Schedule of Investments

May 31, 2026 (unaudited)

Sparrow Growth Fund

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Common Stocks - 99.82%

Aircraft - 0.24%

Boeing Co. (2)

785

181,453

Beverages - 0.56%

The Coca-Cola Co.

4,325

341,718

PepsiCo, Inc.

595

85,793

427,511

Biological Products - 0.15%

Amgen, Inc.

350

117,877

Bottled & Canned Soft Drinks Carbonated Waters - 0.84%

Monster Beverage Corp. (2)

7,330

645,626

Computer Communications Equipment - 1.32%

Arista Networks, Inc. (2)

1,660

264,720

Cisco Systems, Inc.

6,205

747,206

1,011,926

Computer Peripheral Equipment - 0.58%

Palo Alto Networks, Inc. (2)

1,580

445,070

Computer Storage Devices - 0.32%

SanDisk Corp. (2)

145

245,772

Construction Machinery & Equipment - 0.42%

Caterpillar, Inc. (2)

365

319,693

Electrical Work - 0.42%

Comfort Systems USA, Inc.

175

319,937

Electronic & Other Electrical Equipment  - 0.45%

General Electric Co. (2)

1,065

344,804

Electronic & Other Electrical Equipment (No Computer Equipment) - 0.35%

GE Vernova, Inc. (2)

280

271,130

Electronic Computers - 5.45%

Apple, Inc.

13,360

4,169,122

Electronic Connectors - 0.24%

Amphenol Corp. Class A (2)

1,230

182,975

Energy & Energy Services - 0.22%

Nextpower, Inc. (2)

1,090

170,476

Finance Services - 4.69%

American Express Co.

10,200

3,227,994

Bank of America Corp.

6,085

313,986

LPL Financial Holdings Inc.

165

45,172

3,587,152

Fire, Marine & Casualty Insurance - 3.55%

Berkshire Hathaway, Inc. Class B (2)

3,715

1,762,693

Chubb Ltd.

1,085

338,227

Palomar Holdings, Inc. (2)

615

65,830

Skyward Specialty Insurance Group, Inc. (2)

1,280

56,474

The Hanover Insurance Group, Inc.

910

169,442

The Progressive Corp.

1,695

322,728

2,715,393

Hospital & Medical Service Plans - 0.21%

Cigna Corp.

575

159,505

Hotels & Motels - 0.47%

Hilton Worldwide Holdings, Inc.

430

140,894

Marriott International, Inc.  

590

221,604

362,498

Insurance Agents, Brokers & Service - 0.81%

Hartford Insurance Group, Inc.

955

121,409

Mercury General Corp.

5,110

500,933

622,342

Medical Instruments & Supplies - 0.13%

Intuitive Surgical, Inc. (2)

235

99,790

Motor Vehicles & Passenger Car Bodies - 1.85%

Tesla, Inc. (2)

3,255

1,418,496

National Commercial Banks - 1.55%

JPMorgan Chase & Co.

3,970

1,188,261

Optical Instruments & Lenses - 0.28%

KLA Corp.

110

211,388

Pharmaceutical Preparations - 4.61%

AbbVie, Inc.

1,235

268,884

Eli Lilly and Co.

1,760

1,944,800

Johnson & Johnson

1,940

437,140

Vertex Pharmaceuticals, Inc. (2)

1,950

872,703

3,523,527

Radio & Tv Broadcasting & Communications - 0.22%

Qualcomm, Inc. (2)

675

169,439

Radio Telephone Communications - 0.17%

T-Mobile US, Inc.

685

128,458

Retail - Auto & Home Supply Stores- 0.69%

O'Reilly Automotive, Inc.  (2)

6,075

527,796

Retail - Building Materials, Hardware, Garden Supply  - 0.30%

The Sherwin Williams Co.

745

226,361

Retail -Catalog & Mail-Order Houses - 5.48%

Amazon.com, Inc. (2)

15,480

4,189,507

Retail - Eating & Drinking Places - 0.38%

McDonald's Corp.

1,030

287,576

Retail - Family Clothing Stores - 0.18%

The TJX Cos., Inc.  

880

136,180

Retail-Variety Stores - 6.97%

Costco Wholesale Corp.

1,135

1,085,423

Walmart, Inc.

