*Periods over one year are annualized.

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 (866) 458-4744.

Gross Expense Ratio: 2.30% (Institutional); Net Expense Ratio: 1.53% (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.

There is no guarantee the Ranger Micro Cap Fund (the “Fund”) will achieve its investment objectives.

An investment in the Ranger Micro Cap Fund is subject to a variety of risks, including the possible loss of investment capital. Additional risks associated with the Ranger Micro Cap Fund include but are not limited to: Micro 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 micro capitalization companies, which may be subject to more abrupt or erratic market movements than those of larger, more established companies.

Liquidity Risk. Some 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 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 Russell Microcap® Index is constructed to provide a comprehensive and unbiased micro-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true micro-cap opportunity set. The Russell Microcap® Index is presented for illustration purposes only. The Index is 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 MICRO CAP FUND IS NOT FDIC INSURED AND HAS NO BANK GUARANTEE.