Sparrow Funds NPORT-PMonthly portfolio investment report

Schedule of Investments

November 30, 2022 (unaudited)

Sparrow Growth Fund

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Search, Detection, Navigation, Guidance, Aeronautical Sys - 0.14%

Northrop Grumman Corp.

110

58,662

Accident & Health Insurance - 0.07%

Principal Financial Group, Inc.

315

28,249

Air Courier Services - 0.09%

FedEx Corp.  

185

33,711

Aircraft Engines & Engine Parts - 0.19%

Honeywell International, Inc.

325

71,354

Apparel Stores - 0.19%

TJX Companies, Inc.  

880

70,444

Application Software - 0.28%

Intuit, Inc.  

260

105,973

Banks - 0.10%

Goldman Sachs Group, Inc.

100

38,615

Beverages - 6.15%

Coca-Cola Co.

16,410

1,043,840

Constellation Brands, Inc.  

95

24,448

Keurig Dr Pepper, Inc.  

725

28,036

PepsiCo, Inc.  

6,670

1,237,352

2,333,676

Biological Products (No Diagnostic Substances) - 0.76%

Amgen, Inc

620

177,568

Gilead Sciences, Inc.  

890

78,169

Moderna, Inc.  (2)

180

31,664

287,401

Bottled & Canned Soft Drinks Carbonated Waters - 0.85%

Monster Beverage Corp.  (2)

3,120

320,923

Cable & Other Pay Television Services - 0.72%

Charter Communications, Inc.  (2)

215

84,127

Comcast Corp.  

3,655

133,919

Walt Disney Co.   (2)

570

55,786

273,832

Canned, Frozen & Preserved Fruit, Veg & Food Specialties - 0.03%

Kraft Heinz Co.

330

12,986

Computer & Office Equipment - 0.30%

International Business Machines Corp.

775

115,398

Computer Peripheral Equipment - 0.01%

Fortinet, Inc. (2)

85

4,519

Confectioners - 3.11%

Hershey Co.

5,010

1,178,202

Construction Machinery & Equip - 0.14%

Caterpillar, Inc.  

220

52,010

Converted Paper & Paperboard Prods (No Containers/Boxes) - 0.09%

Kimberly-Clark Corp.  

265

35,942

Crude Petroleum & Natural Gas - 0.22%

EOG Resources, Inc.  

265

37,611

Occidental Petroleum Corp.  

650

45,169

82,780

Drug Manufacturers - Major - 1.54%

Johnson & Johnson

3,275

582,950

Electric Services - 0.47%

American Electric Power Co., Inc.  

120

11,616

Dominion Energy, Inc.  

200

12,222

Duke Energy Corp.  

185

18,487

Exelon Corp.

315

13,032

NextEra Energy, Inc

1,245

105,451

Southern Co.  

255

17,248

178,056

Electronic Connectors - 0.13%

Amphenol Corp. Class A

590

47,454

Electronic & Other Electrical Equipment - 0.11%

Emerson Electric Co.  

430

41,181

Electronic Computers - 2.03%

Apple, Inc.

5,210

771,236

Farm Machinery & Equipment - 0.15%

Deere & Co.  

130

57,330

Fats & Oils - 0.10%

Archer Daniels Midland Co.  

405

39,488

Financial Services - 3.50%

American Express Co.  

7,780

1,226,050

Bank of America Corp.  

2,670

101,060

1,327,110

Fire, Marine & Casualty Insurance - 3.34%

Allstate Corp.

275

36,823

American International Group, Inc.  

890

56,168

Berkshire Hathaway, Inc. Class B  (2)

3,305

1,052,973

Progressive Corp.

565

74,665

Travelers Companies, Inc.

235

44,605

1,265,234

Food & Kindred Products - 0.21%

Mondelez International, Inc.  

1,190

80,456

Gas & Other Services Combined - 0.03%

Sempra Energy  

75

12,464

General Industrial Machinery & Equipment - 0.14%

Illinois Tool Works, Inc.  

235

53,455

Grain Mill Products - 0.09%

General Mill, Inc.

400

34,120

Heallth Care Plans - 0.14%

Humana, Inc.  

95

52,241

Hospital & Medical Sercice Plans - 12.77%

Elevance Health, Inc.

125

66,615

Centene Corp.  (2)

415

36,126

Cigna Corp.

3,150

1,036,004

United Health Group, Inc.

6,765

3,705,596

4,844,341

Hotels & Motels - 0.23%

Hilton Worldwide Holdings, Inc.

