# EDGAR Filing Document

**Accession Number:** 0001078195
**File Stem:** 0001398344-23-002292
**Filing Date:** 2023-2
**Character Count:** 328970
**Document Hash:** 0301e76ceefa5284fb2bf1c6cadf6386
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-002292.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001398344-23-002292

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Community Capital Trust
- **CENTRAL INDEX KEY:** 0001078195
- **IRS NUMBER:** 650876594
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09221
- **FILM NUMBER:** 23594852

**BUSINESS ADDRESS:**
- **STREET 1:** 2500 WESTON ROAD
- **STREET 2:** SUITE 101
- **CITY:** WESTON
- **STATE:** FL
- **ZIP:** 33331
- **BUSINESS PHONE:** 954-217-7999

**MAIL ADDRESS:**
- **STREET 1:** 2500 WESTON ROAD
- **STREET 2:** SUITE 101
- **CITY:** WESTON
- **STATE:** FL
- **ZIP:** 33331

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMMUNITY REINVESTMENT ACT QUALIFIED INVESTMENT FUND
- **DATE OF NAME CHANGE:** 19990202

## Series and Classes Contracts Data

### CCM Community Impact Bond Fund (Series ID: S000001913)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000005044 | CRA Shares           | CRAIX           |
| C000048038 | Institutional Shares | CRANX           |
| C000048039 | Retail Shares        | CRATX           |

### CCM Alternative Income Fund (Series ID: S000040913)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000126863 | Institutional Shares | CCMNX           |

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

**Investment Company Act File Number: 811-09221**

**Community Capital Trust**

(Exact name of Registrant as specified in charter)

2500 Weston Road

Suite 101

Weston, FL 33331

(Address of principal executive offices) (Zip code)

Michael P. Malloy, Esquire

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103

(Name and address of agent for service)

**Registrant's telephone number, including area code: 1-877-272-1977**

**Date of fiscal year end: May 31, 2023**

**Date of reporting period: November 30, 2022**

Form N-CSRS is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSRS in its regulatory, disclosure review, inspection, and policymaking roles.

A Registrant is required to disclose the information specified by Form N-CSRS, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSRS unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

**Item 1. Reports to Stockholders.**

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR 270.30e-1) is attached hereto.

![](fp0082009-1_a.jpg)

**Semi-Annual Report 2022**

![](fp0082009-1_aa.jpg)

**COMMUNITY CAPITAL TRUST**

November 30, 2022

**CCM ALTERNATIVE INCOME FUND (THE "FUND")**![](fp0082009-1_ab.jpg)

---

| | |
|:---|:---|
| **1** | **CCM Alternative Income Fund** |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Fund Profile | 2 |
| Expenses | 3 |
| Schedule of Investments | 4 |
| Statement of Assets and Liabilities | 10 |
| Statement of Operations | 11 |
| Statements of Changes in Net Assets | 12 |
| Financial Highlights | 13 |
| Notes to Financial Statements | 14 |
| Liquidity Risk Management Program | 32 |

---

![](fp0082009-1_1.jpg)

---

| | |
|:---|:---|
| **2** | **CCM Alternative Income Fund** |

---

*Fund Profile (Unaudited) November 30, 2022*

---

| | |
|:---|:---|
| **Top Ten Holdings\*** | **Top Ten Holdings\*** |
| **(% of Net Assets)** | **(% of Net Assets)** |
| *FHA Project Loan, 07/01/2047* | *7.40%* |
| *Washoe County, 02/01/2040* | *3.70%* |
| *USDA Loan, 12/01/2047* | *3.55%* |
| *NextEra Energy Partners* | *3.30%* |
| *USDA Loan, 06/25/2038* | *3.24%* |
| *Miami-Dade County, 04/01/2040* | *2.63%* |
| *Unilever* | *2.55%* |
| *Restaurant Brands International* | *2.40%* |
| *WP Carey* | *2.40%* |
| *Mondelez International, Cl A* | *2.24%* |
|  | *33.41%* |

---

\* Excludes Short-Term Investments.

---

| | |
|:---|:---|
| **Asset Allocation\*\*** |  |
| **(% of Net Assets)** |  |
| *Asset-Backed Securities* | *4.06%* |
| *Closed-End Fund* | *1.48%* |
| *Communication Services* | *3.92%* |
| *Consumer Discretionary* | *6.87%* |
| *Consumer Staples* | *6.40%* |
| *Energy* | *1.80%* |
| *Exchange - Traded Funds* | *3.48%* |
| *FGLMC Single Family* | *0.00%* |
| *FHA Project Loans* | *8.27%* |
| *Financials* | *22.43%* |
| *GNMA Multifamily* | *1.71%* |
| *Health Care* | *2.12%* |
| *Industrials* | *1.19%* |
| *Information Technology* | *2.06%* |
| *Money Market Fund* | *6.72%* |
| *Municipal Bonds* | *18.33%* |
| *Real Estate* | *7.52%* |
| *Small Business Administration* | *0.04%* |
| *USDA Loan* | *6.79%* |
| *Utilities* | *10.72%* |
| *Liabilities in Excess of Other Assets* | *(15.91)%* |
|  | *100.00%* |

---

*\*\** *Excludes derivatives held in the Fund.*

*(Unaudited)* **3** 

*Expenses November 30, 2022*

As a shareholder of the Fund, you incur two types of costs: transaction costs, such as wire fees; and ongoing costs, including management fees and other Fund operating expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested on June 1, 2022 and held for the six-month period ended November 30, 2022.

*Actual expenses* 

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

*Hypothetical example for comparison purposes* 

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Beginning <br> Account <br> Value<br> June 1, 2022 | Ending <br> Account <br> Value<br> November 30, 2022 | Expenses Paid <br> During Period\* <br> June 1, 2022<br> Through<br> November 30, 2022 |
| *Actual* | *Institutional Shares* | *$1000.00* | *$977.90* | *$8.73* |
| *Hypothetical<br> (5% return<br> before expenses)* | *Institutional Shares* | *$1000.00* | *$1017.90* | *$8.90* |

---

\* Expenses are equal to the annualized expense ratio of 1.76%, including prime broker fees on short sales, for Institutional Shares multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the one-half year period). The Fund's ending account value on the first line in the table is based on its actual total return of -2.21% for the period June 1, 2022 to November 30, 2022.

