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Schedule of Investments | |
October 31, 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 - 94.64% | |
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Apparel Retailers - 2.36% |
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Boot Barn Holdings, Inc. (2) | 1,840 |
| 127,880 |
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Auto Parts - 2.12% |
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Stoneridge, Inc. (2) | 7,063 |
| 114,915 |
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Banks - 7.24% |
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Business First Bancshares, Inc. | 8,440 |
| 164,918 |
Metropolitan Bank Holding Corp. (2) | 3,735 |
| 121,051 |
Triumph Financial, Inc. (2) | 1,715 |
| 106,759 |
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| 392,728 |
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Biotechnology - 5.70% |
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ANI Pharmaceuticals, Inc. (2) | 3,872 |
| 239,057 |
Avid Bioservices, Inc. (2) | 11,381 |
| 69,993 |
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| 309,050 |
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Cosmetics - 0.52% |
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e.l.f. Beauty, Inc. (2) | 302 |
| 27,974 |
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Electronic Equipment: Control and Filter - 1.52% |
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NAPCO Security Technologies, Inc. | 4,490 |
| 82,481 |
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Electronic Equipment: Gauges and Meters - 1.56% |
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Mesa Laboratories, Inc. | 904 |
| 84,822 |
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Electronic Equipment: Other - 2.43% |
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Allient, Inc. | 4,773 |
| 131,735 |
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Food Producers - 1.09% |
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Sovos Brands, Inc. (2) | 2,735 |
| 59,377 |
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Gas, Water & Multi-Utilities - 1.91% |
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Aris Water Solutions, Inc. Class A | 12,443 |
| 103,899 |
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Home Construction - 0.93% |
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Green Brick Partners, Inc. (2) | 1,310 |
| 50,697 |
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Medical Equipment - 13.55% |
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LeMaitre Vascular, Inc. | 5,040 |
| 244,843 |
iRadimed Corp. (2) | 5,650 |
| 230,181 |
InfuSystem Holdings, Inc. (2) | 17,421 |
| 166,893 |
BioLife Solutions, Inc. (2) | 9,219 |
| 93,112 |
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| 735,029 |
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Medical Supplies - 7.91% |
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UFP Technologies, Inc. (2) | 1,754 |
| 273,484 |
Utah Medical Products, Inc. | 1,960 |
| 155,859 |
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| 429,343 |
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Men's & Boys' Furnishings, Work Clothing, & Allied Garments - 0.95% |
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Oxford Industries, Inc. | 610 |
| 51,484 |
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Oil: Crude Producers - 6.12% |
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SilverBow Resources, Inc. (2) | 5,087 |
| 173,467 |
Evolution Petroleum Corp., Inc. | 24,650 |
| 158,500 |
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| 331,967 |
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Oil Equipment and Services - 2.39% |
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Dril-Quip, Inc. (2) | 5,996 |
| 129,873 |
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Restaurants and Bars - 3.14% |
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Kura Sushi USA, Inc. Class A (2) | 2,980 |
| 170,277 |
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Semiconductors & Related Devices - 1.70% |
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NVE Corp. | 1,355 |
| 92,140 |
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Services-Membership Sports & Recreation Clubs - 3.36% |
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OneSpaWorld Holdings Ltd. (2) | 17,410 |
| 182,457 |
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Software - 16.41% |
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PDF Solutions, Inc. (2) | 8,130 |
| 215,689 |
Mitek Systems, Inc. (2) | 17,135 |
| 183,002 |
Model N, Inc. (2) | 7,074 |
| 170,483 |
Simulations Plus, Inc. | 4,371 |
| 154,165 |
American Software, Inc. Class A | 12,196 |
| 133,790 |
CI&T, Inc. Class A (2) |
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| 7,270 |
| 33,442 |
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| 890,571 |
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Specialty Retailers - 3.20% |
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America's Car-Mart, Inc. (2) | 2,596 |
| 173,880 |
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Telecommunications Equipment - 0.50% |
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Genasys, Inc. (2) | 15,117 |
| 26,908 |
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Transaction Processing Services - 5.54% |
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I3 Verticals, Inc. Class A (2) | 11,276 |
| 211,425 |
Repay Holdings Corp. Class A (2) | 14,880 |
| 89,131 |
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| 300,556 |
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Wholesale-Machinery, Equipment & Supplies - 2.49% |
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AerSale Corp. (2) | 8,830 |
| 135,011 |
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Total Common Stocks | (Cost $ 6,094,860) |
| 5,135,054 |
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Short-Term Investment - 5.04% | |
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First American Government Obligation Fund - Class Z 5.236% (3) | 273,526 |
| 273,526 |
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Total Short-Term Investment | (Cost $ 273,526) |
| 273,526 |
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Total Investments - 99.68% | (Cost $ 6,368,386) |
| 5,408,580 |
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Liabilities In Excess of Other Assets (0.32%) |
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| 17,288 |
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Total Net Assets - 100.00% |
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| 5,425,868 |
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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 (9) |
Level 1 - Quoted Prices | | | $ | 5,408,580 | $ | - |
Level 2 - Other Significant Observable Inputs | | | - | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 5,408,580 | $ | - |
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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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