36,690

4,246,868

5,332,291

Security & Commodity Brokers, Dealers, Exchanges & Services - 0.43%

CME Group, Inc. Class A

660

180,536

Intercontinental Exchange, Inc.  

995

147,111

327,647

Security Brokers, Dealers & Flotation Companies - 2.14%

BlackRock, Inc.

190

198,907

Charles Schwab Corp.

1,760

153,736

Interactive Brokers Group, Inc.

4,160

361,795

Jefferies Financial Group, Inc.

1,865

98,323

Morgan Stanley

1,695

352,560

Robinhood Markets, Inc. (2)

2,725

256,968

SEI Investments Co. (2)

1,320

116,002

Stifel Financial Corp.

1,410

98,912

1,637,202

Semiconductors & Related Devices - 15.49%

Advanced Micro Devices, Inc. (2)

1,155

596,096

Analog Devices, Inc. (2)

315

130,363

Applied Materials, Inc.

890

400,553

Broadcom, Inc.

7,590

3,390,984

Intel Corp. (2)

5,565

638,194

Micron Technology, Inc.

1,660

1,611,860

NVIDIA Corp.

23,015

4,859,387

Texas Instruments, Inc.

735

224,675

11,852,112

Services - Business Services - 6.04%

Fleetcor Technologies, Inc. (2)

795

287,631

Mastercard, Inc. Class A

3,635

1,795,617

MSCI, Inc.

235

148,374

Visa, Inc. Class A

7,325

2,390,587

4,622,210

Services-Computer Processing & Data Preparation- 0.27%

Reddit, Inc.

1,165

205,040

Services - Computer Programming, Data Processing, Etc. - 15.89%

Alphabet, Inc. Class A

19,645

7,471,779

AppLovin Corp. Class A (2)

1,955

1,198,591

Meta Platforms, Inc. Class A

5,515

3,488,293

12,158,663

Services - Consumer Credit Reporting, Collection Agencies- 1.78%

Moody's Corp.

1,155

523,504

S&P Global, Inc.

1,985

841,640

1,365,144

Services - Prepackaged Software - 8.60%

Cadence Design Systems, Inc. (2)

180

67,487

CrowdStrike Holdings, Inc. Class A (2)

1,130

826,030

Microsoft Corp.

7,395

3,329,525

Oracle Corp.

5,315

1,200,021

Palantir Technologies, Inc. Class A (2)

2,405

376,479

Paycom Software, Inc.

1,665

232,551

Salesforce, Inc.

610

116,571

ServiceNow, Inc. (2)

3,475

432,186

6,580,849

Services - Video Tape Rental - 3.11%

Netflix, Inc. (2)

27,650

2,378,453

Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 0.60%

Ecolab, Inc.   

495

126,720

The Procter & Gamble Co.

2,325

333,777

460,497

Special Industry Machinery, NEC - 0.48%

Lam Research Corp.

1,155

367,498

Surgical & Medical Instruments & Apparatus - 0.09%

Stryker Corp.

230

70,171

Transportation Services- 0.78%

Booking Holdings, Inc.

3,575

598,562

Total Common Stock

(Cost $         36,267,938)

76,363,379

Money Market Registered Investment Companies (3) - 0.19%

Goldman Sachs Trust - Goldman Sachs Financial Square Treasury Instruments Fund - 3.47%

148,844

148,844

Total Money Market Registered Investment Companies

(Cost $               148,844)

148,844

Total Investments - 100.01%

(Cost $         36,416,782)

76,512,223

Liabilities Less Other Assets - (0.01%)

(9,362)

Total Net Assets - 100.00%

76,502,861

(1)  Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.

       These inputs are summarized in the three broad levels listed below.

        • Level 1 - quoted prices in active markets for identical securities

        • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

        • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

       The following is a summary of the inputs used as of May 29, 2026 in valuing the Fund's assets carried at fair value:

Investments in

Other Financial

Valuation Inputs

Securities

Instruments (4)

Level 1 - Quoted Prices

$

76,512,223

$

Level 2 - Other Significant Observable Inputs

-

-

Level 3 - Significant Unobservable Inputs

-

-

Total

$

76,512,223

$

-

       The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term

       debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment

       Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active

       market, such securities are reflected as Level 2.

(2)   Represents non-income producing securities.

(3)  Variable rate security; the coupon rate shown represents the yield on May 31, 2026.