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Schedule of Investments |
November 30, 2023 (unaudited) |
Sparrow Growth Fund |
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| Shares or Principal |
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Security Description | | | Amount ($) | | Fair Value ($)(1) |
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Common Stocks - 99.22% |
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Beverages - 4.67% |
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Coca-Cola Co. |
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| 15,575 |
| 910,203 |
PepsiCo, Inc. |
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| 6,670 |
| 1,122,494 |
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| 2,032,697 |
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Bottled & Canned Soft Drinks Carbonated Waters - 0.92% |
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Monster Beverage Corp. (2) |
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| 7,330 |
| 404,250 |
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Business Services - 0.18% |
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Fair Isaac, Inc. (2) |
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| 70 |
| 76,132 |
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Cigarettes - 0.50% |
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Philip Morris International, Inc. |
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| 2,305 |
| 215,195 |
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Computer Communications Equipment - 0.96% |
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Arista Networks, Inc. (2) |
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| 340 |
| 74,701 |
Cisco Systems, Inc. |
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| 7,085 |
| 342,772 |
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| 417,473 |
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Computer Peripheral Equipment - 0.65% |
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Fortinet, Inc. (2) |
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| 935 |
| 49,144 |
Palo Alto Networks, Inc. (2) |
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| 790 |
| 233,121 |
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| 282,265 |
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Electronic Computers - 6.79% |
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Apple, Inc. |
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| 15,515 |
| 2,947,074 |
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Finance Services - 3.06% |
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American Express Co. |
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| 7,780 |
| 1,328,591 |
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Fire, Marine & Casualty Insurance - 3.49% |
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Berkshire Hathaway, Inc. Class B (2) |
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| 3,715 |
| 1,337,400 |
Chubb Ltd. (2) |
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| 195 |
| 44,739 |
Progressive Corp. |
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| 815 |
| 133,684 |
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| 1,515,823 |
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Hospital & Medical Service Plans - 1.57% |
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Cigna Corp. |
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| 575 |
| 151,156 |
United Health Group, Inc. |
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| 960 |
| 530,851 |
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| 682,007 |
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Hotels & Motels - 0.44% |
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Hilton Worldwide Holdings, Inc. |
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| 430 |
| 72,034 |
Marriott International, Inc. |
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| 590 |
| 119,593 |
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| 191,627 |
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Industrial Instruments For Measurement, Display, and Control - 0.09% |
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Roper Technologies, Inc. |
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| 70 |
| 37,678 |
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Insurance Agents Brokers & Services - 0.14% |
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Marsh & McLenan Companies, Inc. |
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| 295 |
| 58,829 |
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National Commercial Banks - 1.15% |
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JPMorgan Chase & Co. |
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| 3,195 |
| 498,676 |
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Petroleum Refining- 1.63% |
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Chevron Corp. |
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| 1,890 |
| 271,404 |
Exxon Mobil Corp. |
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| 4,245 |
| 436,131 |
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| 707,535 |
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Pharmaceutical Preparations - 5.22% |
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Eli Lilly & Co. |
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| 1,760 |
| 1,040,230 |
Johnson & Johnson |
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| 2,960 |
| 457,794 |
Vertex Pharmaceuticals, Inc. (2) |
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| 1,950 |
| 691,879 |
Zoetis, Inc. |
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| 430 |
| 75,968 |
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| 2,265,871 |
Retail - Eating Places - 4.08% |
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McDonalds Corp. |
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| 6,290 |
| 1,772,774 |
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Retail -Auto Dealers & Gasoline Stations - 1.80% |
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AutoNation, Inc. (2) |
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| 3,450 |
| 466,681 |
AutoZone, Inc. (2) |
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| 120 |
| 313,192 |
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| 779,873 |
Retail - Auto & Home Supply Stores- 0.92% |
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O'Reilly Automotive, Inc. (2) |
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| 405 |
| 397,864 |
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Retail - Building Materials, Hardware, Garden Supply - 0.48% |
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Sherwin Williams Co . |
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| 745 |
| 207,706 |
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Retail -Catalog & Mail-Order Houses - 5.21% |
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Amazon.com, Inc. (2) |
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| 15,480 |
| 2,261,473 |
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Retail - Eating & Drinking Places - 0.99% |
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Starbucks Corp. |
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| 4,325 |
| 429,472 |
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Retail - Family Clothing Stores - 0.18% |
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TJX Companies, Inc. |
