# EDGAR Filing Document

**Accession Number:** 0001066241
**File Stem:** 0001162044-25-000691
**Filing Date:** 2025-7
**Character Count:** 66482
**Document Hash:** 36f18c39cd61e74971bee2f63ae82900
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-000691.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001162044-25-000691

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPARROW FUNDS
- **CENTRAL INDEX KEY:** 0001066241

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08897
- **FILM NUMBER:** 251155323

**BUSINESS ADDRESS:**
- **STREET 1:** 8500 MARYLAND AVENUE
- **STREET 2:** SUITE 743
- **CITY:** ST LOUIS
- **STATE:** MO
- **ZIP:** 63105
- **BUSINESS PHONE:** 3147256161

**MAIL ADDRESS:**
- **STREET 1:** 8500 MARYLAND AVENUE
- **STREET 2:** SUITE 743
- **CITY:** ST LOUIS
- **STATE:** MO
- **ZIP:** 63105

## Series and Classes Contracts Data

### Sparrow Growth Fund (Series ID: S000000502)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000001374 | Class A      | SGFFX           |
| C000001375 | No Load      | SGNFX           |
| C000109530 | Class C      | SGFCX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (unaudited)** | **May 31, 2025 (unaudited)** | **May 31, 2025 (unaudited)** |
| **<u>Sparrow Growth Fund</u>** | **<u>Sparrow Growth Fund</u>** | **<u>Sparrow Growth Fund</u>** |
|  | **Shares or Principal** |  |
| **Security Description** | **Amount ($)** | **Fair Value ($)(1)** |
| **Common Stocks - 99.77%** | **Common Stocks - 99.77%** | **Common Stocks - 99.77%** |
| **Application Software - 0.15%** |  |  |
| Manhattan Associates, Inc. (2) | 580  | 109492  |
| **Beverages - 0.79%** |  |  |
| BellRing Brands, Inc. (2) | 985  | 62006  |
| PepsiCo, Inc.  | 1375  | 180744  |
| The Coca-Cola Co. | 4325  | 311833  |
|  |  | 554582  |
| **Bottled & Canned Soft Drinks Carbonated Waters - 0.69%** |  |  |
| Celsius Holdings, Inc. (2) | 405  | 15341  |
| Monster Beverage Corp. (2) | 7330  | 468754  |
|  |  | 484095  |
| **Business Services - 0.32%** |  |  |
| Fair Isaac Corp. (2) | 130  | 224416  |
| **Computer Communications Equipment - 0.21%** |  |  |
| Arista Networks, Inc. (2) | 1660  | 143822  |
| **Computer Peripheral Equipment - 0.97%** |  |  |
| Fortinet, Inc. (2) | 1790  | 182186  |
| Palo Alto Networks, Inc. (2) | 2580  | 496444  |
|  |  | 678630  |
| **Electronic Computers - 3.95%** |  |  |
| Apple, Inc. | 13360  | 2683356  |
| Super Micro Computer, Inc. (2) | 2035  | 81441  |
|  |  | 2764797  |
| **Energy & Energy Services - 0.09%** |  |  |
| Nextracker, Inc. (2) | 1090  | 61792  |
| **Finance Services - 4.78%** |  |  |
| American Express Co. | 10200  | 2999310  |
| Coinbase Global, Inc. (2) | 975  | 240455  |
| LPL Financial Holdings Inc. | 165  | 63881  |
| Morningstar, Inc. | 150  | 46263  |
|  |  | 3349909  |
| **Fire, Marine & Casualty Insurance - 6.60%** |  |  |
| Allstate Corp. (2) | 415  | 87096  |
| Berkley WR Corp. (2) | 1145  | 85520  |
| Berkshire Hathaway, Inc. Class B (2) | 5560  | 2802018  |
| Chubb Ltd. | 1085  | 322462  |
| Kinsale Capital Group, Inc. | 255  | 120357  |
| Markel Corp. | 25  | 48543  |
| Palomar Holdings, Inc. (2) | 615  | 105454  |
| Selective Insurance Group, Inc. | 1040  | 91541  |
| Skyward Specialty Insurance Group, Inc. (2) | 1280  | 81088  |
| The Hanover Insurance Group, Inc. | 910  | 160142  |
| The Progressive Corp. | 2520  | 718024  |
|  |  | 4622244  |
| **Healthcare-Services - 0.02%** |  |  |
| Viemed Healthcare, Inc. (2) | 2535  | 16858  |
| **Hospital & Medical Service Plans - 0.82%** |  |  |
| Cigna Corp. (2) | 830  | 262811  |
| Elevance Health, Inc. | 65  | 24950  |
| United Health Group, Inc. | 960  | 289834  |
|  |  | 577594  |
| **Hotels & Motels - 0.37%** |  |  |
| Hilton Worldwide Holdings, Inc. | 430  | 106829  |
| Marriott International, Inc.  | 590  | 155660  |
|  |  | 262489  |
| **Household Appliances - 0.17%** |  |  |
| A.O. Smith Corp. | 1860  | 119617  |
| **Industrial Instruments For Measurement, Display, and Control - 0.06%** |  |  |
