DF
DENT
MIDCAP
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
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.
Shares
Security
Description
Value
Common
Stock
-
96.5%
Consumer
Discretionary
-
1.4%
71,435
Floor
&
Decor
Holdings,
Inc.,
Class A
(a)
$
5,264,759
Financials
-
14.4%
57,226
Brown
&
Brown,
Inc.
5,367,226
131,186
Goosehead
Insurance,
Inc.,
Class A
(a)
9,762,862
26,104
Kinsale
Capital
Group,
Inc.
11,100,987
2,677
Markel
Group,
Inc.
(a)
5,116,711
17,377
Moody's
Corp.
8,279,793
20,759
Morningstar,
Inc.
4,816,296
14,584
MSCI,
Inc.
8,275,107
52,718,982
Health
Care
-
15.1%
231,959
Bio-Techne
Corp.
12,903,879
6,176
Mettler-Toledo
International,
Inc.
(a)
7,581,719
59,035
Repligen
Corp.
(a)
7,891,209
51,677
Veeva
Systems,
Inc.,
Class A
(a)
15,395,095
43,132
West
Pharmaceutical
Services,
Inc.
11,314,818
55,086,720
Industrials
-
24.7%
63,880
Booz
Allen
Hamilton
Holding
Corp.
6,384,806
169,657
Copart,
Inc.
(a)
7,629,475
78,489
HEICO
Corp.,
Class A
19,943,270
25,110
IDEX
Corp.
4,086,904
62,200
Old
Dominion
Freight
Line,
Inc.
8,756,516
42,496
SiteOne
Landscape
Supply,
Inc.
(a)
5,473,485
9,662
TransDigm
Group,
Inc.
(a)
12,734,709
143,261
Veralto
Corp.
15,273,055
56,558
Waste
Connections,
Inc.
9,942,897
90,225,117
Information
Technology
-
22.7%
53,089
Appfolio,
Inc.
(a)
14,634,514
40,215
Atlassian
Corp.,
Class A
(a)
6,422,336
25,143
Cadence
Design
Systems,
Inc.
(a)
8,831,730
65,308
Entegris,
Inc.
6,038,378
14,119
Guidewire
Software,
Inc.
(a)
3,245,393
30,982
Manhattan
Associates,
Inc.
(a)
6,350,690
82,955
Microchip
Technology,
Inc.
5,327,370
11,097
Monolithic
Power
Systems,
Inc.
10,216,342
58,987
PTC,
Inc.
(a)
11,975,541
19,521
Tyler
Technologies,
Inc.
(a)
10,212,606
83,254,900
Materials
-
10.4%
68,011
Ecolab,
Inc.
18,625,493
62,636
Vulcan
Materials
Co.
19,268,086
37,893,579
Shares
Security
Description
Value
Real
Estate
-
7.8%
83,395
CBRE
Group,
Inc.,
Class A
(a)
$
13,139,716
183,996
CoStar
Group,
Inc.
(a)
15,523,743
28,663,459
Total
Common
Stock
(Cost
$237,198,745)
353,107,516
Money
Market
Fund
-
3.3%
12,193,469
First
American
Treasury
Obligations
Fund,
Class X,
4.01%
(b)
(Cost
$12,193,469)
12,193,469
Investments,
at
value
-
99.8%
(Cost
$249,392,214)
$
365,300,985
Other
Assets
&
Liabilities,
Net
-
0.2%
685,740
Net
Assets
-
100.0%
$
365,986,725
(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
MIDCAP
GROWTH
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
SEPTEMBER
30,
2025
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
$
365,300,985
Level
2
-
Other
Significant
Observable
Inputs
–
Level
3
-
Significant
Unobservable
Inputs
–
Total
$
365,300,985