Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
January 31 2014 - 4:35PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
811-08897
Sparrow Funds
(Exact name of registrant as specified in charter)
211 N. Broadway, Ste. 2080, St. Louis, MO
63102
(Address of principal executive offices) (Zip code)
Mutual Shareholder Services
8000 Towne 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:
08/31
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Date of reporting period:
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11/30/2013
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Form N-Q is to be used by management investment companies, other than small business investment
companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. Schedule of Investments.
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Sparrow Growth Fund
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Schedule of Investments
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November 30, 2013 (Unaudited)
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Shares
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Fair Value
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COMMON STOCKS - 100.17%
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Auto Parts - 1.11%
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9,200
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Federal Signal Corp. *
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$ 143,796
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Beverages - 2.38%
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650
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Boston Beer Co., Inc. Class-A *
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159,120
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2,130
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Constellation Brands, Inc. *
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149,973
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309,093
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Biological Products (No Diagnostic Substances - 2.00%
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2,700
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Catamaran Corp. *
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123,201
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14,000
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PDL BioPharma, Inc.
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136,780
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259,981
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Biotechnology - 1.01%
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1,050
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Alexion Pharmaceuticals, Inc. *
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130,725
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Cable & Other Pay Television Services - 1.90%
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1,800
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AMC Networks, Inc. *
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115,542
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1,500
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Discovery Communications, Inc. *
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130,905
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246,447
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Carpets & Rugs - 1.52%
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1,170
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Mohawk Industries, Inc. *
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163,823
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2,600
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The Dixie Group, Inc. *
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33,748
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197,571
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Catalog & Mail Order Houses - 1.04%
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4,800
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Overstock.com, Inc. *
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134,400
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Cement - 1.09%
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1,820
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Eagle Materials, Inc.
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141,960
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Commodity, Contracts, Brokers & Dealers - 0.94%
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7,975
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Wisdom Tree Investments, Inc. *
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122,177
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Computer Storage Devices - 1.00%
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1,900
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SanDisk Corp.
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129,485
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Confectioners - 0.97%
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1,300
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Hershey Co.
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125,957
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Construction Special Trade Contractors - 1.74%
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8,400
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Furmanite Corp. *
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94,920
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1,700
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Chicago Bridge & Iron Co. N.V.
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130,356
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225,276
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Consumer Goods - 2.07%
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2,400
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SodaStream International, Ltd. *
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137,952
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1,700
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Sturm Ruger & Co.
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130,781
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268,733
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Crude Petroleum & Natural Gas - 6.16%
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2,500
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Bonanza Creek Energy, Inc. *
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114,675
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1,330
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Continental Resources, Inc. *
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142,988
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6,900
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Matador Resources Co. *
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150,351
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780
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Pioneer Natural Resources Co.
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138,645
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4,700
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Sanchez Energy Corp. *
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120,649
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1,500
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SM Energy Co.
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132,210
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799,518
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Drilling Oil & Gas Wells - 0.88%
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3,000
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Noble Corp.
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114,360
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Electronic Connectors - 1.18%
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5,300
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Methode Electronics, Inc.
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153,329
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Engines & Turbines - 0.93%
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2,150
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Dresser-Rand Group, Inc. *
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121,346
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Entertainment-Diversified - 1.15%
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125
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Priceline.com, Inc. *
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149,041
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Financial Services - 0.81%
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11,500
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GAIN Capital Holdings, Inc.
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104,650
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Fire, Marine & Casualty Insurance - 3.78%
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2,400
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Allstate Corp.
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130,248
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4,570
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Employers Holdings, Inc.
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149,165
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4,100
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Greenlight Capital Re, Ltd. *
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139,441
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1,300
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Selective Insurance Group, Inc.
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36,647
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3,500
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United Insurance Holdings Corp.
