DANA LARGE CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
July 31, 2020 (Unaudited)
COMMON STOCKS — 99.05% | Shares | Fair Value | ||||||
Communications — 10.98% | ||||||||
Activision Blizzard, Inc. | 21,000 | $ | 1,735,230 | |||||
Alphabet, Inc., Class A(a) | 2,100 | 3,124,695 | ||||||
AT&T, Inc. | 44,000 | 1,301,520 | ||||||
Comcast Corporation, Class A | 37,000 | 1,583,600 | ||||||
Facebook, Inc., Class A(a) | 9,500 | 2,409,865 | ||||||
T-Mobile US, Inc.(a) | 22,000 | 2,362,360 | ||||||
Verizon Communications, Inc. | 26,000 | 1,494,480 | ||||||
14,011,750 | ||||||||
Consumer Discretionary — 11.13% | ||||||||
Amazon.com, Inc.(a) | 1,280 | 4,050,790 | ||||||
AutoZone, Inc.(a) | 1,300 | 1,569,646 | ||||||
Best Buy Company, Inc. | 24,000 | 2,390,160 | ||||||
BorgWarner, Inc. | 41,000 | 1,500,600 | ||||||
D.R. Horton, Inc. | 36,000 | 2,381,760 | ||||||
Home Depot, Inc. (The) | 8,700 | 2,309,763 | ||||||
14,202,719 | ||||||||
Consumer Staples — 7.02% | ||||||||
Kimberly-Clark Corporation | 15,000 | 2,280,600 | ||||||
Mondelez International, Inc., Class A | 41,000 | 2,275,090 | ||||||
PepsiCo, Inc. | 16,000 | 2,202,560 | ||||||
Walmart, Inc. | 17,000 | 2,199,800 | ||||||
8,958,050 | ||||||||
Energy — 2.51% | ||||||||
Chevron Corporation | 500 | 41,970 | ||||||
ConocoPhillips | 36,000 | 1,346,040 | ||||||
Exxon Mobil Corporation | 1,000 | 42,080 | ||||||
Marathon Petroleum Corporation | 1,000 | 38,200 | ||||||
ONEOK, Inc. | 10,000 | 279,100 | ||||||
Pioneer Natural Resources Company | 15,000 | 1,453,800 | ||||||
3,201,190 | ||||||||
Financials — 9.68% | ||||||||
American Express Company | 21,000 | 1,959,720 | ||||||
Aon plc, Class A | 10,000 | 2,052,200 | ||||||
Bank of America Corporation | 86,000 | 2,139,680 | ||||||
Bank of New York Mellon Corporation (The) | 55,000 | 1,971,750 | ||||||
JPMorgan Chase & Company | 21,600 | 2,087,424 | ||||||
Morgan Stanley | 44,000 | 2,150,720 | ||||||
12,361,494 |
Health Care — 14.56% | ||||||||
Abbott Laboratories | 18,000 | 1,811,520 | ||||||
AbbVie, Inc. | 23,000 | 2,182,930 | ||||||
Amgen, Inc. | 9,400 | 2,299,898 | ||||||
Bristol-Myers Squibb Company | 36,000 | 2,111,760 | ||||||
Johnson & Johnson | 6,000 | 874,560 | ||||||
Merck & Company, Inc. | 27,000 | 2,166,480 | ||||||
Regeneron Pharmaceuticals, Inc.(a) | 500 | 316,035 | ||||||
STERIS plc | 12,000 | 1,915,560 | ||||||
Thermo Fisher Scientific, Inc. | 6,000 | 2,483,700 | ||||||
UnitedHealth Group, Inc. | 8,000 | 2,422,240 | ||||||
18,584,683 | ||||||||
Industrials — 7.89% | ||||||||
Boeing Company (The) | 200 | 31,600 | ||||||
Delta Air Lines, Inc. | 1,000 | 24,970 | ||||||
Eaton Corporation plc | 21,000 | 1,955,730 | ||||||
Lockheed Martin Corporation | 5,600 | 2,122,232 | ||||||
Norfolk Southern Corporation | 10,400 | 1,998,984 | ||||||
Parker-Hannifin Corporation | 11,000 | 1,968,120 | ||||||
Waste Management, Inc. | 18,000 | 1,972,800 | ||||||
