Ranger Investment Management, L.P. (“RIM” or the “Firm”) is an investment adviser that commenced operations in October 2002 and registered with the United States Securities and Exchange Commission (the “SEC”) in October 2003 in accordance with the Investment Advisers Act of 1940. RIM was organized as a Delaware limited partnership by Ranger Investment Group, L.L.C., a Delaware limited liability company. Effective December 31, 2020, Ranger Investment GP, LLC, a Delaware limited liability company (“RIG”) became the sole general partner of the Firm. RIG is owned by Conrad Doenges, Andrew Hill, Joseph LaBate and Brown McCullough and Mr. Doenges serves as the manager of RIG. Effective December 31, 2020, Mr. Doenges, Mr. Hill, Mr. LaBate, Mr. McCullough, and Brian Busby are limited partners of the Firm. Effective December 31, 2020, Kudu Investment US, LLC became a limited partner of the Firm. In February 2022 Marta Cotton, Head of Marketing & Client Relations, and Dana Ousley, Chief Financial Officer became limited partners of the Firm. In February 2023, the Firm announced that Brown McCullough was named a Portfolio Manager, and Devin Holland, Senior Analyst, became a Partner of the Firm. Effective December 31, 2023, Dana Ousley, Chief Financial Officer, retired from the Firm, no longer a partner, and no longer holds an ownership interest. Matthew Wade assumed the position of Chief Financial Officer and was named a partner of the Firm. Partnership units previously owned by Dana Ousley were transferred back to the General Partnership and subsequently transferred to Matthew Wade in January 2024. On May 26,2022, Massachusetts Mutual Life Insurance Co. became a 10% equity investor of Kudu Investment US, LLC (“Kudu”). Massachusetts Mutual Life Insurance Co. joins White Mountains Insurance Group, Ltd as equity owners of Kudu. As of December 31, 2023, the Firm managed a total of $1,690,334,547 in regulatory assets under management. Additionally, the Firm advised $307,414,612 in Model Account assets. Services provided to Model Accounts are detailed in the last paragraph of Item 4. Investment Advisory Services RIM provides continuous discretionary investment advisory services and sub advisory services to separately managed accounts (“Separate Accounts”), private pooled investment vehicles (“Private Funds”), Collective Investment Trust (“CIT”), mutual funds (“Mutual Funds”) and together with the Private Funds and Separate Accounts, the “Discretionary Accounts” or "Clients". Additionally, RIM provides non-discretionary security recommendations in the form of model accounts (“Model Accounts” or “Model Account Clients”). Separate Accounts may include Client assets obtained through a Bank Trust relationship. Investment supervisory services include: (1) establishing a Discretionary Account’s or Model Account’s investment objectives within their applicable investment strategies; (2) buying or selling portfolio securities on behalf of each Discretionary Account; and recommending Model Account security transactions to Model Account Clients; (3) periodically reporting to Discretionary Accounts with respect to current investment holdings, valuations, transactions, Ranger Investment Management, L.P. 2 capital gains or losses, investment performance, and/or outlook, and (4) periodically reporting to Model Account Clients with respect to current recommended investment holdings, recommended transactions, model investment performance, and/or outlook . The discretionary and Model Accounts (the “Portfolios”) advised by the Firm consist primarily of U.S. exchange traded equity securities of either (i) growth-oriented companies within predetermined capitalization ranges, or (ii) sector specific companies. Generally, the Firm seeks to uncover quality investments by implementing a bottom-up, fundamental research driven security selection process by investing in companies characterized by accelerating revenue and earnings growth, high recurring revenues, strong balance sheets and strong free cash flow generation. The Firm offers the option to participate in its offered investment strategies through either Separate Accounts, interest or shares in pooled investment vehicles, or Model Accounts (as set forth below). Separate Accounts and Model Accounts may provide greater flexibility for a Client with respect to the investment parameters used within the Firm’s investment strategies or other terms of investment. Please see Item 8 – Methods of Analysis, Investment Strategies & Risk of Loss. Investment Strategies RIM provides discretionary and non-discretionary investment advisory services to institutional investors such as mutual funds, private pooled investment vehicles, public and private pension plans, insurance companies, foundations, endowments, and high net worth individuals (which invest through Private Funds or Mutual Funds). In addition, RIM provides indirect investment advisory services to both institutional and non-institutional investors, through shares and interests in registered and unregistered pooled investment vehicles. RIM’s investment process has never and will never incorporate the use of shorting or the use of leverage in any of the Firm’s investment offerings. The Firm primarily manages portfolios of growth-oriented companies characterized by accelerating revenue and earnings growth, high recurring revenues, strong balance sheets and strong free cash flow generation within the following strategies:
• Small Cap Growth Strategy: The Small 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 2000® Growth Index.
