| CCM Core Impact Equity Fund | (Unaudited) |
Schedule of Investments September 30, 2021
| | Shares | | | Value | |
| COMMON STOCK - 99.25% | | | | | | | | |
| Communication Services - 15.65% | | | | | | | | |
| Broadcast Service/Program - 0.76% | | | | | | | | |
| Discovery, Cl C (a) | | | 22,000 | | | $ | 533,940 | |
| Cable/Satellite TV - 0.71% | | | | | | | | |
| Comcast, Cl A | | | 9,000 | | | | 503,370 | |
| Entertainment Software - 0.78% | | | | | | | | |
| Electronic Arts | | | 3,850 | | | | 547,662 | |
| Internet Content-Entertainment - 5.06% | | | | | | | | |
| Facebook, Cl A (a) | | | 10,500 | | | | 3,563,595 | |
| Web Portals/Internet Service Providers - 8.34% | | | | | | | | |
| Alphabet, Cl A (a) | | | 1,102 | | | | 2,946,219 | |
| Alphabet, Cl C (a) | | | 1,100 | | | | 2,931,841 | |
| | | | | | | | 11,026,627 | |
| Consumer Discretionary - 12.43% | | | | | | | | |
| Building-Residential/Commercial - 0.51% | | | | | | | | |
| NVR (a) | | | 75 | | | | 359,556 | |
| Distribution/Wholesale - 1.07% | | | | | | | | |
| LKQ | | | 15,000 | | | | 754,800 | |
| E-Commerce/Products - 5.41% | | | | | | | | |
| Amazon.com (a) | | | 1,160 | | | | 3,810,646 | |
| E-Commerce/Services - 0.54% | | | | | | | | |
| Booking Holdings (a) | | | 160 | | | | 379,819 | |
| Retail-Automobile - 2.41% | | | | | | | | |
| Asbury Automotive Group (a) | | | 5,400 | | | | 1,062,396 | |
| Lithia Motors, Cl A | | | 2,000 | | | | 634,080 | |
| Retail-Discount - 1.11% | | | | | | | | |
| Dollar Tree (a) | | | 8,200 | | | | 784,904 | |
| Retail-Restaurants - 1.38% | | | | | | | | |
| Starbucks | | | 8,844 | | | | 975,582 | |
| | | | | | | 8,761,783 | |
| Consumer Staples - 1.39% | | | | | | | | |
| Brewery - 0.90% | | | | | | | | |
| Constellation Brands, Cl A | | | 3,000 | | | | 632,070 | |
| Food-Confectionery - 0.49% | | | | | | | | |
| Mondelez International, Cl A | | | 6,000 | | | | 349,080 | |
| | | | | | | | 981,150 | |
| Energy - 1.65% | | | | | | | | |
| Energy-Alternate Sources - 1.65% | | | | | | | | |
| Enviva Partners (b) | | | 21,500 | | | | 1,162,935 | |
| Financials - 18.23% | | | | | | | | |
| Commercial Banks - 3.40% | | | | | | | | |
| Financial Institutions | | | 24,823 | | | | 760,825 | |
| Signature Bank NY | | | 6,000 | | | | 1,633,680 | |
| Diversified Banking Inst - 1.51% | | | | | | | | |
| JPMorgan Chase | | | 6,500 | | | | 1,063,985 | |
| Finance-Credit Card - 2.62% | | | | | | | | |
| Discover Financial Services | | | 15,000 | | | | 1,842,750 | |
| Insurance Brokers - 2.28% | | | | | | | | |
| Willis Towers Watson | | | 6,900 | | | | 1,603,974 | |
| CCM Core Impact Equity Fund | |
| COMMON STOCK — continued | | Shares | | | Value | |
| Investment Management/Advisory Services - 4.47% | | | | | | | | |
| Ameriprise Financial | | | 4,000 | | | $ | 1,056,480 | |
| BlackRock, Cl A | | | 2,500 | | | | 2,096,650 | |
| Life/Health Insurance - 0.91% | | | | | | | | |
| Principal Financial Group | | | 10,000 | | | | 644,000 | |
| Property/Casualty Insurance - 3.04% | | | | | | | | |