10,074,436 | ||||||||
Materials — 2.45% | ||||||||
Avery Dennison Corporation | 14,000 | 1,586,760 | ||||||
Packaging Corporation of America | 16,000 | 1,537,920 | ||||||
3,124,680 | ||||||||
Real Estate — 2.81% | ||||||||
American Tower Corporation, Class A | 6,700 | 1,751,313 | ||||||
Prologis, Inc. | 17,400 | 1,834,308 | ||||||
3,585,621 | ||||||||
Technology — 26.87% | ||||||||
Adobe, Inc.(a) | 5,000 | 2,221,600 | ||||||
Akamai Technologies, Inc.(a) | 19,000 | 2,136,360 | ||||||
Apple, Inc. | 10,000 | 4,250,400 | ||||||
Cadence Design Systems, Inc.(a) | 22,000 | 2,403,500 | ||||||
CDW Corporation | 16,000 | 1,860,000 | ||||||
Cisco Systems, Inc. | 1,000 | 47,100 | ||||||
Fidelity National Information Services, Inc. | 10,000 | 1,463,100 | ||||||
Intel Corporation | 40,000 | 1,909,200 | ||||||
Lam Research Corporation | 6,700 | 2,526,972 | ||||||
Leidos Holdings, Inc. | 23,000 | 2,188,680 | ||||||
Mastercard, Inc., Class A | 5,800 | 1,789,474 | ||||||
Microsoft Corporation | 18,000 | 3,690,180 | ||||||
PayPal Holdings, Inc.(a) | 10,000 | 1,960,700 | ||||||
Qorvo, Inc.(a) | 17,000 | 2,178,550 | ||||||
Visa, Inc., Class A | 9,000 | 1,713,600 | ||||||
Zebra Technologies Corporation, Class A(a) | 7,000 | 1,965,250 | ||||||
34,304,666 |
Utilities — 3.15% | ||||||||
Eversource Energy | 22,800 | 2,053,596 | ||||||
NextEra Energy, Inc. | 7,000 | 1,964,900 | ||||||
4,018,496 | ||||||||
Total Common Stocks (Cost $98,686,744) | 126,427,785 | |||||||
MONEY MARKET FUNDS - 0.99% | ||||||||
Fidelity Investments Money Market Government Portfolio, Institutional Class, 0.09%(b) | 1,268,351 | 1,268,351 | ||||||
Total Money Market Funds (Cost $1,268,351) | 1,268,351 | |||||||
Total Investments — 100.04% (Cost $99,955,095) | 127,696,136 | |||||||
Liabilities in Excess of Other Assets — (0.04)% | (55,078 | ) | ||||||
NET ASSETS — 100.00% | $ | 127,641,058 |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of July 31, 2020. |
DANA SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
July 31, 2020 (Unaudited)
COMMON STOCKS — 98.98% | Shares | Fair Value | ||||||
Communications — 2.15% | ||||||||
Glu Mobile, Inc.(a) | 9,344 | $ | 88,207 | |||||
Vonage Holdings Corporation(a) | 10,701 | 127,877 | ||||||
216,084 | ||||||||
Consumer Discretionary — 8.40% | ||||||||
Boot Barn Holdings, Inc.(a) | 8,390 | 162,430 | ||||||
Chegg, Inc.(a) | 2,254 | 182,507 | ||||||
Deckers Outdoor Corporation(a) | 840 | 175,770 | ||||||
Malibu Boats, Inc., Class A(a) | 2,995 | 176,046 | ||||||
Marriott Vacations Worldwide Corporation | 1,751 | 148,240 | ||||||
844,993 | ||||||||
Consumer Staples — 4.43% | ||||||||
e.l.f. Beauty, Inc.(a) | 8,408 | 150,167 | ||||||
Helen of Troy Ltd.(a) | 760 | 143,070 | ||||||
Sprouts Farmers Market, Inc.(a) | 5,773 | 152,292 | ||||||
445,529 | ||||||||
Energy — 1.02% | ||||||||
WPX Energy, Inc.(a) | 17,212 | 102,756 | ||||||
