A single minded focus towards capital appreciation is what best characterizes growth funds. This purity of style is further established by the fact that investors can expect few or no dividend pay outs from such mutual funds. But investing in this class of funds requires a relatively higher appetite for risk than those following a value or blend style towards investing. However, in depth research and professional management are what make mutual funds a much safer proposition as compared to directly investing in growth stocks.

Below we will share with you 5 top rated growth mutual funds. Each has earned a Zacks #1 Rank (Strong Buy) as we expect these mutual funds to outperform their peers in the future. To view the Zacks Rank and past performance of all growth funds, investors can click here to see the complete list of funds.

BlackRock Mid-Cap Growth Equity Investor A ( BMGAX - MF report ) seeks capital growth over the long term. The majority of its assets are invested in common stocks of domestic growth-oriented mid-cap companies. The market cap of these companies must be similar to those which are included in the Russell Midcap Growth Index. The growth mutual fund has a three year annualized return of 9.34%.

Eileen Leary is the fund manager and he has managed this growth mutual fund since 2002.

Sit Mid Cap Growth ( NBNGX - MF report ) invests heavily in common stocks of companies whose market capitalizations range from $2 billion to $15 billion. It focuses on acquiring securities of growth-oriented small and mid-cap domestic companies. The growth mutual fund has a three year annualized return of 12.69%.

As of September 2012, this growth mutual fund held 86 issues, with 2.39% of its total assets invested in TJX Companies.

RS Select Growth A ( RSDGX - MF report ) seeks capital growth over the long term. It invests in small and mid-cap growth-oriented companies. The fund focuses on acquiring equity securities of such companies whose market capitalizations may be at most 120% of the market cap of the largest company in the Russell 2500 Index. The growth mutual fund has a three year annualized return of 20.75%.

The growth mutual fund has a minimum initial investment of $2,500 and an expense ratio of 1.35% compared to a category average of 1.36%.

Westcore MIDCO Growth ( WTMGX - MF report ) invests in securities of medium-sized companies with substantial growth potential. A large share of its assets is invested in mid-cap companies with market capitalizations similar to those included in the Russell Mid-cap Growth index. The growth mutual fund has a three year annualized return of 8.18%.

William Chester is the fund manager and he has managed this growth mutual fund since 2002.

Needham Growth ( NEEGX - MF report ) seeks capital growth. A minimum of 65% its assets are invested in domestic equity securities. The fund focuses on a wide range of sectors such as technology, healthcare, media and business and consumer services. The growth mutual fund has a three year annualized return of 11.55%.

The growth mutual fund has a minimum initial investment of $2,000 and an expense ratio of 1.78% compared to a category average of 1.36%.

To view the Zacks Rank and past performance of all growth mutual funds, investors can click here to see the complete list of funds.

About Zacks Mutual Fund Rank

By applying the Zacks Rank to mutual funds, investors can find funds that not only outpaced the market in the past but are also expected to outperform going forward. Learn more about the Zacks Mutual Fund Rank at http://www.zacks.com/funds.