---

| | |
|:---|:---|
| **4** | **CCM Alternative Income Fund** |

---

*Schedule of Investments November 30, 2022*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK - 42.92%** | **COMMON STOCK - 42.92%** | **COMMON STOCK - 42.92%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Communication Services - 3.92%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T (a) | 23425 | $451634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group  | 2900 | 231304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications (a) | 5300 | 206594 |
|  |  | 889532 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary - 2.40%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restaurant Brands International (a) | 8200 | 544070 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples - 6.40%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Femsa  | 5350 | 365458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Cl A  | 7500 | 507075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever  | 11500 | 579370 |
|  |  | 1451903 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Energy - 1.80%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Enviva  | 7200 | 408600 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financials - 7.43%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial  | 8200 | 330952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Institutions  | 12000 | 303840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Manulife Financial Corp.  | 18500 | 333555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Group (a) | 3000 | 269040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank  | 6700 | 447158 |
|  |  | 1684545 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 2.12%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb (a) | 6000 | 481680 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Industrials - 1.19%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp.  | 900 | 269046 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Information Technology - 2.06%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom  | 850 | 468376 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 7.52%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities (b) | 2450 | 381244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highwoods Properties (a)(b) | 11400 | 339720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realty Income (b) | 7000 | 441490 |
| &nbsp;&nbsp;&nbsp;&nbsp;WP Carey (b) | 6900 | 543720 |
|  |  | 1706174 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 8.08%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Cl A  | 14000 | 460880 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp.  | 7000 | 427490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy  | 3200 | 195552 |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Partners  | 9300 | 748557 |
|  |  | 1832479 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCK** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCK** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $9,412,059)** |  | 9736405 |
|  | **Principal Amount** |  |
| **MUNICIPAL BONDS - 18.33%** | **MUNICIPAL BONDS - 18.33%** | **MUNICIPAL BONDS - 18.33%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**California - 2.34%** | &nbsp;&nbsp;&nbsp;&nbsp;**California - 2.34%** | &nbsp;&nbsp;&nbsp;&nbsp;**California - 2.34%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Rancho Cucamonga Redevelopment Successor Agency**, Ser B, TA, NATL  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.262%, 09/01/2031  | $235000 | 248607 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **5** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** | **MUNICIPAL BONDS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Tuolumne Wind Project Authority**, Ser B, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.918%, 01/01/2034 (a) | 250000 | 282142 |
|  |  | 530749 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Florida - 2.63%** | &nbsp;&nbsp;&nbsp;&nbsp;**Florida - 2.63%** | &nbsp;&nbsp;&nbsp;&nbsp;**Florida - 2.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Miami-Dade County**, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.500%, 04/01/2040  | 500000 | 595277 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Georgia - 1.76%** | &nbsp;&nbsp;&nbsp;&nbsp;**Georgia - 1.76%** | &nbsp;&nbsp;&nbsp;&nbsp;**Georgia - 1.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Atlanta Development Authority**, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.350%, 01/01/2035 (a) | 400000 | 399906 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Illinois - 2.01%** | &nbsp;&nbsp;&nbsp;&nbsp;**Illinois - 2.01%** | &nbsp;&nbsp;&nbsp;&nbsp;**Illinois - 2.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Bedford Park Village**, Ser B, RB, AGM  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 12/01/2023 @ 100  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.570%, 12/01/2030 (a) | 445000 | 456860 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Maryland - 2.76%** | &nbsp;&nbsp;&nbsp;&nbsp;**Maryland - 2.76%** | &nbsp;&nbsp;&nbsp;&nbsp;**Maryland - 2.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Baltimore**, TA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 09/01/2025  | 150000 | 146432 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Baltimore**, TA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 09/01/2025 @ 100  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.375%, 09/01/2030  | 500000 | 478147 |
|  |  | 624579 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Nevada - 3.70%** | &nbsp;&nbsp;&nbsp;&nbsp;**Nevada - 3.70%** | &nbsp;&nbsp;&nbsp;&nbsp;**Nevada - 3.70%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Washoe County**, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.969%, 02/01/2040 (a) | 675000 | 839815 |
| &nbsp;&nbsp;&nbsp;&nbsp;**New Jersey - 2.22%** | &nbsp;&nbsp;&nbsp;&nbsp;**New Jersey - 2.22%** | &nbsp;&nbsp;&nbsp;&nbsp;**New Jersey - 2.22%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**New Jersey State Economic Development Authority**, Ser A2, RB, AGC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.310%, 07/01/2026  | 495000 | 504003 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Washington - 0.91%** | &nbsp;&nbsp;&nbsp;&nbsp;**Washington - 0.91%** | &nbsp;&nbsp;&nbsp;&nbsp;**Washington - 0.91%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**King County Housing Authority**, RB  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Callable 01/20/2023 @ 100  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 12/31/2046  | 205000 | 207075 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MUNICIPAL BONDS** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL MUNICIPAL BONDS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $4,253,482)** |  | 4158264 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS - 16.81%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS - 16.81%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS - 16.81%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**FGLMC Single Family - 0.00%** | &nbsp;&nbsp;&nbsp;&nbsp;**FGLMC Single Family - 0.00%** | &nbsp;&nbsp;&nbsp;&nbsp;**FGLMC Single Family - 0.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pool FHR 2106, IO, 4.18%, 12/15/2028 (c) | 15762 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;**FHA Project Loans - 8.27%** | &nbsp;&nbsp;&nbsp;&nbsp;**FHA Project Loans - 8.27%** | &nbsp;&nbsp;&nbsp;&nbsp;**FHA Project Loans - 8.27%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pool Robin Ridge, 5.75%, 01/01/2035 (d) | 88975 | 87916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pool 023-98146, 6.51%, 07/01/2047 (d) | 1725333 | 1678994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pool A35272, 6.95%, 11/01/2025 (d) | 111862 | 110736 |
|  |  | 1877646 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **6** | **CCM Alternative Income Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — continued** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — continued** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;**GNMA Multifamily - 1.71%** | &nbsp;&nbsp;&nbsp;&nbsp;**GNMA Multifamily - 1.71%** | &nbsp;&nbsp;&nbsp;&nbsp;**GNMA Multifamily - 1.71%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pool 2010-68, IO, 2.64%, 06/20/2040 (c) | $228568 | $26298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pool 699710, 5.43%, 07/15/2044  | 362199 | 361457 |
|  |  | 387755 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Small Business Administration - 0.04%** | &nbsp;&nbsp;&nbsp;&nbsp;**Small Business Administration - 0.04%** | &nbsp;&nbsp;&nbsp;&nbsp;**Small Business Administration - 0.04%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pool 2008-20C, 5.49%, 03/01/2028  | 8859 | 8735 |
