​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.

The Fund

The Wireless Fund seeks long-term growth of capital.

The Wireless Fund is a no-load mutual fund dedicated to the wireless industry.  Companies that are candidates for the Fund include, but are no limited to communication services; communication equipment;  software and programming;  computer hardware; peripherals; storage devices;  semiconductors; and data networking for the wireless industry.   The Fund may invest in both small and large companies, without regard to their size.

Risk

The Wireless Fund concentrates its investments in the wireless industry. The Fund is therefore subject to greater risk and volatility than a more diversified fund. Potential investors should be aware that an investment in Wireless Fund does not, by itself, constitute a balanced portfolio and would not be appropriate if your key goal is preservation of capital.