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Schedule of Investments |
April 30, 2024 (unaudited) |
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 - 98.72% |
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Apparel Retailers - 3.22% |
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Boot Barn Holdings, Inc. (2) | 1,955 |
| 208,149 |
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Banks - 6.73% |
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Business First Bancshares, Inc. | 8,950 |
| 180,701 |
Metropolitan Bank Holding Corp. (2) | 3,940 |
| 156,418 |
Triumph Financial, Inc. (2) | 1,390 |
| 97,800 |
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| 434,919 |
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Biotechnology - 5.63% |
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ANI Pharmaceuticals, Inc. (2) | 4,107 |
| 271,062 |
Ligand Pharmaceuticals, Inc. (2) |
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| 1,330 |
| 92,954 |
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| 364,016 |
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Crude Petroleum and Natural Gas - 4.74% |
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Evolution Petroleum Corp. |
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| 26,115 |
| 141,021 |
SilverBow Resources, Inc. (2) |
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| 5,387 |
| 165,489 |
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| 306,510 |
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Electrical Components - 1.81% |
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NVE Corp. |
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| 1,440 |
| 117,216 |
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Electronic Equipment: Control and Filter - 1.69% |
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NAPCO Security Technologies, Inc. | 2,680 |
| 109,076 |
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Electronic Equipment: Gauges and Meters - 2.70% |
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Mesa Laboratories, Inc. | 1,646 |
| 174,608 |
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Electronic Equipment: Other - 2.30% |
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Allient, Inc. | 5,058 |
| 148,655 |
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Farm Products - 2.92% |
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Vital Farms, Inc. (2) |
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| 7,050 |
| 188,658 |
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Home Construction - 1.12% |
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Green Brick Partners, Inc. (2) | 1,340 |
| 72,534 |
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Medical Equipment - 13.90% |
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BioLife Solutions, Inc. (2) |
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| 9,739 |
| 170,822 |
InfuSystem Holdings, Inc. (2) |
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| 18,486 |
| 138,830 |
iRadimed Corp. (2) |
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| 5,990 |
| 243,254 |
LeMaitre Vascular, Inc. |
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| 5,340 |
| 346,032 |
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| 898,938 |
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Medical Supplies - 8.07% |
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UFP Technologies, Inc. (2) | 1,864 |
| 383,872 |
Utah Medical Products, Inc. | 2,080 |
| 137,696 |
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| 521,568 |
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Motor Vehicle Parts & Accessories - 2.32% |
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Stoneridge, Inc. (2) |
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| 10,005 |
| 149,875 |
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Oil Equipment and Services - 1.78% |
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Dril-Quip, Inc. (2) | 6,346 |
| 115,370 |
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Oil and Gas Field Services, NEC - 3.50% |
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Aris Water Solutions, Inc. Class A |
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| 16,127 |
| 226,262 |
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Restaurants and Bars - 5.17% |
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Kura Sushi USA, Inc. Class A (2) | 3,040 |
| 334,643 |
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Services-Membership Sports & Recreation Clubs - 3.70% |
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OneSpaWorld Holdings Ltd. (2) | 18,835 |
| 239,581 |
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Software - 17.73% |
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American Software, Inc. Class A |
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| 12,461 |
| 125,981 |
Mitek Systems, Inc. (2) |
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| 18,190 |
| 229,740 |
Model N, Inc. (2) |
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| 8,885 |
| 263,440 |
PDF Solutions, Inc. (2) |
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| 8,590 |
| 258,387 |
PROS Holdings, Inc. (2) |
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| 1,800 |
| 58,950 |
Simulations Plus, Inc. |
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| 4,631 |
| 210,016 |
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| 1,146,514 |
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Specialty Retailers - 1.67% |
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America's Car-Mart, Inc. (2) | 1,892 |
| 108,298 |
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Transaction Processing Services - 6.68% |
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I3 Verticals, Inc. Class A (2) | 11,956 |
| 271,521 |
Repay Holdings Corp. Class A (2) | 15,765 |
| 160,330 |
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| 431,851 |
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Wholesale-Machinery, Equipment & Supplies - 1.34% |
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AerSale Corp. (2) | 12,160 |
| 86,701 |
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Total Common Stocks | (Cost $ 6,238,405) |
| 6,383,940 |
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Short-Term Investment - 1.47% |
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First American Government Obligation Fund - Class Z 5.236% (3) | 95,273 |
| 95,273 |
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Total Short-Term Investment | (Cost $ 95,273) |
| 95,273 |
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Total Investments - 100.20% | (Cost $ 6,333,678) |
| 6,479,213 |
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Liabilities In Excess of Other Assets - (0.20%) |
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| (12,631) |
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Total Net Assets - 100.00% |
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| 6,466,582 |
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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 (9) |
Level 1 - Quoted Prices | | | $ | 6,479,213 | $ | - |
Level 2 - Other Significant Observable Inputs | | | - | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 6,479,213 | $ | - |
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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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