THE NORTH COUNTRY FUNDS | ||
EQUITY GROWTH FUND | ||
SCHEDULE OF INVESTMENTS (Unaudited) | ||
February 28, 2021 |
Fair | ||||||||
Shares | Value | |||||||
COMMON STOCK - 98.0% | ||||||||
Apparel & Textile Products - 1.1% | ||||||||
12,000 | NIKE, Inc. | $ | 1,617,360 | |||||
Asset Management - 1.8% | ||||||||
4,000 | BlackRock, Inc. | 2,778,000 | ||||||
Banking - 4.7% | ||||||||
100,385 | Bank of America Corp. | 3,484,363 | ||||||
24,800 | JPMorgan Chase & Co. | 3,649,816 | ||||||
7,134,179 | ||||||||
Beverages - 1.5% | ||||||||
5,200 | Monster Beverage Corp. * | 456,248 | ||||||
14,200 | PepsiCo, Inc. | 1,834,498 | ||||||
2,290,746 | ||||||||
Biotech & Pharmaceuticals - 6.5% | ||||||||
11,900 | Amgen, Inc. | 2,676,548 | ||||||
7,000 | Bristol-Myers Squibb Co. | 429,310 | ||||||
18,500 | Johnson & Johnson | 2,931,510 | ||||||
27,900 | Merck & Co., Inc. | 2,026,098 | ||||||
54,500 | Pfizer, Inc. | 1,825,205 | ||||||
9,888,671 | ||||||||
Chemicals - 2.5% | ||||||||
2,700 | Air Products & Chemicals, Inc. | 690,174 | ||||||
3,900 | Ecolab, Inc. | 816,504 | ||||||
8,500 | LyondellBasell Industries NV | 876,265 | ||||||
2,100 | Sherwin-Williams Co. | 1,428,714 | ||||||
3,811,657 | ||||||||
Construction Materials - 0.3% | ||||||||
3,000 | Vulcan Materials Co. | 500,970 | ||||||
Diversified Industrials - 1.3% | ||||||||
10,000 | Honeywell International, Inc. | 2,023,500 | ||||||
E-Commerce Discretionary - 5.0% | ||||||||
2,475 | Amazon.com, Inc. * | 7,655,002 | ||||||
Electric Utilities - 1.8% | ||||||||
9,400 | Dominion Energy, Inc. | 642,208 | ||||||
2,250 | Duke Energy Corp. | 192,578 | ||||||
14,200 | NextEra Energy, Inc. | 1,043,416 | ||||||
13,750 | Southern Co. | 779,900 | ||||||
2,658,102 |
Fair | ||||||||
Shares | Value | |||||||
Entertainment Content - 1.9% | ||||||||
17,500 | Activision Blizzard, Inc. | $ | 1,673,175 | |||||
6,350 | Walt Disney Co. * | 1,200,404 | ||||||
2,873,579 | ||||||||
Healthcare Facilities & Services - 2.5% | ||||||||
11,500 | UnitedHealth Group, Inc. | 3,820,530 | ||||||
Home Construction - 1.7% | ||||||||
50,000 | Masco Corp. | 2,661,000 | ||||||
Household Products - 1.4% | ||||||||
17,800 | Procter & Gamble Co. | 2,198,834 | ||||||
Institutional Financial Services - 4.4% | ||||||||
2,600 | Goldman Sachs Group, Inc. | 830,648 | ||||||
29,150 | Intercontinental Exchange, Inc. | 3,215,537 | ||||||
35,000 | Morgan Stanley | 2,690,450 | ||||||
6,736,635 | ||||||||
Insurance - 1.5% | ||||||||
9,550 | Berkshire Hathaway, Inc. * | 2,296,871 | ||||||
Internet Media & Services - 10.1% | ||||||||
3,350 | Alphabet, Inc. - Class A * | 6,773,399 | ||||||
10,500 | Facebook, Inc. * | 2,705,010 | ||||||
8,250 | Netflix, Inc. * | 4,445,512 | ||||||
20,000 | Twitter, Inc. * | 1,541,200 | ||||||
15,465,121 | ||||||||
Leisure Facilities & Services - 1.6% | ||||||||
5,600 | Domino’s Pizza, Inc. | 1,940,456 | ||||||
2,600 | McDonald’s Corp. | 535,964 | ||||||
2,476,420 | ||||||||
Medical Equipment & Devices - 5.6% | ||||||||
14,750 | Abbott Laboratories | 1,766,755 | ||||||
5,000 | Danaher Corp. | 1,098,350 | ||||||
6,900 | Medtronic PLC | 807,093 | ||||||
