NPORT-EX 2 CCMG.htm NPORT-EX Document


CCM GLOBAL EQUITY ETF
SCHEDULE OF INVESTMENTS
February 28, 2025 (Unaudited)

EXCHANGE TRADED FUNDS - 50.4%

Shares

Value
Avantis Emerging Markets Value ETF

793,302 

$36,634,687 
Avantis International Small Cap Value ETF

712,475 

48,077,813 
Avantis Real Estate ETF (a)

1,196,216 

52,508,141 
Avantis U.S. Small Cap Value ETF

1,007,566 

93,552,503 
iShares Core MSCI International Developed Markets ETF

1,429,878 

98,389,905 
Vanguard FTSE Developed Markets ETF

1,940,330 

99,092,653 
Vanguard FTSE Emerging Markets ETF

1,259,166 

56,322,495 
TOTAL EXCHANGE TRADED FUNDS (Cost $449,526,415)

484,578,197 





COMMON STOCKS - 49.4%

Advertising - 0.3%

Interpublic Group of Cos., Inc.

34,372 

941,793 
Omnicom Group, Inc.

18,918 

1,565,653 




2,507,446 





Aerospace & Defense - 1.8%

General Dynamics Corp.

14,739 

3,723,071 
Huntington Ingalls Industries, Inc.

1,984 

348,351 
L3Harris Technologies, Inc.

13,709 

2,825,562 
Lockheed Martin Corp.

12,288 

5,534,146 
Northrop Grumman Corp.

7,663 

3,538,314 
Textron, Inc.

18,227 

1,362,104 




17,331,548 





Agricultural & Farm Machinery - 0.1%

AGCO Corp.

2,536 

245,916 
Toro Co.

5,683 

455,833 




701,749 





Agricultural Products & Services - 0.2%

Archer-Daniels-Midland Co.

41,298 

1,949,266 
Ingredion, Inc.

2,932 

382,948 




2,332,214 





Air Freight & Logistics - 0.9%

CH Robinson Worldwide, Inc.

10,827 

1,100,240 
Expeditors International of Washington, Inc.

15,105 

1,772,723 
United Parcel Service, Inc. - Class B

49,677 

5,913,053 




8,786,016 





Apparel, Accessories & Luxury Goods - 0.4%

Columbia Sportswear Co.

7,731 

671,360 
PVH Corp.

7,356 

550,523 


1

CCM GLOBAL EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)
COMMON STOCKS - 49.4% (CONTINUED)

Shares

Value  
Apparel, Accessories & Luxury Goods - 0.4% (Continued)
Ralph Lauren Corp.

2,708 

$734,247 
Tapestry, Inc.

17,600 

1,503,392 
VF Corp.

16,420 

409,351 




3,868,873 





Application Software - 0.1%

Dropbox, Inc. - Class A (b)

20,455 

531,421 





Automotive Parts & Equipment - 0.1%

BorgWarner, Inc.

13,505 

402,044 


Gentex Corp.

24,364 

592,532 




994,576 





Automotive Retail - 1.1%

AutoNation, Inc. (b)

3,189 

581,578 
AutoZone, Inc. (b)

1,276 

4,457,081 
Murphy USA, Inc.

1,466 

687,906 
O'Reilly Automotive, Inc. (b)

3,317 

4,556,364 
Penske Automotive Group, Inc.

2,101 

354,501 




10,637,430 





Biotechnology - 1.9%

AbbVie, Inc.

31,743 

6,635,239 
Amgen, Inc.

19,682 

6,063,237 
Gilead Sciences, Inc.

50,837 

5,811,178 




18,509,654 





Broadcasting - 0.3%

Fox Corp. - Class A

21,963 

1,265,069 
Fox Corp. - Class B

12,933 

699,287 
Nexstar Media Group, Inc.

4,253 

719,395 




2,683,751 





Broadline Retail - 0.4%

Dillard's, Inc. - Class A

1,482 

576,632 
eBay, Inc.

42,711 

2,765,110 
Macy's, Inc.

42,678 

612,429 




3,954,171 





Building Products - 1.1%

A O Smith Corp.

