# EDGAR Filing Document

**Accession Number:** 0001524348
**File Stem:** 0001162044-25-001012
**Filing Date:** 2025-10
**Character Count:** 264093
**Document Hash:** c156411ff05e79ae97dc858d47b78b3f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-001012.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001162044-25-001012

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**EFFECTIVENESS DATE**: 20251003

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPEND LIFE WISELY FUNDS INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0001524348

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22576
- **FILM NUMBER:** 251373409

**BUSINESS ADDRESS:**
- **STREET 1:** 1845 WOODALL RODGERS
- **STREET 2:** SUITE 1000
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-871-5230

**MAIL ADDRESS:**
- **STREET 1:** 1845 WOODALL RODGERS
- **STREET 2:** SUITE 1000
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RANGER FUNDS INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20110627

## Series and Classes Contracts Data

### RANGER SMALL CAP FUND (Series ID: S000033849)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000107719 | INSTITUTIONAL CLASS | RFISX           |

### RANGER MICRO CAP FUND (Series ID: S000033850)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000107720 | INSTITUTIONAL CLASS | RFIMX           |

### Wisdom Short Duration Income Fund (Series ID: S000086257)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000251712 | Institutional Class |  |

### Wisdom Short Term Government Fund (Series ID: S000086258)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000251713 | Institutional Class |  |

?xml version='1.0' encoding='ASCII'? FORM N-CSR

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: <u>811-22576</u>

<u>Spend Life Wisely Funds Investment Trust</u>

(Exact Name of Registrant as Specified in Charter)

1845 Woodall Rodgers

Suite 1000

<u>Dallas, TX 75201</u>

(Address of Principal Executive Offices)(Zip Code)

National Corporate Research, Ltd.

615 South DuPont Highway

<u>Dover, Delaware 19901</u>

(Name and Address of Agent for Service)

With copy to:

JoAnn M. Strasser, Thompson Hine LLP

<u>41 South High Street, Suite 1700</u>

Columbus, Ohio 43215

Registrant's Telephone Number, including Area Code: <u>(214) 871-5200</u>

Date of fiscal year end: <u>July 31st</u>

Date of reporting period: <u>July 31, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

ANNUAL SHAREHOLDER REPORT

**July 31, 2025** 

RANGER SMALL CAP FUND – INSTITUTIONAL CLASS

***RFISX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Ranger Small Cap Fund – RFISX (the "Fund") for the period August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at https://spendlifewiselyfunds.com/documents/. You can also request this information by contacting us at 1-866-458-4744.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Ranger Small Cap Fund | &nbsp;&nbsp;$113 | &nbsp;&nbsp;1.15% |

---

\*Annualized

**<u>managment's discussion of fund performance</u>**

The market environment entering the fiscal year was supportive of equities as inflation and labor-market pressures eased. This was followed by election driven optimism, as business confidence surged, aided by anticipated lighter regulation, low taxes, onshoring, and monetary easing. In early 2025, U.S. equities fell sharply, with small caps hit hardest after unexpectedly high tariff announcements. Investors viewed tariffs as a meaningful headwind, with risks of recession if trade partners retaliated. Markets then reversed sharply and rallied due to positive tariff news in April 2025, followed by the signing of the One Big Beautiful Bill in July.

For the fiscal year the Fund returned -3.73% compared with the Russell 2000 Growth index return of 3.15%. Underperformance was due to weaker performance by several holdings, along with leadership by low quality companies in the index. On a sector basis, the industrials and consumer discretionary sectors were the weakest contributors to performance, while technology and healthcare were strongest. While individual stock selection was largely the driver of performance, outperformance by the highest beta stocks in the second quarter of 2025, and continuing into July, was also a contributing factor. Most stocks in this category don't meet our quality investment criteria, and their performance was a meaningful headwind late in the fiscal year.

The path of monetary policy depends largely on how ongoing tariff developments influence growth and inflation. While headline inflation may reaccelerate, the drag on growth from declining real wages could prompt the Fed to consider rate cuts aimed at preserving price stability—rather than pursuing traditional hikes to cool demand. "Mini-deals" would lift some of the fog over input prices but still leave average tariff rates elevated. In this case, the Fed could deliver the two cuts it recently signaled to the market. If there were to be a comprehensive détente, the Fed could potentially move faster, steepening the curve and providing a modest boost to rate-sensitive sectors.

A significant provision in the recent U.S. tax legislation that has received less attention is the full expensing of capital investments in machinery, equipment and structures allowing immediate deduction of 100% of qualifying capital expenditures. This provides a powerful incentive to accelerate investment in production capacity which could meaningfully pull forward demand for industrial equipment, automation systems, and factory infrastructure, particularly among mid-sized manufacturers with solid balance sheets and pent-up growth plans. We believe portfolio holdings across multiple sectors should benefit from this provision once enacted.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years | &nbsp;&nbsp;Ending Value |
| &nbsp;&nbsp;Ranger Small Cap Fund | &nbsp;&nbsp;-3.73% | &nbsp;&nbsp;4.38% | &nbsp;&nbsp;7.21% | &nbsp;&nbsp;$501357 |
| &nbsp;&nbsp;Russell 2000® Growth Index | &nbsp;&nbsp;3.15% | &nbsp;&nbsp;7.06% | &nbsp;&nbsp;7.28% | &nbsp;&nbsp;$504598 |

---

**Cumulative Performance Comparison of $250,000 Investment**

![](image_001.jpg)

**Past performance is not a good predictor of future performance.** The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-866-458-4744.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND, NET: |
| &nbsp;&nbsp;$30029200 | &nbsp;&nbsp;53 | &nbsp;&nbsp;49.34% | &nbsp;&nbsp;$184685 |

---

**<u>SECTOR WEIGHTINGS</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_002.jpg)

**<u>top ten holdings (% Of Net Assets)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;4.30% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;AAON, Inc. | &nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;ADMA Biologics, Inc. | &nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Excelerate Energy, Inc. Class A | &nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Paylocity Holding Corp. | &nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Casella Waste Systems, Inc. Class A | &nbsp;&nbsp;2.68% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Stevanato Group S.p.A. (Italy) | &nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;AppFolio, Inc. Class A | &nbsp;&nbsp;2.58% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;32.36% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Ranger Small Cap Fund documents not be householded, please contact the Funds at 1-866-458-4744, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Funds or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://spendlifewiselyfunds.com/documents/ or contact us at 1-866-458-4744.

ANNUAL SHAREHOLDER REPORT

**July 31, 2025**

RANGER MICRO CAP FUND – INSTITUTIONAL CLASS

***RFIMX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Ranger Micro Cap Fund – RFIMX (the "Fund") for the period August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at https://spendlifewiselyfunds.com/documents/. You can also request this information by contacting us at 1-866-458-4744.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Ranger Micro Cap Fund | &nbsp;&nbsp;$123 | &nbsp;&nbsp;1.28% |

---

\*Annualized

**<u>managment's discussion of fund performance</u>**

The market environment entering the fiscal year was supportive of equities as inflation and labor-market pressures eased. This was followed by election driven optimism, as business confidence surged, aided by anticipated lighter regulation, low taxes, onshoring, and monetary easing. In early 2025, U.S. equities fell sharply, with small caps hit hardest after unexpectedly high tariff announcements. Investors viewed tariffs as a meaningful headwind, with risks of recession if trade partners retaliated. Markets then reversed sharply and rallied due to positive tariff news in April 2025, followed by the signing of the One Big Beautiful Bill in July.

For the fiscal year the Fund returned -7.48% compared with the Russell Microcap Growth index return of 12.48%. Underperformance was due to weaker performance by several holdings, along with leadership by low quality companies in the index. On a sector basis, the technology and industrials sectors were the weakest contributors to performance, while healthcare and utilities were strongest. While individual stock selection was largely the driver of performance, outperformance by the highest beta stocks in the second quarter of 2025, and continuing into July, was also a contributing factor. Most stocks in this category don't meet our quality investment criteria, and their performance was a meaningful headwind late in the fiscal year.

The path of monetary policy depends largely on how ongoing tariff developments influence growth and inflation. While headline inflation may reaccelerate, the drag on growth from declining real wages could prompt the Fed to consider rate cuts aimed at preserving price stability—rather than pursuing traditional hikes to cool demand. "Mini deals" would lift some of the fog over input prices but still leave average tariff rates elevated. In this case, the Fed could deliver the two cuts it recently signaled to the market. If there were to be a comprehensive détente, the Fed could potentially move faster, steepening the curve and providing a modest boost to rate sensitive sectors.

A significant provision in the recent U.S. tax legislation that has received less attention is the full expensing of capital investments in machinery, equipment and structures allowing immediate deduction of 100% of qualifying capital expenditures. This provides a powerful incentive to accelerate investment in production capacity which could meaningfully pull forward demand for industrial equipment, automation systems, and factory infrastructure, particularly among mid-sized manufacturers with solid balance sheets and pent-up growth plans. We believe portfolio holdings across multiple sectors should benefit from this provision once enacted.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;<u>Ending</u><br> <u>Value</u> |
| &nbsp;&nbsp;Ranger Micro Cap Fund | &nbsp;&nbsp;-7.48% | &nbsp;&nbsp;10.23% | &nbsp;&nbsp;8.50% | &nbsp;&nbsp;$447936 |
| &nbsp;&nbsp;Russell Microcap® Growth Index | &nbsp;&nbsp;12.48% | &nbsp;&nbsp;5.16% | &nbsp;&nbsp;3.37% | &nbsp;&nbsp;$316875 |

---

**Cumulative Performance Comparison of $250,000 Investment**

![](image_003.jpg)

**Past performance is not a good predictor of future performance.** The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-866-458-4744.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND, NET: |
| &nbsp;&nbsp;$10022450 | &nbsp;&nbsp;37 | &nbsp;&nbsp;49.18% | &nbsp;&nbsp;$29291 |

---

**<u>SECTOR WEIGHTINGS</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_004.jpg)

**<u>top ten holdings</u>**

**<u>(% of Net Assets) \*</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Kura Sushi USA, Inc. Class A | &nbsp;&nbsp;4.72% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;LeMaitre Vascular, Inc. | &nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;4.38% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Ligand Pharmaceuticals, Inc. Class B | &nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;i3 Verticals, Inc. Class A | &nbsp;&nbsp;3.47% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;PDF Solutions, Inc. | &nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Phibro Animal Health Corp. | &nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;ADMA Biologics, Inc. | &nbsp;&nbsp;3.29% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Aris Water Solutions, Inc. Class A | &nbsp;&nbsp;3.14% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;37.81% |

---

\* Excludes Short-Term Investments.

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Ranger Micro Cap Fund documents not be householded, please contact the Fund at 1-866-458-4744, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://spendlifewiselyfunds.com/documents/ or contact us at 1-866-458-4744.

ANNUAL SHAREHOLDER REPORT

**July 31, 2025**

WISDOM SHORT DURATION INCOME FUND – INSTITUTIONAL CLASS

***WISSX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Wisdom Short Duration Income Fund – WISSX (the "Fund") for the period December 19, 2024 to July 31, 2025.

You can find additional information about the Fund at https://spendlifewiselyfunds.com/documents/. You can also request this information by contacting us at 1-866-458-4744.

**<u>expense Information</u>**

**What were the Fund costs for the past period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Wisdom Short Duration Income Fund | &nbsp;&nbsp;$41 | &nbsp;&nbsp;0.40% |

---

\*Annualized

Expenses would have been higher if the Fund had been in operations for the full period.

**<u>managment's discussion of fund performance</u>**

During the period, front-end U.S. rates were broadly supportive: the 2- to 5-year area delivered attractive carry and roll-down as policy stayed restrictive while growth and labor data cooled without signaling recession. Investment-grade credit remained resilient overall, with brief spring volatility fading as fundamentals and technicals improved. This backdrop favored high-quality income over outright beta.

The Fund maintained a modestly longer duration than peers within the realm of ultra short-duration mandate, seeking to capture front-end carry and roll. We emphasized global systemically important banks and leading Canadian banks, electric utilities and independent power producers, and energy midstream/refiners, complemented by seasoned securitized exposures (CMO/CLO/RMBS) for diversified carry. Treasury futures in the 2–5 year tenors were used tactically to fine-tune rate risk.

Outperformance stemmed chiefly from: (i) the duration tilt, which benefited from curve carry/roll; (ii) strength in large, high-quality banks where carry and modest spread improvement aided results (e.g., Goldman Sachs 5.207% '31, Royal Bank of Canada 4.965% '29); (iii) electric power issuers with improving cash flow and defensive balance sheets (i.e., DTE 5.20% '30, Palomino/Vistra 7.233% '28); (iv) energy midstream/refiners supported by durable free cash flow and deleveraging (i.e., HF Sinclair 5.75% '31, Energy Transfer 5.625% '27); and (v) securitized carry, where senior/seasoned CMO/CLO tranches delivered steady income with limited beta.

Selective strength also came from global autos/chemicals—including Volkswagen 5.35% '30, Toyota 5.25% '30, and LG Chem 5.375% '30/'28—and from insurance (e.g., Athene 5.38% '30, RGA 5.25% '30).

What detracted. Two modest headwinds were a hedging drag from Treasury futures when yields drifted lower and idiosyncratic underperformance in a handful of lines—such as a legacy Citigroup 2026 issue and select older utility bonds—each sized to limit portfolio impact.

Technique. We focused on liquid, high-quality carry, diversified sector sleeves, and active curve management, seeking to compound income while protecting against adverse rate and spread shocks.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Since Inception \* | &nbsp;&nbsp;Ending Value |
| &nbsp;&nbsp;Wisdom Short Duration Income Fund | &nbsp;&nbsp;3.67% | &nbsp;&nbsp;$103672 |
| &nbsp;&nbsp;FTSE 3-Month Treasury Bill Index | &nbsp;&nbsp;2.74% | &nbsp;&nbsp;$102743 |

---

**Cumulative Performance Comparison of $100,000 Investment**

![](image_005.jpg)

\*Since Inception date 12/19/2024

**Past performance is not a good predictor of future performance.** The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-866-458-4744.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND, NET: |
| &nbsp;&nbsp;$364358231 | &nbsp;&nbsp;195 | &nbsp;&nbsp;69.84% | &nbsp;&nbsp;$215537 |

---

**<u>SECTOR WEIGHTINGS</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_006.jpg)

**<u>How has the fund changed</u>**

The Fund will be converted to an Exchange-Traded Fund with a target date of October 6, 2025.

**<u>top ten holdings (% Of Net Assets)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Janus Henderson AAA CLO ETF | &nbsp;&nbsp;3.90% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Eagle Funding Luxco Sarl Series 144A, 5.50%, 8/17/30 | &nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Simplify Treasury Option Income ETF | &nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;PSEG Power LLC. Series 144A, 5.20%, due 5/15/30 | &nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Wells Fargo & Co., 5.079160%, (Quarterly TSFR3M USD + 0.76161%), due 1/15/27 | &nbsp;&nbsp;1.63% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Anglo American Capital PLC, 5.625%, due 04/01/2030 | &nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;HF Sinclair Corp., 5.75%, due 1/15/31 | &nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Royal Bank of Canada Series GMTN, 5.153%, (Daily SOFR USD + 1.03%) due 2/04/31 (Canada) | &nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Volkswagen Group America Series 144A, 5.35%, due 3/27/30 (Germany) | &nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Sixth Street Lending Partners, 6.50%, due 3/11/29 | &nbsp;&nbsp;1.49% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;20.87% |

---

\*Excludes Short-Term Investment and Short Futures Contracts.

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wisdom Short Duration Income Fund documents not be householded, please contact the Fund at 1-866-458-4744, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://spendlifewiselyfunds.com/documents/ or contact us at 1-866-458-4744.

ANNUAL SHAREHOLDER REPORT

**July 31, 2025**

WISDOM SHORT TERM GOVERNMENT FUND – INSTITUTIONAL CLASS

***WISTX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Wisdom Short Term Government Fund – WISTX (the "Fund") for the period December 19, 2024 to July 31, 2025.

You can find additional information about the Fund at https://spendlifewiselyfunds.com/documents/. You can also request this information by contacting us at 1-866-458-4744.

**<u>expense Information</u>**

**What were the Fund costs for the past period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Wisdom Short Term Government Fund | &nbsp;&nbsp;$22 | &nbsp;&nbsp;0.22% |

---

\*Annualized

Expenses would have been higher if the Fund had been in operations for the full period.

**<u>managment's discussion of fund performance</u>**

The front end of the U.S. rates market was defined by high but easing policy restraint, choppy inflation prints, and heavy Treasury bill supply. Against that backdrop, the 2–12-month sector offered compelling carry and roll-down, while occasional data-driven repricings created attractive entry points. Market plumbing also mattered: elevated bill issuance, shifting Treasury General Account needs, and evolving reserve/RRP dynamics kept money-market yields firm and term premia slightly sticky even as the path toward eventual easing became more credible.

