Annual Report by Investment Company Form N CSR

FORM N-CSR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-08897

SPARROW FUNDS

(Exact name of registrant as specified in charter)

8500 Maryland Avenue, Suite 743 St.Louis MO 63105

(Address of principal executive offices)(Zip code)

Mutual Shareholder Services, LLC.

8000 Town Centre Drive, Suite 400 Broadview Heights OH 44147

(Name and address of agent for service)

Registrant's telephone number, including area code: (314) 725-6161

Date of fiscal year end: August 31

Date of reporting period: August 31, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

ANNUAL SHAREHOLDER REPORT

August 31, 2024

SPARROW GROWTH FUND- NO-LOAD CLASS

SGNFX

expense Information

managment's discussion of fund performance

Performance graph

Total Return Based on $10,000 Investment

Past performance is not a good predictor of future performance.The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 888-727-3301.

SECTOR WEIGHTINGS

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sparrow Growth Fund documents not be householded, please contact Sparrow Funds at 888-727-3301, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sparrow Funds or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.sparrowcapital.comor contact us at 888-727-3301.

ANNUAL SHAREHOLDER REPORT

August 31, 2024

SPARROW GROWTH FUND- CLASS A

SGFFX

expense Information

managment's discussion of fund performance

Performance graph

Total Return Based on a $10,000 Investment

Past performance is not a good predictor of future performance.The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 888-727-3301.

SECTOR WEIGHTINGS

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sparrow Growth Fund documents not be householded, please contact Sparrow Funds at 888-727-3301, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sparrow Funds or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.sparrowcapital.comor contact us at 888-727-3301.

ANNUAL SHAREHOLDER REPORT

August 31, 2024

SPARROW GROWTH FUND- CLASS C

SGFCX

expense Information

managment's discussion of fund performance

Performance graph

Total Return Based on a $10,000 Investment

Past performance is not a good predictor of future performance.The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 888-727-3301.

SECTOR WEIGHTINGS

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sparrow Growth Fund documents not be householded, please contact Sparrow Funds at 888-727-3301, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sparrow Funds or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit www.sparrowcapital.comor contact us at 888-727-3301.

Item 2. Code of Ethics.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

(1)	Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2)	Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

(3) Compliance with applicable governmental laws, rules, and regulations;

(4)	The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5) Accountability for adherence to the code.

(c) Amendments:

During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers:

During the period covered by the report, there have not been any waivers to the provisions of the waivers.

Item 3. Audit Committee Financial Expert.

The registrant's board of trustees has determined that Donald Hake is an audit committee financial expert. Mr. Hake is independent for purposes of this Item 3. He has gained his qualifications as a financial expert through his extensive experience as a controller and his skills in preparing, auditing and evaluating financial statements.

Item 4. Principal Accountant Fees and Services.

(a)	Audit Fees

FY 2024 $ 15,100

FY 2023 $ 14,000

(b)	Audit-Related Fees

Registrant

FY 2024 $ 0

FY 2023 $ 750

Nature of the fees: N/A

(c)

Tax Fees

Registrant

FY 2024 $ 3,000

FY 2023 $ 4,500

Nature of the fees: Review of the 1120-RICS and Excise Returns.

(d)	All Other Fees

Registrant

FY 2024 $ 0

FY 2023 $ 0

Nature of the fees: N/A

(e)	(1) Audit Committee's Pre-Approval Policies

The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2)	Percentages of Services Approved by the Audit Committee

None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

Registrant

FY 2024 $ 3,000

FY 2023 $ 4,500

(h) The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Companies. Not applicable.

Item 6. Schedule of Investments. Not applicable - schedule filed with Item 7.

Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.

Sparrow Growth Fund

Class A

(SGFFX)

Class C

(SGFCX)

No-Load Class

(SGNFX)

Annual Financial Statements

August 31, 2024

Fund Advisor:

Sparrow Capital Management, Inc.

8500 Maryland Avenue, Suite 743

St. Louis, Missouri 63105

Toll Free: (888) 727-3301

Local Phone: (314) 725-6161

SPARROW GROWTH FUND
SCHEDULE OF INVESTMENTS
August 31, 2024
Shares			Value
COMMON STOCKS - 99.92%
Beverages - 1.01%
4,325		Coca-Cola Co.	$ 313,433
1,375		PepsiCo, Inc.	237,710
			551,143
Bottled & Canned Soft Drinks & Carbonated Waters - 0.69%
805		Celsius Holdings, Inc. *	30,614
7,330		Monster Beverage Corp. *	345,463
			376,077
Computer Communications Equipment - 0.27%
415		Arista Networks, Inc. *	146,653
Computer Peripheral Equipment - 0.82%
935		Fortinet, Inc. *	71,724
1,045		Palo Alto Networks, Inc. *	379,042
			450,766
Electronic Computers - 4.92%
11,190		Apple, Inc.	2,562,510
310		Super Micro Computer, Inc. *	135,687
			2,698,197
Finance Services - 4.81%
9,800		American Express Co.	2,534,770
550		Coinbase Global, Inc. Class A *	100,848
			2,635,618
Fire, Marine & Casualty Insurance - 6.38%
3,715		Berkshire Hathaway, Inc. Class B *	1,768,043
940		Chubb Ltd. (Switzerland)	267,129
1,030		CNA Financial Corp.	53,478
910		Hanover Insurance Group, Inc.	133,761
640		Hartford Financial Services Group, Inc.	74,304
255		Kinsale Capital Group, Inc.	125,228
5,110		Mercury General Corp.	338,435
615		Palomar Holdings, Inc. *	61,020
1,695		Progressive Corp.	427,479

