0001066241 2025-09-01 2026-02-28 0001066241 SGNFX:C000001374Member 2025-09-01 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:BasicMaterialsMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:CommunicationServicesMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:ConsumerCyclicalMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:ConsumerDefensiveMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:EnegryMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:FinancialServicesMember 2026-02-28 0001066241 SGNFX:C000001374Member us-gaap:HealthCareMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:MoneyMarketFundMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:IndustrialsMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:TechnologyMember 2026-02-28 0001066241 SGNFX:C000001374Member 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:AlphabetIncClassAMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:WalmartMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:NvidiaMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:MetaPlatformsIncClassAMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:AppleMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:AmazonMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:AmericanExpressMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:MicrosoftMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:NetflixMember 2026-02-28 0001066241 SGNFX:C000001374Member SGNFX:BerkshireHathawayIncClassBMember 2026-02-28 0001066241 SGNFX:C000109530Member 2025-09-01 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:BasicMaterialsMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:CommunicationServicesMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:ConsumerCyclicalMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:ConsumerDefensiveMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:EnegryMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:FinancialServicesMember 2026-02-28 0001066241 SGNFX:C000109530Member us-gaap:HealthCareMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:MoneyMarketFundMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:IndustrialsMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:TechnologyMember 2026-02-28 0001066241 SGNFX:C000109530Member 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:AlphabetIncClassAMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:WalmartMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:NvidiaMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:MetaPlatformsClassAMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:AppleMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:AmazonMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:AmercianExpressMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:MicrosoftMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:NetflixMember 2026-02-28 0001066241 SGNFX:C000109530Member SGNFX:BerkshireHathawayClassBMember 2026-02-28 0001066241 SGNFX:C000001375Member 2025-09-01 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:BasicMaterialsMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:CommunicationServicesMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:ConsumerCyclicalMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:ConsumerDefensiveMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:EnegryMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:FinancailServicesMember 2026-02-28 0001066241 SGNFX:C000001375Member us-gaap:HealthCareMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:MoneyMarketFundMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:IndustrialsMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:TechnologyMember 2026-02-28 0001066241 SGNFX:C000001375Member 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:AlphabetClassAMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:WalmartMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:NvidiaMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:MetaPlatformsClassAMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:AppleIncMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:AmazonMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:AmericanExpressMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:MicrosoftMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:NetflixMember 2026-02-28 0001066241 SGNFX:C000001375Member SGNFX:BerkshireHathawayMember 2026-02-28 iso4217:USD pure SGNFX:Holdings false N-1A 0001066241 N-CSR Sparrow Funds 2026-02-28 SPARROW GROWTH FUND CLASS A SGFFX <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">ADDITIONAL INFORMATION</span></b></span></p> <p style="font: 9pt Century Gothic,sans-serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This <span id="xdx_904_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260228_zmfJ3aaNtsq6">semi-annual shareholder report</span> contains important information about the Sparrow Growth Fund – Class A - SGFFX (the “Fund”) for the period September 1, 2025 to February 28, 2026.</p> semi-annual shareholder report <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">You can find additional information about the Fund at <span id="xdx_90C_eoef--AddlInfoEmail_c20250901__20260228__oef--ClassAxis__custom--C000001374Member_zNgaMGiDTDYb">www.sparrowcapital.com</span>. You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20250901__20260228__oef--ClassAxis__custom--C000001374Member_zaC8Znj51ELe">888-727-3301</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> www.sparrowcapital.com 888-727-3301 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">expense Information</span></b></span></p> <p style="font: 5pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>What were the Fund costs for the past six months?</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(based on a hypothetical $10,000 investment)</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt">Fund Name</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: -7.5pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Costs of a $10,000 investment</b></span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Costs paid as a percentage of a $10,000 investment*</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt">Sparrow Growth Fund – Class A</span></td> <td id="xdx_98B_eoef--ExpensesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000001374Member_z3MEXh75mU46" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$86</td> <td id="xdx_987_eoef--ExpenseRatioPct_c20250901__20260228__oef--ClassAxis__custom--C000001374Member_zgsBmI1cLQug" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.76%</td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">*Annualized</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 86 0.0176 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">SECTOR WEIGHTINGS</span></b></span></p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt Arial MT; margin: 0"><img alt="" src="image_002.gif" style="height: 310px; width: 458px"/></p> <p style="font: 9pt Arial