v3.25.3
Fees and Expenses
Dec. 01, 2025
RANGER SMALL CAP FUND  
Prospectus [Line Items]  
Expense Heading [Optional Text] Fees and Expenses of the Fund:
Expense Narrative [Text Block]

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

 

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

 

Annual Fund Operating Expenses [Table]
  Investor Class Institutional Class
Management Fees 1.00% 1.00%
Distribution and/or Service (12b-1) Fees 0.25% 0.00%
Other Expenses 0.57% 0.57%
Total Annual Fund Operating Expenses 1.82% 1.57%
Fee Waiver and Reimbursement (1) (0.42)% (0.42)%
Total Annual Fund Operating Expenses
After Fee Waiver
1.40% 1.15% (2)

 

(1)Ranger Investment Management, L.P.(“RIM”), the Fund's investment adviser, has contractually agreed to reduce its fees and to reimburse expenses, at least until November 30, 2026, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement (exclusive of any Rule 12b-1 distribution or shareholder service fees, taxes, interest, brokerage commissions, Acquired Fund Fees and Expenses, or extraordinary expenses such as litigation) will not exceed 1.10% of average daily net assets. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days’ written notice to RIM.
(2)Expenses after waivers (excluding shareholder service fees of 0.06% was 1.09%.

 

Expense Example [Heading] Example:
Expense Example Narrative [Text Block]

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example, With Redemption [Table]
  1 Year 3 Years 5 Years 10 Years
Investor Class $143 $532 $946 $2,103
Institutional Class $117 $455 $815 $1,832

 

Portfolio Turnover [Heading] Portfolio Turnover:
Portfolio Turnover [Text Block]

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal period, the Fund’s portfolio turnover was 49.34%.

 

 

Portfolio Turnover, Rate 49.34%
RANGER MICRO CAP FUND  
Prospectus [Line Items]  
Expense Heading [Optional Text] Fees and Expenses of the Fund:
Expense Narrative [Text Block]

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

 

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses [Table]
  Investor Class Institutional Class
Management Fees 1.00% 1.00%
Distribution and/or Service (12b-1) Fees 0.25% 0.00%
Other Expenses 0.99% 0.99%
Total Annual Fund Operating Expenses 2.24% 1.99%
Fee Waiver (1) (0.71)% (0.71)%
Total Annual Fund Operating Expenses
After Fee Waiver
1.53% 1.28%(2)

 

(1)Ranger Investment Management, L.P. (“RIM”), the Fund's investment adviser, has contractually agreed to reduce its fees and to reimburse expenses, at least until November 30, 2026, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement (exclusive of any Rule 12b-1 distribution or shareholder servicing fees, taxes, interest, brokerage commissions, Acquired Fund Fees and Expenses, or extraordinary expenses such as litigation) will not exceed 1.25% of average daily net assets. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days’ written notice to RIM.
(2)Expenses after waivers (excluding shareholder servicing fees of 0.05%) was 1.23%.

 

Expense Example [Heading] Example:
Expense Example Narrative [Text Block]

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example, With Redemption [Table]
  1 Year 3 Years 5 Years 10 Years
Investor Class $156 $632 $1,135 $2,520
Institutional Class $130 $556 $1,007 $2,260

 

Portfolio Turnover [Heading] Portfolio Turnover:
Portfolio Turnover [Text Block]

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal period, the Fund’s portfolio turnover was 49.18%.

 

 

Portfolio Turnover, Rate 49.18%