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Gothic,sans-serif; margin: 0 0.05in 0 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 0.05in 0 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">This <span id="xdx_905_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260831__oef--ClassAxis__custom--C000001374Member_z7rdtiV8ULqg">annual shareholder report</span> contains important information about the Sparrow Growth Fund – Class A - SGFFX (the “Fund”) for the period September 1, 2025 to August 31, 2026.</p> 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_904_eoef--AddlInfoWebsite_c20250901__20260831__oef--ClassAxis__custom--C000001374Member_zt4jp1v01pCk">www.sparrowcapital.com</span>. You can also request this information by contacting us at <span id="xdx_903_eoef--AddlInfoPhoneNumber_c20250901__20260831__oef--ClassAxis__custom--C000001374Member_zgdT31uPcMr8">888-727-3301</span>.</p> <p style="font: 12pt 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 year?</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: 12pt 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: 5.4pt; 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_986_eoef--ExpensesPaidAmt_c20250901__20260831__oef--ClassAxis__custom--C000001374Member_zX1aXKjoJNGd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$181</td> <td id="xdx_98F_eoef--ExpenseRatioPct_c20250901__20260831__oef--ClassAxis__custom--C000001374Member_zLkyVnznJML7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.76%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 181 0.0176 <p style="font: 10pt Century Gothic,sans-serif; margin: 0 0.05in 0 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">managment’s discussion of fund performance</span></b></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">The Sparrow Growth Fund – Class A enjoyed positive returns for the year ended August 31, 2026, buoyed in part by favorable stock market conditions. These market conditions were supported by increased capital spending on Artificial Intelligence, including data centers and internet websites and software giants Microsoft and Google. The Fund increased +5.88% (without load) and decreased -0.20% (with load) while the S&amp;P 500 Index increased +20.38%. The difference of returns was due to our allocation to financial services and consumer investments which presents a lower risk than other technology sectors faster paced hardware technology sectors.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"><b>Strategy</b></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">Our strategy of buying and holding profitable companies with growth potential included Nvidia, Google and Netflix, each of which had a strong, positive impact on Fund performance.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"><b>Techniques</b></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">Our security selection may lead to lower relative turnover and lower realized capital gains taxes because we tend to be long-term business owners. Our selection process includes companies with above average sales and earnings per share growth. We believe that companies that have sales and earnings growth rates that are above average may produce a return over long periods of time that exceed market averages.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">Thank you for your confidence.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">Gerry Sparrow</p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Performance graph</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>AVERAGE ANNUAL RETURNS</b></p> <p style="font: 5pt Times New Roman, Times, Serif; margin: 0"><b> </b></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-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; width: 62%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: Black 1pt solid; white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td style="border-top: Black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">5 Years</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">10 Years</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Sparrow Growth Fund – Class A (with load)</td> <td id="xdx_982_eoef--AvgAnnlRtrPct_c20250901__20260831__oef--ClassAxis__custom--C000001374Member_zmIrgNzGFI15" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.20%</td> <td id="xdx_988_eoef--AvgAnnlRtrPct_c20210901__20260831__oef--ClassAxis__custom--C000001374Member_zC24sYACftUe" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.53%</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_c20160901__20260831__oef--ClassAxis__custom--C000001374Member_zW8hgR55xqBl" style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.32%</td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Sparrow Growth Fund – Class A (without load)</td> <td id="xdx_988_eoef--AvgAnnlRtrPct_c20250901__20260831__oef--ClassAxis__custom--C000001374Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_z3X0dP4Yx7fk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.88%</td> <td id="xdx_982_eoef--AvgAnnlRtrPct_c20210901__20260831__oef--ClassAxis__custom--C000001374Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zAElXx3ukwl9" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.76%</td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_c20160901__20260831__oef--ClassAxis__custom--C000001374Member__oef--SalesLoadAxis__oef--WithoutSalesLoadMember_zOAAYk2wWbVf" style="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">16.01%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">S&amp;P 500 Index</td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20250901__20260831__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zhymTs8gVwIi" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">20.38%</td> <td id="xdx_981_eoef--AvgAnnlRtrPct_c20210901__20260831__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zpCFwqsd1QVl" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.78%</td> <td id="xdx_984_eoef--AvgAnnlRtrPct_c20160901__20260831__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zMoDWfmPQJf6" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.37%</td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>Total Return Based on a $10,000 Investment</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 7pt"><img alt="" src="image_002.gif" style="height: 263px; width: 456px"/></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20250901__20260831__oef--ClassAxis__custom--C000001374Member_zMgrhTJOu0Bf">Past performance is not a good predictor of future performance</span>.</b> The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 888-727-3301.</p> -0.0020 0.0353 0.1532 0.0588 0.0476 0.1601 0.2038 0.1278 0.1537 Past performance is not a good predictor of future performance <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: 12pt 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: 27%; padding-right: 5.4pt; padding-left: 5.4pt"> </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: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PORTFOLIO</td> <td style="white-space: nowrap; width: 26%; 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_98E_eus-gaap--AssetsNet_iI_c20260831__oef--ClassAxis__custom--C000001374Member_zdiuBCNVogH1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$74,208,380</td> <td id="xdx_986_eoef--HoldingsCount_iI_uHoldings_c20260831__oef--ClassAxis__custom--C000001374Member_zbG0cf22sex7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">84</td> <td id="xdx_98A_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250901__20260831__oef--ClassAxis__custom--C000001374Member_zAMNz6DRUbJ2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">17.57%</td> <td id="xdx_98A_eoef--AdvisoryFeesPaidAmt_c20250901__20260831__oef--ClassAxis__custom--C000001374Member_z5HShSuPrVZd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$729,751</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 74208380 84 0.1757 729751 <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: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">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"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 9pt"><img alt="" src="image_003.gif" style="height: 309px; width: 456px"/></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 