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Schedule of Investments |
April 30, 2024 (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 - 95.54% |
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Apparel Retailers - 2.84% |
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Boot Barn Holdings, Inc. (2) | 8,795 |
| 936,404 |
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Banks - 3.53% |
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Cadence Bank |
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| 15,244 |
| 421,801 |
Home Bancshares, Inc. |
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| 31,337 |
| 742,060 |
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| 1,163,861 |
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Biotechnology - 5.02% |
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ANI Pharmaceuticals, Inc. (2) |
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| 6,425 |
| 424,050 |
Medpace Holdings, Inc. (2) |
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| 3,163 |
| 1,228,350 |
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| 1,652,400 |
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Building Materials: Other - 5.26% |
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The AZEK Co., Inc. Class A (2) |
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| 20,187 |
| 921,335 |
TopBuild Corp. (2) |
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| 2,005 |
| 811,363 |
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| 1,732,698 |
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Computer Services - 4.70% |
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Endava plc (2) |
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| 5,997 |
| 173,913 |
Qualys, Inc. (2) |
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| 4,995 |
| 818,730 |
Workiva, Inc. Class A (2) |
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| 7,065 |
| 556,722 |
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| 1,549,365 |
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Cosmetics - 2.02% |
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e.l.f. Beauty, Inc. (2) | 4,085 |
| 663,935 |
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Crude Petroleum & Natural Gas - 6.53% |
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Magnolia Oil & Gas Corp. |
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| 27,040 |
| 677,893 |
Permian Resources Corp. |
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| 87,990 |
| 1,473,833 |
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| 2,151,726 |
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Electric Utilities - 1.88% |
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Excelerate Energy, Inc |
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| 36,755 |
| 619,689 |
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Electronic Equipment: Gauges and Meters - 1.40% |
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Mesa Laboratories, Inc. | 4,349 |
| 461,341 |
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Food Retailers and Wholesalers - 2.01% |
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Grocery Outlet Holding Corp. (2) | 25,485 |
| 661,845 |
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Foods - 1.05% |
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J&J Snack Foods Corp. |
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| 2,510 |
| 344,598 |
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Footware - 1.57% |
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Steven Madden, Ltd. | 12,785 |
| 516,642 |
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Health Care Providers & Services - 2.41% |
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Chemed Corp. |
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| 1,397 |
| 793,496 |
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Home Construction - 1.88% |
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Skyline Champion Corp. (2) | 8,256 |
| 619,117 |
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Home Improvement Retailers - 2.35% |
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SiteOne Landscape Supply, Inc. (2) | 4,926 |
| 772,840 |
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Machinery - 1.57% |
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Federal Signal Corp. |
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| 6,355 |
| 516,662 |
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Medical Equipment - 5.43% |
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LeMaitre Vascular, Inc. | 16,266 |
| 1,054,037 |
Repligen Corp. (2) | 4,470 |
| 733,974 |
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| 1,788,011 |
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Medical Supplies - 1.52% |
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Conmed Corp. | 5,255 |
| 357,235 |
Neogen Corp. (2) | 11,533 |
| 142,202 |
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| 499,437 |
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Oil & Gas Field Services, Nec - 3.13% |
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Aris Water Solutions, Inc. Class A | 34,867 |
| 489,184 |
Dril-Quip, Inc. (2) | 13,203 |
| 240,031 |
Oceaneering International, Inc. (2) |
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| 13,160 |
| 301,496 |
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| 1,030,711 |
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Orthopedic, Prosthetic & Surgical Appliances & Supplies - 0.99% |
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MSA Safety, Inc. (2) |
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| 1,805 |
| 325,622 |
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Perfumes, Cosmetics & Other Toilet Preparations- 1.29% |
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Coty, Inc. Class A (2) | 37,063 |
| 424,001 |
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Professional Business Support Services - 1.98% |
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WNS Holdings, Ltd. ADR (India) (2) | 15,568 |
| 652,455 |
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Refuse Systems - 2.75% |
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Casella Waste Systems, Inc. (2) |
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| 10,015 |
| 905,356 |
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Restaurants and Bars - 3.91% |
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Texas Roadhouse, Inc. |
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| 8,005 |
| 1,287,044 |
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Retail-Grocery Stores - 1.24% |
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Sprouts Farmers Market, Inc (2) |
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| 6,180 |
| 408,065 |
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Semiconductors - 0.93% |
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Silicon Laboratories, Inc. (2) | 2,510 |
| 304,940 |
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Services - Home Health Care Services - 2.30% |
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Option Care Health, Inc. (2) |
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| 25,330 |
| 757,114 |
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Services - Membership Sports & Recreation Clubs - 1.93% |
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OneSpaWorld Holdings Ltd. (Bahamas) (2) | 50,110 |
| 637,399 |
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Services - Miscellaneous Equipment Rental and Leasing - 1.24% |
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WillScot Mobile Mini Holdings Corp. (2) | 11,073 |
| 409,258 |
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Services Prepackaged Software - 2.30% |
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Guidewire Software, Inc. (2) | 6,865 |
| 757,896 |
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Software - 10.20% |
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AppFolio, Inc. Class A (2) |
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| 2,295 |
| 520,460 |
DoubleVerify Holdings, Inc. (2) |
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| 16,732 |
| 490,248 |
Model N, Inc. (2) |
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| 13,861 |
| 410,979 |
PDF Solutions, Inc. (2) |
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| 10,235 |
| 307,869 |
Pegasystems, Inc. |
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| 14,256 |
| 847,092 |
Simulations Plus, Inc. |
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| 17,313 |
| 785,145 |
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| 3,361,793 |
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Specialty Chemicals - 1.35% |
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Quaker Chemical Corp. | 2,385 |
| 444,874 |
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Specialty Retail - 0.69% |
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America's Car-Mart, Inc. (2) | 3,980 |
| 227,815 |
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Specialty Retail - 1.62% |
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Triumph Financial, Inc. (2) | 7,591 |
| 534,103 |
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Transaction Processing Services - 2.87% |
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i3 Verticals, Inc. (2) |
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| 17,386 |
| 394,836 |
Repay Holdings Corp. (2) |
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| 54,110 |
| 550,298 |
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| 945,134 |
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Trucking - 0.99% |
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SAIA, Inc. (2) | 820 |
| 325,401 |
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Wholesale-Machinery, Equipment & Supplies- 0.90% |
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AerSale Corp. (2) | 41,665 |
| 297,071 |
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Total Common Stocks | (Cost $ 29,322,313) |
| 31,480,119 |
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Short-Term Investment - 3.39% |
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First American Government Obligation Fund - Class Z 5.236% (3) | 1,118,502 |
| 1,118,502 |
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Total Short-Term Investment | (Cost $ 1,118,502) |
| 1,118,502 |
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Total Investments - 98.94% | (Cost $ 30,440,815) |
| 32,598,621 |
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Other Assets Less Liabilities (1.06%) |
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| 350,187 |
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Total Net Assets - 100.00% |
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| 32,948,808 |
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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, 2024 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 | | | $ | 32,598,621 | $ | - |
Level 2 - Other Significant Observable Inputs | | | - | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 32,598,621 | $ | - |
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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 30, 2024. |
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