When capital appreciation over the long term takes precedence over dividend payouts, growth funds become a natural choice for investors. These funds focus on realizing an appreciable amount of capital growth by investing in stocks of firms whose value is projected to rise over the long term. However, a relatively higher tolerance to risk and the willingness to park funds for the longer term are necessary when investing in these securities. This is because they may experience relatively more fluctuations than other fund classes. Meanwhile, mid-cap funds are an ideal investment option for investors looking for high return potential that comes with lower risk than small-cap funds. Mid-cap funds are not very susceptible to volatility in broader markets, making it an ideal bet given that the macroeconomic conditions have generally offered a roller-coaster ride in recent years.

Below we will share with you 5 top-rated mid-cap 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 mid cap growth mutual funds, investors can click here to see the complete list of funds.

Vantagepoint Aggressive Opportunities Investor (VPAOX - MF report) seeks long-term capital growth. VPAOX generally invests in common stocks of growth companies included in the Russell Midcap Index. VPAOX also invests in stocks listed in the Russell Midcap Growth Index. VPAOX may also invest in small cap companies with growth prospect. The Vantagepoint Aggressive Opportunities Investor fund has returned 1.3% over the past one year.

VPAOX has an expense ratio of 0.83% as compared to category average of 1.28%.

Neuberger Berman Mid Cap Growth A (NMGAX - MF report) invests a large chunk of its assets in companies having market cap size identical to those included in the Russell Midcap Index. NMGAX maintains a diversified portfolio by investing in common stocks of companies across a wide range of sectors and industries. NMGAX may focus on specific sectors that are expected to gain from market or economic trends. The Neuberger Berman Mid Cap Growth A fund has returned 14.1% over the past one year.

Kenneth J. Turek is the fund manager and has managed NMGAX since 2003.

Buffalo Mid Cap (BUFMX - MF report) seeks capital appreciation over the long run. BUFMX invests a major portion of its assets in domestic companies having market capitalizations identical to those listed in the Russell Midcap Growth Index. BUFMX primarily invests in equity securities including common stocks, preferred stocks and warrants. The Buffalo Mid Cap fund has returned 4.9% over the past one year.

BUFMX has an expense ratio of 1.01% as compared to category average of 1.28%.

Dreyfus Mid-Cap Growth F (FRSPX - MF report) invests a lion’s share of its assets in growth companies having market capitalizations within the universe of the Russell Midcap Growth Index. FRSPX may invest a maximum of 30% of its assets in securities of non-US companies. FRSPX may invest up to 25% of its assets in a particular foreign country. The Dreyfus Mid-Cap Growth F fund has returned 0.9% over the past one year.

As of July 2015, FRSPX held 54 issues with 4.47% of its assets invested in iShares Russell Mid-Cap Growth.

Government Street Mid-Cap (GVMCX - MF report) seeks capital appreciation. GVMCX invests heavily in mid cap companies and in ETFs that focus on acquiring common stocks of mid cap firms. According to GVMCX’s advisers, companies having market capitalizations ranging from $500 million to $8 billion are considered as mid cap companies. GVMCX seeks long-term capital growth. The Government Street Mid-Cap fund has returned 3.4% over the past one year.

GVMCX has an expense ratio of 1.05% as compared to category average of 1.28%.

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