| &nbsp;&nbsp;&nbsp;&nbsp;**USDA Loan - 6.79%** | &nbsp;&nbsp;&nbsp;&nbsp;**USDA Loan - 6.79%** | &nbsp;&nbsp;&nbsp;&nbsp;**USDA Loan - 6.79%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pool Ryze, 5.25%, 06/25/2038 (d) | 734580 | 734580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pool Grand Prairie Apartments, 5.95%, 12/01/2047  | 759337 | 805049 |
|  |  | 1539629 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $4,124,627)** |  | 3814660 |
| **CORPORATE BONDS - 11.45%** | **CORPORATE BONDS - 11.45%** | **CORPORATE BONDS - 11.45%** |
| **Consumer Discretionary - 4.47%** | **Consumer Discretionary - 4.47%** | **Consumer Discretionary - 4.47%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Conservation Fund A Nonprofit Corp. | &nbsp;&nbsp;&nbsp;&nbsp;Conservation Fund A Nonprofit Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.47%, 12/15/2029 (a) | 250000 | 217459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ford Motor | &nbsp;&nbsp;&nbsp;&nbsp;Ford Motor |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.10%, 08/19/2032  | 250000 | 239906 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors | &nbsp;&nbsp;&nbsp;&nbsp;General Motors |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/2032  | 250000 | 240278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Howard University | &nbsp;&nbsp;&nbsp;&nbsp;Howard University |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.21%, 10/01/2052  | 150000 | 116689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salvation Army | &nbsp;&nbsp;&nbsp;&nbsp;Salvation Army |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.68%, 09/01/2031  | 100000 | 101640 |
| &nbsp;&nbsp;&nbsp;&nbsp;YMCA of Greater New York | &nbsp;&nbsp;&nbsp;&nbsp;YMCA of Greater New York |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.27%, 08/01/2024  | 100000 | 97987 |
|  |  | 1013959 |
| **Financials - 6.98%** | **Financials - 6.98%** | **Financials - 6.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.98%, U.S. SOFR + 0.910%, 09/25/2025 (c) | 350000 | 320610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.168% (a)(c) (e) | 330000 | 280500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup | &nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.28%, U.S. SOFR + 0.528%, 11/03/2025 (c) | 350000 | 320838 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.65%, TSFR3M + 0.600%, 09/16/2024 (c) | 350000 | 336272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, Canadian Govt Bonds 5 Year Note + 3.317% (c) (e) | 500000 | 326700 |
|  |  | 1584920 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CORPORATE BONDS** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CORPORATE BONDS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $2,769,901)** |  | 2598879 |
|  | **<br> Shares** |  |
| **PREFERRED STOCK - 10.66%** | **PREFERRED STOCK - 10.66%** | **PREFERRED STOCK - 10.66%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financials - 8.02%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp, 6.625%, ICE LIBOR USD 3 Month + 3.710% (c) (e)  | 7500 | 192450 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares, 5.625% (e)  | 12000 | 246840 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase, 6.000% (a) (e)  | 13300 | 336490 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **7** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **PREFERRED STOCK — continued** | **PREFERRED STOCK — continued** | **PREFERRED STOCK — continued** | **PREFERRED STOCK — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp., 5.625%, ICE LIBOR USD 3 Month + 4.020% (c) (e)  | 15200 | $| 347928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Signature Bank NY, 5.000% (e)  | 16500 |  | 286275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial Corp., 5.875%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.127% (c) (e)  | 17000 |  | 409700 |
|  |  |  | 1819683 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 2.64%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Partners, 5.250% (e) (f)  | 15594 |  | 276949 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp., 4.200% (e)  | 17916 |  | 322130 |
|  |  |  | 599079 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PREFERRED STOCK** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PREFERRED STOCK** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $2,561,321)** |  |  | 2418762 |
|  | **Principal Amount** |  |  |
| **ASSET-BACKED SECURITIES - 4.06%** | **ASSET-BACKED SECURITIES - 4.06%** | **ASSET-BACKED SECURITIES - 4.06%** | **ASSET-BACKED SECURITIES - 4.06%** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other Asset-Backed Securities - 4.06%** | &nbsp;&nbsp;&nbsp;&nbsp;**Other Asset-Backed Securities - 4.06%** | &nbsp;&nbsp;&nbsp;&nbsp;**Other Asset-Backed Securities - 4.06%** | &nbsp;&nbsp;&nbsp;&nbsp;**Other Asset-Backed Securities - 4.06%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend Solar Loans | &nbsp;&nbsp;&nbsp;&nbsp;Dividend Solar Loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.67%, 08/22/2039 (g) | $242124 |  | 219741 |
| &nbsp;&nbsp;&nbsp;&nbsp;FREED Trust | &nbsp;&nbsp;&nbsp;&nbsp;FREED Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.03%, 05/18/2029 (g) | 94934 |  | 93972 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSI Asset Securitization Corp Trust | &nbsp;&nbsp;&nbsp;&nbsp;HSI Asset Securitization Corp Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.82%, ICE LIBOR USD 1 Month + 0.780%, 11/25/2035 (c) | 122437 |  | 107267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mill City Solar Loan | &nbsp;&nbsp;&nbsp;&nbsp;Mill City Solar Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.34%, 03/20/2043 (g) | 290588 |  | 273127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust | &nbsp;&nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.82%, 06/22/2043 (g) | 47626 |  | 44195 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.01%, 06/22/2043 (g) | 54356 |  | 50246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding | &nbsp;&nbsp;&nbsp;&nbsp;Oportun Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/15/2029 (g) | 135932 |  | 132730 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSET-BACKED SECURITIES** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSET-BACKED SECURITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $950,315)** |  |  | 921278 |
|  | **<br> Shares** |  |  |
| **EXCHANGE - TRADED FUNDS - 3.48%** | **EXCHANGE - TRADED FUNDS - 3.48%** | **EXCHANGE - TRADED FUNDS - 3.48%** | **EXCHANGE - TRADED FUNDS - 3.48%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Global X S&P 500 Covered Call ETF  | 8250 |  | 333218 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR Blackstone Senior Loan ETF  | 11000 |  | 456280 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXCHANGE - TRADED FUNDS** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXCHANGE - TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $905,542)** |  |  | 789498 |
| **CLOSED-END FUND - 1.48%** | **CLOSED-END FUND - 1.48%** | **CLOSED-END FUND - 1.48%** | **CLOSED-END FUND - 1.48%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Tax-Managed Global Diversified Equity Income Fund  | 42000 |  | 336000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CLOSED-END FUND** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CLOSED-END FUND** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $331,262)** |  |  | 336000 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **8** | **CCM Alternative Income Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT - 6.72%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Money Market Fund - 6.72%** | &nbsp;&nbsp;&nbsp;&nbsp;**Money Market Fund - 6.72%** | &nbsp;&nbsp;&nbsp;&nbsp;**Money Market Fund - 6.72%** |
| &nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund, Class X, 3.67%, (h) | 1523931 | $1523931 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENT** | &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENT** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $1,523,931)** |  | 1523931 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments (Cost $26,832,440) - 115.91%** | &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments (Cost $26,832,440) - 115.91%** | $26297677 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities in Excess of Other Assets, Net - (15.91)%** | &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities in Excess of Other Assets, Net - (15.91)%** | (3610617) |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS - 100.00%** | $22687060 |

