RANGER FUNDS INVESTMENT TRUST

Ranger Small Cap Fund

Institutional Class (RFISX)

 Ranger Micro Cap Fund

Institutional Class (RFIMX)

ANNUAL REPORT

July 31, 2022

This material must be preceded or accompanied by a prospectus.

RANGER FUNDS INVESTMENT TRUST

RANGER SMALL CAP FUND

SHAREHOLDER LETTER

JULY 31, 2022 (UNAUDITED)

Dear Ranger Small Cap Fund Shareholder,

The continuation of a much stronger than expected economic recovery in the first half of 2021 lifted equities broadly as reported financial results exceeded already heightened expectations. However, entering the Small Cap Fund’s fiscal year, beginning August 1, 2021, the sharp recovery strained companies’ abilities to keep pace with pent-up demand. Unexpected manufacturing and logistical bottlenecks in part caused by labor shortages transitioned the economy from one of unabated strength to an uneven, incomplete recovery that caused economic forecasting to be challenged. As a result, third quarter GDP tumbled to 2.3% from original estimates of 6% and caused the equity markets to pause entering the fourth quarter of 2021.

After declining over 5.0% in the third quarter of 2021, the Russell 2000 Growth Index returned 0.0% in the fourth quarter. This performance is notably lackluster relative to the broad market index returns of the Russell 3000 Index, the NASDAQ Composite and the S&P 500 Index. Although uneven, the economic recovery continued apace which rewarded market participants with a third consecutive year of strong returns. Small cap stocks generally underperformed during 2021, including the fourth quarter, due to the composition and influence of low-quality factors.

After the Russell 2000 Growth Index reached a record high on February 9, 2021, the sharp, extreme excesses of low-quality factors efficiently transitioned to factors that have historically tended to drive sustainable long-term absolute and relative returns. This more stable leadership manifested itself in companies with earnings outperforming non-earning companies, and those with positive returns on equity (ROE) outperforming negative returns in the Russell 2000 Growth index for the remainder of 2021. More specifically, companies with earnings returned 23.0% compared with a decline of 19.0% by non-earning companies in 2021. Likewise, companies in the three highest ROE quintiles gained 34.0%, 24.0% and 28.0%, compared with the 39.0% weighting in companies with negative value ROE which lost 19.0%.

Despite persistently high inflation and the tight labor market, financial results for the third quarter continued to exceed expectations and companies largely provided constructive near-term financial guidance. With negative real interest rates, pent up demand and what was a still accommodative Federal Reserve, fourth quarter GDP rebounded to 6.9%. As seen with the Delta and Omicron variants, navigating the COVID-19 impacted market continued to be uneven and incomplete. Inflation, employment, supply chain, and fiscal policies all coalesce into pressure points for interest rate policy by the Federal Reserve. Therefore, the broad market could fairly be described as policy dependent entering calendar year 2022.

Through aggressive fiscal and monetary policies, the economy recovered successfully and more quickly than expectations. The consequence of so much liquidity and the

Annual Report | 1

RANGER FUNDS INVESTMENT TRUST

RANGER SMALL CAP FUND

SHAREHOLDER LETTER (CONTINUED)

JULY 31, 2022 (UNAUDITED)

rapidity of the recovery was the overheating of key economic measures, namely inflation. With the employment rate at a 50-year low, labor shortages are driving wage inflation significantly higher and causing service/fulfillment disruptions across many industries. Employment, growth and liquidity also provide strong consumer demand. Restarting the manufacturing process and supply chain has caused delays and bottlenecks delivering goods to market. This imbalance created persistently high inflation at rates not experienced in 40 years. Policy makers quickly shifted from easing to tightening.  The original expectations for four moderate rate hikes over the course of 2022 quickly transformed into aggressive rate hikes by the Federal Reserve.  This quick and significant policy shift resulted from sustained inflation levels not experienced since the 1970s.  

With a stronger than expected economy entering the calendar year 2022, and with higher rates a foregone conclusion, the market digested the implications on economic activity and valuations. This led to a shift in leadership away from high valuation secular growth companies, namely in the software and healthcare industries.  The proceeds from this rotation went into lower valuation cyclical companies that would seemingly benefit from the ongoing economic strength. The markets’ challenged start to 2022 was likely the result of three years of strong market gains coupled with higher valuations dampened by the forthcoming rate increases.

During the second half of 2021 and early 2022, a big rotation occurred into cyclical, hard economy, industrial and consumer names.  These companies can broadly be characterized as reopening plays and beneficiaries of a strong economy.  Investors rotated out of COVID stay and work at home beneficiaries, which were concentrated in the technology, healthcare and consumer goods industries.  Rich valuations coupled with a sharp growth slowdown caused these industries to revalue sharply lower.  

Worsening Purchasing Manager’s Index (PMI) trends now bode poorly for cyclical industries and low-quality factors, which have significant overlap in the high-beta factor. Low P/E stocks are currently high-beta stocks which is in marked contrast to the 1990’s and early 2000’s when value names were low beta. 

Higher rates result in more risk aversion, which is conducive for quality leadership. The economic issues discussed are likely to drive continued volatility, which too is an environment well suited for quality outperformance. While no company is immune to macro forces like persistent inflation, Ranger’s focus on quality growth companies should mitigate the impact, particularly compared with financially weaker competitors. Quality companies typically have competitive advantages that result in durable and adaptable models that thrive in diverse environments. Further, as consistently outlined, higher volatility is welcomed as it tends to reward quality and often affords the investment team opportunities to initiate new investments at attractive prices.

During the second quarter of 2022, investors worked to recalibrate their economic outlook in the face of continued uncertainty. While equities remained volatile, one consistent factor driving the market was concern over persistently high inflation.  Average gasoline prices in the U.S. rose 15.0% during the quarter, while mortgage rates

Annual Report | 2

RANGER FUNDS INVESTMENT TRUST

RANGER SMALL CAP FUND

SHAREHOLDER LETTER (CONTINUED)

JULY 31, 2022 (UNAUDITED)

rose by nearly 19.0%. The June inflation reading of 9.1%, the highest reading in over 40 years, led the Federal Reserve to increase the federal funds target rate by 75 basis points in mid-June.  This series of macroeconomic headwinds led to the worst first half performance for the S&P 500 since 1970.

