Annualized Performance Returns
Average Annual Returns Summary

Institutional Class (RFIIX)
Monthly Performance as of June 30, 2020

MTD YTD 1 Year 3 Years 5 Years Since Inception (7/1/2019)
RG Tactical Market Neutral Fund – Institutional (Net) -0.79 -12.56 -11.74
HFRX Equity Market Neutral Index 1.92 -5.01 -5.78

Quarterly Performance as of June 30, 2020

QTD YTD 1 Year 3 Years 5 Years Since Inception (7/1/2019)
RG Tactical Market Neutral Fund – Institutional (Net) -3.31 -12.56 -11.74
HFRX Equity Market Neutral Index 3.02 -5.01 -5.78

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 for periods of less than a year are not annualized.

Gross Expense Ratio: 3.09% (Institutional); Net Expense Ratio: 1.99% (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, 2020.

There is no guarantee the RG Tactical Market Neutral 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., by e-mailing, 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 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:

Market Neutral Strategy Risk. The Fund uses short positions in combination with long positions in a market neutral strategy to try to neutralize exposure to the global stock market and capture a positive return, regardless of the direction of the market. The Fund’s market neutral strategy may result in greater losses or lower positive returns than if the Fund held only long positions, and the Fund’s short positions could result in unlimited losses.

Foreign Investment Risk. Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.

Futures Risk. The Fund’s use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

Geographic Concentration Risk. The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting countries within the specific geographic regions in which the Fund invests.

Liquidity Risk.  Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

Portfolio Turnover Risk. The frequency of a Fund’s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. Higher costs associated with increased portfolio turnover may offset gains in a Fund’s performance.

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 Fund is distributed by Arbor Court Capital, LLC