Schedule of Investments

April 30, 2026 (unaudited)

Ranger Small Cap Fund

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Common Stocks - 97.61%

Aircraft Parts & Auxiliary Equipment, NEC - 1.65%

Karman Holdings, Inc. (2)

5,250

356,895

Apparel Retailers - 1.05%

Boot Barn Holdings, Inc. (2)

1,325

227,171

Banks - 3.93%

Bank OZK

4,785

230,446

Coastal Financial Corp. (2)

1,800

136,116

Triumph Financial, Inc. (2)

7,153

484,115

850,677

Biotechnology - 8.92%

ADMA Biologics, Inc. (2)

31,840

326,360

ANI Pharmaceuticals, Inc. (2)

4,575

363,484

Charles River Laboratories International, Inc. (2)

1,245

207,878

Ligand Pharmaceuticals, Inc. (2)

3,575

820,284

Medpace Holdings, Inc.  (2)

505

211,423

1,929,428

Bottled & Canned Soft Drinks & Carbonated Waters - 1.36%

Celsius Holdings, Inc. (2)

8,775

294,577

Building Materials: Other - 4.69%

TopBuild Corp. (2)

1,115

493,611

Simpson Manufacturing Co., Inc.

2,730

520,693

1,014,303

Building: Climate Control - 1.96%

AAON, Inc.

4,540

423,627

Commercial Vehicle - Equipment Leasing  - 0.90%

WillScot Mobile Mini Holdings Corp.

8,570

194,025

Commercial Vehicles and Parts - 1.93%

Federal Signal Corp.

3,385

416,795

Computer Services - 0.95%

Workiva, Inc. Class A (2)

3,850

205,898

Construction - Special Trade Contractors - 2.20%

Argan, Inc.

710

475,686

Crude Petroleum & Natural Gas - 1.54%

Permian Resources Corp.

15,380

332,516

Electronic Equipment:  Gauges and Meters - 1.21%

Mesa Laboratories, Inc.

2,619

261,900

Electric Services - 1.20%

Ormat Technologies, Inc. (2)

2,265

260,249

Electric Utilities - 2.21%

Excelerate Energy, Inc

13,721

478,863

Engines & Turbines - 1.75%

BWX Technologies, Inc.

1,750

378,683

Finance Services - 2.16%

Chime Financial, Inc. (2)

21,395

467,695

Health Care Management Services - 2.28%

HealthEquity, Inc. (2)

6,019

493,739

Heavy Construction Other Than Building Construction - Contractors - 2.26%

Sterling Infrastructure, Inc. (2)

947

488,292

Home Construction - 1.23%

Champion Homes, Inc. (2)

3,485

265,662

Household Appliances - 2.42%

SharkNinja, Inc. (2)

4,534

523,813

Investment Advice - 2.30%

Lazard Ltd.

10,255

497,368

Medical Equipment - 0.00%

LeMaitre Vascular, Inc.

2,865

314,434

Merit Medical Systems, Inc. (2)

2,460

167,723

482,157

Motors & Generators - 1.38%

American Superconductor Corp. (2)

5,570

298,218

Motor Vehicle Parts & Accessories - 1.49%

Modine Manufacturing Co. (2)

1,268

322,871

Oil & Gas Field Machinery & Equipment - 2.84%

Solaris Energy Infrastructure, Inc. (2)

8,330

615,087

Oil & Gas Field Services, NEC - 4.24%

Oceaneering International, Inc. (2)

14,050

527,437

WaterBridge Infrastructure LLC

12,950

390,313

917,750

Ophthalmic Goods - 1.50%

Warby Parker, Inc. (2)

14,635

323,726

Radio & Tv Broadcasting & Communications Equipment - 1.34%

Planet Labs PBC (2)

7,825

289,290

Real Estate Agents & Managers (For Others) - 1.95%

Jones Lang LaSalle, Inc. (2)

1,325

421,522

Refuse Systems - 2.21%

Casella Waste Systems, Inc. (2)

6,025

477,481

Restaurants and Bars - 3.33%

Texas Roadhouse, Inc.

3,000

482,970

Wingstop, Inc.

1,445

237,067

720,037

Semiconductors & Related Devices - 3.40%

MACOM Technology Solutions Holdings, Inc. (2)

2,615

736,410

Semiconductors & Semiconductor Equipment - 2.10%

Rambus, Inc. (2)

3,955

455,260

Services-Membership Sports & Recreation Clubs - 0.93%

Life Time Group Holdings, Inc. (2)

7,525

201,745

Professional Business Support Services - 4.87%

Paylocity Holding Corp. (2)

3,230

340,733

UL Solutions, Inc.

7,880

713,061

1,053,794

Software - 7.27%

AppFolio, Inc. Class A (2)

1,070

178,786

nCino, Inc.  (2)

13,715

239,738

PDF Solutions, Inc. (2)

15,555

666,532

Pegasystems, Inc.

13,337

487,467

1,572,524

Surgical & Medical Instruments & Apparatus - 1.77%

Stevanato Group SpA (2)

22,575

383,775

Transaction Processing Services - 1.10%

i3 Verticals, Inc. (2)

10,596

238,940

Trucking - 3.59%

SAIA, Inc. (2)

1,730

776,459

Total Common Stocks

(Cost $          19,205,056)

21,124,905

Short-Term Investment - 2.62%

Fidelity Money Market Funds Fidelity Investments Money Market Treasury Portfolio -  3.66% (3)

567,871

567,871

Total Short-Term Investment

(Cost $               567,871)

567,871

Total Investments - 100.23%

(Cost $          19,772,928)

21,692,776

Liabilities Less Other Assets - (0.23%)

(50,661)

Total Net Assets - 100.00%

21,642,115

(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)

       The following is a summary of the inputs used as of April 30, 2026 in valuing the Fund's assets carried at fair value:

Investments in

Other Financial

Valuation Inputs

Securities

Instruments

Level 1 - Quoted Prices

$

21,692,776

$

-

Level 2 - Other Significant Observable Inputs

-

-

Level 3 - Significant Unobservable Inputs

-

-

Total

$

21,692,776

$

-

       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.

(2)   Represents non-income producing securities.

(3)  The yield shown represents the 7-day yield in effect at April 30, 2026.

SpA - "Società per Azioni," which is an Italian term for a public limited company.

ADR - American Depositary Receipts.