The markets have come around to the idea that the Federal Reserve will need to more aggressively raise rates to rein in inflation.  Expectations for the fed funds target rate have risen steadily, with a target rate reaching 4.00-4.25% by the end of the year.

For the fiscal year ending July 31, 2022, the Small Cap Fund (RFISX) returned (21.3%) net of fees, while its benchmark, the Russell 2000 Growth index, returned (23.2%). The past year was marked by intensified inflationary pressures resulting from aggressive fiscal and monetary policies which overheated the economy.  The Russian attack on Ukraine sparked food and energy price shocks significant enough to impair consumer confidence and spending. Policy makers quickly shifted from easing to aggressive tightening. The June 2022 consumer price index reading of 9.1% marked the highest level of inflation in over 40 years. Thus far the market decline has been largely due to multiple compression.  As the economy weakens, we expect significant earnings cuts, particularly in cyclical industries.

For the fiscal year ended July 31, 2022, the Small Cap Fund outperformed the Russell 2000 Growth index by nearly 200 basis points on a relative net-of-fees basis as market volatility remained above average levels which is conducive for quality factor outperformance.  Stocks with negative earnings and high beta underperformed the benchmark, as the rising interest rate environment led investors to discount the future earnings of unprofitable companies and reduce risk exposure. More specifically, non-earnings companies, which represented 37% of the Russell 2000 Growth index, returned (39.5%) and companies in the highest beta quintile returned (36.4%). Conversely, stocks with higher returns and free cash flow outperformed. Companies in the two highest return on equity quintiles returned (9.9%) and (7.8%), while companies in the two highest free cash flow yield quintiles returned (7.8%) and (4.1%). Valuation factors exhibited mixed leadership: on a price/cash flow basis, high and negative valuation companies underperformed; on a price/earnings basis the higher valuation quintiles outperformed and companies with negative value meaningfully underperformed; and on a price/sales basis the lower three quintiles modestly outperformed. For the year, the Small Cap Fund performed as we intend during these environments, providing downside capture.

Looking at performance of the Small Cap Fund on a sector basis, the consumer discretionary, consumer staples and healthcare industries provided the largest outperformance relative to their index components. The industries which most significantly detracted from the Small Cap Fund on a relative basis were industrials, basic materials and energy.

Today, the two biggest questions facing investors are how persistent inflation will be, and whether rate increases will push the economy into recession. In our frequent meetings with company management teams this year, two themes have become apparent.  First, the

Annual Report | 3

RANGER FUNDS INVESTMENT TRUST

RANGER SMALL CAP FUND

SHAREHOLDER LETTER (CONTINUED)

JULY 31, 2022 (UNAUDITED)

cost and availability of labor is a challenge across all industries. In 2021, this tightness was more apparent in larger urban markets, but it is now seen in markets large and small.  Second, the effects of heightened inflation and the fiscal cliff have impaired consumer income and confidence and shifted wallet share to necessities.  Despite wage gains, disposable personal income was down 10% year over year in April 2022.  In addition, consumers shifted spending to travel and other services away from goods, which has burst the stay-at-home bubble and led to excess inventory.  

Inflation and recession are the two primary risks that dominate investors’ attention today.  In a rising rate environment, an important question worth asking is which of the two is the Federal Reserve more concerned about?  We believe the Federal Reserve is willing to risk a mild recession to preserve the inflation-fighting credibility it worked hard to earn over the last forty years. With real interest rates still in negative territory, and the current fed funds target rate approximately 1.625 – 1.875% below expected levels for year-end 2022, we expect continued increases in short-term rates, even if equity and credit markets show increasing signs of stress.  

If recession is a possibility, we are going into it with labor markets and corporate balance sheets in particularly strong shape.  In fact, a decline in the number of job openings, back to levels we saw prior to the COVID pandemic, is one of the data points that Federal Reserve governors have indicated they’d like to see.

We believe equity investors should consider two important factors as they evaluate how to react to this uncertainty. First, history shows that equity markets often begin to rise about halfway through a tightening cycle.  While there is some variability in the timing of this process, it indicates that investors shouldn’t wait for the end of inflation worries and interest rate increases to get more active in the market.  Second, as our friends at Strategas Research Partners recently noted, quality factors tend to outperform in a rising interest rate environment.  This should bode well for the types of companies represented in the Small Cap Fund’s portfolio.

We continue to believe that a focus on innovative companies that are experiencing growing demand for their products and services will lead to revenue growth, and in turn portfolio success. We see any meaningful pullback in the market as an opportunity to add to quality companies.  Additionally, while we strive to position the Small Cap Fund in the best companies that represent our investment process, we also understand that there are environments that best showcase our positive differentiation and environments that prove to be more challenging.

Best regards,

Conrad Doenges

       Andrew Hill

          Joseph LaBate

CIO

                                       President                                    Managing Director

& Portfolio Manager                     & Portfolio Manager                 & Portfolio Manager

Annual Report | 4

RANGER FUNDS INVESTMENT TRUST

RANGER MICRO CAP FUND

SHAREHOLDER LETTER

JULY 31, 2022 (UNAUDITED)

Dear Ranger Micro Cap Fund Shareholder,

The continuation of a much stronger than expected economic recovery in the first half of 2021 lifted equities broadly, as reported financial results exceeded already heightened expectations. However, entering the Micro Cap Fund’s fiscal year, beginning August 1, 2021, the sharp recovery strained companies’ abilities to keep pace with pent-up demand. Unexpected manufacturing and logistical bottlenecks, in part caused by labor shortages, transitioned the economy from one of unabated strength to an uneven, incomplete recovery that caused economic forecasting to be challenged. As a result, third quarter GDP tumbled to 2.3%, from original estimates of 6.0%, and caused the equity markets to pause entering the fourth quarter of 2021.