Alongside active enhanced cash management, fund invests primarily in U.S. Treasuries and agencies. Throughout the period we maintained a slightly longer weighted-average maturity than peers—typically extending the ladder by one to two months—to harvest incremental roll without sacrificing daily liquidity. We emphasized on-the-run and next-to-maturity Treasury bills (i.e., Jan–Sep '25 series) complemented by selected short coupon Treasuries (i.e., T 0.25% 8/31/25, T 2.00% 2/15/25) and high-quality agency exposures, including FHLB discount notes (4/16/25) and seasoned Freddie/Fannie K-/FNA floaters and sequential tranches for stable government-backed cash flows.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Since Inception \* | &nbsp;&nbsp;Ending Value |
| &nbsp;&nbsp;Wisdom Short Term Government Fund | &nbsp;&nbsp;2.57% | &nbsp;&nbsp;$256432 |
| &nbsp;&nbsp;FTSE 1-Month Treasury Bill Index | &nbsp;&nbsp;2.70% | &nbsp;&nbsp;$256744 |

---

**Cumulative Performance Comparison of $250,000 Investment**

![](image_007.jpg)

\*Since Inception date 12/19/2024

**Past performance is not a good predictor of future performance.** The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-866-458-4744.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISOR REIMBURSED |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;THE FUND, NET: |
| &nbsp;&nbsp;$52020888 | &nbsp;&nbsp;19 | &nbsp;&nbsp;15.81% | &nbsp;&nbsp;$(61840) |

---

**<u>SECTOR WEIGHTINGS</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_008.jpg)

**<u>top ten holdings (% Of Net Assets)</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Fannie Mae Discount Note, 0.00%, 8/01/25 | &nbsp;&nbsp;20.57% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Treasury Bill, 0.50%, due 8/05/25 | &nbsp;&nbsp;19.21% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Treasury Bill, 0.70%, due 9/02/25 | &nbsp;&nbsp;13.41% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Treasury Bill, 0.70%, due 10/02/25 | &nbsp;&nbsp;9.54% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Treasury Bill, 0.40%, due 8/07/25 | &nbsp;&nbsp;4.80% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Treasury Bill, 1.40%, due 8/26/25 | &nbsp;&nbsp;4.41% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;US Treasury Note/Bill, 0.25%, due 8/31/25 | &nbsp;&nbsp;4.41% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Treasury Bill, 1.40%, due 9/23/25 | &nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Fanniemae-Aces Series 2016-M1 Class FA, 5.04%, due 8/25/28 | &nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;FHLMC Multifamily Structured Pass Through Certs. Series KF60 Class A, 4.92%, due 2/25/26 | &nbsp;&nbsp;2.11% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;85.89% |

---

\*Excludes Short-Term Investment.

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wisdom Short Term Government Fund documents not be householded, please contact the Fund at 1-866-458-4744, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://spendlifewiselyfunds.com/documents/ or contact us at 1-866-458-4744.

**Item 2. Code of Ethics.**

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on registrant's website.

(f) A copy of the Code of Ethics is attached as an exhibit.

**Item 3. Audit Committee Financial Expert.**

(a) The registrant's Board of Trustees has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity.

**Item 4. Principal Accountant Fees and Services.**

(a)  **<u>Audit Fees</u>** 

FY 2025 $<u>65,000</u>

FY 2024 $<u>31,000</u>

(b)  **<u>Audit-Related Fees</u>** 

<u>Registrant</u>

FY 2025 $<u>1,248</u>

FY 2024 $<u>1,107</u>

Nature of the fees: <u>semi-annual review fee</u>

(c)  **<u>Tax Fees</u>** 

<u>Registrant</u>

FY 2025 $<u>18,000</u>

FY 2024 $<u>9,000</u>

Nature of the fees: <u>Tax preparation and filing.</u>

(d)  **<u>All Other Fees</u>** 

<u>Registrant</u>

FY 2025 $<u>0</u>

FY 2024 $<u>0</u>

Nature of the fees: <u>Not applicable.</u>

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The audit committee approves all audit and non-audit related services and, therefore, has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Percentages of Services Approved by the Audit Committee</u>** 

None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) &nbsp;&nbsp;&nbsp;&nbsp; During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) &nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

<u>Registrant</u>

FY 2025 $<u>18,000</u>

FY 2024 $<u>9,000</u>

(h) &nbsp;&nbsp;&nbsp;&nbsp; The registrant's audit committee has not considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(j) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Schedule of Investments.** Not applicable – Schedule filed with Item 7.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.**

![](logo001.jpg)

SPEND LIFE WISELY FUNDS INVESTMENT TRUST

(Formerly known as Ranger Funds Investment Trust)

**Ranger Small Cap Fund**

Institutional Class (RFISX)

**Ranger Micro Cap Fund**

Institutional Class (RFIMX)

**Wisdom Short Duration Income Fund**

Institutional Class: (WISSX)

**Wisdom Short Term Government Fund**

Institutional Class: (WISTX)

ANNUAL FINANCIAL STATEMENTS

JULY 31, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST**<br>&nbsp;&nbsp;RANGER SMALL CAP FUND<br>&nbsp;&nbsp;SCHEDULE OF INVESTMENTS<br>&nbsp;&nbsp;July 31, 2025 |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp; **<u>Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 97.34%** | &nbsp;&nbsp;**COMMON STOCKS - 97.34%** |  |
| &nbsp;&nbsp;**Apparel Retailers - 2.08%** | &nbsp;&nbsp;**Apparel Retailers - 2.08%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3630 | &nbsp;&nbsp;Boot Barn Holdings, Inc. \* | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 623997 |
| &nbsp;&nbsp;**Banks - 5.40%** | &nbsp;&nbsp;**Banks - 5.40%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20785 | &nbsp;&nbsp;Home Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6631 | &nbsp;&nbsp;Triumph Financial, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6945 | &nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9110 | &nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317484 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1621289 |
| &nbsp;&nbsp;**Biotechnology - 6.95%** | &nbsp;&nbsp;**Biotechnology - 6.95%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46530 | &nbsp;&nbsp;ADMA Biologics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5230 | &nbsp;&nbsp;Ligand Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;Medpace Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2085866 |
| &nbsp;&nbsp;**Building: Climate Control - 2.97%** | &nbsp;&nbsp;**Building: Climate Control - 2.97%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10695 | &nbsp;&nbsp;AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 893033 |
| &nbsp;&nbsp;**Building Materials: Other - 3.70%** | &nbsp;&nbsp;**Building Materials: Other - 3.70%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1615 | &nbsp;&nbsp;TopBuild Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2855 | &nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110517 |
| &nbsp;&nbsp;**Commercial Vehicle - Equipment Leasing - 1.93%** | &nbsp;&nbsp;**Commercial Vehicle - Equipment Leasing - 1.93%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19740 | &nbsp;&nbsp;WillScot Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579369 |
| &nbsp;&nbsp;**Commercial Vehicles and Parts - 4.00%** | &nbsp;&nbsp;**Commercial Vehicles and Parts - 4.00%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9495 | &nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1201782 |
| &nbsp;&nbsp;**Computer Services - 1.17%** | &nbsp;&nbsp;**Computer Services - 1.17%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;Workiva, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351065 |
| &nbsp;&nbsp;**Defense - 0.47%** | &nbsp;&nbsp;**Defense - 0.47%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2745 | &nbsp;&nbsp;Karman Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141917 |
| &nbsp;&nbsp;**Electronic Equipment: Control and Filter - 1.13%** | &nbsp;&nbsp;**Electronic Equipment: Control and Filter - 1.13%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337953 |
| &nbsp;&nbsp;**Electronic Equipment: Gauges and Meters - 0.97%** | &nbsp;&nbsp;**Electronic Equipment: Gauges and Meters - 0.97%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3804 | &nbsp;&nbsp;Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290930 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Food Products - 1.86%** | &nbsp;&nbsp;**Food Products - 1.86%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4940 | &nbsp;&nbsp;J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557677 |
| &nbsp;&nbsp;**Food Retailers and Wholesalers - 1.87%** | &nbsp;&nbsp;**Food Retailers and Wholesalers - 1.87%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3705 | &nbsp;&nbsp;Sprouts Farmers Market, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561456 |
| &nbsp;&nbsp;**Footwear - 0.79%** | &nbsp;&nbsp;**Footwear - 0.79%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4735 | &nbsp;&nbsp;Birkenstock Holding PLC \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237176 |
| &nbsp;&nbsp;**Gas Distribution - 2.74%** | &nbsp;&nbsp;**Gas Distribution - 2.74%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32035 | &nbsp;&nbsp;Excelerate Energy, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 822018 |
| &nbsp;&nbsp;**Health Care Management Services - 2.24%** | &nbsp;&nbsp;**Health Care Management Services - 2.24%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6935 | &nbsp;&nbsp;HealthEquity, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672695 |
| &nbsp;&nbsp;**Health Care Services - 2.01%** | &nbsp;&nbsp;**Health Care Services - 2.01%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1465 | &nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604019 |
| &nbsp;&nbsp;**Home Construction - 1.03%** | &nbsp;&nbsp;**Home Construction - 1.03%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5090 | &nbsp;&nbsp;Champion Homes, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309981 |
| &nbsp;&nbsp;**Investment Services - 2.17%** | &nbsp;&nbsp;**Investment Services - 2.17%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12530 | &nbsp;&nbsp;Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651309 |
| &nbsp;&nbsp;**Medical Equipment - 5.46%** | &nbsp;&nbsp;**Medical Equipment - 5.46%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8830 | &nbsp;&nbsp;LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4130 | &nbsp;&nbsp;Repligen Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5180 | &nbsp;&nbsp;Merit Medical Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1640423 |
| &nbsp;&nbsp;**Medical Supplies - 4.17%** | &nbsp;&nbsp;**Medical Supplies - 4.17%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32285 | &nbsp;&nbsp;Stevanato Group S.p.A. (Italy) \* | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19025 | &nbsp;&nbsp;Warby Parker, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1253411 |
| &nbsp;&nbsp;**Oil: Crude Producers - 2.79%** | &nbsp;&nbsp;**Oil: Crude Producers - 2.79%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35940 | &nbsp;&nbsp;Permian Resources Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13835 | &nbsp;&nbsp;Magnolia Oil & Gas Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838460 |
| &nbsp;&nbsp;**Oil Equipment & Services - 1.09%** | &nbsp;&nbsp;**Oil Equipment & Services - 1.09%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15120 | &nbsp;&nbsp;Oceaneering International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328104 |
| &nbsp;&nbsp;**Pharmaceuticals - 0.96%** | &nbsp;&nbsp;**Pharmaceuticals - 0.96%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4555 | &nbsp;&nbsp;ANI Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288559 |
| &nbsp;&nbsp;**Professional Business Support Services - 5.26%** | &nbsp;&nbsp;**Professional Business Support Services - 5.26%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp;Paylocity Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 813472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10480 | &nbsp;&nbsp;UL Solutions, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1579770 |
| &nbsp;&nbsp;**Real Estate Services - 1.73%** | &nbsp;&nbsp;**Real Estate Services - 1.73%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1920 | &nbsp;&nbsp;Jones Lang LaSalle, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519091 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Recreational Services - 1.86%** | &nbsp;&nbsp;**Recreational Services - 1.86%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25195 | &nbsp;&nbsp;OneSpaWorld Holdings Ltd. (Bahamas) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557313 |
| &nbsp;&nbsp;**Restaurants and Bars - 6.22%** | &nbsp;&nbsp;**Restaurants and Bars - 6.22%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6980 | &nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1292207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1867651 |
| &nbsp;&nbsp;**Soft Drinks - 1.00%** | &nbsp;&nbsp;**Soft Drinks - 1.00%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6635 | &nbsp;&nbsp;Celsius Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300831 |
| &nbsp;&nbsp;**Software - 13.62%** | &nbsp;&nbsp;**Software - 13.62%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24665 | &nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1448082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;AppFolio, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3040 | &nbsp;&nbsp;Guidewire Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 687709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1425 | &nbsp;&nbsp;Monday.com Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15915 | &nbsp;&nbsp;PDF Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12585 | &nbsp;&nbsp;nCino, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7645 | &nbsp;&nbsp;Simulations Plus, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4089720 |
| &nbsp;&nbsp;**Transaction Processing Services - 1.41%** | &nbsp;&nbsp;**Transaction Processing Services - 1.41%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15176 | &nbsp;&nbsp;i3 Verticals, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424624 |
| &nbsp;&nbsp;**Trucking - 2.06%** | &nbsp;&nbsp;**Trucking - 2.06%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2050 | &nbsp;&nbsp;SAIA, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619592 |
| &nbsp;&nbsp;**Waste and Disposal Services - 2.68%** | &nbsp;&nbsp;**Waste and Disposal Services - 2.68%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7390 | &nbsp;&nbsp;Casella Waste Systems, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803515 |
| &nbsp;&nbsp;**Water - 1.55%** | &nbsp;&nbsp;**Water - 1.55%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21940 | &nbsp;&nbsp;Aris Water Solutions, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466664 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $25,970,644) - 97.34% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $25,970,644) - 97.34% | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 29231777 |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT - 0.74%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT - 0.74%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222208 | &nbsp;&nbsp;Fidelity Investments Money Market Treasury Portfolio - Class III 4.28% \*\* (Cost $222,208) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222208 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $26,192,852) - 98.08%** | &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $26,192,852) - 98.08%** | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 29453985 |
| &nbsp;&nbsp;**OTHER ASSETS LESS LIABILITIES - 1.92%** | &nbsp;&nbsp;**OTHER ASSETS LESS LIABILITIES - 1.92%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575215 |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 30029200 |
| &nbsp;&nbsp;ADR - American Depositary Receipts. | &nbsp;&nbsp;ADR - American Depositary Receipts. |  |
| &nbsp;&nbsp;S.p.A - "Società per Azioni," which is an Italian term for a public limited company. | &nbsp;&nbsp;S.p.A - "Società per Azioni," which is an Italian term for a public limited company. |  |
| &nbsp;&nbsp;\* Non-income producing securities during the period. | &nbsp;&nbsp;\* Non-income producing securities during the period. |  |
| &nbsp;&nbsp;\*\* The rate shown represents the yield at July 31, 2025. | &nbsp;&nbsp;\*\* The rate shown represents the yield at July 31, 2025. |  |

---

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST**<br>&nbsp;&nbsp;RANGER MICRO CAP FUND<br>&nbsp;&nbsp;SCHEDULE OF INVESTMENTS<br>&nbsp;&nbsp;July 31, 2025 |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp; **<u>Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 95.61%** | &nbsp;&nbsp;**COMMON STOCKS - 95.61%** |  |
| &nbsp;&nbsp;**Apparel Retailers - 2.43%** | &nbsp;&nbsp;**Apparel Retailers - 2.43%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;Boot Barn Holdings, Inc. \* | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243239 |
| &nbsp;&nbsp;**Asset Managers and Custodians - 2.22%** | &nbsp;&nbsp;**Asset Managers and Custodians - 2.22%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11135 | &nbsp;&nbsp;Perella Weinberg Partners Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222032 |
| &nbsp;&nbsp;**Banks - 8.50%** | &nbsp;&nbsp;**Banks - 8.50%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275 | &nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12035 | &nbsp;&nbsp;Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3412 | &nbsp;&nbsp;Triumph Financial, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851459 |
| &nbsp;&nbsp;**Biotechnology - 7.34%** | &nbsp;&nbsp;**Biotechnology - 7.34%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085 | &nbsp;&nbsp;Ligand Pharmaceuticals, Inc. Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17620 | &nbsp;&nbsp;ADMA Biologics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735418 |
| &nbsp;&nbsp;**Containers & Packaging - 3.05%** | &nbsp;&nbsp;**Containers & Packaging - 3.05%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11228 | &nbsp;&nbsp;Karat Packaging, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305738 |
| &nbsp;&nbsp;**Electronic Equipment: Gauges and Meters - 1.58%** | &nbsp;&nbsp;**Electronic Equipment: Gauges and Meters - 1.58%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158696 |
| &nbsp;&nbsp;**Engineering and Contracting Services - 4.06%** | &nbsp;&nbsp;**Engineering and Contracting Services - 4.06%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;Limbach Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406893 |
| &nbsp;&nbsp;**Farming, Fishing, Ranching & Plantations - 3.07%** | &nbsp;&nbsp;**Farming, Fishing, Ranching & Plantations - 3.07%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8275 | &nbsp;&nbsp;Vital Farms, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307830 |
| &nbsp;&nbsp;**Gas Distribution - 3.11%** | &nbsp;&nbsp;**Gas Distribution - 3.11%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12139 | &nbsp;&nbsp;Excelerate Energy, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311487 |
| &nbsp;&nbsp;**Health Care Services - 2.36%** | &nbsp;&nbsp;**Health Care Services - 2.36%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10685 | &nbsp;&nbsp;Pennant Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236886 |
| &nbsp;&nbsp;**Home Construction - 1.26%** | &nbsp;&nbsp;**Home Construction - 1.26%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040 | &nbsp;&nbsp;Green Brick Partners, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126358 |
| &nbsp;&nbsp;**Machinery: Construction and Handling - 2.79%** | &nbsp;&nbsp;**Machinery: Construction and Handling - 2.79%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9760 | &nbsp;&nbsp;Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279136 |
| &nbsp;&nbsp;**Media Agencies - 2.07%** | &nbsp;&nbsp;**Media Agencies - 2.07%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12620 | &nbsp;&nbsp;Quinstreet, Inc. \* | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207094 |
| &nbsp;&nbsp;**Medical Equipment - 10.92%** | &nbsp;&nbsp;**Medical Equipment - 10.92%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5430 | &nbsp;&nbsp;LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7530 | &nbsp;&nbsp;iRadimed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10090 | &nbsp;&nbsp;BioLife Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094946 |
| &nbsp;&nbsp;**Medical Supplies - 5.03%** | &nbsp;&nbsp;**Medical Supplies - 5.03%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;UFP Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8330 | &nbsp;&nbsp;Warby Parker, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199503 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503998 |
| &nbsp;&nbsp;**Oil: Crude Producers - 1.93%** | &nbsp;&nbsp;**Oil: Crude Producers - 1.93%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40155 | &nbsp;&nbsp;Evolution Petroleum Corp., Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193949 |
| &nbsp;&nbsp;**Oil Equipment and Services - 1.26%** | &nbsp;&nbsp;**Oil Equipment and Services - 1.26%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13147 | &nbsp;&nbsp;Select Water Solutions, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126606 |
| &nbsp;&nbsp;**Pharmaceuticals - 5.34%** | &nbsp;&nbsp;**Pharmaceuticals - 5.34%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12540 | &nbsp;&nbsp;Phibro Animal Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195 | &nbsp;&nbsp;ANI Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534713 |
| &nbsp;&nbsp;**Recreational Services - 2.35%** | &nbsp;&nbsp;**Recreational Services - 2.35%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10630 | &nbsp;&nbsp;OneSpaWorld Holdings Ltd. (Bahamas) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235136 |
| &nbsp;&nbsp;**Restaurants and Bars - 4.72%** | &nbsp;&nbsp;**Restaurants and Bars - 4.72%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395 | &nbsp;&nbsp;Kura Sushi USA, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473357 |
| &nbsp;&nbsp;**Semiconductors - 2.62%** | &nbsp;&nbsp;**Semiconductors - 2.62%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262820 |
| &nbsp;&nbsp;**Soft Drinks - 2.78%** | &nbsp;&nbsp;**Soft Drinks - 2.78%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7889 | &nbsp;&nbsp;Vita Coco Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278166 |
| &nbsp;&nbsp;**Software - 6.61%** | &nbsp;&nbsp;**Software - 6.61%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15010 | &nbsp;&nbsp;PDF Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10545 | &nbsp;&nbsp;nCino, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 | &nbsp;&nbsp;Simulations Plus, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34503 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662644 |
| &nbsp;&nbsp;**Transaction Processing Services - 3.47%** | &nbsp;&nbsp;**Transaction Processing Services - 3.47%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12425 | &nbsp;&nbsp;I3 Verticals, Inc. Class A \* | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347652 |
| &nbsp;&nbsp;**Trucking - 1.60%** | &nbsp;&nbsp;**Trucking - 1.60%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6648 | &nbsp;&nbsp;Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160549 |
| &nbsp;&nbsp;**Water - 3.14%** | &nbsp;&nbsp;**Water - 3.14%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14805 | &nbsp;&nbsp;Aris Water Solutions, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314902 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $8,694,198) - 95.61% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $8,694,198) - 95.61% | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 9581704 |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT - 4.40%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT - 4.40%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441376 | &nbsp;&nbsp;Fidelity Investments Money Market Treasury Portfolio - Class III 4.28% \*\* (Cost $441,376) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441376 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $9,135,574) - 100.01%** | &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $9,135,574) - 100.01%** | &nbsp;&nbsp; $10023080 |
| &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS - (0.01)%** | &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS - (0.01)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(630) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp; $10022450 |
| &nbsp;&nbsp;\* Non-income producing securities during the period. | &nbsp;&nbsp;\* Non-income producing securities during the period. |  |
| &nbsp;&nbsp;\*\* The rate shown represents the yield at July 31, 2025. | &nbsp;&nbsp;\*\* The rate shown represents the yield at July 31, 2025. |  |

