# EDGAR Filing Document

**Accession Number:** 0001066241
**File Stem:** 0001162044-26-000068
**Filing Date:** 2026-1
**Character Count:** 54363
**Document Hash:** 67a0b521aedeaff9d61e30d074e9200e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-26-000068.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001162044-26-000068

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260831

**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:** 26569116

**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** |
| **November 30, 2025 (unaudited)** | **November 30, 2025 (unaudited)** | **November 30, 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 - 99.98%** | **Common Stocks - 99.98%** | **Common Stocks - 99.98%** |
| **Beverages - 0.43%** |  |  |
| The Coca-Cola Co. | 4325  | 316244  |
| **Bottled & Canned Soft Drinks Carbonated Waters - 0.74%** |  |  |
| Monster Beverage Corp. (2) | 7330  | 549677  |
| **Business Services - 0.22%** |  |  |
| Fair Isaac Corp. (2) | 90  | 162525  |
| **Computer Communications Equipment - 0.29%** |  |  |
| Arista Networks, Inc. (2) | 1660  | 216929  |
| **Computer Peripheral Equipment - 0.77%** |  |  |
| Fortinet, Inc. (2) | 935  | 75857  |
| Palo Alto Networks, Inc. (2) | 2580  | 490535  |
|  |  | 566392  |
| **Electronic Computers - 5.04%** |  |  |
| Apple, Inc. | 13360  | 3725436  |
| **Energy & Energy Services - 0.14%** |  |  |
| Nextpower, Inc. (2) | 1090  | 99866  |
| **Finance Services - 5.48%** |  |  |
| American Express Co. | 10200  | 3725754  |
| Coinbase Global, Inc. (2) | 975  | 266000  |
| LPL Financial Holdings Inc. | 165  | 58747  |
|  |  | 4050500  |
| **Fire, Marine & Casualty Insurance - 5.58%** |  |  |
| Allstate Corp.  | 415  | 88387  |
| Berkley WR Corp.  | 1145  | 88955  |
| Berkshire Hathaway, Inc. Class B (2) | 5560  | 2856784  |
| Chubb Ltd. (2) | 1085  | 321355  |
| Kinsale Capital Group, Inc. | 65  | 25019  |
| Markel Corp. (2) | 25  | 52011  |
| Palomar Holdings, Inc. (2) | 615  | 76389  |
| Skyward Specialty Insurance Group, Inc. (2) | 1280  | 62669  |
| The Hanover Insurance Group, Inc. | 910  | 168851  |
| The Progressive Corp. | 1695  | 387799  |
|  |  | 4128218  |
| **Hospital & Medical Service Plans - 0.22%** |  |  |
| Cigna Corp. (2) | 575  | 159436  |
| **Hotels & Motels - 0.41%** |  |  |
| Hilton Worldwide Holdings, Inc. | 430  | 122563  |
| Marriott International, Inc.  | 590  | 179826  |
|  |  | 302389  |
| **Household Appliances - 0.11%** |  |  |
| A.O. Smith Corp. | 1270  | 83795  |
| **Industrial Instruments For Measurement, Display, and Control - 0.04%** |  |  |
| Roper Technologies, Inc. | 70  | 31235  |
| **Insurance Agents, Brokers & Service - 1.05%** |  |  |
| Arthur J. Gallagher & Co. | 140  | 34667  |
| Brown & Brown, Inc. | 420  | 33781  |
| CNA Financial Corp. | 1030  | 48153  |
| Hartford Insurance Group, Inc. | 955  | 130864  |
| Marsh & McLenan Cos., Inc.  | 295  | 54118  |
| Mercury General Corp. | 5110  | 475843  |
|  |  | 777425  |