| Roper Technologies, Inc. | 70  | 39919  |
| **Information & Delivery Services - 0.32%** |  |  |
| FactSet Research Systems, Inc. | 485  | 222256  |
| **Insurance - 0.94%** |  |  |
| Arthur J. Gallagher & Co. | 140  | 48642  |
| Brown & Brown, Inc. | 695  | 78466  |
| CNA Financial Corp. | 1030  | 49347  |
| Mercury General Corp. | 5110  | 329493  |
| RLI Corp. | 400  | 30748  |
| The Hartford Financial Services Group, Inc. | 955  | 123997  |
|  |  | 660692  |
| **Insurance Agents Brokers & Services - 0.38%** |  |  |
| Marsh & McLenan Cos., Inc.  | 1145  | 267541  |
| **Internet Information Providers - 0.33%** |  |  |
| GoDaddy, Inc. (2) | 1260  | 229509  |
| **Men's & Boys' Furnishings, Work Clothing - 0.07%** |  |  |
| Cintas Corp. | 220  | 49830  |
| **Motor Vehicles & Passenger Car Bodies - 0.60%** |  |  |
| Tesla, Inc. (2) | 1205  | 417484  |
| **National Commercial Banks - 1.50%** |  |  |
| JPMorgan Chase & Co. | 3970  | 1048080  |
| **Perfumes, Cosmetics & Other Toilet Preparations - 0.04%** |  |  |
| e.l.f. Beauty, Inc. (2) | 260  | 29247  |
| **Pharmaceutical Preparations - 3.41%** |  |  |
| Eli Lilly & Co. | 1970  | 1453210  |
| Vertex Pharmaceuticals, Inc. (2) | 1950  | 861998  |
| Zoetis, Inc.  | 430  | 72511  |
|  |  | 2387718  |
| **Restaurants - 0.07%** |  |  |
| Chipotle Mexican Grill, Inc. (2) | 1000  | 50080  |
| **Retail - Auto Dealers & Gasoline Stations - 0.43%** |  |  |
| AutoZone, Inc. (2) | 80  | 298643  |
| **Retail - Auto & Home Supply Stores- 0.79%** |  |  |
| O'Reilly Automotive, Inc. (2) | 405  | 553838  |
| **Retail - Building Materials, Hardware, Garden Supply - 0.38%** |  |  |
| The Sherwin Williams Co. (2) | 745  | 267313  |
| **Retail - Catalog & Mail-Order Houses - 4.53%** |  |  |
| Amazon.com, Inc. (2) | 15480  | 3173555  |
| **Retail - Eating & Drinking Places - 0.46%** |  |  |
| McDonald's Corp. | 1030  | 323266  |
| **Retail - Family Clothing Stores - 0.16%** |  |  |
| The TJX Cos., Inc.  | 880  | 111672  |
| **Retail-Variety Stores - 6.86%** |  |  |
| Costco Wholesale Corp. | 1135  | 1180604  |
| Walmart, Inc.  | 36690  | 3622037  |
|  |  | 4802641  |
| **Security & Commodity Brokers, Dealers, Exchanges & Services - 0.71%** |  |  |
| CME Group, Inc. Class A | 1110  | 320790  |
| Intercontinental Exchange, Inc.  | 995  | 178901  |
|  |  | 499691  |
| **Security Brokers, Dealers & Flotation Companies - 1.25%** |  |  |
| BlackRock, Inc. | 190  | 186179  |
| Interactive Brokers Group, Inc. | 1040  | 218067  |
| Jefferies Financial Group, Inc. | 1865  | 90639  |
| Robinhood Markets, Inc. (2) | 2725  | 180259  |
| SEI Investments Co. (2) | 1320  | 112543  |
| Stifel Financial Corp. (2) | 940  | 88567  |
|  |  | 876254  |
| **Semiconductors & Related Devices - 8.22%** |  |  |
| Advanced Micro Devices, Inc. (2) | 340  | 37648  |
| Broadcom, Inc. | 7590  | 1837311  |
| NVIDIA Corp. | 28720  | 3880934  |
|  |  | 5755893  |
| **Services - Business Services - 11.07%** |  |  |
| Booz Allen Hamilton Holding Corp. | 230  | 24438  |
| Fiserv, Inc. (2) | 1080  | 175813  |
| Fleetcor Technologies, Inc. (2) | 795  | 258462  |
| Healthequity, Inc. (2) | 1410  | 141860  |
| Mastercard, Inc. Class A | 5560  | 3255936  |
| MSCI, Inc.  | 235  | 132545  |
| Visa, Inc. Class A | 9550  | 3487565  |
| Uber Technologies, Inc. (2) | 3235  | 272258  |
|  |  | 7748876  |
| **Services - Computer Programming, Data Processing, Etc. - 12.05%** |  |  |
| Alphabet, Inc. Class A  | 19645  | 3373832  |
| AppLovin Corp. Class A (2) | 2290  | 899970  |
| Meta Platforms, Inc. Class A | 5515  | 3570907  |
| Reddit, Inc. (2) | 1690  | 189872  |
| The Trade Desk, Inc. Class A (2) | 830  | 62433  |
| Verisign, Inc. | 325  | 88553  |
| Workday, Inc. Class A (2) | 1030  | 255141  |
|  |  | 8440708  |
| **Services - Consumer Credit Reporting, Collection Agencies- 2.77%** |  |  |
| Moody's Corp. | 1430  | 685428  |
| S&P Global, Inc.  | 2450  | 1256507  |
|  |  | 1941935  |
| **Services - Prepackaged Software - 13.67%** |  |  |
