financial, Inc. (2) | 1,545 |
| 80,278 | |
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| 305,305 | |
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Biotechnology - 6.18% |
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Avid Bioservices, Inc. (2) | 13,537 |
| 244,343 | |
ANI Pharmaceuticals, Inc. (2) | 3,108 |
| 117,234 | |
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| 361,577 | |
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Cosmetics - 5.72% |
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e.l.f. Beauty, Inc. (2) | 3,610 |
| 334,864 | |
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Electronic Components - 0.94% |
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NVE Corp. (2) | 730 |
| 55,049 | |
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Electronic Equipment: Control and Filter - 3.16% |
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NAPCO Security Technologies, Inc. (2) | 5,965 |
| 184,915 | |
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Electronic Equipment: Gauges and Meters - 2.33% |
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Mesa Laboratories, Inc. | 819 |
| 136,372 | |
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Electronic Equipment: Other - 2.54% |
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Allied Motion Technologies, Inc. | 4,318 |
| 148,626 | |
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Food Producers - 1.54% |
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Sovos Brands, Inc. (2) | 5,245 |
| 89,952 | |
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Gas, Water & Multi-Utilities - 0.94% |
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Aris Water Solutions, Inc. | 7,548 |
| 54,874 | |
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Home Construction - 2.18% |
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Green Brick Partners, Inc. (2) | 3,423 |
| 127,575 | |
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Medical Equipment - 12.96% |
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LeMaitre Vascular, Inc. | 4,726 |
| 255,204 | |
iRadimed Corp. | 5,095 |
| 212,105 | |
InfuSystem Holdings, Inc. (2) | 15,710 |
| 147,203 | |
BioLife Solutions, Inc. (2) | 8,184 |
| 143,711 | |
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| 758,223 | |
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Medical Supplies - 8.70% |
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UFP Technologies, Inc. (2) | 2,459 |
| 338,949 | |
Utah Medical Products, Inc. | 1,795 |
| 170,238 | |
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| 509,187 | |
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Men's & Boys' Furnishings, Work Clothing, & Allied Garments - 1.01% |
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Oxford Industries, Inc. (2) | 570 |
| 58,818 | |
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Oil: Crude Producers - 3.77% |
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Evolution Petroleum Corp., Inc. | 22,180 |
| 146,166 | |
SilverBow Resources, Inc. (2) | 3,110 |
| 74,174 | |
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| 220,340 | |
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Oil Equipment & Services - 1.06% |
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Dril-Quip, Inc. (2) | 2,263 |
| 61,735 | |
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Restaurants and Bars - 5.52% |
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Kura Sushi USA, Inc. Class A (2) | 4,690 |
| 323,235 | |
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Services-Membership Sports & Recreation Clubs - 1.57% |
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OneSpaWorld Holdings Limited (2) | 7,660 |
| 91,920 | |
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Software - 16.29% |
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PDF Solutions, Inc. (2) | 7,340 |
| 264,607 | |
Model N, Inc. (2) | 6,370 |
| 196,196 | |
Simulations Plus, Inc. | 3,971 |
| 165,789 | |
Mitek Systems, Inc. (2) | 15,460 |
| 139,449 | |
American Software, Inc. Class A | 11,066 |
| 132,128 | |
CI&T, Inc. Class A (2) |
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| 13,910 |
| 54,805 | |
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| 952,974 | |
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Specialty Retailers - 3.76% |
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America's Car-Mart, Inc. (2) | 2,737 |
| 220,027 | |
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Telecommunications Equipment - 0.93% |
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Genasys, Inc. (2) | 18,539 |
| 54,690 | |
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Transaction Processing Services - 5.46% |
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I3 Verticals, Inc. Class A (2) | 10,126 |
| 235,429 | |
Repay Holdings Corp. Class A (2) | 13,390 |
| 83,955 | |
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| 319,384 | |
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Wholesale-Machinery, Equipment & Supplies - 0.55% |
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AerSale Corporation (2) | 2,006 |
| 32,457 | |
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Total Common Stocks | (Cost $ 5,727,116) |
| 5,678,579 | |
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Short-Term Investment - 3.59% |
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First American Government Obligation Fund - Class Z 4.6847% (3) | 209,799 |
| 209,799 | |
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Total Short-Term Investment | (Cost $ 209,799) |
| 209,799 | |
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Total Investments - 100.64% | (Cost $ 5,936,915) |
| 5,888,378 | |
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Liabilities In Excess of Other Assets - (0.64%) |
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| (37,290) | |
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Total Net Assets - 100.00% |
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| 5,851,088 | |
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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 April 30, 2023 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 | | | $ | 5,888,378 | $ | - | |
Level 2 - Other Significant Observable Inputs | | | - | | - | |
Level 3 - Significant Unobservable Inputs | | | - | | - | |
Total | | | | $ | 5,888,378 | $ | - | |
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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 April 28, 2023 |
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