Financials — 14.83% | ||||||||
First Bancorp | 5,655 | 116,832 | ||||||
Hanover Insurance Group, Inc. (The) | 1,430 | 145,688 | ||||||
Home BancShares, Inc. | 9,942 | 162,353 | ||||||
Houlihan Lokey, Inc., Class A | 2,814 | 154,207 | ||||||
Independent Bank Corporation | 2,426 | 156,526 | ||||||
LPL Financial Holdings, Inc. | 2,064 | 163,097 | ||||||
Pinnacle Financial Partners, Inc. | 3,915 | 155,112 | ||||||
Primerica, Inc. | 1,231 | 147,302 | ||||||
Western Alliance Bancorporation | 4,061 | 145,993 | ||||||
Wintrust Financial Corporation | 3,354 | 143,551 | ||||||
1,490,661 | ||||||||
Health Care — 19.37% | ||||||||
BioTelemetry, Inc.(a) | 3,958 | 168,452 | ||||||
Blueprint Medicines Corporation(a) | 2,350 | 171,973 | ||||||
Emergent BioSolutions, Inc.(a) | 1,987 | 221,033 | ||||||
Haemonetics Corporation(a) | 1,781 | 156,122 | ||||||
HMS Holdings Corporation(a) | 6,011 | 195,358 | ||||||
Horizon Therapeutics plc(a) | 3,619 | 221,446 | ||||||
Ligand Pharmaceuticals, Inc., Class B(a) | 1,510 | 176,942 | ||||||
Medpace Holdings, Inc.(a) | 1,902 | 227,004 | ||||||
NuVasive, Inc.(a) | 3,301 | 188,619 | ||||||
Repligen Corporation(a) | 1,459 | 220,179 | ||||||
1,947,128 |
Industrials — 17.12% | ||||||||
Cactus, Inc., Class A | 4,732 | 107,038 | ||||||
Comfort Systems USA, Inc. | 3,900 | 193,870 | ||||||
Federal Signal Corporation | 4,914 | 151,892 | ||||||
Gibraltar Industries, Inc.(a) | 3,256 | 168,400 | ||||||
Itron, Inc.(a) | 2,436 | 169,448 | ||||||
MasTec, Inc.(a) | 3,685 | 146,589 | ||||||
Oshkosh Corporation | 2,141 | 168,539 | ||||||
Regal Beloit Corporation | 1,550 | 142,554 | ||||||
Rexnord Corporation | 4,834 | 140,041 | ||||||
TopBuild Corporation(a) | 1,383 | 182,445 | ||||||
TriNet Group, Inc.(a) | 2,280 | 150,480 | ||||||
1,721,296 | ||||||||
Materials — 5.06% | ||||||||
Advanced Drainage Systems, Inc. | 2,880 | 141,120 | ||||||
Avient Corporation(a) | 5,074 | 121,268 | ||||||
Boise Cascade Company | 3,245 | 151,185 | ||||||
W.R. Grace & Company | 2,055 | 94,797 | ||||||
508,370 | ||||||||
Real Estate — 7.11% | ||||||||
EastGroup Properties, Inc. | 1,457 | 193,286 | ||||||
Global Medical REIT, Inc. | 15,543 | 184,806 | ||||||
QTS Realty Trust, Inc., Class A | 2,333 | 167,859 | ||||||
STAG Industrial, Inc. | 5,192 | 169,259 | ||||||
715,210 | ||||||||
Technology — 16.36% | ||||||||
Cohu, Inc. | 9,114 | 171,617 | ||||||
Cubic Corporation | 3,069 | 128,898 | ||||||
DXC Technology Company | 9,701 | 173,745 | ||||||
Five9, Inc.(a) | 1,536 | 185,580 | ||||||
Omnicell, Inc.(a) | 2,833 | 199,131 | ||||||
Perficient, Inc.(a) | 4,873 | 191,070 | ||||||
Rapid7, Inc.(a) | 3,116 | 185,620 | ||||||
Ultra Clean Holdings, Inc.(a) | 7,748 | 233,137 | ||||||
Upland Software, Inc.(a) | 5,106 | 175,749 | ||||||
1,644,547 | ||||||||
Utilities — 3.13% | ||||||||
Chesapeake Utilities Corporation | 1,892 | 159,855 | ||||||
