NPORT-EX 2 quaker-impact_nport.htm NPORT-EX

Schedule of Investments
      
         
Quaker Impact Growth Fund
      
September 30, 2020 (Unaudited)
      
         
   
Number
  
Fair
   
of Shares
  
Value
Long-Term Investments — 95.6%
      
Common Stocks — 91.0%
      
         
Communications — 20.3%
      
Broadcast Services/Program — 0.5%
      
Discovery Communications Inc. Cl A (a)
                 15,000
  
 $                                   326,550
E-Commerce/Products — 7.7%
      
Amazon.com Inc. (a)
                   1,470
  
            4,628,633
Internet Content-Entertainment — 5.8%
      
Facebook Inc. Cl A (a)
                 11,000
  
            2,880,900
Tencent Holdings Ltd. f
                   9,000
  
               608,850
       
            3,489,750
Radio — 0.9%
      
Liberty Media Corp-Liberty SiriusXM Cl A (a)
                 17,200
  
               570,524
Web Portals/Internet Service Providers — 5.4%
      
Alphabet Inc. Cl A (a)
                   1,102
  
            1,615,091
Alphabet Inc. Cl C (a)
                   1,100
  
            1,616,560
       
            3,231,651
Total Communications (Cost $7,870,636)
    
          12,247,108
         
Consumer, Cyclical — 7.2%
      
Athletic Footwear — 0.5%
      
adidas AG -SP-ADR (a) f
                   2,000
  
               326,260
Building-Residential/Commercial — 2.5%
      
Toll Brothers Inc.
                 31,000
  
            1,508,460
Distribution/Wholesale — 1.3%
      
LKQ Corp. (a)
                 27,500
  
               762,575
Retail-Automobile — 1.0%
      
Asbury Automotive Group Inc. (a)
                   6,000
  
               584,700
Retail-Building Products — 0.7%
      
The Home Depot Inc.
                   1,435
  
               398,514
Retail-Restaurants — 1.2%
      
Starbucks Corp.
                   8,844
  
               759,876
Total Consumer, Cyclical (Cost $3,594,894)
    
            4,340,385
         
Consumer, Non-cyclical — 22.1%
      
Brewery — 0.6%
      
Constellation Brands Inc.
                   2,000
  
               379,020
Commercial Services — 1.1%
      
Quanta Services Inc.
                 12,500
  
               660,750
Commercial Services-Financial — 2.6%
      
FleetCor Technologies Inc. (a)
                   2,500
  
               595,250
PayPal Holdings Inc. (a)
                   4,998
  
               984,756
       
            1,580,006
Diagnostic Equipment — 1.6%
      
Thermo Fisher Scientific Inc.
                   2,181
  
               962,955
Drug Delivery Systems — 0.6%
      
Becton Dickinson and Co.
                   1,437
  
               334,361
Medical Instruments — 1.5%
      
Edwards Lifesciences Corp. (a)
                   3,810
  
               304,114
Intuitive Surgical Inc. (a)
                      854
  
               605,947
       
               910,061
Medical Labs & Testing Services — 2.4%
      
Laboratory Corp. of America Holdings (a)
                   4,500
  
               847,215
Quest Diagnostics Inc.
                   5,000
  
               572,450
       
            1,419,665
Medical Products — 1.7%
      
The Cooper Cos. Inc.
                   1,479
  
               498,600
LivaNova PLC (a) f
                   3,000
  
               135,630
Stryker Corp.
                   1,956
  
               407,572
       
            1,041,802
Medical-Biomedical/Genetics — 2.1%
      
Amgen Inc.
                   3,285
  
               834,916
Regeneron Pharmaceuticals Inc. (a)
                      722
  
               404,161
       
            1,239,077
Medical-Drugs — 3.9%
      
Bristol-Myers Squibb Co.
                 16,560
  
               998,403
Merck & Co Inc.
                 12,000
  
               995,400
Pfizer Inc.
                 10,000
  
               367,000
       
            2,360,803
Medical-Health Maintenance Organization — 1.3%
      
Anthem Inc.
                   3,000
  
               805,770
Medical-Wholesale Drug Distribution— 0.9%
      
GoodRx Holdings Inc. (a)
                 10,000
  
               556,000
Pharmacy Services — 1.3%
      
Cigna Corp.
                   4,600
  
               779,286
Rental Auto/Equipment — 0.5%
      
Aaron's Inc.
                   5,200
  
               294,580
Total Consumer, Non-cyclical (Cost $10,948,173)
    