MT; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 75%; padding-right: 5.4pt; padding-left: 5.4pt">Sparrow Pie Charts – Class A</td> <td style="white-space: nowrap; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Basic Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__custom--BasicMaterialsMember_zaZMt0rPJHF6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.62%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Communication Services</td> <td id="xdx_989_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_z4oW3hxU6Hpj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18.32%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Consumer Cyclical</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__custom--ConsumerCyclicalMember_zwxored9XNz" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.81%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Consumer Defensive</td> <td id="xdx_98D_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__custom--ConsumerDefensiveMember_zoCiwjFQ8xvl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10.62%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Energy</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__custom--EnegryMember_zMl2pG1IVzzb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.71%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Financial Services</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__custom--FinancialServicesMember_zBxzsv9xFh47" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25.18%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Healthcare</td> <td id="xdx_987_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__us-gaap--HealthCareMember_zhs6b1KdzXM" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.62%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Money Market Fund</td> <td id="xdx_983_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__custom--MoneyMarketFundMember_zvNxknkKJric" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.01%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Industrials</td> <td id="xdx_983_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__custom--IndustrialsMember_ze6o6Ja305E1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.36%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Technology</td> <td id="xdx_98C_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__custom--TechnologyMember_ztYuBEkLT1Pf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0062 0.1832 0.0981 0.1062 0.0071 0.2518 0.0562 0.0001 0.0036 0.2875 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Fund statistics</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PORTFOLIO</td> <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PORTFOLIO</td> <td style="white-space: nowrap; width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">ADVISORY FEES</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">NET ASSETS:</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">HOLDINGS:</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">TURNOVER:</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">PAID BY FUND:</span></td></tr> <tr style="vertical-align: bottom"> <td id="xdx_98C_eus-gaap--AssetsNet_iI_c20260228__oef--ClassAxis__custom--C000001374Member_zh8wzpuLZvQ3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$68,808,856</td> <td id="xdx_985_eoef--HoldingsCount_iI_uHoldings_c20260228__oef--ClassAxis__custom--C000001374Member_z4DeyAxs7Oka" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">79</td> <td id="xdx_98E_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250901__20260228__oef--ClassAxis__custom--C000001374Member_zSKb1GjtnKt8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.33%</td> <td id="xdx_98B_eoef--AdvisoryFeesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000001374Member_zFyXlarqpGLi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$365,021</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 68808856 79 0.1033 365021 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">top ten holdings</span></b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(% OF NET ASSETS)</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">1.</td> <td style="white-space: nowrap; width: 69%; padding-right: 5.4pt; padding-left: 5.4pt">Alphabet, Inc. Class A</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAMember_zV6pMqnyoT46" style="white-space: nowrap; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.90%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Walmart, Inc.</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--WalmartMember_zJDuddphpX49" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.82%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">3.</td> <td style="white-space: nowrap; padding-right: -10pt; padding-left: 5.4pt">NVIDIA Corp.</td> <td id="xdx_982_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--NvidiaMember_zd5xqDzOFza5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.00%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">4.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Meta Platforms, Inc. Class A</td> <td id="xdx_98D_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncClassAMember_zTHGt2TzUyI7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.20%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">5.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Apple, Inc.</td> <td id="xdx_981_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--AppleMember_zCEQp5CVnLFd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.13%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">6.</td> <td style="white-space: nowrap; padding-right: -5.5pt; padding-left: 5.4pt">Amazon.com, Inc.</td> <td id="xdx_98A_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--AmazonMember_z51ZER9BxYd5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.72%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">7.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">American Express Co.</td> <td id="xdx_987_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--AmericanExpressMember_zhLjHKoT4L08" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.58%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">8.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Microsoft Corp.</td> <td id="xdx_983_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--MicrosoftMember_zsFKZu99oWW9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.31%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">9.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Netflix, Inc.</td> <td id="xdx_982_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--NetflixMember_zPO6atnQ5oze" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.87%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">10.