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35,280
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490,781
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Food & Kindred Products - 2.10%
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7,100
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Boulder Brands, Inc. *
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108,701
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1,980
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The Hain Celestial Group, Inc. *
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163,726
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272,427
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Footwear - 1.20%
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4,620
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Skechers USA, Inc. *
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155,324
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Hospital & Medical Service Plans - 1.06%
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2,300
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Centene Corp. *
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137,379
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Hotels & Motels - 1.01%
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3,700
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Melco Crown Entertainment, Ltd. *
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131,683
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Industrial Inorganic Chemicals - 0.97%
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3,050
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American Pacific Corp. *
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126,118
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Industrial Organic Chemicals - 0.28%
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1,100
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REX American Resources Corp. *
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36,014
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Investment Advice - 1.16%
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725
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Virtus Investment Partners, Inc. *
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150,655
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Leather & Leather Products - 0.97%
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1,550
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Michael Kors Holdings, Ltd. *
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126,402
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Meat Products - 1.11%
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2,100
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Sanderson Farms, Inc.
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143,514
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Media Entertainment - 1.06%
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375
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Netflix, Inc. *
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137,175
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Mortgage Bankers & Loan Correspondents - 2.16%
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2,730
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Owen Financial Corp. *
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154,682
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3,300
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Walter Investment Management Corp. *
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125,829
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280,511
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Motor Homes - 1.18%
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4,950
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Winnebago Industries, Inc. *
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153,252
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Motor Vehicle Parts & Accessories - 1.06%
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6,900
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American Axle & Manufacturing Holdings, Inc. *
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138,000
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National Commercial Banks - 0.56%
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4,100
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Midsouth Bancorp, Inc.
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73,021
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Natural Gas Distribution - 1.05%
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1,600
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EQT Corp.
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136,176
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Oil & Gas Field Machinery & Equipment - 0.92%
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4,400
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Forum Energy Technologies, Inc. *
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118,844
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Operative Builders - 4.06%
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7,500
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KM Home
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131,475
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4,886
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MI Homes, Inc. *
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147,199
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2,800
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Meritage Homes Corp. *
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122,024
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3,200
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Ryland Group, Inc.
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126,464
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527,162
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Paper Mills - 1.07%
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2,600
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KapStone Paper & Packaging Corp.
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138,528
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Paperboard Containers & Boxes - 0.80%
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1,100
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Rock-Tenn Co.
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103,862
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Personal Products - 1.28%
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1,300
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Nu Skin Enterprises, Inc.
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166,192
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Pharmaceutical Preparations - 4.22%
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2,500
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Forest Laboratories, Inc. *
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128,275
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2,700
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Gentium S.p.A. *
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146,394
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1,325
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Jazz Pharmaceuticals Plc. *
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154,919
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2,050
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Questcor Pharmaceuticals, Inc.
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118,921
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548,509
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Poultry Slaughtering & Processing - 1.14%
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9,000
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Pilgrim's Pride Corp. *
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147,420
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Radio & TV Broadcasting & Communications - 1.96%
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5,300
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CalAmp Corp. *
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132,182
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3,100
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Ubiquiti Networks, Inc.
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122,140
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254,322
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Railroads, Line-Haul Operating - 0.96%
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1,290
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Genesee & Wyoming, Inc. Class-A *
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124,098
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Recreation Vehicles - 1.26%
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1,230
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Polaris Industries, Inc.
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164,168
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Refrigeration & Service Industry Machine - 0.73%
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430
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Middleby Corp. *
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94,961
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Regional-Pacific Banks - 1.22%
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8,985
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CU Bancorp. *
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159,035
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Resorts & Casinos - 0.96%
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6,500
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MGM Resorts International *
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124,735
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Retail-Food Stores - 1.18%
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2,550
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GNC Holdings Group
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153,459
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Retail Stores - 1.14%
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375
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Amazon.com, Inc. *
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147,608
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Retail-Catalog & Mail-Order Houses - 1.02%
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1,600
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Vipshop Holdings, Ltd. *
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132,976
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Retail-Lumber & Other Building Materials Dealers - 0.85%
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1,100
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Lumber Liquidators Holdings, Inc. *
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110,759
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Retail-Radio TV & Consumer Electronics Stores - 1.07%
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2,300
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Conns, Inc. *
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138,759
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Security Brokers, Dealers & Flotation Companies - 0.59%
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3,900
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Investment Technology Group, Inc. *
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76,401
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Semiconductors & Related Devices - 2.17%
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6,500
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Finisar Corp. *
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134,485
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7,000
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Micron Technology, Inc. *
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147,700
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282,185
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Services-Business Services, NEC - 2.11%
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4,250
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Envestnet, Inc. *
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168,938
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5,940
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PowerSecure International, Inc. *
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104,365
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273,303
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Services-Computer Processing & Data Preparation - 1.60%
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2,600
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Bitauto Holdings, Ltd. *
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81,900
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2,500
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YY, Inc. *
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125,950
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207,850
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Services-Computer Programming Services - 1.09%
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2,800
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Synaptics, Inc. *
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141,428
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Services-Computer Programming, Data Processing, Etc. - 0.98%
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2,720
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Facebook, Inc. *
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127,867
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Services-Educational Services - 0.72%
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5,300
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China Distance Education Holdings, Ltd.