200		RLI Corp.	30,820
1,795		Selective Insurance Group, Inc.	163,309
1,280		Skyward Specialty Insurance Group, Inc. *	52,314
			3,495,320
Food & Kindred Products - 0.10%
985		BellRing Brands, Inc. *	55,091
Hospital & Medical Service Plans - 1.65%
830		Cigna Corp.	300,302
65		Elevance Health, Inc.	36,198
960		United Health Group, Inc.	566,592
			903,092
Hotels & Motels - 0.42%
430		Hilton Worldwide Holdings, Inc.	$ 94,445
590		Marriott International, Inc. Class A	138,467
			232,912
Industrial Instruments for Measurement, Display, and Control - 0.07%
70		Roper Technologies, Inc.	38,809
Insurance Agents, Brokers & Service - 0.68%
140		Arthur J. Gallagher & Co.	40,960
695		Brown & Brown, Inc.	73,065
1,145		Marsh & McLennan Companies, Inc.	260,499
			374,524
Investment Advice - 0.09%
150		Morningstar, Inc.	47,065
Men's & Boy's Furnishgs, Work Clothg, & Allied Garments - 0.08%
55		Cintas Corp.	44,282
Motor Vehicles & Passenger Car Bodies - 0.19%
490		Tesla, Inc. *	104,914
National Commercial Banks - 1.31%
3,195		JPMorgan Chase & Co.	718,236
Perfumes, Cosmetics & Other Toilet Preparations - 0.07%
260		e.l.f. Beauty, Inc.	38,945
Pharmaceutical Preparations - 5.13%
1,840		Eli Lilly & Co.	1,766,437
1,950		Vertex Pharmaceuticals, Inc. *	966,985
430		Zoetis, Inc. Class A	78,901
			2,812,323
Retail - Auto & Home Supply Stores - 0.83%
405		O'Reilly Automotive, Inc. *	457,638

Retail - Auto Dealers & Gasoline Stations - 0.46%
80		AutoZone, Inc. *	254,518
Retail - Building Materials, Hardware, Garden Supply - 0.50%
745		Sherwin Williams Co.	275,181
Retail - Catalog & Mail-Order Houses - 5.04%
15,480		Amazon.com, Inc. *	2,763,180
Retail - Eating Places - 0.64%
1,000		Chipotle Mexican Grill, Inc. *	$ 56,080
1,030		McDonalds Corp.	297,320
			353,400
Retail - Family Clothing Stores - 0.19%
880		TJX Companies, Inc.	103,198
Retail - Variety Stores - 7.02%
1,135		Costco Wholesale Corp.	1,012,851
36,690		Walmart, Inc.	2,833,569
			3,846,420
Search, Detection, Navigation, Guidance, Aeronautical Sys - 0.17%
2,350		Nextracker, Inc. Class A *	95,574
Security & Commodity Brokers, Dealers, Exchanges & Services - 0.62%
660		CME Group, Inc. Class A	142,388
995		Intercontinental Exchange, Inc.	160,742
165		LPL Financial Holdings, Inc.	37,016
			340,146
Security Brokers, Dealers & Flotation Companies - 0.29%
530		Interactive Brokers Group, Inc. Class A	68,312
1,320		SEI Investments Co.	89,272
			157,584
Semiconductors & Related Devices - 8.52%
340		Advanced Micro Devices, Inc. *	50,510
7,000		Broadcom, Inc.	1,139,740
29,150		NVIDIA Corp.	3,479,635
			4,669,885
Services - Business Services - 9.44%
90		Fair Isaac Corp. *	155,724
1,080		Fiserv, Inc. *	188,568
795		Fleetcor Technologies, Inc. *	250,862
4,520		Mastercard, Inc. Class A	2,184,697
235		MSCI, Inc.	136,439
3,235		Uber Technologies, Inc. *	236,576
7,325		Visa, Inc. Class A	2,024,410