</td> <td style="white-space: nowrap; padding-right: -5.9pt; padding-left: 5.4pt">Berkshire Hathaway, Inc. Class B</td> <td id="xdx_984_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--BerkshireHathawayIncClassBMember_zn0HbXW6aIrg" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.70%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Total % of Net Assets</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">53.23%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0890 0.0682 0.0600 0.0520 0.0513 0.0472 0.0458 0.0431 0.0387 0.0370 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Householding</span></b></span></p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sparrow Growth Fund documents not be householded, please contact Sparrow Funds at 888-727-3301, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sparrow Funds or your financial intermediary.</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> www.sparrowcapital.com 888-727-3301. SPARROW GROWTH FUND CLASS C SGFCX <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">ADDITIONAL INFORMATION</span></b></span></p> <p style="font: 9pt Century Gothic,sans-serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This <span id="xdx_904_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260228__oef--ClassAxis__custom--C000109530Member_zbK6MOvxQku5">semi-annual shareholder report</span> contains important information about the Sparrow Growth Fund – Class C - SGFCX (the “Fund”) for the period September 1, 2025 to February 28, 2026.</p> semi-annual shareholder report <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">You can find additional information about the Fund at <span id="xdx_908_eoef--AddlInfoEmail_c20250901__20260228__oef--ClassAxis__custom--C000109530Member_z1gZeRn90Hk4">www.sparrowcapital.com</span>. You can also request this information by contacting us at <span id="xdx_909_eoef--AddlInfoPhoneNumber_c20250901__20260228__oef--ClassAxis__custom--C000109530Member_zKF1bTrWQBzl">888-727-3301.</span></p> www.sparrowcapital.com 888-727-3301. <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">expense Information</span></b></span></p> <p style="font: 5pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>What were the Fund costs for the past six months?</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(based on a hypothetical $10,000 investment)</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt">Fund Name</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: -7.5pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Costs of a $10,000 investment</b></span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Costs paid as a percentage of a $10,000 investment*</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt">Sparrow Growth Fund – Class C</span></td> <td id="xdx_989_eoef--ExpensesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000109530Member_zO2l0cArxlu8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$111</td> <td id="xdx_981_eoef--ExpenseRatioPct_c20250901__20260228__oef--ClassAxis__custom--C000109530Member_zKjyTc2dgyJj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.27%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">*Annualized</p> 111 0.0227 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">SECTOR WEIGHTINGS</span></b></span></p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt Arial MT; margin: 0"><img alt="" src="image_002.gif" style="height: 310px; width: 458px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 75%; padding-right: 5.4pt; padding-left: 5.4pt">Sparrow Pie Charts – Class C</td> <td style="white-space: nowrap; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Basic Materials</td> <td id="xdx_982_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__custom--BasicMaterialsMember_zD2FbikKT5a6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.62%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Communication Services</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zoiSmdDnMdV7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18.32%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Consumer Cyclical</td> <td id="xdx_984_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__custom--ConsumerCyclicalMember_znLI7Knp3Z98" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.81%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Consumer Defensive</td> <td id="xdx_98D_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__custom--ConsumerDefensiveMember_zhUcpX6ZrNWd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10.62%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Energy</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__custom--EnegryMember_zzeSL3bOr8ef" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.71%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Financial Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__custom--FinancialServicesMember_zuNgkYx9Brdb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25.18%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Healthcare</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__us-gaap--HealthCareMember_z9dy6yVlKiFl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.62%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Money Market Fund</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__custom--MoneyMarketFundMember_z37Jv2ZQzaz6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.01%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Industrials</td> <td id="xdx_98A_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zCrmQN9O4Mg5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.36%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Technology</td> <td id="xdx_98A_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__custom--TechnologyMember_ztVCjwRX6z01" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0062 0.1832 0.0981 0.1062 0.0071 0.2518 0.0562 0.0001 0.0036 0.2875 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Fund statistics</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PORTFOLIO</td> <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PORTFOLIO</td> <td style="white-space: nowrap; width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">ADVISORY FEES</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">NET ASSETS:</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">HOLDINGS:</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">TURNOVER:</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">PAID BY FUND:</span></td></tr> <tr style="vertical-align: bottom"> <td id="xdx_985_eus-gaap--AssetsNet_iI_c20260228__oef--ClassAxis__custom--C000109530Member_z1D1eR5uAf73" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$68,808,856</td> <td id="xdx_983_eoef--HoldingsCount_iI_uHoldings_c20260228__oef--ClassAxis__custom--C000109530Member_zBtX8wIzRlEj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">79</td> <td id="xdx_987_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250901__20260228__oef--ClassAxis__custom--C000109530Member_zThdnBPA3w4a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.33%</td> <td id="xdx_985_eoef--AdvisoryFeesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000109530Member_zAm5PvrYJMX3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$365,021</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 68808856 79 0.1033 365021 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">top ten holdings</span></b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(% OF NET ASSETS)</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">1.