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Investment Advice for Institutional and Individual Investors

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The Sparrow Growth Fund (the “Fund”) is offered by Prospectus only. Prospective 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. A Prospectus may be obtained by calling Sparrow Capital at 314-725-6161.

The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than any performance quoted. Performance data to the most recent month-end may be obtained by calling Sparrow Capital at 314-725-6161. The most recent Annual Expense Ratio of the Fund is 2.73%.

There are principal risks with investing in the Fund, including but not limited to: Market Risk, Company Risk, Growth Style Investing Risk, Value Style Investing Risk, Management Risk, Mid Cap Risk, Small Cap Risk, Fixed Income Risk, Foreign & Emerging Market Securities Risk, Sector Risk, ETF Risk and Other Investment Company Risk, and Portfolio Turnover Risk. These risks are further explained on pages 2, 3 and 4 of the Fund Prospectus.

Distributor: Rafferty Capital Markets, LLC

Sparrow Capital Management, Inc. (“Sparrow”) is an SEC-Registered Investment Advisor, established by Gerald Sparrow in 1988. Registration with the SEC does not imply a specific level of skill or training.

This advertisement is distributed by Sparrow for general informational purposes only and is not intended to constitute investment advice. Information throughout this advertisement is obtained from sources which Sparrow believes reliable, but Sparrow does not warrant or guarantee the timeliness, accuracy or completeness of this information and the information presented should not be relied upon as such. All investments involve risk of loss, including the possible loss of all amounts invested, and nothing within this advertisement should be construed as a guarantee of any specific outcome or profit.