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An investment in the funds is subject to investment risks, including the possible loss of the principal amount invested. There can be no assurance that the funds will be successful in meeting their objectives. Investment in the funds is also subject to market risk, investment style risk, investment adviser risk, market sector risk, equity securities risk, and portfolio turnover risks. More information about these risks and other risks can be found in the funds' prospectus. You may obtain a prospectus calling us toll-free at 800-355-9345 or clicking here. The prospectus should be read carefully before investing. Funds distributed by Rafferty Capital Markets, LLC, Garden City, NY 11530

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