Investment Strategies

Ranger Investment Management is a boutique investment advisor which seeks long term capital appreciation by investing in growth-oriented U.S. exchange traded equities of small and mid capitalization companies. Ranger’s investment team further seeks to capture and compound returns, manage risk and preserve capital by employing a disciplined, consistent approach to both security selection and risk management. The investment team searches for quality growth companies by implementing a bottom-up, fundamental research driven security selection process. The focus in the research process is on identifying small and mid capitalization U.S. equities characterized by accelerating revenue and earnings growth, high recurring revenues, strong balance sheets and free cash flow generation.

Adviser

Investment Adviser: Ranger Investment Management, L.P.

CIO & Portfolio Manager: W. Conrad Doenges

Adviser Inception Date: October 17, 2002

Investment Type: Equities – U.S. Micro, Small & All Cap Growth

Investment Approach: Bottom-up, Fundamental Research

Investment Options

Managed Accounts

Min Investment: $10 million
Micro Cap Advisory Fee: 1.25%
Small Cap Advisory Fee: 1.00%
All Cap Focused Advisory Fee: 0.75%

Comingled Partnership
Min Investment: $1 million
Small Cap Advisory Fee: 1.00%

Small Cap Mutual Fund

Institutional Class
Ticker Symbol: RFISX
CUSIP: 75281Y 206

More information with respect to Ranger mutual funds may be obtained by accessing WWW.RANGERFUNDS.COM

Investment Guidelines

Position Sizes:

Micro Cap
Holdings: 30-50
Max position size: 7%

Small Cap
Holdings: 40-60
Max position size: 5%

All Cap Focused
Holdings: 15-30
Max position size: 15%

Security Limits:

Small & Micro Cap
US Common Stocks: 100%
ADRs Maximum: 10%

All Cap Focused
US Common Stocks: 100%
ADRs Maximum: 15%

Benchmark:

Micro Cap: Russell Microcap Growth Index
Small Cap: Russell 2000 Growth Index
All Cap Focused: Russell 3000 Growth Index

Capitalization:

Micro Cap: Initial buy range: within the market cap range of the Russell Microcap Growth Index
Small Cap: Initial buy range: $100 million to $2 billion or market cap range of the Russell 2000 Growth Index
All Cap Focused: Initial buy range: within the market cap range of the Russell 3000 Growth Index

Sector & Industry Limits:

Maximum sector weights: 30%
Maximum industry weight: 25%
Positions diversified across most major sectors