After declining 9.1% in the third quarter of 2021, the Russell Microcap Growth Index subsequently declined 8.0% in the fourth quarter. This performance is notably lackluster relative to the broad market index returns of the Russell 3000 Index, the NASDAQ Composite and the S&P 500 Index. Although uneven, the economic recovery continued apace, which rewarded market participants with a third consecutive year of strong returns. Small cap and micro cap stocks generally underperformed during 2021, including the fourth quarter, due to the composition and influence of low-quality factors.

After the Russell 2000 Growth Index reached a record high on February 9, 2021, the sharp, extreme excesses of low-quality factors efficiently transitioned to factors that have historically tended to drive sustainable long-term absolute and relative returns. This more stable leadership manifested itself in companies with earnings outperforming non-earning companies, and those with positive returns on equity (ROE) outperforming negative returns in the Russell Microcap Growth index for the remainder of 2021. More specifically, companies with earnings returned 34.0%, compared with a decline of 16.6% by non-earning companies in 2021. Likewise, companies in the three highest ROE quintiles gained 56.0%, 34.0% and 28.0%, compared with the near 53.0% weighting in companies with negative value ROE which lost 17.0%.

Despite persistently high inflation and the tight labor market, financial results for the third quarter continued to exceed expectations and companies largely provided constructive near-term financial guidance. With negative real interest rates, pent up demand and what was a still accommodative Federal Reserve, fourth quarter GDP rebounded to 6.9%. As seen with the Delta and Omicron variants, navigating the COVID-19 impacted market continued to be uneven and incomplete. Inflation, employment, supply chain, fiscal policies all coalesce into pressure points for interest rate policy by the Federal Reserve. Therefore, the broad market could fairly be described as policy dependent entering calendar year 2022.

Through aggressive fiscal and monetary policies, the economy recovered successfully and more quickly than expectations. The consequence of so much liquidity and the rapidity of the recovery was the overheating of key economic measures, namely inflation. With the employment rate at a 50-year low, labor shortages are driving wage inflation significantly higher and causing service/fulfillment disruptions across many industries.

Annual Report | 5

RANGER FUNDS INVESTMENT TRUST

RANGER MICRO CAP FUND

SHAREHOLDER LETTER (CONTINUED)

JULY 31, 2022 (UNAUDITED)

Employment, growth and liquidity also provide strong consumer demand. Restarting the manufacturing process and supply chain has caused delays and bottlenecks delivering goods to market. This imbalance created persistently high inflation at rates not experienced in 40 years. Policy makers quickly shifted from easing to tightening.  The original expectations for four moderate rate hikes over the course of 2022 quickly transformed into aggressive rate hikes by the Federal Reserve.  This quick and significant policy shift resulted from sustained inflation levels not experienced since the 1970s.

With a stronger than expected economy entering the calendar year 2022, and with higher rates a foregone conclusion, the market digested the implications on economic activity and valuations. This led to a shift in leadership away from high valuation secular growth companies, namely in the software and healthcare industries).  The proceeds from this rotation went into lower valuation cyclical companies that would seemingly benefit from the ongoing economic strength. The markets’ challenged start to 2022 was likely the result of three years of strong market gains coupled with higher valuations dampened by the forthcoming rate increases.

During the second half of 2021 and early 2022, a big rotation occurred into cyclical, hard economy, industrial and consumer names.  These companies can broadly be characterized as reopening plays and beneficiaries of a strong economy.  Investors rotated out of COVID stay and work at home beneficiaries, which were concentrated in the technology, healthcare and consumer goods industries.  Rich valuations coupled with a sharp growth slowdown caused these industries to revalue sharply lower.

Worsening Purchasing Manager’s Index trends now bode poorly for cyclical industries and low-quality factors, which have significant overlap in the high-beta factor. Low P/E stocks are currently high beta stocks which is in marked contrast to the 1990’s and early 2000’s when value names were low beta.

Higher rates result in more risk aversion which is conducive for quality leadership. The economic issues discussed are likely to drive continued volatility, which too is an environment well suited for quality outperformance. While no company is immune to macro forces like persistent inflation, Ranger’s focus on quality growth companies should mitigate the impact, particularly compared with financially weaker competitors. Quality companies typically have competitive advantages that result in durable and adaptable models that thrive in diverse environments. Further, as consistently outlined, higher volatility is welcomed as it tends to reward quality and often affords the investment team opportunities to initiate new investments at attractive prices.

During the second quarter of 2022, investors worked to recalibrate their economic outlook in the face of continued uncertainty. While equities remained volatile, one consistent factor driving the market was concern over persistently high inflation.  Average gasoline prices in the U.S. rose 15.0% during the quarter, while mortgage rates rose by nearly 19.0%. The June inflation reading of 9.1%, the highest reading in over 40 years, led the Federal Reserve to increase the fed funds target rate by 75 basis points in

Annual Report | 6

RANGER FUNDS INVESTMENT TRUST

RANGER MICRO CAP FUND

SHAREHOLDER LETTER (CONTINUED)

JULY 31, 2022 (UNAUDITED)

mid-June.  This series of macroeconomic headwinds led to the worst first half performance for the S&P 500 since 1970.

The markets have come around to the idea that the Federal Reserve will need to more aggressively raise rates to rein in inflation.  Expectations for the fed funds target rate have risen steadily, with a target rate reaching 4.00-4.25% by the end of the year.

For the fiscal year ending July 31, 2022, the Micro Cap Fund (RFIMX) returned (15.8%) net of fees, while its benchmark, the Russell Microcap Growth index, returned (32.8%). The past year was marked by intensified inflationary pressures resulting from aggressive fiscal and monetary policies which overheated the economy.  The Russian attack on Ukraine sparked food and energy price shocks significant enough to impair consumer confidence and spending. Policy makers quickly shifted from easing to aggressive tightening. The June 2022 consumer price index reading of 9.1% marked the highest level of inflation in over 40 years. Thus far the market decline has been largely due to multiple compression.  As the economy weakens, we expect significant earnings cuts, particularly in cyclical industries.

