<PAGE> PAGE 1
000 B000000 08/31/99
000 C000000 0001066241
000 D000000 N
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000 F000000 Y
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000 J000000 A
001 A000000 SPARROW GROWTH FUND
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001 C000000 8887273301
002 A000000 225 SOUTH MERAMEC AVE., SUITE 732 TOWER
002 B000000 ST. LOUIS
002 C000000 MO
002 D010000 63105
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004 000000 N
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010 A00AA01 UNIFIED FUND SERVICES, INC.
010 B00AA01 84-00142
010 C01AA01 INDIANAPOLIS
010 C02AA01 IN
010 C03AA01 46204
011 A00AA01 UNIFIED MANAGEMENT CORP.
011 B00AA01 8-23508
011 C01AA01 INDIANAPOLIS
011 C02AA01 IN
011 C03AA01 46204
012 A00AA01 UNIFIED FUND SERVICES, INC.
<PAGE> PAGE 2
012 B00AA01 84-00142
012 C01AA01 INDIANAPOLIS
012 C02AA01 IN
012 C03AA01 46204
013 A00AA01 MCCURDY & ASSOCIATES CPA'S, INC.
013 B01AA01 WESTLAKE
013 B02AA01 OH
013 B03AA01 44145
015 A00AA01 FIRSTAR BANK, N.A.
015 B00AA01 C
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020 A000003 SMITH BARNEY
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020 A000004 MOORE, SCHLEY
020 C000004 2
020 A000005 JANNEY, MONTGOMERY
020 C000005 1
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE CAROL J. HIGHSMITH
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> Sparrow Growth Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-1-1998
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 4942109
<INVESTMENTS-AT-VALUE> 5298160
<RECEIVABLES> 1724
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 29891
<TOTAL-ASSETS> 5329775
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10718
<TOTAL-LIABILITIES> 10718
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5055109
<SHARES-COMMON-STOCK> 397647
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 356051
<NET-ASSETS> 5319057
<DIVIDEND-INCOME> 33586
<INTEREST-INCOME> 5915
<OTHER-INCOME> 6
<EXPENSES-NET> 67443
<NET-INVESTMENT-INCOME> (27936)
<REALIZED-GAINS-CURRENT> (92103)
<APPREC-INCREASE-CURRENT> 356051
<NET-CHANGE-FROM-OPS> 236012
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 396883
<NUMBER-OF-SHARES-REDEEMED> 9246
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5219057
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 67443
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 67443
<AVERAGE-NET-ASSETS> 2941527
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> (0.13)
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</TABLE>
Board of Trustees
Sparrow Funds:
In planning and performing our audit of the financial statements of Sparrow
Funds for the year ended August 31, 1999, we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of Sparrow Funds is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and transactions are executed in accordance
with management's authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
August 31, 1999.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio
September 27, 1999
