Small Cap

Annualized Performance Returns Average Annual Returns Summary Institutional Class (RFISX) Monthly Performance as of December 31, 2024

	MTD	YTD	1 Year	3 Years	5 Years	10 Years	SI (9/29/11)
Ranger Small Cap Mutual Fund – Net	-7.7%	6.3%	6.3%	-4.0%	6.6%	8.9%	11.2%
Russell 2000 Growth Index	-8.2%	15.2%	15.2%	0.2%	6.9%	8.1%	11.5%
Russell 2000 Index	-8.3%	11.5%	11.5%	1.2%	7.4%	7.8%	11.1%
S&P 500 Index	-2.4%	25.0%	25.0%	8.9%	14.5%	13.1%	15.2%

Performance results for periods of less than a year are not annualized. Quarterly Performance as of December 31, 2024

	QTD	YTD	1 Year	3 Years	5 Years	10 Years	SI (9/29/11)
Ranger Small Cap Mutual Fund – Net	2.4%	6.3%	6.3%	-4.0%	6.6%	8.9%	11.2%
Russell 2000 Growth Index	1.7%	15.2%	15.2%	0.2%	6.9%	8.1%	11.5%
Russell 2000 Index	0.3%	11.5%	11.5%	1.2%	7.4%	7.8%	11.1%
S&P 500 Index	2.4%	25.0%	25.0%	8.9%	14.5%	13.1%	15.2%

Performance shown is historical and does not guarantee future results. Current performance may be lower or higher than the performance presented herein or quoted. Because the share price, investment returns, and principal value will vary, when redeemed, you may have a gain or loss. Performance results current to the most recent month-end may be obtained by accessing the Performance section of the Ranger Funds’ website at www.rangerfunds.com or by calling (214) 871-5210. Gross Expense Ratio: 1.40% (Institutional); Net Expense Ratio: 1.15% (institutional). Gross Expense Ratio is the total annual operating expense ratio from the most recent prospectus and is based on amounts incurred during the most recent fiscal year. The Net Expense Ratio is an annualized figure which equals the gross expense ratio minus: acquired fund fees; distributions or service (12b-1) fees, and/or; waivers or expense reimbursements made to the Fund by the investment manager pursuant to an expense limitation agreement which is subject to expiration or renewal on November 30, 2024. An investment in the Ranger Small Cap Fund is subject to a variety of risks, including the possible loss of investment capital. Additional risks associated with the Ranger Small Cap Fund include, but are not limited to: Small Cap Company Risk; Equity Market Risk. Equity markets can be volatile and the prices of common stocks can fluctuate significantly. In addition, the Fund portfolio invests in small capitalization companies, which may be subject to more abrupt or erratic market movements than those of larger, more established companies. Liquidity Risk. Some small 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 Fund to dispose of a security position at all or at a price which represents current or fair market value. A number of other risks are associated with an investment in the Fund, including: issuer specific risks, liquidity risks, and risks associated with the Investment Manager’s judgment. GREATER DETAIL ON EACH OF THE ABOVE STATED RISKS MAY BE FOUND IN THE FUND’S PROSPECTUS. The S&P 500 includes 500 leading U.S. companies across a variety of industries and is widely regarded as a gauge of the U.S. equities market.  The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The S&P 500 Index and Russell 2000® Index are presented for illustration purposes only. The Indexes are not actively managed nor can you invest in an Index. The holdings of the Fund differ significantly from the securities represented in an Index. Accordingly, comparing or contrasting the results of the Fund to the results of an Index may be of limited use. THE RANGER SMALL CAP FUND IS NOT FDIC INSURED AND HAS NO BANK GUARANTEE\