For the fiscal year ended July 31, 2022, the Micro Cap Fund outperformed the Russell Microcap Growth index by over 1,690 basis points on a relative net-of-fees basis as market volatility remained above average levels which is conducive for quality factor outperformance.  Stocks with negative earnings and high beta underperformed the benchmark, as the rising interest rate environment led investors to discount the future earnings of unprofitable companies and reduce risk exposure. More specifically, non-earnings companies, which represented nearly 55% of the Russell 2000 Microcap Growth index, returned (46.4%) and companies in the highest beta quintile returned (39.3%). Conversely, stocks with higher returns and free cash flow outperformed. Companies in the two highest return on equity quintiles returned (8.2%) and (3.2%), while companies in the two highest free cash flow yield quintiles returned 7.1% and (4.6%). Valuation factors exhibited mixed leadership: on a price/cash flow basis, negative valuation companies underperformed; on a price/earnings all quintiles outperformed while companies with negative value meaningfully underperformed; and on a price/sales basis the highest quintile moderately underperformed and the other four quintiles modestly outperformed but with no distinguishable performance pattern. For the year, the Micro Cap Fund performed as we intend during these environments, providing downside capture.

Looking at performance of the Micro Cap Fund on a sector basis, the healthcare, consumer discretionary, technology and financials industries provided the largest outperformance relative to their index components. The industries which most significantly detracted from the Micro Cap Fund on a relative basis were energy, basic materials and telecommunications.

Today, the two biggest questions facing investors are how persistent inflation will be, and whether rate increases will push the economy into recession. In our frequent meetings with company management teams this year, two themes have become apparent.  First, the cost and availability of labor is a challenge across all industries. In 2021, this tightness

Annual Report | 7

RANGER FUNDS INVESTMENT TRUST

RANGER MICRO CAP FUND

SHAREHOLDER LETTER (CONTINUED)

JULY 31, 2022 (UNAUDITED)

was more apparent in larger urban markets, but is now seen in markets large and small.  Second, the effects of heightened inflation and the fiscal cliff have impaired consumer income and confidence and shifted wallet share to necessities.  Despite wage gains, disposable personal income was down 10% year over year in April 2022.  In addition, consumers shifted spending to travel and other services away from goods, which has burst the stay-at-home bubble and led to excess inventory.

Inflation and recession are the two primary risks that dominate investors’ attention today.  In a rising rate environment, an important question worth asking is which of the two is the Federal Reserve more concerned about?  We believe the Federal Reserve is willing to risk a mild recession to preserve the inflation-fighting credibility it worked hard to earn over the last forty years. With real interest rates still in negative territory, and the current fed funds target rate approximately 1.625 – 1.875% below expected levels for year-end 2022, we expect continued increases in short-term rates, even if equity and credit markets show increasing signs of stress.  

If recession is a possibility, we are going into it with labor markets and corporate balance sheets in particularly strong shape.  In fact, a decline in the number of job openings, back to levels we saw prior to the COVID pandemic, is one of the data points that Federal Reserve governors have indicated they’d like to see.

We believe equity investors should consider two important factors as they evaluate how to react to this uncertainty. First, history shows that equity markets often begin to rise about halfway through a tightening cycle.  While there is some variability in the timing of this process, it indicates that investors shouldn’t wait for the end of inflation worries and interest rate increases to get more active in the market.  Second, as our friends at Strategas Research Partners recently noted, quality factors tend to outperform in a rising interest rate environment.  This should bode well for the types of companies represented in the Micro Cap Fund’s portfolio.

We continue to believe that a focus on innovative companies that are experiencing growing demand for their products and services will lead to revenue growth, and in turn portfolio success. We see any meaningful pullback in the market as an opportunity to add to quality companies.  Additionally, while we strive to position the Micro Cap Fund in the best companies that represent our investment process, we also understand that there are environments that best showcase our positive differentiation and environments that prove to be more challenging. 

Best regards,

Conrad Doenges

       Andrew Hill

          Joseph LaBate

CIO

                                       President                                    Managing Director

& Portfolio Manager                     & Portfolio Manager                 & Portfolio Manager

Annual Report | 8

RANGER FUNDS INVESTMENT TRUST

RANGER SMALL CAP FUND

INSTITUTIONAL CLASS

PERFORMANCE ILLUSTRATION

JULY 31, 2022 (UNAUDITED)

 Average Annualized Total Returns for the year ended July 31, 2022

Cumulative Performance Comparison of $250,000 Investment Since Inception

* Inception September 29, 2011

This chart assumes an initial investment of $250,000 made on the closing of September 29, 2011 (commencement of investment operations). Total return is based on the net change in NAV and assuming reinvestment of all dividends and other distributions.  Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.  The performance also reflects reinvestment of all dividend and capital gain distributions.  The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher price-to-value ratios and higher forecasted growth values. The figures for the Russell 2000 Growth Index reflect all dividends reinvested but do not reflect any deductions for fees, expenses or taxes.

The performance information shown represents past performance and should not be interpreted as indicative of the Fund's future performance.

The annual net operating expense ratio as provided in the Prospectus dated November 30, 2021 was 1.11% for Institutional class shares.  The Fund's adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until November 30, 2022, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement (exclusive of any Rule 12b-1 distribution or shareholder servicing fees, taxes, interest, brokerage commissions, acquired fund fees and expenses, or extraordinary expenses such as litigation) will not exceed 1.10% of average daily net assets. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.  The Fund’s total returns would have been lower had the adviser not waived a portion of the Fund’s expenses.  The Fund’s Institutional class shares total gross annual operating expense, before waiver, was 1.40%.

