DF
DENT
PREMIER
GROWTH
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEPTEMBER
30,
2025
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
as
of
September
30,
2025.
The
Fund
has
a
three-tier
fair
value
hierarchy.
The
basis
of
the
tiers
is
dependent
upon
the
various
“inputs”
used
to
determine
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
assets
Level
2
–
Prices
determined
using
significant
other
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Short-term
securities
with
maturities
of
sixty
days
or
less
are
valued
at
amortized
cost,
which
approximates
market
value,
and
are
categorized
as
Level
2
in
the
hierarchy.
Municipal
securities,
long-term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
in
accordance
with
the
evaluated
price
supplied
by
the
pricing
service
and
generally
categorized
as
Level
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
warrants
that
do
not
trade
on
an
exchange,
securities
valued
at
the
mean
between
the
last
reported
bid
and
ask
quotation
Shares
Security
Description
Value
Common
Stock
-
99.7%
Communication
Services
-
5.0%
48,627
Alphabet,
Inc.,
Class C
$
11,843,106
Consumer
Discretionary
-
5.8%
62,761
Amazon.com,
Inc.
(a)
13,780,433
Financials
-
17.3%
8,283
Kinsale
Capital
Group,
Inc.
3,522,429
19,697
Mastercard,
Inc.,
Class A
11,203,851
12,521
Moody's
Corp.
5,966,006
5,282
MSCI,
Inc.
2,997,060
10,654
S&P
Global,
Inc.
(a)
5,185,408
34,922
Visa,
Inc.,
Class A
11,921,672
40,796,426
Health
Care
-
12.7%
67,000
Bio-Techne
Corp.
3,727,210
29,697
Danaher
Corp.
5,887,727
9,320
Intuitive
Surgical,
Inc.
(a)
4,168,184
10,950
Thermo
Fisher
Scientific,
Inc.
5,310,969
26,627
Veeva
Systems,
Inc.,
Class A
(a)
7,932,449
11,078
West
Pharmaceutical
Services,
Inc.
2,906,092
29,932,631
Industrials
-
18.7%
23,092
Booz
Allen
Hamilton
Holding
Corp.
2,308,045
76,565
Copart,
Inc.
(a)
3,443,128
41,932
HEICO
Corp.,
Class A
10,654,502
6,195
TransDigm
Group,
Inc.
(a)
8,165,134
81,952
Uber
Technologies,
Inc.
(a)
8,028,837
56,652
Veralto
Corp.
6,039,670
31,277
Waste
Connections,
Inc.
5,498,497
44,137,813
Information
Technology
-
28.5%
13,830
Apple,
Inc.
3,521,533
4,044
ASML
Holding
NV
3,914,956
19,715
Cadence
Design
Systems,
Inc.
(a)
6,925,091
22,824
Guidewire
Software,
Inc.
(a)
5,246,324
7,548
Intuit,
Inc.
5,154,605
21,846
Manhattan
Associates,
Inc.
(a)
4,477,993
22,682
Microsoft
Corp.
11,748,142
7,848
Monolithic
Power
Systems,
Inc.
7,225,183
10,546
Motorola
Solutions,
Inc.
4,822,580
54,572
Procore
Technologies,
Inc.
(a)
3,979,390
5,072
ServiceNow,
Inc.
(a)
4,667,660
3,482
Synopsys,
Inc.
(a)
1,717,984
7,505
Tyler
Technologies,
Inc.
(a)
3,926,316
67,327,757
Shares
Security
Description
Value
Materials
-
7.0%
16,250
Ecolab,
Inc.
$
4,450,225
13,216
The
Sherwin-Williams
Co.
4,576,172
24,452
Vulcan
Materials
Co.
7,521,924
16,548,321
Real
Estate
-
4.7%
44,590
CBRE
Group,
Inc.,
Class A
(a)
7,025,600
50,240
CoStar
Group,
Inc.
(a)
4,238,749
11,264,349
Total
Common
Stock
(Cost
$110,154,503)
235,630,836
Money
Market
Fund
-
0.4%
872,124
First
American
Treasury
Obligations
Fund,
Class X,
4.01%
(b)
(Cost
$872,124)
872,124
Investments,
at
value
-
100.1%
(Cost
$111,026,627)
$
236,502,960
Other
Assets
&
Liabilities,
Net
-
(0.1)%
(297,389)
Net
Assets
-
100.0%
$
236,205,571
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
September
30,
2025.
DF
DENT
PREMIER
GROWTH
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEPTEMBER
30,
2025
and
international
equity
securities
valued
by
an
independent
third
party
with
adjustments
for
changes
in
value
between
the
time
of
the
securities
respective
local
market
closes
and
the
close
of
the
U.S.
market.
Level
3
–
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
Level
1
value
displayed
in
this
table
is
Common
Stock
and
a
Money
Market
Fund.
Refer
to
this
Schedule
of
Investments
for
a
further
breakout
of
each
security
by
industry.
THE
PORTFOLIO
OF
INVESTMENTS
SHOULD
BE
READ
IN
CONJUNCTION
WITH
THE
FINANCIAL
STATEMENTS
AND
NOTES
TO
FINANCIAL
STATEMENTS
WHICH
ARE
INCLUDED
IN
THE
FUND’S
AUDITED
ANNUAL
REPORT
OR
SEMI-ANNUAL
REPORT.
THESE
REPORTS
INCLUDE
ADDITIONAL
INFORMATION
ABOUT
THE
FUND’S
SECURITY
VALUATION
POLICIES
AND
ABOUT
CERTAIN
SECURITY
TYPES
INVESTED
BY
THE
FUND.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
236,502,960
Level
2
-
Other
Significant
Observable
Inputs
–
Level
3
-
Significant
Unobservable
Inputs
–
Total
$
236,502,960