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Schedule of Investments |
October 31, 2023 (unaudited) |
Ranger Small 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 - 95.43% |
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Apparel Retailers - 2.19% |
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Boot Barn Holdings, Inc. (2) | 8,400 |
| 583,800 |
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Automotive Retailers - 0.96% |
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America's Car-Mart, Inc. (2) | 3,790 |
| 253,854 |
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Banks - 5.14% |
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Home Bancshares, Inc. | 29,967 |
| 612,825 |
Triumph Financial, Inc. (2) | 7,266 |
| 452,309 |
Cadence Bank | 14,500 |
| 307,110 |
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| 1,372,244 |
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Biotechnology - 4.87% |
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Medpace Holdings, Inc. (2) | 3,018 |
| 732,378 |
ANI Pharmaceuticals, Inc. (2) |
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| 6,140 |
| 379,084 |
Avid Bioservices, Inc. (2) | 31,196 |
| 191,855 |
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| 1,303,317 |
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Building Materials: Other - 3.09% |
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TopBuild Corp. (2) | 1,915 |
| 438,075 |
The AZEK Co., Inc. Class A (2) | 14,804 |
| 387,865 |
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| 825,940 |
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Computer Services - 7.50% |
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Qualys, Inc. (2) | 6,330 |
| 968,173 |
Workiva, Inc. Class A (2) | 8,610 |
| 749,845 |
Endava PLC Class A ADR (United Kingdom) (2) | 5,717 |
| 286,765 |
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| 2,004,783 |
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Cosmetics - 1.89% |
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e.l.f. Beauty, Inc. (2) | 5,452 |
| 505,019 |
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Defense - 0.99% |
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Mercury Systems, Inc. (2) | 73,855 |
| 265,712 |
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Electronic Equipment: Control and Filter - 0.66% |
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NAPCO Security Technologies, Inc. | 9,610 |
| 176,536 |
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Electronic Equipment: Gauges and Meters - 1.46% |
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Mesa Laboratories, Inc. | 4,174 |
| 391,646 |
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Food Products - 1.02% |
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Sovos Brands, Inc. (2) | 12,610 |
| 273,763 |
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Food Retailers and Wholesalers - 3.20% |
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Grocery Outlet Holding Corp. (2) | 30,967 |
| 856,857 |
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Footware - 1.17% |
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Steven Madden, Ltd. | 9,570 |
| 313,800 |
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Gas Distribution - 1.87% |
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Excelerate Energy, Inc. Class A | 35,130 |
| 499,549 |
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Gas, Water and Multi-Utilities- 1.06% |
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Aris Water Solutions, Inc. Class A | 33,802 |
| 282,247 |
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Health Care Services - 1.48% |
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Amedisys, Inc. (2) | 4,330 |
| 396,152 |
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Health Information Systems - 0.13% |
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Certara, Inc. (2) | 2,947 |
| 35,924 |
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Home Construction - 1.29% |
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Skyline Champion Corp. (2) | 5,886 |
| 345,096 |
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Home Improvement Retailers - 2.13% |
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SiteOne Landscape Supply, Inc. (2) | 4,140 |
| 570,368 |
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Medical Equipment - 4.73% |
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LeMaitre Vascular, Inc. | 15,511 |
| 753,524 |
Repligen Corp. (2) | 3,795 |
| 510,655 |
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| 1,264,179 |
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Medical Supplies - 3.29% |
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Conmed Corp. | 7,340 |
| 715,356 |
Neogen Corp. (2) | 11,028 |
| 164,207 |
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| 879,563 |
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Men's & Boys' Furnishing, Work Clothing, & Allied Garments - 0.78% |
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Oxford Industries, Inc. | 2,485 |
| 209,734 |
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Motor Vehicles & Passenger Car Bodies - 1.08% |
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Federal Signal Corp. | 4,991 |
| 289,678 |
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Oil: Crude Producers - 3.49% |
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Earthstone Energy, Inc. Class A (2) | 44,065 |
| 932,856 |
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Oil & Gas E&P- 4.46% |
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Permian Resources Corp. Class A | 81,853 |
| 1,192,598 |
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Oil & Gas Field Services, Nec - 0.93% |
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Dril-Quip, Inc. (2) | 11,477 |
| 248,592 |
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Perfumes, Cosmetics & Other Toilet Preparations- 1.24% |
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Coty, Inc. Class A (2) | 35,423 |
| 331,914 |
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Professional Business Support Services - 3.03% |
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WNS Holdings, Ltd. ADR (India) (2) | 14,893 |
| 808,988 |
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Restaurants and Bars - 3.41% |
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Texas Roadhouse, Inc. | 8,990 |
| 912,845 |
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Semiconductors - 0.83% |
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Silicon Laboratories, Inc. (2) | 2,405 |
| 221,693 |
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Services - Home Health Care Services - 3.46% |
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Chemed Corp. | 1,060 |
| 596,409 |
Option Care Health, Inc. (2) |
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| 11,810 |
| 327,491 |
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| 923,900 |
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Services - Membership Sports & Recreation Clubs - 1.80% |
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OneSpaWorld Holdings Ltd. (Bahamas) (2) | 46,050 |
| 482,604 |
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Services - Miscellaneous Equipment Rental and Leasing - 1.02% |
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WillScot Mobile Mini Holdings Corp. (2) | 6,950 |
| 273,899 |
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Services Prepackaged Software - 1.27% |
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Guidewire Software, Inc. (2) | 3,758 |
| 338,709 |
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Software - 9.39% |
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AppFolio, Inc. Class A (2) | 3,181 |
| 596,660 |
Simulations Plus, Inc. | 16,538 |
| 583,295 |
Pegasystems, Inc. | 10,566 |
| 451,591 |
DoubleVerify Holdings, Inc. (2) | 15,710 |
| 437,209 |
Model N, Inc. (2) | 13,246 |
| 319,229 |
PDF Solutions, Inc. (2) | 4,610 |
| 122,303 |
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| 2,510,287 |
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Specialty Chemicals - 0.82% |
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Quaker Chemical Corp. | 1,520 |
| 218,454 |
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Transaction Processing Services - 2.08% |
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Repay Holdings Corp. Class A (2) | 51,740 |
| 309,923 |
i3 Verticals, Inc. Class A (2) | 13,138 |
| 246,337 |
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| 556,260 |
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Trucking - 2.05% |
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SAIA, Inc. (2) | 1,530 |
| 548,490 |
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Waste and Disposal Services - 2.70% |
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Casella Waste Systems, Inc. Class A (2) | 9,580 |
| 722,811 |
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Wholesale-Machinery, Equipment & Supplies- 1.47% |
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AerSale Corp. (2) | 25,750 |
| 393,717 |
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Total Common Stocks | (Cost $ 27,740,557) |
| 25,518,378 |
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Short-Term Investment - 4.48% |
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First American Government Obligation Fund - Class Z 5.236% (3) | 1,197,060 |
| 1,197,060 |
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Total Short-Term Investment | (Cost $ 1,197,060) |
| 1,197,060 |
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Total Investments - 99.91% | (Cost $ 28,937,617) |
| 26,715,438 |
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Other Assets Less Liabilities (0.09%) |
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| 23,620 |
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Total Net Assets - 100.00% |
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| 26,739,058 |
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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, 2023 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 | | | $ | 26,715,438 | $ | - |
Level 2 - Other Significant Observable Inputs | | | - | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 26,715,438 | $ | - |
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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, 2023. |
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