| CCM Core Impact Equity Fund |
| | |
Schedule of Investments March 31, 2022
| | | Shares | | | Value | |
| COMMON STOCK - 97.60% | | | | | | |
| Communication Services - 14.68% | | | | | | | | |
| Broadcast Service/Program - 1.64% | | | | | | | | |
| Discovery, Cl C (a) | | | 45,000 | | | $ | 1,123,650 | |
| Entertainment Software - 2.44% | | | | | | | | |
| Electronic Arts | | | 13,200 | | | | 1,669,932 | |
| Internet Content-Entertainment - 2.18% | | | | | | | | |
| Meta Platforms, Cl A (a) | | | 3,500 | | | | 778,260 | |
| Pinterest, Cl A (a) | | | 29,000 | | | | 713,690 | |
| Web Portals/Internet Service Providers - 8.42% | | | | | | | | |
| Alphabet, Cl A (a) | | | 970 | | | | 2,697,910 | |
| Alphabet, Cl C (a) | | | 1,100 | | | | 3,072,289 | |
| | | | | | | | 10,055,731 | |
| Consumer Discretionary - 12.39% | | | | | | | | |
| Building-Residential/Commercial - 1.49% | | | | | | | | |
| Lennar, Cl B | | | 10,000 | | | | 683,500 | |
| NVR (a) | | | 75 | | | | 335,045 | |
| Distribution/Wholesale - 0.86% | | | | | | | | |
| LKQ | | | 13,000 | | | | 590,330 | |
| E-Commerce/Products - 2.09% | | | | | | | | |
| Amazon.com (a) | | | 440 | | | | 1,434,378 | |
| E-Commerce/Services - 1.10% | | | | | | | | |
| Booking Holdings (a) | | | 320 | | | | 751,504 | |
| Retail-Apparel/Shoe - 0.49% | | | | | | | | |
| Ross Stores | | | 3,700 | | | | 334,702 | |
| Retail-Automobile - 3.54% | | | | | | | | |
| Asbury Automotive Group (a) | | | 5,400 | | | | 865,080 | |
| Lithia Motors, Cl A | | | 5,200 | | | | 1,560,624 | |
| Retail-Restaurants - 2.82% | | | | | | | | |
| Jack in the Box | | | 13,000 | | | | 1,214,330 | |
| Starbucks | | | 7,900 | | | | 718,663 | |
| | | | | | | | 8,488,156 | |
| Consumer Staples - 3.68% | | | | | | | | |
| Brewery - 1.58% | | | | | | | | |
| Constellation Brands, Cl A | | | 4,700 | | | | 1,082,504 | |
| Cosmetics &Toiletries - 1.00% | | | | | | | | |
| Unilever PLC ADR | | | 15,000 | | | | 683,550 | |
| Food-Confectionery - 1.10% | | | | | | | | |
| Mondelez International, Cl A | | | 12,000 | | | | 753,360 | |
| | | | | | | | 2,519,414 | |
| Energy - 3.64% | | | | | | | | |
| Energy-Alternate Sources - 3.64% | | | | | | | | |
| Enviva (b) | | | 31,500 | | | | 2,493,225 | |
| | | | | | | | | |
| Financials - 14.06% | | | | | | | | |
| Commercial Banks - 3.66% | | | | | | | | |
| Financial Institutions | | | 24,823 | | | | 747,917 | |
| Signature Bank NY | | | 6,000 | | | | 1,760,940 | |
| Finance-Credit Card - 2.41% | | | | | | | | |
| Discover Financial Services | | | 15,000 | | | | 1,652,850 | |
| COMMON STOCK — continued | | Shares | | | Value | |
| Investment Management/Advisory Services - 3.98% | | | | | | |
| Ameriprise Financial | | | 4,000 | | | $ | 1,201,440 | |
| BlackRock, Cl A | | | 2,000 | | | | 1,528,340 | |
| Property/Casualty Insurance - 4.01% | | | | | | | | |
| Berkshire Hathaway, Cl B (a) | | | 3,700 | | | | 1,305,767 | |
| Fidelity National Financial | | | 29,400 | | | | 1,435,896 | |