			5,177,276
Services - Computer Integrated Systems Design - 0.38%
1,260		GoDaddy, Inc. Class A *	210,937
Services - Computer Processing & Data Preparation - 0.49%
1,030		Workday, Inc. Class A *	271,086
Services - Computer Programming, Data Processing, Etc. - 11.80%
19,645		Alphabet, Inc. Class A *	$ 3,209,600
1,955		AppLovin Corp. Class A *	181,561
485		FactSet Research Systems, Inc.	205,077
5,515		Meta Platforms, Inc. Class A	2,875,025
			6,471,263
Services - Consumer Credit Reporting, Collection Agencies - 2.95%
1,155		Moody's Corp.	563,340
2,055		S&P Global, Inc.	1,054,708
			1,618,048
Services - Engineering, Accounting, Research, Management - 0.07%
275		Paychex, Inc.	36,080
Services - Management Consulting Services - 0.07%
230		Booz Allen Hamilton Holding Corp.	36,519
Services - Misc Health & Allied Services - 0.04%
2,535		Viemed Heathcare, Inc. (Canada) *	19,266
Services - Prepackaged Software - 14.65%
830		Adobe, Inc. *	476,760
1,025		AppFolio, Inc. Class A *	237,790
600		Block, Inc. Class A *	39,648
260		Cadence Design Systems, Inc. *	69,922
1,130		CrowdStrike Holdings, Inc. Class A *	313,326
1,005		Datadog, Inc. Class A *	116,841
360		Intuit, Inc.	226,894
365		Manhattan Associates, Inc. *	96,517
7,555		Microsoft Corp.	3,151,493
6,230		Oracle Corp.	880,237
2,420		Palantir Technologies, Inc. Class A *	76,182
1,665		Paycom Software, Inc.	271,029
240		PTC, Inc. *	42,982
3,465		Salesforce, Inc.	876,298
1,210		ServiceNow, Inc. *	1,034,550
145		Synopsys, Inc. *	75,339
220		Veeva Systems, Inc. Class A *	47,617
			8,033,425
Services - To Dwellings & Other Buildings - 0.34%

1,605		Airbnb, Inc. Class A *	188,282
Services - Video Tape Rental - 4.54%
3,550		Netflix, Inc. *	2,489,792
Soap, Detergents, Cleaning Preparations, Perfumes, Cosmetics - 0.97%
495		Ecolab, Inc.	$ 125,324
2,355		Procter & Gamble Co.	403,977
			529,301
Surgical & Medical Instruments & Apparatus - 0.19%
345		DexCom, Inc. *	23,922
230		Stryker Corp.	82,897
			106,819
Transportation Services - 1.02%
143		Booking Holdings, Inc. *	559,020
TOTAL FOR COMMON STOCKS (Cost $34,554,520) - 99.92%	54,787,805
MONEY MARKET FUND - 0.07%
36,128		Goldman Sachs GS Financial Square Treasury Instruments - Institutional Class - 5.13% **	36,128
TOTAL FOR MONEY MARKET FUND (Cost $36,128) - 0.07%	36,128
TOTAL INVESTMENTS (Cost $34,590,648) - 99.99%	54,823,933
OTHER ASSETS LESS LIABILITIES - 0.01%	4,402
NET ASSETS - 100.00%	$ 54,828,335
* Non-income producing securities during the period.
** Variable rate security; the money market rate shown represents the seven day yield on August 31, 2024.
The accompanying notes are an integral part of these financial statements.

SPARROW GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
August 31, 2024
Assets:
Investments in Securities, at Fair Value (Cost $34,590,648)	$54,823,933
Receivables:
Dividends	18,380
Subscriptions Receivable	12,504
Prepaid Expenses	23,038

Total Assets	54,877,855
Liabilities:
Payables:
Advisory Fees	29,754
Administrative Fees	567
Compliance Fees	500
Trustee Fees	450
Other Accrued Expenses	18,249
Total Liabilities	49,520
Net Assets		$54,828,335
Net Assets Consist of:
Paid In Capital	$35,134,954
Distributable Earnings	19,693,381
Net Assets		$54,828,335
Class A:
Net Assets		$18,880,022
Shares outstanding (unlimited number of shares authorized with no par value)	443,034
Net Asset Value	$ 42.62
Maximum Offering Price Per Share ($42.62/ 94.25%) (Note 2)	$ 45.22
Short-term Redemption Price Per Share ($42.62 x 99.00%) *	$ 42.19
Class C:
Net Assets		$ 3,387,963
Shares outstanding (unlimited number of shares authorized with no par value)	88,883
Net Asset Value, Redemption Price and Offering Price Per Share	$ 38.12
No Load Class:
Net Assets		$32,560,350
Shares outstanding (unlimited number of shares authorized with no par value)	773,149
Net Asset Value, Redemption Price and Offering Price Per Share	$ 42.11
* The Fund charges a 1.00% contingent deferred sales charge ("CDSC") on certain Class A
shares redeemed within 18 months of purchase if the shares were purchased without
an initial sales charge because they were purchases of $1 million or more or purchases
by qualified retirement plans with at least 200 eligible employees. See Note 2 for further analysis.
The accompanying notes are an integral part of these financial statements.