74%; padding-right: 5.4pt; padding-left: 5.4pt">Sparrow Pie Chart - Class A</td> <td style="white-space: nowrap; width: 26%; 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--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__custom--BasicMaterialsSectorMember_zm9XwwUa7LQk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.45%</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_985_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__custom--CommunicationServicesSectorMember_zblr0D7oZxX2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16.66%</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_985_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__custom--ConsumerCyclicalSectorMember_zXNcD2nO27m6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.65%</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--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__custom--ConsumerDefensiveSectorMember_z66sSGWtxGd9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.17%</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_98C_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zZZAnGBo9Z67" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22.12%</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_981_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zo2AIx6Ja3ua" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.96%</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_980_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zH3FpRd2eSOh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.37%</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_986_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__us-gaap--MoneyMarketFundsMember_zLZ40TrEN33k" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.14%</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_981_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zHrrwh2Huhb2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">35.48%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0045 0.1666 0.0965 0.0817 0.2212 0.0496 0.0237 0.0014 0.3548 <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: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"> </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: 13%; padding-right: 5.4pt; padding-left: 5.4pt">1.</td> <td style="white-space: nowrap; width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">Alphabet Inc. Class A</td> <td id="xdx_98A_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAMember_ziMjTuDg0yR3" style="white-space: nowrap; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.98%</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">NVIDIA Corp.</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--NvidiaCorpMember_zfc1Hqt8kFvj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.85%</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: 5.4pt; padding-left: 5.4pt">Apple, Inc.</td> <td id="xdx_98D_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--AppleIncMember_zWsY4q5bPlsk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.70%</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">Amazon.com, Inc.</td> <td id="xdx_981_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--AmazoncomIncMember_zjlj736mIbc2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.42%</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">Walmart, Inc.</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--WalmartIncMember_zAyoH9BGX1Ib" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.18%</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: 5.4pt; padding-left: 5.4pt">Microsoft Corp.</td> <td id="xdx_983_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--MicrosoftCorpMember_zYbBaRMkRg7g" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.06%</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_989_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--AmericanExpressCoMember_zKuoZoxHjaCe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.54%</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">Meta Platforms, Inc. Class A</td> <td id="xdx_98A_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncMember_z4tPvMDv2tZ3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.25%</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">Broadcom, Inc.</td> <td id="xdx_987_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--BroadcomIncMember_zMyhloflC5gl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.79%</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: 5.4pt; padding-left: 5.4pt">Visa, Inc. Class A</td> <td id="xdx_98C_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001374Member__oef--LargestHoldingAxis__custom--VisaIncClassAMember_zPJ14cxLj6yk" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.74%</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 id="xdx_98D_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001374Member_zSe7qEOMhQ17" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">53.51%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0898 0.0685 0.0570 0.0542 0.0518 0.0506 0.0454 0.0425 0.0379 0.0374 0.5351 www.sparrowcapital.com 888-727-3301 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Class A</td> <td style="white-space: nowrap; width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">S&amp;P 500 Index</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2016</td> <td id="xdx_980_eoef--AccmVal_c20160801__20160831__oef--ClassAxis__custom--C000001374Member_za1Dqvbgv3h1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,425</td> <td id="xdx_98C_eoef--AccmVal_c20160801__20160831__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zzUU10cB7W4f" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2017</td> <td id="xdx_98E_eoef--AccmVal_c20170201__20170228__oef--ClassAxis__custom--C000001374Member_zZm5bEVK5H83" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,818</td> <td id="xdx_983_eoef--AccmVal_c20170201__20170228__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zI9Iympj3usl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,001</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2017</td> <td id="xdx_988_eoef--AccmVal_c20170801__20170831__oef--ClassAxis__custom--C000001374Member_zXaSiq7uKoMb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,496</td> <td id="xdx_98C_eoef--AccmVal_c20170801__20170831__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zNnjNBXf2Idj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,623</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2018</td> <td id="xdx_98B_eoef--AccmVal_c20180201__20180228__oef--ClassAxis__custom--C000001374Member_zt40c6yZ6rah" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,564</td> <td id="xdx_98F_eoef--AccmVal_c20180201__20180228__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_z2xj7QZ2QYke" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,883</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2018</td> <td id="xdx_98B_eoef--AccmVal_c20180801__20180831__oef--ClassAxis__custom--C000001374Member_z96mKjkhe6hb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17,521</td> <td id="xdx_989_eoef--AccmVal_c20180801__20180831__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zSoz8PWeXJk3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,909</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2019</td> <td id="xdx_988_eoef--AccmVal_c20190201__20190228__oef--ClassAxis__custom--C000001374Member_zdOhw7WmXCX2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16,466</td> <td id="xdx_98E_eoef--AccmVal_c20190201__20190228__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zhg8Q5zLltNe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,486</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2019</td> <td id="xdx_988_eoef--AccmVal_c20190801__20190831__oef--ClassAxis__custom--C000001374Member_zBijvAhVRAFg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16,329</td> <td id="xdx_980_eoef--AccmVal_c20190801__20190831__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zzmj4DbqkXH7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14,315</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/29/2020</td> <td id="xdx_988_eoef--AccmVal_c20200201__20200229__oef--ClassAxis__custom--C000001374Member_zdpRj7dgajM5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17,127</td> <td