</td> <td style="white-space: nowrap; width: 69%; padding-right: 5.4pt; padding-left: 5.4pt">Alphabet, Inc. Class A</td> <td id="xdx_983_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAMember_z8nTADqyeMZb" style="white-space: nowrap; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.90%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Walmart, Inc.</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--WalmartMember_zXEffuLiPWPj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.82%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">3.</td> <td style="white-space: nowrap; padding-right: -10pt; padding-left: 5.4pt">NVIDIA Corp.</td> <td id="xdx_98A_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--NvidiaMember_zTHcNEJYqDTa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.00%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">4.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Meta Platforms, Inc. Class A</td> <td id="xdx_980_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--MetaPlatformsClassAMember_zhZ9nBqourDc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.20%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">5.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Apple, Inc.</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--AppleMember_zxKSi4lyqivl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.13%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">6.</td> <td style="white-space: nowrap; padding-right: -5.5pt; padding-left: 5.4pt">Amazon.com, Inc.</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--AmazonMember_znsoKpefwPB6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.72%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">7.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">American Express Co.</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--AmercianExpressMember_zcRsn9DLLNek" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.58%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">8.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Microsoft Corp.</td> <td id="xdx_982_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--MicrosoftMember_z5ndphSc9bh2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.31%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">9.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Netflix, Inc.</td> <td id="xdx_982_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--NetflixMember_zRZGdvaRqIHg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.87%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">10.</td> <td style="white-space: nowrap; padding-right: -5.9pt; padding-left: 5.4pt">Berkshire Hathaway, Inc. Class B</td> <td id="xdx_98D_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--BerkshireHathawayClassBMember_zH8UrWXOGfGc" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.70%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Total % of Net Assets</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">53.23%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0890 0.0682 0.0600 0.0520 0.0513 0.0472 0.0458 0.0431 0.0387 0.0370 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Householding</span></b></span></p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sparrow Growth Fund documents not be householded, please contact Sparrow Funds at 888-727-3301, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sparrow Funds or your financial intermediary.</p> www.sparrowcapital.com 888-727-3301. SPARROW GROWTH FUND NO-LOAD CLASS SGNFX <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">ADDITIONAL INFORMATION</span></b></span></p> <p style="font: 9pt Century Gothic,sans-serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This <span id="xdx_908_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260228__oef--ClassAxis__custom--C000001375Member_z2UhAnsBCkfb">semi-annual shareholder report</span> contains important information about the Sparrow Growth Fund – No-Load Class - SGNFX (the “Fund”) for the period September 1, 2025 to February 28, 2026.</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> semi-annual shareholder report <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">You can find additional information about the Fund at <span id="xdx_902_eoef--AddlInfoEmail_c20250901__20260228__oef--ClassAxis__custom--C000001375Member_zjhF2sPvTgG4">www.sparrowcapital.com.</span> You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20250901__20260228__oef--ClassAxis__custom--C000001375Member_zEseQcJnG43a">888-727-3301</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> www.sparrowcapital.com. 888-727-3301 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">expense Information</span></b></span></p> <p style="font: 5pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>What were the Fund costs for the past six months?</b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(based on a hypothetical $10,000 investment)</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt">Fund Name</span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 21%; padding-right: -7.5pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Costs of a $10,000 investment</b></span></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Costs paid as a percentage of a $10,000 investment*</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 9pt">Sparrow Growth Fund – No-Load Class</span></td> <td id="xdx_989_eoef--ExpensesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000001375Member_zWESHtfbPvaa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$61</td> <td id="xdx_982_eoef--ExpenseRatioPct_c20250901__20260228__oef--ClassAxis__custom--C000001375Member_z6DQOL0Rs4L6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.26%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">*Annualized</p> 61 0.0126 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">SECTOR WEIGHTINGS</span></b></span></p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt Arial MT; margin: 0"><img alt="" src="image_002.gif" style="height: 310px; width: 458px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 77%; padding-right: 5.4pt; padding-left: 5.4pt">Sparrow Pie Chart No Load Class</td> <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Basic Materials</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__custom--BasicMaterialsMember_zYG254FPHBnl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.62%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Communication Services</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zJGgTAiiwqFj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18.32%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Consumer Cyclical</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__custom--ConsumerCyclicalMember_zPKDwf61ZKFi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.81%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Consumer