| Adobe, Inc. (2) | 830  | 344525  |
| AppFolio, Inc. Class A (2) | 1025  | 216449  |
| Block, Inc. (2) | 600  | 37050  |
| Cadence Design Systems, Inc. (2) | 260  | 74638  |
| CrowdStrike Holdings, Inc. Class A (2) | 1130  | 532648  |
| Datadog, Inc. Class A (2) | 1005  | 118469  |
| DocuSign, Inc. (2) | 1090  | 96585  |
| Intuit, Inc. | 360  | 271249  |
| Microsoft Corp. | 7555  | 3478020  |
| Okta, Inc. Class A (2) | 850  | 87695  |
| Oracle Corp. | 6825  | 1129742  |
| Palantir Technologies, Inc. Class A (2) | 2420  | 318908  |
| Paychex, Inc. | 835  | 131855  |
| Paycom Software, Inc. | 1665  | 431385  |
| Salesforce, Inc. | 3465  | 919507  |
| ServiceNow, Inc. (2) | 1305  | 1319472  |
| Synopsys, Inc. (2) | 145  | 67277  |
|  |  | 9575474  |
| **Services - Video Tape Rental - 6.12%** |  |  |
| Netflix, Inc. (2) | 3550  | 4285667  |
| **Services-to Dwellings & Other Buildings - 0.30%** |  |  |
| Airbnb, Inc. (2) | 1605  | 207045  |
| **Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 0.76%** |  |  |
| Ecolab, Inc.  | 495  | 131482  |
| Procter & Gamble Co. (2) | 2355  | 400091  |
|  |  | 531573  |
| **Software - 0.15%** |  |  |
| PTC, Inc. (2) | 240  | 40397  |
| Veeva Systems, Inc. (2) | 220  | 61534  |
|  |  | 101931  |
| **Surgical & Medical Instruments & Apparatus - 0.04%** |  |  |
| DexCom, Inc.  | 345  | 29601  |
| **Surgical & Medical Instruments & Apparatus - 0.13%** |  |  |
| Stryker Corp. | 230  | 88007  |
| **Totalizing Fluid Meters & Counting Devices - 0.14%** |  |  |
| Badger Meter, Inc. | 385  | 95565  |
| **Transportation Services- 1.13%** |  |  |
| Booking Holdings, Inc. | 143  | 789207  |
| Total Common Stock | (Cost $40,737,317) | 69871048  |
| **Money Market Registered Investment Companies (3) - 0.25%** | **Money Market Registered Investment Companies (3) - 0.25%** | **Money Market Registered Investment Companies (3) - 0.25%** |
| Goldman Sachs Trust - Goldman Sachs Financial Square Treasury Instruments Fund - 4.14% | 177275  | 177275  |
| Total Money Market Registered Investment Companies | (Cost $177,275) | 177275  |
| **Total Investments - 100.02%** | (Cost $40,914,592) | 70048323  |
| Liabilities Less Other Assets - (0.03%) |  | (19690) |
| Total Net Assets - 100.00% |  | 70028633  |
| (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. | (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. | (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical securities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of May 30, 2025 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of May 30, 2025 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of May 30, 2025 in valuing the Fund's assets carried at fair value: |
|  | Investments in  | Other Financial |
| Valuation Inputs | Securities | Instruments (4) |
| Level 1 - Quoted Prices | $70048323 | $ |
| Level 2 - Other Significant Observable Inputs | 0 | - |
| Level 3 - Significant Unobservable Inputs | 0 | - |
| Total | $70048323 | $0  |
| 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 | 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 | 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 | 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 | 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 | 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 | 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. | market, such securities are reflected as Level 2. | market, such securities are reflected as Level 2. |
| (2) Represents non-income producing securities. | (2) Represents non-income producing securities. | (2) Represents non-income producing securities. |
| (3) Variable rate security; the coupon rate shown represents the yield on May 30, 2025.  | (3) Variable rate security; the coupon rate shown represents the yield on May 30, 2025.  | (3) Variable rate security; the coupon rate shown represents the yield on May 30, 2025.  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SPARROW FUNDS