| | | | | | | | 9,633,150 | |
Health Care - 14.22% | | | | | | | | |
| Diagnostic Equipment - 1.29% | | | | | | | | |
| Thermo Fisher Scientific | | | 1,500 | | | | 885,975 | |
| Medical Instruments - 1.86% | | | | | | | | |
| Boston Scientific (a) | | | 20,000 | | | | 885,800 | |
| Intuitive Surgical (a) | | | 1,300 | | | | 392,184 | |
| Medical Products - 1.67% | | | | | | | | |
| Cooper | | | 1,479 | | | | 617,616 | |
| Stryker | | | 1,956 | | | | 522,936 | |
| Medical-Drugs - 1.08% | | | | | | | | |
| Merck | | | 9,000 | | | | 738,450 | |
| Medical-Health Maintenance Organization - 2.94% | | | | | | | | |
| Anthem | | | 4,100 | | | | 2,014,002 | |
| Medical-Hospitals - 0.59% | | | | | | | | |
| Universal Health Services, Cl B | | | 2,800 | | | | 405,860 | |
| Medical-Wholesale Drug Distributors - 1.99% | | | | | | | | |
| AmerisourceBergen, Cl A | | | 8,800 | | | | 1,361,448 | |
| Pharmacy Services - 2.80% | | | | | | | | |
| Cigna | | | 8,000 | | | | 1,916,880 | |
| | | | | | | | 9,741,151 | |
Industrials - 5.75% | | | | | | | | |
| Building & Construction Products-Miscellaneous - 1.02% | | | | | | | | |
| Owens Corning | | | 7,600 | | | | 695,400 | |
| Commercial Services - 2.40% | | | | | | | | |
| Quanta Services | | | 12,500 | | | | 1,645,125 | |
| Diversified Manufact Op - 0.91% | | | | | | | | |
| Parker-Hannifin | | | 2,200 | | | | 624,272 | |
| Machinery-General Indust - 1.42% | | | | | | | | |
| Zurn Water Solutions | | | 27,500 | | | | 973,500 | |
| | | | | | | | 3,938,297 | |
Information Technology - 24.33% | | | | | | | | |
| Applications Software - 6.48% | | | | | | | | |
| Microsoft | | | 14,400 | | | | 4,439,664 | |
| Commercial Service-Finance - 5.49% | | | | | | | | |
| FleetCor Technologies (a) | | | 6,000 | | | | 1,494,360 | |
| Global Payments | | | 16,600 | | | | 2,271,544 | |
| Computers - 2.65% | | | | | | | | |
| Apple | | | 10,400 | | | | 1,815,944 | |
| Data Processing/Management - 3.20% | | | | | | | | |
| Fiserv (a) | | | 21,600 | | | | 2,190,240 | |
| Electronic Components-Semiconducters - 2.07% | | | | | | | | |
| Broadcom | | | 2,250 | | | | 1,416,780 | |
| Electronic Parts Distributors - 1.36% | | | | | | | | |
| TD SYNNEX | | | 9,000 | | | | 928,890 | |
| CCM Core Impact Equity Fund |
| | |
| | | Shares | | | Value | |
| COMMON STOCK — continued | | | | | | |
| Enterprise Software/Services - 1.17% | | | | | | | | |
| SS&C Technologies Holdings | | | 10,700 | | | $ | 802,714 | |
| Software Tools - 1.91% | | | | | | | | |
| VMware, Cl A | | | 11,500 | | | | 1,309,505 | |
| | | | | | | | 16,669,641 | |
| Materials - 0.85% | | | | | | | | |
| Containers-Paper/Plastic - 0.85% | | | | | | | | |
| Berry Global Group (a) | | | 10,000 | | | | 579,600 | |
| | | | | | | | | |
| Real Estate - 1.07% | | | | | | | | |
| REITS-Diversified - 1.07% | | | | | | | | |
| Equinix | | | 990 | | | | 734,204 | |
| | | | | | | | | |
| Utilities - 2.93% | | | | | | | | |
