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rfisx:C000107720Member 2024-01-01 2024-12-31 iso4217:USD shares iso4217:USD shares pure false Spend Life Wisely Funds Investment Trust 2025-12-01 N-1A 485BPOS 0001524348 2020-06-30 2020-03-31 2020-06-30 2020-03-31 Investment Objective: The Fund seeks long-term capital appreciation. Fees and Expenses of the Fund: 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) <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zMQrdaTHofG8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zgSOojK8Ohr1" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: #E0E0E0"> <td style="border: Black 1pt solid; vertical-align: top; width: 70%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td id="xdx_499_20251201__20251201__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000104512Member_zTlSpu8xLtSh" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Investor Class</td> <td id="xdx_49E_20251201__20251201__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member_z2NxU0kgQYIa" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Institutional Class</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zNUqMWSVm9me" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">1.00%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">1.00%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zCnotZGw0CL" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">0.25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">0.00%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zDhJsYhqwYp7" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">0.57%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">0.57%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zcR9i5zJZ4q" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">1.82%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">1.57%</td></tr> <tr id="xdx_400_eoef--FeeWaiverOrReimbursementOverAssets_zeic8F2QqWoc" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Fee Waiver and Reimbursement (1)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">(0.42)%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">(0.42)%</td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_dpn_zSj7Jl5fhzl7"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Fee Waiver</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">1.40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">1.15% (2)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(1)</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(2)</td><td>Expenses after waivers (excluding shareholder service fees of 0.06% was 1.09%.</td></tr></table> 0.0100 0.0100 0.0025 0.0000 0.0057 0.0057 0.0182 0.0157 -0.0042 -0.0042 0.0140 0.0115 Example: 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: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zH52aS191JW3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zq4sY6N26mqf" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center"> </td> <td id="xdx_482_eoef--ExpenseExampleYear01_zZpyaR9gnW9l" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">1 Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_z0GtNxQqHUhl" style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">3 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear05_zDndzgVvmlwc" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">5 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zzEGQKkuLfVa" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">10 Years</td></tr> <tr id="xdx_41E_dei--LegalEntityAxis_custom--S000033849Member_oef--ClassAxis_custom--C000104512Member_zjaqZYFrXTp3"> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">Investor Class</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$143</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$532</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$946</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$2,103</td></tr> <tr id="xdx_411_dei--LegalEntityAxis_custom--S000033849Member_oef--ClassAxis_custom--C000107719Member_zVRVSgFFPkT9"> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">Institutional Class</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$117</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$455</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$815</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$1,832</td></tr> </table> 143 532 946 2103 117 455 815 1832 Portfolio Turnover: 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%. 0.4934 Principal Investment Strategies: Under normal market conditions, the Fund invests at least 80% of its assets in common stocks of small capitalization ("small cap") companies. The Fund defines small cap companies as those that at the time of initial purchase are within the capitalization range of the Russell 2000 Growth Index, which was $119.4 million to $7 billion as of April 30, 2025, its most recent reconstitution date. RIM's strategy begins with the narrowing of the small cap stock universe to identify companies that RIM believes have a proven track record of competitive advantages and the ability to produce sustainable value for shareholders in the foreseeable future. From this group, RIM selects securities that it believes are trading at prices below their intrinsic value. RIM sells a stock if RIM believes it is overvalued, more attractive candidates arise, or if there is a substantial, long term reduction in a company's fundamental prospects that impair its value. Principal Investment Risks: Risk is inherent in all investing. Many factors and risks affect the Fund’s performance, including those described below. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the Fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money if you invest in the Fund. <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Market – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down.</td></tr></table> Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere. <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Growth Stocks – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Small Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Focused Investing –To the extent the fund invests in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, or a significant portion of its assets in a single issuer or small number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Equity Securities – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Valuation – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Management – The value of your investment may go down if RIM’s judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by RIM, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if RIM’s investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Active Trading – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Currency – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Cybersecurity – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to the transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Depositary Receipts – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Large Shareholder – A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">·</td><td style="text-align: justify">Sustainability and/or Environmental, Social and Governance Considerations – RIM considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration. RIM may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. RIM may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in RIM’s investment process, and RIM may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact RIM’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third-party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact RIM’s ability to consider sustainability and/or ESG criteria as part of its investment process.