Annual Report | 9

RANGER FUNDS INVESTMENT TRUST

RANGER MICRO CAP FUND

INSTITUTIONAL CLASS

PERFORMANCE ILLUSTRATION

JULY 31, 2022 (UNAUDITED)

   Average Annualized Total Returns for the Period ended July 31, 2022

Cumulative Performance Comparison of $250,000 Investment Since Inception

* Inception June 6, 2018

This chart assumes an initial investment of $250,000 made on the closing of June 6, 2018 (commencement of investment operations). Total return is based on the net change in NAV and assuming reinvestment of all dividends and other distributions.  Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.  The performance also reflects reinvestment of all dividend and capital gain distributions.  The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

The Russell Microcap Growth Index measures the performance of the microcap growth segment of the U.S. Equity market. It includes those Russell Microcap Index companies with higher price-to-book ratios and higher forecasted growth values. The figures for the Russell Microcap Growth Index reflect all dividends reinvested but do not reflect any deductions for fees, expenses or taxes.

The performance information shown represents past performance and should not be interpreted as indicative of the Fund's future performance.

The annual net operating expense ratio as provided in the Prospectus dated November 30, 2021 was 1.51% for Institutional class shares.  The Fund's adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until November 30, 2022, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement (exclusive of any Rule 12b-1 distribution or shareholder servicing fees, taxes, interest, brokerage commissions, acquired fund fees and expenses, or extraordinary expenses such as litigation) will not exceed 1.50% of average daily net assets. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.  The Fund’s total returns would have been lower had the adviser not waived a portion of the Fund’s expenses.  The Fund’s Institutional class shares total gross annual operating expense, before waiver, was 1.82%.  

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RANGER FUNDS INVESTMENT TRUST

RANGER SMALL CAP FUND

SUPPLEMENTARY PORTFOLIO INFORMATION

JULY 31, 2022 (UNAUDITED)

 FUND PROFILE:

*Excludes Short-Term Investments.

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RANGER FUNDS INVESTMENT TRUST

RANGER MICRO CAP FUND

SUPPLEMENTARY PORTFOLIO INFORMATION

JULY 31, 2022 (UNAUDITED)

   FUND PROFILE:

*Excludes Short-Term Investment.

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RANGER FUNDS INVESTMENT TRUST

RANGER SMALL CAP FUND

SCHEDULE OF INVESTMENTS

JULY 31, 2022

The accompanying notes are an integral part of these financial statements.

Annual Report | 13

RANGER FUNDS INVESTMENT TRUST

RANGER SMALL CAP FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

JULY 31, 2022

The accompanying notes are an integral part of these financial statements.

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RANGER FUNDS INVESTMENT TRUST

RANGER SMALL CAP FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

JULY 31, 2022

ADR - American Depositary Receipts.

* Non-income producing securities during the period.

** The rate shown represents the yield at July 31, 2022.

The accompanying notes are an integral part of these financial statements.

Annual Report | 15

RANGER FUNDS INVESTMENT TRUST

RANGER MICRO CAP FUND

SCHEDULE OF INVESTMENTS

JULY 31, 2022

The accompanying notes are an integral part of these financial statements.

Annual Report | 16

RANGER FUNDS INVESTMENT TRUST

RANGER MICRO CAP FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

JULY 31, 2022

The accompanying notes are an integral part of these financial statements.

Annual Report | 17

RANGER FUNDS INVESTMENT TRUST

RANGER MICRO CAP FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

JULY 31, 2022

* Non-income producing securities during the period.

** The rate shown represents the yield at July 31, 2022.

The accompanying notes are an integral part of these financial statements.

Annual Report | 18

RANGER FUNDS INVESTMENT TRUST

STATEMENTS OF ASSETS AND LIABILITIES

JULY 31, 2022

The accompanying notes are an integral part of these financial statements.

Annual Report | 19

RANGER FUNDS INVESTMENT TRUST

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JULY 31, 2022

The accompanying notes are an integral part of these financial statements.

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RANGER FUNDS INVESTMENT TRUST

RANGER SMALL CAP FUND

STATEMENTS OF CHANGES IN NET ASSETS  

The accompanying notes are an integral part of these financial statements.

Annual Report | 21

RANGER FUNDS INVESTMENT TRUST

RANGER MICRO CAP FUND

STATEMENTS OF CHANGES IN NET ASSETS

The accompanying notes are an integral part of these financial statements.

Annual Report | 22

RANGER FUNDS INVESTMENT TRUST

RANGER SMALL CAP FUND

INSTITUTIONAL CLASS

FINANCIAL HIGHLIGHTS

SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE YEAR.

* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period.

** Assumes reinvestment of dividends.

(a) Expenses before waivers (excluding shareholder servicing fees of 0.04% and 0.01%) was 1.36% and 1.39%, for the years ended July 31, 2022 and 2021, respectively.

(b) Expenses after waivers (excluding shareholder servicing fees of 0.04% and 0.01%) was 1.10% and 1.10%, for the years ended July 31, 2022 and 2021, respectively.

The accompanying notes are an integral part of these financial statements.

Annual Report | 23

RANGER FUNDS INVESTMENT TRUST

RANGER MICRO CAP FUND

INSTITUTIONAL CLASS

FINANCIAL HIGHLIGHTS

SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE PERIOD/YEAR.

* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period.

** Assumes reinvestment of dividends.

*** Amount is less than $0.005.

(a) Not annualized

(b) Period June 6, 2018 (commencement of investment operations) through July 31, 2018.

(c) Expenses before waivers (excluding shareholder servicing fees of 0.01% and less than 0.01%) was 1.87% and 1.80%, for the years ended July 31, 2022 and 2021, respectively.

(d) Expenses after waivers (excluding shareholder servicing fees of 0.01% and less than 0.01%) was 1.50%  and 1.50%, for the years ended July 31, 2022 and 2021, respectively.

The accompanying notes are an integral part of these financial statements.

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RANGER FUNDS INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

JULY 31, 2022

Note 1. Organization

Ranger Funds Investment Trust (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The affairs of the Trust are managed by the Trust’s Board of Trustees (the “Board” or “Trustees”). The Trust was organized on June 21, 2011, as a Delaware Statutory Trust. The Trust currently offers shares of beneficial interest (“shares”) of two series: Ranger Small Cap Fund and Ranger Micro Cap Fund (each a “Fund” and collectively the “Funds”). Ranger Small Cap Fund (“Small Cap Fund”) is a diversified portfolio with an investment objective to seek long-term capital appreciation. Ranger Micro Cap Fund (“Micro Cap Fund”) is a diversified portfolio with an investment objective to seek long-term capital appreciation. Each Fund has Institutional Class Shares and Investor Class Shares; however, the Funds do not currently offer their Investor Class shares for sale. The Declaration of Trust permits the Board to create additional funds and share classes.