id="xdx_98F_eoef--AccmVal_c20200201__20200229__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zLdM5CH4E4Fi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14,591</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2020</td> <td id="xdx_983_eoef--AccmVal_c20200801__20200831__oef--ClassAxis__custom--C000001374Member_zsnIgio76Te7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,057</td> <td id="xdx_982_eoef--AccmVal_c20200801__20200831__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_z4I4eVALbiZb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17,455</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2021</td> <td id="xdx_98A_eoef--AccmVal_c20210201__20210228__oef--ClassAxis__custom--C000001374Member_zYQqiojwfHV5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">35,686</td> <td id="xdx_98D_eoef--AccmVal_c20210201__20210228__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zyKgTaoAUpmh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19,156</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2021</td> <td id="xdx_98D_eoef--AccmVal_c20210801__20210831__oef--ClassAxis__custom--C000001374Member_zpVZEOZynnEb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">32,970</td> <td id="xdx_988_eoef--AccmVal_c20210801__20210831__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zBdsdgDy4YG4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22,895</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2022</td> <td id="xdx_982_eoef--AccmVal_c20220201__20220228__oef--ClassAxis__custom--C000001374Member_zMIQ7Nj541u9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">24,872</td> <td id="xdx_98B_eoef--AccmVal_c20220201__20220228__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zTKjTpXLxjJk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22,295</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2022</td> <td id="xdx_98B_eoef--AccmVal_c20220801__20220831__oef--ClassAxis__custom--C000001374Member_zChXLEwhmnE7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22,003</td> <td id="xdx_98C_eoef--AccmVal_c20220801__20220831__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zsJhoYA8mbva" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,325</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2023</td> <td id="xdx_98F_eoef--AccmVal_c20230201__20230228__oef--ClassAxis__custom--C000001374Member_zeUwWx9O0RD8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22,213</td> <td id="xdx_983_eoef--AccmVal_c20230201__20230228__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zMnrWmGekfUd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,581</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2023</td> <td id="xdx_98A_eoef--AccmVal_c20230801__20230831__oef--ClassAxis__custom--C000001374Member_z3jAzAO7AaS6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,083</td> <td id="xdx_982_eoef--AccmVal_c20230801__20230831__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zIxR9fnIy65b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23,566</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/29/2024</td> <td id="xdx_98C_eoef--AccmVal_c20240201__20240229__oef--ClassAxis__custom--C000001374Member_zo9P1tNMZAHe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28,920</td> <td id="xdx_982_eoef--AccmVal_c20240201__20240229__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zsKw1ovpNkd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,848</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2024</td> <td id="xdx_984_eoef--AccmVal_c20240801__20240831__oef--ClassAxis__custom--C000001374Member_zjNiPEKN5ne3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">32,190</td> <td id="xdx_98D_eoef--AccmVal_c20240801__20240831__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zpb4yXN1GXx3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">29,960</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2025</td> <td id="xdx_98E_eoef--AccmVal_c20250201__20250228__oef--ClassAxis__custom--C000001374Member_ztrxctbIVat" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">36,238</td> <td id="xdx_98C_eoef--AccmVal_c20250201__20250228__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zPNZHMwEzzm3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">31,790</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2025</td> <td id="xdx_981_eoef--AccmVal_c20250801__20250831__oef--ClassAxis__custom--C000001374Member_zj4JdgOPrWi6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">39,290</td> <td id="xdx_983_eoef--AccmVal_c20250801__20250831__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zCMFNzMt6l7c" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34,718</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2026</td> <td id="xdx_980_eoef--AccmVal_c20260201__20260228__oef--ClassAxis__custom--C000001374Member_ztxAVyf7bqHc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">37,945</td> <td id="xdx_98F_eoef--AccmVal_c20260201__20260228__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_z78ODzC6siyg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">37,191</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2026</td> <td id="xdx_983_eoef--AccmVal_c20260801__20260831__oef--ClassAxis__custom--C000001374Member_z3vVoBpyWwxb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41,601</td> <td id="xdx_98D_eoef--AccmVal_c20260801__20260831__oef--BroadBasedIndexAxis__custom--SP500IndexAMember_zXCnrwGHInaj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41,793</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 9425 10000 9818 11001 11496 11623 13564 12883 17521 13909 16466 13486 16329 14315 17127 14591 26057 17455 35686 19156 32970 22895 24872 22295 22003 20325 22213 20581 25083 23566 28920 26848 32190 29960 36238 31790 39290 34718 37945 37191 41601 41793 SPARROW GROWTH FUND CLASS C SGFCX <p style="font: 10pt Century Gothic,sans-serif; margin: 0 0.05in 0 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 0.05in 0 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">This annual shareholder report contains important information about the Sparrow Growth Fund – Class C - SGFCX (the “Fund”) for the period September 1, 2025 to August 31, 2026.</p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">You can find additional information about the Fund at www.sparrowcapital.com. You can also request this information by contacting us at 888-727-3301.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <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 year?</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: 12pt 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: 5.4pt; 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_982_eoef--ExpensesPaidAmt_c20250901__20260831__oef--ClassAxis__custom--C000109530Member_zBHHeAoW4hh7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$232</td> <td id="xdx_984_eoef--ExpenseRatioPct_c20250901__20260831__oef--ClassAxis__custom--C000109530Member_zDxMhkifZ82j" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.26%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 232 0.0226 <p style="font: 10pt Century Gothic,sans-serif; margin: 0 0.05in 0 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">managment’s discussion of fund performance</span></b></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0">  </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">The Sparrow Growth Fund – Class C enjoyed positive returns for the year ended August 31, 2026, buoyed in part by favorable stock market conditions. These market conditions were supported by increased capital spending on Artificial Intelligence, including data centers and internet websites and software giants Microsoft and Google. The Fund increased +5.36% while the S&amp;P 500 Index increased +20.38%. The difference of returns was due to our allocation to financial services and consumer investments which presents a lower risk than other technology sectors faster paced hardware technology sectors.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"><b>Strategy</b></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">Our strategy of buying and holding profitable companies with growth potential included Nvidia, Google and Netflix, each of which had a strong, positive impact on Fund performance.