</td></tr></table> You may lose money if you invest in the Fund The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses To the extent the fund invests in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, or a significant portion of its assets in a single issuer or small number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect The value of your investment may go down if RIM’s judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by RIM, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if RIM’s investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to the transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase RIM considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration. RIM may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. RIM may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in RIM’s investment process, and RIM may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact RIM’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third-party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact RIM’s ability to consider sustainability and/or ESG criteria as part of its investment process Performance: The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of Institutional Class shares of the Fund for each full calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information will be available at no cost by visiting www.spendlifewisleyfunds.com or by calling 1-866-458-4744. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future www.spendlifewisleyfunds.com 1-866-458-4744 Institutional Class Annual Total Return For Calendar Years Ended December 31 <div id="xdx_A86_eoef--BarChartFootnotesTextBlock_zPc2c0cUDD5l"></div> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td id="xdx_989_eoef--HighestQuarterlyReturnLabel_c20251201__20251201__dei--LegalEntityAxis__custom--S000033849Member_zWNcEO6S8Fre" style="border: Black 1pt solid; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">Best Quarter:</td> <td id="xdx_984_eoef--BarChartHighestQuarterlyReturnDate_dxL_c20251201__20251201__dei--LegalEntityAxis__custom--S000033849Member_zwv9SbiYJd67" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center" title="::XDX::2020-06-30">6/30/2020</td> <td id="xdx_98C_eoef--BarChartHighestQuarterlyReturn_c20251201__20251201__dei--LegalEntityAxis__custom--S000033849Member_zbcJM7xQATs5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">28.71%</td></tr> <tr style="vertical-align: top"> <td id="xdx_980_eoef--LowestQuarterlyReturnLabel_c20251201__20251201__dei--LegalEntityAxis__custom--S000033849Member_zDyfd9oKsjt3" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">Worst Quarter:</td> <td id="xdx_98B_eoef--BarChartLowestQuarterlyReturnDate_dxL_c20251201__20251201__dei--LegalEntityAxis__custom--S000033849Member_zHhpakJPiT04" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center" title="::XDX::2020-03-31">3/31/2020</td> <td id="xdx_985_eoef--BarChartLowestQuarterlyReturn_c20251201__20251201__dei--LegalEntityAxis__custom--S000033849Member_zgLvXsK6Vcd4" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">-22.17%</td></tr> </table> Best Quarter: 0.2871 Worst Quarter: -0.2217 The year-to-date return as of the most recent calendar quarter, which ended September 30, 2025, was -3.19%. Performance Table Average Annual Total Returns (For period ended December 31, 2024) <div id="xdx_A80_eoef--PerformanceTableTextBlock_zTdFlW1SX3uk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z02tXfjBVAna" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="border: Black 1pt solid; width: 61%; padding-right: -0.5in; padding-left: 5.4pt; line-height: normal; text-align: justify">Institutional shares</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">Five Years</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">Ten Years</td></tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: -0.5in; padding-left: 5.4pt; line-height: normal; text-align: justify">Return before taxes</td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_c20240101__20241231__dei--LegalEntityAxis__custom--S000033849Member_zxonafq0TQAe" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center"> 6.32%</td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20200101__20241231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member_zVIZ5LidK29e" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">6.64%</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_c20150101__20241231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member_z56YsbCuskEc" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">8.86%</td></tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: -0.5in; padding-left: 5.4pt; line-height: normal; text-align: justify">Return after taxes on distributions</td> <td id="xdx_980_eoef--AvgAnnlRtrPct_c20240101__20241231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zd23KtHvXnm3" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center"> 6.32%</td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20200101__20241231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zslazXrPzhQf" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">5.25%</td> <td id="xdx_984_eoef--AvgAnnlRtrPct_c20150101__20241231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zIYvP2h5zaK" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">7.03%</td></tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: -0.5in; padding-left: 5.4pt; line-height: normal; text-align: justify">Return after taxes on distributions and sale of Fund shares</td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20240101__20241231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zNxJiuCtimLg" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">3.74%</td> <td id="xdx_983_eoef--AvgAnnlRtrPct_c20200101__20241231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zVU6vSzPr7g9" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">5.07%</td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_c20150101__20241231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zEzViyrKqeAe" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">6.79%</td></tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> Russell 2000 Growth Index (reflects no deduction for fees, expenses, or taxes)</td> <td id="xdx_980_eoef--AvgAnnlRtrPct_c20240101__20241231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member__oef--PerformanceMeasureAxis__custom--Russell2000Member_zgm8hQraQ9p1" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center"> 15.15%</td> <td id="xdx_982_eoef--AvgAnnlRtrPct_c20200101__20241231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member__oef--PerformanceMeasureAxis__custom--Russell2000Member_zjc1ufA8CxQk" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">6.86%</td> <td