Ranger Investment Management, L.P. (“Ranger Investment”) serves as investment adviser to Small Cap Fund and Micro Cap Fund. Ranger Investment is referred to as the “Adviser.”

Note 2. Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies.”

Trust expenses for the Funds are allocated based on their relative net assets within the Trust or allocated based on the number of Funds within the Trust.

Security Valuations: All investments in securities are recorded at their estimated fair value, as described in Note 4.

Federal Income Taxes: The Funds make no provision for federal income or excise tax. The Funds intend to qualify each year as “regulated investment companies” (“RICs”) under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of their taxable income. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Funds could incur a tax expense. Therefore, no federal income tax or excise provision is required.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2018-2021) or expected to be taken in the Funds’ 2022 tax returns. The Funds identify their major tax jurisdiction as U.S. Federal, however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

JULY 31, 2022

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended July 31, 2022, the Funds did not incur any interest or penalties.

Distributions to Shareholders: Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. For financial reporting purposes the treatment of distributions made to shareholders during the year from net investment income, net realized capital, or return of capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gains for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of the Funds.

Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Investment transactions and related investment income: The Funds record security transactions on the trade date. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recognized on the ex-dividend date. Interest income is recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Distributions received from certain investments held by the Funds may be comprised of dividends, realized gains and returns of capital. The amounts may subsequently be reclassified upon receipt of information from the issuer.

Share Valuation: The net asset value per share of each class of shares for Small Cap Fund and Micro Cap Fund are calculated daily by dividing the total value of each Fund’s assets attributable to that class, less liabilities attributable to that class, by the number of shares of that class outstanding. The offering price and redemption price per share of each class of Small Cap Fund and Micro Cap Fund is equal to the net asset value per share.

Share Class Accounting: Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to each respective share class of the respective Fund on the basis of the daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

Each class of shares has proportionate rights as to assets of the respective Funds, and the classes are identical except for ongoing distribution fees. Investor Class shares are subject to distribution fees, whereas Institutional Class shares are not. All classes have equal voting privileges, except where otherwise required by law or when the Trustees determine that the matter to be voted on affects only the interests of the shareholders of a particular class.

Guarantees and Indemnifications: In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

JULY 31, 2022

maximum exposure under these arrangements is unknown and would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds would expect the risk of loss to be remote.

Note 3. Risks

Micro, Small and Medium Capitalization Risk: Micro, small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of micro, small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions than large capitalization companies. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate, and may offer greater potential for losses.

Foreign Exchange Rate Risk: Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

Equity Risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

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

Micro Cap Company Risk; Equity Market Risk: Equity markets can be volatile and the prices of common stocks can fluctuate significantly. In addition, the Micro Cap Fund portfolio invests in micro capitalization companies, which may be subject to more abrupt or erratic market movements than those of larger, more established companies.

Liquidity Risk: Some micro cap securities may have few market-makers and low trading volume, which can increase transaction costs and may make it difficult or impossible for the Micro Cap Fund to dispose of a security position at all or at a price which represents current or fair market value.

A number of other risks are associated with an investment in the Micro Cap Fund, including: issuer specific risks, liquidity risks, and risks associated with the Investment Advisor’s judgment. Greater detail on each of the above stated risks may be found in the Fund’s prospectus.

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

Small Cap Company Risk: Equity Market Risk: Equity markets can be volatile and the prices of common stocks can fluctuate significantly. In addition, the Small Cap Fund portfolio invests in small capitalization companies, which may be subject to more abrupt or erratic market movements than those of larger, more established companies.

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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Liquidity Risk: Some small cap securities may have few market-makers and low trading volume, which can increase transaction costs and may make it difficult or impossible for the Small Cap Fund to dispose of a security position at all or at a price which represents current or fair market value.

A number of other risks are associated with an investment in the Small Cap Fund, including: issuer specific risks, liquidity risks, and risks associated with the Adviser’s judgment. Greater detail on each of the above stated risks may be found in the Fund’s prospectus.

Note 4. Security Valuations

As described in Note 2, all investments are recorded at their estimated fair value. The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Fair Value Measurements: A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis follows.

Equity securities (common stock including ADRs, preferred stock, exchange traded funds and real estate investment trusts) - Equity securities are valued by using market quotations furnished by a pricing service when the Adviser believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange are valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

JULY 31, 2022

security is valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are valued by the pricing service at the NASDAQ Official Closing Price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a Level 1 security. When the security position is not considered to be part of an active market or when the security is valued at the bid price, the position is generally categorized as a Level 2 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value or when illiquid securities are being valued, such securities are valued at fair value as determined by the Adviser in good faith, in accordance with guidelines adopted by and subject to review of the Board of Trustees and are categorized as Level 3.

Money market funds are generally priced at the ending net asset value (“NAV”) provided by the service agent of the Funds. These securities will be classified as Level 1 of the value hierarchy.

The following table presents information about the Small Cap Fund’s investments measured at fair value as of July 31, 2022:

The following table presents information about the Micro Cap Fund’s investments measured at fair value as of July 31, 2022:

The Funds did not hold any Level 2 or Level 3 assets as of July 31, 2022. Therefore a reconciliation of assets in which significant unobservable inputs were used in determining fair value is not applicable. For more detail on the investments, please refer to the Schedules of Investments. The Funds also did not have transfers into or out of Level 1, Level 2 or Level 3 during the year ended July 31, 2022.

