Quaker Investment Trust NPORT-P CCM Core Impact Equity Fund (Sep 2022 report)

CCM Core Impact Equity Fund

Schedule of Investments September 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCK - 97.76%
Communication Services - 10.57%
Entertainment Software - 2.94%
Electronic Arts		13,200	$	1,527,372
Web Portals/Internet Service Providers - 7.63%
Alphabet, Cl A (a)		19,400		1,855,610
Alphabet, Cl C (a)		22,000		2,115,300
				5,498,282
Consumer Discretionary - 9.85%
Building-Residential/Commercial - 1.72%
Lennar, Cl B		10,000		595,100
NVR (a)		75		299,031
Distribution/Wholesale - 1.04%
LKQ		11,500		542,225
E-Commerce/Services - 1.01%
Booking Holdings (a)		320		525,827
Retail-Automobile - 3.72%
Asbury Automotive Group (a)		5,400		815,940
Lithia Motors, Cl A		5,200		1,115,660
Retail-Restaurants - 2.36%
Jack in the Box		16,600		1,229,562
				5,123,345
Consumer Staples - 5.25%
Brewery - 1.46%
Constellation Brands, Cl A		3,300		757,944
Cosmetics &Toiletries - 2.53%
Unilever PLC ADR		30,000		1,315,200
Food-Confectionery - 1.26%
Mondelez International, Cl A		12,000		657,960
				2,731,104
Energy - 2.74%
Energy-Alternate Sources - 2.74%
Enviva		23,680		1,422,221
Financials - 15.45%
Commer Banks-Eastern US - 3.24%
Financial Institutions		24,823		597,490
Signature Bank NY		7,200		1,087,200
Commer Banks-Western US - 0.87%
SVB Financial Group (a)		1,350		453,303
Finance-Credit Card - 2.18%
Discover Financial Services		12,500		1,136,500
Investment Management/Advisory Services - 3.74%
Ameriprise Financial		4,000		1,007,800
BlackRock, Cl A		1,700		935,476
Life/Health Insurance - 0.44%
Lincoln National		5,200		228,332
Property/Casualty Insurance - 4.98%
Assurant		3,700		537,499
Berkshire Hathaway, Cl B (a)		3,700		987,974

CCM Core Impact Equity Fund

Schedule of Investments September 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCK — continued
Fidelity National Financial		29,400	$	1,064,280
				8,035,854
Health Care - 15.36%
Diagnostic Equipment - 1.46%
Thermo Fisher Scientific		1,500		760,785
Medical Instruments - 2.31%
Boston Scientific (a)		31,000		1,200,630
Medical Labs&Testing Srv - 2.77%
Charles River Laboratories International (a)		3,800		747,840
Laboratory Corp of America Holdings		3,375		691,234
Medical-Health Maintenance Organization - 2.58%
Elevance Health		2,950		1,340,008
Medical-Hospitals - 1.31%
Universal Health Services, Cl B		7,700		678,986
Medical-Wholesale Drug Distributors - 2.29%
AmerisourceBergen, Cl A		8,800		1,190,904
Pharmacy Services - 2.64%
Cigna		4,950		1,373,476
				7,983,863
Industrials - 7.50%
Airport Develop/Maint - 0.77%
Grupo Aeroportuario del Pacifico ADR		3,150		399,357
Building & Construction Products-Miscellaneous - 1.15%
Owens Corning		7,600		597,436
Commercial Services - 3.06%
Quanta Services		12,500		1,592,375
Diversified Manufact Op - 1.86%
Parker-Hannifin		4,000		969,240
Machinery-Pumps - 0.66%
Zurn Elkay Water Solutions		14,000		343,000
				3,901,408
Information Technology - 21.84%
Applications Software - 5.63%
Intuit		725		280,807
Microsoft		11,350		2,643,415
Commercial Service-Finance - 5.48%
FleetCor Technologies (a)		6,000		1,057,020
Global Payments		16,600		1,793,630
Computers - 1.14%
Apple		4,300		594,260
Data Processing/Management - 3.89%
Fiserv (a)		21,600		2,021,112
Electronic Components-Semiconducters - 2.22%
Broadcom		2,600		1,154,426
Electronic Forms - 0.62%
Adobe (a)		1,175		323,360
Electronic Parts Distributors - 1.88%
TD SYNNEX		12,000		974,280

