| Schedule of Investments | ||||||||
| Quaker Impact Growth Fund | ||||||||
| March 31, 2020 (Unaudited) | ||||||||
| Number of Shares or | Fair | |||||||
| Par Value | Value | |||||||
| Long-Term Investments — 94.2% | ||||||||
| Common Stocks — 90.4% | ||||||||
| Communications — 22.6% | ||||||||
| Broadcast Services/Programs — 0.8% | ||||||||
| Discovery Inc. (a) | 22,000 | $ | 385,880 | |||||
| Cable/Satellite TV — 2.0% | ||||||||
| Comcast Corp. | 28,000 | 962,640 | ||||||
| E-Commerce/Products — 7.1% | ||||||||
| Amazon.com Inc. (a) | 1,727 | 3,367,166 | ||||||
| Internet Content-Entertainment — 4.4% | ||||||||
| Facebook Inc. Cl A (a) | 12,611 | 2,103,515 | ||||||
| Radio — 0.3% | ||||||||
| Liberty Media Corp-Liberty SiriusXM (a) | 4,300 | 136,267 | ||||||
| Telephone-Integrated — 1.6% | ||||||||
| AT&T Inc. | 25,000 | 728,750 | ||||||
| Web Portals/Internet Service Providers — 6.4% | ||||||||
| Alphabet Inc. Cl A (a) | 1,262 | 1,466,381 | ||||||
| Alphabet Inc. Cl C (a) | 1,328 | 1,544,212 | ||||||
| 3,010,593 | ||||||||
| Total Communications (Cost $10,140,519) | 10,694,811 | |||||||
| Consumer, Cyclical — 5.5% | ||||||||
| Athletic Footwear — 0.5% | ||||||||
adidas AG -SP-ADR f | 2,000 | 222,940 | ||||||
| Automotive/Truck Parts & Equipment-Original — 0.3% | ||||||||
Westport Fuel Systems Inc. (a) f | 144,571 | 136,027 | ||||||
| Distribution/Wholesale — 2.2% | ||||||||
| IAA Inc. (a) | 19,600 | 587,216 | ||||||
| LKQ Corp. (a) | 23,500 | 481,985 | ||||||
| 1,069,201 | ||||||||
| Resorts/Theme Parks — 0.4% | ||||||||
| Vail Resorts Inc. | 1,400 | 206,794 | ||||||
| Retail-Building Products — 0.6% | ||||||||
| The Home Depot Inc. | 1,435 | 267,929 | ||||||
| Retail-Restaurants — 1.5% | ||||||||
| Dave & Buster's Entertainment Inc. | 9,000 | 117,720 | ||||||
| Starbucks Corp. | 8,844 | 581,404 | ||||||
| 699,124 | ||||||||
| Total Consumer, Cyclical (Cost $3,818,882) | 2,602,015 | |||||||
| Consumer, Non-cyclical — 14.9% | ||||||||
| Commercial Services-Financial — 1.0% | ||||||||
| PayPal Holdings Inc. (a) | 4,998 | 478,509 | ||||||
| Diagnostic Equipment — 1.3% | ||||||||
| Thermo Fisher Scientific Inc. | 2,181 | 618,532 | ||||||
| Drug Delivery Systems — 0.7% | ||||||||
| Becton Dickinson and Co. | 1,437 | 330,179 | ||||||
| Medical Instruments — 2.6% | ||||||||
| Edwards Lifesciences Corp. (a) | 1,270 | 239,548 | ||||||
| Intuitive Surgical Inc. (a) | 854 | 422,909 | ||||||
Medtronic PLC f | 6,222 | 561,100 | ||||||
| 1,223,557 | ||||||||
| Medical Labs & Testing Services— 0.5% | ||||||||
| Laboratory Corp. of America Holdings (a) | 1,814 | 229,271 | ||||||
| Medical Products — 1.8% | ||||||||
| The Cooper Cos. Inc. | 1,479 | 407,716 | ||||||
LivaNova PLC (a) f | 3,000 | 135,750 | ||||||
| Stryker Corp. | 1,956 | 325,654 | ||||||
| 869,120 | ||||||||
| Medical-Biomedical/Genetics — 2.4% | ||||||||
| Amgen Inc. | 3,285 | 665,968 | ||||||
| MYOS RENS Technology Inc. (a) | 142,452 | 129,631 | ||||||
| Regeneron Pharmaceuticals Inc. (a) | 722 | 352,546 | ||||||
| 1,148,145 | ||||||||
| Medical-Drugs — 3.7% | ||||||||
| Bristol-Myers Squibb Co. | 16,560 | 923,054 | ||||||
| Merck & Co Inc. | 10,700 | 823,258 | ||||||
| 1,746,312 | ||||||||
| Medical-Hospitals — 0.9% | ||||||||
| HCA Healthcare Inc. | 4,927 | 442,691 | ||||||
| Total Consumer, Non-cyclical (Cost $6,956,013) | 7,086,316 | |||||||
| Energy — 3.9% | ||||||||
| Energy-Alternate Sources — 2.2% | ||||||||
| Enviva Partners LP | 19,993 | 534,213 | ||||||
| NextEra Energy Partners LP | 12,447 | 535,221 | ||||||
| 1,069,434 | ||||||||
| Pipelines — 1.7% | ||||||||
| Crestwood Equity Partners LP | 41,100 | 173,853 | ||||||
| Enterprise Products Partners LP | 43,000 | 614,900 | ||||||
| 788,753 | ||||||||
| Total Energy (Cost $3,445,488) | 1,858,187 | |||||||
| Financial — 20.7% | ||||||||
| Diversified Banking Institutions — 4.7% | ||||||||
| Bank of America Corp. | 28,000 | 594,440 | ||||||
| JPMorgan Chase & Co. | 18,500 | 1,665,555 | ||||||