Southwest Gas Holdings, Inc. | 2,216 | 154,322 | ||||||
314,177 | ||||||||
Total Common Stocks (Cost $8,661,406) | 9,950,751 |
MONEY MARKET FUNDS - 1.34% | ||||||||
Fidelity Investments Money Market Government Portfolio, Institutional Class, 0.09%(b) | 135,079 | 135,079 | ||||||
Total Money Market Funds (Cost $135,079) | 135,079 | |||||||
Total Investments — 100.32% (Cost $8,796,485) | 10,085,830 | |||||||
Liabilities in Excess of Other Assets — (0.32)% | (32,364 | ) | ||||||
NET ASSETS — 100.00% | $ | 10,053,466 | ||||||
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of July 31, 2020. |
REIT | - Real Estate Investment Trust |
DANA EPIPHANY ESG EQUITY FUND
SCHEDULE OF INVESTMENTS
July 31, 2020 (Unaudited)
COMMON STOCKS — 98.96% | Shares | Fair Value | ||||||
Communications — 10.96% | ||||||||
Alphabet, Inc., Class C(a) | 230 | $ | 341,081 | |||||
AT&T, Inc. | 6,400 | 189,312 | ||||||
Comcast Corporation, Class A | 5,000 | 214,000 | ||||||
Facebook, Inc., Class A(a) | 900 | 228,303 | ||||||
T-Mobile US, Inc.(a) | 2,100 | 225,498 | ||||||
Verizon Communications, Inc. | 3,800 | 218,424 | ||||||
1,416,618 | ||||||||
Consumer Discretionary — 10.98% | ||||||||
Amazon.com, Inc.(a) | 120 | 379,762 | ||||||
Best Buy Company, Inc. | 2,260 | 225,073 | ||||||
BorgWarner, Inc. | 4,300 | 157,380 | ||||||
D.R. Horton, Inc. | 3,400 | 224,944 | ||||||
Home Depot, Inc. (The) | 820 | 217,702 | ||||||
Tractor Supply Company | 1,500 | 214,110 | ||||||
1,418,971 | ||||||||
Consumer Staples — 7.05% | ||||||||
General Mills, Inc. | 3,400 | 215,118 | ||||||
Kimberly-Clark Corporation | 1,600 | 243,264 | ||||||
Mondelez International, Inc., Class A | 4,200 | 233,058 | ||||||
PepsiCo, Inc. | 1,600 | 220,256 | ||||||
911,696 | ||||||||
Energy — 2.45% | ||||||||
ConocoPhillips | 3,700 | 138,343 | ||||||
ONEOK, Inc. | 1,200 | 33,492 | ||||||
Pioneer Natural Resources Company | 1,500 | 145,380 | ||||||
317,215 | ||||||||
Financials — 7.74% | ||||||||
American Express Company | 2,000 | 186,640 | ||||||
Bank of New York Mellon Corporation (The) | 5,700 | 204,345 | ||||||
JPMorgan Chase & Company | 2,100 | 202,944 | ||||||
Morgan Stanley | 4,100 | 200,408 | ||||||
Truist Financial Corporation | 5,500 | 206,030 | ||||||
1,000,367 | ||||||||
Health Care — 14.64% | ||||||||
CVS Health Corporation | 3,500 | 220,290 | ||||||
Emergent BioSolutions, Inc.(a) | 2,600 | 289,224 | ||||||
Encompass Health Corporation | 3,200 | 217,856 | ||||||
Hill-Rom Holdings, Inc. | 2,200 | 213,884 | ||||||
Horizon Therapeutics plc(a) | 4,000 | 244,760 | ||||||
Humana, Inc. | 640 | 251,168 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 860 | 233,920 | ||||||
Zoetis, Inc. | 1,460 | 221,453 | ||||||
1,892,555 |
Industrials — 7.99% | ||||||||
Norfolk Southern Corporation | 1,270 | 244,107 | ||||||
Regal Beloit Corporation | 2,900 | 266,713 | ||||||