CCM Core Impact Equity Fund

Schedule of Investments September 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCK — continued
Enterprise Software/Services - 0.98%
SS&C Technologies Holdings		10,700	$	510,925
				11,353,235
Materials - 1.48%
Containers-Paper/Plastic - 1.48%
Berry Global Group (a)		16,500		767,745
Real Estate - 2.62%
REITS-Diversified - 2.62%
American Tower		2,700		579,690
WP Carey		11,200		781,760
				1,361,450
Utilities - 5.10%
Electric-Generation - 1.21%
Brookfield Renewable Partners		20,000		626,000
Energy-Alternate Sources - 3.89%
NextEra Energy Partners		28,000		2,024,680
				2,650,680
TOTAL COMMON STOCK
(Cost $48,701,677)				50,829,187
ESCROW SHARES - 0.01%
Industrials - 0.01%
Airlines - 0.01%
American Airlines Escrow (a) (b)		218,835		6,565
TOTAL ESCROW SHARES
(Cost $24,536)				6,565
SHORT-TERM INVESTMENT - 2.33%
Money Market Fund - 2.33%
First American Government Obligations Fund, Cl X, 2.78%, (c)		1,211,643		1,211,643
TOTAL SHORT-TERM INVESTMENT
(Cost $1,211,643)				1,211,643
Total Investments (Cost $49,937,856) - 100.10%			$	52,047,395
Liabilities in Excess of Other Assets, Net - (0.10)%				(51,041	)
NET ASSETS - 100.00%			$	51,996,354

(a)	Non-income producing security.
(b)	Level 3 security in accordance with fair value hierarchy.
(c)	The rate shown is the 7-day effective yield as of September 30, 2022.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

REIT — Real Estate investment Trust

CCM Core Impact Equity Fund

Schedule of Investments September 30, 2022 (Unaudited)

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, 2022:

Assets	Level 1		Level 2		Level 3*		Total
Common Stock	$	50,829,187	$	—	$	—	$	50,829,187
Escrow Shares		—		—		6,565		6,565
Short-Term Investment		1,211,643		—		—		1,211,643
Total Investments in Securities	$	52,040,830	$	—	$	6,565	$	52,047,395

* A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the 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 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 September 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCK - 96.50%
Communication Services - 1.76%
Advertising Agencies - 1.76%
Omnicom Group		4,500	$	283,905
Consumer Discretionary - 14.25%
Building-Residential/Commercial - 2.72%
Lennar, Cl B		2,650		157,702
NVR (a)		70		279,096
Distribution/Wholesale - 1.03%
LKQ		3,500		165,025
E-Commerce/Services - 0.29%
Expedia Group (a)		500		46,845
Recreational Vehicles - 1.95%
Brunswick		4,800		314,160
Retail-Automobile - 4.51%
Asbury Automotive Group (a)		2,700		407,970
Lithia Motors, Cl A		1,475		316,461
Retail-Restaurants - 3.75%
Jack in the Box		8,150		603,670
				2,290,929
Consumer Staples - 2.30%
Beverages-Non-alcoholic - 1.27%
Coca-Cola Femsa ADR		3,500		204,365
Pastoral&Agricultural - 1.03%
Darling Ingredients (a)		2,500		165,375
				369,740
Energy - 6.13%
Energy-Alternate Sources - 6.13%
Enviva		16,400		984,984
Financials - 26.19%
Commer Banks-Eastern US - 5.07%
Financial Institutions		21,000		505,470
Signature Bank NY		2,050		309,550
Commer Banks-Southern US - 2.58%
First Citizens BancShares, Cl A		520		414,664
Commer Banks-Western US - 1.30%
SVB Financial Group (a)		625		209,862
Finance-Credit Card - 2.15%
Discover Financial Services		3,800		345,496
Investment Management/Advisory Services - 6.20%
Ameriprise Financial		1,800		453,510
Raymond James Financial		5,500		543,510
Life/Health Insurance - 1.58%
Lincoln National		5,800		254,678
Property/Casualty Insurance - 4.51%
Assurant		1,125		163,429
Fidelity National Financial		15,500		561,100