---

A list of the open futures contracts held by the Fund at November 30, 2022 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts<br> Short** | **Expiration Date** | **Notional Amount** | **Value** | **Unrealized <br> Appreciation/<br> (Depreciation)** |
| Russell 2000 Index E-MINI | (5) | Dec-2022 | $(478239) | $(471875) | $6364 |
| S&P 500 Index E-MINI | (12) | Dec-2022 | (2477914) | (2448750) | 29164 |
| U.S. 2-Year Treasury Note | (6) | Dec-2022 | (1247043) | (1228453) | 18590 |
| U.S. 5-Year Treasury Note | (27) | Dec-2022 | (2964597) | (2922117) | 42480 |
| U.S. 10-Year Treasury Note | (22) | Dec-2022 | (2537788) | (2490813) | 46975 |
| U.S. Long Treasury Bond | (7) | Dec-2022 | (925704) | (889218) | 36486 |
|  |  |  | $(10631285) | $(10451226) | $180059 |

---

(a) All or a portion of the shares have been committed as collateral for futures contracts.

(b) REIT - Real Estate Investment Trust.

(c) Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

(d) Level 3 security in accordance with fair value hierarchy.

(e) Perpetual security with no stated maturity date.

(f) Security is considered to be a Master Limited Partnership. At November 30, 2022 these securities amounted to $276,949 or 1.22% of total net assets.

(g) Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold to qualified institutional buyers in transactions exempt from registration. At November 30, 2022, these securities amounted to $814,011, which represents 3.59% of total net assets.

(h) The rate shown is the 7-day effective yield as of November 30, 2022.

---

| |
|:---|
| AGC — Assured Guaranty Corp. |
| AGM — Assured Guaranty Municipal Corp. |
| Cl — Class |
| ETF — Exchange-Traded Fund |
| FGLMC — Federal Housing Loan Mortgage Corporation Gold 30-Year Fixed |
| FHA — Federal Housing Administration |
| GNMA — Government National Mortgage Association |
| ICE— Intercontinental Exchange |
| IO— Interest Only |
| LIBOR — London Interbank Offered Rate |
| NATL— National Public Finance Guarantee Corporation |
| RB — Revenue Bond |
| S&P— Standard & Poor's |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **9** 

---

| |
|:---|
| Ser — Series |
| SOFR — Secured Overnight Finance Rate  |
| SPDR — Standard & Poor's Depository Receipt |
| TA — Tax Allocation |
| TSFR3M — Term Secured Overnight Finance Rate 3-Month  |
| USD — United States Dollar  |
| USDA — United States Department of Agriculture |
| US Treas — United States Treasury |

---

The following table sets forth information about the level within the fair value hierarchy at which the Fund's investments and other financial instruments are measured at November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stock | $9736405 | $— | $— | $9736405 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 4158264 |  | 4158264 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agency Obligations |  | 1202434 | 2612226 | 3814660 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 2598879 |  | 2598879 |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 938640 | 1480122 |  | 2418762 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 921278 |  | 921278 |
| &nbsp;&nbsp;&nbsp;Exchange - Traded Funds | 789498 |  |  | 789498 |
| &nbsp;&nbsp;&nbsp;Closed-End Fund | 336000 |  |  | 336000 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 1523931 |  |  | 1523931 |
| Total Investments in Securities | $13324474 | $10360977 | $2612226 \* | $26297677 |
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Future Contracts\*\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $180059 | $— | $— | $180059 |
| Total Other Financial Instruments | $180059 | $— | $— | $180059 |

---

\* Represents securities valued at fair value as determined by the Advisor in accordance with procedures adopted by the Board of Trustees. Refer to the Schedule of Investments for details.

\*\* Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | |
|:---|:---|
|  | Investments in U.S. Government & Agency Obligations |
| Beginning balance as of June 1, 2022 | $2670059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued discounts/premiums | (779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain/(loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) | (27514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (29540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| Ending balance as of November 30, 2022 | $2612226 |
| Change in unrealized gains (losses) included in earnings related to securities still held at reporting period date | $&nbsp;&nbsp;&nbsp;&nbsp;(27514) |

---

For the period ended November 30, 2022, there were no transfers in or out of Level 3.

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **10** | **CCM Alternative Income Fund** |

---

*Statement of Assets and Liabilities as of November 30, 2022*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value (identified cost — $26,832,440) | $26297677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 176715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | 25531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $26502069 |
| &nbsp;&nbsp;**Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Custodian | 2259122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares redeemed | 1376196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin | 111600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 11664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | 5714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 3921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Broker fees | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency payable (cost — $4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 38457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $3815009 |
| &nbsp;&nbsp;**Net Assets:** | $22687060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $34074295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable loss | (11387235) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $22687060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets — Institutional Shares (Unlimited shares of beneficial interest with no par value authorized; 2,721,888 shares outstanding) | $22687060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share —<br> Institutional Shares | $8.34 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **11** 