| **Men's & Boys' Furnishings, Work Clothing - 0.06%** |  |  |
| Cintas Corp. | 220  | 40924  |
| **Motor Vehicles & Passenger Car Bodies - 0.41%** |  |  |
| Tesla, Inc. (2) | 700  | 301119  |
| **National Commercial Banks - 1.68%** |  |  |
| JPMorgan Chase & Co. | 3970  | 1242928  |
| **Pharmaceutical Preparations - 3.70%** |  |  |
| Eli Lilly & Co. | 1760  | 1892827  |
| Vertex Pharmaceuticals, Inc. (2) | 1950  | 845540  |
|  |  | 2738367  |
| **Retail - Auto Dealers & Gasoline Stations - 0.43%** |  |  |
| AutoZone, Inc. (2) | 80  | 316346  |
| **Retail - Auto & Home Supply Stores- 0.84%** |  |  |
| O'Reilly Automotive, Inc. (2) | 6075  | 617828  |
| **Retail - Building Materials, Hardware, Garden Supply - 0.35%** |  |  |
| The Sherwin Williams Co. (2) | 745  | 256049  |
| **Retail - Catalog & Mail-Order Houses - 4.88%** |  |  |
| Amazon.com, Inc. (2) | 15480  | 3610246  |
| **Retail - Eating & Drinking Places - 0.43%** |  |  |
| McDonald's Corp. | 1030  | 321175  |
| **Retail - Family Clothing Stores - 0.18%** |  |  |
| The TJX Cos., Inc.  | 880  | 133690  |
| **Retail-Variety Stores - 6.88%** |  |  |
| Costco Wholesale Corp. | 1135  | 1036925  |
| Walmart, Inc.  | 36690  | 4054612  |
|  |  | 5091537  |
| **Security & Commodity Brokers, Dealers, Exchanges & Services - 0.63%** |  |  |
| CME Group, Inc. Class A | 1110  | 312421  |
| Intercontinental Exchange, Inc.  | 995  | 156514  |
|  |  | 468934  |
| **Security Brokers, Dealers & Flotation Companies - 1.55%** |  |  |
| BlackRock, Inc. | 190  | 198987  |
| Interactive Brokers Group, Inc. | 4160  | 270483  |
| Jefferies Financial Group, Inc. | 1865  | 107349  |
| Robinhood Markets, Inc. (2) | 2725  | 350135  |
| SEI Investments Co. (2) | 1320  | 106735  |
| Stifel Financial Corp.  | 940  | 114680  |
|  |  | 1148370  |
| **Semiconductors & Related Devices - 10.15%** |  |  |
| Advanced Micro Devices, Inc. (2) | 340  | 73960  |
| Broadcom, Inc. | 7590  | 3058466  |
| NVIDIA Corp. | 24700  | 4371900  |
|  |  | 7504327  |
| **Services - Business Services - 9.54%** |  |  |
| Fleetcor Technologies, Inc. (2) | 795  | 235161  |
| Healthequity, Inc. (2) | 1410  | 148304  |
| Mastercard, Inc. Class A | 5560  | 3060947  |
| MSCI, Inc.  | 235  | 132474  |
| Visa, Inc. Class A | 9550  | 3193902  |
| Uber Technologies, Inc. (2) | 3235  | 283192  |
|  |  | 7053980  |
| **Services - Services - Computer Integrated Systems Design - 0.22%** |  |  |
| GoDaddy, Inc. (2) | 1260  | 161104  |
| **Services - Computer Programming, Data Processing, Etc. - 16.04%** |  |  |
| Alphabet, Inc. Class A  | 19645  | 6289936  |
| AppLovin Corp. Class A (2) | 2290  | 1372809  |
| Meta Platforms, Inc. Class A | 5515  | 3573444  |
| Reddit, Inc. (2) | 1690  | 365834  |
| Verisign, Inc. | 325  | 81897  |
| Workday, Inc. Class A (2) | 825  | 177887  |
|  |  | 11861807  |
| **Services - Consumer Credit Reporting, Collection Agencies- 2.60%** |  |  |
| Moody's Corp. | 1430  | 701815  |
| S&P Global, Inc.  | 2450  | 1222134  |
|  |  | 1923949  |