SPARROW GROWTH FUND
STATEMENT OF OPERATIONS
For the Year Ended August 31, 2024
Investment Income:
Dividends		$ 343,049
Total Investment Income	343,049
Expenses:
Advisory Fees (Note 4)	472,964
Distribution and/or Service (12b-1) Fees (Class A - $81,263;
Class C - $31,306) (Note 4)	112,569
Transfer Agent Fees	9,350
Legal Fees	11,615
Accounting Fees	38,647
Administrative Fees	6,017
Audit Fees	19,250
Compliance Fees	5,958
Insurance Fees	1,012
Custody Fees	18,057
Miscellaneous Fees	9,493
Registration Fees	43,611
Trustee Fees	4,044
Total Expenses	752,587
Net Investment Loss	(409,538)
Realized and Unrealized Gain (Loss) on Investments:
Net Realized Loss on Investments	(121,559)
Net Change in Unrealized Appreciation on Investments	12,658,942
Net Realized and Unrealized Gain on Investments	12,537,383
Net Increase in Net Assets Resulting from Operations	$ 12,127,845
The accompanying notes are an integral part of these financial statements.

SPARROW GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
		Year Ended	Year Ended
		8/31/2024	8/31/2023
Increase in Net Assets From Operations:
Net Investment Loss	$ (409,538)	$ (129,788)
Net Realized Loss on Investments	(121,559)	(43,226)
Net Change in Unrealized Appreciation on Investments	12,658,942	5,332,720
Net Increase in Net Assets Resulting from Operations	12,127,845	5,159,706
Distributions to Shareholders from:
Class A		-	(2,139,236)
Class C		-	(448,919)
No Load Class	-	(3,197,489)
Change in Net Assets from Distributions	-	(5,785,644)
Capital Share Transactions:
Proceeds from Sale of Shares
Class A		1,002,723	1,395,221
Class C		468,606	236,877
No Load Class	3,318,202	4,483,643
Reinvestment of Shares
Class A		-	2,008,101
Class C		-	337,631
No Load Class	-	3,157,447
Cost of Shares Redeemed
Class A		(1,126,010)	(1,562,754)
Class C		(494,510)	(427,561)
No Load Class	(2,703,299)	(2,712,891)
Net Increase from Shareholder Activity	465,712	6,915,714
Net Assets:
Net Increase in Net Assets	12,593,557	6,289,776
Beginning of Year	42,234,778	35,945,002
End of Year		$ 54,828,335	$ 42,234,778
Share Transactions:
Shares Sold
Class A		26,253	43,595
Class C		15,120	8,436

No Load Class	91,624	147,965
Reinvestment of Shares
Class A		-	67,750
Class C		-	12,626
No Load Class	-	108,690
Shares Redeemed
Class A		(31,036)	(48,313)
Class C		(14,800)	(15,074)
No Load Class	(75,414)	(88,938)
Net Increase in Shares	11,747	236,737
The accompanying notes are an integral part of these financial statements.

SPARROW GROWTH FUND - CLASS A
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each year.
		Years Ended
		8/31/2024	8/31/2023	8/31/2022	8/31/2021	8/31/2020
Net Asset Value, at Beginning of Year	$ 33.21	$ 34.59	$ 51.83	$ 41.23	$ 26.18
Income (Loss) From Investment Operations:
Net Investment Loss (a)	(0.42)	(0.19)	(0.43)	(0.87)	(0.57)
Net Gain (Loss) on Investments (Realized and Unrealized)	9.83	4.36	(16.81)	11.81	15.97
Total from Investment Operations	9.41	4.17	(17.24)	10.94	15.40
Distributions:
Realized Gains		-	(5.55)	-	(0.34)	(0.35)
Total from Distributions		-	(5.55)	-	(0.34)	(0.35)
Net Asset Value, at End of Year	$ 42.62	$ 33.21	$ 34.59	$ 51.83	$ 41.23
Total Return (b)		28.33%	14.00%	(33.26)%	26.53%	59.58%
Ratios/Supplemental Data:
Net Assets at End of Year (Thousands)	$ 18,880	$ 14,872	$ 13,312	$ 22,671	$ 16,622
Ratio of Expenses to Average Net Assets	1.85%	1.94%	1.90%	1.81%	2.02%
Ratio of Net Investment Loss to Average Net Assets	(1.13)%	(0.59)%	(1.02)%	(1.73)%	(1.99)%
Portfolio Turnover (c)	20.81%	55.79%	192.58%	44.86%	13.14%
(a) Per share net investment loss has been determined on the basis of average shares outstanding during the period.
(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
Total return does not reflect load.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes.
The accompanying notes are an integral part of these financial statements.