*Statement of Operations for the six-month period ended November 30, 2022*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Investment Income:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $363503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 315062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (4115) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 674450 |
| &nbsp;&nbsp;**Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 94230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees — Institutional Shares | 25128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prime Broker fees | 41690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 21842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and administration fees | 12534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 10381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 7731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 5870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 1931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration and filing expenses | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing fees | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 226251 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees waived | (5283) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 220968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 453482 |
| &nbsp;&nbsp;**Realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 1839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 523494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Written option contracts | 49046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (599) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | 573780 |
| &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (1516494) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (203472) |
| &nbsp;&nbsp;&nbsp;&nbsp;Written option contracts | 21085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation  | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation/(depreciation)** | (1698916) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized loss**  | (1125136) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations:** | $**(671654)** |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **12** | **CCM Alternative Income Fund** |

---

*Statements of Changes in Net Assets* 

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six-Month Period Ended<br> November 30, 2022<br> (Unaudited)** | **For the<br> Fiscal Year Ended<br> May 31, 2022** |
| &nbsp;&nbsp;Operations: |  |  |
| &nbsp;&nbsp;Net investment income | $453482 | $678325 |
| &nbsp;&nbsp;Net realized gain (loss) | 573780 | 1912779 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation)  | (1698916) | (1334422) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (671654) | 1256682 |
| &nbsp;&nbsp;Distributions | (466324) | (624467) |
| &nbsp;&nbsp;Return of Capital |  | (233517) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (466324) | (857984) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued | 3496596 | 6398913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 436635 | 757230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (6337198) | (4565595) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital share transactions | (2403967) | 2590548 |
| &nbsp;&nbsp;Increase (decrease) in net assets | (3541945) | 2989246 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;Beginning of period/year | 26229005 | 23239759 |
| &nbsp;&nbsp;End of period/year | $22687060 | $26229005 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Issued | 413873 | 736066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 52429 | 87500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (762935) | (531043) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in shares | (296633) | 292523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares outstanding at beginning of period/year | 3018521 | 2725998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares at end of period/year  | 2721888 | 3018521 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **13** 

*Financial Highlights - Per share data (for a share outstanding throughout each period/year)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **For the<br> Six-Month<br> Period Ended<br> November 30, 2022<br> (Unaudited)** | **For the<br> Fiscal Year<br> Ended<br> May 31, 2022** | **For the<br> Fiscal Year<br> Ended<br> May 31, 2021** | **For the<br> Fiscal Year<br> Ended<br> May 31, 2020** | **For the<br> Fiscal Year<br> Ended<br> May 31, 2019** | **For the<br> Fiscal Year<br> Ended<br> May 31, 2018** |
| **Net Asset Value, Beginning of Period/Year** | $8.69 | $8.53 | $7.26 | $9.28 | $9.46 | $9.54 |
| &nbsp;&nbsp;**Investment Operations:<br> Net investment income<sup>(a)</sup>** | 0.15 | 0.23 | 0.36 | 0.44 | 0.42 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments** | (0.34) | 0.23 | 1.37 | (1.95) | (0.15) | (0.03) |
| **Total from investment operations** | (0.19) | 0.46 | 1.73 | (1.51) | 0.27 | 0.38 |
| **Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Net investment income** | (0.16) | (0.22) | (0.10) | (0.48) | (0.36) | (0.40) |
| &nbsp;&nbsp;**Net capital gains** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Net return of capital** |  | (0.08) | (0.36) | (0.03) | (0.09) | (0.06) |
| **Total distributions** | (0.16) | (0.30) | (0.46) | (0.51) | (0.45) | (0.46) |
| **Net Asset Value, End of Period/Year** | $8.34 | $8.69 | $8.53 | $7.26 | $9.28 | $9.46 |
| Total return | (2.21)%<sup>(b)</sup> | 5.41% | 24.47% | (17.15)% | 2.87% | 4.10% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period/year (in 000s) | $22687 | $26229 | $23240 | $29118 | $54911 | $35511 |
| &nbsp;&nbsp;Ratio of expenses to average net assets<br> Before fee waiver | 1.76 %<sup>(c)</sup> | 1.72% | 2.11% | 1.78% | 1.91% | 2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fee waiver<sup>(d)</sup> | 1.80 %<sup>(c)</sup> | 1.72% | 1.82% | 1.71% | 1.91% | 2.59% |
| Ratio of net investment income to average net assets | 3.61 %<sup>(c)</sup> | 2.69% | 4.60% | 4.90% | 4.49% | 4.36% |
| Portfolio turnover rate | 21 %<sup>(b)</sup> | 35% | 51% | 67% | 75% | 71% |

---

*(a)* *Based on the average daily number of shares outstanding during the period.* 

*(b)* *Not annualized.* 

*(c)* *Annualized.* 

*(d)* *Excluding dividend and prime broker fees on securities sold short, the ratio of expenses to average net assets would have been 1.39% for the period ended November 30, 2022, 1.51% for the year ended May 31, 2022, 1.38% for the year ended May 31, 2021, 1.31% for the year ended May 31, 2020, 1.36% for the year ended May 31, 2019 and 1.55% for the year ended May 31, 2018.* 

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **14** | **CCM Alternative Income Fund** |

---

*Notes to Financial Statements November 30, 2022*

Note 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Community Capital Trust (the "Trust") was organized as a Delaware business trust on January 15, 1999. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and consists of two separate series. The financial statements herein are those of the CCM Alternative Income Fund (the "Fund"). The Fund is classified as a diversified portfolio under the Act. The Fund offers one class of shares of beneficial interest, which has been designated as Institutional Shares. The Fund commenced investment operations on May 31, 2013. Community Capital Management, LLC (the "Advisor") is the Fund's investment advisor. The financial statements of the remaining series of the Trust are not presented herein, but are presented separately. The assets of each series within the Trust are segregated, and a shareholder's interest is limited to the series in which shares are held.

The Fund is an investment company in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Therefore, the Fund follows the accounting and reporting guidance for investment companies. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with U.S. GAAP for investment companies.

***Security Valuation.*** The Fund's portfolio securities are priced based on the market value of those securities when market quotations for those securities are readily available. Securities for which quotations are not available and any other assets are valued at fair value as determined in good faith by the Advisor, as the Trust's valuation designee, subject to the oversight of the Fund's Board of Trustees. The Advisor, as the Fund's valuation designee, must use its business judgment in determining when a price for a particular security is not "readily available." In making this determination, the Advisor may consider all relevant factors, which may include, among other things: (i) a pricing service or quoting dealer no longer provides prices, or data is otherwise missing with respect to a particular security priced by that service or dealer; (ii) a price obtained from a pricing service is plainly in error; (iii) there is no market quotation available because the security is restricted or not actively traded; (iv) the security is "when-issued" or to be announced and the price is not available until the security has been "issued"; (v) the security's price includes a component for dividends or interest income accrued; (vi) prices obtained from a service regularly display unacceptable deviations from actual transactions in similar securities; (vii) the Advisor determines that matrix pricing provides a more accurate valuation; (viii) spreads between bids and asked prices are so large as to render them questionable; or (ix) a significant event occurs after the close of trading on a market in which a portfolio security trades and before the Fund's valuation

*(Unaudited)* **15** 

time. The use of fair valuation involves the risk that the values used by the Fund to price its investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

Debt securities are valued by market bid quotation or independent pricing services which use bid prices provided by market makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. Discounts or premiums on debt securities are amortized to income over their prospective lives, using the effective interest method.