430

61,327

Marriott International, Inc.  

160

26,456

87,783

Industrial Inorganic Chemicals - 0.09%

Air Products and Chemicals, Inc.  

105

32,567

Industrial Instruments For Measurement - 0.54%

Danaher Corp.  

640

174,982

Roper Technologies, Inc.

70

30,722

205,704

Insurance Agents Brokers & Services - 0.13%

Marsh & McLenan Companies, Inc.   

295

51,088

Life Insurance- 0.16%

MetLife, Inc.   

785

60,210

Luxury Goods - 0.69%

LVMH Moet Hennessy Louis Vuitton SE

1,700

260,100

Measuring & Controlling Devices, Nec- 0.53%

Thermo Fisher Scientific, Inc.   

360

201,679

Medical Instruments & Supplies - 0.02%

Intuitive Surgical, Inc.   (2)

25

6,760

Metal Mining  - 0.10%

Freeport-McMoRan Inc.  

965

38,407

Money Center Banks  - 0.29%

Citigroup, Inc.  

2,285

110,617

Motor Vehicles & Passenger car Bodies  - 0.02%

Tesla, Inc.  (2)

45

8,762

National Commercial Banks- 0.76%

PNC Financial Services Group, Inc.  

415

69,828

Truist Financial Corp.  

1,000

46,810

US Bancorp  

1,425

64,681

Wells Fargo & Co.

2,255

108,127

289,446

Natural Gas Distribution  - 0.14%

Kinder Morgan, Inc.

1,450

27,724

Williams Companies, Inc.

775

26,893

54,617

Oil&Gas - 1.07%

Exxon Mobil Corp.

3,650

406,391

Optical Intrusments & lenses - 0.07%

KLA Corp.  

65

25,555

Orthopedic, Prosthetic & Surgical Appliances & Supplies - 0.01%

Edwards Lifesciences Corp.   (2)

50

3,862

Perfumes, Cosmetics & Other Toliet Prepa - 0.33%

Colgate Palmolive, Co.  

620

48,037

Estee Lauder Companies, Inc

325

76,632

124,669

Personal Products - 0.31%

L'Oreal (2)

1,590

118,312

Petroleum Refining- 4.49%

Chevron Corp.

7,740

1,418,819

Conoco Philips

1,495

184,647

Marathon Petroleum Corp.   

495

60,296

Phillips 66  

365

39,581

1,703,343

Pharmaceutical Preparations - 10.56%

Abbott Laboratories  

1,660

178,583

Abbvie, Inc  

740

119,273

Bristol-Myers Squibb Co.

14,575

1,170,081

Eli Lily & Co

830

307,997

Merck & Co., Inc.  

2,235

246,118

Pfizer, Inc.

3,115

156,155

Regeneron Pharmaceuticals, Inc.  (2)

50

37,585

Vertex Pharmaceuticals, Inc.  (2)

5,450

1,724,380

Zoetis, Inc.  

430

66,280

4,006,452

Radio & TV Broadcasting & Communications - 0.32%

Qualcomm, Inc.  

945

119,533

Radio Telephone Communications - 0.15%

T-Mobile US, Inc.  (2)

370

56,040

Railroads, Line-haul Operating - 0.58%

CSX Corp.

1,545

50,506

Norfolk Southern Corp.  

175

44,888

Union Pacific Corp.

575

125,022

220,416

Refuse Systems - 0.25%

Republic Services, Inc.

315

43,876

Waste Management, Inc.

300

50,316

94,192

Retail - Eating Places - 4.52%

McDonalds Corp.

6,290

1,715,849

Retail - Auto Dealers & Gasoline Stations - 1.26%

AutoNation, Inc.  (2)

3,450

427,490

AutoZone, Inc. (2)

20

51,580

479,070

Retail - Auto & Home Supply Stores- 0.15%

O'Reilly Automotive, Inc. (2)

65

56,195

Retail - Building Materials, Hardware, Garden Supply  - 0.12%

Sherwin Williams Co .

180

44,852

Retail -Catalog & Mail-Order Houses - 0.44%

Amazon.com, Inc.   (2)

1,735

167,497

Retail -Drug Stores And proprietary Store- 0.25%

CVS Health Corp.

930

94,748

Retail- Lumber & Other Building Materials - 0.39%

Home Depot, Inc.

460

149,035

Retail-Variety Stores - 8.38%

Costco Wholesale Corp.

265

142,901

Dollar General Corp.

4,875

1,246,440

Walmart, Inc.