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"><b>Techniques</b></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">Our security selection may lead to lower relative turnover and lower realized capital gains taxes because we tend to be long-term business owners. Our selection process includes companies with above average sales and earnings per share growth. We believe that companies that have sales and earnings growth rates that are above average may produce a return over long periods of time that exceed market averages.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">Thank you for your confidence.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">Gerry Sparrow</p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Performance graph</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>AVERAGE ANNUAL RETURNS</b></p> <p style="font: 5pt Times New Roman, Times, Serif; margin: 0"><b> </b></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-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; width: 57%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: Black 1pt solid; white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td style="border-top: Black 1pt solid; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">5 Years</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">10 Years</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Sparrow Growth Fund – Class C</td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_c20250901__20260831__oef--ClassAxis__custom--C000109530Member_zcicKIHoSmi7" style="white-space: nowrap; padding-right: 5.6pt; padding-left: 5.4pt; text-align: center">5.36%</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_c20210901__20260831__oef--ClassAxis__custom--C000109530Member_z3QgESqYoJ4a" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.24%</td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_c20160901__20260831__oef--ClassAxis__custom--C000109530Member_z4fHzaGVu81g" style="border-right: Black 1pt solid; padding-right: 1.3pt; padding-left: 5.4pt; text-align: center">15.41%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">S&amp;P 500 Index</td> <td id="xdx_986_eoef--AvgAnnlRtrPct_c20250901__20260831__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zLXKkyKlKQgh" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.6pt; padding-left: 5.4pt; text-align: center">20.38%</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_c20210901__20260831__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zfSBtnDVBvjf" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.78%</td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_c20160901__20260831__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_z3sYPJLViDj5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.3pt; padding-left: 5.4pt; text-align: center">15.37%</td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>Total Return Based on a $10,000 Investment</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 7pt"><img alt="" src="image_004.gif" style="height: 273px; width: 456px"/></span></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20250901__20260831__oef--ClassAxis__custom--C000109530Member_ztXzfi9ghVr9">Past performance is not a good predictor of future performance</span>.</b> The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 888-727-3301.</p> 0.0536 0.0424 0.1541 0.2038 0.1278 0.1537 Past performance is not a good predictor of future performance <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: 12pt 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: 27%; padding-right: 5.4pt; padding-left: 5.4pt"> </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: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PORTFOLIO</td> <td style="white-space: nowrap; width: 26%; 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_987_eus-gaap--AssetsNet_iI_c20260831__oef--ClassAxis__custom--C000109530Member_zJP19dFnvVCc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$74,208,380</td> <td id="xdx_98B_eoef--HoldingsCount_iI_uHoldings_c20260831__oef--ClassAxis__custom--C000109530Member_zCqWtHU4XgIa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">84</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250901__20260831__oef--ClassAxis__custom--C000109530Member_zk61gTEmdM2a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">17.57%</td> <td id="xdx_98A_eoef--AdvisoryFeesPaidAmt_c20250901__20260831__oef--ClassAxis__custom--C000109530Member_z9YFdabROLph" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$729,751</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 74208380 84 0.1757 729751 <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: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">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"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 9pt"><img alt="" src="image_005.gif" style="height: 309px; width: 456px"/></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 74%; padding-right: 5.4pt; padding-left: 5.4pt">Sparrow Pie Chart - Class C</td> <td style="white-space: nowrap; width: 26%; 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_98B_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__custom--BasicMaterialsSectorMember_zAXtIEejrn67" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.45%</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_981_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__custom--CommunicationServicesSectorMember_zLQbG0sVyI36" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16.66%</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_986_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__custom--ConsumerCyclicalSectorMember_z9sa6MP8L4ge" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.65%</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--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__custom--ConsumerDefensiveSectorMember_zUX16396wDP2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.17%</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_986_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zU0yp5ZUxqZ1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22.12%</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_98A_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zUHqQy8f8jt3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.96%</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--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zpyNNsanSX14" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.37%</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--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__us-gaap--MoneyMarketFundsMember_zae0XEnLOF5g" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.14%</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_98D_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_ztGsX6G6E54e" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">35.48%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0045 0.1666 0.0965 0.0817 0.2212 0.0496 0.0237 0.0014 0.3548 <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: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"> </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: 13%; padding-right: 5.4pt; padding-left: 5.4pt">1.</td> <td style="white-space: nowrap; width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">Alphabet Inc. Class A</td> <td id="xdx_980_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAMember_z53dreiYVon1" style="white-space: nowrap; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.98%</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">NVIDIA Corp.</td> <td id="xdx_988_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--NvidiaCorpMember_zmNJf6KWedj6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.85%</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: 5.4pt; padding-left: 5.4pt">Apple, Inc.</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--AppleIncMember_zgDpYtCqBjhb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.70%</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">Amazon.com, Inc.</td> <td id="xdx_988_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--AmazoncomIncMember_zBqrXU16m4Sj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.42%</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">Walmart, Inc.