          13,324,136
         
Energy — 2.2%
      
Energy-Alternate Sources — 1.3%
      
Enviva Partners LP
                 19,993
  
               804,918
Pipelines — 0.9%
      
Crestwood Equity Partners LP
                 41,100
  
               512,106
Total Energy (Cost $1,674,865)
    
            1,317,024
         
Financial — 15.4%
      
Diversified Banking Institutions — 1.2%
      
JPMorgan Chase & Co.
                   7,750
  
               746,093
Finance-Credit Card — 5.1%
      
Discover Financial Services
                 27,000
  
            1,560,060
Visa Inc. Cl A
                   7,600
  
            1,519,772
       
            3,079,832
Investment Management/Advisory Services — 4.5%
      
Ameriprise Financial Inc.
                   4,750
  
               732,022
BlackRock Inc.
                   2,500
  
            1,408,875
Raymond James Financial Inc.
                   7,885
  
               573,713
       
            2,714,610
Multi-line Insurance — 0.9%
      
Chubb Ltd. f
                   4,500
  
               522,540
Property/Casualty Insurance — 3.7%
      
Berkshire Hathaway Inc. Cl B (a)
                   8,000
  
            1,703,520
Fidelity National Financial Inc.
                 15,000
  
               469,650
Tiptree Inc.
                 11,000
  
                 54,450
       
            2,227,620
Total Financial (Cost $8,779,797)
    
            9,290,695
         
Industrial — 1.1%
      
Instruments-Scientific — 1.1%
      
PerkinElmer Inc.
                   5,115
  
               641,984
Total Industrial (Cost $398,034)
    
               641,984
         
Technology — 19.9%
      
Applications Software — 6.9%
      
Microsoft Corp.
                 19,800
  
            4,164,534
Computer Software — 0.6%
      
Akamai Technologies Inc. (a)
                   3,000
  
               331,620
Computers — 8.6%
      
Apple Inc.
                 27,000
  
            3,126,870
Dell Technologies Inc. (a)
                 30,000
  
            2,030,700
       
            5,157,570
Data Processing/Management — 0.0%
      
ImageWare Systems Inc. (a)
               125,000
  
                 15,000
Electronic Components-Semiconducters — 1.3%
      
NVIDIA Corp.
                   1,500
  
               811,830
Electronic Forms — 1.7%
      
Adobe Inc. (a)
                   2,087
  
            1,023,527
Enterprise Software/Services—0.8%
      
salesforce.com Inc. (a)
                   2,000
  
               502,640
Total Technology (Cost $6,295,041)
    
          12,006,721
         
Utilities — 2.8%
      
Electric-Generation — 1.1%
      
Brookfield Renewable Corp. f
                   2,569
  
               150,543
Brookfield Renewable Partners LP f
                 10,276
  
               540,004
       
               690,547
Electric-Integrated — 1.7%
      
NextEra Energy Inc.
                   3,700
  
            1,026,972
Total Utilities (Cost $1,176,560)
    
            1,717,519
Total Common Stocks
      
(Cost $40,738,000)
    
          54,885,572
         
Real Estate Investment Trusts — 4.6%
      
Apartments — 1.9%
      
Independence Realty Trust Inc.
               100,000
  
            1,159,000
Diversified — 1.8%
      
American Tower Corp.
                   1,400
  
               338,422
Equinix Inc.
                      990
  
               752,529
       
            1,090,951
Mortgage — 0.4%
      
AGNC Investment Corp.
                 10,000
  
               139,100
Starwood Property Trust Inc.
                   7,519
  
               113,462
       
               252,562
Warehouse & Industrial — 0.5%
      
Rexford Industrial Realty Inc.
                   6,000
  
               274,560
Total Real Estate Investment Trusts
      
(Cost $2,275,401)
    
            2,777,073
         
Rights — 0.0%
      
Consumer, Non-cyclical — 0.0%
      
Medical Drugs — 0.0%
      
Bristol-Myers Squibb Co. (a)
                   3,500
  
                   7,875
Total Rights
      
(Cost $7,455)
    
                   7,875
         
Escrow Shares — 0.0%
      
Consumer, Cyclical — 0.0%
      
Airlines — 0.0%
      
AMR Corp. Escrow (a)*^
               218,835
  
                 10,942
Total Escrow Shares
      
(Cost $24,536)
    