---

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST**<br>&nbsp;&nbsp;WISDOM SHORT DURATION INCOME FUND<br>&nbsp;&nbsp;SCHEDULE OF INVESTMENTS<br>&nbsp;&nbsp;July 31, 2025 |  |
| &nbsp;&nbsp;**<u>Principal Amount/Shares</u>** | &nbsp;&nbsp;**<u>Principal Amount/Shares</u>** | &nbsp;&nbsp; **<u>Value</u>** |
| &nbsp;&nbsp;**CORPORATE BONDS - 78.01%%** | &nbsp;&nbsp;**CORPORATE BONDS - 78.01%%** |  |
| &nbsp;&nbsp;**Communication Services - 0.66%** | &nbsp;&nbsp;**Communication Services - 0.66%** |  |
| &nbsp;&nbsp; $2000000 | &nbsp;&nbsp;Orange SA., 9.00%, due 3/01/31 (France) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413226 |
| &nbsp;&nbsp;**Consumer Discretionary - 7.46%** | &nbsp;&nbsp;**Consumer Discretionary - 7.46%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;Volkswagen Group America Series 144A, 5.35%, due 3/27/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5578891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Volkswagen Group America Series 144A, 5.65%, due 9/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3071088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2707858 | &nbsp;&nbsp;Turkish Airline 15-1 A PTT 144A, 4.20%, due 3/15/27 (Turkey) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2624254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;Delta Air Lines, Inc./Skymiles 144A, 4.75%, due 10/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2360161 | &nbsp;&nbsp;Air Canada 2020-2A PTT 144A, 5.25%, due 04/01/2029 (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2371457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Air Canada 2020-1C PTT, 10.50%, due 07/15/2026 (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2096001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Volkswagen Group America Series 144A, 5.25%, due 3/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Volkswagen Group America Series 144A, 6.45%, due 11/16/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1598505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1612165 | &nbsp;&nbsp;British Airways 2019-1 Class A 144A, 3.35%, due 6/15/29 (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1542469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;Hyundai Capital America Series 144A, 5.275%, due 6/24/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1109364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649547 | &nbsp;&nbsp;US Airlines 2015-1AA PTT, 3.45%, due 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;Hyundai Capital America Series 144A, 5.10%, due 6/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;Toyota Motor Credit Corp. Series MTN, 5.25%, due 1/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477837 | &nbsp;&nbsp;US Airlines 2020-1 B PTT, 4.875%, due 1/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;American Airlines Group, Inc. Series 144A, 5.50%, due 4/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161813 | &nbsp;&nbsp;Alaska Airlines Equity Trust Series 2020-1A 144A, 4.800%, due 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27165955 |
| &nbsp;&nbsp;**Consumer Staples - 2.34%** | &nbsp;&nbsp;**Consumer Staples - 2.34%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;Teva Pharmaceuticals Finance., 5.125%, due 5/09/29 (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4998312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Bayer US Finance LLC 144A, 6.375%, due 11/21/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1595550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Bat Capital Corp., 5.834%, due 02/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1570765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359937 | &nbsp;&nbsp;CVS Pass-Through Trust, 5.88%, due 1/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8525862 |
| &nbsp;&nbsp;**Energy - 9.21%** | &nbsp;&nbsp;**Energy - 9.21%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;HF Sinclair Corp., 5.75%, due 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5631567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3089000 | &nbsp;&nbsp;Energy Transfer L.P. Series 144A, 6.000%, due 2/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3130376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Occidental Petroleum Corp., 6.125%, due 1/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3103194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;HF Sinclair Corp., 4.50%, due 10/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2910626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2730000 | &nbsp;&nbsp;Devon Energy Corp., 5.875%, due 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2723128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;EQT Corp. 144A, 7.50%, due 6/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2035574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;HF Sinclair Corp., 5.00%, due 2/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1994798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Valero Energy Corp., 5.15%, due 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1526178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1499000 | &nbsp;&nbsp;Energy Transfer L.P. Series 144A, 5.625%, due 5/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1499422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1362000 | &nbsp;&nbsp;HF Sinclair Corp., 6.375%, due 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1366236 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;Devon OEI Operating LLC., 7.50%, due 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1146163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Occidental Petroleum Corp., 7.875%, due 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1119170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Diamondback Energy, Inc., 5.15%, due 1/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1018032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Targa Resources Partners, 5.50%, due 3/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Occidental Petroleum Corp., 5.20%, due 8/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774000 | &nbsp;&nbsp;Enbridge, Inc., 4.90%, due 6/20/30 (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;Enbridge, Inc., 6.20%, due 11/15/30 (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;Enerflex Ltd., 9.00%, due 10/15/27 (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;Energy Transfer L.P., 5.20%, due 4/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33560188 |
| &nbsp;&nbsp;**Financials - 40.34%** | &nbsp;&nbsp;**Financials - 40.34%** |  |
| &nbsp;&nbsp; $6006000 | &nbsp;&nbsp;Wells Fargo & Co., 5.079160%, (Quarterly TSFR3M USD + 0.76161%), due 1/15/27 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5950228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;Royal Bank of Canada Series GMTN, 5.153%, (Daily SOFR USD + 1.03%) due 2/04/31 (Canada) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5608302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;Sixth Street Lending Partners, 6.50%, due 3/11/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5409692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;Avolon Holdings Ltd. 144A, 5.375%, due 5/30/30 (Cayman Islands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5340112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5007000 | &nbsp;&nbsp;Unum Group, 7.25%, due 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5307181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;Franklin BSP Realty Trust, Inc. Series QIB, 8.25%, due 4/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4988049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;Ares Capital Corp., 5.500%, due 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3992688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3582000 | &nbsp;&nbsp;Royal Bank of Canada Series GMTN, 4.969%, (Daily SOFR USD + 1.10%) due 8/02/30 (Canada) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3633717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;Blackstone, Inc. Series 144A, 5.60%, due 11/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3525407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Blue Owl Credit Income Corp. Series 144A, 6.60%, due 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3085033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Credit Agricole SA 144A, 5.222% (Daily SOFR USD + 1.46%), due 5/27/31 (France)\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3049097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Natwest Group PLC, 5.115%, (Annually H15T1Y USD + 1.05%), due 5/23/31 (United Kingdom) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3044235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Royal Bank of Canada Series GMTN, 4.965%, (Daily SOFR USD + 0.83%) due 1/24/29 (Canada) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3034065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Avolon Holdings Ltd. 144A, 5.150%, due 1/15/30 (Cayman Islands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3022516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;Citadel Finance LLC. 144A 5.90%, due 2/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3012237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;Mizuho Markets Cayman LP Series MTN, 4.841711% (Daily SOFR USD + 0.50%), due 5/01/26 (Cayman Islands) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2501776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;Royal Bank of Canada Series GMTN, 5.370591%, (Daily SOFRINDX USD + 1.03%) due 2/04/31 (Canada) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2486840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2390000 | &nbsp;&nbsp;ANZ Bank New Zealand Ltd., 5.548%, due 08/11/2032 (New Zealand) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2414463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2331000 | &nbsp;&nbsp;Sixth Street Lending Partners, 5.75%, due 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2333005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;Westpac Banking Corp., 3.02%, (5 Year H15T5Y USD + 1.53%), due 11/18/36 (Australia) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2103236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Morgan Stanley, 5.656, (Daily SOFR USD + 1.26%), due 4/18/30 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2072147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;National Bank of Canada, 5.60%, due 12/18/28 (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2064163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Avolon Holdings Ltd. 144A, 5.75%, due 3/01/29 (Cayman Islands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2052448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Goldman Sachs Group, Inc., 5.207%, (Daily SOFR USD + 1.078%), due 1/28/31 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2042924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Credit Agricole SA 5.335%, (Daily SOFR USD + 1.69%), due 1/10/30 (France) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2042673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;American National Group, Inc., 5.75%, due 10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2040133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Athene Global Funding Series 144A, 5.38%, due 1/07/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2037845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Mizuho Financial Group, 5.09800%, (Annually H15T1Y USD + 1.48%), due 5/13/31 (Japan) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2030558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Natwest Group PLC, 5.076%, (Quarterly US0003M USD + 1.905%), due 1/27/30 (United Kingdom) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Morgan Stanley, 5.016%, (Daily SOFR USD + 0.906%), due 1/12/29 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Blue Owl Technology Finance Corp. Series 144A, 6.10%, due 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2011198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1780000 | &nbsp;&nbsp;Liberty Mutual Insurance, 7.875%, due 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1827450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;Deutsche Bank AG/NY, 5.373%, (Daily SOFR USD + 1.21%), due 1/10/29 (Germany) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1778715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1382000 | &nbsp;&nbsp;JPMorgan Chase & Co., 8.75%, due 9/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1630885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Sixth Street Lending Partners Series 144A, 6.125%, due 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1529026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Blue Owl Capital Corp. 6.20%, due 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1514452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Danske Bank A/S 144A, 5.019%, (Semi-Annually H15T1Y USD + 0.93%), due 3/04/31 (Denmark)\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1514164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Morgan Stanley, 5.242463%, (Daily SOFR USD + 0.90%), due 1/12/29 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1504151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Blue Owl Capital Corp. 5.95%, due 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1503168 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Citigroup, Inc., 5.218032%, (Daily SOFR USD + 0.87%), due 3/04/29 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1502648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;JPMorgan Chase & Co. Series FRN, 5.140703%, (Daily SOFR USD + 0.80%), due 1/24/29 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1502359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;JPMorgan Chase & Co., 5.262075%, (Daily SOFR USD + 0.92%), due 4/22/28 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1255670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;Avolon Holdings Ltd. 144A, 5.50%, due 1/15/26 (Cayman Islands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1202619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp;JPMorgan Chase & Co. Series B, 5.0578%, (Quarterly TSFR3M USD + 0.76161%), due 2/01/27 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1122622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085000 | &nbsp;&nbsp;Australia & New Zealand Banking Group Series 144A, 5.731%, due 9/18/34 (Australia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1111156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Blackstone, Inc., 7.30%, due 11/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1060826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Bank America Corp., 8.050%, due 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1055122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;JPMorgan Chase & Co., 6.087%, (Daily SOFR USD + 1.57%), due 10/23/29 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Capital One Financial Co. 6.312%, due 6/08/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1044514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Blue Owl Credit Income Corp., 7.75%, due 9/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1044432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;JPMorgan Chase & Co., 5.14%, (Daily SOFR USD + 1.01%), due 1/24/31 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1022777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;RGA Global Funding 144A, 5.25%, due 1/09/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021008 |
| &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;Capital One Financial Co. 5.247%, due 7/26/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1019295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Corebridge Glob Funding, 5.200%, due 06/24/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1018991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Deutsche Bank AG/NY, 5.297%, (Daily SOFR USD + 1.72%), due 5/09/31 (Germany) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Natwest Markets PLC Series 144A, 5.022%, due 3/21/30 (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Mitsubishi UFJ Financial Group 5.821746%, (Daily SOFR USD + 1.48%), due 4/24/31 (Japan)\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Toronto Dominion Bank Series MTN, 5.40%, 1/31/30 (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1008970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Natwest Markets PLC Series 144A, 4.789%, due 3/21/28 (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1008390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;JPMorgan Chase & Co., 5.04%, (Daily SOFR USD + 1.19%), due 1/23/28 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Athene Global Funding Series 144A, 5.033%, due 7/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1005522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Sumitomo Mitsui Financial Group, 5.394241%, (Daily SOFR USD + 1.05%), due 4/15/30 (Japan) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Natwest Group PLC, 5.449015%, (Quarterly SOFR USD + 1.10%), due 5/23/29 (United Kingdom)\*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Deutsche Bank AG Series MTN, 5.00%, due 9/10/29 (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Jefferies Financial Group, Inc. Series MTN, 5.00%, due 2/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;BCP Investment Corp., 4.875%, due 4/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Deutsche Bank AG/NY, 4.875%, (Semi-Annually USISDA05 USD + 2.553%), due 12/01/32 (Germany) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;JPMorgan Chase & Co. Series F, 5.162530%, (Quarterly TSFR3M USD + 0.88661%), due 8/01/28 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 979857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;Blue Owl Credit Income Corp., 7.75%, due 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;Natwest Group PLC, 5.847%, (Annually H15T1Y USD + 1.35%), due 3/02/27 (United Kingdom) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;Toronto Dominion Bank Series GMTN, 5.00%, due 7/11/30 (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;Sixth Street Specialty Lending, 6.125%, due 3/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;Wells Fargo & Co., 5.15%, (Daily SOFR USD + 1.50%), due 4/23/31 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;Morgan Stanley, 4.994%, (Quarterly SOFR USD + 1.38%), due 4/12/29 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;Goldman Sachs Private Credit Corp. 144A, 6.25%, due 5/06/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;JPMorgan Chase & Co., 4.915%, (Daily SOFR USD + 0.80%), due 1/24/29 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;Toronto Dominion Bank Series MTN, 4.808%, 6/03/30 (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;Morgan Stanley PVT Bank, 4.734%, (Daily SOFR USD + 1.08%), due 7/18/31 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;Royal Bank of Canada Series GMTN, 4.498%, (Daily SOFRINDX USD + .89%) due 8/06/29 (Canada) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;Blue Owl Technology Finance Corp. Series, 4.75%, due 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;JPMorgan Chase & Co., 5.09%, (Quarterly TSFR3M USD + 0.81161%), due 2/01/27 \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146976702 |
| &nbsp;&nbsp;**Government - 3.24%** | &nbsp;&nbsp;**Government - 3.24%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;Eagle Funding Luxco Sarl Series 144A, 5.50%, 8/17/30 (Luxembourg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10069000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;Korea National Oil Corp. Series 144A, 5.11359% (Daily SOFR USD + 0.77%), 3/31/28 (South Korea) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1753263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11822263 |
| &nbsp;&nbsp;**Health Care - 0.33%** | &nbsp;&nbsp;**Health Care - 0.33%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1203000 | &nbsp;&nbsp;Encompass Health Corp., 5.75%, due 9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1201484 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Industrial - 3.83%** | &nbsp;&nbsp;**Industrial - 3.83%** |  |
| &nbsp;&nbsp; $2500000 | &nbsp;&nbsp;LG Energy Solution Series 144A, 6.043040% (Daily SOFR USD + 1.70%), due 4/02/30 (South Korea) \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2526098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;LG Energy Solution Series 144A, 5.375%, due 7/02/29 (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;LG Energy Solution Series 144A, 5.375%, due 4/02/30(South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Delta Air Lines, Inc., 4.95%, due 7/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2009436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Avolon Holdings Ltd. 144A, 4.90%, due 10/10/30 (Cayman Islands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1992098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;LG Energy Solution Series 144A, 5.25%, due 4/02/28 (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1515565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1347000 | &nbsp;&nbsp;AECOM, 5.125% due 03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1352571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;LG Energy Solution Series REGS, 5.375%, due 4/02/30 (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13959750 |
| &nbsp;&nbsp;**Information Technology - 0.21%** | &nbsp;&nbsp;**Information Technology - 0.21%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;Microchip Technology, Inc.. 5.05%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758843 |
| &nbsp;&nbsp;**Materials - 2.00%** | &nbsp;&nbsp;**Materials - 2.00%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;Anglo American Capital PLC Series 144A, 5.625%, due 04/01/2030 (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5710502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Nova Chemicals Corp. Series 144A, 8.50%, due 11/15/28 (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1050205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;Anglo American Capital PLC, 5.625%, due 04/01/2030 (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7279844 |
| &nbsp;&nbsp;**Utilities - 8.39%** | &nbsp;&nbsp;**Utilities - 8.39%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;PSEG Power LLC. Series 144A, 5.20%, due 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8172347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;DTE Energy Co., 5.20%, due 4/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5107782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;NRG Energy, Inc. Series 144A, 5.750%, due 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4955675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2275000 | &nbsp;&nbsp;Palomino Funding Trust I., 7.233%, due 5/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2402713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Calpine Corp. Series REGS, 4.50%, due 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1983000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Talen Energy Supply LLC 144A, 8.625%, due 6/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1594007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Vistra Operations Co. LLC 144A, 7.75%, due 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1587490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;Vistra Operations Co. LLC 144A, 5.00%, due 7/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1243545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Pacific Gas & Electric, 5.00%, due 6/04/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1005459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Vistra Operations Co. LLC 144A, 4.30%, due 7/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 983925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;AEP Texas, Inc. , 5.450%, due 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;NiSource, Inc., 5.200%, due 7/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;Nextera Energy Capital 4.685%, due 9/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30564959 |
| &nbsp;&nbsp;TOTAL FOR CORPORATE BONDS (Cost $282,332,704) - 78.01% | &nbsp;&nbsp;TOTAL FOR CORPORATE BONDS (Cost $282,332,704) - 78.01% | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;284229076 |
| &nbsp;&nbsp;**GOVERNMENT-SPONSORED ENTERPRISE DEBT - 2.04%** | &nbsp;&nbsp;**GOVERNMENT-SPONSORED ENTERPRISE DEBT - 2.04%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031362 | &nbsp;&nbsp;Government National Mortgage Series 19-H15 Class FJ, 5.05%, due 9/20/69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 981537 | &nbsp;&nbsp;Government National Mortgage Series 19-H14 Class DF, 5.45%, 8/20/69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 989399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944012 | &nbsp;&nbsp;Government National Mortgage Series 23-H20 Class FL, 5.40%, due 5/20/73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921022 | &nbsp;&nbsp;Government National Mortgage Series 20-H17 Class BF, 5.67%, due 9/20/70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924589 | &nbsp;&nbsp;Fannie Mae-CAS Series 25-R01 Class 1A1, 5.26%, due 1/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737500 | &nbsp;&nbsp;Freddie Mac - STACR Series 25-DNA1 Class A1, 5.26%, due 1/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445291 | &nbsp;&nbsp;Freddie Mac - STACR Series 24-HQA1 Class A1, 5.56%, due 3/25/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434602 | &nbsp;&nbsp;Government National Mortgage Series 19-H04 Class NA, 3.50%, due 9/20/68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408967 |
| &nbsp;&nbsp;TOTAL FOR GOVERNMENT-SPONSORED ENTERPRISE DEBT (Cost $7,467,618) - 2.04% | &nbsp;&nbsp;TOTAL FOR GOVERNMENT-SPONSORED ENTERPRISE DEBT (Cost $7,467,618) - 2.04% | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7414290 |
| &nbsp;&nbsp;**MORTGAGE-BACKED SECURITIES - 14.16%** | &nbsp;&nbsp;**MORTGAGE-BACKED SECURITIES - 14.16%** |  |
| &nbsp;&nbsp; $4398170 | &nbsp;&nbsp;Finance of America Structured Securities Trust Series 24-S4 Class A3, 3.50%, due 11/25/74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4193281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3901656 | &nbsp;&nbsp;Provident Funding Mortgage Trust Series 25-2, Class A4, 5.50%, due 6/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3883365 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3122435 | &nbsp;&nbsp;Starwood Mortgage Resident Series 22-4 Class A1, 5.19%, due 5/25/67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3105863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2869040 | &nbsp;&nbsp;Angel Oak Mortgage Trust Series 2023-3, 4.800%, due 9/26/2067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2835344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2317588 | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust Series 25-PJ4 Class A5, 5.50%, due 9/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2315824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;Finance of America Structured Securities Trust Series 25-PC2 Class AV, 5.56%, due 5/25/75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3966400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2264006 | &nbsp;&nbsp;Finance of America Structured Securities Trust Series 24-S4 Class AV, 5.81%, due 11/25/74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2263393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;Starwood Commercial Mortgage Series 21-FL2 Class C, 6.53%, due 4/18/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1922844 | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust Series 25-PJ6 Class A4, 6.00%, due 11/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1935541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1955507 | &nbsp;&nbsp;MFRA Trust Series 22-NQM2 Class A2, 4.00%, due 5/25/67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1893178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1840235 | &nbsp;&nbsp;BRAVO Residential Funding Trust Series 21-NQM2 Class A1, 0.97%, due 3/25/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1784826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1818790 | &nbsp;&nbsp;Finance of America Structured Securities Trust Series 24-S2 Class A1, 3.50%, due 4/25/74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1758431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Blackstone Mortgage Trust, Inc. Series 2020-FL2 Class B, 6.08%, due 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1499208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;Finance of America HECM Buyout Series 2024-HB1 Class M2, 6.00%, due 10/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1496529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1473281 | &nbsp;&nbsp;FIGRE Trust Series 25-HE4 Class A, 5.408%, due 7/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1472444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1144342 | &nbsp;&nbsp;PRKCM Trust Series 24-Home1 Class A1, 6.431%, due 5/25/59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1153002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1149510 | &nbsp;&nbsp;Stone Street Receivables Funding Series 15-1A Class A, 3.57%, due 12/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1026024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;American Tower Corp., 5.200%, due 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994737 | &nbsp;&nbsp;SKY1 Trust Series 25-LINE Class A, 6.90%, due 4/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Finance of America HECM Buyout Series 2024-HB1 Class A1b, 4.00%, 10/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 981561 | &nbsp;&nbsp;Provident Funding Mortgage Trust Series 25-2, Class A2, 5.50%, due 6/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Saluda Grade Alternative Mortgage Series 22-SEQ2 Class A3, 4.50%, due 2/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 978878 | &nbsp;&nbsp;GS Mortgage-Backed Securities Trust Series 25-PJ5 Class A2, 5.50%, due 10/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Credit Suisse Mortgage Trust Series 20-SPT1 Class M1, 3.39%, due 4/25/65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 959960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;Ocwen Loan Investment Trust Series 25-HB1 Class M1, 3.00%, due 6/25/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 976367 | &nbsp;&nbsp;Finance of America Structured Securities Trust Series 25-S1 Class A3, 3.50%, due 2/25/75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 927204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002941 | &nbsp;&nbsp;Finance of America Structured Securities Trust Series 24-S4 Class A4, 3.50%, due 11/25/74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684182 | &nbsp;&nbsp;GCAT Trust Series 22-NQM2 Class A1, 4.20%, due 2/25/67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653166 | &nbsp;&nbsp;Change Mortgage Trust Series 22-NQM1 Class A1, 5.189%, due 6/25/67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619512 | &nbsp;&nbsp;Cascade Funding Mortgage Trust Series 24-HB13 Class A, 3.00%, due 5/25/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487251 | &nbsp;&nbsp;VineBrook Homes Series 24-SFR1 Class A, 4.50%, due 3/17/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466577 | &nbsp;&nbsp;BRAVO Residential Funding Trust Series 22-NQM3 Class A1, 5.108%, due 7/25/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251214 | &nbsp;&nbsp;Cascade Funding Mortgage Trust Series 22-HB9 Class A, 3.25%, due 9/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245470 | &nbsp;&nbsp;Cascade Funding Mortgage Trust Series 22-HB10 Class A, 3.25%, due 11/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244254 |
| &nbsp;&nbsp;TOTAL FOR MORTGAGE-BACKED SECURITIES (Cost $51,694,762) - 14.16% | &nbsp;&nbsp;TOTAL FOR MORTGAGE-BACKED SECURITIES (Cost $51,694,762) - 14.16% | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 51601326 |
| &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 6.56%** | &nbsp;&nbsp;**EXCHANGE TRADED FUNDS - 6.56%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;Janus Henderson AAA CLO ETF | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 14221200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;Simplify Treasury Option Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9676000 |
| &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $23,981,783) - 6.56% | &nbsp;&nbsp;TOTAL FOR EXCHANGE TRADED FUNDS (Cost $23,981,783) - 6.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23897200 |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT - 0.63%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT - 0.63%** |  |
| &nbsp;&nbsp; $2200000 | &nbsp;&nbsp;Sonoco Products Co. Commercial Paper 1.00% 08/01/2025\*\* (Cost $2,199,702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2199698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99900 | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Shares 4.19% \*\* (Cost $99,900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99900 |
| &nbsp;&nbsp;TOTAL FOR SHORT-TERM INVESTMENTS (Cost $2,299,602) - 0.63% | &nbsp;&nbsp;TOTAL FOR SHORT-TERM INVESTMENTS (Cost $2,299,602) - 0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2299598 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $367,776,469) - 101.40%** | &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $367,776,469) - 101.40%** | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;369441490 |
| &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS - (1.40)%** | &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS - (1.40)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5083259) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;364358231 |