Note 5. Investment Advisory Fee and Other Transactions with Affiliates

Pursuant to the Management Agreement (“Management Agreement”) between the Adviser and the Trust, Ranger Investment is entitled to investment advisory fees, computed daily and payable monthly, of 1.00% per annum of the average daily net assets of Small Cap Fund and 1.25% per annum of the average daily net assets of Micro Cap Fund. For the year ended July 31, 2022, the Adviser earned $378,019 and $179,397, from the Small Cap Fund and Micro Cap Fund, respectively. For the year ended July 31, 2022, the Adviser waived $98,094 and $52,962 in fees from the Small Cap Fund and Micro Cap Fund, respectively. At July 31, 2022, the Adviser was owed $19,074 and $10,219 from the Small Cap Fund and Micro Cap Fund, respectively.

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

JULY 31, 2022

Ranger Investment has entered into an Expense Limitation Agreement with the Trust (the “Expense Limitation Agreement”), whereby the Adviser has agreed to reduce its fees and reimburse expenses so that the net annual operating expenses (exclusive of any Rule 12b-1 distribution or shareholder service fees, taxes, interest, brokerage commissions, acquired fund fees and expenses, or extraordinary expenses such as litigation) of Small Cap Fund and Micro Cap Fund will not exceed 1.10% and 1.50%, respectively, of average daily net assets until November 30, 2022. The Adviser may recoup any waived or reimbursed amount from each respective Fund pursuant to the Expense Limitation Agreement if such reimbursement does not cause the respective Fund to exceed existing expense limitations and the reimbursement is made within three years after the respective adviser incurred the expenses. As of July 31, 2022, Ranger Investment is entitled to recapture $271,256 in expenses pursuant to the Expense Limitation Agreement from the Small Cap Fund and $143,790 in expenses pursuant to the Expense Limitation Agreement from the Micro Cap Fund.

Effective January 1, 2022, pursuant to the Management Services Agreement between Ranger Shared Services, LLC and the Trust, Ranger Shared Services, LLC is entitled to administrative fees, computed daily and payable monthly, of 0.10% per annum of the average daily net assets of Small Cap Fund and Micro Cap Fund. Ranger Shared Services, LLC is also entitled to operation service fees of $5,000 annually per Fund.  For the year ended July 31, 2022, Ranger Shared Services, LLC earned fees of $22,711 for the Small Cap Fund and $10,608 for the Micro Cap Fund.

Each Trustee who is not affiliated with the Trust and/or the Adviser will receive an annual fee of $2,500, as well as reimbursement for any reasonable expenses incurred attending the meetings. The “interested person” who serves as Trustee of the Trust receives no compensation for his services as a Trustee. None of the executive officers receive compensation from the Trust.

Note 6. Agreements

Transfer Agent Agreement and Accounting Services Agreement: Mutual Shareholder Services, LLC (“MSS”) serves as Transfer Agent to each Fund, pursuant to a Transfer Agent Agreement with the Trust. Under the Transfer Agent Agreement, MSS provides all of the customary services of a transfer agent and dividend disbursing agent.

In addition, MSS provides accounting services to the Funds pursuant to an Accounting Services Agreement with the Trust. As such, MSS provides all necessary administration, bookkeeping and pricing services to each Fund.

12b-1 Plan and Distribution Agreement: The Trust, on behalf of the Funds, has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the “Plan”). The Plan permits Investor Class shares of each Fund to pay for certain distribution and promotion expenses related to marketing shares of the Fund. The amount payable annually by each Fund’s Investor Class is 0.25% of its respective average daily net assets. Institutional Class shares of the Funds are not

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

JULY 31, 2022

subject to a 12b-1 fee and do not have a Rule 12b-1 plan. Under the Plan, the Trust may engage in any activities related to the distribution of Fund shares.

Arbor Court Capital, LLC (the "Distributor") serves as the principal underwriter and national distributor for the shares of the Trust pursuant to a distribution agreement with the Trust (the "Distribution Agreement"). The Trust and the Adviser are not affiliated with the Distributor.

Shareholder Servicing Fees:  In March 2021, The Board, on behalf of the Funds, has approved that each Fund could annually pay up to 0.15% of the Fund assets for shareholder servicing expenses.

Note 7. Capital Share Transactions

At July 31, 2022, there were unlimited shares authorized at no par value for the Trust (which includes the Small Cap Fund and Micro Cap Fund). The following table summarizes transactions in capital for each respective year:

The Small Cap Fund and Micro Cap Fund have not issued Investor Class shares.

Note 8. Investments

Small Cap Fund

For the year ended July 31, 2022, the cost of purchases and the proceeds from sales, other than U.S. Government securities and short-term securities, aggregated $11,478,556 and $11,997,428, respectively.

Micro Cap Fund

For the year ended July 31, 2022, the cost of purchases and the proceeds from sales, other than U.S. Government securities and short-term securities, aggregated $4,281,716 and $3,734,265, respectively.

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RANGER FUNDS INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

JULY 31, 2022

Note 9. Federal Income Taxes

Small Cap Fund

During the year ended July 31, 2022, a long-term capital gain distribution of $1.431803 per share and a short-term capital gain distribution of $0.845345 were paid on December 28, 2021, for shareholders on record as of December 27, 2021, for a total distribution of $3,997,600.

The tax character of distributions paid during the year ended July 31, 2022, was as follows:

       Ordinary Income

$ 1,484,028

       Capital Gain

$ 2,513,572

During the year ended July 31, 2021, a long-term capital gain distribution of $1.425561 per share was paid on December 28, 2020, for shareholders on record as of December 27, 2020, for a total distribution of $2,121,872.

The tax character of distributions paid during the year ended July 31, 2021, was as follows:

Capital Gain

$ 2,121,872

As of July 31, 2022, for federal tax purposes the total investment aggregate cost is $31,890,579, the gross unrealized appreciation is $5,724,570 and the gross unrealized depreciation is $4,522,205 resulting in net unrealized appreciation of $1,202,365. The difference between book basis and tax basis unrealized appreciation/ (depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales. As of July 31, 2022, for tax purposes the Small Cap Fund’s accumulated net realized gain on investment is $1,202,236. Additionally, the Small Cap Fund has elected to defer late year ordinary losses of $135,472. These losses are deemed to arise on the first day of the following fiscal year. Small Cap Fund adjusts certain components of capital to reflect permanent differences between financial statement amounts and net income and realized gains/losses determined in accordance with income tax rules. These reclassifications have no effect on net assets or net asset values per share. Accordingly, during the year ended July 31, 2022, amounts have been reclassified to reflect an increase in distributable earning of $109,020, and a corresponding decrease in accumulated paid in capital of $109,020, which primarily resulted from net operating losses. The total distributable earnings for the Small Cap Fund are $2,269,129.