11,446 

760,930 
Allegion PLC

3,818 

491,415 


2

CCM GLOBAL EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)
COMMON STOCKS - 49.4% (CONTINUED)

Shares

Value  
Building Products - 1.1% (Continued)
Builders FirstSource, Inc. (b)

12,830 

$1,783,242 
Carlisle Cos., Inc.

4,171 

1,421,310 
Fortune Brands Innovations, Inc.

9,159 

592,770 
Johnson Controls International PLC

31,350 

2,685,441 
Masco Corp.

20,181 

1,517,208 
Owens Corning

5,724 

881,725 




10,134,041 





Cable & Satellite - 1.0%

Charter Communications, Inc. - Class A (b)

7,833 

2,847,844 
Comcast Corp. - Class A

175,548 

6,298,662 




9,146,506 





Cargo Ground Transportation - 0.1%

Landstar System, Inc.

3,447 

547,384 





Casinos & Gaming - 0.0%(c)

Boyd Gaming Corp.

6,034 

460,153 





Commodity Chemicals - 0.5%

Dow, Inc.

82,972 

3,162,063 
LyondellBasell Industries NV - Class A

26,562 

2,040,758 




5,202,821 







Communications Equipment - 0.7%

Cisco Systems, Inc.

108,217 

6,937,792 





Computer & Electronics Retail - 0.2%

Best Buy Co., Inc.

23,962 

2,154,423 





Construction & Engineering - 0.1%

AECOM

8,700 

870,435 





Construction Machinery & Heavy Transportation Equipment - 0.9%

Allison Transmission Holdings, Inc.

5,776 

587,708 
Caterpillar, Inc.

17,686 

6,083,100 
Cummins, Inc.

6,215 

2,288,238 




8,959,046 





Construction Materials - 0.1%

Eagle Materials, Inc.

2,165 

489,745 







3

CCM GLOBAL EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)
COMMON STOCKS - 49.4% (CONTINUED)

Shares

Value  
Consumer Staples Merchandise Retail - 0.5%

Target Corp.

39,097 

$4,857,411 





Copper - 0.0%(c)

Southern Copper Corp.

5,210 

463,302 





Data Processing & Outsourced Services - 0.0%(c)

Genpact Ltd.

7,910 

420,970 





Distributors - 0.3%

Genuine Parts Co.

10,400 

1,298,752 
LKQ Corp.

24,923 

1,051,501 
Pool Corp.

1,558 

540,626 




2,890,879 





Education Services - 0.1%

Grand Canyon Education, Inc. (b)

3,505 

630,269 





Electrical Components & Equipment - 0.3%

Acuity Brands, Inc.

1,488 

442,130 
Emerson Electric Co.

23,758 

2,889,210 




3,331,340 





Electronic Manufacturing Services - 0.1%

Jabil, Inc.

4,488 

695,281 





Fertilizers & Agricultural Chemicals - 0.3%

CF Industries Holdings, Inc.

16,757 

1,357,652 
FMC Corp.

12,766 

471,065 
Mosaic Co.

33,628 

804,382 
Scotts Miracle-Gro Co.

6,015 

352,299 




2,985,398 





Food Distributors - 0.2%

Sysco Corp.

28,725 

2,169,887 





Food Retail - 0.3%

Albertsons Cos., Inc. - Class A

40,112 

843,957 


Kroger Co.

31,471 

2,039,950 




2,883,907 





Footwear - 0.1%

Crocs, Inc. (b)

5,705 

568,047 







4

CCM GLOBAL EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)
COMMON STOCKS - 49.4% (CONTINUED)

Shares

Value  
Forest Products - 0.1%

Louisiana-Pacific Corp.

6,889 

$686,627 





Gold - 0.3%

Newmont Corp.

70,368 

3,014,565 





Health Care Distributors - 0.9%

Cardinal Health, Inc.

21,180 

2,742,386 
McKesson Corp.

8,830 

5,653,496 




8,395,882 





Health Care Equipment - 0.7%

Hologic, Inc. (b)

12,897 

817,541 
Medtronic PLC

62,312 

5,733,950 




6,551,491 





Health Care Facilities - 0.6%

HCA Healthcare, Inc.