---

\*\* The rate shown represents the yield at July 31, 2025. <br> \*\*\* Variable rate security; the coupon rate shown represents the rate at July 31, 2025.

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** |
| &nbsp;&nbsp;WISDOM SHORT DURATION INCOME FUND | &nbsp;&nbsp;WISDOM SHORT DURATION INCOME FUND | &nbsp;&nbsp;WISDOM SHORT DURATION INCOME FUND | &nbsp;&nbsp;WISDOM SHORT DURATION INCOME FUND | &nbsp;&nbsp;WISDOM SHORT DURATION INCOME FUND | &nbsp;&nbsp;WISDOM SHORT DURATION INCOME FUND |
| &nbsp;&nbsp;SCHEDULE OF FUTURES CONTRACTS | &nbsp;&nbsp;SCHEDULE OF FUTURES CONTRACTS | &nbsp;&nbsp;SCHEDULE OF FUTURES CONTRACTS | &nbsp;&nbsp;SCHEDULE OF FUTURES CONTRACTS | &nbsp;&nbsp;SCHEDULE OF FUTURES CONTRACTS | &nbsp;&nbsp;SCHEDULE OF FUTURES CONTRACTS |
| &nbsp;&nbsp;July 31, 2025 | &nbsp;&nbsp;July 31, 2025 | &nbsp;&nbsp;July 31, 2025 | &nbsp;&nbsp;July 31, 2025 | &nbsp;&nbsp;July 31, 2025 | &nbsp;&nbsp;July 31, 2025 |
| &nbsp;&nbsp;**<u>Description</u>** | &nbsp;&nbsp;**<u>Contracts</u>** | &nbsp;&nbsp;**<u>Expiration</u>** | &nbsp;&nbsp;**<u>Notional Amount</u>** | &nbsp;&nbsp;**<u>Value</u>** | &nbsp;&nbsp;**<u>Unrealized Appreciation</u>** |
| &nbsp;&nbsp;**LONG FUTURES CONTRACTS** |  |  |  |  |  |
| &nbsp;&nbsp;10-Year US Treasury Note | &nbsp;&nbsp;10 | &nbsp;&nbsp;September 19, 2025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1108516 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 1109687 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1171 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LONG FUTURES CONTRACTS** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LONG FUTURES CONTRACTS** |  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1108516 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 1109687 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1171 |
| &nbsp;&nbsp;**SHORT FUTURES CONTRACTS** |  |  |  |  |  |
| &nbsp;&nbsp;5-Year US Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1150) | &nbsp;&nbsp;September 30, 2025 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (124720993) | &nbsp;&nbsp; $(124343750) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377243 |
| &nbsp;&nbsp;2-Year US Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (225) | &nbsp;&nbsp;September 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46719040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46560937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158103 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT FUTURES CONTRACTS** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT FUTURES CONTRACTS** |  | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (171440033) | &nbsp;&nbsp; $(170904687) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535346 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST**<br>&nbsp;&nbsp;WISDOM SHORT TERM GOVERNMENT FUND<br>&nbsp;&nbsp;SCHEDULE OF INVESTMENTS<br>&nbsp;&nbsp;JULY 31, 2025 |  |
| &nbsp;&nbsp;**<u>Principal Amount/Shares</u>** | &nbsp;&nbsp;**<u>Principal Amount/Shares</u>** | &nbsp;&nbsp; **<u>Value</u>** |
| &nbsp;&nbsp;**GOVERNMENT-SPONSORED ENTERPRISE DEBT - 39.72%** | &nbsp;&nbsp;**GOVERNMENT-SPONSORED ENTERPRISE DEBT - 39.72%** |  |
| &nbsp;&nbsp; $10700000 | &nbsp;&nbsp;Fannie Mae Discount Note, 0.00%, 8/01/25 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 10698740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584684 | &nbsp;&nbsp;Fannie Mae-Aces Series 2016-M1 Class FA, 5.04%, due 8/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1578853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098775 | &nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certs. Series KF60 Class A, 4.92%, due 2/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1099284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;Freddie Mac, 4.625%, due 6/09/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certs. Series KG01 Class A7, 2.88%, due 4/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certs. Series K064 Class A2, 3.22%, due 3/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 982710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certs. Series K058 Class A2, 2.65%, due 8/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 981241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988662 | &nbsp;&nbsp;Fannie Mae-Aces Series 2016-M4 Class A2, 2.58%, due 3/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 976268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;Fannie Mae US Pool AN2351, 2.150%, 9/01/26 \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 973822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 984903 | &nbsp;&nbsp;Fannie Mae-Aces Series 2017-M1 Class A2, 2.42%, due 10/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439623 | &nbsp;&nbsp;Fannie Mae-Aces Series 2017-M3 Class A2, 2.46%, due 12/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428216 |
| &nbsp;&nbsp;TOTAL FOR GOVERNMENT-SPONSORED ENTERPRISE DEBT (Cost $20,692,117) - 39.72% | &nbsp;&nbsp;TOTAL FOR GOVERNMENT-SPONSORED ENTERPRISE DEBT (Cost $20,692,117) - 39.72% | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 20664004 |
| &nbsp;&nbsp;**UNITED STATES TREASURY BONDS - 60.17%** | &nbsp;&nbsp;**UNITED STATES TREASURY BONDS - 60.17%** |  |
| &nbsp;&nbsp;**Governments & Agency - 60.17%** | &nbsp;&nbsp;**Governments & Agency - 60.17%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;U.S. Treasury Bill, 0.50%, due 8/05/25 \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9995262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;U.S. Treasury Bill, 0.70%, due 9/02/25 \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6973406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;U.S. Treasury Bill, 0.70%, due 10/02/25 \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4963446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;U.S. Treasury Bill, 0.40%, due 8/07/25 \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2498208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;U.S. Treasury Bill, 1.40%, due 8/26/25 \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2293148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;U.S. Treasury Bond, 0.25%, due 8/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2292233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;U.S. Treasury Bill, 1.40%, due 9/23/25 \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2285507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31301210 |
|  |  | &nbsp;&nbsp; \ |
| &nbsp;&nbsp;TOTAL FOR UNITED STATES TREASURY BONDS (Cost $31,299,127) - 60.17% | &nbsp;&nbsp;TOTAL FOR UNITED STATES TREASURY BONDS (Cost $31,299,127) - 60.17% | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 31301210 |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT - 20.61%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT - 20.61%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10723101 | &nbsp;&nbsp;Federated Hermes Government Obligations Fund - Institutional Shares 4.19% \*\* (Cost $10,723,101) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 10723101 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $62,714,345) - 120.50%** | &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $62,714,345) - 120.50%** | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 62688315 |
| &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS - (20.50)%** | &nbsp;&nbsp;**LIABILITIES LESS OTHER ASSETS - (20.50)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10667427) |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 52020888 |
| &nbsp;&nbsp;\*\* The rate shown represents the yield at July 31, 2025. | &nbsp;&nbsp;\*\* The rate shown represents the yield at July 31, 2025. |  |