                 10,942
   
Par Value
    
Escrow Notes — 0.0%
      
Consumer, Cyclical — 0.0%
      
Retail  — 0.0%
      
CB Trailer Bridge Inc. (Toys R Us) (a)+*^
 $                                     66,000
  
                          0
Total Escrow Notes
      
(Cost $65,792)
    
                          0
Total Long-Term Investments
      
(Cost $43,111,184)
    
          57,681,462
   
Number of Shares
  
Short-Term Investments— 5.0%
      
Money Market Fund — 5.0%
      
First American Government Obligations Fund, Cl X, 0.066% (b)
            3,013,446
  
            3,013,446
Total Money Market Fund
      
(Cost $3,013,446)
    
            3,013,446
Total Investments
      
(Cost $46,124,630) — 100.6%
    
          60,694,908
Liabilities in Excess of Other Assets, Net (0.6)%
    
             (362,780)
Total Net Assets — 100.0%
    
$                              60,332,128

SP-ADR
  
Sponsored American Depositary Receipt
      
(a)
  
Non-income producing security.
      
(b)
  
The rate quoted is the annualized 7 day yield as of September 30, 2020.
      
f
  
Foreign issued security.
      
+
  
Default Security.
      
*
  
Indicates an illiquid security. Total market value for illiquid securities is $10,942, representing 0.0% of net assets.
^
  
Indicates a fair valued security. Total market value for fair valued securities is $10,942, representing 0.0% of net assets and level 3 securities.


Quaker Impact Growth Fund
  
Summary of Fair Value Exposure at September 30, 2020 (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 September 30, 2020 in valuing the Fund's assets and liabilities:
        

QUAKER IMPACT GROWTH FUND
                        
                         
Description
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
  
$
54,885,572
    
$
-
    
$
-
    
$
54,885,572
  
Real Estate Investment Trusts
    
2,777,073
      
-
      
-
      
2,777,073
  
Rights
    
7,875
      
-
      
-
      
7,875
  
Escrow Shares (1)
    
-
      
-
      
10,942
      
10,942
  
Escrow Notes (1)
    
-
      
-
      
0
      
0
  
Money Market Fund
    
3,013,446
      
-
      
-
      
3,013,446
  
Total Investments in Securities
  
$
60,683,966
    
$
-
    
$
10,942
    
$
60,694,908
  

(1) See the Quaker Impact Growth Fund's Schedule of Investments for industry classifications of the two Escrow securities noted as Level 3.
  
                                 
Level 3 Reconciliation
                                
The following is a reconciliation of the Quaker Impact Growth Fund's Level 3 investments for which significant unobservable inputs were used in determining value:
  

QUAKER IMPACT GROWTH FUND
                                                
                           
Net Unrealized
    
Amortized
              
   
Balance as of
                
Realized
    
appreciation
    
discounts/
    
Transfers in
    
Balance as of
  
 
  
June 30, 2020
    
Purchases
    
Sales
    
gain (loss)
    
(depreciation)
    
premiums
    
to Level 3
    
September 30, 2020
  
Escrow Shares
  
$
28,449
    
$
-
    
$
-
    
$
-
    
$
(17,507
)
  
$
-
    
$
-
    
$
10,942
  
Escrow Notes
  
$
0
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
0
  
Total
  
$
28,449
    
$
-
    
$
-
    
$
-
    
$
(17,507
)
  
$
-
    
$
-
    
$
10,942
  
Net change in unrealized appreciation (depreciation) for Level 3 investments still held as of September 30, 2020
                            
$
(17,507)


The following presents information about significant unobservable inputs related to Level 3 investments at September 30, 2020:
  
   
QUAKER IMPACT GROWTH FUND
                
                 
   
Fair Value at
  
Valuation
Unobservable
  
Input
  
 
  
September 30, 2020
  
Technique
Input
  
Values
  
Escrow Shares
                
Airlines
  
$
10,942
  
 Market approach
 Estimated obligations to other parties
  
60mm*
  
                   
Escrow Notes
                  
Retail
  
$
0
  
 Profitability expected return method
 Uncertainty of any additional future payout
  
$
0.00
**
                     
* An increase in the unobservable input would decrease the valuation and a decrease in the unobservable input would increase the valuation.
  
** An increase in the unobservable input would increase the valuation and a decrease in the unobservable input would decrease the valuation.