Annualized Performance Returns
Average Annual Returns Summary

Institutional Class (RFISX)
As of August 31, 2017

Ranger Small Cap Fund – Net Russell 2000 Growth Index Russell 2000 Index S&P 500 Index
MTD -1.97% -0.12% -1.27% 0.31%
YTD 4.88% 10.78% 4.42% 11.93%
1 Year 12.71% 16.39% 14.91% 16.23%
3 Years 10.21% 8.20% 7.67% 9.54%
5 Years 11.53% 13.75% 13.15% 14.34%
10 Years
Since Inception (9/29/2011) 14.82% 15.58% 15.13% 16.09%

THE RANGER SMALL CAP FUND IS NOT FDIC INSURED AND HAS NO BANK GUARANTEE. The Ranger Small Cap Fund is distributed by Rafferty Capital Management, LLC. Before investing you should carefully consider the Ranger Small Cap Fund’s investment objectives, risks, charges and expenses. This and other information is available in the Prospectus, a copy of which may by clicking here, by emailing info@rangerfunds.com, or by calling (866) 458-4744. We encourage you to read the Prospectus carefully before you invest. An investment in the Ranger Small Cap Fund is subject to a variety of risks, including the possible loss of principal amount invested. Additional risks associated with the Ranger Small Cap Fund include, but are not limited to, small cap company risk, equity market risk, issuer specific risk, liquidity risk, limited history of operation risk, portfolio turnover risk and management risk. The Ranger Small Cap Fund holdings and sector weightings presented herein are subject to change at any time and are not recommendations to buy or sell any securities. The Russell 2000® Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. 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 is widely regarded as a gauge of the U.S. equities market. This index includes a representative sample of 500 leading companies in leading industries of the U.S. economy. The Russell 2000® Growth Index, Russell 2000® Index and the S&P 500® Index (the “Indices”) are presented for illustration purposes only for the convenience of the reader. The Indices are not actively managed nor can you invest in the Indices. The holdings of the Ranger Small Cap Fund differ significantly from the securities represented in the Indices. Accordingly, comparing or contrasting the results of the Ranger Small Cap Fund to the results of the Indices may be of limited use. There is no guarantee the Ranger Small Cap Fund will achieve its investment objectives.

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