---

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** |
| &nbsp;&nbsp;STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp;STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp;STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp;STATEMENTS OF ASSETS AND LIABILITIES | &nbsp;&nbsp;STATEMENTS OF ASSETS AND LIABILITIES |
| &nbsp;&nbsp;July 31, 2025 | &nbsp;&nbsp;July 31, 2025 | &nbsp;&nbsp;July 31, 2025 | &nbsp;&nbsp;July 31, 2025 | &nbsp;&nbsp;July 31, 2025 |
| &nbsp;&nbsp;Assets: | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Micro Cap Fund** | &nbsp;&nbsp; **Wisdom Short**<br> **Duration Income Fund** | &nbsp;&nbsp; **Wisdom Short Term**<br> **Government Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments In Securities, At Value (Cost $26,192,852, $9,135,574, $367,776,469, | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 29453985 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;10023080 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;369441490 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 62688315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and $62,714,345, respectively) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit with Broker for Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;2751090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Interest | &nbsp;&nbsp;2355 | &nbsp;&nbsp;2038 | &nbsp;&nbsp;3772568 | &nbsp;&nbsp;29602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments Sold | &nbsp;&nbsp;568140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Subscriptions | &nbsp;&nbsp;41976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation on Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;536517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30071773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10028433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376520434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62737282 |
| &nbsp;&nbsp;Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments Purchased | &nbsp;&nbsp;7693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;12065807 | &nbsp;&nbsp;10698772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;5863 | &nbsp;&nbsp;2471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees | &nbsp;&nbsp;25723 | &nbsp;&nbsp;422 | &nbsp;&nbsp;47543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative Fees | &nbsp;&nbsp;1287 | &nbsp;&nbsp;444 | &nbsp;&nbsp;15382 | &nbsp;&nbsp;2202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;2500 | &nbsp;&nbsp;4500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees | &nbsp;&nbsp;3197 | &nbsp;&nbsp;2663 | &nbsp;&nbsp;6760 | &nbsp;&nbsp;3934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee Fees | &nbsp;&nbsp;625 | &nbsp;&nbsp;625 | &nbsp;&nbsp;623 | &nbsp;&nbsp;623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12162203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10716394 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 30029200 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;10022450 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;364358231 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 52020888 |
| &nbsp;&nbsp;Net Assets Consist Of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 26985587 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 9925214 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;361850268 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 52019209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings (Deficit) | &nbsp;&nbsp;3043613 | &nbsp;&nbsp;97236 | &nbsp;&nbsp;2507963 | &nbsp;&nbsp;1679 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 30029200 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;10022450 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;364358231 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 52020888 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Institutional Class:** |  |  |  |  |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 30029200 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;10022450 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;364358231 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 52020888 |
| &nbsp;&nbsp;Shares Outstanding (unlimited number of shares authorized with no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1711672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3610012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5206166 |
| &nbsp;&nbsp;Net Asset Value, Redemption Price And Offering Price Per Share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.54 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.93 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.99 |

---

*The accompanying notes are an integral part of these financial statements.*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** |
| &nbsp;&nbsp;STATEMENTS OF OPERATIONS | &nbsp;&nbsp;STATEMENTS OF OPERATIONS | &nbsp;&nbsp;STATEMENTS OF OPERATIONS | &nbsp;&nbsp;STATEMENTS OF OPERATIONS | &nbsp;&nbsp;STATEMENTS OF OPERATIONS |
| &nbsp;&nbsp;FOR THE YEAR/PERIOD ENDED JULY 31, 2025 | &nbsp;&nbsp;FOR THE YEAR/PERIOD ENDED JULY 31, 2025 | &nbsp;&nbsp;FOR THE YEAR/PERIOD ENDED JULY 31, 2025 | &nbsp;&nbsp;FOR THE YEAR/PERIOD ENDED JULY 31, 2025 | &nbsp;&nbsp;FOR THE YEAR/PERIOD ENDED JULY 31, 2025 |
| &nbsp;&nbsp;Investment Income: | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Micro Cap Fund** | &nbsp;&nbsp; **Wisdom Short**<br> **Duration Income Fund \*** | &nbsp;&nbsp; **Wisdom Short Term**<br> **Government Fund \*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes of $448, $0, $0 and $0, respectively) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257410 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 109744 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374697 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5518965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1380439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5893662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1397619 |
| &nbsp;&nbsp;Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative and Operating Servicing Fees (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent & Accounting Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NASDAQ Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Servicing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory Fees Waived/Expenses Reimbursed (Note 6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (131529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (112975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68394 |
| &nbsp;&nbsp;Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (106710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5455646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329225 |
| &nbsp;&nbsp;Realized And Unrealized Gain (Loss) On Investments: |  |  |  |  |
| &nbsp;&nbsp; Realized Gain (Loss) On Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (349133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2333) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Realized Gain (Loss) On Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (158246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; Net Change In Unrealized Appreciation (Depreciation) On Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2172521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (379568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1665021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26030) |
| &nbsp;&nbsp; Net Change In Unrealized Appreciation On Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Net Realized And Unrealized Gain (Loss) On Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1296055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (728701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2441503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28363) |
| &nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | &nbsp;&nbsp; $(1402765) | &nbsp;&nbsp; $(750641) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7897149 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1300862 |
| &nbsp;&nbsp;\* For the period December 19, 2024 (commencement of investment operations) to July 31, 2025. | &nbsp;&nbsp;\* For the period December 19, 2024 (commencement of investment operations) to July 31, 2025. |  |  |  |

---

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** |
| &nbsp;&nbsp;RANGER SMALL CAP FUND | &nbsp;&nbsp;RANGER SMALL CAP FUND | &nbsp;&nbsp;RANGER SMALL CAP FUND |
| &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;July 31, 2025 | &nbsp;&nbsp;July 31, 2024 |
| &nbsp;&nbsp;Increase (Decrease) In Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (106710) | &nbsp;&nbsp; $(113208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) On Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (588421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change In Unrealized Appreciation (Depreciation) On Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2172521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3080435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1402765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2378806 |
| &nbsp;&nbsp;Distributions Paid To Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (1946692) |
| &nbsp;&nbsp;Capital Share Transactions (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4766226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4141779 |
| &nbsp;&nbsp;Total Increase (Decrease) In Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6168991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4573893 |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;Beginning Of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36198191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31624298 |
| &nbsp;&nbsp;End Of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30029200 | &nbsp;&nbsp;$36198191 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** |
| &nbsp;&nbsp;RANGER MICRO CAP FUND | &nbsp;&nbsp;RANGER MICRO CAP FUND | &nbsp;&nbsp;RANGER MICRO CAP FUND |
| &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;July 31, 2025 | &nbsp;&nbsp;July 31, 2024 |
| &nbsp;&nbsp;Increase (Decrease) In Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21940) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (33004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Loss On Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (349133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (144463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change In Unrealized Appreciation (Depreciation) On Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (379568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) In Net Assets Resulting From Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (750641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391071 |
| &nbsp;&nbsp;Distributions Paid To Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47144) |
| &nbsp;&nbsp;Capital Share Transactions (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3453810 |
| &nbsp;&nbsp;Total Increase (Decrease) In Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (749064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3797737 |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;Beginning Of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10771514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6973777 |
| &nbsp;&nbsp;End Of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10022450 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;10771514 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** |
| &nbsp;&nbsp;WISDOM SHORT DURATION INCOME FUND | &nbsp;&nbsp;WISDOM SHORT DURATION INCOME FUND |
| &nbsp;&nbsp;STATEMENT OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENT OF CHANGES IN NET ASSETS |
|  | &nbsp;&nbsp;Period Ended\* |
|  | &nbsp;&nbsp;July 31, 2025 |
| &nbsp;&nbsp;Increase (Decrease) In Net Assets From Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5455646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain On Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Loss On Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (158246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change In Unrealized Appreciation On Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1665021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change In Unrealized Appreciation On Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase In Net Assets Resulting From Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7897149 |
| &nbsp;&nbsp;Distributions Paid To Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5428501) |
| &nbsp;&nbsp;Capital Share Transactions (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361889583 |
| &nbsp;&nbsp;Total Increase In Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364358231 |
| &nbsp;&nbsp;Net Assets: |  |
| &nbsp;&nbsp;Beginning Of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;End Of Period | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 364358231 |
| &nbsp;&nbsp;\* For the period December 19, 2024 (commencement of investment operations) to July 31, 2025. |  |

---

*The accompanying notes are an integral part of these financial statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** |
| &nbsp;&nbsp;WISDOM SHORT TERM GOVERNMENT FUND | &nbsp;&nbsp;WISDOM SHORT TERM GOVERNMENT FUND |
| &nbsp;&nbsp;STATEMENT OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENT OF CHANGES IN NET ASSETS |
|  | &nbsp;&nbsp;Period Ended\* |
|  | &nbsp;&nbsp;July 31, 2025 |
| &nbsp;&nbsp;Increase In Net Assets From Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Loss On Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change In Unrealized Depreciation On Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase In Net Assets Resulting From Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300862 |
| &nbsp;&nbsp;Distributions Paid To Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1340333) |
| &nbsp;&nbsp;Capital Share Transactions (Note 9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52060359 |
| &nbsp;&nbsp;Total Increase In Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52020888 |
| &nbsp;&nbsp;Net Assets: |  |
| &nbsp;&nbsp;Beginning Of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;End Of Period | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52020888 |
| &nbsp;&nbsp;\* For the period December 19, 2024 (commencement of investment operations) to July 31, 2025. |  |

---

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** |
| &nbsp;&nbsp;RANGER SMALL CAP FUND | &nbsp;&nbsp;RANGER SMALL CAP FUND | &nbsp;&nbsp;RANGER SMALL CAP FUND | &nbsp;&nbsp;RANGER SMALL CAP FUND | &nbsp;&nbsp;RANGER SMALL CAP FUND | &nbsp;&nbsp;RANGER SMALL CAP FUND |
| &nbsp;&nbsp;INSTITUTIONAL CLASS | &nbsp;&nbsp;INSTITUTIONAL CLASS | &nbsp;&nbsp;INSTITUTIONAL CLASS | &nbsp;&nbsp;INSTITUTIONAL CLASS | &nbsp;&nbsp;INSTITUTIONAL CLASS | &nbsp;&nbsp;INSTITUTIONAL CLASS |
| &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS |
| &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE YEAR. |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;7/31/2024 | &nbsp;&nbsp;7/31/2023 | &nbsp;&nbsp;7/31/2022 | &nbsp;&nbsp;7/31/2021 |
| &nbsp;&nbsp;Net Asset Value, At Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.22 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.97 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.31 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.20 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.33 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Loss \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) |
| &nbsp;&nbsp; Net Gain (Loss) On Securities (Realized And Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total From Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.43) |
| &nbsp;&nbsp;Net Asset Value, At End Of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.54 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.22 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.97 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.31 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.20 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;(3.73)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80% | &nbsp;&nbsp;(21.29)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40.81% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets At End Of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 30029 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 36198 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 31624 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 33104 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 41688 |
| &nbsp;&nbsp; Before Waivers |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio Of Expenses To Average Net Assets | &nbsp;&nbsp;1.57% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;1.63% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;1.49% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;1.40% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;1.40% &nbsp;&nbsp;<sup>(a)</sup> |
| &nbsp;&nbsp; After Waivers |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio Of Expenses To Average Net Assets | &nbsp;&nbsp;1.15% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp;1.16% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp;1.15% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp;1.14% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp;1.11% &nbsp;&nbsp;<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio Of Net Investment Loss To Average Net Assets | &nbsp;&nbsp;(0.34)% | &nbsp;&nbsp;(0.35)% | &nbsp;&nbsp;(0.43)% | &nbsp;&nbsp;(0.57)% | &nbsp;&nbsp;(0.80)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;49.34% | &nbsp;&nbsp;35.55% | &nbsp;&nbsp;59.26% | &nbsp;&nbsp;31.38% | &nbsp;&nbsp;42.49% |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |  |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |

---

---

| |
|:---|
| &nbsp;&nbsp;(a) Expenses before waivers (excluding shareholder servicing fees of 0.06%, 0.06%, 0.06%, 0.04% and 0.01%) was 1.51%, 1.57%, 1.43%, 1.36% and 1.39%, for |
| &nbsp;&nbsp;the years ended July 31, 2025, 2024, 2023, 2022 and 2021, respectively. |
| &nbsp;&nbsp;(b) Expenses after waivers (excluding shareholder servicing fees of 0.06%, 0.06%, 0.06%, 0.04% and 0.01%) was 1.09%, 1.10%, 1.09%, 1.10% and 1.10%, for |
| &nbsp;&nbsp;the years ended July 31, 2025, 2024, 2023, 2022 and 2021, respectively. |

---

*The accompanying notes are an integral part of these financial statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** |
| &nbsp;&nbsp;RANGER MICRO CAP FUND | &nbsp;&nbsp;RANGER MICRO CAP FUND | &nbsp;&nbsp;RANGER MICRO CAP FUND | &nbsp;&nbsp;RANGER MICRO CAP FUND | &nbsp;&nbsp;RANGER MICRO CAP FUND | &nbsp;&nbsp;RANGER MICRO CAP FUND |
| &nbsp;&nbsp;INSTITUTIONAL CLASS | &nbsp;&nbsp;INSTITUTIONAL CLASS | &nbsp;&nbsp;INSTITUTIONAL CLASS | &nbsp;&nbsp;INSTITUTIONAL CLASS | &nbsp;&nbsp;INSTITUTIONAL CLASS | &nbsp;&nbsp;INSTITUTIONAL CLASS |
| &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS |
| &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE YEAR. | &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE YEAR. |
|  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;7/31/2025 | &nbsp;&nbsp;7/31/2024 | &nbsp;&nbsp;7/31/2023 | &nbsp;&nbsp;7/31/2022 | &nbsp;&nbsp;7/31/2021 |
| &nbsp;&nbsp;Net Asset Value, At Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.42 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.97 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Loss \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) |
| &nbsp;&nbsp; Net Gain (Loss) On Securities (Realized And Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.45 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total From Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Net Asset Value, At End Of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.42 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;(7.48)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.93% | &nbsp;&nbsp;(15.84)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77.03% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets At End Of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10022 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10772 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6974 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13628 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15635 |
| &nbsp;&nbsp; Before Waivers |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio Of Expenses To Average Net Assets | &nbsp;&nbsp;1.99% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;2.35% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;2.30% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;1.88% &nbsp;&nbsp;<sup>(a)</sup> | &nbsp;&nbsp;1.81% &nbsp;&nbsp;<sup>(a)</sup> |
| &nbsp;&nbsp; After Waivers |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio Of Expenses To Average Net Assets | &nbsp;&nbsp;1.28% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp;1.43% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp;1.53% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp;1.51% &nbsp;&nbsp;<sup>(b)</sup> | &nbsp;&nbsp;1.50% &nbsp;&nbsp;<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio Of Net Investment Loss To Average Net Assets | &nbsp;&nbsp;(0.21)% | &nbsp;&nbsp;(0.48)% | &nbsp;&nbsp;(0.50)% | &nbsp;&nbsp;(0.77)% | &nbsp;&nbsp;(1.01)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;49.18% | &nbsp;&nbsp;36.75% | &nbsp;&nbsp;35.70% | &nbsp;&nbsp;26.88% | &nbsp;&nbsp;56.25% |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |  |  |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |

---

---

| |
|:---|
| &nbsp;&nbsp;(a) Expenses before waivers (excluding shareholder servicing fees of 0.05%, 0.03%, 0.03%, 0.01% and less than 0.01%) was 1.94%, 2.32%, 2.27%, 1.87% and 1.80%, for |
| &nbsp;&nbsp;the years ended July 31, 2025, 2024, 2023, 2022 and 2021, respectively. |
| &nbsp;&nbsp;(b) Expenses after waivers (excluding shareholder servicing fees of 0.05%, 0.03%, 0.03%, 0.01% and less than 0.01%) was 1.23%, 1.40%, 1.50%, 1.50% and 1.50%, for |
| &nbsp;&nbsp;the years ended July 31, 2025, 2024, 2023, 2022 and 2021, respectively. |

---

*The accompanying notes are an integral part of these financial statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** |
| &nbsp;&nbsp;WISDOM SHORT DURATION INCOME FUND | &nbsp;&nbsp;WISDOM SHORT DURATION INCOME FUND |
| &nbsp;&nbsp;INSTITUTIONAL CLASS | &nbsp;&nbsp;INSTITUTIONAL CLASS |
| &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS |
| &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE PERIOD. | &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE PERIOD. |
|  | &nbsp;&nbsp;Period \* |
|  | &nbsp;&nbsp;Ended |
|  | &nbsp;&nbsp;7/31/2025 |
| &nbsp;&nbsp;Net Asset Value, At Beginning of Period | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 |
| &nbsp;&nbsp;Income From Investment Operations: |  |
| &nbsp;&nbsp; Net Investment Income \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06 |
| &nbsp;&nbsp; Net Gain On Securities (Realized And Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.62 |
| &nbsp;&nbsp;Distributions: |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total From Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.69) |
| &nbsp;&nbsp;Net Asset Value, At End Of Period | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.93 |
| &nbsp;&nbsp;Total Return \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67% &nbsp;&nbsp;<sup>(d)</sup> |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |
| &nbsp;&nbsp; Net Assets At End Of Period (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 364358 |
| &nbsp;&nbsp; Before Waivers |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio Of Expenses To Average Net Assets | &nbsp;&nbsp;0.50% &nbsp;&nbsp;<sup>(a) (c)</sup> |
| &nbsp;&nbsp; After Waivers |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio Of Expenses To Average Net Assets | &nbsp;&nbsp;0.40% &nbsp;&nbsp;<sup>(b) (c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio Of Net Investment Income To Average Net Assets | &nbsp;&nbsp;4.94% &nbsp;&nbsp;<sup>(c)</sup> |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;69.84% &nbsp;&nbsp;<sup>(d)</sup> |

---

---

| |
|:---|
| &nbsp;&nbsp;\* For the period December 19, 2024 (commencement of investment operations) to July 31, 2025. |
| &nbsp;&nbsp;\*\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |
| &nbsp;&nbsp;\*\*\* Assumes reinvestment of dividends. |
| &nbsp;&nbsp;(a) Expenses before waivers (excluding shareholder servicing fees of 0.00%) was 0.50%, for the period December 19, 2024 (commencement of investment operations) to July 31, 2025. |
| &nbsp;&nbsp;(b) Expenses after waivers (excluding shareholder servicing fees of 0.00%) was 0.40%, for the period December 19, 2024 (commencement of investment operations) to July 31, 2025. |
| &nbsp;&nbsp;(c) Annualized |
| &nbsp;&nbsp;(d) Not annualized |