SPARROW GROWTH FUND - CLASS C
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each year.
		Years Ended
		8/31/2024	8/31/2023	8/31/2022	8/31/2021	8/31/2020
Net Asset Value, at Beginning of Year	$ 29.85	$ 31.79	$ 47.86	$ 38.29	$ 24.50
Income (Loss) From Investment Operations:
Net Investment Loss (a)	(0.54)	(0.32)	(0.61)	(1.03)	(0.67)
Net Gain (Loss) on Investments (Realized and Unrealized)	8.81	3.93	(15.46)	10.94	14.81
Total from Investment Operations	8.27	3.61	(16.07)	9.91	14.14
Distributions:
Realized Gains		-	(5.55)	-	(0.34)	(0.35)
Total from Distributions		-	(5.55)	-	(0.34)	(0.35)
Net Asset Value, at End of Year	$ 38.12	$ 29.85	$ 31.79	$ 47.86	$ 38.29
Total Return (b)		27.71%	13.39%	(33.58)%	25.87%	58.51%
Ratios/Supplemental Data:
Net Assets at End of Year (Thousands)	$ 3,388	$ 2,644	$ 2,625	$ 6,122	$ 5,301
Ratio of Expenses to Average Net Assets	2.35%	2.44%	2.39%	2.31%	2.51%
Ratio of Net Investment Loss to Average Net Assets	(1.63)%	(1.09)%	(1.57)%	(2.24)%	(2.48)%
Portfolio Turnover (c)	20.81%	55.79%	192.58%	44.86%	13.14%
(a) Per share net investment loss has been determined on the basis of average shares outstanding during the period.
(b) Total return represents the rate that the investor would have earned or lost on an investment in the
Fund assuming reinvestment of dividends.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes.
The accompanying notes are an integral part of these financial statements.

SPARROW GROWTH FUND - NO LOAD CLASS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each year.
		Years Ended
		8/31/2024	8/31/2023	8/31/2022	8/31/2021	8/31/2020
Net Asset Value, at Beginning of Year	$ 32.66	$ 33.96	$ 50.62	$ 40.08	$ 25.35
Income (Loss) From Investment Operations:
Net Investment Loss (a)	(0.23)	(0.03)	(0.23)	(0.60)	(0.43)
Net Gain (Loss) on Investments (Realized and Unrealized)	9.68	4.28	(16.43)	11.48	15.51
Total from Investment Operations	9.45	4.25	(16.66)	10.88	15.08
Distributions:
Realized Gains		-	(5.55)	-	(0.34)	(0.35)
Total from Distributions		-	(5.55)	-	(0.34)	(0.35)
Net Asset Value, at End of Year	$ 42.11	$ 32.66	$ 33.96	$ 50.62	$ 40.08
Total Return (b)		28.93%	14.55%	(32.91)%	27.14%	60.27%
Ratios/Supplemental Data:
Net Assets at End of Year (Thousands)	$ 32,560	$ 24,719	$ 20,008	$ 48,818	$ 22,345
Ratio of Expenses to Average Net Assets	1.35%	1.44%	1.39%	1.30%	1.57%
Ratio of Net Investment Loss to Average Net Assets	(0.63)%	(0.09)%	(0.56)%	(1.23)%	(1.54)%
Portfolio Turnover (c)	20.81%	55.79%	192.58%	44.86%	13.14%
(a) Per share net investment loss has been determined on the basis of average shares outstanding during the period.
(b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund assuming reinvestment of dividends.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes.
The accompanying notes are an integral part of these financial statements.

NOTE 1. ORGANIZATION

The Sparrow Growth Fund (the "Fund") was organized as a series of the Sparrow Funds (the "Trust") on July 14, 1998, and commenced operations on October 4, 1998. The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated July 14, 1998 (the "Trust Agreement"). The Fund is diversified. The Fund's investment objective is to provide long-term capital appreciation. The Trust Agreement permits the Board of Trustees (the "Board") to issue an unlimited number of shares of beneficial interest of separate series. The Board has authorized three classes of shares: Class A shares, Class C shares, and No Load Class shares. Each class is subject to different expenses and a different sales charge structure. The investment advisor to the Fund is Sparrow Capital Management, Inc. (the "Advisor").

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services - Investment Companies" including Accounting Standards Update 2013-08.

Security Valuations - All investments in securities are recorded at their estimated fair value, as described in Note 3.

Federal Income Taxes - The Fund complies with requirements of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and distributes substantially all of its net investment income and net realized gains as dividends to its shareholders. Therefore, no federal income tax provision is required. It is the Fund's policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. In addition, it is the Fund's policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains.

The Fund recognizes the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. As of and during the year ended August 31, 2024, management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2021-2023), or expected to be taken in the Fund's 2024 tax returns. The Fund identifies its major tax jurisdictions as U.S. federal and certain state tax authorities. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations when incurred. As of and during the year ended August 31, 2024, the Fund did not incur any interest or penalties.