| Berkshire Hathaway, Cl B (a) | | | 3,700 | | | | 1,009,878 | |
| Fidelity National Financial | | | 25,000 | | | | 1,133,500 | |
| | | | | | | | 12,845,722 | |
| Health Care - 14.98% | | | | | | | | |
| Diagnostic Equipment - 1.77% | | | | | | | | |
| Thermo Fisher Scientific | | | 2,181 | | | | 1,246,071 | |
| Medical Instruments - 2.68% | | | | | | | | |
| Boston Scientific (a) | | | 14,000 | | | | 607,460 | |
| Edwards Lifesciences (a) | | | 3,810 | | | | 431,330 | |
| Intuitive Surgical (a) | | | 854 | | | | 849,004 | |
| Medical Products - 1.60% | | | | | | | | |
| Cooper | | | 1,479 | | | | 611,286 | |
| Stryker | | | 1,956 | | | | 515,836 | |
| Medical-Drugs - 2.12% | | | | | | | | |
| Bristol-Myers Squibb | | | 10,000 | | | | 591,700 | |
| Merck | | | 12,000 | | | | 901,320 | |
| Medical-Health Maintenance Organization - 2.17% | | | | | | | | |
| Anthem | | | 4,100 | | | | 1,528,480 | |
| Medical-Wholesale Drug Distributors - 2.37% | | | | | | | | |
| AmerisourceBergen, Cl A | | | 11,000 | | | | 1,313,950 | |
| McKesson | | | 1,800 | | | | 358,884 | |
| Pharmacy Services - 2.27% | | | | | | | | |
| Cigna | | | 8,000 | | | | 1,601,280 | |
| | | | | | | | 10,556,601 | |
| Industrials - 5.19% | | | | | | | | |
| Building & Construction Products-Miscellaneous - 0.46% | | | | | | | | |
| Owens Corning | | | 3,800 | | | | 324,900 | |
| Commercial Services - 2.02% | | | | | | | | |
| Quanta Services | | | 12,500 | | | | 1,422,750 | |
| Distribution/Wholesale - 0.70% | | | | | | | | |
| IAA (a) | | | 9,000 | | | | 491,130 | |
| Metal Processors & Fabricators - 2.01% | | | | | | | | |
| Rexnord | | | 22,000 | | | | 1,414,380 | |
| | | | | | | 3,653,160 | |
| Information Technology - 25.01% | | | | | | | | |
| Applications Software - 5.76% | | | | | | | | |
| Microsoft | | | 14,400 | | | | 4,059,648 | |
| Commercial Service-Finance - 2.79% | | | | | | | | |
| FleetCor Technologies (a) | | | 3,200 | | | | 836,064 | |
| Global Payments | | | 4,500 | | | | 709,110 | |
| PayPal Holdings (a) | | | 1,600 | | | | 416,336 | |
| Computer Data Security - 0.72% | | | | | | | | |
| Check Point Software Technologies (a) | | | 4,500 | | | | 508,680 | |
| Computers - 4.62% | | | | | | | | |
| Apple | | | 23,000 | | | | 3,254,500 | |
| CCM Core Impact Equity Fund | (Unaudited) |
| COMMON STOCK — continued | | Shares | | | Value | |
| Data Processing/Management - 3.05% | | | | | | | | |
| Fiserv (a) | | | 19,800 | | | $ | 2,148,300 | |
| ImageWare Systems (a) | | | 125,000 | | | | 4,250 | |
| Electronic Components-Semiconducters - 3.02% | | | | | | | | |
| Broadcom | | | 2,250 | | | | 1,091,092 | |
| NVIDIA | | | 5,000 | | | | 1,035,800 | |
| Electronic Forms - 1.22% | | | | | | | | |
| Adobe (a) | | | 1,500 | | | | 863,580 | |
| Electronic Parts Distributors - 0.89% | | | | | | | | |
| SYNNEX | | | 6,000 | | | | 624,600 | |
| Finance-Credit Card - 1.04% | | | | | | | | |
| Visa, Cl A | | | 3,300 | | | | 735,075 | |
| Software Tools - 1.90% | | | | | | | | |
| VMware, Cl A (a) | | | 9,000 | | | | 1,338,300 | |
| | | | | | | | 17,625,335 | |