| Electric-Generation - 0.66% | | | | | | | | |
| Brookfield Renewable Partners (b) | | | 11,000 | | | | 451,770 | |
Electric-Integrated - 1.66% | | | | | | | | |
| CMS Energy | | | 6,000 | | | | 419,640 | |
| NextEra Energy | | | 8,500 | | | | 720,035 | |
Energy-Alternate Sources - 0.61% | | | | | | | | |
| NextEra Energy Partners | | | 5,000 | | | | 416,800 | |
| | | | | | | 2,008,245 | |
| TOTAL COMMON STOCK | | | | | | | | |
| (Cost $48,739,194) | | | | | | | 66,860,814 | |
| | | | | | | | | |
| ESCROW SHARES - 0.01% | | | | | | | | |
| Industrials - 0.01% | | | | | | | | |
| Airlines - 0.01% | | | | | | | | |
| American Airlines Escrow (a) | | | 218,835 | | | | 6,565 | |
| | | | | | | | | |
| TOTAL ESCROW SHARES | | | | | | | | |
| (Cost $24,536) | | | | | | | 6,565 | |
| | | | | | | | | |
SHORT-TERM INVESTMENT - 2.52% | | | | | | | | |
| Money Market Fund - 2.52% | | | | | | | | |
| First American Government Obligations Fund, Cl X, 0.19%, (c) | | | 1,726,618 | | | | 1,726,618 | |
TOTAL SHORT-TERM INVESTMENT (Cost $1,726,618) | | | | | | | 1,726,618 | |
| Total Investments (Cost $50,490,348) - 100.13% | | | | | | $ | 68,593,997 | |
| Liabilities in Excess of Other Assets, Net - (0.13)% | | | | | | | (87,069 | ) |
| NET ASSETS - 100.00% | | | | | | $ | 68,506,928 | |
| (a) | Non-income producing security. |
| (b) | Security is considered to be a Master Limited Partnership. At March 31, 2022 these securities amounted to $2,944,995 or 4.30% of total net assets. |
| (c) | The rate shown is the 7-day effective yield as of March 31, 2022. |
| ADR | — American Depositary Receipt |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |
The following table sets forth information about the level within the fair value hierarchy at which the Fund’s investments are measured at March 31, 2022:
Assets | | | Level 1 | | | | Level 2 | | | | Level 3 | | | | Total | |
Common Stock | | $ | 66,860,814 | | | $ | — | | | $ | — | | | $ | 66,860,814 | |
Escrow Shares | | | — | | | | 6,565 | | | | — | | | | 6,565 | |
Short-Term Investment | | | 1,726,618 | | | | — | | | | — | | | | 1,726,618 | |
Total Investments in Securities | | $ | 68,587,432 | | | $ | 6,565 | | | $ | — | | | $ | 68,593,997 | |
For the period ended March 31, 2022, 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 |
| | |
Schedule of Investments March 31, 2022
| | | Shares | | | Value | |
COMMON STOCK - 95.52% | | | | | | | | |
| Communication Services - 4.92% | | | | | | | | |
Advertising Agencies - 1.86% | | | | | | | | |
| Omnicom Group | | | 4,500 | | | $ | 381,960 | |
| Broadcast Service/Program - 1.53% | | | | | | | | |
| Discovery, Cl C (a) | | | 12,500 | | | | 312,125 | |
| Entertainment Software - 0.45% | | | | | | | | |
| Take-Two Interactive Software (a) | | | 600 | | | | 92,244 | |
| Internet Content-Entertainment - 1.08% | | | | | | | | |
| Pinterest, Cl A (a) | | | 9,000 | | | | 221,490 | |
| | | | | | | | 1,007,819 | |