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92,989
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Services-Management Consulting Services - 1.14%
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4,000
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CGI Group, Inc. *
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147,560
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Services-Miscellaneous Business Services - 1.12%
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900
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Altisource Portfolio Solutions S. A. *
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144,882
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Services-Prepackaged Software - 2.04%
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2,200
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ACI Worldwide, Inc. *
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141,966
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7,500
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Take-Two Interactive Software, Inc. *
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122,700
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264,666
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Services-Specialty Outpatient Facilities - 1.17%
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3,300
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Acadia Healthcare Co., Inc. *
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152,460
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Special Industry Machinery, NEC - 0.96%
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2,400
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Lam Research Corp. *
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125,064
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Special Eateries - 0.74%
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1,180
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Starbucks Corp.
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96,123
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State Commercial Banks - 3.13%
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2,200
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First Financial Holdings, Inc.
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144,914
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3,600
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Home Bancshares, Inc.
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130,176
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7,630
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OFG Bancorp.
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131,236
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406,326
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Surety Insurance - 1.01%
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7,600
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Old Republic International Corp.
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130,720
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Telephone & Telegraph Apparatus - 0.98%
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5,700
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Ciena Corp. *
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126,597
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Television Broadcasting Stations - 1.26%
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3,300
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Nexstar Broadcasting Group, Inc. Class-A
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163,911
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Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies - 0.95%
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3,725
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LKQ Corp. *
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123,484
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TOTAL FOR COMMON STOCKS (Cost $11,673,876) - 100.17%
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$ 13,005,490
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TOTAL INVESTMENTS (Cost $11,673,876) - 100.17%
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$ 13,005,490
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LIABILITIES IN EXCESS OF OTHER ASSETS - 0.17%
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(22,539)
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NET ASSETS - 100.00%
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$ 12,982,951
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* Non-income producing security during the period
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** Variable rate security; the coupon rate shown represents the yield at November 30, 2013.
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NOTES TO FINANCIAL STATEMENTS
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Sparrow Growth Fund
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1. SECURITY TRANSACTIONS
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At November 30, 2013, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $11,673,876 amounted to $1,331,614, which consisted of aggregate gross unrealized appreciation of $1,659,376 and aggregate gross unrealized depreciation of $327,762.
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2. SECURITY VALUATIONS
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As described in Note 2, all investments in securities are recorded at their estimated fair value. The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
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Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
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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.
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Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds own assumptions about the assumptions a market participant would use in valuating the asset or liability, and would be based on the best information available.
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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.
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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.
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Valuation Inputs of Assets
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Level 1
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Level 2
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Level 3
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Total
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Common Stock
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$13,005,490
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$0
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$0
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$13,005,490
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Total
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$13,005,490
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$0
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$0
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$13,005,490
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Item 2. Controls and Procedures.
(a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. The Registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Registrant's filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Quarterly Schedule of Portfolio Holdings on Form N-Q, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant's management, including the Registrant's principal executive officer and the Registrant's principal financial officer, of the effectiveness of the design and operation of the Registrant's disclosure controls and procedures. Based on such evaluation, the Registrant's principal executive officer and principal financial officer concluded that the Registrant's disclosure controls and procedures are effective.
(b) CHANGES IN INTERNAL CONTROLS. There have been no significant changes in the Registrant's internal controls or in other factors that could significantly affect the internal controls subsequent to the date of their evaluation in connection with the preparation of this Quarterly Schedule of Portfolio Holdings on Form N-Q.
Item 3. Exhibits.
Certifications by the registrant's principal executive officer and principal financial officer, pursuant to the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2a under the Investment Company Act of 1940 are 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.
By: *
Gerald Sparrow
Gerald Sparrow, President
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: *
Gerald Sparrow
Gerald Sparrow, President and Treasurer
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