---

*The accompanying notes are an integral part of these financial statements.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | &nbsp;&nbsp;**SPEND LIFE WISELY FUNDS INVESTMENT TRUST** |
| &nbsp;&nbsp;WISDOM SHORT TERM GOVERNMENT FUND | &nbsp;&nbsp;WISDOM SHORT TERM GOVERNMENT FUND |
| &nbsp;&nbsp;INSTITUTIONAL CLASS | &nbsp;&nbsp;INSTITUTIONAL CLASS |
| &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS |
| &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE PERIOD. | &nbsp;&nbsp;SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE PERIOD. |
|  | &nbsp;&nbsp;Period \* |
|  | &nbsp;&nbsp;Ended |
|  | &nbsp;&nbsp;7/31/2025 |
| &nbsp;&nbsp;Net Asset Value, At Beginning of Period | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00 |
| &nbsp;&nbsp;Income (Loss) From Investment Operations: |  |
| &nbsp;&nbsp; Net Investment Income \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26 |
| &nbsp;&nbsp; Net Loss On Securities (Realized And Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total From Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25 |
| &nbsp;&nbsp;Distributions: |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total From Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26) |
| &nbsp;&nbsp;Net Asset Value, At End Of Period | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 |
| &nbsp;&nbsp;Total Return \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57% &nbsp;&nbsp;<sup>(d)</sup> |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |
| &nbsp;&nbsp; Net Assets At End Of Period (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52021 |
| &nbsp;&nbsp; Before Waivers |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio Of Expenses To Average Net Assets | &nbsp;&nbsp;0.57% &nbsp;&nbsp;<sup>(a) (c)</sup> |
| &nbsp;&nbsp; After Waivers |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio Of Expenses To Average Net Assets | &nbsp;&nbsp;0.22% &nbsp;&nbsp;<sup>(b) (c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio Of Net Investment Income To Average Net Assets | &nbsp;&nbsp;4.26% &nbsp;&nbsp;<sup>(c)</sup> |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;15.81% &nbsp;&nbsp;<sup>(d)</sup> |
| &nbsp;&nbsp;\* For the period December 19, 2024 (commencement of investment operations) to July 31, 2025. |  |
| &nbsp;&nbsp;\*\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\*\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |

---

---

| |
|:---|
| &nbsp;&nbsp;\*\*\* Assumes reinvestment of dividends. |
| &nbsp;&nbsp;(a) Expenses before waivers (excluding shareholder servicing fees of 0.00%) was 0.57%, for the period December 19, 2024 (commencement of |
| &nbsp;&nbsp;investment operations) to July 31, 2025. |
| &nbsp;&nbsp;(b) Expenses after waivers (excluding shareholder servicing fees of 0.00%) was 0.22%, for the period December 19, 2024 (commencement of |
| &nbsp;&nbsp;investment operations) to July 31, 2025. |
| &nbsp;&nbsp;(c) Annualized |
| &nbsp;&nbsp;(d) Not annualized |

---

*The accompanying notes are an integral part of these financial statements.*

 

**Spend Life Wisely Funds Investment Trust**

Notes to Financial Statements

July 31, 2025

**Note 1. Organization**

Spend Life Wisely Funds Investment Trust (the "Trust"), (formerly Ranger Funds Investment Trust), is an open-end investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The affairs of the Trust are managed by the Trust's Board of Trustees (the "Board" or "Trustees"). The Trust was organized on June 21, 2011, as a Delaware Statutory Trust. The name of the Trust, Ranger Funds Investment Trust, was replaced by Spend Life Wisely Funds Investment Trust as of October 16, 2024. The Trust currently offers shares of beneficial interest ("shares") of four series: Ranger Small Cap Fund, Ranger Micro Cap Fund, Wisdom Short Duration Income Fund, and Wisdom Short Term Government Fund (each a "Fund" and collectively the "Funds"). Ranger Small Cap Fund ("Small Cap Fund") is a diversified portfolio with an investment objective to seek long-term capital appreciation. Ranger Micro Cap Fund ("Micro Cap Fund") is a diversified portfolio with an investment objective to seek long-term capital appreciation. Wisdom Short Duration Income Fund ("Short Duration Fund") is a diversified portfolio with an investment objective to seek to preserve capital and provide liquidity while generating an optimal level of risk managed income. Wisdom Short Term Government Fund (the "Government Fund") is a diversified portfolio with an investment objective to seek to provide current income consistent with liquidity and the preservation of capital. The Short Duration Fund and the Government Fund commenced investment operations on December 19, 2024. Each Fund has Institutional Class Shares and Investor Class Shares; however, the Funds do not currently offer their Investor Class shares for sale. The Short Duration Fund is currently closed to new investors. The Declaration of Trust permits the Board to create additional funds and share classes.

Ranger Investment Management, L.P. ("Ranger Investment") serves as investment adviser to the Small Cap and Micro Cap Funds. Ranger Investment is referred to as the "Ranger Adviser." Wisdom Fixed Income Management, LLC ("Wisdom Management") serves as investment adviser to the Short Duration and Government Funds. Wisdom Management is referred to as the "Wisdom Adviser."

**Note 2. Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *"Financial Services – Investment Companies,"* including Accounting Standards Updated 2013-08.

Trust expenses for the Funds are allocated based on their relative net assets within the Trust or allocated based on the number of Funds within the Trust.

*Security Valuations:* All investments in securities are recorded at their estimated fair value, as described in Note 4.

*Federal Income Taxes:* The Funds make no provision for federal income or excise tax. The Funds intend to qualify each year as "regulated investment companies" ("RICs") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of their taxable income. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Funds could incur a tax expense. Therefore, no federal income tax or excise provision is required.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Funds' tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022-2024) or expected to be taken in the Funds' 2025 tax returns. The Funds identify their major tax jurisdiction as U.S. Federal, however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period and/or year ended July 31, 2025, the Funds did not incur any interest or penalties.

*Distributions to Shareholders:* Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. For financial reporting purposes the treatment of distributions made to shareholders during the year from net investment income, net realized capital, or return of capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gains for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of the Funds.

 

*Use of Estimates:* The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

*Investment transactions and related investment income:* The Funds record security transactions on the trade date. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recognized on the ex-dividend date. Interest income is recognized on an accrual basis. Discounts and premiums on securities purchased are amortized over the lives of the respective securities using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. Distributions received from certain investments held by the Funds may be comprised of dividends, realized gains and returns of capital. The amounts may subsequently be reclassified upon receipt of information from the issuer.

*Share Valuation*: The net asset value per share of each class of shares for the Funds are calculated daily by dividing the total value of each Fund's assets attributable to that class, less liabilities attributable to that class, by the number of shares of that class outstanding. The offering price and redemption price per share of each class of the Funds is equal to the net asset value per share.

*Share Class Accounting*: Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to each respective share class of the respective Fund on the basis of the daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

Each class of shares has proportionate rights as to assets of the respective Funds, and the classes are identical except for ongoing distribution fees. Investor Class shares are subject to distribution fees, whereas Institutional Class shares are not. All classes have equal voting privileges, except where otherwise required by law or when the Trustees determine that the matter to be voted on affects only the interests of the shareholders of a particular class.

*Guarantees and Indemnifications:* In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown and would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds would expect the risk of loss to be remote.

**Note 3. Risks** 

An investment in the Funds is subject to a variety of risk, including the possible loss of investment capital. Additional risks associated with the Funds include, but are not limited to:

*Micro and Small Capitalization Risk*: Micro or small capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of micro and small capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions than large capitalization companies. Securities of small capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate, and may offer greater potential for losses.

*Equity Market Risk:* Equity markets can be volatile and the prices of common stocks can fluctuate significantly. In addition, the Small Cap Fund portfolio and Micro Cap Fund portfolio invests in small capitalization companies and micro capitalization companies, respectively, which may be subject to more abrupt or erratic market movements than those of larger, more established companies.

*Liquidity Risk:* Some small cap and micro cap securities may have few market-makers and low trading volume, which can increase transaction costs and may make it difficult or impossible for the Funds to dispose of a security position at all or at a price which represents current or fair market value.

*Derivatives Risk:* The Short Duration Fund may use futures and swaps to or hedge against interest rate risk and foreign currency risk. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.

*Futures Risk:* The Short Duration Fund's use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying asset. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Short Duration Fund. This risk could cause the Short Duration Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the adviser's expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based.

*Asset-Backed Securities Risk:* Asset-backed securities are subject to credit risk because underlying loan borrowers may default. Additionally, these securities are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these securities may go down as a result of changes in prepayment rates on the underlying mortgages or loans. During periods of declining interest rates, prepayment rates usually increase, and the Short Duration and Government Fund may have to reinvest prepayment proceeds at a lower interest rate.

 

*Mortgage-Backed Securities Risk:* Mortgage-backed securities are classified generally as either commercial mortgage-backed securities or residential mortgage-backed securities, each of which is subject to certain specific risks. Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of debt securities. These risks may reduce the Short Duration and Government Funds' returns. In addition, investments in mortgage-backed securities may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.

 

*Government Securities Risk:* The Government Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities. These securities may be backed by the credit of the government as a whole or only by the issuing agency. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors may affect the value of government securities.

A number of other risks are associated with an investment in the Funds, including: issuer specific risks, liquidity risks, and risks associated with the Adviser's judgment. Greater detail on each of the above stated risks may be found in the Funds' prospectuses.

 

**Note 4. Security Valuations** 

In computing net asset value, portfolio securities of the Funds are generally valued at their current market values determined on the basis of readily available market quotations, when available. If market quotations are not readily available, securities are valued at fair value as determined in good faith by the respective Adviser, in its capacity as the Board's valuation designee, pursuant to Rule 2a-5 under the 1940 Act. As a general matter, fair value represents the amount that a Fund could reasonably expect to receive if such Fund's investment in the security were sold at the time of valuation. The respective Adviser may utilize third parties to assist the respective Adviser in its capacity as valuation designee available at the time the valuation is made and that the respective Adviser believes to be reliable. The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

*Fair Value Measurements:* A description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis follows.

Equity securities (common stock including ADRs) - Equity securities are valued by using market quotations furnished by a pricing service when the valuation designee believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange are valued by the pricing service at the last quoted sale price. Securities traded in the NASDAQ over-the-counter market are valued by the pricing service at the NASDAQ Official Closing Price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a Level 1 security. When the security position is not considered to be part of an active market or when the security is valued at the bid price, the position is generally categorized as a Level 2 security. When market quotations are not readily available, when the valuation designee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value or when illiquid securities are being valued, such securities are valued at fair value as determined by the valuation designee in good faith, in accordance with guidelines adopted by and subject to review of the Board and are categorized as Level 3.

Fixed income securities (corporate bonds, mortgage-backed securities, and commercial paper) - The fair value of fixed income securities is estimated using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Although most fixed income securities are categorized in level 2 of the fair value hierarchy, in instances when lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in level 3.

U.S. government agencies & obligations - U.S. government agencies & obligations are normally valued using a model that incorporates market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. government obligations are categorized in level 1 or level 2 of the fair value hierarchy, depending on the inputs used and market activity levels for specific securities.

Derivative instruments (future contracts). Listed derivative instruments that are actively traded, including futures contracts, are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy.

Money market funds are generally priced at the ending net asset value ("NAV") provided by the service agent of the Funds. These securities will be classified as Level 1 of the value hierarchy.

The following table presents information about the Small Cap Fund's investments measured at fair value as of July 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Assets | &nbsp;&nbsp;Level 1 | &nbsp;&nbsp;Level 2 | &nbsp;&nbsp;Total |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;$29231777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$29231777 |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;$29453985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$29453985 |

---

The following table presents information about the Micro Cap Fund's investments measured at fair value as of July 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Assets | &nbsp;&nbsp;Level 1 | &nbsp;&nbsp;Level 2 | &nbsp;&nbsp;Total |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;$9581704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$9581704 |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;$10023080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$10023080 |

---

The following table presents information about the Short Duration Fund's investments and derivatives measured at fair value as of July 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Assets | &nbsp;&nbsp;Level 1 | &nbsp;&nbsp;Level 2 | &nbsp;&nbsp;Total |
| &nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$284229076 | &nbsp;&nbsp;$284229076 |
| &nbsp;&nbsp;Government-Sponsored Enterprise Debt | &nbsp;&nbsp;- | &nbsp;&nbsp;7414290 | &nbsp;&nbsp;7414290 |
| &nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;- | &nbsp;&nbsp;51601326 | &nbsp;&nbsp;51601326 |
| &nbsp;&nbsp;Exchange Traded Funds | &nbsp;&nbsp;23897200 | &nbsp;&nbsp;- | &nbsp;&nbsp;23897200 |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99900 | &nbsp;&nbsp;2199698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;$23997100 | &nbsp;&nbsp;$345444390 | &nbsp;&nbsp;$369441490 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Other Financial Instruments - Assets | &nbsp;&nbsp;Level 1 | &nbsp;&nbsp;Level 2 | &nbsp;&nbsp;Total |
| &nbsp;&nbsp;Long Futures Contracts (a) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1171 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1171 |
| &nbsp;&nbsp;Short Futures Contracts (a) | &nbsp;&nbsp; 535346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; 535346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;$536517 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$536517 |

---

(a) Includes cumulative appreciation (depreciation).

The following table presents information about the Government Fund's investments measured at fair value as of July 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Assets | &nbsp;&nbsp;Level 1 | &nbsp;&nbsp;Level 2 | &nbsp;&nbsp;Total |
| &nbsp;&nbsp;Government-Sponsored Enterprise Debt | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $20664004 | $20664004 |
| &nbsp;&nbsp;United States Treasury Bond | &nbsp;&nbsp;- | 31301210 | &nbsp;&nbsp;31301210 |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;10723101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;10723101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;$10723101 | $51965214 | &nbsp;&nbsp;$62688315 |

---

The Funds did not hold any Level 3 assets as of July 31, 2025. Therefore, a reconciliation of assets in which significant unobservable inputs were used in determining fair value is not applicable. For more detail on the investments, please refer to the Schedules of Investments. The Funds also did not have transfers into or out of Level 1, Level 2 or Level 3 during the period and/or year ended July 31, 2025.

**Note 5. Derivative Transactions** 

Certain Funds may enter into financial futures contracts, to the extent permitted by their investment policies and objectives. Upon entering into a financial futures contract, a Fund is required to deposit cash or securities as initial margin.

Subsequent payments, known as variation margin, are made or received by the Fund, depending on the fluctuation in the value of the underlying financial instruments. The Fund recognizes an unrealized gain or loss equal to the variation margin. When the financial futures contracts are closed, a realized gain or loss is recognized equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund's basis in the contracts. The risks associated with entering into financial futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in financial futures contracts involves the risk that the Fund could lose more than the original margin deposit and subsequent payments required for a futures transaction. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

*<u>Short Duration Fund</u>*

The fair value of derivative instruments as reported within the Statement of Assets and Liabilities for the Fund as of July 31, 2025 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Interest Rate Contracts** |
| &nbsp;&nbsp;Unrealized Appreciation on Futures Contracts | &nbsp;&nbsp;$536517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;<u>$536517</u> |

---

The effect of derivative instruments on the Statements of Operations for the period ended July 31, 2025, and related activity was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Derivative** | &nbsp;&nbsp; **Realized** <br> **Gain (Loss)** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Interest Rate Contracts | &nbsp;&nbsp;$(158246) | &nbsp;&nbsp;$536517 | &nbsp;&nbsp;$378271 |
|  | &nbsp;&nbsp;$(158246) | &nbsp;&nbsp;$536517 | &nbsp;&nbsp;$378271 |

---

The Fund considers the average quarter-end notional amounts during the period, categorized by primary underlying risk, to be representative of its derivative activities during the period ended July 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Average Notional Amount** | &nbsp;&nbsp;**Interest Rate Contracts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short Futures Contracts | $(86274249) |

---

**Note 6. Investment Advisory Fee and Other Transactions with Affiliates**

Pursuant to the Management Agreement between the Ranger Adviser and the Trust (the "Ranger Management Agreement"), Ranger Investment is entitled to investment advisory fees, computed daily and payable monthly, of 1.00% per annum of the average daily net assets of Small Cap Fund and Micro Cap Fund. For the year ended July 31, 2025, the Ranger Adviser earned $316,214 from the Small Cap Fund. For the year ended July 31, 2025, the Ranger Adviser earned $103,136 from the Micro Cap Fund. For the year ended July 31, 2025, the Ranger Adviser waived $131,529 and $73,845 in fees from the Small Cap Fund and Micro Cap Fund, respectively. At July 31, 2025, the Ranger Adviser was owed $25,723 from the Small Cap Fund. At July 31, 2025, the Ranger Adviser was owed $422 from the Micro Cap Fund.

Pursuant to the Management Agreement between the Wisdom Adviser and the Trust (the "Wisdom Management Agreement"), Wisdom Management is entitled to investment advisory fees, computed daily and payable monthly, of 0.30% per annum of the average daily net assets of Short Duration Fund and 0.15% per annum of the average daily net assets of Government Fund. For the period December 19, 2024 (commencement of investment operations) through July 31, 2025, the Wisdom Adviser earned $328,512 from the Short Duration Fund. For the period December 19, 2024 (commencement of investment operations) through July 31, 2025, the Wisdom Adviser earned $46,632 from the Government Fund. For the period ended July 31, 2025, the Wisdom Adviser waived $112,975 in fees from the Short Duration Fund. For the period ended July 31, 2025, the Wisdom Adviser waived $46,632 in advisory fees and reimbursed the Government Fund $61,840. At July 31, 2025, the Wisdom Adviser was owed $47,543 from the Short Duration Fund. At July 31, 2025, the Wisdom Adviser was owed $0 from the Government Fund.

