​Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. You may obtain a prospectus on this website or by calling the transfer agent at 1-800-590-0898. The prospectus should be read carefully before investing.

Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

An investment in the Fund is subject to investment risks, including the possible loss of the principal amount invested.  There can be no assurance that the Fund will be successful in meeting its objectives. The risks associated with the Fund, detailed in the Prospectus, include the risks of investing in common stocks, small capitalization companies and foreign securities. Because the Fund concentrates its investments in the wireless industry, the Fund is subject to the risk that companies in that industry are likely to react similarly to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that market segment.  The Fund invests in common stocks which subjects investors to market risk.  The Fund may invest in small capitalization companies, which involve additional risks such as limited liquidity and greater volatility.  The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods.   The Fund is a non-diversified fund and therefore may be subject to greater volatility than a more diversified investment.

Distributed by Rafferty Capital Markets, LLC ­ Garden City, NY 11530.

Management

Value Trend Capital Management, LP, is the investment adviser of the Fund and has responsibility for the management of the Fund’s affairs, under the supervision of the Trust's Board of Trustees. The Fund's investment portfolio is managed on a day-to-day basis by Value Trend Capital Management, LP, under the general oversight of the Board of Trustees.

Value Trend Capital Management, LP, was organized in 1995 and has been managing investment accounts and money since that time. The address of the Adviser is 1939 Friendship Drive, Suite C, El Cajon, CA 92020.   Paul Meeks and Jeffrey Provence are responsible for the day-to-day management of the Fund's portfolio. Mr. Meeks has been a portfolio manager at the Adviser since October 2018.  Mr. Provence has been portfolio manager at the Adviser since its inception in 1995. The General Partners of the Adviser are Ross C. Provence and Jeffrey Provence. Ross Provence is the President of the Trust.  Jeffrey Provence is a Trustee and Officer to the Trust.

 

Under the Investment Advisory Agreement, the Adviser, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the Fund. Value Trend Capital Management also pays the salaries and fees of all officers and trustees of the Trust who are also officers, partners, or employees of Value Trend. Value Trend Capital Management pays all operating expenses of the Fund, with the exception of taxes, interest, borrowing expenses (such as (a) interest and (b) dividends on short sales), brokerage commissions and extraordinary expenses.  For its services, the Adviser receives an annual investment management fee of 1.95% of the average daily net assets of the Fund.