| **Services - Prepackaged Software - 11.81%** |  |  |
| AppFolio, Inc. Class A (2) | 825  | 188331  |
| Cadence Design Systems, Inc. (2) | 260  | 81078  |
| CrowdStrike Holdings, Inc. Class A (2) | 1130  | 575351  |
| Datadog, Inc. Class A (2) | 1005  | 160810  |
| Intuit, Inc. | 360  | 228269  |
| Microsoft Corp. | 7555  | 3717136  |
| Oracle Corp. | 6825  | 1378309  |
| Palantir Technologies, Inc. Class A (2) | 2420  | 407649  |
| Paycom Software, Inc. | 1665  | 268348  |
| Salesforce, Inc. | 3105  | 715827  |
| ServiceNow, Inc. (2) | 1210  | 983016  |
| Synopsys, Inc. (2) | 75  | 31351  |
|  |  | 8735474  |
| **Services - Video Tape Rental - 5.16%** |  |  |
| Netflix, Inc. (2) | 35500  | 3819090  |
| **Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 0.66%** |  |  |
| Ecolab, Inc.  | 495  | 136204  |
| Procter & Gamble Co. (2) | 2355  | 348917  |
|  |  | 485121  |
| **Software - 0.13%** |  |  |
| PTC, Inc. (2) | 240  | 42103  |
| Veeva Systems, Inc. (2) | 220  | 52864  |
|  |  | 94967  |
| **Surgical & Medical Instruments & Apparatus - 0.12%** |  |  |
| Stryker Corp. | 230  | 85371  |
| **Transportation Services- 0.95%** |  |  |
| Booking Holdings, Inc. | 143  | 702801  |
| Total Common Stock | (Cost $35,915,943) | 73939684  |
| **Money Market Registered Investment Companies (3) - 0.08%** | **Money Market Registered Investment Companies (3) - 0.08%** | **Money Market Registered Investment Companies (3) - 0.08%** |
| Goldman Sachs Trust - Goldman Sachs Financial Square Treasury Instruments Fund - 3.81% | 55526  | 55526  |
| Total Money Market Registered Investment Companies | (Cost $55,526) | 55526  |
| **Total Investments - 100.06%** | (Cost $35,971,468) | 73995210  |
| Liabilities Less Other Assets - (0.06%) |  | (43481) |
| Total Net Assets - 100.00% |  | 73951729  |
| (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. |
| • Level 1 - quoted prices in active markets for identical securities | • Level 1 - quoted prices in active markets for identical securities | • 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 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | • 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) | • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | • 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 November 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 November 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 November 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 | $73995210 | $ |
| Level 2 - Other Significant Observable Inputs | - | - |
| Level 3 - Significant Unobservable Inputs | - | - |
| Total | $73995210 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 November 30, 2025.  | (3) Variable rate security; the coupon rate shown represents the yield on November 30, 2025.  | (3) Variable rate security; the coupon rate shown represents the yield on November 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:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $74035153.63