Security Transactions and Related Income - The Fund records security transactions on the trade date. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

Dividends and Distributions - The Fund typically distributes to its shareholders as dividends substantially all of its net investment income and capital gains at least annually. These distributions, which are recorded on the ex-dividend date, are automatically reinvested in the Fund unless a shareholder requests cash distributions on the shareholder's application or through a written request. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense, or realized capital gain for federal income tax purposes.

Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Sales Charges - With respect to Class A shares, there is a 5.75% maximum initial sales charge, except on purchases of $1 million or more, or on purchases by qualified retirement plans with at least 200 eligible employees. However, shares that are exempt from the initial sales charge will be subject to a contingent deferred sales charge ("CDSC") of 1%, based on the lower of the shares' cost or current net asset value ("NAV"), if the shares are redeemed within eighteen months of purchase. Purchasers of Class A shares may be entitled to sales charge reductions as described in the "Sales Charge Reduction and Waivers" section of the Prospectus. With respect to Class C and No Load Class shares, there is no initial sales charge or CDSC. Shareholders were charged $1,339 in sales charges for Class A shares during the year ended August 31, 2024.

Allocation of Income and Expenses, Realized and Unrealized Capital Gains and Losses - Income, realized and unrealized gains and losses on investments, and Fund-wide expenses are allocated on a daily basis to each class of shares based upon their relative net assets. Class-specific expenses are charged directly to the respective share class.

Indemnifications - In the normal course of business, the Fund enters into contracts that contain general indemnification to other parties. The Fund's maximum exposure under these contracts is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The Fund expects the risk of loss to be remote.

NOTE 3. SECURITIES VALUATIONS

All investments in securities are recorded at their estimated fair value. The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Fair Value Measurements - A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows.

Equity securities (common stocks) - Equity securities are generally valued by using market quotations furnished by a pricing service when the Advisor believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange are valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are valued by the pricing service at the NASDAQ Official Closing Price. Generally, if the security is traded in an active market and is valued at the last sale price in an active market or the market close, the security is categorized as Level 1 within the fair value hierarchy. When the security position is not considered to be part of an active market, or when the security is valued at the bid price, the position is generally categorized as Level 2 in the fair value hierarchy. When market quotations are not readily available, when the Advisor determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value or when restricted or illiquid securities are being valued, such securities are valued at fair value as determined by the Advisor in good faith, in accordance with guidelines adopted by and subject to review of the Board and are categorized as Level 3 within the fair value hierarchy. Manually priced securities held by the Fund (if any) are reviewed by the Board on a quarterly basis.

Money market mutual funds (if any) are generally priced at the ending NAV provided by the service agent of the fund. These securities are categorized as Level 1 within the fair value hierarchy.

The following table summarizes the Fund's investments by inputs used to value the assets as of August 31, 2024:

Valuation Inputs of Assets	Level 1	Level 2	Level 3	Total
Common Stocks	$ 54,787,805	$ -	$ -	$ 54,787,805
Money Market Fund	36,128	-	-	36,128
Total	$ 54,823,933	$ -	$ -	$ 54,823,933

The Fund did not hold any Level 2 or Level 3 assets during the year ended August 31, 2024. For more detail on the Fund's investments in common stocks please refer to the Schedule of Investments. The Fund did not hold any derivative instruments at any time during the year ended August 31, 2024.

NOTE 4. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to the terms of the management agreement between the Advisor and the Trust with respect to the Fund, the Advisor manages the Fund's investments. The Fund pays the Advisor a management fee, calculated daily and paid monthly, at the annual rate of 1.00% of the Fund's average daily net assets. The Fund pays all of its operating expenses. For the year ended August 31, 2024, the Advisor earned fees of $472,964 from the Fund. As of August 31, 2024, the Fund owed $29,754 to the Advisor. The President of the Advisor is also a Trustee of the Trust.

Foreside Financial Services, LLC (the "Distributor") acts as the principal distributor of the Fund's shares. The Fund has adopted Distribution and Shareholder Servicing Plans (the "Plans"), with respect to Class A shares and Class C shares, pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended.

Under the Class A Plan, the Fund pays an annual fee of up to 0.50% of the average daily net assets of the Fund invested in Class A shares to help defray the cost of distributing shares. The 12b-1 fees are used by the distributor to compensate qualifying financial institutions (such as banks, brokers-dealers and other industry professionals) who sell shares and provide distribution-related and other services to the Fund's shareholders to the extent these institutions are allowed to do so by applicable statutes, rules or regulations. The Fund may also pay no more than 0.25% of this amount directly to the Advisor, to be used by the Advisor to compensate any entity, including registered broker-dealers, custodians, investment advisers, financial planners, 401(k) administrators, etc., that perform certain administrative or other servicing functions for the Class A shareholders. During the year ended August 31, 2024, there were no amounts retained by the Advisor.