</td> <td id="xdx_982_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--WalmartIncMember_zGgd2Ngw4C5a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.18%</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: 5.4pt; padding-left: 5.4pt">Microsoft Corp.</td> <td id="xdx_981_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--MicrosoftCorpMember_zJtv1A0xg8vl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.06%</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_98B_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--AmericanExpressCoMember_zujVlHUTEMu7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.54%</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">Meta Platforms, Inc. Class A</td> <td id="xdx_982_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncMember_zki00ENsO0l3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.25%</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">Broadcom, Inc.</td> <td id="xdx_981_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--BroadcomIncMember_zUrkoOnWibke" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.79%</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: 5.4pt; padding-left: 5.4pt">Visa, Inc. Class A</td> <td id="xdx_980_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000109530Member__oef--LargestHoldingAxis__custom--VisaIncClassAMember_zEoNyRBooUEk" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.74%</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 id="xdx_98B_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000109530Member_zXJbuzaCn68g" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">53.51%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0898 0.0685 0.0570 0.0542 0.0518 0.0506 0.0454 0.0425 0.0379 0.0374 0.5351 www.sparrowcapital.com 888-727-3301 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Class C</td> <td style="white-space: nowrap; width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">S&amp;P 500 Index</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2016</td> <td id="xdx_983_eoef--AccmVal_c20160801__20160831__oef--ClassAxis__custom--C000109530Member_z8YcRQLObIm3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td id="xdx_98A_eoef--AccmVal_c20160801__20160831__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zN3WPYBInQFj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2017</td> <td id="xdx_985_eoef--AccmVal_c20170201__20170228__oef--ClassAxis__custom--C000109530Member_zhYq9bBcBBNb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,388</td> <td id="xdx_982_eoef--AccmVal_c20170201__20170228__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_z34NcTCdceJb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,001</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2017</td> <td id="xdx_98B_eoef--AccmVal_c20170801__20170831__oef--ClassAxis__custom--C000109530Member_zSdSQVLAJmpc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,132</td> <td id="xdx_98D_eoef--AccmVal_c20170801__20170831__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zedrwMzylxR3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,623</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2018</td> <td id="xdx_98F_eoef--AccmVal_c20180201__20180228__oef--ClassAxis__custom--C000109530Member_ze1JUGi5OOY7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14,271</td> <td id="xdx_983_eoef--AccmVal_c20180201__20180228__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_z1NlzsIIYtu" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,883</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2018</td> <td id="xdx_983_eoef--AccmVal_c20180801__20180831__oef--ClassAxis__custom--C000109530Member_zgQniBcydexh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18,400</td> <td id="xdx_987_eoef--AccmVal_c20180801__20180831__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zX4H9GoJn5mg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,909</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2019</td> <td id="xdx_98A_eoef--AccmVal_c20190201__20190228__oef--ClassAxis__custom--C000109530Member_zj8Bo3azQeDe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17,252</td> <td id="xdx_98B_eoef--AccmVal_c20190201__20190228__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zTl7xbvUeyq8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,486</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2019</td> <td id="xdx_986_eoef--AccmVal_c20190801__20190831__oef--ClassAxis__custom--C000109530Member_z9csCpR1NEG9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17,071</td> <td id="xdx_980_eoef--AccmVal_c20190801__20190831__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zGPbreqCejDc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14,315</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/29/2020</td> <td id="xdx_98F_eoef--AccmVal_c20200201__20200229__oef--ClassAxis__custom--C000109530Member_zcBPriKQdeD1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17,858</td> <td id="xdx_984_eoef--AccmVal_c20200201__20200229__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_z6imu9BZWLdh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14,591</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2020</td> <td id="xdx_981_eoef--AccmVal_c20200801__20200831__oef--ClassAxis__custom--C000109530Member_zfROsOOEbQna" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27,059</td> <td id="xdx_983_eoef--AccmVal_c20200801__20200831__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zdXAcAnKxgo2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17,455</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2021</td> <td id="xdx_98F_eoef--AccmVal_c20210201__20210228__oef--ClassAxis__custom--C000109530Member_z2pGzKNu2Xi4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">36,964</td> <td id="xdx_98A_eoef--AccmVal_c20210201__20210228__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zViZxSt0Z5v1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19,156</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2021</td> <td id="xdx_983_eoef--AccmVal_c20210801__20210831__oef--ClassAxis__custom--C000109530Member_zNBGr63SVsG4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34,060</td> <td id="xdx_98B_eoef--AccmVal_c20210801__20210831__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zzAkdWuAo9Oa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22,895</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2022</td> <td id="xdx_985_eoef--AccmVal_c20220201__20220228__oef--ClassAxis__custom--C000109530Member_zsIQokOcIKAf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,627</td> <td id="xdx_984_eoef--AccmVal_c20220201__20220228__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_z2ZcJlz3GwJh" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22,295</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2022</td> <td id="xdx_98C_eoef--AccmVal_c20220801__20220831__oef--ClassAxis__custom--C000109530Member_zpAYRDhWBZth" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22,624</td> <td id="xdx_98F_eoef--AccmVal_c20220801__20220831__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_z2GEV1vp1q48" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,325</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2023</td> <td id="xdx_980_eoef--AccmVal_c20230201__20230228__oef--ClassAxis__custom--C000109530Member_z7eUf2fNk4F5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22,775</td> <td id="xdx_98C_eoef--AccmVal_c20230201__20230228__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zaYAQ8C1UyOg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,581</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2023</td> <td id="xdx_98A_eoef--AccmVal_c20230801__20230831__oef--ClassAxis__custom--C000109530Member_zu1leKFAFDN5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,654</td> <td id="xdx_98E_eoef--AccmVal_c20230801__20230831__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zpulxgDqGlQf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23,566</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/29/2024</td> <td id="xdx_982_eoef--AccmVal_c20240201__20240229__oef--ClassAxis__custom--C000109530Member_z9eWR9Ou3au6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">29,504</td> <td