Annualized Performance Returns
Average Annual Returns Summary

Institutional Class (RFIDX)

Monthly Performance as of March 31, 2018

MTD YTD 1 year 3 years 5 years Since Inception September 29, 2011
Ranger Quest for Income & Growth Fund (Net) -2.15% -1.16% 9.44% 3.99% 3.77% 8.12%
S&P 500 Index -2.54% -0.76% 13.99% 10.78% 13.31% 15.92%
MSCI AC World Index -2.08% -0.84% 15.44% 8.71% 9.79% 11.97%

Quarterly Performance as of March 31, 2018

QTD YTD 1 year 3 years 5 years Since Inception September 29, 2011
Ranger Quest for Income & Growth Fund (Net) -1.16% -1.16% 9.44% 3.99% 3.77% 8.12%
S&P 500 Index -0.76% -0.76% 13.99% 10.78% 10.78% 15.92%
MSCI AC World Index -0.84% -0.84% 15.44% 8.71% 9.79% 11.97%

Performance results for periods of less than a year are not annualized.

Investor Class (RFTDX)

Monthly Performance as of March 31, 2018

MTD YTD 1 year 3 years Since Inception
June 4, 2013
Ranger Quest for Income & Growth Fund (Net) -2.17% -1.17% 9.25% 3.73% 4.09%
S&P 500 Index -2.54% -0.76% 13.99% 10.78% 12.83%
MSCI AC World Index -2.08% -0.84% 15.44% 8.71% 9.54%

Quarterly Performance as of March 31, 2018

QTD YTD 1 year 3 years Since Inception
June 4, 2013
Ranger Quest for Income & Growth Fund (Net) -1.17% -1.17% 9.25% 3.73% 4.09%
S&P 500 Index -0.76% -0.76% 13.99% 10.78% 12.83%
MSCI AC World Index -0.84% -0.84% 15.44% 8.71% 9.54%

Performance results for periods of less than a year are not 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 (214) 871-5210.

Gross Expense Ratio: 1.85% (Institutional) / 2.25% (Investor); Net Expense Ratio: 1.31% (institutional)/ 1.56% (Investor). 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, 2018.

There is no guarantee the Ranger Quest for Income and Growth Fund (the “Fund”) will achieve its investment objectives.

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is available in the Fund’s Prospectus and statement of additional information (“SAI”), copies of which may be obtained on-line at www. rangerfunds.com, by e-mailing info@rangerfunds.com, or by calling (866) 458-4744. Prospective investors are strongly encouraged to read the Prospectus and SAI carefully before investing.

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

Equity Market Risk. Equity markets can be volatile and the prices of common stocks can fluctuate significantly. In addition, the Fund may invest a portion of its portfolio in small and mid capitalization companies, which may be subject to more abrupt or erratic market movements than those of larger, more established companies. Credit Risk, High Yield Fixed-income Securities Risk & Interest Rate Risk. Investments in fixed income securities are subject to risk of credit decline and/or default, each of which would cause the value of Fund’s fixed income securities to decline. Lower-rated fixed-income securities and high-yield fixed-income securities (commonly known as junk bonds) are subject to greater credit quality risk and risk of default than higher-rated fixed-income securities. In addition, the price of a fixed income security generally falls when interest rates rise; and fixed income securities have varying levels of sensitivity to changes in interest rates. Foreign Investment Risk. Investing in securities of foreign issuers involves risks not typically associated with U.S. investments, including risks relating to foreign currency values, adverse political, social and economic developments, trading liquidity, volatility, trading markets, taxation and withholding, and differing accounting, auditing and legal standards. Master Limited Partnership Risks. An investment in MLP units involves certain risks which differ from an investment in the securities of a corporation. Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, MLP units are subject to additional tax and/or regulatory risks, whereby changes in current regulation may cause a decline in value. Preferred Stock Risk. Non-convertible preferred stock is primarily subject to interest rate risk and secondarily equity market risk. Convertible preferred stock is a hybrid that is subject to interest rate risk and an equity market risk which is more material than non-convertible preferred of the same issuer. Real Estate Industry Risk. Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations. As such, REITs and other real estate linked securities may be volatile.

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 MSCI AC World® Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 developed markets, including the United States. The S&P 500 Index and MSCI AC World® 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 Fund is distributed by Foreside Fund Services, LLC

THE RANGER QUEST FUND IS NOT FDIC INSURED AND HAS NO BANK GUARANTEE

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