Ranger Investment has entered into an Expense Limitation Agreement with the Trust (the "Ranger Expense Limitation Agreement"), whereby the Ranger Adviser has agreed to reduce its fees and reimburse expenses so that the net annual operating expenses (exclusive of any Rule 12b-1 distribution or shareholder service fees, front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expenses on securities sold short) taxes, or extraordinary expenses such as litigation) of Small Cap Fund and Micro Cap Fund will not exceed 1.10% and 1.25%, respectively, of average daily net assets until November 30, 2025.

Wisdom Management has entered into an Expense Limitation Agreement with the Trust (the "Wisdom Expense Limitation Agreement"), whereby the Wisdom Adviser has agreed to reduce its fees and reimburse expenses so that the net annual operating expenses (exclusive of any Rule 12b-1 distribution or shareholder service fees, front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expenses on securities sold short) taxes, or extraordinary expenses such as litigation) of Short Duration Fund and Government Fund will not exceed 0.40% and 0.22%, respectively, of average daily net assets until December 31, 2025.

The Advisers may recoup any waived or reimbursed amount from each respective Fund pursuant to each expense limitation agreement if such reimbursement does not cause the respective Fund to exceed existing expense Fund limitations at the time of the original waiver/reimbursement and the reimbursement is made within three years after the respective adviser incurred the expenses. As of July 31, 2025, Ranger Investment is entitled to recapture $403,549 in expenses pursuant to the Ranger Expense Limitation Agreement from the Small Cap Fund and $189,535 in expenses pursuant to the Expense Limitation Agreement from the Micro Cap Fund.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fiscal Year Ended</u>** | &nbsp;&nbsp;**<u>Recoverable Through</u>** | &nbsp;&nbsp;**<u>Small Cap Fund</u>** | &nbsp;&nbsp;**<u>Micro Cap Fund</u>** |
| &nbsp;&nbsp;July 31, 2023 | &nbsp;&nbsp;July 31, 2026 | &nbsp;&nbsp;$119206 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 52870 |
| &nbsp;&nbsp;July 31, 2024 | &nbsp;&nbsp;July 31, 2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62820 |
| &nbsp;&nbsp;July 31, 2025 | &nbsp;&nbsp;July 31, 2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73845 |
|  |  | &nbsp;&nbsp;$403549 | &nbsp;&nbsp;$189535 |

---

As of July 31, 2025, Wisdom Management is entitled to recapture $112,975 in expenses pursuant to the Wisdom Expense Limitation Agreement from the Short Duration Fund and $108,472 in expenses pursuant to the Expense Limitation Agreement from the Government Fund.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fiscal Year Ended</u>** | &nbsp;&nbsp;**<u>Recoverable Through</u>** | &nbsp;&nbsp;**<u>Short Duration Fund</u>** | &nbsp;&nbsp;**<u>Government Fund</u>** |
| &nbsp;&nbsp;July 31, 2025 | &nbsp;&nbsp;July 31, 2028 | &nbsp;&nbsp;$112975 | &nbsp;&nbsp;$108472 |
|  |  | &nbsp;&nbsp;$112975 | &nbsp;&nbsp;$108472 |

---

Pursuant to the Management Services Agreement between Ranger Asset Management Company, LLC and the Trust, Ranger Asset Management Company, LLC is entitled to administrative fees, computed daily and payable monthly, of 0.05% per annum of the average daily net assets of Small Cap Fund, Micro Cap Fund, Short Duration Fund, and Government Fund. Ranger Asset Management Company, LLC is also entitled to operation service fees of $5,000 annually per Fund. For the year ended July 31, 2025, Ranger Asset Management Company, LLC earned fees of $20,805 for the Small Cap Fund and $10,152 for the Micro Cap Fund. For the period December 19, 2024 (commencement of investment operations) through July 31, 2025, Ranger Asset Management Company, LLC earned fees of $57,788 for the Short Duration Fund and $18,613 for the Government Fund.

Each Trustee who is not affiliated with the Trust and/or the Adviser will receive an annual fee of $2,500, as well as reimbursement for any reasonable expenses incurred attending the meetings. The "interested person" who serves as Trustee of the Trust receives no compensation for his services as a Trustee. None of the executive officers receive compensation from the Trust.

**Note 7. Agreements**

*Transfer Agent Agreement and Accounting Services Agreement:* Mutual Shareholder Services, LLC ("MSS") serves as Transfer Agent to each Fund, pursuant to a Transfer Agent Agreement with the Trust. Under the Transfer Agent Agreement, MSS provides all of the customary services of a transfer agent and dividend disbursing agent.

In addition, MSS provides accounting services to the Funds pursuant to an Accounting Services Agreement with the Trust. As such, MSS provides all necessary administration, bookkeeping and pricing services to each Fund.

*12b-1 Plan and Distribution Agreement:* The Trust, on behalf of the Small Cap Fund and Micro Cap Fund, has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan"). The Plan permits Investor Class shares of each Fund to pay for certain distribution and promotion expenses related to marketing shares of the Fund. The amount payable annually by the Small Cap Fund's and Micro Cap Fund's Investor Class is 0.25% of its respective average daily net assets. Institutional Class shares of the Small Cap Fund and Micro Cap Fund are not subject to a 12b-1 fee and do not have a Rule 12b-1 plan. Under the Plan, the Trust may engage in any activities related to the distribution of Fund shares.

Arbor Court Capital, LLC (the "Distributor") serves as the principal underwriter and national distributor for the shares of the Trust pursuant to a distribution agreement with the Trust (the "Distribution Agreement"). The Trust and the Adviser are not affiliated with the Distributor.

*Shareholder Servicing Fees:* In March 2021, The Board, on behalf of the Funds, has approved that each Fund could annually pay up to 0.15% of the Fund assets for shareholder servicing expenses to Charles Schwab & Co., Inc., ADP Broker-Dealer, Inc., and National Financial Services LLC.

**Note 8. Segment Reporting**

Each Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a Fund based on performance measurements. Due to the significance of oversight and their role, the respective Adviser is deemed to be the Chief Operating Decision Maker.

**Note 9. Capital Share Transactions**

At July 31, 2025, there were unlimited shares authorized at no par value for the Trust (which includes the Small Cap Fund, Micro Cap Fund, Short Duration Fund and Government Fund). The following table summarizes transactions in capital for each respective period or year:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Small Cap Fund – Institutional Class** | &nbsp;&nbsp; **<u>Year Ended</u>**<br> **<u>July 31, 2025</u>** | &nbsp;&nbsp; **<u>Year Ended</u>**<br> **<u>July 31, 2025</u>** | &nbsp;&nbsp; **<u>Year Ended</u>**<br> **<u>July 31, 2024</u>** | &nbsp;&nbsp; **<u>Year Ended</u>**<br> **<u>July 31, 2024</u>** |
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount |
| &nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;140880 | &nbsp;&nbsp;$2490181 | &nbsp;&nbsp;330511 | &nbsp;&nbsp;$5722581 |
| &nbsp;&nbsp;Shares Reinvested | &nbsp;&nbsp; - | &nbsp;&nbsp;- | &nbsp;&nbsp; 75801 | &nbsp;&nbsp;1315901 |
| &nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;(416248) | &nbsp;&nbsp;(7256407) | &nbsp;&nbsp; (179203) | &nbsp;&nbsp;(2896703) |
| &nbsp;&nbsp; Net Increase (Decrease) | &nbsp;&nbsp;(275368) | &nbsp;&nbsp;$(4766226) | &nbsp;&nbsp; 227109 | &nbsp;&nbsp;$4141779 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Micro Cap Fund – Institutional Class** | &nbsp;&nbsp; **<u>Year Ended</u>**<br> **<u>July 31, 2025</u>** | &nbsp;&nbsp; **<u>Year Ended</u>**<br> **<u>July 31, 2025</u>** | &nbsp;&nbsp; **<u>Year Ended</u>**<br> **<u>July 31, 2024</u>** | &nbsp;&nbsp; **<u>Year Ended</u>**<br> **<u>July 31, 2024</u>** |
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount |
| &nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;195592 | &nbsp;&nbsp;$1364042 | &nbsp;&nbsp;532125 | &nbsp;&nbsp;$3662401 |
| &nbsp;&nbsp;Shares Reinvested | &nbsp;&nbsp; 4321 | &nbsp;&nbsp; 31543 | &nbsp;&nbsp; 7111 | &nbsp;&nbsp; 47144 |
| &nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;(188564) | &nbsp;&nbsp;(1362465) | &nbsp;&nbsp; (40877) | &nbsp;&nbsp; (255735) |
| &nbsp;&nbsp; Net Increase | &nbsp;&nbsp; 11349 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 33120 | &nbsp;&nbsp; 498359 | &nbsp;&nbsp;$3453810 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Short Duration Fund – Institutional Class** | &nbsp;&nbsp; **<u>December 19, 2024 (commencement of investment operations) through</u>**<br> **<u>July 31, 2025</u>** | &nbsp;&nbsp; **<u>December 19, 2024 (commencement of investment operations) through</u>**<br> **<u>July 31, 2025</u>** |
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount |
| &nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;3556070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$356472100 |
| &nbsp;&nbsp;Shares Reinvested | &nbsp;&nbsp; 54051 | &nbsp;&nbsp; 5428501 |
| &nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp; (109) | &nbsp;&nbsp;(11018) |
| &nbsp;&nbsp; Net Increase | &nbsp;&nbsp; 3610012 | &nbsp;&nbsp;$361889583 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Government Fund – Institutional Class** | &nbsp;&nbsp; **<u>December 19, 2024 (commencement of investment operations) through</u>**<br> **<u>July 31, 2025</u>** | &nbsp;&nbsp; **<u>December 19, 2024 (commencement of investment operations) through</u>**<br> **<u>July 31, 2025</u>** |
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount |
| &nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;5072382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50723100 |
| &nbsp;&nbsp;Shares Reinvested | &nbsp;&nbsp; 134091 | &nbsp;&nbsp; 1340333 |
| &nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;(307) | &nbsp;&nbsp;(3074) |
| &nbsp;&nbsp; Net Increase | &nbsp;&nbsp; 5206166 | &nbsp;&nbsp;$52060359 |

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The Small Cap Fund, Micro Cap Fund, Short Duration Fund, and Government Fund have not issued Investor Class shares.

**Note 10. Investments**

For the year ended July 31, 2025, the cost of purchases and the proceeds from sales, other than U.S. Government securities and short-term securities, were as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Purchases | &nbsp;&nbsp;Sales |
| &nbsp;&nbsp;Small Cap Fund | &nbsp;&nbsp;$15135350 | &nbsp;&nbsp;$19370332 |
| &nbsp;&nbsp;Micro Cap Fund | &nbsp;&nbsp;5052785 | &nbsp;&nbsp;4916800 |

---

For the period December 19, 2024 (commencement of investment operations) through July 31, 2025, the cost of purchases and the proceeds from sales, other than U.S. Government securities, futures, and short-term securities, were as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Purchases | &nbsp;&nbsp;Sales |
| &nbsp;&nbsp;Short Duration Fund | &nbsp;&nbsp;$479251340 | &nbsp;&nbsp;$123493298 |
| &nbsp;&nbsp;Government Fund | &nbsp;&nbsp;10137298 | &nbsp;&nbsp;1163820 |

---

For the period December 19, 2024 (commencement of investment operations) through July 31, 2025, the cost of purchases and the proceeds from sales of U.S. Government securities were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Purchases | &nbsp;&nbsp;Sales |
| &nbsp;&nbsp;Short Duration Fund | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 999882 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;Government Fund | &nbsp;&nbsp;162987311 | &nbsp;&nbsp;132530353 |

---

**Note 11. Federal Income Taxes**

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of tax adjustments for net operating losses resulted in reclassifications for the Fund for the fiscal year ended July 31, 2025, as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**<u>Fund</u>** | <br> **Paid In**<br> &nbsp;&nbsp;&nbsp;&nbsp;**<u>Capital</u>**  | **Accumulated Earnings**<br> &nbsp;&nbsp;&nbsp;&nbsp;**<u>(Losses)</u>**  |
| Small Cap Fund | $(112822) | $112822 |
| Micro Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; (29387) | &nbsp;&nbsp;&nbsp;&nbsp; 29387 |

---

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of tax adjustments for non-deductible offering fees resulted in reclassifications for the Fund for the fiscal year ended July 31, 2025, as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**<u>Fund</u>** | <br> **Paid In**<br> &nbsp;&nbsp;&nbsp;&nbsp;**<u>Capital</u>**  | **Accumulated Earnings**<br> &nbsp;&nbsp;&nbsp;&nbsp;**<u>(Gain)</u>**  |
| Short Duration Fund | $(39316) | $39316 |
| Government Fund | $(41150) | $41150 |

---

The tax character of distributions paid during the following periods were as follows:

**For fiscal year ended July 31, 2025:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **<u>Fund</u>**  | **Ordinary**<br> &nbsp;&nbsp;&nbsp;&nbsp;**<u>Income</u>**  | **Long-Term**<br> **<u>Capital Gains</u>**  | **Return of**<br> &nbsp;&nbsp;&nbsp;&nbsp;**<u>Capital</u>**  | <br> &nbsp;&nbsp;&nbsp;&nbsp;<u>**Total**</u>  |
| Small Cap Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Micro Cap Fund | $&nbsp;&nbsp;&nbsp;&nbsp; 31543 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; 31543 |
| Short Duration Fund | $5428501 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $5428501 |
| Government Fund | $1340333 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $1340333 |

---

**For fiscal year ended July 31, 2024:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **<u>Fund</u>**  | **Ordinary**<br> &nbsp;&nbsp;&nbsp;&nbsp;**<u>Income</u>**  | **Long-Term**<br> **<u>Capital Gains</u>**  | **Return of**<br> &nbsp;&nbsp;&nbsp;&nbsp;**<u>Capital</u>**  | <br> &nbsp;&nbsp;&nbsp;&nbsp;<u>**Total**</u>  |
| Small Cap Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1946692 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $1946692 |
| Micro Cap Fund | $14733 | $&nbsp;&nbsp;&nbsp;&nbsp; 32411 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; 47144 |

---

As of July 31, 2025, the components of accumulated earnings/(deficit) were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**<u>Fund</u>** | <br> **Undistributed** <br> **<u>Ordinary Income</u>** | **Undistributed** <br> **Long - Term <u>Capital Gains</u>** | **Post October Loss and Late <u>Year Loss</u>** | **Capital Loss**<br> **Carry <u>Forwards</u>** | **Other Book/**<br> **Tax** <br> **<u>Differences</u>** | **Unrealized Appreciation/ <u>Depreciation</u>** | **Total Accumulated <u>Earnings/Deficits</u>** |
| Small Cap Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $81297 | $(73308) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $3035624 | $3043613 |
| Micro Cap Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $(265506) | $(457609) | $(2302) | $822653 | $&nbsp;&nbsp;&nbsp;&nbsp; 97236 |
| Short Duration Fund | $617242 | $226962 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $1663759 | $2507963 |
| Government Fund | $30154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $(2410) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $(26065) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679 |

---

At July 31, 2025, the aggregate cost for federal tax purposes, which differs from fair value by net unrealized appreciation (depreciation) of securities, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**<u>Fund</u>** | <br>**<u>Federal Tax Cost</u>** | <br> **Gross Unrealized**<br> **<u>Appreciation</u>** | <br> **Gross Unrealized**<br> **<u>Depreciation</u>** | **Tax Net Unrealized**<br> **<u>Appreciation</u>** |
| Small Cap Fund | $26418362 | $5732350 | $(2696727) | $3035623 |
| Micro Cap Fund | $&nbsp;&nbsp;&nbsp;&nbsp;9200427 | $1632480 | $&nbsp;&nbsp;&nbsp;&nbsp;(809827) | $&nbsp;&nbsp;&nbsp;&nbsp;822653 |
| Short Duration Fund | $367777731 | $2210122 | $&nbsp;&nbsp;&nbsp;&nbsp;(546363) | $1663759 |
| Government Fund | $62714380 | $&nbsp;&nbsp;&nbsp;&nbsp; 2251 | $&nbsp;&nbsp;&nbsp;&nbsp; (28316) | $&nbsp;&nbsp;&nbsp;&nbsp;(26065) |

---

As of the tax year ended July 31, 2025, each Fund has non-expiring accumulated capital loss carryforwards as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Short-Term</u>** | &nbsp;&nbsp;**<u>Long-Term</u>** | &nbsp;&nbsp;**<u>Total Amount</u>** |
| &nbsp;&nbsp;Small Cap Fund | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Micro Cap Fund | &nbsp;&nbsp;$- | &nbsp;&nbsp;$457609 | &nbsp;&nbsp;$457609 |
| &nbsp;&nbsp;Short Duration Fund | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Government Fund | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |

---

**Note 12. Control Ownership**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of July 31, 2025, Charles Schwab & Co., Inc. held in omnibus accounts for the benefit of others, approximately 59.86% of the voting securities of the Small Cap Fund and may be deemed to control the Small Cap Fund. As of July 31, 2025, R. E. Smith Sub S Trust held approximately 33.38% of the voting securities of the Small Cap Fund and may be deemed to control the Small Cap Fund. As of July 31, 2025, Charles Schwab & Co., Inc. held in omnibus accounts for the benefit of others, approximately 47.47% of the voting securities of the Micro Cap Fund and may be deemed to control the Micro Cap Fund. As of July 31, 2025, First United Bank & Trust held approximately 99.60% of the voting securities of the Short Duration Fund and may be deemed to control the Short Duration Fund. As of July 31, 2025, First United Bank & Trust held approximately 98.61% of the voting securities of the Government Fund and may be deemed to control the Government Fund. However, the above ownership does not constitute control with respect to the Securities and Exchange Commission's ("SEC's") auditor independence rules as they are not beneficial owners with significant influence over the Funds.