W.W. Grainger, Inc. | 820 | 280,054 | ||||||
Waste Management, Inc. | 2,200 | 241,120 | ||||||
1,031,994 | ||||||||
Materials — 2.56% | ||||||||
Air Products & Chemicals, Inc. | 600 | 171,978 | ||||||
Avery Dennison Corporation | 1,400 | 158,676 | ||||||
330,654 | ||||||||
Real Estate — 4.67% | ||||||||
American Tower Corporation, Class A | 660 | 172,517 | ||||||
Hannon Armstrong Sustainable Infrastructure, Inc. | 7,200 | 252,216 | ||||||
Prologis, Inc. | 1,700 | 179,214 | ||||||
603,947 | ||||||||
Technology — 26.71% | ||||||||
Accenture plc, Class A | 1,100 | 247,258 | ||||||
Akamai Technologies, Inc.(a) | 2,200 | 247,368 | ||||||
Apple, Inc. | 1,000 | 425,040 | ||||||
Automatic Data Processing, Inc. | 1,100 | 146,201 | ||||||
Cadence Design Systems, Inc.(a) | 2,300 | 251,275 | ||||||
CDW Corporation | 2,000 | 232,500 | ||||||
Cisco Systems, Inc. | 5,000 | 235,500 | ||||||
Fidelity National Information Services, Inc. | 1,300 | 190,203 | ||||||
Intel Corporation | 4,200 | 200,466 | ||||||
Lam Research Corporation | 700 | 264,012 | ||||||
Mastercard, Inc., Class A | 660 | 203,630 | ||||||
Microsoft Corporation | 1,700 | 348,517 | ||||||
PayPal Holdings, Inc.(a) | 1,360 | 266,655 | ||||||
Visa, Inc., Class A | 1,010 | 192,304 | ||||||
3,450,929 | ||||||||
Utilities — 3.21% | ||||||||
Eversource Energy | 2,300 | 207,161 | ||||||
NextEra Energy, Inc. | 740 | 207,718 | ||||||
414,879 | ||||||||
Total Common Stocks (Cost $9,884,575) | 12,789,825 | |||||||
MONEY MARKET FUNDS - 0.95% | ||||||||
Fidelity Investments Money Market Government Portfolio, Institutional Class, 0.09%(b) | 123,127 | 123,127 |
Total Money Market Funds (Cost $123,127) | 123,127 | |||||||
Total Investments — 99.91% (Cost $10,007,702) | 12,912,952 | |||||||
Other Assets in Excess of Liabilities — 0.09% | 11,047 | |||||||
NET ASSETS — 100.00% | $ | 12,923,999 |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day effective yield as of July 31, 2020. |
See accompanying notes which are an integral part of these schedules of investments. |
At July 31, 2020, the cost and net unrealized appreciation (depreciation) of investments for federal tax purposes were as follows:
Tax Cost of Securities | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation | |||||||||||||
Dana Large Cap Equity Fund | $ | 100,617,578 | $ | 28,034,992 | $ | (956,434 | ) | $ | 27,078,558 | |||||||
Dana Small Cap Equity Fund | 8,829,868 | 1,887,442 | (631,480 | ) | 1,255,962 | |||||||||||
Dana Epiphany ESG Equity Fund | 10,007,702 | 3,050,410 | (145,160 | ) | 2,905,250 |
At July 31, 2020, the difference between book basis and tax basis unrealized appreciation for the Dana Large Cap Equity Fund, Dana Small Cap Equity Fund and Dana Epiphany ESG Equity Fund was attributable primarily to the tax deferral of losses on wash sales and the return of capital adjustments from real estate investment trusts.