15,159 

4,643,201 
Universal Health Services, Inc. - Class B

4,487 

786,347 




5,429,548 





Health Care Services - 1.0%

Cigna Group

18,612 

5,748,316 
DaVita, Inc. (b)

4,671 

690,747 
Labcorp Holdings, Inc.

5,220 

1,310,429 
Premier, Inc. - Class A

36,410 

661,934 
Quest Diagnostics, Inc.

9,014 

1,558,521 




9,969,947 





Home Furnishings - 0.1%

Mohawk Industries, Inc. (b)

2,981 

350,536 
Somnigroup International, Inc.

9,672 

617,847 




968,383 





Home Improvement Retail - 1.4%

Home Depot, Inc.

19,472 

7,722,595 
Lowe's Cos., Inc.

23,211 

5,771,183 




13,493,778 





Homebuilding - 1.0%

DR Horton, Inc.

16,585 

2,103,144 
Lennar Corp. - Class A

21,083 

2,522,159 
Lennar Corp. - Class B

4,456 

515,559 


5

CCM GLOBAL EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)
COMMON STOCKS - 49.4% (CONTINUED)

Shares

Value  
Homebuilding - 1.0% (Continued)

NVR, Inc. (b)

266 

$1,927,324 
PulteGroup, Inc.

17,334 

1,790,256 
Toll Brothers, Inc.

8,434 

941,572 




9,800,014 





Homefurnishing Retail - 0.2%

Williams-Sonoma, Inc.

7,699 

1,498,071 






Hotels, Resorts & Cruise Lines - 0.7%

Booking Holdings, Inc.

1,111 

5,572,787 
Marriott Vacations Worldwide Corp.

4,714 

355,624 
Travel + Leisure Co.

9,261 

516,949 




6,445,360 





Household Appliances - 0.1%

Whirlpool Corp.

6,994 

711,919 





Household Products - 1.9%

Clorox Co.

9,117 

1,425,807 
Colgate-Palmolive Co.

53,364 

4,865,196 
Kimberly-Clark Corp.

27,075 

3,844,921 
Procter & Gamble Co.

47,758 

8,302,251 




18,438,175 





Housewares & Specialties - 0.0%(c)

Newell Brands, Inc.

47,654 

305,939 





Human Resource & Employment Services - 0.1%

ManpowerGroup, Inc.

11,926 

687,295 
Robert Half, Inc.

12,479 

737,384 




1,424,679 





Industrial Conglomerates - 1.1%

3M Co.

35,365 

5,485,819 
Honeywell International, Inc.

25,167 

5,357,802 




10,843,621 





Industrial Machinery & Supplies & Components - 0.6%

Illinois Tool Works, Inc.

18,412 

4,860,400 
Lincoln Electric Holdings, Inc.

2,074 

428,675 
Snap-on, Inc.

2,725 

929,688 




6,218,763 







6

CCM GLOBAL EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)
COMMON STOCKS - 49.4% (CONTINUED)

Shares

Value  
Integrated Oil & Gas - 1.9%

Chevron Corp.

45,669 

$7,244,017 
Exxon Mobil Corp.

80,932 

9,010,160 
Occidental Petroleum Corp.

49,686 

2,426,664 




18,680,841 





Integrated Telecommunication Services - 0.7%

AT&T, Inc.

254,416 

6,973,543 





Interactive Home Entertainment - 0.2%

Electronic Arts, Inc.

11,225 

1,449,372 





Internet Services & Infrastructure - 0.1%

VeriSign, Inc. (b)

6,015 

1,430,848 





IT Consulting & Other Services - 0.5%

Amdocs Ltd.

11,701 

1,020,912 
Cognizant Technology Solutions Corp. - Class A

35,287 

2,940,466 
DXC Technology Co. (b)

26,453 

485,942 




4,447,320 





Leisure Products - 0.1%

Brunswick Corp.

8,832 

537,427 





Life Sciences Tools & Services - 0.1%

Mettler-Toledo International, Inc. (b)

900 

1,145,448 





Managed Health Care - 0.7%

Centene Corp. (b)

45,974 

2,673,848 
Elevance Health, Inc.

10,667 

4,233,519 




6,907,367 





Metal, Glass & Plastic Containers - 0.1%

Crown Holdings, Inc.