**Note 13. Market Risk**

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Funds may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Funds. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

**Note 14. Subsequent Events**

The Short Duration Fund will be converted to an Exchange-Traded Fund with a target date of October 6, 2025. Management has evaluated the impact of all other subsequent events on the Funds through the date the financial statements were issued and has noted no such events required adjustment or disclosure.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees of

Spend Life Wisely Funds Investment Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and futures contracts (as applicable), of Spend Life Wisely Funds Investment Trust (formerly known as Ranger Funds Investment Trust) comprising Ranger Small Cap Fund, Ranger Micro Cap Fund, Wisdom Short Duration Income Fund, and Wisdom Short Term Government Fund (the "Funds") as of July 31, 2025, the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp;Financial Highlights |
| &nbsp;&nbsp;Ranger Small Cap Fund and Ranger Micro Cap Fund | &nbsp;&nbsp;For the year ended July 31, 2025 | &nbsp;&nbsp;For the years ended July 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended July 31, 2025, 2024, 2023 and 2022 |
| &nbsp;&nbsp;Wisdom Short Duration Income Fund and Wisdom Short Term Government Fund | &nbsp;&nbsp;For the period December 19, 2024 (commencement of investment operations) to July 31, 2025 | &nbsp;&nbsp;For the period December 19, 2024 (commencement of investment operations) to July 31, 2025 | &nbsp;&nbsp;For the period December 19, 2024 (commencement of investment operations) to July 31, 2025 |

---

Ranger Small Cap Fund's and Ranger Micro Cap Fund's financial highlights for the year ended July 31, 2021, were audited by other auditors whose report dated September 29, 2021, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2021.

![A close up of a logo AI-generated content may be incorrect.](image_009.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

September 29, 2025

**Spend Life Wisely Funds Investment Trust**

Additional Information

July 31, 2025 (Unaudited)

**Information Regarding Proxy Voting**

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies during the most recent 12-month period ended June 30, are available without charge upon request by (1) calling the Funds at (866) 458-4744 (2) from Fund documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at <u>www.sec.gov</u> and (3) from the Funds' website at www.spendlifewiselyfunds.com.

**Amendment to Spend Life Wisely Funds Investment Trust's Management Agreement with Wisdom Fixed Income Management, LLC to change to a unitary fee structure with respect to Short Duration Income Fund (the "Fund")**

The Board reviewed its prior deliberations and information as well as updated information from the adviser Wisdom Fixed Income Management LLC ("Wisdom") related to a proposed amendment to the Management Agreement. The Board concluded that it remained satisfied with the nature, extent and quality of services provided by Wisdom. Wisdom explained that the quality of services would remain unchanged when the Fund converts to an exchange traded fund (ETF) and that there have been no material changes to the financial condition or support from Wisdom's parent entities. The Board reviewed the Fund's performance information year to date, through July 18, 2025. The Board observed that Fund outperformed the Morningstar Short-Term Bond Category and the Morningstar Index during the period presented. The Board concluded performance remains satisfactory.

The Board considered that under that unitary fee structure, Wisdom would be responsible for paying substantially all the operating expenses of the Fund, with a few exceptions, for borrowing costs, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, and extraordinary expenses. The Board considered that in conjunction with this unitary structure, Wisdom proposed raising the advisory fee from 0.30% to 0.40% per annum of the average daily net assets of the Fund, subject to breakpoints. The Board reviewed the proposed advisory fee in comparison to a peer group. The Board noted that the proposed advisory fee was above the peer group average of 0.29% but was significantly below the upper end of the reasonable range of fees. The Board acknowledged that a number of peer funds had fees below 0.10% which drove down the peer group average and that these funds had very high levels of assets and were part of large fund complexes. The Board noted that Wisdom included break points for the advisory fee of 0.40% for the first $500 million in assets, 0.35% for the next $500 million, and 0.30% for assets over $1 billion. The Board concluded the proposed fee structure, which shares economies of scale was satisfactory. The Board turned to the revised profit analysis provided by Wisdom. The Board observed there was a slight increase in the anticipated year 1 profit but a drop in year 2 profit. The Board noted that there were certain assumptions included in the profitability analysis, related to certain expenses and asset levels. The Board concluded the projected profit levels were reasonable and do not raise a concern over excessive profits for Wisdom. The Board concluded that the amendment to the Management Agreement is in the best interest of the fund and its shareholders and is approved, subject to shareholder approval.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** The information is included as part of the material filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**. The information is included as part of the material filed under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** Not applicable.

I**tem 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders**.

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 16. Controls and Procedures.**

(a) The registrant's president and chief financial officer concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) were effective as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Code of Ethics. Filed herewith.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(b) Certification pursuant to Section 906 Certification of the Sarbanes-Oxley Act of 2002. Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Spend Life Wisely Funds Investment Trust</u>

By <u>/s/ Kenneth Scott Canon</u>

&nbsp;&nbsp;&nbsp;&nbsp; Kenneth Scott Canon

&nbsp;&nbsp;&nbsp;&nbsp; President (Principal Executive Officer)

Date: <u>October 2, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By <u>/s/ Kenneth Scott Canon</u>

&nbsp;&nbsp;&nbsp;&nbsp; Kenneth Scott Canon

&nbsp;&nbsp;&nbsp;&nbsp; President (Principal Executive Officer)

Date: <u>October 2, 2025</u>

By <u>/s/ Jay Thompson</u>

&nbsp;&nbsp;&nbsp;&nbsp; Jay Thompson

&nbsp;&nbsp;&nbsp;&nbsp; Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: <u>October 2, 2025</u>

## Ex-99.Cert

**<u>CERTIFICATION</u>**

I, Kenneth Scott Canon, certify that:

1. I have reviewed this report on Form N-CSR of Spend Life Wisely Funds Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>October 2, 2025</u>

<u>/s/ Kenneth Scott Canon</u>

Kenneth Scott Canon

President (Principal Executive Officer)

**<u>CERTIFICATION</u>**

I, Jay Thompson, certify that:

1. I have reviewed this report on Form N-CSR of Spend Life Wisely Funds Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>October 2, 2025</u>

<u>/s/ Jay Thompson</u>

Jay Thompson

Treasurer and Chief Financial Officer (Principal Financial Officer)

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

Kenneth Scott Canon, President and Jay Thompson, Treasurer & Chief Financial Officer of Spend Life Wisely Funds Investment Trust (the "Registrant"), do certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended July 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President (Principal Executive Officer)

Treasurer and Chief Financial Officer

Spend Life Wisely Funds Investment Trust

Spend Life Wisely Funds Investment Trust

<u>/s/ Kenneth Scott Canon</u>

<u>/s/ Jay Thompson</u>

Kenneth Scott Canon

Jay Thompson

Date: <u>October 2, 2025</u>

Date: <u>October 2, 2025</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Spend Life Wisely Funds Investment Trust and will be retained by Spend Life Wisely Funds Investment Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

3. CODE OF ETHICS

<u>3.1</u>

<u>Code of Ethics</u> 

**I.** **Statement of General Principles**

This Code of Ethics has been adopted by the Ranger Funds Investment Trust (the "Trust") for the purpose of instructing all employees, officers, directors and trustees of the Trust, the advisors and sub-advisor to the Trust (together, the "Adviser"), in their ethical obligations and to provide rules for their personal securities transactions. All such persons owe a fiduciary duty to the Trust and its shareholders. A fiduciary duty means a duty of loyalty, fairness and good faith towards the Trust and its shareholders, and the obligation to adhere not only to the specific provisions of this Code but to the general principles that guide the Code. These general principles are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The duty at all times to place the interests of the Trust and its shareholders first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The requirement that all personal securities transactions be conducted in a manner consistent with the Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of any individual's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The fundamental standard that such employees, officers, directors and trustees should not take inappropriate advantage of their positions, or of their relationship with the Trust or its shareholders.

It is imperative that the personal trading activities of the employees, officers, directors and trustees of the Trust and the Adviser, respectively, be conducted with the highest regard for these general principles in order to avoid any possible conflict of interest, any appearance of a conflict, or activities that could lead to disciplinary action. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

All personal securities transactions must also comply with the Securities & Exchange Commission's Rule 17j-1. Under this rule, no Employee may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· employ any device, scheme or artifice to defraud the Trust or any of its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· make to the Trust or any of its shareholders any untrue statement of a material fact or omit to state to such client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust or any of its shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage in any manipulative practice with respect to the Trust or any of its shareholders.

**II.** **Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Beneficial Interest</u>: ownership or any benefits of ownership, including the opportunity to directly or indirectly profit or otherwise obtain financial benefits from any interest in a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Chief Compliance Officer</u>: the Chief Compliance Officer of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Disinterested Trustees</u>: trustees of the Trust whose affiliation with the Trust is solely by reason of being a trustee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Employee Account</u>: each account in which an Employee or a member of his or her family has any direct or indirect Beneficial Interest or over which such person exercises control or influence, including, but not limited to, any joint account, partnership, corporation, trust or estate. An Employee's family members include the Employee's spouse, minor children, any person living in the home of the Employee and any relative of the Employee (including in-laws) to whose support an Employee directly or indirectly contributes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Employees</u>: the employees, officers, and trustees of the Trust. The Compliance Officer will maintain a current list of all Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Exempt Securities</u>: Investments in Treasury securities, certificates of deposit, commercial paper and other similar money market instruments, and shares of open-end mutual fund companies (with the exception of

certain mutual fund companies registered under the Investment Company Act of 1940 to which the Firm serves as an Adviser or Sub-Adviser) are not subject to pre-clearance and reporting policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Exempt Transactions</u>: transactions which are 1) effected in an amount or in a manner over which the Employee has no direct or indirect influence or control, 2) pursuant to a systematic dividend reinvestment plan, systematic cash purchase plan or systematic withdrawal plan, 3) in connection with the exercise or sale of rights to purchase additional securities from an issuer and granted by such issuer pro-rata to all holders of a class of its securities, 4) in connection with the call by the issuer of a preferred stock or bond, 5) pursuant to the exercise by a second party of a put or call option, 6) closing transactions no more than five business days prior to the expiration of a related put or call option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Funds</u>: any series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Related Securities</u>: securities issued by the same issuer or issuer under common control, or when either security gives the holder any contractual rights with respect to the other security, including options, warrants or other convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Securities</u>: any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, ETFs, MLPs, and REITS, or, in general, any interest or instrument commonly known as a "security," or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing; except for the following: 1) securities issued by the government of the United States, 2) bankers' acceptances, 3) bank certificates of deposit, 4) commercial paper, and 5) shares of unaffiliated registered open-end investment companies (other than exchange traded funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. <u>Securities Transaction</u>: the purchase or sale, or any action to accomplish the purchase or sale, of a Security for an Employee Account. The term Securities Transaction does not include transactions executed by the Adviser for the benefit of unaffiliated persons, such as investment advisory and brokerage clients.

**III.** **Personal Investment Guidelines**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Personal Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Personal Investment Guidelines in this Section III do not apply to Exempt Securities and/or Exempt Transactions unless the transaction involves a private placement or initial public offering. Employees must remember that regardless of the transaction's status as exempt or not exempt, the Employee's fiduciary obligations remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. While trustees of the Trust are subject at all times to the fiduciary obligations described in this Code, the Personal Investment Guidelines and Compliance Procedures in Sections III and IV of this Code apply to Disinterested Trustees only if such person knew, or in the ordinary course of fulfilling the duties of that position, should have known, that during the fifteen days immediately preceding or after the date of the such person's transaction that the same Security or a Related Security was or was to be purchased or sold for a Fund or that such purchase or sale for a Fund was being considered, in which case such Sections apply only to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Exempt Securities</u>: Investments in Treasury securities, certificates of deposit, commercial paper and other similar money market instruments, and shares of open-end mutual fund companies (with the exception of certain mutual fund companies registered under the Investment Company Act of 1940 to which the Firm serves as an Adviser or Sub-Adviser) are not subject to pre-clearance and reporting policies and procedures.

<u>ETFs and Closed-End Mutual Funds</u>: In addition to the exempt securities mentioned above, Employees may trade ETFs and Closed-End Mutual Funds. Though pre-approval from the Chief Compliance Officer is unnecessary, Employees are required to have the brokerage firm through which the transactions occur send duplicate trade confirmations to the Chief Compliance Officer. In addition to duplicate trade confirmation requirements, Employees must also report ETFs and Closed-end mutual funds on the Annual Holdings Report, or instruct his/her brokerage firm to submit year-end duplicate account statements to the Chief Compliance Officer no later than January 30th of each year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Employees must wait until the following business day to execute a Securities Transaction purchase or sell order if said Security or a Related Security (i) is held in the Fund portfolios and (ii) is scheduled to be purchased into or sold out of the Fund portfolios. Securities Transactions executed in violation of this prohibition shall be unwound or,

if not possible or practical, the Employee must disgorge to the Fund the value received by the Employee due to any favorable price differential received by the Employee. For example, if the Employee buys 100 shares at $10 per share, and the Fund buys 1000 shares at $11 per share, the Employee will pay $100 (100 shares x $1 differential) to the Fund. On occasion, the Chief Compliance Officer may exempt certain transactions on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any Securities Transactions in a private placement must be authorized by the Chief Compliance Officer, in writing, prior to the transaction. In connection with a private placement acquisition, the Chief Compliance Officer will take into account, among other factors, whether the investment opportunity should be reserved for a Fund, and whether the opportunity is being offered to the Employee by virtue of the Employee's position with the Trust or the Adviser. If the private placement acquisition is authorized, the Chief Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization. Employees who have been authorized to acquire securities in a private placement will, in connection therewith, be required to disclose that investment if and when the Employee takes part in any subsequent investment in the same issuer. In such circumstances, the determination to purchase Securities of that issuer on behalf of a Fund will be subject to an independent review by personnel of the Adviser with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Employees are prohibited from acquiring any Securities in an initial public offering without the prior written approval of the Chief Compliance Officer. This restriction is imposed in order to preclude any possibility of an Employee profiting improperly from the Employee's position with the Trust or the Adviser. If the initial public offering is authorized, the Chief Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Other Restrictions**

Employees are prohibited from serving on the boards of directors of publicly traded companies, absent prior authorization by the Chief Compliance Officer. The consideration of prior authorization will be based upon a determination that the board service will be consistent with the interests of the Trust and the Funds' shareholders. In the event that board service is authorized, Employees serving as directors will be isolated from other Employees making investment decisions with respect to the securities of the company in question.

**IV.** **Compliance Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Employee Disclosure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Within ten (10) days of commencement of employment with the Trust or the Adviser, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, and must disclose the following information, which information must be current as of a date no more than 45 days prior to the date the person became an Employee: a) the title, number of shares and principal amount of each Security in which the Employee has a Beneficial Interest when the person became an Employee, b) the name of any broker/dealer with whom the Employee maintained an account when the person became an Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, that he or she has complied with the requirements of this Code and has disclosed or reported all personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. In addition, each Employee shall annually provide the following information (as of a date no more than 30 days before the report is submitted): a) the title, number of shares and principal amount of each Security in which the Employee had any Beneficial Interest, b) the name of any broker, dealer or bank with whom the Employee maintains an account in which any Securities are held for the direct or indirect benefit of the Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Employees must either instruct their broker/dealer(s) to send duplicate trade confirmations to the Chief Compliance Officer or have the transactions loaded into software approved by the Chief Compliance Officer for all accounts in which the Employee has a direct or indirect Beneficial Interest. The Employee may exclude transactions effected pursuant to an automatic investment plan. An automatic investment plan is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Chief Compliance Officer will, on a quarterly basis, review the transaction statements to verify that the Employee has not violated the Code. The Chief Compliance Officer will inform all Employees of their reporting obligations, and maintain a record of all current and former access persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If an Employee violates this Code, the Chief Compliance Officer will report the violation to management personnel of the Trust for appropriate remedial action which, in addition to the actions specifically delineated in other sections of this Code, may include a reprimand of the Employee, or suspension or termination of the Employee's relationship with the Trust and/or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The management personnel of the Trust will prepare an annual report to the Trust's board of trustees that summarizes existing procedures and any changes in the procedures made during the past year and certify to the Trust's Board of Trustees that the Adviser and the Trust have each adopted procedures reasonably necessary to prevent Employees from violating this Code. The report will describe any issues existing under this Code since the last report, including without limitation, information about any material violations of this Code, any significant remedial action during the past year and any recommended procedural or substantive changes to this Code based on management's experience under this Code, evolving industry practices or legal developments.

**V.** **Investment Advisers, Sub-Advisers, and Principal Underwriter**

Each of the Investments Advisers, Sub-Advisers, and Principal Underwriters of the Trust, as applicable, shall design and implement a Code of Ethics in compliance with Rule 17j-1, and shall certify to the Trust each has adopted procedures reasonably necessary to prevent their Access Persons from violating the code or procedures. Such certification shall include a description of any issues arising under the code of ethics or procedures, including without limitation information about material violations of the code or procedures and sanctions imposed in response to the material violations.

**Related Agreements & Appendixes:** Appendix 3.1 –

Annual Issues Report and Certification of the Ranger Funds Investment Trust

**Responsible Party/Compliance Process:** Chief Compliance Officer; Investment Adviser, Sub-Adviser, Principal Underwriter.

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