Form NPORT-P QUAKER INVESTMENT TRUST For: Mar 31

  
    NPORT-P
    false
    
      
      
        
          0000870355
          XXXXXXXX
        
      
      
      
      
        S000008771
        C000023883
        C000023886
      
      
      
    
  
  
    
      Quaker Investment Trust
      811-06260
      0000870355
      549300CFFZWFST2P5837
      2500 WESTON ROAD
      SUITE 101
      WESTON
      
      33331
      8882208888
      CCM Small/Mid-Cap Impact Value Fund
      S000008771
      549300W8X60M7JRIO517
      2022-06-30
      2022-03-31
      N
    
    
      20527219.93
      53132.14
      20474087.79
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
    
    
      
        LITHIA MOTORS, INC.
        SE8N1EZEHPZQBCBVKD53
        
        536797103
        
          
        
        1475.00000000
        NS
        USD
        442677.00000000
        2.162132958207
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ALLIANCEBERNSTEIN HOLDING L.P.
        N/A
        
        01881G106
        
          
        
        6000.00000000
        NS
        USD
        282120.00000000
        1.377936848242
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SIGNATURE BANK
        VLP5AP0XK2GM6GKD1007
        
        82669G104
        
          
        
        2150.00000000
        NS
        USD
        631003.50000000
        3.081961484546
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TAKE-TWO INTERACTIVE SOFTWARE, INC.
        BOMSTHHJK882EWYX3334
        
        874054109
        
          
        
        600.00000000
        NS
        USD
        92244.00000000
        0.450540219159
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OWENS CORNING
        JO5M6676RDJIZ2U8X907
        
        690742101
        
          
        
        5250.00000000
        NS
        USD
        480375.00000000
        2.346258377550
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        HEALTHCARE REALTY TRUST INCORPORATED
        549300CB86LH2IOKHH22
        
        421946104
        
          
        
        8000.00000000
        NS
        USD
        219840.00000000
        1.073747471706
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        PINTEREST, INC.
        N/A
        
        72352L106
        
          
        
        9000.00000000
        NS
        USD
        221490.00000000
        1.081806438810
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        DISCOVERY, INC.
        5493006ZCRFWKF6B1K26
        
        25470F302
        
          
        
        12500.00000000
        NS
        USD
        312125.00000000
        1.524487943987
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        JACK IN THE BOX INC.
        5493002OJW26P0SUUP68
        
        466367109
        
          
        
        6450.00000000
        NS
        USD
        602494.50000000
        2.942717185643
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERIPRISE FINANCIAL, INC.
        6ZLKQF7QB6JAEKQS5388
        
        03076C106
        
          
        
        2600.00000000
        NS
        USD
        780936.00000000
        3.814265172690
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CLEARWAY ENERGY, INC.
        549300LHAZ9HA9G3XC48
        
        18539C204
        
          
        
        17800.00000000
        NS
        USD
        649878.00000000
        3.174148741891
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FLEETCOR TECHNOLOGIES, INC.
        549300DG6RR0NQSFLN74
        
        339041105
        
          
        
        1200.00000000
        NS
        USD
        298872.00000000
        1.459757343357
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FINANCIAL INSTITUTIONS, INC.
        N/A
        
        317585404
        
          
        
        21700.00000000
        NS
        USD
        653821.00000000
        3.193407231160
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BRUNSWICK CORPORATION
        YM4O38W15AX4YLLQKU27
        
        117043109
        
          
        
        5600.00000000
        NS
        USD
        452984.00000000
        2.212474639389
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TD SYNNEX CORPORATION
        5493004HI6PFLF46NS53
        
        87162W100
        
          
        
        4800.00000000
        NS
        USD
        495408.00000000
        2.419682894209
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BERRY GLOBAL GROUP, INC.
        549300G6KKUMMXM8NH73
        
        08579W103
        
          
        
        11500.00000000
        NS
        USD
        666540.00000000
        3.255529656982
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NVR, Inc.
        529900RWXR4JI3JYTV70
        
        62944T105
        
          
        
        120.00000000
        NS
        USD
        536072.40000000
        2.618296871139
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        HINGHAM INSTITUTION FOR SAVINGS, THE
        2549009GDCGUR2T6KU55
        
        433323102
        
          
        
        2150.00000000
        NS
        USD
        737880.00000000
        3.603970089257
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ZURN WATER SOLUTIONS CORPORATION
        549300AM3633XDFU1Q85
        
        98983L108
        
          
        
        13800.00000000
        NS
        USD
        488520.00000000
        2.386040369713
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NATIONAL RETAIL PROPERTIES, INC.
        5493008JKH5SOTI0JS97
        
        637417106
        
          
        
        8600.00000000
        NS
        USD
        386484.00000000
        1.887673843953
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ORGANON & CO.
        549300AMCKY57OK2CO56
        
        68622V106
        
          
        