id="xdx_984_eoef--AvgAnnlRtrPct_c20150101__20241231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member__oef--PerformanceMeasureAxis__custom--Russell2000Member_zesvoAEtl0q6" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">8.09%</td></tr> </table> 0.0632 0.0664 0.0886 0.0632 0.0525 0.0703 0.0374 0.0507 0.0679 0.1515 0.0686 0.0809 After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher price-to-value ratios and higher forecasted growth values. The figures for the Russell 2000 Growth Index reflect all dividends reinvested but do not reflect any deductions for fees, expenses or taxes. After-tax returns were calculated using the historical highest individual federal marginal income tax rates after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts <div id="xdx_A82_eoef--BarChartTableTextBlock_zwonPLovLCr1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zv4a8m98xHq2" style="font: 12pt Calibri, Helvetica, Sans-Serif; display: none; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="border: Black 1pt solid; white-space: nowrap; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2015</td> <td id="xdx_986_eoef--AvgAnnlRtrPct_c20150101__20151231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member_z4Urgw1fvv0l" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">0.0305</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2016</td> <td id="xdx_989_eoef--AvgAnnlRtrPct_c20160101__20161231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member_zlWNjkgiqnm4" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">0.1951</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2017</td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_c20170101__20171231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member_zTqNiW4X0NE7" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">0.1532</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2018</td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_c20180101__20181231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member_zv0Yq8xOQFcf" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">-0.0785</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2019</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_c20190101__20191231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member_zdm4HiR46rha" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">0.2954</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2020</td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20200101__20201231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member_zeIywKu4xcx5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">0.3287</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2021</td> <td id="xdx_984_eoef--AvgAnnlRtrPct_c20210101__20211231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member_za3lT6SObdxk" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">0.174</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2022</td> <td id="xdx_981_eoef--AvgAnnlRtrPct_c20220101__20221231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member_zIbQh6agayGi" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">-0.3085</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2023</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_c20230101__20231231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member_zq8zzqh7X4H6" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">0.2026</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2024</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_c20240101__20241231__dei--LegalEntityAxis__custom--S000033849Member__oef--ClassAxis__custom--C000107719Member_zjbetKZzTjkb" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">0.0632</td></tr> </table> 0.0305 0.1951 0.1532 -0.0785 0.2954 0.3287 0.174 -0.3085 0.2026 0.0632 Investment Objective: The Fund seeks long-term capital appreciation. Fees and Expenses of the Fund: 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) <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_ziDAJnTpJM0a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zcRGb9FINNf1" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: #E0E0E0"> <td style="border: Black 1pt solid; vertical-align: top; width: 71%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td id="xdx_493_20251201__20251201__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000104513Member_zWqFV8hxOCB6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Investor Class</td> <td id="xdx_497_20251201__20251201__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member_zuXxfVO8NfI6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Institutional Class</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zD2NGA50mcAi" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">1.00%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">1.00%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zziJWCMP5yId" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">0.25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">0.00%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zDenOnYbs9j2" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">0.99%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">0.99%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zXq9IpFVne72" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">2.24%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">1.99%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_zoCRIDcLveXf" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Fee Waiver (1)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">(0.71)%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">(0.71)%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zatDOEqCx6Be" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Fee Waiver </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">1.53%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">1.28%(2)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(1)</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(2)</td><td>Expenses after waivers (excluding shareholder servicing fees of 0.05%) was 1.23%.</td></tr></table> 0.0100 0.0100 0.0025 0.0000 0.0099 0.0099 0.0224 0.0199 -0.0071 -0.0071 0.0153 0.0128 Example: 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: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zmwiifei4Bvh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z3v4WWYP9ZP7" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear01_zlu8w1PyRRy3" style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">1 Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zG2Df3InnK3h" style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">3 Years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_zRpQggZByGv8" style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">5 Years</td> <td id="xdx_480_eoef--ExpenseExampleYear10_zE9fFMKAZyub" style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">10 Years</td></tr> <tr id="xdx_41C_dei--LegalEntityAxis_custom--S000033850Member_oef--ClassAxis_custom--C000104513Member_zQtLeA1pHVLc"> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">Investor Class</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$156</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$632</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$1,135</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$2,520</td></tr> <tr id="xdx_41C_dei--LegalEntityAxis_custom--S000033850Member_oef--ClassAxis_custom--C000107720Member_zgRYwFlMv9qe"> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">Institutional Class</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$130</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$556</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$1,007</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">$2,260</td></tr> </table> 156 632 1135 2520 130 556 1007 2260 Portfolio Turnover: 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%. 