PERFORMANCE: World Total Return Portfolio

Please call or email us for the World Total Portfolio Returns

Disclosure: The World Total Return Portfolio composite return displayed represents the investment performance of discretionary equity accounts managed in the World Total Return Portfolio strategy. The Composite is comprised of all accounts managed in this approach. Accounts are included at the start of the next quarter after the portfolios come under management, and excluded after the last full quarter that the portfolios were under management. Returns are calculated on a dollar-weighted basis. Deviations within the individual accounts occur on a yearly basis; however, these averages are generally indicative of our equity investment results generated over time. The rate of return considers the following: a) All money flowing into or out of the fund b) All realized gains or losses c)All unrealized gains or losses d) All dividend and interest income There is no statistical correlation between past performance and future results. As such, there is no assurance that results approximating these returns will continue in the future. The S&P 500 is an unmanaged index of 500 stocks selected by Standard & Poors.

1)Sparrow Capital Management is a Registered Investment Advisor, established by Gerald Sparrow as a sole proprietorship in 1990 and registered with the SEC as Sparrow Capital Management, Inc. in 1993, located in St. Louis, Missouri. 2) A complete list and description of all composites is available upon request. 3) The minimum account size for inclusion in the World Total Return Composite is $100,000. 4) Valuation and performance are calculated in USD. 5) Wrap fees are paid for services including brokerage fees, advisory fees, and fees for the investment management services provided by Sparrow Capital Management. 6) Additional information regarding policies for calculating and reporting returns is available upon request. 7) Dispersion is measured as the dollar-weighted standard deviation of returns. 8) Management fees are paid annually according to the following schedule: One the first $500,000 2.00%; on the next $500,000 1.80%; on the next $1,000,000 1.60%; over $2,000,000 1.40%. Management Fees are negotiable. 9) Sparrow Capital Management has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®)