5,904 

529,176 





Motorcycle Manufacturers - 0.0%(c)

Harley-Davidson, Inc.

11,169 

287,713 





Oil & Gas Equipment & Services - 0.3%

Baker Hughes Co.

35,106 

1,565,376 
Halliburton Co.

35,632 

939,616 




2,504,992 







7

CCM GLOBAL EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)
COMMON STOCKS - 49.4% (CONTINUED)

Shares

Value  
Oil & Gas Exploration & Production - 1.8%

Chord Energy Corp.

6,684 

$763,981 
Civitas Resources, Inc.

11,742 

450,188 
ConocoPhillips

58,272 

5,777,669 
Coterra Energy, Inc.

78,594 

2,121,252 
Devon Energy Corp.

62,894 

2,278,021 
EOG Resources, Inc.

41,981 

5,329,068 
Ovintiv, Inc.

19,544 

849,382 




17,569,561 





Oil & Gas Refining & Marketing - 1.6%

Marathon Petroleum Corp.

32,854 

4,934,014 
Phillips 66

41,527 

5,385,637 
Valero Energy Corp.

35,217 

4,603,918 




14,923,569 





Oil & Gas Storage & Transportation - 0.4%

Antero Midstream Corp.

34,761 

589,199 
Kinder Morgan, Inc.

113,364 

3,072,164 




3,661,363 





Other Specialty Retail - 0.4%

Bath & Body Works, Inc.

24,604 

891,403 
Dick's Sporting Goods, Inc.

4,451 

1,001,920 
Ulta Beauty, Inc. (b)

4,297 

1,574,249 




3,467,572 





Packaged Foods & Meats - 1.0%

Conagra Brands, Inc.

32,052 

818,608 
Flowers Foods, Inc.

25,122 

470,786 
General Mills, Inc.

52,120 

3,159,515 
Hormel Foods Corp.

14,428 

413,074 
J M Smucker Co.

8,421 

930,773 
Kraft Heinz Co.

74,309 

2,282,029 
Post Holdings, Inc. (b)

2,905 

329,747 
The Campbell's Co.

8,483 

339,829 
Tyson Foods, Inc. - Class A

19,460 

1,193,676 




9,938,037 





Paper & Plastic Packaging Products & Materials - 0.5%

Amcor PLC

117,744 

1,191,569 
International Paper Co.

37,260 

2,099,601 
Packaging Corp. of America

4,123 

878,570 


8

CCM GLOBAL EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)
COMMON STOCKS - 49.4% (CONTINUED)

Shares

Value  
Paper & Plastic Packaging Products & Materials - 0.5% (Continued)

Sealed Air Corp.

7,556 

$258,264 
Sonoco Products Co.

7,587 

362,811 




4,790,815 





Pharmaceuticals - 2.7%

Bristol-Myers Squibb Co.

95,404 

5,687,986 
Johnson & Johnson

50,735 

8,372,290 
Merck & Co., Inc.

63,342 

5,843,299 
Pfizer, Inc.

228,132 

6,029,529 




25,933,104 





Rail Transportation - 1.5%

CSX Corp.

160,069 

5,123,809 
Norfolk Southern Corp.

12,599 

3,096,204 
Union Pacific Corp.

24,719 

6,097,930 




14,317,943 





Research & Consulting Services - 0.1%

Booz Allen Hamilton Holding Corp.

6,048 

641,451 
KBR, Inc.

5,853 

286,973 
Science Applications International Corp.

4,828 

476,958 




1,405,382 





Restaurants - 0.8%

Darden Restaurants, Inc.

7,168 

1,436,897 
McDonald's Corp.

14,614 

4,505,935 
Yum! Brands, Inc.

14,137 

2,210,603 




8,153,435 





Semiconductor Materials & Equipment - 1.0%

Applied Materials, Inc.

23,814 

3,764,279 
Lam Research Corp.

68,479 

5,255,078 
Teradyne, Inc.

6,482 

712,113 




9,731,470 





Semiconductors - 0.6%

Analog Devices, Inc.

17,654 

4,061,479 
Qorvo, Inc. (b)

10,946 

795,665 
Skyworks Solutions, Inc.