0.4918 Principal Investment Strategies: Under normal market conditions, the Fund invests at least 80% of its assets in common stocks of micro capitalization ("micro cap") companies. The Micro Cap Growth Strategy seeks long-term growth of capital by investing primarily in common stocks of growth-oriented domestic issuers which, at the initial time of purchase are within the capitalization range of issuers represented within the Russell Microcap® Growth Index. As of the most recent reconstitution date of April 30, 2025, the market capitalization range was $30.3 million to $1.3 billion. RIM's strategy begins by narrowing the microcap stock universe to identify companies that RIM believes have a proven track record of competitive advantages and the ability to produce sustainable value for shareholders in the foreseeable future. From this group, RIM selects securities that it believes are trading at prices below their intrinsic value. RIM sells a stock if it believes the stock is overvalued, more attractive candidates arise, or if there is a substantial, long term reduction in a company's fundamental prospects that impair its value. Principal Investment Risks: Risk is inherent in all investing. Many factors and risks affect the Fund’s performance, including those described below. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the Fund. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money if you invest in the Fund. <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Market – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down.</td></tr></table> Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere. <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Growth Stocks – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Micro Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of micro capitalization companies. Micro capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history ,market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Focused Investing –To the extent the fund invests in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, or a significant portion of its assets in a single issuer or small number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Equity Securities – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Valuation – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Management – The value of your investment may go down if RIM’s judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by RIM, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if RIM’s investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Active Trading – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Currency – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Cybersecurity – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to the transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Depositary Receipts – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Large Shareholder – A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Sustainability and/or Environmental, Social and Governance Considerations – RIM considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration. RIM may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. RIM may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in RIM’s investment process, and RIM may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact RIM’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third-party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact RIM’s ability to consider sustainability and/or ESG criteria as part of its investment process.</td></tr></table> You may lose money if you invest in the Fund The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks The fund will be exposed to additional risks as a result of its investments in the securities of micro capitalization companies. Micro capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history ,market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses To the extent the fund invests in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, or a significant portion of its assets in a single issuer or small number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect The value of your investment may go down if RIM’s judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by RIM, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if RIM’s investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to the transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase RIM considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration. RIM may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. RIM may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in RIM’s investment process, and RIM may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact RIM’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third-party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact RIM’s ability to consider sustainability and/or ESG criteria as part of its investment process Performance: The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of Institutional Class shares of the Fund for each full calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information will be available at no cost by visiting www.spendlifewisleyfunds.com or by calling 1-866-458-4744. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future www.spendlifewisleyfunds.com 1-866-458-4744 Institutional Class Annual Total Return For Calendar Years Ended December 31 <div id="xdx_A8F_eoef--BarChartFootnotesTextBlock_zJzrpQXgoNpg"></div> <table cellpadding="0" cellspacing="0" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td id="xdx_981_eoef--HighestQuarterlyReturnLabel_c20251201__20251201__dei--LegalEntityAxis__custom--S000033850Member_zImfCJ1W51Wi" style="border: Black 1pt solid; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">Best Quarter:</td> <td id="xdx_98F_eoef--BarChartHighestQuarterlyReturnDate_dxL_c20251201__20251201__dei--LegalEntityAxis__custom--S000033850Member_zK7VayPkEYK1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center" title="::XDX::2020-06-30">6/30/2020</td> <td id="xdx_98A_eoef--BarChartHighestQuarterlyReturn_c20251201__20251201__dei--LegalEntityAxis__custom--S000033850Member_znVfUUVNOvs3" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">36.07%</td></tr> <tr style="vertical-align: top"> <td id="xdx_989_eoef--LowestQuarterlyReturnLabel_c20251201__20251201__dei--LegalEntityAxis__custom--S000033850Member_zYR3k5RtQADl" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">Worst Quarter:</td> <td