| 2,259,995 | ||||||||
| Finance-Credit Card — 5.3% | ||||||||
| Discover Financial Services | 9,500 | 338,865 | ||||||
| Mastercard Inc. Cl A | 3,910 | 944,499 | ||||||
| Visa Inc. Cl A | 7,600 | 1,224,512 | ||||||
| 2,507,876 | ||||||||
| Investment Management/Advisory Services — 3.2% | ||||||||
| Ameriprise Financial Inc. | 3,819 | 391,371 | ||||||
| BlackRock Inc. | 1,445 | 635,757 | ||||||
| Raymond James Financial Inc. | 7,885 | 498,332 | ||||||
| 1,525,460 | ||||||||
| Pharmacy Services — 0.7% | ||||||||
| Cigna Corp. | 1,800 | 318,924 | ||||||
| Property/Casualty Insurance — 6.8% | ||||||||
| Berkshire Hathaway Inc. Cl B (a) | 13,853 | 2,532,744 | ||||||
| The Progressive Corp. | 8,500 | 627,640 | ||||||
| Tiptree Inc. | 11,000 | 57,420 | ||||||
| 3,217,804 | ||||||||
| Total Financial (Cost $9,808,651) | 9,830,059 | |||||||
| Industrial — 2.8% | ||||||||
| Instruments-Scientific — 0.8% | ||||||||
| PerkinElmer Inc. | 5,115 | 385,057 | ||||||
| Machinery-General Industrial — 1.5% | ||||||||
| Wabtec Corp. | 15,000 | 721,950 | ||||||
| Tools-Hand Held — 0.5% | ||||||||
| Snap-on Inc. | 2,040 | 221,993 | ||||||
| Total Industrial (Cost $1,741,770) | 1,329,000 | |||||||
| Technology — 18.3% | ||||||||
| Applications Software — 8.3% | ||||||||
| Microsoft Corp. | 25,000 | 3,942,750 | ||||||
| Computer Services — 0.5% | ||||||||
| MAXIMUS Inc. | 4,250 | 247,350 | ||||||
| Computer Software — 0.6% | ||||||||
| Akamai Technologies Inc. (a) | 3,000 | 274,470 | ||||||
| Computers — 6.0% | ||||||||
| Apple Inc. | 8,550 | 2,174,180 | ||||||
| Dell Technologies Inc. (a) | 17,500 | 692,125 | ||||||
| 2,866,305 | ||||||||
| Data Processing/Management — 0.1% | ||||||||
| ImageWare Systems Inc. (a) | 125,000 | 20,000 | ||||||
| Electronic Components-Semiconducters — 1.4% | ||||||||
| NVIDIA Corp. | 2,485 | 655,046 | ||||||
| Electronic Forms — 1.4% | ||||||||
| Adobe Systems Inc. (a) | 2,087 | 664,167 | ||||||
| Total Technology (Cost $6,855,345) | 8,670,088 | |||||||
| Utilities — 1.7% | ||||||||
| Electric-Generation — 0.9% | ||||||||
Brookfield Renewable Partners LP f | 10,276 | 436,627 | ||||||
| Electric-Integrated — 0.8% | ||||||||
| NextEra Energy Inc. | 1,500 | 360,930 | ||||||
| Total Utilities (Cost $568,390) | 797,557 | |||||||
| Total Common Stocks | ||||||||
| (Cost $43,335,058) | 42,868,033 | |||||||
| Real Estate Investment Trusts — 3.8% | ||||||||
| Apartments — 1.6% | ||||||||
| Independence Realty Trust Inc. | 85,000 | 759,900 | ||||||
| Diversified — 2.0% | ||||||||
| American Tower Corp. | 1,608 | 350,142 | ||||||
| Equinix Inc. | 990 | 618,324 | ||||||
| 968,466 | ||||||||
| Mortgage — 0.2% | ||||||||
| Starwood Property Trust Inc. | 7,519 | 77,070 | ||||||
| Total Real Estate Investment Trusts | ||||||||
| (Cost $1,756,445) | 1,805,436 | |||||||
| Rights — 0.0% | ||||||||
| Consumer, Non-cyclical — 0.0% | ||||||||
| Medical Drugs — 0.0% | ||||||||
| Bristol-Myers Squibb Co. (a) | 3,500 | 13,300 | ||||||
| Total Rights | ||||||||
| (Cost $7,455) | 13,300 | |||||||
| Escrow Shares — 0.0% | ||||||||
| Consumer, Cyclical — 0.0% | ||||||||
| Airlines — 0.0% | ||||||||
| AMR Corp. Escrow (a)*^ | 218,835 | 21,884 | ||||||
| Total Escrow Shares | ||||||||
| (Cost $24,536) | 21,884 | |||||||
| Escrow Notes — 0.0% | ||||||||
| Consumer, Cyclical — 0.0% | ||||||||
| Retail — 0.0% | ||||||||
| CB Trailer Bridge Inc. (Toys R Us) (a)+*^ | $ | 66,000 | 0 | |||||
| Total Escrow Notes | ||||||||
| (Cost $65,792) | 0 | |||||||
| Total Long-Term Investments | ||||||||
| (Cost $45,189,286) | 44,708,653 | |||||||
| Short-Term Investments— 6.0% | ||||||||
| Money Market Fund — 6.0% | ||||||||
| First American Government Obligations Fund, Cl X, 0.450% (b) | 2,831,439 | 2,831,439 | ||||||
| Total Money Market Fund | ||||||||
| (Cost $2,831,439) | 2,831,439 | |||||||
| Total Investments | ||||||||
| (Cost $48,020,725) — 100.2% | 47,540,092 | |||||||
| Liabilities in Excess of Other Assets, Net (0.2)% | (95,005 | ) | ||||||