10,450 | Stryker Corp. | 2,536,110 | ||||||
5,245 | Thermo Fisher Scientific, Inc. | 2,360,670 | ||||||
8,568,978 | ||||||||
Oil & Gas Producers - 2.6% | ||||||||
12,500 | Chevron Corp. | 1,250,000 | ||||||
9,000 | Exxon Mobil Corp. | 489,330 | ||||||
18,000 | Phillips 66 | 1,494,900 | ||||||
9,700 | Valero Energy Corp. | 746,706 | ||||||
3,980,936 |
THE NORTH COUNTRY FUNDS | ||
EQUITY GROWTH FUND | ||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | ||
February 28, 2021 |
Fair | ||||||||
Shares | Value | |||||||
COMMON STOCK - 98.0% (Continued) | ||||||||
REITS - 1.5% | ||||||||
5,000 | Alexandria Real Estate Equities, Inc. | $ | 798,450 | |||||
2,900 | American Tower Corp. | 626,777 | ||||||
3,700 | Public Storage | 865,578 | ||||||
2,290,805 | ||||||||
Retail - Consumer Staples - 3.4% | ||||||||
6,000 | Costco Wholesale Corp. | 1,986,000 | ||||||
24,300 | Walmart, Inc. | 3,157,056 | ||||||
5,143,056 | ||||||||
Retail - Discretionary - 2.7% | ||||||||
9,900 | Home Depot, Inc. | 2,557,566 | ||||||
23,050 | TJX Cos., Inc. | 1,521,069 | ||||||
4,078,635 | ||||||||
Semiconductors - 2.0% | ||||||||
24,100 | Intel Corp. | 1,464,798 | ||||||
11,250 | QUALCOMM, Inc. | 1,532,137 | ||||||
2,996,935 | ||||||||
Software - 11.9% | ||||||||
10,000 | Adobe, Inc. * | 4,596,700 | ||||||
34,200 | Microsoft Corp. | 7,947,396 | ||||||
19,000 | Oracle Corp. | 1,225,690 | ||||||
20,700 | salesforce.com, Inc. * | 4,481,550 | ||||||
18,251,336 | ||||||||
Specialty Finance - 0.6% | ||||||||
8,000 | Capital One Financial Corp. | 961,520 | ||||||
Technology Hardware - 6.4% | ||||||||
69,000 | Apple, Inc. | 8,366,940 | ||||||
30,750 | Cisco Systems, Inc. | 1,379,752 | ||||||
9,746,692 |
Fair | ||||||||
Shares | Value | |||||||
Technology Services - 5.8% | ||||||||
6,000 | PayPal Holdings, Inc. * | $ | 1,559,100 | |||||
34,000 | Visa, Inc. | 7,221,260 | ||||||
8,780,360 | ||||||||
Telecommunications - 0.5% | ||||||||
15,000 | Verizon Communications, Inc. | 829,500 | ||||||
Transportation & Logistics - 2.5% | ||||||||
5,700 | FedEx Corp. | 1,450,650 | ||||||
4,500 | Union Pacific Corp. | 926,820 | ||||||
9,000 | United Parcel Service, Inc. | 1,420,470 | ||||||
3,797,940 | ||||||||
Wholesale - Consumer Staples - 0.9% | ||||||||
17,500 | Sysco Corp. | 1,393,525 | ||||||
TOTAL COMMON STOCK (Cost - $58,254,913) | 149,707,395 | |||||||
MONEY MARKET FUND - 2.0% | ||||||||
3,067,136 | BlackRock Liquidity Funds Treasury | |||||||
Trust Fund - Institutional Shares, 0.03% (a) | 3,067,136 | |||||||
TOTAL MONEY MARKET FUND (Cost - $3,067,136) | 3,067,136 | |||||||
TOTAL INVESTMENTS - 100.0% (Cost - $61,322,049) | $ | 152,774,531 | ||||||
Other assets less liabilities - 0.0% ^ | 74,227 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 152,848,758 | ||||||
PLC - Public Limited Company
REIT - Real Estate Investment Trust
* | Non-income producing security. |
(a) | Money market fund; interest rate reflects seven-day effective yield on February 28, 2021. |
^ | Represents less than 0.05%. |
THE NORTH COUNTRY FUNDS | ||
INTERMEDIATE BOND FUND | ||
SCHEDULE OF INVESTMENTS (Unaudited) | ||
February 28, 2021 |
Principal | Fair | |||||||
