Schedule of Investments | |||||
CCM Small/Mid-Cap Impact Value Fund (Formerly Quaker Small/Mid-Cap Impact Value Fund) | |||||
March 31, 2021 (Unaudited) | |||||
Number | Fair | ||||
of Shares | Value | ||||
Long-Term Investments — 96.6% | |||||
Common Stocks — 70.0% | |||||
Communications — 3.6% | |||||
Radio — 3.6% | |||||
Liberty Media Corp.-Liberty SiriusXM Cl A (a) | 17,000 | $ | 749,360 | ||
Total Communications (Cost $612,361) | 749,360 | ||||
Consumer, Cyclical — 11.1% | |||||
Building-Mobil Home/Manufactured Housing — 2.7% | |||||
Skyline Champion Corp. (a) | 12,300 | 556,698 | |||
Distribution/Wholesale — 3.4% | |||||
IAA Inc. (a) | 7,000 | 385,980 | |||
LKQ Corp. (a) | 7,500 | 317,475 | |||
703,455 | |||||
Retail-Apparel/Shoe — 0.5% | |||||
Foot Locker Inc. | 2,000 | 112,500 | |||
Retail-Automobile — 4.5% | |||||
Asbury Automotive Group Inc. (a) | 2,700 | 530,550 | |||
Group 1 Automotive Inc. | 2,440 | 385,008 | |||
915,558 | |||||
Total Consumer, Cyclical (Cost $1,588,511) | 2,288,211 | ||||
Consumer, Non-cyclical — 6.9% | |||||
Agricultural Operations — 1.9% | |||||
Bunge Ltd. f | 5,000 | 396,350 | |||
Commercial Services — 1.5% | |||||
Quanta Services Inc. | 3,500 | 307,930 | |||
Medical Products — 1.6% | |||||
LivaNova PLC (a) f | 4,500 | 331,785 | |||
Medical-Hospitals — 0.0% | |||||
Nobilis Health Corp. (a) f | 38,393 | 296 | |||
Rental Auto/Equipment — 1.9% | |||||
The Aaron's Co. Inc. | 14,750 | 378,780 | |||
Total Consumer, Non-cyclical (Cost $1,236,549) | 1,415,141 | ||||
Energy — 5.9% | |||||
Energy-Alternate Sources — 5.9% | |||||
Enviva Partners LP | 25,000 | 1,208,250 | |||
Total Energy (Cost $589,234) | 1,208,250 | ||||
Financial — 34.4% | |||||
Commercial Banks — 5.8% | |||||
Financial Institutions Inc. | 14,981 | 453,774 | |||
Synovus Financial Corp. | 16,000 | 732,000 | |||
1,185,774 | |||||
Finance-Credit Card — 1.7% | |||||
Discover Financial Services | 3,600 | 341,964 | |||
Finance-Leasing Company — 2.5% | |||||
PROG Holdings Inc. | 11,937 | 516,753 | |||
Investment Management/Advisory Services — 8.5% | |||||
AllianceBernstein Holding LP | 8,000 | 319,920 | |||
Ameriprise Financial Inc. | 3,000 | 697,350 | |||
Raymond James Financial Inc. | 6,000 | 735,360 | |||
1,752,630 | |||||
Property/Casualty Insurance — 11.3% | |||||
Ambac Financial Group Inc. (a) | 16,000 | 267,840 | |||
Arch Capital Group Ltd. (a) f | 12,000 | 460,440 | |||
Fidelity National Financial Inc. | 21,500 | 874,190 | |||
Tiptree Inc. | 80,000 | 716,000 | |||
2,318,470 | |||||
Real Estate Operations & Development — 2.2% | |||||
Invesque Inc. f | 158,000 | 450,300 | |||
Savings & Loans/Thrifts — 2.4% | |||||
TFS Financial Corp. | 24,000 | 488,880 | |||
Total Financial (Cost $6,250,936) | 7,054,771 | ||||
Industrial — 8.1% | |||||
Machinery-General Industrial — 2.1% | |||||
Wabtec Corp. | 5,400 | 427,464 | |||
Metal Processors & Fabricators — 6.0% | |||||
Rexnord Corp. | 9,000 | 423,810 | |||
The Timken Co. | 10,000 | 811,700 | |||
1,235,510 | |||||
Total Industrial (Cost $1,578,863) | 1,662,974 | ||||
Technology — 0.0% | |||||
Data Processing/Management — 0.0% | |||||
ImageWare Systems Inc. (a) | 30,000 | 2,415 | |||
Total Technology (Cost $33,000) | 2,415 | ||||
Total Common Stocks | |||||
(Cost $11,889,454) | 14,381,122 | ||||
Preferred Stock — 1.3% | |||||
Financial — 1.3% | |||||
Mortgage & Related Services — 1.3% | |||||
Federal National Mortgage Association, 8.250%, Perpetual (a) ▲ | 50,000 | 277,500 | |||
Total Preferred Stock | |||||
(Cost $439,425) | 277,500 | ||||
Real Estate Investment Trusts — 25.3% | |||||
Apartments — 9.5% | |||||
Independence Realty Trust Inc. | 90,000 | 1,368,000 | |||
Mid-America Apartment Communities Inc. | 4,000 | 577,440 | |||
1,945,440 | |||||
Diversified — 3.8% | |||||
WP Carey Inc. | 11,000 | 778,360 | |||
Mortgage — 10.2% | |||||
AG Mortgage Investment Trust Inc., 8.000%, Perpetual Preferred▲ | 7,000 | 157,360 | |||
Annaly Capital Management Inc. | 25,000 | 215,000 | |||
Starwood Property Trust Inc. | 38,000 | 940,120 | |||
Two Harbors Investment Corp., 7.250%, Perpetual Preferred ▲ | 31,500 | 782,145 | |||
2,094,625 | |||||
Office Property — 1.8% | |||||
Alexandria Real Estate Equities Inc. | 2,250 | 369,675 | |||
Total Real Estate Investment Trusts | |||||
(Cost $4,131,958) | 5,188,100 | ||||
Total Long-Term Investments | |||||
(Cost $16,460,837) | 19,846,722 | ||||
Short-Term Investments — 3.3% | |||||
Money Market Fund — 3.3% | |||||
First American Government Obligations Fund, Cl X, 0.036% (b) | 666,455 | 666,455 | |||
Total Short-Term Investments | |||||
(Cost $666,455) | 666,455 | ||||
Total Investments | |||||
(Cost $17,127,292) — 99.9% | 20,513,177 | ||||
Other Assets in Excess of Liabilities, Net 0.1% | 23,644 | ||||
Total Net Assets — 100.0% | $ | 20,536,821 | |||
(a) | Non-income producing security. | |||||
(b) | The rate quoted is the annualized 7 day yield as of March 31, 2021. | |||||
f | Foreign issued security. | |||||
▲ | The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
CCM Small/Mid-Cap Impact Value Fund (Formerly Quaker Small/Mid-Cap Impact Value Fund) | |||||||
Summary of Fair Value Exposure at March 31, 2021 (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, 2021 in valuing the Fund's assets and liabilities: |
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 14,381,122 | $ | - | - | $ | 14,381,122 | |||||||||
Preferred Stock | 277,500 | - | - | 277,500 | ||||||||||||
Real Estate Investment Trusts | 5,188,100 | - | - | 5,188,100 | ||||||||||||
Money Market Fund | 666,455 | - | - | 666,455 | ||||||||||||
Total Investments in Securities | $ | 20,513,177 | $ | - | - | $ | 20,513,177 |