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| 880 |
| 77,537 |
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Retail-Variety Stores - 5.93% |
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Costco Wholesale Corp. |
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| 1,135 |
| 672,760 |
Walmart, Inc. |
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| 12,230 |
| 1,904,089 |
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| 2,576,849 |
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Security & Commodity Brokers, Dealers, Exchanges & Services - 0.14% |
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Intercontinental Exchange, Inc. |
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| 545 |
| 62,043 |
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Semiconductors & Related Devices - 4.21% |
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Broadcom, Inc. |
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| 655 |
| 606,353 |
Microchip Technology, Inc. |
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| 800 |
| 66,752 |
NVIDIA Corp. |
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| 2,470 |
| 1,155,219 |
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| 1,828,324 |
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Services - Business Services - 7.24% |
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Fiserv, Inc. (2) |
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| 680 |
| 88,815 |
Mastercard, Inc. Class A |
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| 3,565 |
| 1,475,304 |
MSCI, Inc. (2) |
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| 140 |
| 72,919 |
Visa, Inc. Class A |
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| 5,870 |
| 1,506,712 |
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| 3,143,750 |
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Services - Computer Processing & Data Preparation - 0.51% |
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Workday, Inc. Class A (2) |
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| 825 |
| 223,344 |
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Services - Computer Programming, Data Processing, Etc. - 10.15% |
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Alphabet, Inc. Class A (2) |
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| 19,645 |
| 2,603,552 |
Meta Platforms, Inc. Class A (2) |
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| 5,515 |
| 1,804,232 |
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| 4,407,784 |
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Services - Consumer Credit Reporting, Collection Agencies- 2.80% |
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Moody's Corp. |
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| 1,075 |
| 392,332 |
S&P Global, Inc. |
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| 1,985 |
| 825,423 |
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| 1,217,755 |
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Services - Prepackaged Software - 14.24% |
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Adobe, Inc. (2) |
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| 660 |
| 403,267 |
Cadence Design Systems, Inc. (2) |
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| 180 |
| 49,189 |
Electronic Arts, Inc. |
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| 895 |
| 123,519 |
FleetCor Technologies, Inc. (2) |
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| 190 |
| 45,695 |
Intuit, Inc. |
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| 200 |
| 114,292 |
Microsoft Corp. |
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| 7,555 |
| 2,862,665 |
Oracle Corp. |
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| 5,315 |
| 617,656 |
Paycom Software, Inc. |
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| 1,665 |
| 302,464 |
Salesforce.com, Inc. (2) |
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| 3,105 |
| 782,149 |
ServiceNow, Inc. (2) |
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| 1,175 |
| 805,744 |
Synopsys, Inc. (2) |
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| 145 |
| 78,768 |
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| 6,185,408 |
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Services - Video Tape Rental - 3.08% |
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Netflix, Inc. (2) |
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| 2,825 |
| 1,338,965 |
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Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 2.64% |
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Ecolab, Inc. |
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| 210 |
| 40,263 |
Procter & Gamble Co. |
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| 7,200 |
| 1,105,344 |
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| 1,145,607 |
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Sugar & Confectionery Products - 2.17% |
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Hershey Co. |
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| 5,010 |
| 941,479 |
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Surgical & Medical Instruments & Apparatus - 0.16% |
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Stryker Corp. |
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| 230 |
| 68,156 |
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Transportation Services- 0.83% |
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Booking Holdings, Inc. (2) |
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| 115 |
| 359,455 |
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Total Common Stock |
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| (Cost $ 34,706,204) |
| 43,087,341 |
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Money Market Registered Investment Companies (3) - 0.59% |
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Fidelity Institutional Money Market Funds Government Class I - 5.252% | 257,815 |
| 257,815 |
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Total Money Market Registered Investment Companies | (Cost $ 257,815) |
| 257,815 |
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Total Investments - 99.82% | (Cost $ 34,964,049) |
| 43,345,156 |
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Other Assets Less Liabilities - .18% |
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| 80,226 |
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Total Net Assets - 100.00% |
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| 43,425,382 |
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(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) |
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The following is a summary of the inputs used as of November 30, 2023 in valuing the Fund's assets carried at fair value: |
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| | | | | Investments in | | Other Financial |
Valuation Inputs | | | | Securities | | Instruments (4) |
Level 1 - Quoted Prices | | | $ | 43,345,156 | $ | |
Level 2 - Other Significant Observable Inputs | | | 0 | | - |
Level 3 - Significant Unobservable Inputs | | | 0 | | - |
Total | | | | $ | 43,345,156 | $ | 0 |
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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. |
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(2) Represents non-income producing securities. |
(3) Variable rate security; the coupon rate shown represents the yield at November 30, 2023 |
