THE FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES MUST BE CONSIDERED CAREFULLY BEFORE INVESTING. THE PROSPECTUS CONTAINS THIS AND OTHER IMPORTANT INFORMATION ABOUT THE INVESTMENT COMPANY, AND IT MAY BE OBTAINED BY CALLING 1-888-727-3301. READ IT CAREFULLY BEFORE INVESTING. If the adviser’s perceptions of a company’s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund’s return. Investments in small and midcap companies generally have greater risk and volatility. Diversification does not assure a profit or protect against a loss in a declining market.Distributed by Rafferty Capital Markets, LLC Garden City. New York 11530 Investment Advisor: Sparrow Capital Management. Inc. • 1-888-569-6161At the heart of the Sparrow Growth Fund investment is the belief that above average earnings per share growth creates shareholder value. Based on this fundamental principle, the fund is a highly diversified, multi-cap growth portfolio for investors who seek long-term capital appreciation. Our focus is to find stocks that have positive earnings and price growth, improving fundamentals, attractive risk/reward characteristics, and are selling at a reasonable discount to our estimate of their intrinsic value. We also want shareholder friendly management teams, strong balance sheets, and free cash flow. The Result: Our philosophy seeks to generate a highly diversified, multi-capitalization, growth stock portfolio for investors who seek capital appreciation.