| Total Net Assets — 100.0% | $ | 47,445,087 | ||||||
| SP-ADR | Sponsored American Depositary Receipt | ||||
| (a) | Non-income producing security. | ||||
| (b) | The rate quoted is the annualized 7 day yield as of March 31, 2020. | ||||
| f | Foreign issued security. | ||||
| + | Default security. | ||||
| * | Indicates an illiquid security. Total market value for illiquid securities is $21,884, representing 0.0% of net assets. | ||||
| ^ | Indicates a fair valued security. Total market value for fair valued securities is $21,884, representing 0.0% of net assets and level 3 securities. | ||||
Quaker Impact Growth Fund Summary of Fair Value Exposure at March 31, 2020 (Unaudited) | |||||||||
| Various inputs may be used to determine the value of each Fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. | |||||||||
| • Level 1 — Quoted prices in active markets for identical securities. | |||||||||
| • Level 2 — Prices determined using significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) municipal securities, long-term U.S. Government obligations and corporate debt securities are valued in accordance with the evaluated price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy may include, but are not limited to, OTC options and international equity securities valued by an independent third party in order to adjust for stale pricing and foreign market holidays. | |||||||||
| • Level 3 — Prices determined using significant unobservable inputs (including the Fund’s own assumptions). For restricted equity securities where observable inputs are limited, assumptions about market activity and risk are used in determining fair value. These are categorized as Level 3 in the hierarchy. | |||||||||
| The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the Fund's assets and liabilities: | |||||||||
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 42,868,033 | $ | - | $ | - | $ | 42,868,033 | ||||||||
| Real Estate Investment Trusts | 1,805,436 | - | - | 1,805,436 | ||||||||||||
| Rights | 13,300 | - | - | 13,300 | ||||||||||||
Escrow Shares (1) | - | - | 21,884 | 21,884 | ||||||||||||
Escrow Notes (1) | - | - | 0 | 0 | ||||||||||||
| Money Market Fund | 2,831,439 | - | - | 2,831,439 | ||||||||||||
| Total Investments in Securities | $ | 47,518,208 | $ | - | $ | 21,884 | $ | 47,540,092 | ||||||||
| Net Unrealized | Amortized | |||||||||||||||||||||||||||||||
| Balance as of | Realized | appreciation | discounts/ | Transfers in | Balance as of | |||||||||||||||||||||||||||
| June 30, 2019 | Purchases | Sales | gain (loss) | (depreciation) | premiums | to Level 3 | March 31, 2020 | |||||||||||||||||||||||||
| Escrow Shares | $ | 67,839 | $ | - | $ | - | $ | - | $ | (45,955 | ) | $ | - | $ | - | $ | 21,884 | |||||||||||||||
| Escrow Notes | $ | 0 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 0 | ||||||||||||||||
| Total | $ | 67,839 | $ | - | $ | - | $ | - | $ | (45,955 | ) | $ | - | $ | - | $ | 21,884 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) for Level 3 investments still held as of March 31, 2020 | $ | (45,955 | ) | |||||||||||||||||||||||||||||
| The following presents information about significant unobservable inputs related to Level 3 investments at March 31, 2020: |
| Fair Value at | Valuation | Unobservable | Input | ||||||||
| March 31, 2020 | Technique | Input | Values | ||||||||
| Escrow Shares | |||||||||||
| Airlines | $ 21,884 | Market approach | Estimated obligations to other parties | 60mm* | |||||||
| Escrow Notes | |||||||||||
| Retail | $0 | Profitability expected return method | Uncertainty of any additional future payout | $0.00** | |||||||
| * An increase in the unobservable input would decrease the valuation and a decrease in the unobservable input would increase the valuation. | ||||||||
| ** An increase in the unobservable input would increase the valuation and a decrease in the unobservable input would decrease the valuation. |