- **b. Investment Company Act file number:** 811-08897

- **c. CIK number of Registrant:** 0001066241

- **d. LEI of Registrant:** 549300XDSEM51EDGX785

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 8500 Maryland Avenue

  - **City:** Saint Louis

  - **State:** MO

  - **Foreign country:** US

  - **Zip / Postal Code:** 63105

  - **Telephone number:** 314-725-6161

**Item A.2. Information about the Series.**

- **a. Name of Series:** Sparrow Growth Fund

- **b. EDGAR series identifier (if any):** S000000502

- **c. LEI of Series:** 549300XDSEM51EDGX785

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $70126021.74

**Total Liabilities:** $97388.84

**Net Assets:** $70028632.90

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000001374 | -7.32%               | 2.63%                | 6.66%                |
| Class ID C000001375 | -7.28%               | 2.65%                | 6.70%                |
| Class ID C000109530 | -7.36%               | 2.57%                | 6.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-4724180.65                               |
| Month 2  | $0.00                    | $1818501.36                                |
| Month 3  | $0.00                    | $4425896.70                                |

### Schedule of Portfolio Investments

| Name                                                                           | Title                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| The Sherwin-Williams Co.                                                       | The Sherwin-Williams Co.                                                       | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |       745 | NS      | $267313.45    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.                                                   | Vertex Pharmaceuticals, Inc.                                                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      1950 | NS      | $861997.50    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe, Inc.                                                                    | Adobe, Inc.                                                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       830 | NS      | $344524.70    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices, Inc.                                                   | Advanced Micro Devices, Inc.                                                   | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |       340 | NS      | $37648.20     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb, Inc.                                                                   | Airbnb, Inc.                                                                   | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      1605 | NS      | $207045.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp.                                                                 | Allstate Corp.                                                                 | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |       415 | NS      | $87096.05     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                                                                 | Alphabet, Inc. Class A                                                         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     19645 | NS      | $3373832.30   | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                                                               | Amazon.com, Inc.                                                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     15480 | NS      | $3173554.80   | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co.                                                           | American Express Co.                                                           | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     10200 | NS      | $2999310.00   | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AppFolio, Inc.                                                                 | AppFolio, Inc. Class A                                                         | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |      1025 | NS      | $216449.25    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp.                                                                 | AppLovin Corp. Class A                                                         | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      2290 | NS      | $899970.00    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                                                                    | Apple, Inc.                                                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     13360 | NS      | $2683356.00   | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks, Inc.                                                          | Arista Networks, Inc.                                                          | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      1660 | NS      | $143822.40    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J. Gallagher & Co.                                                      | Arthur J. Gallagher & Co.                                                      | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |       140 | NS      | $48641.60     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone, Inc.                                                                 | AutoZone, Inc.                                                                 | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        80 | NS      | $298643.20    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter, Inc.                                                             | Badger Meter, Inc.                                                             | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |       385 | NS      | $95564.70     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Brands, Inc.                                                          | BellRing Brands, Inc.                                                          | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |       985 | NS      | $62005.75     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkley W R Corp.                                                              | Berkley W R Corp.                                                              | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      1145 | NS      | $85520.05     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway, Inc.                                                       | Berkshire Hathaway, Inc. Class B                                               | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      5560 | NS      | $2802017.60   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock, Inc.                                                                | BlackRock, Inc.                                                                | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |       190 | NS      | $186179.10    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Block, Inc.                                                                    | Block, Inc.                                                                    | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |       600 | NS      | $37050.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings, Inc.                                                         | Booking Holdings, Inc.                                                         | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       143 | NS      | $789206.99    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp.                                              | Booz Allen Hamilton Holding Corp.                                              | CUSIP: 099502106<br>LEI: 549300D7XCH2480XU542 | Long             | EC               | CORP              | US        |       230 | NS      | $24437.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                                                                 | Broadcom, Inc.                                                                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      7590 | NS      | $1837311.30   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown, Inc.                                                            | Brown & Brown, Inc.                                                            | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |       695 | NS      | $78465.50     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group, Inc.                                                                | CME Group, Inc. Class A                                                        | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      1110 | NS      | $320790.