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INVESTMENT MANAGERS SERIES TRUST
2026-05-31
Riverbridge Growth Fund
Institutional Class
RIVBX
This semi-annual shareholder report contains important information about the Riverbridge Growth Fund (“Fund”) for the period of December 1, 2025 to May 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 32, 91); font-size: 9pt; font-family: 'arial';">https://riverbridge.com/growth-fund/</span>. You can also request this information by contacting us at (888) 447-4470.
https://riverbridge.com/growth-fund/
(888) 447-4470
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; color: rgb(0, 0, 0); margin-bottom: 3pt;">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt;">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Riverbridge Growth Fund<br/>(Institutional Class/RIVBX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>47</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.97<span>%</span><sup>1</sup></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; width: 5pt; vertical-align: top; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div>
</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div>
</td>
</tr>
</table>
47
0.0097
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; color: rgb(0, 0, 0); margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>112,407,402</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">45</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">5<span>%</span></td>
</tr>
</table>
112407402
45
0.05
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; color: rgb(0, 0, 0); margin-bottom: 3pt;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">9.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">7.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HEICO Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc. - Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc. - Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Fastenal Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ServiceNow, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
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<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tyler Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td>
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</table><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 8pt; padding-right: 8pt;">
<p style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0 5pt 0;"><b>Asset Allocation</b></p>
</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-right: 8pt; padding-left: 7.3pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1134767.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 8pt; padding-right: 0;">
<p style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0 5pt 0;"><b>Sector Allocation</b></p>
</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 8pt; padding-right: 0;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1134772.jpg" style="width: 172.8pt;"/> </div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">9.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">7.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.9<span>%</span></td>
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<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HEICO Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc. - Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc. - Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Fastenal Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ServiceNow, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tyler Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
</table>
0.092
0.074
0.058
0.049
0.045
0.035
0.035
0.034
0.027
0.025
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; color: rgb(0, 0, 0); margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div>
Riverbridge Growth Fund
Investor Class
RIVRX
This semi-annual shareholder report contains important information about the Riverbridge Growth Fund (“Fund”) for the period of December 1, 2025 to May 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 32, 91); font-size: 9pt; font-family: 'arial';">https://riverbridge.com/growth-fund/</span>. You can also request this information by contacting us at (888) 447-4470.
https://riverbridge.com/growth-fund/
(888) 447-4470
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; color: rgb(0, 0, 0); margin-bottom: 3pt;">Fund Expenses</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt;">
<td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Cost of a $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Riverbridge Growth Fund<br/>(Investor Class/RIVRX)</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>59</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.22<span>%</span><sup>1</sup></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; width: 5pt; vertical-align: top; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;"><sup>1</sup></div>
</td>
<td style="break-inside: avoid-page; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0; vertical-align: top; padding: 0;">
<div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div>
</td>
</tr>
</table>
59
0.0122
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; color: rgb(0, 0, 0); margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics</div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>112,407,402</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">45</td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; font-weight: bold; text-align: left; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">5<span>%</span></td>
</tr>
</table>
112407402
45
0.05
<div style="font-family: 'arial'; margin-top: 0px; font-weight: bold; font-size: 11.52pt; color: rgb(0, 0, 0); margin-bottom: 3pt;">Graphical Representation of Holdings</div><div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks of the Fund.</div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">9.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">7.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HEICO Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc. - Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc. - Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Fastenal Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ServiceNow, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tyler Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
</table><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 8pt; padding-right: 8pt;">
<p style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0 5pt 0;"><b>Asset Allocation</b></p>
</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-right: 8pt; padding-left: 7.3pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1134731.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 8pt; padding-right: 0;">
<p style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0 5pt 0;"><b>Sector Allocation</b></p>
</div><div style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 8pt; padding-right: 0;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1134736.jpg" style="width: 172.8pt;"/> </div>
<div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div><table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">9.2<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">7.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.8<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Analog Devices, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.9<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">HEICO Corp.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc. - Class A</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc. - Class C</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Fastenal Co.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; border-bottom-color: rgb(247, 151, 42); border-bottom-style: solid; border-bottom-width: 0.7pt; height: 20pt;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">ServiceNow, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.7<span>%</span></td>
</tr>
<tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Tyler Technologies, Inc.</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td>
</tr>
</table>
0.092
0.074
0.058
0.049
0.045
0.035
0.035
0.034
0.027
0.025
<div style="font-family: 'arial'; font-weight: bold; font-size: 11.52pt; color: rgb(0, 0, 0); margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div>
<div style="font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; font-family: 'arial'; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's accountants during the reporting period.</div>
Annualized.
Annualized.