DF
DENT
SMALL
CAP
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
Shares
Security
Description
Value
Common
Stock
-
99.3%
Consumer
Discretionary
-
4.9%
60,905
Floor
&
Decor
Holdings,
Inc.,
Class A
(a)
$
4,488,698
11,064
Murphy
USA,
Inc.
4,295,709
8,784,407
Consumer
Staples
-
1.7%
250,679
Utz
Brands,
Inc.
3,045,750
Financials
-
10.8%
56,342
Goosehead
Insurance,
Inc.,
Class A
(a)
4,192,972
45,643
Hamilton
Lane,
Inc.,
Class A
6,152,220
8,897
Kinsale
Capital
Group,
Inc.
3,783,538
7,305
MarketAxess
Holdings,
Inc.
1,272,896
17,285
Morningstar,
Inc.
4,010,293
19,411,919
Health
Care
-
14.8%
84,065
Bio-Techne
Corp.
4,676,536
13,044
Charles
River
Laboratories
International,
Inc.
(a)
2,040,864
33,386
HealthEquity,
Inc.
(a)
3,163,991
29,119
LeMaitre
Vascular,
Inc.
2,548,204
18,843
Masimo
Corp.
(a)
2,780,285
9,997
Medpace
Holdings,
Inc.
(a)
5,140,058
41,563
Repligen
Corp.
(a)
5,555,726
4,055
The
Ensign
Group,
Inc.
700,582
26,606,246
Industrials
-
31.8%
15,152
Applied
Industrial
Technologies,
Inc.
3,955,429
46,142
Casella
Waste
Systems,
Inc.
(a)
4,377,953
80,239
Core
&
Main,
Inc.,
Class A
(a)
4,319,265
18,513
CSW
Industrials,
Inc.
4,494,031
90,972
Douglas
Dynamics,
Inc.
2,843,785
14,238
ESCO
Technologies,
Inc.
3,005,784
33,673
Exponent,
Inc.
2,339,600
32,564
Federal
Signal
Corp.
3,874,790
369,467
Hayward
Holdings,
Inc.
(a)
5,586,341
25,454
HEICO
Corp.,
Class A
6,467,607
12,435
JBT
Marel
Corp.
1,746,496
8,219
Kadant,
Inc.
2,445,810
15,423
RBC
Bearings,
Inc.
(a)
6,019,443
12,054
Simpson
Manufacturing
Co.,
Inc.
2,018,563
26,834
SiteOne
Landscape
Supply,
Inc.
(a)
3,456,219
56,951,116
Information
Technology
-
27.7%
32,818
Agilysys,
Inc.
(a)
3,454,095
71,740
Alarm.com
Holdings,
Inc.
(a)
3,807,959
22,161
Appfolio,
Inc.
(a)
6,108,901
Shares
Security
Description
Value
Information
Technology
-
27.7%
(continued)
19,639
Badger
Meter,
Inc.
$
3,507,133
20,654
Guidewire
Software,
Inc.
(a)
4,747,529
28,340
Manhattan
Associates,
Inc.
(a)
5,809,133
46,548
Novanta,
Inc.
(a)
4,661,782
13,349
Onto
Innovation,
Inc.
(a)
1,724,958
63,402
Procore
Technologies,
Inc.
(a)
4,623,274
15,330
ServiceTitan,
Inc.
(a)
1,545,724
39,209
SPS
Commerce,
Inc.
(a)
4,083,225
60,084
The
Descartes
Systems
Group,
Inc.
(a)
5,661,715
49,735,428
Materials
-
7.6%
16,422
Eagle
Materials,
Inc.
3,826,983
440,268
Perimeter
Solutions,
Inc.
(a)
9,857,600
13,684,583
Total
Common
Stock
(Cost
$144,112,920)
178,219,449
Money
Market
Fund
-
0.7%
1,349,575
First
American
Treasury
Obligations
Fund,
Class X,
4.01%
(b)
(Cost
$1,349,575)
1,349,575
Investments,
at
value
-
100.0%
(Cost
$145,462,495)
$
179,569,024
Other
Assets
&
Liabilities,
Net
-
0.0%
(80,870)
Net
Assets
-
100.0%
$
179,488,154
(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
SMALL
CAP
GROWTH
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEPTEMBER
30,
2025
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
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
$
179,569,024
Level
2
-
Other
Significant
Observable
Inputs
–
Level
3
-
Significant
Unobservable
Inputs
–
Total
$
179,569,024