14,821 

987,968 




5,845,112 







9

CCM GLOBAL EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)
COMMON STOCKS - 49.4% (CONTINUED)

Shares

Value  
Soft Drinks & Non-alcoholic Beverages - 1.3%

Coca-Cola Co.

80,990 

$5,767,298 
Keurig Dr Pepper, Inc.

44,044 

1,476,355 
PepsiCo, Inc.

34,464 

5,289,190 




12,532,843 





Specialized Consumer Services - 0.2%

H&R Block, Inc.

15,562 

848,285 
Service Corp. International

10,211 

827,091 




1,675,376 





Specialty Chemicals - 0.2%

Eastman Chemical Co.

10,917 

1,068,228 
NewMarket Corp.

836 

476,612 




1,544,840 






Steel - 0.4%

Reliance, Inc.

4,985 

1,481,343 
Steel Dynamics, Inc.

15,964 

2,156,257 




3,637,600 





Systems Software - 0.0%(c)

Dolby Laboratories, Inc. - Class A

3,767 

307,425 





Technology Distributors - 0.2%

Arrow Electronics, Inc. (b)

5,875 

634,911 
CDW Corp./DE

4,930 

878,526 




1,513,437 





Technology Hardware, Storage & Peripherals - 3.0%

Apple, Inc.

98,432 

23,804,795 
HP, Inc.

112,745 

3,480,438 
NetApp, Inc.

14,883 

1,485,472 




28,770,705 





Tobacco - 1.4%

Altria Group, Inc.

104,013 

5,809,126 
Philip Morris International, Inc.

49,067 

7,619,124 




13,428,250 







10

CCM GLOBAL EQUITY ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)
COMMON STOCKS - 49.4% (CONTINUED)

Shares

Value  
Trading Companies & Distributors - 0.3%

Ferguson Enterprises, Inc.

14,755 

$2,619,013 
MSC Industrial Direct Co., Inc. - Class A

8,325 

668,997 




3,288,010 
TOTAL COMMON STOCKS (Cost $447,190,249)

475,164,544 





REAL ESTATE INVESTMENT TRUSTS - 0.0%(c)

Other Specialized REITs - 0.0%(c)

Millrose Properties, Inc. (b)

6 

137 
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $129)

137 





SHORT-TERM INVESTMENTS - 0.1%
Investments Purchased with Proceeds from Securities Lending - 0.0%(c)
First American Government Obligations Fund - Class X, 4.29% (d)

71,600 

71,600 





Money Market Funds - 0.1%


 
First American Government Obligations Fund - Class X, 4.29% (d)

649,513 

649,513 
TOTAL SHORT-TERM INVESTMENTS (Cost $721,113)

721,113 





TOTAL INVESTMENTS - 99.9% (Cost $897,437,906)

$960,463,991 
Other Assets in Excess of Liabilities - 0.1%

800,642 
TOTAL NET ASSETS - 100.0%

 

$961,264,633 

Percentages are stated as a percent of net assets.

PLC - Public Limited Company
REIT - Real Estate Investment Trust

(a)

All or a portion of this security is on loan as of February 28, 2025. The total market value of these securities was $70,232 which represented 0.0% of net assets.
(b)

Non-income producing security.
(c)

Represents less than 0.05% of net assets.
(d)

The rate shown represents the 7-day annualized effective yield as of February 28, 2025.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.


11
CCM GLOBAL EQUITY ETF

Summary of Fair Value Disclosures as of February 28, 2025 (Unaudited)

CCM Global Equity ETF (the “Fund”) has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of February 28, 2025:
DESCRIPTIONLEVEL 1LEVEL 2LEVEL 3TOTAL
Assets
Exchange Traded Funds
$484,578,197 

$— $— 

$484,578,197 
Common Stocks475,164,544 

— — 

475,164,544 
Real Estate Investment Trusts137 

— — 

137 
Investment Purchased with Proceeds from Securities Lending71,600 

— — 

71,600 
Money Market Funds
649,513 

— — 

649,513 
Total Investments$960,463,991 

$— $— 

$960,463,991 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.

During the fiscal period ended February 28, 2025, the Fund did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.


12