• Micro Cap Growth Strategy: 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. Ranger Investment Management, L.P. 3
• SMid Cap Growth Strategy: The SMid 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 2500® Growth Index. The All Cap Focused and Healthcare Select strategies were permanently closed

effective February 2024 and are no longer open for investment. In addition to each of the above stated investment strategies, the Firm may at the request of a Client or otherwise, offer advisory services in sub-strategies dedicated to industry specific segments of an investment strategy, sub-capitalization ranges or expanded capitalization ranges within an investment strategy, or high concentration versions of an investment strategy. In each case, a detailed description of the applicable investment strategy will be set forth in the applicable offering documents and/or investment management agreement. Separately Managed Accounts A separately managed account is a portfolio of securities managed on a discretionary basis by the Firm on behalf of a Client, in accordance with a pre-established investment strategy. Separately managed accounts are initiated through investment advisory, bank trust arrangement, or sub advisory agreements (“Investment Management Agreements”) with the Firm, which define the terms of the Firm’s engagement, the investment strategy, and any third- party custodian or other service provider chosen by the Client. The form of Investment Management Agreement is generally drafted by the Client, although at the request of the Client such agreement can be provided by the Firm. Investment Management Agreements are therefore highly negotiated agreements, the terms of which can and do differ significantly on a Client-to-Client basis, including without limitation, with respect to fees or investment guidelines. Likewise, Clients may request specific terms with respect to investment guidelines and/or objectives for inclusion within the Investment Management Agreement; and therefore, Clients can, subject to the consent of the Firm and inclusion in the Investment Management Agreement, have portfolios within a specific Investment Strategy which differ in holdings. Generally, the minimum investment threshold required by the Firm to open a separately managed account is five million dollars ($5,000,000). This minimum is negotiable on a case- by-case basis. Private Funds The Firm serves as a general partner and investment adviser to the Ranger Investment Master Fund, L.P., a Delaware limited partnership which is a pooled investment vehicle exempt from registration under the Investment Company Act of 1940. The Ranger Investment Master Fund currently offers one class of limited partnership interest to new investors but has the discretion to add additional classes of limited partnership interest dedicated to any investment strategy, at any time without prior notice to limited partners: Ranger Investment Management, L.P. 4
• Small Cap Portfolio Class maintains a diversified growth-oriented portfolio consisting of approximately 40 to 60 U.S. exchange traded equity securities. The Small Cap Portfolio Class employs the Small Cap Strategy (as described above). This class is managed pari pasu with the Small Cap Growth Strategy. Client The Private Fund is exempt from registration pursuant to Section 3(c)-1 of the Investment Company Act of 1940. The Firm solicits investors for the Private Fund in accordance with Rule 506 of Regulation D, the Private Fund is available to a limited number of accredited investors. Current and prospective investors should ensure that they can evaluate the merits and risks of an investment in the Private Fund, as set forth in the Private Placement Memorandum of the Private Fund and/or as may be specific to such prospective investor. Mutual Funds The Firm serves as the adviser to the Ranger Small Cap Fund, and the Ranger Micro Cap Fund, each a series of the Ranger Funds Investment Trust, an investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940. The Firm has no control over the board or day-to-day operations of Ranger Funds Investment Trust.
• The Ranger Small Cap Fund seeks long-term capital appreciation by investing in growth-oriented U.S. exchange traded equities of small capitalization companies in accordance with the Small Cap Growth Strategy.
• The Ranger Micro Cap Fund seeks long-term capital appreciation by investing in growth-oriented U.S. exchange traded equities of micro capitalization companies in accordance with the Micro Cap Growth Strategy. Each Mutual Fund may issue Institutional and Investor Classes of share, with the only difference between the share classes being that Institutional Share Classes have a higher minimum investment requirement and are not subject to 12b-1 fees. Currently only the Institutional Class is open and available to investors. Additional information regarding each Mutual Fund can be found in such mutual fund’s Prospectus and Statement of Additional Information, copies of which can be obtained by accessing www.rangerfunds.com, www.rangerinvestmentsfunds.com or by contacting the Mutual Funds’ transfer agent at (866) 458-4744. Model Accounts The Firm provides Model Account services for particular investment strategies to Clients. Model Accounts are initiated through Model Account agreements (“Model Account Agreements”) with the Firm, which define the terms of the Firm’s engagement, the investment strategy, and other investment parameters. The form of the Model Account Agreement is Ranger Investment Management, L.P. 5 generally drafted by the Client, although at the request of the Client such agreement can be provided by the Firm. Under this arrangement, the Firm provides Model Account Clients with investment recommendations on a non-discretionary basis based on the agreed upon investment strategy, other investment parameters, and timing. Model Accounts are advised on a non- discretionary basis, and as such the Firm does not possess the authority or responsibility to determine which securities a Model Account Client purchases or sells within any of such Client’s portfolios, nor does the Firm execute any trade or engage with any broker dealers on behalf of the Client. Each Model Account Client is responsible for determining which securities to buy and sell, the execution of trades, and/or engaging with broker dealers on behalf of its underlying portfolio. Therefore, a Model Account Client’s portfolio performance and security weightings under this product may differ greatly from the Firm’s other portfolios using similar investment strategies.