        9200.00000000
        NS
        USD
        321356.00000000
        1.569574201772
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ALEXANDRIA REAL ESTATE EQUITIES, INC.
        MGCJBT4MKTQBVLNUIS88
        
        015271109
        
          
        
        2250.00000000
        NS
        USD
        452812.50000000
        2.211636995232
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NEXTERA ENERGY PARTNERS, LP
        5493008F4ZOQFNG3WN54
        
        65341B106
        
          
        
        6400.00000000
        NS
        USD
        533504.00000000
        2.605752234102
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FRANCHISE GROUP, INC.
        549300MWCHSL8BSOMV77
        
        35180X105
        
          
        
        5000.00000000
        NS
        USD
        207150.00000000
        1.011766688336
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        UNIVERSAL HEALTH SERVICES, INC.
        549300YGMGQDO0NMJD09
        
        913903100
        
          
        
        3400.00000000
        NS
        USD
        492830.00000000
        2.407091368635
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        W.P. CAREY INC.
        54930042CRNE713E3Q67
        
        92936U109
        
          
        
        7200.00000000
        NS
        USD
        582048.00000000
        2.842851930547
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        First American Funds, Inc: Government Obligations Fund; Class X Shares
        N/A
        
        31846V336
        
          
        
        904655.58000000
        PA
        USD
        904655.58000000
        4.418539127500
        Long
        STIV
        
        US
        
        N
        
        2
        
          N
          N
          N
        
      
      
        CMS ENERGY CORPORATION
        549300IA9XFBAGNIBW29
        
        125896100
        
          
        
        6500.00000000
        NS
        USD
        454610.00000000
        2.220416385154
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CLEARWAY ENERGY, INC.
        549300LHAZ9HA9G3XC48
        
        18539C105
        
          
        
        4000.00000000
        NS
        USD
        133280.00000000
        0.650969173166
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FIRST CITIZENS BANCSHARES, INC.
        549300N3Z00ZHE2XC526
        
        31946M103
        
          
        
        550.00000000
        NS
        USD
        366080.00000000
        1.788016168313
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        DISCOVER FINANCIAL SERVICES
        Z1YLO2USPORE63VVUL20
        
        254709108
        
          
        
        4950.00000000
        NS
        USD
        545440.50000000
        2.664052755827
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FIDELITY NATIONAL FINANCIAL, INC.
        549300CAZYIH39SYQ287
        
        31620R303
        
          
        
        16000.00000000
        NS
        USD
        781440.00000000
        3.816726820824
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ASBURY AUTOMOTIVE GROUP, INC.
        549300JH4DTA7U42GL91
        
        043436104
        
          
        
        2700.00000000
        NS
        USD
        432540.00000000
        2.112621594849
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        QUANTA SERVICES, INC.
        SHVRXXEACT60MMH07S24
        
        74762E102
        
          
        
        3500.00000000
        NS
        USD
        460635.00000000
        2.249843825642
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        RAYMOND JAMES FINANCIAL, INC.
        RGUZHJ05YTITL6D76949
        
        754730109
        
          
        
        7875.00000000
        NS
        USD
        865541.25000000
        4.227496037321
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CHEMED CORPORATION
        54930020031IDJT2IM79
        
        16359R103
        
          
        
        710.00000000
        NS
        USD
        359650.50000000
        1.756613059829
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OMNICOM GROUP INC.
        HKUPACFHSSASQK8HLS17
        
        681919106
        
          
        
        4500.00000000
        NS
        USD
        381960.00000000
        1.865577621419
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MOLINA HEALTHCARE, INC.
        549300NQQCEQ46YHZ591
        
        60855R100
        
          
        
        400.00000000
        NS
        USD
        133436.00000000
        0.651731111874
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SS&C TECHNOLOGIES HOLDINGS, INC.
        529900POY8H7NPPNKK71
        
        78467J100
        
          
        
        6800.00000000
        NS
        USD
        510136.00000000
        2.491617723008
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NOBILIS HEALTH CORP.
        N/A
        
        65500B103
        
          
        
        38393.00000000
        NS
        USD
        3.84000000
        0.000018755414
        Long
        EC
        
        US
        
        N
        
        3
        
          N
          N
          N
        
      
      
        LKQ CORPORATION
        DS830JTTZQN6GK0I2E41
        
        501889208
        
          
        
        5700.00000000
        NS
        USD
        258837.00000000
        1.264217496060
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ENVIVA INC.
        549300WH5VXDEFM5KR81
        
        29415B103
        
          
        
        23400.00000000
        NS
        USD
        1852110.00000000
        9.046117311778
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-03-31
      COMMUNITY CAPITAL TRUST
      Aaron Strassman
      Aaron Strassman
      Operations Specialist
    
  
  XXXX

	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

 

(Unaudited)

 

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.

Cl

— Class

ADR

— American Depositary Receipt

PLC

— Public Limited Company

REIT

— Real Estate Investment Trust

 

(Unaudited)

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

 

(Unaudited)

 

		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.

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 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.

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