Micro Cap Fund

During the year ended July 31, 2022, a long-term capital gain distribution of $2.567590 per share and a short-term capital gain distribution of $5.882578 were paid on December 28, 2021, for shareholders on record as of December 27, 2021, for a total distribution of $6,845,419.

The tax character of distributions paid during the year ended July 31, 2022, was as follows:

       Ordinary Income

$ 4,765,433

       Capital Gain

$ 2,079,986

No distributions were paid during the year ended July 31, 2021.

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RANGER FUNDS INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

JULY 31, 2022

As of July 31, 2022, for federal tax purposes the total investment aggregate cost is $12,099,866, the gross unrealized appreciation is $3,072,107 and the gross unrealized depreciation is $1,578,087 resulting in net unrealized appreciation of $1,494,020. The difference between book basis and tax basis unrealized appreciation/ (depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales. As of July 31, 2022, for tax purposes the Micro Cap Fund’s accumulated net realized gain on investment is $585,450 and its other temporary losses is $3,184. Additionally, the Micro Cap Fund has elected to defer late year ordinary losses of $67,394. These losses are deemed to arise on the first day of the following fiscal year. Micro Cap Fund adjusts certain components of capital to reflect permanent differences between financial statement amounts and net income and realized gains/losses determined in accordance with income tax rules. These reclassifications have no effect on net assets or net asset values per share. Accordingly, during the year ended July 31, 2022, amounts have been reclassified to reflect an increase in distributable earning of $72,143, and a corresponding decrease in accumulated paid in capital of $72,143, which primarily resulted from net operating losses. The total distributable earnings for the Micro Cap Fund are $2,008,892.

Note 10. Control Ownership

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of July 31, 2022, R. E. Smith Sub S Trust held approximately 29.85% of the voting securities of the Small Cap Fund and may be deemed to control the Small Cap Fund. As of July 31, 2022, T. Rowe Price Retirement Plan Services held in omnibus accounts for the benefits of others, approximately 29.23% of the voting securities of the Small Cap Fund and may be deemed to control the Small Cap Fund. As of July 31, 2022, Dortmund Ltd. held approximately 52.53% of the voting securities of the Micro Cap Fund and may be deemed to control the Micro Cap Fund. However, the above ownership does not constitute control with respect to the Securities and Exchange Commission’s (“SEC's”) auditor independence rules as they are not beneficial owners with significant influence over the Funds.

Note 11. Market Risk

Overall market risks may also affect the value of the Funds. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions and depressions, or other events could have a significant impact on the Funds and their investments and may impair market liquidity, thereby increasing liquidity risk. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns.  During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

JULY 31, 2022

19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Note 12. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has noted no such events required adjustment or disclosure.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

Ranger Funds Investment Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Ranger Funds Investment Trust comprising Ranger Small Cap Fund and Ranger Micro Cap Fund (the “Funds”) as of July 31, 2022, and the related statements of operations and changes in net assets, the related notes, and the financial highlights for the year then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2022, the results of their operations, changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds’ financial statements and financial highlights for the years ended July 31, 2021, and prior, were audited by other auditors whose report dated September 29, 2021, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2021.

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

September 27, 2022

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RANGER FUNDS INVESTMENT TRUST

EXPENSE ILLUSTRATION

JULY 31, 2022 (UNAUDITED)

Expense Example

As a shareholder of the Funds, you incur ongoing costs, which typically consist of management fees and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six month period, February 1, 2022 through July 31, 2022 for Ranger Small Cap Fund and Ranger Micro Cap Fund.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in these funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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RANGER FUNDS INVESTMENT TRUST

TRUSTEES & OFFICERS

JULY 31, 2022 (UNAUDITED)

Information about Trustees and Officers who are “interested persons” of the Trust as defined under the 1940 Act, and each officer of the Trust, including their principal occupations during the past five years, is as follows:

* The address for each Trustee is c/o Ranger, 200 Crescent Court, Suite 1450, Dallas, Texas 75201.

** The term of office for each Trustee and Officer listed above will continue indefinitely.

*** The term “Fund Complex” refers to Ranger Funds Investment Trust.

Information about Trustees who are not “interested persons” of the Trust as defined under the 1940 Act, including their principal occupations during the past five years, is as follows:

* The address for each Trustee is c/o Ranger, 200 Crescent Court, Suite 1450, Dallas, Texas 75201.

** The term of office for each Trustee and Officer listed above will continue indefinitely.

** *The term “Fund Complex” refers to Ranger Funds Investment Trust.

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RANGER FUNDS INVESTMENT TRUST

ADDITIONAL INFORMATION

JULY 31, 2022 (UNAUDITED)

Information Regarding Proxy Voting

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies during the most recent 12-month period ended June 30, are available without charge upon request by (1) calling the Funds at (866) 458-4744 and (2) from Fund documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at www.sec.gov.

Information Regarding Portfolio Holdings

The Funds file a complete schedule of investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT.  The Funds’ first and third fiscal quarters end on April 30 and October 31. The Funds’ Form N-PORT’s are available on the SEC’s website at http://sec.gov.  You may also obtain copies by calling the Funds at 1-866-458-4744.

Information Regarding Statement of Additional Information

The Statement of Additional Information includes additional information about the Trustees and is available without charge upon request, by calling toll free at 1-866-458-4744.

 Liquidity Program

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration, among other factors, each respective Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the fiscal year ended July 31, 2022, the Trust's Liquidity Program Administrator ("LPA") and the Board reviewed the Funds’ investments and they determined that, generally, the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements.  Accordingly, the Board and the LPA concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

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