Amount | Value | |||||||
CORPORATE BONDS - 70.7% | ||||||||
Aerospace / Defense - 2.0% | ||||||||
Boeing Co. | ||||||||
$ | 250,000 | 2.25%, due 6/15/2026 | $ | 252,740 | ||||
1,000,000 | 3.25%, due 3/1/2028 | 1,032,090 | ||||||
General Dynamics Corp. | ||||||||
500,000 | 2.25%, due 11/15/2022 | 514,074 | ||||||
1,798,904 | ||||||||
Apparel & Textile Products - 1.2% | ||||||||
Ralph Lauren Corp. | ||||||||
1,000,000 | 3.75%, due 9/15/2025 | 1,104,934 | ||||||
Banking - 14.6% | ||||||||
Bank of America Corp. | ||||||||
500,000 | 4.183%, due 11/25/2027 | 565,127 | ||||||
1,250,000 | 2.884%, due 10/22/2030 * | 1,315,848 | ||||||
Citigroup, Inc. | ||||||||
500,000 | 4.45%, due 9/29/2027 | 575,105 | ||||||
JPMorgan Chase & Co. | ||||||||
1,000,000 | 3.875%, due 9/10/2024 | 1,101,981 | ||||||
1,000,000 | 3.125%, due 1/23/2025 | 1,077,202 | ||||||
500,000 | 3.30%, due 4/1/2026 | 548,361 | ||||||
Mitsubishi UFJ Financial Group, Inc. | ||||||||
1,500,000 | 3.195%, due 7/18/2029 | 1,624,375 | ||||||
PNC Financial Services Group, Inc. | ||||||||
500,000 | 3.45%, due 4/23/2029 | 559,128 | ||||||
Sumitomo Mitsui Financial Group, Inc. | ||||||||
1,500,000 | 2.13%, due 7/8/2030 | 1,495,496 | ||||||
US BanCorp. | ||||||||
500,000 | 3.60%, due 9/11/2024 | 549,303 | ||||||
500,000 | 3.10%, due 4/27/2026 | 545,105 | ||||||
Wells Fargo & Co. | ||||||||
2,000,000 | 3.45%, due 2/13/2023 | 2,118,912 | ||||||
1,000,000 | 3.00%, due 2/19/2025 | 1,072,246 | ||||||
13,148,189 | ||||||||
Beverages - 3.1% | ||||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||
2,000,000 | 4.00%, due 4/13/2028 | 2,265,577 | ||||||
Coca-Cola Co. | ||||||||
500,000 | 2.55%, due 6/1/2026 | 538,522 | ||||||
2,804,099 | ||||||||
Biotech & Pharmaceuticals - 1.5% | ||||||||
Merck & Co., Inc. | ||||||||
1,000,000 | 2.80%, due 5/18/2023 | 1,055,104 | ||||||
Pfizer, Inc. | ||||||||
250,000 | 2.75%, due 6/3/2026 | 270,653 | ||||||
1,325,757 | ||||||||
Cable & Satellite - 1.1% | ||||||||
TCI Communications, Inc. | ||||||||
750,000 | 7.875%, due 2/15/2026 | 984,336 | ||||||
Chemicals - 2.7% | ||||||||
Air Products & Chemicals, Inc. | ||||||||
500,000 | 2.75%, due 2/3/2023 | 522,768 | ||||||
DuPont de Nemours, Inc. | ||||||||
1,250,000 | 4.205%, due 11/15/2023 | 1,369,776 | ||||||
Linde, Inc. | ||||||||
500,000 | 2.45%, due 2/15/2022 | 507,775 | ||||||
2,400,319 |
Principal | Fair | |||||||
Amount | Value | |||||||
Electric Ultilities - 2.7% | ||||||||
Duke Energy Florida LLC | ||||||||
$ | 250,000 | 3.10%, due 8/15/2021 | $ | 251,451 | ||||
Georgia Power Co. | ||||||||
2,000,000 | 3.25%, due 3/30/2027 | 2,186,652 | ||||||
2,438,103 | ||||||||
Entertainment - 2.1% | ||||||||
TWDC Enterprises 18 Corp. | ||||||||
300,000 | 3.15%, due 9/17/2025 | 327,903 | ||||||
Walt Disney Company | ||||||||
1,500,000 | 2.65%, due 1/13/2031 | 1,564,088 | ||||||
1,891,991 | ||||||||
Food - 2.2% | ||||||||
Hershey Co. | ||||||||
1,000,000 | 1.70%, due 6/1/2030 | 986,274 | ||||||
Hormel Foods Corp. | ||||||||
1,000,000 | 1.80%, due 6/11/2030 | 983,561 | ||||||
1,969,835 | ||||||||
Healthcare Facilities & Services - 1.3% | ||||||||