CCM Small/Mid-Cap Impact Value Fund

Schedule of Investments September 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCK — continued
S&L/Thrifts-Eastern US - 2.80%
Hingham Institution For Savings		1,790	$	449,487
				4,210,756
Health Care - 6.63%
Medical Labs&Testing Srv - 2.33%
Charles River Laboratories International (a)		1,150		226,320
Laboratory Corp of America Holdings		725		148,487
Medical-Health Maintenance Organization - 1.23%
Molina Healthcare (a)		600		197,904
Medical-Hospitals - 3.07%
Nobilis Health (a) (b)		38,393		—
Universal Health Services, Cl B		5,600		493,808
				1,066,519
Industrials - 10.03%
Airport Develop/Maint - 0.75%
Grupo Aeroportuario del Pacifico ADR		950		120,441
Building & Construction Products-Miscellaneous - 2.57%
Owens Corning		5,250		412,702
Commercial Services - 2.77%
Quanta Services		3,500		445,865
Diversified Manufact Op - 1.88%
Parker-Hannifin		1,250		302,888
Machinery-General Indust - 1.02%
ATS Automation Tooling Systems (a)		6,200		163,646
Machinery-Pumps - 1.04%
Zurn Elkay Water Solutions		6,800		166,600
				1,612,142
Information Technology - 7.54%					��
Commercial Service-Finance - 2.74%
FleetCor Technologies (a)		2,500		440,425
Electronic Parts Distributors - 2.78%
TD SYNNEX		5,500		446,545
Enterprise Software/Services - 2.02%
SS&C Technologies Holdings		6,800		324,700
				1,211,670
Materials - 3.33%
Containers-Paper/Plastic - 3.33%
Berry Global Group (a)		11,500		535,095
Real Estate - 8.70%
REITS-Diversified - 3.13%
WP Carey		7,200		502,560
REITS-Office Property - 3.89%
Alexandria Real Estate Equities		2,250		315,427
Highwoods Properties		11,500		310,040
REITS-Single Tenant - 1.68%
National Retail Properties		6,800		271,048
				1,399,075

CCM Small/Mid-Cap Impact Value Fund

Schedule of Investments September 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCK — continued
Utilities - 9.64%
Electric-Generation - 3.26%
Clearway Energy, Cl A		4,000	$	116,400
Clearway Energy, Cl C		12,800		407,680
Electric-Integrated - 1.48%
CMS Energy		4,100		238,784
Energy-Alternate Sources - 4.90%
NextEra Energy Partners		10,900		788,179
				1,551,043
TOTAL COMMON STOCK
(Cost $16,586,201)				15,515,858
SHORT-TERM INVESTMENT - 3.50%
Money Market Fund - 3.50%
First American Government Obligations Fund, Cl X, 2.78%, (c)		562,971		562,971
TOTAL SHORT-TERM INVESTMENT
(Cost $562,971)				562,971
Total Investments (Cost $17,149,172) - 100.00%			$	16,078,829
Liabilities in Excess of Other Assets, Net - (0.00)%				(1,900	)
NET ASSETS - 100.00%			$	16,076,929

(a)	Non-income producing security.
(b)	Level 3 security in accordance with fair value hierarchy.
(c)	The rate shown is the 7-day effective yield as of September 30, 2022.

ADR — American Depositary Receipt

Cl — Class

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 September 30, 2022:

Assets	Level 1		Level 2		Level 3*			Total
Common Stock	$	15,515,858	$	—	$	—	(1)	$	15,515,858
Short-Term Investment		562,971		—		—			562,971
Total Investments in Securities	$	16,078,829	$	—	$	—		$	16,078,829

* A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

(1) Level 3 security valued at zero.

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.