Disciplined, Seasoned Investment Professionals

Ranger entered the mutual fund marketplace to serve a broad investor base with three mutual funds: Small Cap, Micro Cap and Quest for Income & Growth

Institutional Class: RFISX

DOWNLOAD FUND FACT SHEET
Ranger Small Cap Fund Fact Sheet 2Q 2020
DOWNLOAD PROSPECTUS
Ranger Prospectus Print Version 2019
DOWNLOAD SAI
Ranger SAI November 2019
DOWNLOAD  ANNUAL SHAREHOLDER REPORT
RFIT Annual Shareholder July 31, 2020
DOWNLOAD SEMI-ANNUAL SHAREHOLDER REPORT
RFIT Semi-Annual Shareholder Report January 31, 2020

Institutional Class: RFIMX

DOWNLOAD FUND FACT SHEET
Ranger Micro Cap Fund Fact Sheet 2Q 2020
DOWNLOAD PROSPECTUS
Ranger Prospectus Print Version 2019
DOWNLOAD SAI
Ranger SAI November 2019
DOWNLOAD  ANNUAL SHAREHOLDER REPORT
RFIT Annual Shareholder July 31, 2020
DOWNLOAD  SEMI-ANNUAL SHAREHOLDER REPORT
RFIT Annual Shareholder January 31, 2020

Ranger Quest for Income and Growth Fund

Institutional Class Shares: RFIDX

(a series of Ranger Funds Investment Trust)

Supplement dated November 10, 2020 to
the Prospectus and Statement of Additional Information dated November 29, 2019

The Board of Trustees of Ranger Funds Investment Trust (the “Board”) has concluded that it is in the best interests of the Ranger Quest for Income and Growth Fund (the “Fund”) and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on November 30, 2020 (“Redemption Date”).

Effective immediately, the Fund will not accept any new investments. Effective November 15, 2020 the Fund will no longer pursue its stated investment objective, and will begin liquidating its portfolio and will invest in cash or cash equivalents such as money market funds until all shares have been redeemed.

Prior to or on the Redemption Date, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. Please refer to the “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.

ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO THE REDEMPTION DATE WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. If you have questions or need assistance, please contact your financial advisor directly or the Fund at 1-866-458-4744.

This Supplement and the Prospectus and Statement of Additional Information dated November 29, 2019, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information have been filed with the Securities and Exchange Commission, are incorporated by reference and can be obtained without charge by calling the Fund at 1-866-458-4744.

Investment objectives, risks, charges, expenses and other important issues must be considered carefully before investing. Learn more by clicking the links below.

HOW TO INVEST
DOWNLOAD PROSPECTUS
Ranger Prospectus Print Version 2019
DOWNLOAD SAI
Ranger SAI November 2019
DOWNLOAD  ANNUAL SHAREHOLDER REPORT
RFIT Annual Shareholder July 31, 2020
DOWNLOAD SEMI-ANNUAL SHAREHOLDER REPORT
RFIT Semi-Annual Shareholder Report January 31, 2020