CVS Health Corp. | ||||||||
1,000,000 | 4.30%, due 3/25/2028 | 1,148,742 | ||||||
Household Products - 0.6% | ||||||||
Kimberly-Clark Corp. | ||||||||
500,000 | 2.40%, due 3/1/2022 | 511,087 | ||||||
Institutional Financial Services - 4.9% | ||||||||
Bank of New York Mellon Corp. | ||||||||
1,000,000 | 3.25%, due 5/16/2027 | 1,107,022 | ||||||
Goldman Sachs Group, Inc. | ||||||||
500,000 | 3.625%, due 1/22/2023 | 530,021 | ||||||
500,000 | 3.85%, due 1/26/2027 | 557,090 | ||||||
Morgan Stanley | ||||||||
1,000,000 | 3.625%, due 1/20/2027 | 1,119,251 | ||||||
1,000,000 | 3.95%, due 4/23/2027 | 1,127,027 | ||||||
4,440,411 | ||||||||
Insurance - 2.4% | ||||||||
American International Group, Inc. | ||||||||
1,000,000 | 3.90%, due 4/1/2026 | 1,119,611 | ||||||
Berkshire Hathaway Finance Corp. | ||||||||
550,000 | 1.85%, due 3/12/2030 | 552,438 | ||||||
MetLife, Inc. | ||||||||
500,000 | 3.00%, due 3/1/2025 | 541,602 | ||||||
2,213,651 | ||||||||
Machinery - 1.4% | ||||||||
Deere & Co. | ||||||||
1,000,000 | 5.375%, due 10/16/2029 | 1,275,035 | ||||||
Medical Equipment & Devices - 1.1% | ||||||||
Stryker Corp. | ||||||||
1,000,000 | 1.95%, due 6/15/2030 | 984,637 | ||||||
Oil & Gas Producers - 4.0% | ||||||||
BP Capital Markets PLC | ||||||||
1,000,000 | 2.75%, due 5/10/2023 | 1,052,965 | ||||||
1,000,000 | 3.535%, due 11/4/2024 | 1,100,744 | ||||||
500,000 | 3.017%, due 1/16/2027 | 531,638 | ||||||
Occidental Petroleum Corp. | ||||||||
1,000,000 | 3.40%, due 4/15/2026 | 972,190 | ||||||
3,657,537 |
THE NORTH COUNTRY FUNDS | ||
INTERMEDIATE BOND FUND | ||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | ||
February 28, 2021 |
Principal | Fair | |||||||
Amount | Value | |||||||
CORPORATE BONDS - 70.7% (Continued) | ||||||||
REIT - 1.8% | ||||||||
Simon Property Group LP | ||||||||
1,000,000 | 3.50%, due 9/1/2025 | $ | 1,087,935 | |||||
500,000 | 3.375%, due 6/15/2027 | 549,286 | ||||||
1,637,221 | ||||||||
Retail - Consumer Staples - 0.3% | ||||||||
Target Corp. | ||||||||
250,000 | 2.50%, due 4/15/2026 | 267,963 | ||||||
Retail - Discretionary - 3.4% | ||||||||
Home Depot, Inc. | ||||||||
750,000 | 2.95%, due 6/15/2029 | 811,939 | ||||||
Lowe’s Cos., Inc. | ||||||||
1,000,000 | 3.10%, due 5/3/2027 | 1,100,142 | ||||||
TJX Cos., Inc. | ||||||||
1,000,000 | 3.875%, due 4/15/2030 | 1,141,098 | ||||||
3,053,179 | ||||||||
Semiconductors - 4.3% | ||||||||
Intel Corp. | ||||||||
500,000 | 2.45%, due 11/15/2029 | 522,394 | ||||||
1,000,000 | 3.90%, due 3/25/2030 | 1,157,693 | ||||||
NVIDIA Corp. | ||||||||
1,250,000 | 2.85%, due 4/1/2030 | 1,338,362 | ||||||
Texas Instruments, Inc. | ||||||||
800,000 | 2.25%, due 9/4/2029 | 821,632 | ||||||
3,840,081 | ||||||||
Software - 1.8% | ||||||||
Oracle Corp. | ||||||||
500,000 | 3.40%, due 7/8/2024 | 542,546 | ||||||
500,000 | 2.95%, due 4/1/2030 | 535,629 | ||||||
500,000 | 3.25%, due 5/15/2030 | 543,712 | ||||||
1,621,887 | ||||||||
Technology Hardware - 5.2% | ||||||||
Apple, Inc. | ||||||||
1,000,000 | 2.90%, due 9/12/2027 | 1,087,430 | ||||||
1,500,000 | 1.65%, due 5/11/2030 | 1,463,701 | ||||||
Cisco Systems, Inc. | ||||||||