**Total Liabilities:** $83425.10

**Net Assets:** $73951728.53

**Cash Not Reported:** $20012.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000001374 | 3.17%                | 0.88%                | 0.02%                |
| Class ID C000001375 | 3.21%                | 0.92%                | 0.06%                |
| Class ID C000109530 | 3.13%                | 0.82%                | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $89990.54                | $2378390.64                                |
| Month 2  | $-77398.83               | $781329.40                                 |
| Month 3  | $-418192.88              | $478790.59                                 |

### 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      | $256049.05    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals, Inc.                                                   | Vertex Pharmaceuticals, Inc.                                                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      1950 | NS      | $845539.50    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices, Inc.                                                   | Advanced Micro Devices, Inc.                                                   | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |       340 | NS      | $73960.20     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp.                                                                 | Allstate Corp.                                                                 | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |       415 | NS      | $88386.70     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                                                                 | Alphabet, Inc. Class A                                                         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     19645 | NS      | $6289936.10   | 8.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                                                               | Amazon.com, Inc.                                                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     15480 | NS      | $3610245.60   | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co.                                                           | American Express Co.                                                           | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     10200 | NS      | $3725754.00   | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AppFolio, Inc.                                                                 | AppFolio, Inc. Class A                                                         | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |       825 | NS      | $188331.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp.                                                                 | AppLovin Corp. Class A                                                         | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      2290 | NS      | $1372809.20   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple, Inc.                                                                    | Apple, Inc.                                                                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     13360 | NS      | $3725436.00   | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks, Inc.                                                          | Arista Networks, Inc.                                                          | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      1660 | NS      | $216928.80    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J. Gallagher & Co.                                                      | Arthur J. Gallagher & Co.                                                      | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |       140 | NS      | $34666.80     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone, Inc.                                                                 | AutoZone, Inc.                                                                 | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        80 | NS      | $316346.40    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkley W R Corp.                                                              | Berkley W R Corp.                                                              | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      1145 | NS      | $88955.05     | 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      | $2856783.60   | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock, Inc.                                                                | BlackRock, Inc.                                                                | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |       190 | NS      | $198987.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings, Inc.                                                         | Booking Holdings, Inc.                                                         | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       143 | NS      | $702800.67    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom, Inc.                                                                 | Broadcom, Inc.                                                                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      7590 | NS      | $3058466.40   | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown, Inc.                                                            | Brown & Brown, Inc.                                                            | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |       420 | NS      | $33780.60     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group, Inc.                                                                | CME Group, Inc. Class A                                                        | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      1110 | NS      | $312420.60    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CNA Financial Corp.                                                            | CNA Financial Corp.                                                            | CUSIP: 126117100<br>LEI: 549300YX2GSZD7YG1R84 | Long             | EC               | CORP              | US        |      1030 | NS      | $48152.50     | 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      | $81078.40     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                                                                     | Chubb Ltd.                                                                     | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      1085 | NS      | $321355.30    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp.                                                                   | Cintas Corp.                                                                   | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       220 | NS      | $40924.40     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global, Inc.                                                          | Coinbase Global, Inc.                                                          | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |       975 | NS      | $265999.50    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp.                                                         | Costco Wholesale Corp.                                                         | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1135 | NS      | $1036924.65   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings, Inc.                                                     | CrowdStrike Holdings, Inc. Class A                                             | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      1130 | NS      | $575350.80    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog, Inc.                                                                  | Datadog, Inc. Class A                                                          | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      1005 | NS      | $160810.05    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab, Inc.                                                                   | Ecolab, Inc.                                                                   | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |       495 | NS      | $136204.20    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                                                | Eli Lilly & Co.                                                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1760 | NS      | $1892827.20   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp.                                                               | Fair Isaac Corp.                                                               | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |        90 | NS      | $162524.70    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay, Inc.                                                                   | Corpay, Inc.                                                                   | CUSIP: 219948106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       795 | NS      | $235161.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet, Inc.                                                                 | Fortinet, Inc.                                                                 | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |       935 | NS      | $75856.55     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy, Inc.                                                                  | GoDaddy, Inc.                                                                  | CUSIP: 380237107<br>LEI: 5493005GJOH8HLL11157 | Long             | EC               | CORP              | US        |      1260 | NS      | $161103.60    | 0.22%             |  |  |  | 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        |     55526 | NS      | $55525.54     | 0.08%             |  |  |  | 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      | $130863.65    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthequity, Inc.                                                             | Healthequity, Inc.                                                             | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |      1410 | NS      | $148303.80    | 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      | $122562.90    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group, Inc.                                                | Interactive Brokers Group, Inc.                                                | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      4160 | NS      | $270483.20    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange, Inc.                                                | Intercontinental Exchange, Inc.                                                | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |       995 | NS      | $156513.50    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit, Inc.                                                                   | Intuit, Inc.                                                                   | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       360 | NS      | $228268.80    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                           | JPMorgan Chase & Co.                                                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3970 | NS      | $1242927.60   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group, Inc.                                                | Jefferies Financial Group, Inc.                                                | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |      1865 | NS      | $107349.40    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group, Inc.                                                    | Kinsale Capital Group, Inc.                                                    | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |        65 | NS      | $25018.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings, Inc.                                                   | LPL Financial Holdings, Inc.                                                   | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |       165 | NS      | $58746.60     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI, Inc.                                                                     | MSCI, Inc.                                                                     | CUSIP: 55354G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       235 | NS      | $132474.20    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Corp.                                                                   | Markel Corp.                                                                   | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |        25 | NS      | $52011.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International, Inc.                                                   | Marriott International, Inc.                                                   | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |       590 | NS      | $179826.10    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos., Inc.                                                    | Marsh & McLennan Cos., Inc.                                                    | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |       295 | NS      | $54117.75     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard, Inc.                                                               | Mastercard, Inc. Class A                                                       | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      5560 | NS      | $3060946.80   | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonalds Corp.                                                                | McDonalds Corp.                                                                | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1030 | NS      | $321174.60    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corp.                                                          | Mercury General Corp.                                                          | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |      5110 | NS      | $475843.20    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                                                           | Meta Platforms, Inc. Class A                                                   | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      5515 | NS      | $3573444.25   | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                                                | Microsoft Corp.                                                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      7555 | NS      | $3717135.55   | 5.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp.                                                         | Monster Beverage Corp.                                                         | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |      7330 | NS      | $549676.70    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Moodys Corp.                                                                   | Moodys Corp.                                                                   | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |      1430 | NS      | $701815.40    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                                                   | NVIDIA Corp.                                                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     24700 | NS      | $4371900.00   | 5.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                                                  | Netflix, Inc.                                                                  | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     35500 | NS      | $3819090.00   | 5.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextracker Inc.                                                                | Nextracker Inc.                                                                | CUSIP: 65290E101<br>LEI: 2138001D4HUZ48PR8M23 | Long             | EC               | CORP              | US        |      1090 | NS      | $99865.80     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| OReilly Automotive, Inc.                                                       | OReilly Automotive, Inc.                                                       | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      6075 | NS      | $617827.50    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                   | Oracle Corp.                                                                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      6825 | NS      | $1378308.75   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC, Inc.                                                                      | PTC, Inc.                                                                      | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |       240 | NS      | $42103.20     | 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      | $407649.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks, Inc.                                                       | Palo Alto Networks, Inc.                                                       | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      2580 | NS      | $490535.40    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings, Inc.                                                         | Palomar Holdings, Inc.                                                         | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |       615 | NS      | $76389.15     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software, Inc.                                                          | Paycom Software, Inc.                                                          | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |      1665 | NS      | $268348.05    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Reddit, Inc.                                                                   | Reddit, Inc.                                                                   | CUSIP: 75734B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1690 | NS      | $365834.30    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets, Inc.                                                        | Robinhood Markets, Inc.                                                        | CUSIP: 770700102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2725 | NS      | $350135.25    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Industries, Inc.                                                         | Roper Technologies, Inc.                                                       | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |        70 | NS      | $31235.40     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global, Inc.                                                               | S&P Global, Inc.                                                               | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      2450 | NS      | $1222133.50   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co.                                                            | SEI Investments Co.                                                            | CUSIP: 784117103<br>LEI: 0N2JSH1PTH72JCCP2A88 | Long             | EC               | CORP              | US        |      1320 | NS      | $106735.20    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce, Inc.                                                               | Salesforce, Inc.                                                               | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      3105 | NS      | $715826.70    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow, Inc.                                                               | ServiceNow, Inc.                                                               | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1210 | NS      | $983016.10    | 1.33%             |  |  |  | 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      | $62668.80     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| A. O. Smith Corp.                                                              | A. O. Smith Corp.                                                              | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |      1270 | NS      | $83794.60     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp.                                                         | Stifel Financial Corp.                                                         | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |       940 | NS      | $114680.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp.                                                                  | Stryker Corp.                                                                  | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       230 | NS      | $85371.40     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys, Inc.                                                                 | Synopsys, Inc.                                                                 | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |        75 | NS      | $31350.75     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Cos., Inc.                                                             | The TJX Cos., Inc.                                                             | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |       880 | NS      | $133689.60    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla, Inc.                                                                    | Tesla, Inc.                                                                    | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |       700 | NS      | $301119.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                                                                | The Cigna Group                                                                | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       575 | NS      | $159436.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| The Coca-Cola Co.                                                              | The Coca-Cola Co.                                                              | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      4325 | NS      | $316244.00    | 0.43%             |  |  |  | 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      | $168850.50    | 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      | $348916.80    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| The Progressive Corp.                                                          | The Progressive Corp.                                                          | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      1695 | NS      | $387799.05    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies, Inc.                                                        | Uber Technologies, Inc.                                                        | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      3235 | NS      | $283191.90    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems, Inc.                                                            | Veeva Systems, Inc.                                                            | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |       220 | NS      | $52863.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisign, Inc.                                                                 | Verisign, Inc.                                                                 | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       325 | NS      | $81896.75     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa, Inc.                                                                     | Visa, Inc. Class A                                                             | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      9550 | NS      | $3193902.00   | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart, Inc.                                                                  | Walmart, Inc.                                                                  | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     36690 | NS      | $4054611.90   | 5.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday, Inc.                                                                  | Workday, Inc. Class A                                                          | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |       825 | NS      | $177886.50    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** Sparrow Funds

**Signature:** /s/ Gerald Sparrow

**Name of Signer:** Gerald Sparrow

**Title:** President