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CNA Financial Corp.                                                            | CNA Financial Corp.                                                            | CUSIP: 126117100<br>LEI: 549300YX2GSZD7YG1R84 | Long             | EC               | CORP              | US        |      1030 | NS      | $49347.30     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.                                                   | Cadence Design Systems, Inc.                                                   | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |       260 | NS      | $74638.20     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings, Inc.                                                         | Celsius Holdings, Inc.                                                         | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       405 | NS      | $15341.40     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill, Inc.                                                   | Chipotle Mexican Grill, Inc.                                                   | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1000 | NS      | $50080.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                                                                     | Chubb Ltd.                                                                     | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      1085 | NS      | $322462.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp.                                                                   | Cintas Corp.                                                                   | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       220 | NS      | $49830.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global, Inc.                                                          | Coinbase Global, Inc.                                                          | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |       975 | NS      | $240454.50    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp.                                                         | Costco Wholesale Corp.                                                         | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1135 | NS      | $1180604.30   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings, Inc.                                                     | CrowdStrike Holdings, Inc. Class A                                             | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      1130 | NS      | $532648.10    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog, Inc.                                                                  | Datadog, Inc. Class A                                                          | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      1005 | NS      | $118469.40    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom, Inc.                                                                   | DexCom, Inc.                                                                   | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |       345 | NS      | $29601.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DocuSign, Inc.                                                                 | DocuSign, Inc.                                                                 | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |      1090 | NS      | $96584.90     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| e.l.f. Beauty, Inc.                                                            | e.l.f. Beauty, Inc.                                                            | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |       260 | NS      | $29247.40     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab, Inc.                                                                   | Ecolab, Inc.                                                                   | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |       495 | NS      | $131481.90    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health, Inc.                                                          | Elevance Health, Inc.                                                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |        65 | NS      | $24949.60     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                                                | Eli Lilly & Co.                                                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1970 | NS      | $1453209.90   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Factset Research Systems, Inc.                                                 | Factset Research Systems, Inc.                                                 | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       485 | NS      | $222256.10    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp.                                                               | Fair Isaac Corp.                                                               | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       130 | NS      | $224416.40    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv, Inc.                                                                   | Fiserv, Inc.                                                                   | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      1080 | NS      | $175813.20    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay, Inc.                                                                   | Corpay, Inc.                                                                   | CUSIP: 219948106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       795 | NS      | $258462.45    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet, Inc.                                                                 | Fortinet, Inc.                                                                 | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      1790 | NS      | $182186.20    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy, Inc.                                                                  | GoDaddy, Inc.                                                                  | CUSIP: 380237107<br>LEI: 5493005GJOH8HLL11157 | Long             | EC               | CORP              | US        |      1260 | NS      | $229509.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust - Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Trust - Goldman Sachs Financial Square Treasury Instruments Fund | CUSIP: 38142B500<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    177275 | NS      | $177274.92    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Financial Services Group, Inc.                                    | The Hartford Financial Services Group, Inc.                                    | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |       955 | NS      | $123997.20    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthequity, Inc.                                                             | Healthequity, Inc.                                                             | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |      1410 | NS      | $141860.10    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings, Inc.                                                | Hilton Worldwide Holdings, Inc.                                                | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |       430 | NS      | $106829.20    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group, Inc.                                                | Interactive Brokers Group, Inc.                                                | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      1040 | NS      | $218067.20    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                | Intercontinental Exchange, Inc.                                                | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |       995 | NS      | $178901.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit, Inc.                                                                   | Intuit, Inc.                                                                   | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       360 | NS      | $271249.20    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                           | JPMorgan Chase & Co.                                                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3970 | NS      | $1048080.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group, Inc.                                                | Jefferies Financial Group, Inc.                                                | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |      1865 | NS      | $90639.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group, Inc.                                                    | Kinsale Capital Group, Inc.                                                    | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |       255 | NS      | $120357.45    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings, Inc.                                                   | LPL Financial Holdings, Inc.                                                   | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |       165 | NS      | $63881.40     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI, Inc.                                                                     | MSCI, Inc.                                                                     | CUSIP: 55354G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       235 | NS      | $132544.70    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates, Inc.                                                     | Manhattan Associates, Inc.                                                     | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |       580 | NS      | $109492.40    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Corp.                                                                   | Markel Corp.                                                                   | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |        25 | NS      | $48542.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.                                                   | Marriott International, Inc.                                                   | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |       590 | NS      | $155659.70    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                                                    | Marsh & McLennan Cos., Inc.                                                    | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      1145 | NS      | $267540.70    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                                                               | Mastercard, Inc. Class A                                                       | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      5560 | NS      | $3255936.00   | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonalds Corp.                                                                | McDonalds Corp.                                                                | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1030 | NS      | $323265.50    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corp.                                                          | Mercury General Corp.                                                          | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |      5110 | NS      | $329492.80    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                                                           | Meta Platforms, Inc. Class A                                                   | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      5515 | NS      | $3570907.35   | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                                                | Microsoft Corp.                                                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      7555 | NS      | $3478019.80   | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp.                                                         | Monster Beverage Corp.                                                         | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |      7330 | NS      | $468753.50    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Moodys Corp.                                                                   | Moodys Corp.                                                                   | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |      1430 | NS      | $685427.60    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar, Inc.                                                              | Morningstar, Inc.                                                              | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |       150 | NS      | $46263.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                                                   | NVIDIA Corp.                                                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     28720 | NS      | $3880933.60   | 5.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                                                  | Netflix, Inc.                                                                  | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      3550 | NS      | $4285666.50   | 6.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextracker Inc.                                                                | Nextracker Inc.                                                                | CUSIP: 65290E101<br>LEI: 2138001D4HUZ48PR8M23 | Long             | EC               | CORP              | US        |      1090 | NS      | $61792.10     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| OReilly Automotive, Inc.                                                       | OReilly Automotive, Inc.                                                       | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |       405 | NS      | $553837.50    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta, Inc.                                                                     | Okta, Inc. Class A                                                             | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |       850 | NS      | $87694.50     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                   | Oracle Corp.                                                                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      6825 | NS      | $1129742.25   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC, Inc.                                                                      | PTC, Inc.                                                                      | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |       240 | NS      | $40396.80     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies, Inc.                                                    | Palantir Technologies, Inc. Class A                                            | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      2420 | NS      | $318907.60    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks, Inc.                                                       | Palo Alto Networks, Inc.                                                       | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      2580 | NS      | $496443.60    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings, Inc.                                                         | Palomar Holdings, Inc.                                                         | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |       615 | NS      | $105454.05    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex, Inc.                                                                  | Paychex, Inc.                                                                  | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |       835 | NS      | $131854.85    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software, Inc.                                                          | Paycom Software, Inc.                                                          | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |      1665 | NS      | $431384.85    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo, Inc.                                                                  | PepsiCo, Inc.                                                                  | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1375 | NS      | $180743.75    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp.                                                                      | RLI Corp.                                                                      | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |       400 | NS      | $30748.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Reddit, Inc.                                                                   | Reddit, Inc.                                                                   | CUSIP: 75734B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1690 | NS      | $189871.50    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets, Inc.                                                        | Robinhood Markets, Inc.                                                        | CUSIP: 770700102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2725 | NS      | $180258.75    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Industries, Inc.                                                         | Roper Technologies, Inc.                                                       | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |        70 | NS      | $39918.90     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global, Inc.                                                               | S&P Global, Inc.                                                               | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      2450 | NS      | $1256507.00   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co.                                                            | SEI Investments Co.                                                            | CUSIP: 784117103<br>LEI: 0N2JSH1PTH72JCCP2A88 | Long             | EC               | CORP              | US        |      1320 | NS      | $112543.20    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                                                               | Salesforce, Inc.                                                               | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      3465 | NS      | $919507.05    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group, Inc.                                                | Selective Insurance Group, Inc.                                                | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |      1040 | NS      | $91540.80     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                                                               | ServiceNow, Inc.                                                               | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1305 | NS      | $1319472.45   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group, Inc.                                        | Skyward Specialty Insurance Group, Inc.                                        | CUSIP: 830940102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1280 | NS      | $81088.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| A. O. Smith Corp.                                                              | A. O. Smith Corp.                                                              | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |      1860 | NS      | $119616.60    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp.                                                         | Stifel Financial Corp.                                                         | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |       940 | NS      | $88566.80     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp.                                                                  | Stryker Corp.                                                                  | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       230 | NS      | $88007.20     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer, Inc.                                                     | Super Micro Computer, Inc.                                                     | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      2035 | NS      | $81440.70     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys, Inc.                                                                 | Synopsys, Inc.                                                                 | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |       145 | NS      | $67277.10     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Cos., Inc.                                                             | The TJX Cos., Inc.                                                             | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |       880 | NS      | $111672.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                                                                    | Tesla, Inc.                                                                    | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      1205 | NS      | $417484.30    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                                                                | The Cigna Group                                                                | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       830 | NS      | $262811.20    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| The Coca-Cola Co.                                                              | The Coca-Cola Co.                                                              | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      4325 | NS      | $311832.50    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hanover Insurance Group, Inc.                                              | The Hanover Insurance Group, Inc.                                              | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |       910 | NS      | $160141.80    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                                                       | The Procter & Gamble Co.                                                       | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      2355 | NS      | $400090.95    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| The Progressive Corp.                                                          | The Progressive Corp.                                                          | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      2520 | NS      | $718023.60    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| The Trade Desk, Inc.                                                           | The Trade Desk, Inc. Class A                                                   | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |       830 | NS      | $62432.60     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies, Inc.                                                        | Uber Technologies, Inc.                                                        | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      3235 | NS      | $272257.60    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group, Inc.                                                       | UnitedHealth Group, Inc.                                                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       960 | NS      | $289833.60    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems, Inc.                                                            | Veeva Systems, Inc.                                                            | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |       220 | NS      | $61534.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisign, Inc.                                                                 | Verisign, Inc.                                                                 | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       325 | NS      | $88552.75     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Viemed Healthcare, Inc.                                                        | Viemed Healthcare, Inc.                                                        | CUSIP: 92663R105<br>LEI: 254900XU539S8GOIOW89 | Long             | EC               | CORP              | CA        |      2535 | NS      | $16857.75     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                                                                     | Visa, Inc. Class A                                                             | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      9550 | NS      | $3487564.50   | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                                                                  | Walmart, Inc.                                                                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     36690 | NS      | $3622036.80   | 5.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday, Inc.                                                                  | Workday, Inc. Class A                                                          | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      1030 | NS      | $255141.30    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis, Inc.                                                                   | Zoetis, Inc.                                                                   | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |       430 | NS      | $72510.90     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** Sparrow Funds

**Signature:** /s/ Gerald Sparrow

**Name of Signer:** Gerald Sparrow

**Title:** President