id="xdx_981_eoef--AccmVal_c20240201__20240229__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zn3OcPS7YB7l" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,848</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2024</td> <td id="xdx_983_eoef--AccmVal_c20240801__20240831__oef--ClassAxis__custom--C000109530Member_zzb988v8eQx8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">32,761</td> <td id="xdx_980_eoef--AccmVal_c20240801__20240831__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zmlV87ovU5cc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">29,960</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2025</td> <td id="xdx_989_eoef--AccmVal_c20250201__20250228__oef--ClassAxis__custom--C000109530Member_zXmXRFEJ19e7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">36,792</td> <td id="xdx_986_eoef--AccmVal_c20250201__20250228__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zniSQToha1bj" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">31,790</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2025</td> <td id="xdx_98A_eoef--AccmVal_c20250801__20250831__oef--ClassAxis__custom--C000109530Member_zIwZVoMwxpz4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">39,790</td> <td id="xdx_987_eoef--AccmVal_c20250801__20250831__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_z4AMlLipxn94" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34,718</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2026</td> <td id="xdx_98F_eoef--AccmVal_c20260201__20260228__oef--ClassAxis__custom--C000109530Member_zJEfn4cQrtL" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">38,329</td> <td id="xdx_982_eoef--AccmVal_c20260201__20260228__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zAGH9SsdISa9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">37,191</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2026</td> <td id="xdx_988_eoef--AccmVal_c20260801__20260831__oef--ClassAxis__custom--C000109530Member_zku050hYeVhc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41,922</td> <td id="xdx_984_eoef--AccmVal_c20260801__20260831__oef--BroadBasedIndexAxis__custom--SP500IndexCMember_zbNiDncWK8N1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41,793</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 10000 10000 10388 11001 12132 11623 14271 12883 18400 13909 17252 13486 17071 14315 17858 14591 27059 17455 36964 19156 34060 22895 25627 22295 22624 20325 22775 20581 25654 23566 29504 26848 32761 29960 36792 31790 39790 34718 38329 37191 41922 41793 SPARROW GROWTH FUND NO-LOAD CLASS SGNFX <p style="font: 10pt Century Gothic,sans-serif; margin: 0 0.05in 0 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 0.05in 0 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">This <span id="xdx_907_eoef--ShareholderReportAnnualOrSemiAnnual_c20250901__20260831_zP8Npj8vXdoh">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 August 31, 2026.</p> 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_909_eoef--AddlInfoWebsite_c20250901__20260831__oef--ClassAxis__custom--C000001375Member_znvGGli8rndf">www.sparrowcapital.com</span>. You can also request this information by contacting us at <span id="xdx_907_eoef--AddlInfoPhoneNumber_c20250901__20260831__oef--ClassAxis__custom--C000001375Member_zejbHLqsZelj">888-727-3301</span>.</p> <p style="font: 12pt 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 year?</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: 12pt 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: 5.4pt; 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_986_eoef--ExpensesPaidAmt_c20250901__20260831__oef--ClassAxis__custom--C000001375Member_zf42NaZpISt1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$130</td> <td id="xdx_983_eoef--ExpenseRatioPct_c20250901__20260831__oef--ClassAxis__custom--C000001375Member_ztbRqF18jblb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.26%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 130 0.0126 <p style="font: 10pt Century Gothic,sans-serif; margin: 0 0.05in 0 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">managment’s discussion of fund performance</span></b></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">The Sparrow Growth Fund – No-Load Class enjoyed positive returns for the year ended August 31, 2026, buoyed in part by favorable stock market conditions. These market conditions were supported by increased capital spending on Artificial Intelligence, including data centers and internet websites and software giants Microsoft and Google. The Fund increased +6.41% while the S&amp;P 500 Index increased +20.38%. The difference of returns was due to our allocation to financial services and consumer investments which presents a lower risk than other technology sectors faster paced hardware technology sectors.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"><b>Strategy</b></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">Our strategy of buying and holding profitable companies with growth potential included Nvidia, Google and Netflix, each of which had a strong, positive impact on Fund performance.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"><b>Techniques</b></p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">Our security selection may lead to lower relative turnover and lower realized capital gains taxes because we tend to be long-term business owners. Our selection process includes companies with above average sales and earnings per share growth. We believe that companies that have sales and earnings growth rates that are above average may produce a return over long periods of time that exceed market averages.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">Thank you for your confidence.</p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify"> </p> <p style="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: justify">Gerry Sparrow</p> <p style="font: 10pt Century Gothic,sans-serif; margin: 0; color: #548AB7"><span style="text-transform: uppercase"><b><span style="text-decoration: underline">Performance graph</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>AVERAGE ANNUAL RETURNS</b></p> <p style="font: 5pt Times New Roman, Times, Serif; margin: 0"><b> </b></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-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; width: 58%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: Black 1pt solid; white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">1 Year</span></td> <td style="border-top: Black 1pt solid; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">5 Years</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="text-decoration: underline">10 Years</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Sparrow Growth Fund – No-Load Class</td> <td id="xdx_986_eoef--AvgAnnlRtrPct_c20250901__20260831__oef--ClassAxis__custom--C000001375Member_z1sQUPVMCLff" style="white-space: nowrap; padding-right: 5.6pt; padding-left: 5.4pt; text-align: center">6.41%</td> <td id="xdx_980_eoef--AvgAnnlRtrPct_c20210901__20260831__oef--ClassAxis__custom--C000001375Member_zbbS1fv5Hg8i" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.29%</td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_c20160901__20260831__oef--ClassAxis__custom--C000001375Member_zuwU7yhGiil" style="border-right: Black 1pt solid; padding-right: 1.3pt; padding-left: 5.4pt; text-align: center">16.48%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">S&amp;P 500 Index</td> <td id="xdx_983_eoef--AvgAnnlRtrPct_c20250901__20260831__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zwgVxdPkkUNb" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.6pt; padding-left: 5.4pt; text-align: center">20.38%</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_c20210901__20260831__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zkDEdO6ajTs3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.78%</td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_c20160901__20260831__oef--BroadBasedIndexAxis__custom--SP500IndexMember_z6wXCd2YgIHb" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.3pt; padding-left: 5.4pt; text-align: center">15.37%</td></tr> </table> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><b>Total Return Based on $10,000 Investment</b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 7pt"><img alt="" src="image_007.gif" style="height: 271px; width: 455px"/></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20250901__20260831__oef--ClassAxis__custom--C000001375Member_zYS59UFpbai3">Past performance is not a good predictor of future performance</span>.