Fixed income debt instruments, such as commercial paper, bankers' acceptances and U.S. Treasury Bills, having a maturity of sixty (60) days or less at the time of acquisition, are valued at the evaluated price supplied by an independent pricing service. Independent pricing services may use various valuation methodologies, including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. In the absence of prices from an independent pricing service, the securities will be priced by the Advisor, as valuation designee, using the Fair Value Valuation Procedures listed below.

Debt securities with a remaining maturity of more than 60 days shall be valued at representative quoted prices as provided by an independent pricing service. If the validity of pricing information on high yield bonds provided by pricing services appears to be unreliable, then dealer supplied quotes may be used to value those securities. If the validity of quotations appears to be unreliable or if the number of quotations indicates a thin market, then further consideration should be given to whether market quotations are readily available.

The value of agency commercial mortgage-backed securities and single family mortgage-backed securities may be determined by quotations from market makers, quotations with respect to similar securities, and matrix pricing. The value of asset-backed securities, municipal bonds, and corporate bonds may be determined by quotations from market makers, quotations with respect to similar securities and matrix pricing.

At November 30, 2022, the Fund held securities that were fair valued by the Advisor in accordance with procedures approved by the Board of Trustees in the amount of $2,612,226.

The Fund may hold foreign securities that trade on weekends or other days when the Fund does not price its shares. Therefore, the value of such securities may change on days when shareholders will not be able to purchase or redeem shares.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to evaluation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid

---

| | |
|:---|:---|
| **16** | **CCM Alternative Income Fund** |

---

to transfer a liability in an orderly transaction between willing market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

● Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

● Level 2 — Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

● Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

The following table summarizes the quantitative inputs and assumptions used for items categorized as recurring Level 3 assets as of November 30, 2022. The following disclosures also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Asset** | **Fair Value at** <br>**November 30, 2022**  | **Valuation** <br>**Techniques** | **Unobservable** <br>**Inputs** | **Ranges (Average)** |
| U.S. Government <br>& Agency <br>Obligations - FHA Project Loans | $1877646  | Matrix <br>Pricing | Structure <br>| All are of lockout with remaining maturity term range 0.20–0.51 (33) years.  |
| U.S. Government <br>& Agency <br>Obligations - FHA Project Loans | $1877646  | Matrix <br>Pricing | Average Life Years | 0.20-0.51 (0.33) Years |
| U.S. Government <br>& Agency <br>Obligations - FHA Project Loans | $1877646  | Matrix <br>Pricing | Spread to Benchmark | N+255 - N+318 (N+276) |
| U.S. Government & Agency Obligations - United States Department of Agriculture | 734580 | Market Approach (USDA Guaranteed) | Structure | Variable Coupon<br> (Prime + 1.75) |
| U.S. Government & Agency Obligations - United States Department of Agriculture | 734580 | Market Approach (USDA Guaranteed) | Fixed Dollar Price | $100.00 |
| U.S. Government & Agency Obligations - United States Department of Agriculture | 734580 | Market Approach (USDA Guaranteed) | Average Life Years  | 6.05 Years  |

---

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

*(Unaudited)* **17** 

***Mortgage-Backed To-Be-Announced Securities.*** The Fund may enter into mortgage-backed to-be-announced securities ("TBAs"). These financial instruments are subject to varying degrees of market and credit risk. TBAs provide for the delayed delivery of the underlying instrument. The contractual or notional amounts related to these financial instruments adjusted for unrealized market valuation gains or losses are recorded on a trade date basis. The credit risk related to settlements is limited to the unrealized market valuation gains or losses recorded in the Statement of Operations. Market risk is substantially dependent upon the value of the underlying financial instruments and is affected by market forces such as volatility and changes in interest rates.

***Investment Income and Securities Transactions.*** Security transactions are accounted for on the date the securities are purchased or sold. Realized gains and losses on sales of investments are determined on the basis of the identified cost for both financial statement and federal income tax purposes. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income is recognized on an accrual basis.

Dividend income from REIT and MLP investments is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. Distributions received from the REITs and MLPs in which the Fund invests may be classified as return of capital. The actual amounts of income, return of capital, and capital gains are only determined by each REIT and MLP after its fiscal year-end, and may differ from the estimated amounts.

Amortization and accretion are calculated using the effective interest method. Amortization of premiums and accretion of discounts are included in interest income.

***Determination of Net Asset Value and Calculation of Expenses.*** In calculating the net asset value ("NAV") per share of the Fund, investment income, realized and unrealized gains and losses, and expenses are allocated daily to each share based upon the proportion of net assets of each share.

***Federal Income Taxes.*** It is the policy of the Fund to comply with all requirements of the Internal Revenue Code of 1986, as amended (the "IRC") applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no Federal income tax provision is required.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50-percent) that each tax position will be

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| | |
|:---|:---|
| **18** | **CCM Alternative Income Fund** |

---

sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit in the current year. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., all open tax year ends, as applicable), ongoing analysis of and changes to tax laws, regulations and interpretations thereof.

***Distributions to Shareholders.*** Dividends from net investment income are declared and paid monthly and distributable net realized capital gains, if any, are declared and distributed at least annually. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP.

***Use of Estimates.*** In preparing financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

***Securities Purchased on a Delayed Delivery Basis.*** The Fund may purchase securities on a delayed delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of holding the securities, it may sell the securities before the settlement date. The Fund will set aside liquid assets, or engage in other appropriate measures, to cover its obligations with respect to these securities.

***Futures Contracts.*** The Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund's returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate a futures transaction.

*(Unaudited)* **19** 

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to the Fund's Schedule of Investments for details regarding open futures contracts as of November 30, 2022.