| Real Estate - 2.24% | | | | | | | | |
| REITS-Diversified - 2.24% | | | | | | | | |
| American Tower | | | 3,000 | | | | 796,230 | |
| Equinix | | | 990 | | | | 782,229 | |
| | | | | | | | 1,578,459 | |
| Utilities - 2.48% | | | | | | | | |
| Electric-Generation - 1.02% | | | | | | | | |
| Brookfield Renewable, Cl A | | | 3,853 | | | | 149,535 | |
| Brookfield Renewable Partners (b) | | | 15,414 | | | | 568,931 | |
| Electric-Integrated - 1.46% | | | | | | | | |
| CMS Energy | | | 6,000 | | | | 358,380 | |
| NextEra Energy | | | 8,500 | | | | 667,420 | |
| | | | | | | | 1,744,266 | |
| TOTAL COMMON STOCK | | | | | | | | |
| (Cost $46,524,411) | | | | | | | 69,936,038 | |
| | | | | | | | | |
| ESCROW SHARES - 0.05% | | | | | | | | |
| Industrials - 0.05% | | | | | | | | |
| Airlines - 0.05% | | | | | | | | |
| American Airlines Escrow (a) | | | 218,835 | | | | 37,202 | |
| TOTAL ESCROW SHARES | | | | | | | | |
| (Cost $24,535) | | | | | | | 37,202 | |
| | | | | | | | | |
| | | | Face
Amount | | | | | |
| ESCROW NOTES - 0.00% | | | | | | | | |
| Consumer Discretionary – 0.00% | | | | | | | | |
| Specialty Stores – 0.00% | | | | | | | | |
| Toys "R" Us Escrow (a) (c)(d) | | $ | 66,000 | | | | — | |
| TOTAL ESCROW NOTES | | | | | | | | |
| (Cost $65,792) | | | | | | | – | |
| CCM Core Impact Equity Fund | |
| | | Shares | | | Value | |
| SHORT-TERM INVESTMENT - 1.28% | | | | | | | | |
| Money Market Fund - 1.28% | | | | | | | | |
| First American Government Obligations Fund, 0.03% (e) | | | 900,908 | | | $ | 900,908 | |
| TOTAL SHORT-TERM INVESTMENT | | | | | | | | |
| (Cost $900,908) | | | | | | | 900,908 | |
| Total Investments (Cost $47,515,646) - 100.58% | | | | | | $ | 70,874,148 | |
| Liabilities in Excess of Other Assets, Net - (0.58)% | | | | | | | (409,450 | ) |
| NET ASSETS - 100.00% | | | | | | $ | 70,464,698 | |
| (a) | Non-income producing security. |
| (b) | Securities considered to be a Master Limited Partnership. At September 30, 2021 these securities amounted to $1,731,866 or 2.46% of total net assets. |
| (c) | REIT - Real Estate Investment Trust. |
| (d) | Level 3 security in accordance with fair value hierarchy. |
| (e) | The rate shown is the 7-day effective yield as of September 30, 2021. |
Cl — Class
The following table sets forth information about the level within the fair value hierarchy at which the Fund’s investments are measured at September 30, 2021:
| Assets | | Level 1 | | | Level 2 | | | Level 3(1) | | | Total | |
| Common Stock | | $ | 69,936,038 | | | $ | — | | | $ | — | | | $ | 69,936,038 | |
| Escrow Shares | | | — | | | | 37,202 | | | | — | | | | 37,202 | |
| Escrow Notes | | | — | | | | — | | | | — | | | | — | |
| Short-Term Investment | | | 900,908 | | | | — | | | | — | | | | 900,908 | |
| Total Investments in Securities | | $ | 70,836,946 | | | $ | 37,202 | | | $ | — | | | $ | 70,874,148 | |
(1) A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.
For the period ended September 30, 2021, there were no significant changes to the Fund’s fair valuation methodologies.