Under the Class C Plan, the Fund pays an annual fee of up to 1.00% of the average daily net assets of the Fund invested in Class C shares to help defray the cost of distributing shares. The 12b-1 fees are used by the distributor to compensate qualifying financial institutions (such as banks, brokers-dealers and other industry professionals) who sell shares and provide distribution-related and other services to the Fund's shareholders to the extent these institutions are allowed to do so by applicable statutes, rules or regulations. The Fund may also pay no more than 0.25% of this amount directly to the Advisor, to be used by the Advisor to compensate any entity, including registered broker-dealers, custodians, investment advisers, financial planners, 401(k) administrators, etc., that perform certain administrative or other servicing functions for the Class C shareholders. During the year ended August 31, 2024, there were no amounts retained by the Advisor.

The Plans, other than Distributor Fees in Class A, are compensation plans, which means that the full 12b-1 fee payable under the respective Plan is paid to the Advisor and Distributor irrespective of actual 12b-1 fees incurred. For the year ended August 31, 2024, Class A incurred 12b-1 expenses of $81,263, and Class C incurred 12b-1 expenses of $31,306. At August 31, 2024, the Fund owed $9,582 in 12b-1 expenses.

The Trust, on behalf of the Fund, entered into Administration and Compliance Agreements with Empirical Administration, LLC ("Empirical"), which provides administration and compliance services to the Fund. Brandon M. Pokersnik is the owner/president of Empirical, and also an employee of Mutual Shareholder Services, which provides transfer agency and fund accounting services to the Fund. Mr. Pokersnik serves as the Chief Compliance Officer of the Trust. For the services Empirical provides under the Administration and Compliance Agreements, Empirical receives a monthly fee of $1,000 from the Fund. For the year ended August 31, 2024, Empirical earned $11,975 for these services, included in the Administrative and Compliance Fees on the Statement of Operations. As of August 31, 2024, the Fund owed Empirical $1,067.

NOTE 5. INVESTMENT TRANSACTIONS

For the year ended August 31, 2024, purchases and sales of investment securities, other than short-term investments, were as follows:

Purchases

Investment Securities $ 10,163,557

Sales

Investment Securities $ 9,798,781

NOTE 6. TAX MATTERS

As of August 31, 2024, the aggregate cost of securities for federal income tax purposes was $34,618,541.

As of August 31, 2024, the net unrealized appreciation of investments for tax purposes was as follows:

Gross Appreciation $ 20,680,243

Gross (Depreciation) (474,851)

Net Appreciation on Investments $ 20,205,392

The tax character of distributions paid during the years ended August 31, 2024 and 2023, was as follows:

	August 31, 2024	August 31, 2023
Distributions paid from:
Ordinary Income	$ -	$ -
Capital Gains	$ -	$ 5,785,644
Total	$ -	$ 5,785,644

For the year ended August 31, 2024, there were no distributions paid. For the year ended August 31, 2023, each share class paid a long-term gain distribution of $5.552156 per share, on December 16, 2022.

As of August 31, 2024, the components of distributable earnings on a tax basis were as follows:

Late-year ordinary loss	$ (318,367)
Capital loss carryforward - short term	(193,644)
Accumulated undistributed capital gain	-
Unrealized appreciation	20,205,392
	$ 19,693,381

The difference between book basis and tax basis unrealized appreciation (depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales. Permanent book and tax differences, primarily attributable to net operating losses, resulted in reclassification for the Fund for the fiscal year ended August 31, 2024 as follows:

Paid-in Capital	Total Distributable Earnings/(Deficit)
$ (193,243)	$ 193,243

Under current tax law, certain capital losses realized after October 31, and certain ordinary losses realized after December 31 but before the end of the fiscal year ("Post-October Losses" and "Late Year Losses", respectively) may be deferred and treated as occurring on the first business day of the following fiscal year. The Fund elected to defer for the year ended August 31, 2024, Late Year ordinary losses in the amount of $318,367. These losses are deemed to arise on the first day of the following fiscal year for tax purposes.

As of August 31, 2024, the Fund had $193,644 in short-term capital loss carryforwards that do not expire for federal income tax purposes. The capital loss carryforwards may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders and may be carried forward indefinitely retaining their character as short-term and/or long-term.

NOTE 7. SUBSEQUENT EVENTS

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements.

NOTE 8. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of August 31, 2024, Charles Schwab & Co., Inc. held in omnibus accounts for the benefit of others, approximately 36.69% of the voting securities of the Fund and may be deemed to control the Fund. However, the above ownership does not constitute control with respect to the Securities and Exchange Commission's ("SEC's") auditor independence rules as they are not beneficial owners with significant influence over the Fund.