***Options Written/Purchased.*** The Fund may invest in financial options contracts to add return or to hedge its existing portfolio securities, or securities that the Fund intends to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. The option techniques utilized are to hedge against changes in interest rates, foreign currency exchange rates or securities' prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Fund, to reduce the volatility of the currency exposure associated with an investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets and not for speculation. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options that expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.

The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Fund pays a premium whether or not the option is exercised.

The Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

The Fund may employ an active strategy of purchasing and writing options in accordance with its investment strategy. The cost of purchased options and the premiums received for written options, if any, are presented in the Schedule of Investments.

Finally, for written options, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities.

***Securities Sold Short.*** The Fund engages in short sales (selling securities it does not own) as a part of its normal investment activities. When the Fund sells a security short, it borrows the security from a third party and sells it at the then current market price. The Fund is then obligated to buy

---

| | |
|:---|:---|
| **20** | **CCM Alternative Income Fund** |

---

the security on a later date so that it can return the security to the lender. Short positions may be used either to hedge long positions or may be used speculatively to seek positive returns in instances where the Advisor believes a security's price will decline. The Fund will either realize a profit or incur a loss from a short position, depending on whether the value of the underlying stock decreases or increases, respectively, between the times it is sold and when the Fund replaces the borrowed security. Because the market price of the security sold short could increase without limit, the Fund could be subject to a theoretically unlimited loss. Upon entering into a short position, the Fund records the proceeds as a receivable from prime broker in its Statement of Assets and Liabilities and establishes an offsetting liability for the securities sold under the short sale agreement.

Short sales are collateralized by pledged securities held at the custodian, U.S. Bank N.A. The collateral required is determined daily by reference to the market value of the short positions.

The Fund is required to maintain margin cash balances at the prime broker sufficient to satisfy its short sales positions on a daily basis. The Fund is charged interest expense at the Federal Funds Rate plus 75 basis points on the amount of any shortfall in the required cash margin. Refer to the Statement of Assets and Liabilities for amounts due to/from broker.

***Foreign Currency Translation.*** The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Fund does not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid.

***Indemnifications.*** Under the Fund's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

*(Unaudited)* **21** 

Note 2 – CAPITAL SHARE TRANSACTIONS

Transactions in shares of the Fund for the six month period ended November 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Amount** |
| &nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued | 413873 | $3496596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 52429 | 436635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (762935) | (6337198) |
| &nbsp;&nbsp;Net Decrease | (296633) | $(2403967) |

---

Transactions in shares of the Fund for the fiscal year ended May 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Amount** |
| &nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued | 736066 | $6398913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 87500 | 757230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (531043) | (4565595) |
| &nbsp;&nbsp;Net Increase | 292523 | $2590548 |

---

Note 3 – INVESTMENT TRANSACTIONS

The aggregate purchases and sales and maturities of investments, excluding short-term investments, short sales, purchases to cover, options, premiums paid and received, and futures, by the Fund for the six month period ended November 30, 2022, were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Purchases:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 5173992 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Sales and Maturities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government  | $335576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 6406589 |

---

At November 30, 2022, the cost of investments for income tax purposes and the gross unrealized appreciation (depreciation) of investments for tax purposes was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments | $26832440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized appreciation | 946104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized depreciation | (1480867) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net depreciation on investments | $(534763) |

---

---

| | |
|:---|:---|
| **22** | **CCM Alternative Income Fund** |

---

Note 4 – DERIVATIVE TRANSACTIONS

Derivative instruments and hedging activities require enhanced disclosures about the Fund's derivative and hedging activities, including how such activities are accounted for and their effect on the Fund's financial position, performance, and cash flows.

The fair value of derivative instruments as of November 30, 2022, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Statement of Assets and<br> Liabilities Location** | **Asset<br> Derivatives** | **Liabilities<br> Derivatives** |
| Equity contracts | Net unrealized appreciation<br> on futures contracts\* | $35528 | $— |
| Interest rate contracts | Net unrealized appreciation<br> on futures contracts\* | 144531 |  |
|  |  | $180059 | $— |

---

\* Amounts are included in cumulative appreciation (depreciation) on futures as reported in the Schedule of Investments.

The effect of derivative instruments on the Statement of Operations for the six months ended November 30, 2022, was as follows:

The amount of realized and unrealized gain (loss) on derivatives:

---

| | | |
|:---|:---|:---|
|  | **Realized Gain/<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Interest rate contracts |  |  |
| Futures Contracts | $565900 | $(223882) |
| Equity contracts |  |  |
| Futures Contracts | (42406) | 20410 |
| Options | 46046 | 21085 |
|  | $569540 | $(182387) |

---

The following table discloses the average monthly volume of the Fund's futures contracts and option contracts activity during the six month ended November 30, 2022:

---

| | | |
|:---|:---|:---|
|  | **Interest Rate<br> Contracts $** | **Equity<br> Contracts $** |
| Future Contracts: |  |  |
| Average Notional Balance Long | $— | $— |
| Average Notional Balance Short | $(7777093) | $(2715191) |
| Options Contracts |  |  |
| Average Notional Balance Long | $— | $— |
| Average Notional Balance Short | $— | $(9035) |

---

Note 5 – ADVISORY, SUB-ADVISORY AND SERVICE FEES

The Trust has entered into an Advisory Agreement with the Advisor to provide the Fund with investment management services. Pursuant to the Advisory Agreement, the Advisor is entitled to receive a fee, calculated

*(Unaudited)* **23** 

daily, and paid monthly at the annual rate of 0.75% of the Fund's average daily net assets.

For the six month period ended November 30, 2022, the Advisor was entitled to receive advisory fees of $94,230.

The Trust has adopted a Services Plan with respect to the Fund's Institutional Shares. Pursuant to the Services Plan, the Trust enters into servicing agreements with financial institutions that agree to provide certain personal liaison and administrative support services to their customers who are the beneficial owners of Institutional Shares of the Fund in consideration for payment of up to a maximum of 0.50% (comprised of up to 0.25% for personal liaison services and up to 0.25% for administrative support services) per year of the average daily NAV of the Institutional Shares beneficially owned by such customers. The Fund will limit fees to an aggregate fee of not more than 0.20% under the Services Plan for personal liaison and administrative support services through May 31, 2023. For the six month period ended November 30, 2022, the Fund incurred expenses under the Services Plan of $25,128.