id="xdx_983_eoef--BarChartLowestQuarterlyReturnDate_dxL_c20251201__20251201__dei--LegalEntityAxis__custom--S000033850Member_zd3YXrZ5fYFi" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center" title="::XDX::2020-03-31">3/31/2020</td> <td id="xdx_986_eoef--BarChartLowestQuarterlyReturn_c20251201__20251201__dei--LegalEntityAxis__custom--S000033850Member_zek43LQ3T3yj" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">-29.00%</td></tr> </table> Best Quarter: 0.3607 Worst Quarter: -0.2900 The year-to-date return as of the most recent calendar quarter, which ended September 30, 2025, was 1.24%. Performance Table Average Annual Total Returns (For period ended December 31, 2024) <div id="xdx_A87_eoef--PerformanceTableTextBlock_zU6Ptpu9aUzg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zO6rjJ3aYYr8" style="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="border: Black 1pt solid; width: 58%; padding-right: -0.5in; padding-left: 5.4pt; line-height: normal">Institutional shares</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">One Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">5 Years</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"> Since Inception June 6, 2018</td></tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: -0.5in; padding-left: 11.55pt; line-height: normal">Return before taxes</td> <td id="xdx_982_eoef--AvgAnnlRtrPct_c20240101__20241231__dei--LegalEntityAxis__custom--S000033850Member_zC2USnKlBJlf" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">11.86%</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_c20200101__20241231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member_z8S0tuciOO8i" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">12.08%</td> <td id="xdx_989_eoef--AvgAnnlRtrPct_c20180606__20241231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member_zp78PWUt3WDe" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">10.13%</td></tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: -0.5in; padding-left: 11.55pt; line-height: normal">Return after taxes on distributions</td> <td id="xdx_984_eoef--AvgAnnlRtrPct_c20240101__20241231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zHYjhrUCkgt1" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">11.72%</td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_c20200101__20241231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zjuOAZIFlJ2j" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">6.71%</td> <td id="xdx_982_eoef--AvgAnnlRtrPct_c20180606__20241231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z8skp6po65W2" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">6.05%</td></tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: -0.5in; padding-left: 11.55pt; line-height: normal">Return after taxes on distributions and sale of Fund shares</td> <td id="xdx_989_eoef--AvgAnnlRtrPct_c20240101__20241231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z8EzVVfM5Gge" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">7.02%</td> <td id="xdx_983_eoef--AvgAnnlRtrPct_c20200101__20241231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zBjb9f9En6Yb" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">8.27%</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_c20180606__20241231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zelqg4Jm4Itj" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">7.08%</td></tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> Russell Microcap Growth Index (reflects no deduction for fees, expenses, or taxes)</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_c20240101__20241231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member__oef--PerformanceMeasureAxis__custom--RussellMicrocapMember_z0JvqSSAuXM9" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">21.91%</td> <td id="xdx_989_eoef--AvgAnnlRtrPct_c20200101__20241231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member__oef--PerformanceMeasureAxis__custom--RussellMicrocapMember_zB1iSVYCfMR3" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">5.72%</td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_c20180606__20241231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member__oef--PerformanceMeasureAxis__custom--RussellMicrocapMember_zINWjEGP0O1g" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: center">3.31%</td></tr> </table> 0.1186 0.1208 0.1013 0.1172 0.0671 0.0605 0.0702 0.0827 0.0708 0.2191 0.0572 0.0331 After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Russell Microcap Growth Index measures the performance of the microcap growth segment of the U.S. Equity market. It includes those Russell Microcap Index companies with higher price-to-book ratios and higher forecasted growth values. The figures for the Russell Microcap Growth Index reflect all dividends reinvested but do not reflect any deductions for fees, expenses or taxes. After-tax returns were calculated using the historical highest individual federal marginal income tax rates after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts <div id="xdx_A88_eoef--BarChartTableTextBlock_zPV5PEhlBp49"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z2YiXfUwfwj2" style="font: 12pt Calibri, Helvetica, Sans-Serif; display: none; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="border: Black 1pt solid; white-space: nowrap; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Year</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">Percentage</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2019</td> <td id="xdx_980_eoef--AvgAnnlRtrPct_c20190101__20191231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member_zdunEomWlLH2" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">0.2494</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2020</td> <td id="xdx_988_eoef--AvgAnnlRtrPct_c20200101__20201231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member_z5pIRZxGLshh" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">0.4444</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2021</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_c20210101__20211231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member_zrANZItO5Dtb" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">0.3158</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2022</td> <td id="xdx_987_eoef--AvgAnnlRtrPct_c20220101__20221231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member_zmO5xetX5mob" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">-0.2377</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2023</td> <td id="xdx_984_eoef--AvgAnnlRtrPct_c20230101__20231231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member_zt7ALEYIogZ5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">0.0913</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal">Annual Return 2024</td> <td id="xdx_980_eoef--AvgAnnlRtrPct_c20240101__20241231__dei--LegalEntityAxis__custom--S000033850Member__oef--ClassAxis__custom--C000107720Member_zkHw6qeJAPdf" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: normal; text-align: right">0.1186</td></tr> </table> 0.2494 0.4444 0.3158 -0.2377 0.0913 0.1186 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. Expenses after waivers (excluding shareholder service fees of 0.06% was 1.09%. 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. Expenses after waivers (excluding shareholder servicing fees of 0.05%) was 1.23%.