1,000,000 | 1.85%, due 9/20/2021 | 1,007,380 | ||||||
1,000,000 | 3.50%, due 6/15/2025 | 1,111,094 | ||||||
4,669,605 | ||||||||
Telecommunications - 4.4% | ||||||||
AT&T, Inc. | ||||||||
2,000,000 | 4.35%, due 3/1/2029 | 2,297,998 | ||||||
Verizon Communications, Inc. | ||||||||
1,000,000 | 5.15%, due 9/15/2023 | 1,115,920 | ||||||
500,000 | 4.15%, due 3/15/2024 | 546,054 | ||||||
3,959,972 |
Principal | Fair | |||||||
Amount | Value | |||||||
Transportation - 0.6% | ||||||||
Union Pacific Corp. | ||||||||
$ | 500,000 | 2.75%, due 4/15/2023 | $ | 520,827 | ||||
TOTAL CORPORATE BONDS (Cost - $61,427,167) | 63,668,302 | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS - 25.7% | ||||||||
Government Agencies - 25.7% | ||||||||
Fannie Mae Pool | ||||||||
1,091,007 | 3.00%, due 8/1/2029 | 1,154,742 | ||||||
763,375 | 3.00%, due 12/1/2029 | 805,176 | ||||||
1,463,761 | 3.00%, due 2/1/2030 | 1,550,907 | ||||||
Federal Farm Credit Banks Funding Corp. | ||||||||
2,000,000 | 2.35%, due 8/14/2024 | 2,130,860 | ||||||
500,000 | 3.10%, due 12/6/2024 | 548,357 | ||||||
750,000 | 2.62%, due 11/17/2025 | 814,388 | ||||||
1,000,000 | 2.875%, due 1/18/2028 | 1,118,639 | ||||||
2,000,000 | 3.15%, due 4/3/2028 | 2,275,693 | ||||||
1,500,000 | 3.73%, due 9/20/2028 | 1,528,686 | ||||||
2,000,000 | 3.27%, due 3/22/2029 | 2,062,070 | ||||||
Federal Home Loan Banks | ||||||||
2,000,000 | 2.75%, due 12/13/2024 | 2,169,646 | ||||||
1,000,000 | 2.625%, due 9/12/2025 | 1,086,147 | ||||||
1,000,000 | 2.60%, due 12/4/2025 | 1,086,382 | ||||||
500,000 | 2.70%, due 12/29/2025 | 546,857 | ||||||
1,000,000 | 3.25%, due 9/8/2028 | 1,133,475 | ||||||
3,000,000 | 3.40%, due 3/14/2029 | 3,096,641 | ||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost - $21,688,041) | 23,108,666 | |||||||
Shares | ||||||||
MONEY MARKET FUND - 2.8% | ||||||||
BlackRock Liquidity Funds Treasury | ||||||||
2,494,218 | Trust Fund - Institutional Shares, 0.03% (a) | 2,494,218 | ||||||
TOTAL MONEY MARKET FUND (Cost - $2,494,218) | ||||||||
TOTAL INVESTMENTS - 99.2% (Cost - $85,609,426) | $ | 89,271,186 | ||||||
Other assets less liabilities - 0.8% | 732,044 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 90,003,230 | ||||||
LLC - Limited Liability Company
LP - Limited Partnership
PLC - Public Limited Company
REIT - Real Estate Investment Trust
* | Variable rate security. Interest rate as of February 28, 2021. |
(a) | Money market fund; interest rate reflects seven-day effective yield on February 28, 2021. |
THE NORTH COUNTRY FUNDS | ||
SCHEDULE OF INVESTMENTS (Unaudited) | ||
February 28, 2021 | ||
The following is a summary of significant accounting policies followed by the Trust in preparation of the Schedule of Investments. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies.”