Defensive</td> <td id="xdx_989_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__custom--ConsumerDefensiveMember_zb46TTwXhWyi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10.62%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Energy</td> <td id="xdx_989_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__custom--EnegryMember_zPX99JQQQqzc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.71%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Financial Services</td> <td id="xdx_98D_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__custom--FinancailServicesMember_z8WRBCsVKX74" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25.18%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Healthcare</td> <td id="xdx_984_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__us-gaap--HealthCareMember_z4tFQ1KSPZPj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.62%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Money Market Fund</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__custom--MoneyMarketFundMember_zJEC2qPb45qe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.01%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Industrials</td> <td id="xdx_987_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zqkCGqd2Pyxb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.36%</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Technology</td> <td id="xdx_982_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__custom--TechnologyMember_z4NhywiqhCvj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0062 0.1832 0.0981 0.1062 0.0071 0.2518 0.0562 0.0001 0.0036 0.2875 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Fund statistics</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PORTFOLIO</td> <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PORTFOLIO</td> <td style="white-space: nowrap; width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">ADVISORY FEES</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">NET ASSETS:</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">HOLDINGS:</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">TURNOVER:</span></td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">PAID BY FUND:</span></td></tr> <tr style="vertical-align: bottom"> <td id="xdx_984_eus-gaap--AssetsNet_iI_c20260228__oef--ClassAxis__custom--C000001375Member_zlPtr25Xf9jg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$68,808,856</td> <td id="xdx_989_eoef--HoldingsCount_iI_uHoldings_c20260228__oef--ClassAxis__custom--C000001375Member_z0XnMjfMADE7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">79</td> <td id="xdx_982_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250901__20260228__oef--ClassAxis__custom--C000001375Member_zS3AZqMB2FXk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.33%</td> <td id="xdx_98D_eoef--AdvisoryFeesPaidAmt_c20250901__20260228__oef--ClassAxis__custom--C000001375Member_zW01lg5R9XWj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$365,021</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 68808856 79 0.1033 365021 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">top ten holdings</span></b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">(% OF NET ASSETS)</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">1.</td> <td style="white-space: nowrap; width: 69%; padding-right: 5.4pt; padding-left: 5.4pt">Alphabet, Inc. Class A</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--AlphabetClassAMember_zOsd31wUwboh" style="white-space: nowrap; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.90%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">2.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Walmart, Inc.</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--WalmartMember_z9OayGqdwdy6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.82%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">3.</td> <td style="white-space: nowrap; padding-right: -10pt; padding-left: 5.4pt">NVIDIA Corp.</td> <td id="xdx_982_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--NvidiaMember_zo7t8JQacuU" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.00%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">4.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Meta Platforms, Inc. Class A</td> <td id="xdx_987_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--MetaPlatformsClassAMember_zB3NLXoLgVMh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.20%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">5.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Apple, Inc.</td> <td id="xdx_984_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--AppleIncMember_z5Vg6HtKTTth" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.13%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">6.</td> <td style="white-space: nowrap; padding-right: -5.5pt; padding-left: 5.4pt">Amazon.com, Inc.</td> <td id="xdx_987_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--AmazonMember_zba6pWvO38u5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.72%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">7.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">American Express Co.</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--AmericanExpressMember_zWvQSRyPhZn5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.58%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">8.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Microsoft Corp.</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--MicrosoftMember_zoE26T8bZQA4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.31%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">9.</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Netflix, Inc.</td> <td id="xdx_987_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--NetflixMember_zHvte70QT8Na" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.87%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">10.</td> <td style="white-space: nowrap; padding-right: -5.9pt; padding-left: 5.4pt">Berkshire Hathaway, Inc. Class B</td> <td id="xdx_98A_eoef--PctOfNav_iI_c20260228__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--BerkshireHathawayMember_zYU8iwjssFzd" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.70%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Total % of Net Assets</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">53.23%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0890 0.0682 0.0600 0.0520 0.0513 0.0472 0.0458 0.0431 0.0387 0.0370 <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Householding</span></b></span></p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b> </b></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sparrow Growth Fund documents not be householded, please contact Sparrow Funds at 888-727-3301, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sparrow Funds or your financial intermediary.</p> www.sparrowcapital.com 888-727-3301.