11,730

1,787,887

3,177,228

Rubber & Plastics Footwear- 2.98%

Nike, Inc. Class B  

10,305

1,130,355

Search, Detection, Navigation, Guidance, Aeronautical Systems - 0.07%

L3Harris Technologies, Inc.

125

28,385

Security & Commodity Brokers, Dealers, Exchanges & Services - 0.24%

CME Group, Inc.   

175

30,887

Intercontinental Exchange, Inc.  

545

59,029

89,916

Security Brokers, Dealers & Flotation Companies - 0.68%

BlackRock, Inc.   

145

103,820

Morgan Stanley   

1,645

153,100

256,920

Semiconductor-Broad Line - 0.25%

Texas Instruments, Inc.

535

96,546

Semiconductors- 0.17%

Micron Technology, Inc.  

1,095

63,127

Semiconductors & Related Devices - 0.78%

Advanced Micro Devices, Inc.   (2)

345

26,782

Analog Devices, Inc.

305

52,433

Applied Materials, Inc.

450

49,320

Microchip Technology, Inc.

800

63,352

NVIDIA Corp.

625

105,769

297,656

Services - Business Services - 3.57%

Fiserv, Inc.  (2)

325

33,917

Mastercard, Inc.

2,260

805,464

PayPal Holdings, Inc.  (2)

860

67,433

Visa, Inc. Class A

2,060

447,020

1,353,834

Services-Commercial Physical & Biological Research  - 0.11%

IQVIA Holdings, Inc. (2)

190

41,424

Services - Computer Processing & Data Preparation - 0.28%

Automatic Data Processing, Inc.  

400

105,656

Services - Computer Programming, Data Processing, Etc. - 2.53%

Alphabet, Inc. Class A    (2)

7,275

734,702

Meta Platforms, Inc. Class A   (2)

1,910

225,571

960,273

Services - Consumer Credit Reporting, Collection Agencies- 2.69%

Moody's Corp.

1,075

320,640

S&P Global, Inc.

1,985

700,308

1,020,948

Services-Engineering, Accounting, Research, Management- 0.04%

Paychex, Inc.

115

14,263

Services -General Medical & Surgical Hosp- 0.09%

HCA Healthcare, Inc.   

145

34,832

Services - Prepackaged Software - 5.64%

Adobe, Inc.  (2)

305

105,204

Cadence Design Systems, Inc. (2)

180

30,967

Electronic Arts, Inc.

425

55,581

Microsoft Corp.

2,560

653,158

Oracle Corp.  

2,390

198,442

Paycom Software, Inc.  (2)

1,665

564,602

Salesforce.com, Inc.  (2)

630

100,957

ServiceNow, Inc.  (2)

970

403,811

Synopsys, Inc.  (2)

75

25,465

2,138,187

Services - Video Tape Rental - 1.55%

Netflix, Inc.      (2)

1,930

589,673

Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 1.07%

Ecolab, Inc.   

210

31,464

Procter & Gamble Co.

2,520

375,883

407,347

Special Industry Machinery, Nec - 0.16%

Lam Research Corp.  

130

61,409

Specialty eateries- 0.29%

Starbucks Corp.

1,080

110,376

Surgical & Medical Instruments & Apparatus - 0.32%

Becton, Dickinson & Co.  

140

34,907

Boston Scientific Corp.  (2)

700

31,689

Stryker Corp.  

230

53,795

120,391

Transportation Services- 0.19%

Booking Holdings, Inc.  (2)

35

72,781

Trucking & Courier Services (No Air) - 0.29%

United Parcel Service, Inc.

570

108,146

Wholesale--Drugs, Proprietaries & Druggists' Sundries - 0.14%

McKesson Corp.

140

53,435

Wholesale - Durable Goods Goods - 0.08%

W.W. Grainger, Inc.

50

30,153

Wholesale-Groceries & Related Products - 0.08%

Sysco Corp.

335

28,981

Total Common Stock

(Cost $          32,973,758)

37,877,786

Total Investments - 99.84%

(Cost $           32,973,758)

37,877,786

Other Assets Less Liabilities- .16%

59,234

Total Net Assets - 100.00%

37,937,020

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

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

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

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

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

       The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's assets carried at fair value:

Securities

$

37,877,786

$

0

0

$

37,877,786

$

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

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

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

       market, such securities are reflected as Level 2.

(2)   Represents non-income producing securities.

(3)  Fair valued security deemed as Level 3 security.

(4)  Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized

      appreciation/depreciation on the instrument.