For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the most recent semi-annual or annual financial statements.
| CCM Small/Mid-Cap Impact Value Fund | (Unaudited) |
Schedule of Investments September 30, 2021
| | | Shares | | | Value | |
| COMMON STOCK - 98.03% | | | | | | | | |
| Communication Services - 2.05% | | | | | | | | |
| Advertising Agencies - 2.05% | | | | | | | | |
| Omnicom Group | | | 5,500 | | | $ | 398,530 | |
| Consumer Discretionary - 14.93% | | | | | | | | |
| Building-Residential/Commercial - 2.95% | | | | | | | | |
| NVR (a) | | | | | | | | |
| Distribution/Wholesale - 1.94% | | | 120 | | | | 575,290 | |
| LKQ | | | 7,500 | | | | 377,400 | |
| Recreational Vehicles - 1.22% | | | | | | | | |
| Brunswick | | | 2,500 | | | | 238,175 | |
| Retail-Automobile - 5.10% | | | | | | | | |
| Asbury Automotive Group (a) | | | 3,200 | | | | 629,568 | |
| Lithia Motors, Cl A | | | 1,150 | | | | 364,596 | |
| Retail-Discount - 1.72% | | | | | | | | |
| Dollar Tree (a) | | | 3,500 | | | | 335,020 | |
| Retail-Restaurants - 2.00% | | | | | | | | |
| Jack in the Box | | | 4,000 | | | | 389,320 | |
| | | | | | | | 2,909,369 | |
| Energy - 6.94% | | | | | | | | |
| Energy-Alternate Sources - 6.94% | | | | | | | | |
| Enviva Partners (b) | | | 25,000 | | | | 1,352,250 | |
| Financials - 30.09% | | | | | | | | |
| Commercial Banks - 7.74% | | | | | | | | |
| Financial Institutions | | | 23,300 | | | | 714,145 | |
| First Citizens BancShares, Cl A | | | 250 | | | | 210,792 | |
| Signature Bank NY | | | 2,150 | | | | 585,402 | |
| Finance-Credit Card - 3.40% | | | | | | | | |
| Discover Financial Services | | | 5,400 | | | | 663,390 | |
| Investment Management/Advisory Services - 8.78% | | | | | | | | |
| AllianceBernstein Holding (b) | | | 6,000 | | | | 297,480 | |
| Ameriprise Financial | | | 2,600 | | | | 686,712 | |
| Raymond James Financial | | | 7,875 | | | | 726,705 | |
| Life/Health Insurance - 1.06% | | | | | | | | |
| Principal Financial Group | | | 3,200 | | | | 206,080 | |
| Property/Casualty Insurance - 5.14% | | | | | | | | |
| Arch Capital Group (a) | | | 6,000 | | | | 229,080 | |
| Fidelity National Financial | | | 17,000 | | | | 770,780 | |
| Savings & Loans/Thrifts - 3.97% | | | | | | | | |
| Hingham Institution For Savings | | | 2,300 | | | | 774,410 | |
| | | | | | | | 5,864,976 | |
| Health Care - 3.27% | | | | | | | | |
| Medical-Drugs - 2.19% | | | | | | | | |
| Organon | | | 13,000 | | | | 426,270 | |
| Medical-Health Maintenance Organization - 0.56% | | | | | | | | |
| Molina Healthcare (a) | | | 400 | | | | 108,524 | |
| Medical-Hospitals - 0.00% | | | | | | | | |
| Nobilis Health (a) (c) | | | 38,393 | | | | 15 | |
| CCM Small/Mid-Cap Impact Value Fund | |
| | | Shares | | | Value | |
| COMMON STOCK — continued | | | | | | | | |
| Medical-Outpatient/Home Medical - 0.52% | | | | | | | | |
| Chemed | | | 220 | | | $ | 102,327 | |
| | | | | | | | 637,136 | |
| Industrials - 13.22% | | | | | | | | |
| Building & Construction Products-Miscellaneous - 2.30% | | | | | | | | |
| Owens Corning | | | 5,250 | | | | 448,875 | |
| Commercial Services - 2.04% | | | | | | | | |
| Quanta Services | | | 3,500 | | | | 398,370 | |
| Distribution/Wholesale - 2.72% | | | | | | | | |
| IAA (a) | | | 9,700 | | | | 529,329 | |
| Machinery-General Industrials - 1.15% | | | | | | | | |
| Westinghouse Air Brake Technologies | | | 2,600 | | | | 224,146 | |
| Machinery-Therml Process - 0.95% | | | | | | | | |
| GrafTech International | | | 18,000 | | | | 185,760 | |