</b> The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 888-727-3301.</p> 0.0641 0.0529 0.1648 0.2038 0.1278 0.1537 Past performance is not a good predictor of future performance <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: 12pt 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: 27%; padding-right: 5.4pt; padding-left: 5.4pt"> </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: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PORTFOLIO</td> <td style="white-space: nowrap; width: 26%; 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">NET ASSETS:</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">HOLDINGS:</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TURNOVER:</td> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">PAID BY FUND:</td></tr> <tr style="vertical-align: bottom"> <td id="xdx_983_eus-gaap--AssetsNet_iI_c20260831__oef--ClassAxis__custom--C000001375Member_zIjtIWdczKEe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$74,208,380</td> <td id="xdx_98F_eoef--HoldingsCount_iI_uHoldings_c20260831__oef--ClassAxis__custom--C000001375Member_zMK6sS6nRRk6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">84</td> <td id="xdx_983_eus-gaap--InvestmentCompanyPortfolioTurnover_c20250901__20260831__oef--ClassAxis__custom--C000001375Member_zPOGPipRab85" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">17.57%</td> <td id="xdx_983_eoef--AdvisoryFeesPaidAmt_c20250901__20260831__oef--ClassAxis__custom--C000001375Member_z3Ub8eTaLrQd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$729,751</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 74208380 84 0.1757 729751 <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: 9pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 9pt Times New Roman, Times, Serif; margin: 0">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"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 9pt"><img alt="" src="image_008.gif" style="height: 309px; width: 456px"/></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 78%; padding-right: 5.4pt; padding-left: 5.4pt">Sparrow Pie Chart – No Load Class</td> <td style="white-space: nowrap; width: 22%; 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_98B_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__custom--BasicMaterialsSectorMember_zFrBc8cMhfL" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.45%</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--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__custom--CommunicationServicesSectorMember_zm1ns1rYTE5a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16.66%</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_98D_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__custom--ConsumerCyclicalSectorMember_zyGWiOIgnP2e" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.65%</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_98E_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__custom--ConsumerDefensiveSectorMember_z5Wr5Ko5YEFk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.17%</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_988_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_z2HHrTc0ZhE4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22.12%</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_985_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_z4laLh6T88Qc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.96%</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_985_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zPpccJArp9e5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.37%</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_982_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__us-gaap--MoneyMarketFundsMember_zqkdb0vWFFK8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.14%</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_988_eoef--PctOfTotalInv_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--IndustrySectorAxis__us-gaap--TechnologySectorMember_zRrSao732KV6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">35.48%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0045 0.1666 0.0965 0.0817 0.2212 0.0496 0.0237 0.0014 0.3548 <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: 13%; padding-right: 5.4pt; padding-left: 5.4pt">1.</td> <td style="white-space: nowrap; width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">Alphabet Inc. Class A</td> <td id="xdx_98C_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAMember_zjUSYzKXGVIb" style="white-space: nowrap; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.98%</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">NVIDIA Corp.</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--NvidiaCorpMember_zghfdezSXMMd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.85%</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: 5.4pt; padding-left: 5.4pt">Apple, Inc.</td> <td id="xdx_983_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--AppleIncMember_zimeEtXjlO8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.70%</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">Amazon.com, Inc.</td> <td id="xdx_987_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--AmazoncomIncMember_zcjcr8EHhsYf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.42%</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">Walmart, Inc.</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--WalmartIncMember_zssrAxXAP2vi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.18%</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: 5.4pt; padding-left: 5.4pt">Microsoft Corp.</td> <td id="xdx_98D_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--MicrosoftCorpMember_zq9WeGOv0KUi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.06%</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_989_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--AmericanExpressCoMember_zltpFVXCMq2f" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.54%</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">Meta Platforms, Inc. Class A</td> <td id="xdx_984_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--MetaPlatformsIncMember_zyMY5fFKTtL4" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.25%</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">Broadcom, Inc.</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--BroadcomIncMember_zJQgx4kBIIdd" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.79%</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: 5.4pt; padding-left: 5.4pt">Visa, Inc. Class A</td> <td id="xdx_98D_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001375Member__oef--LargestHoldingAxis__custom--VisaIncClassAMember_zhqpu8o2aac3" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.74%</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 id="xdx_988_eoef--PctOfNav_iI_c20260831__oef--ClassAxis__custom--C000001375Member_zOEEikK27Wlb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">53.51%</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0898 0.0685 0.0570 0.0542 0.0518 0.0506 0.0454 0.0425 0.0379 0.0374 0.5351 www.sparrowcapital.com 888-727-3301 <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; display: none; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="white-space: nowrap; width: 37%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">No Load Class</td> <td style="white-space: nowrap; width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">S&amp;P 500 Index</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2016</td> <td id="xdx_986_eoef--AccmVal_c20160801__20160831__oef--ClassAxis__custom--C000001375Member_zzNLkpyTrMM2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td> <td id="xdx_98A_eoef--AccmVal_c20160801__20160831__oef--BroadBasedIndexAxis__custom--SP500IndexMember_z7B3qDd9XKqi" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2017</td> <td id="xdx_98A_eoef--AccmVal_c20170201__20170228__oef--ClassAxis__custom--C000001375Member_zyG3sgP6Fwke" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,432</td> <td