NOTE 9. MARKET RISK

Overall market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions and depressions, or other events could have a significant impact on the Fund and its investments and could result in increased liquidity risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of

Sparrow Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Sparrow Funds comprising Sparrow Growth Fund (the "Fund") as of August 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2024, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2004.

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

October 30, 2024

Proxy Voting - A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies during the most recent 12 month period ended June 30, are available without charge upon request by (1) calling the Fund at 1-888-727-3301 and (2) from Fund documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at www.sec.gov.

Portfolio Holdings - The Fund files a complete schedule of investments with the SEC on Form N-PORT. The Form N-PORT filing must be made within 60 days of the end of the quarter. The Fund's Forms N-PORT are available on the SEC's website at http://sec.gov. You may also obtain copies by calling the Fund at 1-888-727-3301.

Management Agreement Renewal: In connection with a regular meeting of the Board of Trustees (the "Board") of Sparrow Funds (the "Trust") held on July 25, 2024, the Board considered the renewal of the investment management agreement (the "Agreement") between the Trust and Sparrow Capital Management, Inc. (the "Adviser") with respect to the Sparrow Growth Fund (the "Fund").

Nature, Extent and Quality of Services. As to the nature, extent, and quality of the services provided by the Adviser, the Board considered the Adviser's investment strategies and execution of those strategies. The Board reviewed the Adviser's 15(c) responses (the "Report") which included information regarding the Adviser's personnel and compliance program, as well as comparisons regarding the Fund's fees and performance to various peers. A representative of the Adviser discussed the investment advisory services the Adviser provided to the Fund. The Board discussed the background and experience of personnel servicing the Fund. The Board noted that the Adviser complied with the Trust's Code of Ethics and that there had been no reported litigation involving the Fund since the Agreement's last renewal. Based on the information in the Report and discussions with the Adviser's representative, the Board concluded the Adviser continued to provide high quality services to the Fund and its shareholders.

Performance. The Board reviewed information in the Report regarding the Fund's returns for various periods ended June 24, 2024. The Board observed that the Fund had outperformed the Morningstar Mid-Cap Growth category over the 1-year, 5-year and 10-year periods. The Board agreed that the Fund's performance indicated that the Adviser had the ability to generate reasonable returns to the benefit of shareholders. After additional discussion, the Board concluded that the Fund's performance under the Adviser was satisfactory.

Fees and Expenses. The Board reviewed information comparing the management fee and expense ratio of the Fund to the fees and expenses paid by funds in the Morningstar Mid-Cap Growth category. The Board noted that the Fund's management fee was above the average of the Morningstar category. The Board further noted that the Fund's net expense ratio was higher than the average for the Morningstar category. The Board acknowledged the Adviser's representation that most of the funds in the Morningstar category were larger funds or part of large organizations with much greater economies of scale and as such, the Fund's net expense ratio was expected to be higher than the average. The Board also considered the Adviser's statement that among other similarly sized funds, the Fund's management fee and expense ratio were quite reasonable, and that its proprietary investment model utilized to actively manage the Fund commanded a premium. The Board determined that the Fund's expense ratio and management fee were not unreasonable.

Profitability and Economies of Scale. The Board reviewed financial statements and tax-related information provided by the Adviser. The Board considered whether the Adviser had realized a profit in connection with its relationship with the Fund and noted the Adviser reported a net loss during the 12 months ended June 30, 2024. The Board therefore concluded that excessive profitability was not an issue at this time. As to the realization of economies of scale, the Board agreed that economies of scale could be realized as the Fund's assets grew, but based on the current size of the Fund, no economies of scale had been achieved as of yet.

Conclusion. After consideration, the Board determined that the terms of the Agreement constituted a reasonable business arrangement, and that the renewal of the Agreement was in the best interests of the Fund and its shareholders.

This report is intended only for the information of shareholders or those who have received the Fund's prospectus which contains information about the Fund's management fee and expenses. Please read the prospectus carefully before investing.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies. Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. The information is included as part of the material filed under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. The information is included as part of the material filed under Item 7 of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable - applies to closed-end funds only.

Item 13. Portfolio Managers of Closed-End Management Investment Companies. Not applicable - applies to closed-end funds only.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies. Not applicable - applies to closed-end funds only.

Item 15. Submission of Matters to a Vote of Security Holders. Not applicable - the registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

Item 16. Controls and Procedures.

(a) The registrant's president and chief financial officer concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) were effective as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) EX-99.CODE ETH. Filed herewith.

(a)(2) EX-99.CERT. Filed herewith.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b) EX-99.906CERT. Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SPARROW FUNDS

By /s/ Gerald Sparrow

*Gerald Sparrow

President

Date November 5, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /s/ Gerald Sparrow

*Gerald Sparrow

President and Treasurer

Date November 5, 2024

* Print the name and title of each signing officer under his or her signature.

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