Dana Funds
Notes to the Schedules of Investments
July 31, 2020
(Unaudited)
The Dana Large Cap Equity Fund (the “Large Cap Fund”), the Dana Small Cap Equity Fund (the “Small Cap Fund”), and the Dana Epiphany ESG Equity Fund (the “Epiphany ESG Fund”) (each a “Fund” and, collectively the “Funds”) are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with the generally accepted accounting principles in the United States of America (“GAAP”).
Security Transactions and Related Income – The Funds follow industry practice and record security transactions on the trade date for financial reporting purposes. The specific identification method is used for determining gains or losses for financial statement and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.
The Funds may hold Real Estate Investment Trusts ("REITs"), which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the REIT's underlying taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from REITs that represent a return of capital or capital gains are recorded as a reduction of the cost of the REITs or as a realized gain, respectively.
Securities Valuation and Fair Value Measurements – Fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique). Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained and available from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below.
• | Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date |
• | Level 2 – other significant observable inputs (including, but not limited to, quoted prices for an identical security in an inactive market, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining fair value of investments based on the best information available) |
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 which is reported, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Equity securities that are traded on any stock exchange are generally valued at the last quoted sale price on the security’s primary exchange. Lacking a last sale price, an exchange-traded security is generally valued at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. When using the market quotations and when the market is considered active, the security is classified as a Level 1 security. In the event that market quotations are not readily available or are considered unreliable due to market or other events, a Fund values its securities and other assets at fair value in accordance with policies established by and under the general supervision of the Board of Trustees. Under these policies, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used.
Investments in mutual funds, including money market mutual funds, are generally priced at the ending net asset value (“NAV”). These securities are categorized as Level 1 securities.
In accordance with the Valued Advisers Trust’s valuation policies, Dana Investment Advisors, Inc. (the “Adviser”) is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single method exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of a security being valued by the Adviser would be the amount that the Fund might reasonably expect to receive upon the current sale. Methods that are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market prices of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. Fair-value pricing is permitted if, in the Adviser’s opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before a Fund’s NAV calculation that may affect a security’s value, or the Adviser is aware of any other data that calls into question the reliability of market quotations.
The following is a summary of the inputs used to value the Funds’ investments as of July 31, 2020:
Large Cap Fund | Valuation Inputs | |||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks* | $ | 126,427,785 | $ | - | $ | - | $ | 126,427,785 | ||||||||
Money Market Funds | 1,268,351 | - | - | 1,268,351 | ||||||||||||
Total | $ | 127,696,136 | $ | - | $ | - | $ | 127,696,136 |
Small Cap Fund | Valuation Inputs | |||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks* | $ | 9,950,751 | $ | - | $ | - | $ | 9,950,751 | ||||||||
Money Market Funds | 135,079 | - | - | 135,079 | ||||||||||||
Total | $ | 10,085,830 | $ | - | $ | - | $ | 10,085,830 |
Epiphany ESG Fund | Valuation Inputs | |||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks* | $ | 12,789,825 | $ | - | $ | - | $ | 12,789,825 | ||||||||
Money Market Funds | 123,127 | - | - | 123,127 | ||||||||||||
Total | $ | 12,912,952 | $ | - | $ | - | $ | 12,912,952 |
* | Refer to Schedule of Investments for sector classifications. |
The Funds did not hold any investments at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.