id="xdx_982_eoef--AccmVal_c20170201__20170228__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zsEasKpSWrQb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,001</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2017</td> <td id="xdx_981_eoef--AccmVal_c20170801__20170831__oef--ClassAxis__custom--C000001375Member_zy4qOo24Gyij" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,227</td> <td id="xdx_988_eoef--AccmVal_c20170801__20170831__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zMbSOfr0xxO9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,623</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2018</td> <td id="xdx_98D_eoef--AccmVal_c20180201__20180228__oef--ClassAxis__custom--C000001375Member_z69EJ1qiUOJf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14,438</td> <td id="xdx_98C_eoef--AccmVal_c20180201__20180228__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zSRb1hy8BPik" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,883</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2018</td> <td id="xdx_980_eoef--AccmVal_c20180801__20180831__oef--ClassAxis__custom--C000001375Member_zpbwN8dcqzgb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18,672</td> <td id="xdx_985_eoef--AccmVal_c20180801__20180831__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zBJxifdbJhTf" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,909</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2019</td> <td id="xdx_988_eoef--AccmVal_c20190201__20190228__oef--ClassAxis__custom--C000001375Member_zVuK0lKX752c" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17,563</td> <td id="xdx_984_eoef--AccmVal_c20190201__20190228__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zJjoRNcBstn" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,486</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2019</td> <td id="xdx_985_eoef--AccmVal_c20190801__20190831__oef--ClassAxis__custom--C000001375Member_zGbXnitAEY8a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17,446</td> <td id="xdx_982_eoef--AccmVal_c20190801__20190831__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zFXyMfFiyPri" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14,315</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/29/2020</td> <td id="xdx_982_eoef--AccmVal_c20200201__20200229__oef--ClassAxis__custom--C000001375Member_z3ThqqB680o1" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18,327</td> <td id="xdx_98C_eoef--AccmVal_c20200201__20200229__oef--BroadBasedIndexAxis__custom--SP500IndexMember_z8zejGq6ofFc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14,591</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2020</td> <td id="xdx_98A_eoef--AccmVal_c20200801__20200831__oef--ClassAxis__custom--C000001375Member_z0TSixStO7r3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27,962</td> <td id="xdx_98A_eoef--AccmVal_c20200801__20200831__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zAqjdaAZNvx6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17,455</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2021</td> <td id="xdx_988_eoef--AccmVal_c20210201__20210228__oef--ClassAxis__custom--C000001375Member_zlHSmodrzZJ3" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">38,382</td> <td id="xdx_980_eoef--AccmVal_c20210201__20210228__oef--BroadBasedIndexAxis__custom--SP500IndexMember_z5gK8FdDD4q6" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19,156</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2021</td> <td id="xdx_98E_eoef--AccmVal_c20210801__20210831__oef--ClassAxis__custom--C000001375Member_zZkG9NeSCu1a" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">35,552</td> <td id="xdx_987_eoef--AccmVal_c20210801__20210831__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zHbPzz9pLeT7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22,895</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2022</td> <td id="xdx_98C_eoef--AccmVal_c20220201__20220228__oef--ClassAxis__custom--C000001375Member_zDDRLG6HZoT8" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,885</td> <td id="xdx_98C_eoef--AccmVal_c20220201__20220228__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zDQoErgdbBR2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22,295</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2022</td> <td id="xdx_987_eoef--AccmVal_c20220801__20220831__oef--ClassAxis__custom--C000001375Member_zb26JTf6Fr8b" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23,851</td> <td id="xdx_983_eoef--AccmVal_c20220801__20220831__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zaiT0CQnUUgl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,325</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2023</td> <td id="xdx_98C_eoef--AccmVal_c20230201__20230228__oef--ClassAxis__custom--C000001375Member_zXwOj73C6BKl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">24,126</td> <td id="xdx_98F_eoef--AccmVal_c20230201__20230228__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zQvN1QQUNDJg" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,581</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2023</td> <td id="xdx_98E_eoef--AccmVal_c20230801__20230831__oef--ClassAxis__custom--C000001375Member_z5KXsiaqmnLl" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27,322</td> <td id="xdx_986_eoef--AccmVal_c20230801__20230831__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zGBXStI3sIK9" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23,566</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/29/2024</td> <td id="xdx_982_eoef--AccmVal_c20240201__20240229__oef--ClassAxis__custom--C000001375Member_zwKH4NLliHIa" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">31,572</td> <td id="xdx_987_eoef--AccmVal_c20240201__20240229__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zdCn1J3mFOP5" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26,848</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2024</td> <td id="xdx_98C_eoef--AccmVal_c20240801__20240831__oef--ClassAxis__custom--C000001375Member_z5WDG8p38YO7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">35,227</td> <td id="xdx_98A_eoef--AccmVal_c20240801__20240831__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zN5yegMFXSOk" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">29,960</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2025</td> <td id="xdx_98A_eoef--AccmVal_c20250201__20250228__oef--ClassAxis__custom--C000001375Member_zrhlowUyjF22" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">39,770</td> <td id="xdx_98B_eoef--AccmVal_c20250201__20250228__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zkWajd5R5wO" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">31,790</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2025</td> <td id="xdx_986_eoef--AccmVal_c20250801__20250831__oef--ClassAxis__custom--C000001375Member_z9dajt83yCNe" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">43,226</td> <td id="xdx_98A_eoef--AccmVal_c20250801__20250831__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zxI2G3W4Nqt2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34,718</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">2/28/2026</td> <td id="xdx_982_eoef--AccmVal_c20260201__20260228__oef--ClassAxis__custom--C000001375Member_zX2qXl9teKlc" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41,846</td> <td id="xdx_98C_eoef--AccmVal_c20260201__20260228__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zUo9q4JxhWs2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">37,191</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">8/31/2026</td> <td id="xdx_985_eoef--AccmVal_c20260801__20260831__oef--ClassAxis__custom--C000001375Member_zxuD1Fq5kFAb" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">45,995</td> <td id="xdx_98F_eoef--AccmVal_c20260801__20260831__oef--BroadBasedIndexAxis__custom--SP500IndexMember_zdbuvOAQTLX7" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41,793</td></tr> </table> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> 10000 10000 10432 11001 12227 11623 14438 12883 18672 13909 17563 13486 17446 14315 18327 14591 27962 17455 38382 19156 35552 22895 26885 22295 23851 20325 24126 20581 27322 23566 31572 26848 35227 29960 39770 31790 43226 34718 41846 37191 45995 41793