Security Valuation- Securities which are traded on a national securities exchange are valued at the last quoted sale price. NASDAQ traded securities are valued using the NASDAQ official closing price (“NOCP”). Investments for which no sales are reported are valued at the mean between the current bid and ask prices on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy described below. When an equity security is valued by the independent pricing service using factors other than market quotations or the market is considered inactive, they will be categorized in level 2. Short-term investments that mature in 60 days or less may be valued at amortized cost, provided such valuations represent fair value.
Fixed income securities such as corporate bonds, municipal bonds, and U.S. government and agency obligations, when valued using market quotations in an active market, are categorized as level 1 securities. However, fair value may be determined using an independent pricing service that considers market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and other reference data. These securities would be categorized as level 2 securities. The fair value of mortgage-backed securities is estimated by an independent pricing service which uses models that consider interest rate movements, new issue information and other security pertinent data. Evaluations of tranches (non-volatile, volatile, or credit sensitive) are based on interpretations of accepted Wall Street modeling and pricing conventions. Mortgage-backed securities are categorized in level 2 of the fair value hierarchy described below to the extent the inputs are observable and timely.
The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis. Accounting principles generally accepted in the United States of America (“GAAP”) establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have 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 Funds 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.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of February 28, 2021 for the Funds’ assets measured at fair value:
North Country Equity Growth Fund | ||||||||||||||||
Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | $ | 149,707,395 | $ | — | $ | — | $ | 149,707,395 | ||||||||
Money Market Fund | 3,067,136 | — | — | 3,067,136 | ||||||||||||
Total | $ | 152,774,531 | $ | — | $ | — | $ | 152,774,531 | ||||||||
North Country Intermediate Bond Fund | ||||||||||||||||
Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | — | $ | 63,668,302 | $ | — | $ | 63,668,302 | ||||||||
U.S. Government Agency Obligations | — | 23,108,666 | — | 23,108,666 | ||||||||||||
Money Market Fund | 2,494,218 | — | — | 2,494,218 | ||||||||||||
Total | $ | 2,494,218 | $ | 86,776,968 | $ | — | $ | 89,271,186 |
* | Refer to the Schedule of Investments for industry classifications. |
The Funds did not hold any Level 3 securities during the period.
The identified cost of investments in securities owned by each Fund for federal income tax purposes, and its respective gross unrealized appreciation and depreciation at February 28, 2021, were as follows:
Gross | Gross | Net Unrealized | ||||||||||||||
Tax | Unrealized | Unrealized | Appreciation | |||||||||||||
Fund | Cost | Appreciation | Depreciation | (Depreciation) | ||||||||||||
Equity Growth | $ | 61,321,694 | $ | 91,933,360 | $ | (480,523 | ) | $ | 91,452,837 | |||||||
Intermediate Bond | 85,609,426 | 4,251,911 | (590,151 | ) | 3,661,760 |