| Consumer Discretionary - 14.32% | | | | | | | | |
| Building-Residential/Commercial - 2.62% | | | | | | | | |
| NVR (a) | | | 120 | | | | 536,072 | |
| Distribution/Wholesale - 1.27% | | | | | | | | |
| LKQ | | | 5,700 | | | | 258,837 | |
| Recreational Vehicles - 2.21% | | | | | | | | |
| Brunswick | | | 5,600 | | | | 452,984 | |
| Retail-Automobile - 4.27% | | | | | | | | |
| Asbury Automotive Group (a) | | | 2,700 | | | | 432,540 | |
| Lithia Motors, Cl A | | | 1,475 | | | | 442,677 | |
| Retail-Restaurants - 2.94% | | | | | | | | |
| Jack in the Box | | | 6,450 | | | | 602,495 | |
| Retail-Vitamins/Nutr Sup - 1.01% | | | | | | | | |
| Franchise Group | | | 5,000 | | | | 207,150 | |
| | | | | | | | 2,932,755 | |
| Energy - 9.05% | | | | | | | | |
| Energy-Alternate Sources - 9.05% | | | | | | | | |
| Enviva (b) | | | 23,400 | | | | 1,852,110 | |
| | | | | | | | | |
| Financials - 27.57% | | | | | | | | |
| Commercial Banks - 8.06% | | | | | | | | |
| Financial Institutions | | | 21,700 | | | | 653,821 | |
| First Citizens BancShares, Cl A | | | 550 | | | | 366,080 | |
| Signature Bank NY | | | 2,150 | | | | 631,004 | |
| Finance-Credit Card - 2.67% | | | | | | | | |
| Discover Financial Services | | | 4,950 | | | | 545,440 | |
| Investment Management/Advisory Services - 9.42% | | | | | | | | |
| AllianceBernstein Holding (b) | | | 6,000 | | | | 282,120 | |
| Ameriprise Financial | | | 2,600 | | | | 780,936 | |
| Raymond James Financial | | | 7,875 | | | | 865,541 | |
| Property/Casualty Insurance - 3.82% | | | | | | | | |
| Fidelity National Financial | | | 16,000 | | | | 781,440 | |
| Savings & Loans/Thrifts - 3.60% | | | | | | | | |
| Hingham Institution For Savings | | | 2,150 | | | | 737,880 | |
| | | | | | | | 5,644,262 | |
| Health Care - 6.38% | | | | | | | | |
| Medical-Drugs - 1.57% | | | | | | | | |
| Organon | | | 9,200 | | | | 321,356 | |
| Medical-Health Maintenance Organization - 0.65% | | | | | | | | |
| Molina Healthcare (a) | | | 400 | | | | 133,436 | |
| | | Shares | | | Value | |
| COMMON STOCK — continued | | | | | | | | |
| Medical-Hospitals - 2.41% | | | | | | | | |
| Nobilis Health (a) (c) | | | 38,393 | | | $ | 4 | |
| Universal Health Services, Cl B | | | 3,400 | | | | 492,830 | |
| Medical-Outpatient/Home Medical - 1.75% | | | | | | | | |
| Chemed | | | 710 | | | | 359,650 | |
| | | | | | | | 1,307,276 | |
| Industrials - 6.98% | | | | | | | | |
| Building & Construction Products-Miscellaneous - 2.35% | | | | | | | | |
| Owens Corning | | | 5,250 | | | | 480,375 | |
| Commercial Services - 2.25% | | | | | | | | |
| Quanta Services | | | 3,500 | | | | 460,635 | |
| Machinery-General Indust - 2.38% | | | | | | | | |
| Zurn Water Solutions | | | 13,800 | | | | 488,520 | |
| | | | | | | | 1,429,530 | |
| Information Technology - 6.37% | | | | | | | | |
| Commercial Service-Finance - 1.46% | | | | | | | | |
| FleetCor Technologies (a) | | | 1,200 | | | | 298,872 | |
| Electronic Parts Distributors - 2.42% | | | | | | | | |