| Metal Processors & Fabricators - 4.06% | | | | | | | | |
| Rexnord | | | 12,300 | | | | 790,767 | |
| | | | | | | | 2,577,247 | |
| Information Technology - 8.66% | | | | | | | | |
| Computer Data Security - 2.43% | | | | | | | | |
| Check Point Software Technologies (a) | | | 4,200 | | | | 474,768 | |
| Data Processing/Management - 0.00% | | | | | | | | |
| ImageWare Systems (a) | | | 30,000 | | | | 1,020 | |
| Electronic Parts Distributors - 1.98% | | | | | | | | |
| SYNNEX | | | 3,700 | | | | 385,170 | |
| Enterprise Software/Services - 4.25% | | | | | | | | |
| ACI Worldwide (a) | | | 14,500 | | | | 445,585 | |
| SS&C Technologies Holdings | | | 5,500 | | | | 381,700 | |
| | | | | | | | 1,688,243 | |
| Materials - 3.59% | | | | | | | | |
| Containers-Paper/Plastic - 3.59% | | | | | | | | |
| Berry Global Group (a) | | | 11,500 | | | | 700,120 | |
| Real Estate - 6.81% | | | | | | | | |
| REITS-Diversified - 2.70% | | | | | | | | |
| WP Carey (d) | | | 7,200 | | | | 525,888 | |
| REITS-Office Property - 2.21% | | | | | | | | |
| Alexandria Real Estate Equities (d) | | | 2,250 | | | | 429,907 | |
| REITS-Single Tenant - 1.90% | | | | | | | | |
| National Retail Properties (d) | | | 8,600 | | | | 371,434 | |
| | | | | | | | 1,327,229 | |
| Utilities - 8.47% | | | | | | | | |
| Electric-Integrated - 1.99% | | | | | | | | |
| CMS Energy | | | 6,500 | | | | 388,245 | |
| Energy-Alternate Sources - 1.94% | | | | | | | | |
| NextEra Energy Partners | | | 5,000 | | | | 376,800 | |
| Independent Power Producer - 4.54% | | | | | | | | |
| Clearway Energy, Cl A | | | 4,000 | | | | 112,800 | |
| Clearway Energy, Cl C | | | 25,500 | | | | 771,885 | |
| | | | | | | | 1,649,730 | |
| TOTAL COMMON STOCK | | | | | | | | |
| (Cost $16,575,771) | | | | | | | 19,104,830 | |
| CCM Small/Mid-Cap Impact Value Fund | (Unaudited) |
| | | Shares | | | Value | |
| SHORT-TERM INVESTMENT - 2.33% | | | | | | | | |
| Money Market Fund - 2.33% | | | | | | | | |
| First American Government Obligations Fund, Cl X 0.03% (e) | | | 453,180 | | | $ | 453,180 | |
| TOTAL SHORT-TERM INVESTMENT | | | | | | | | |
| (Cost $453,180) | | | | | | | 453,180 | |
| Total Investments (Cost $17,028,951) - 100.36% | | | | | | $ | 19,558,010 | |
| Liabilities in Excess of Other Assets, Net - (0.36)% | | | | | | | (69,626 | ) |
| NET ASSETS - 100.00% | | | | | | $ | 19,488,384 | |
| (a) | Non-income producing security. |
| (b) | Securities considered to be a Master Limited Partnership. At September 30, 2021 these securities amounted to $1,649,730 or 8.47% of total net assets. |
| (c) | Level 3 security in accordance with fair value hierarchy. |
| (d) | REIT - Real Estate Investment Trust. |
| (e) | The rate shown is the 7-day effective yield as of September 30, 2021. |
Cl — Class
The following table sets forth information about the level within the fair value hierarchy at which the Fund’s investments are measured at September 30, 2021:
| Assets | | Level 1 | | | Level 2 | | | Level 3(1) | | | Total | |
| Common Stock | | $ | 19,104,815 | | | $ | — | | | $ | 15 | | | $ | 19,104,830 | |
| Short-Term Investment | | | 453,180 | | | | — | | | | — | | | | 453,180 | |
| Total Investments in Securities | | $ | 19,557,995 | | | $ | — | | | $ | 15 | | | $ | 19,558,010 | |
(1) A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.
For the period ended September 30, 2021, there were no significant changes to the Fund’s fair valuation methodologies.
For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the most recent semi-annual or annual financial statements.