| TD SYNNEX | | | 4,800 | | | | 495,408 | |
| Enterprise Software/Services - 2.49% | | | | | | | | |
| SS&C Technologies Holdings | | | 6,800 | | | | 510,136 | |
| | | | | | | | 1,304,416 | |
| Materials - 3.26% | | | | | | | | |
| Containers-Paper/Plastic - 3.26% | | | | | | | | |
| Berry Global Group (a) | | | 11,500 | | | | 666,540 | |
| | | | | | | | | |
| Real Estate - 8.02% | | | | | | | | |
| REITS-Diversified - 2.84% | | | | | | | | |
| WP Carey | | | 7,200 | | | | 582,048 | |
| REITS-Health Care - 1.08% | | | | | | | | |
| Healthcare Realty Trust | | | 8,000 | | | | 219,840 | |
| REITS-Office Property - 2.21% | | | | | | | | |
| Alexandria Real Estate Equities | | | 2,250 | | | | 452,813 | |
| REITS-Single Tenant - 1.89% | | | | | | | | |
| National Retail Properties | | | 8,600 | | | | 386,484 | |
| | | | | | | | 1,641,185 | |
| Utilities - 8.65% | | | | | | | | |
| Electric-Integrated - 2.22% | | | | | | | | |
| CMS Energy | | | 6,500 | | | | 454,610 | |
| Energy-Alternate Sources - 2.61% | | | | | | | | |
| NextEra Energy Partners | | | 6,400 | | | | 533,504 | |
| Independent Power Producer - 3.82% | | | | | | | | |
| Clearway Energy, Cl A | | | 4,000 | | | | 133,280 | |
| Clearway Energy, Cl C | | | 17,800 | | | | 649,878 | |
| | | | | | | | 1,771,272 | |
| TOTAL COMMON STOCK | | | | | | | | |
| (Cost $15,976,808) | | | | | | | 19,557,165 | |
| CCM Small/Mid-Cap Impact Value Fund |
| | |
| | | Shares | | | Value | |
| SHORT-TERM INVESTMENT - 4.42% | | | | | | | | |
| Money Market Fund - 4.42% | | | | | | | | |
| First American Government Obligations Fund, Cl X, 0.19%, (d) | | | 904,656 | | | $ | 904,656 | |
TOTAL SHORT-TERM INVESTMENT
(Cost $904,656) | | | | | | | 904,656 | |
| Total Investments (Cost $16,881,464) - 99.94% | | | | | | $ | 20,461,821 | |
| Other Assets Exceeding Liabilities, Net - 0.06% | | | | | | | 12,119 | |
| NET ASSETS - 100.00% | | | | | | $ | 20,473,940 | |
| (a) | Non-income producing security. |
| (b) | Security is considered to be a Master Limited Partnership. At March 31, 2022 these securities amounted to $2,134,230 or 10.42% of total net assets. |
| (c) | Level 3 security in accordance with fair value hierarchy. |
| (d) | The rate shown is the 7-day effective yield as of March 31, 2022. |
| REIT | — Real Estate Investment Trust |
The following table sets forth information about the level within the fair value hierarchy at which the Fund's investments are measured at March 31, 2022:
Assets | | | Level 1 | | | | Level 2 | | | | Level 3* | | | | Total | |
Common Stock | | $ | 19,557,161 | | | $ | — | | | $ | 4 | | | $ | 19,557,165 | |
Short-Term Investment | | | 904,656 | | | | — | | | | — | | | | 904,656 | |
Total Investments in Securities | | $ | 20,461,817 | | | $ | — | | | $ | 4 | | | $ | 20,461,821 | |
| (*) | 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 March 31, 2022, 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.