The Advisor has contractually agreed to waive fees and reimburse expenses until September 30, 2023 to the extent total annualized expenses exceed 1.85% of the average daily net assets of the Institutional Shares. If at any time the Fund's Total Annual Fund Operating Expenses for a year is less than 1.85%, the Advisor may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made by the Advisor, provided such reimbursement does not cause the Fund to exceed the expense limitations that were in effect at the time of the waiver or reimbursement.

As of November 30, 2022, fees previously waived and reimbursed by the Advisor which may be subject to possible future recoupment by the Advisor are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Expense Deferred in the Period Ending, November 30, | Expense Deferred in the Period Ending, November 30, | Expense Deferred in the Period Ending, November 30, | Expense Deferred in the Period Ending, November 30, |
| 2020 | 2021 | 2022 |  |
| Subject to Repayment until November 30,  | Subject to Repayment until November 30,  | Subject to Repayment until November 30,  | Subject to Repayment until November 30,  |
| 2023 | 2024 | 2025 | Total |
| $76212 | $23489 | $6634 | $106335  |

---

The President, Treasurer, Chief Compliance Officer and certain other officers of the Fund are affiliated with the Advisor.

Note 6 – DISTRIBUTIONS TO SHAREHOLDERS

The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the IRC for federal income tax purposes and to distribute all of its taxable income and net capital gains. Accordingly, no provision has been made for federal income taxes.

---

| | |
|:---|:---|
| **24** | **CCM Alternative Income Fund** |

---

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital, and undistributed earnings, in the period that the differences arise.

The tax character of dividends declared for each fiscal year indicated was as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year<br> Ended<br> May 31, 2022** | **Fiscal Year<br> Ended<br> May 31, 2021** |
| Distributions declared from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income | $624467 | $332030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital | 233517 | 1087983 |
| Total Distributions | $857984 | $1420013 |

---

The Fund's tax-basis capital gains and losses are determined only at the end of each fiscal year.

As of May 31, 2022, the components of accumulated losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Capital loss carryforwards | $(11471423) |
| Other temporary differences | (68886) |
| Unrealized appreciation, net | 1291052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated losses, net | $(10249257) |

---

For Federal income tax purposes, capital losses may be carried forward and applied against future capital gains. Net capital losses earned may be carried forward indefinitely and must retain the character of the original loss. As of May 31, 2022, the Fund had capital loss carryforwards outstanding as follows:

---

| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total Capital<br> Loss Carryforwards** |
| $9084303 | $2387120 | $11471423 |

---

During the year ended May 31, 2022, the Fund did not utilize capital loss carryforwards to offset capital gains.

Note 7 – CONCENTRATION/RISK

The Fund, in pursuing its investment objective, is subject to risks. The following is a summary of certain of the risks, and a more complete list can be found in the Fund's most recent prospectus:

*(Unaudited)* **25** 

**Arbitrage or Fundamental Risk:** Employing arbitrage strategies has the risk that anticipated opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds failed trades.

**Asset-Backed Securities Risk:** Asset-backed securities represent interests in pools of assets such as mortgages, commercial or consumer loans, or receivables and other financial assets. Asset-backed securities are subject to credit, interest rate, prepayment extension, valuation and liquidity risk. These securities, in most cases, are not backed by the full faith and credit of the U.S. government and are subject to the risk of default on the underlying asset or loan, particularly during periods of economic downturn. Those asset-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed securities.

**Commodities Risk:** Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, disease (including pandemics), embargoes, tariffs or other trade barriers and international economic, political and regulatory developments.

**Common Stock Risk:** Common stocks are subject to greater fluctuations in market value than other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

**Corporate Bond Risk:** Corporate bonds, which are debt instruments issued by corporations to raise capital, have priority over preferred securities and common stock in an issuer's capital structure, but may be subordinated to an issuer's other debt instruments. The market value of a corporate bond may be affected by factors directly related to the issuer, such as investors' perceptions of the creditworthiness of the issuer, the issuer's financial performance, perceptions of the issuer in the market place, performance of the issuer's management, the issuer's capital structure, the use of financial leverage and demand for the issuer's goods and services, and by factors not directly related to the issuer such as general market liquidity. The market value of corporate bonds generally may be expected to rise and fall inversely with interest rates, and as a result, corporate bonds may lose value in a rising-rate environment. To the extent the Fund holds below investment-grade corporate bonds, such bonds are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific developments.

**Counterparty Risk:** In general, a derivative contract typically involves leverage, i.e., it provides exposure to potential gain or loss from a change

---

| | |
|:---|:---|
| **26** | **CCM Alternative Income Fund** |

---

in the level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses by the Fund.

**Credit Risk:** Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Changes in the credit rating of a debt security or of the issuer of a debt security or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value.

**Derivatives Risk:** Derivatives may pose risks in additional to, or greater than, those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivative instruments exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and have a wide range of potential risks and rewards, and may include forward contracts, futures contracts, options (both written and purchased), swaps and options on futures and swaps. Fluctuations in the value of derivative instruments may not correlate perfectly with the overall securities markets.

On October 28, 2020, the SEC adopted Rule 18f-4 under the 1940 Act providing for the regulation of the use of derivatives and certain related instruments by registered investment companies. Rule 18f-4 prescribes specific value-at-risk leverage limits for certain derivatives users. In addition, Rule 18f-4 requires certain derivatives users to adopt and implement a derivatives risk management program and prescribes reporting requirements in respect of derivatives. In connection with the adoption of Rule 18f-4, the SEC rescinded certain of its prior guidance regarding asset segregation and coverage requirements in respect of

*(Unaudited)* **27** 

derivatives transactions and related instruments. The Fund was required to comply with Rule 18f-4 beginning August 19, 2022 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

**Environmental, Social and Governance (ESG) Investing Risk:** There may be a risk stemming from the environmental, social and governance ("ESG") factors that the Fund applies in analyzing the portfolio composition of the Fund. The Advisor considers ESG standings of its holdings when analyzing the Fund's portfolio composition. This may affect the Fund's exposure to certain companies or industries. The Fund's results may be lower than other funds that do not consider ESG standings. ESG standings are only one factor the Advisor considers in managing the Fund's portfolio and not all securities in the portfolio of the Fund have a high ESG standing. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the Fund may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Fund) to disclose their ESG investing practices. Among other things, the proposed requirements would mandate that funds meeting one of three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosures related to the ESG factors, criteria and processes used in managing the fund. The proposal's impact on the Fund will not be known unless and until any final rule is adopted. The regulatory landscape with respect to ESG investing in the United States and abroad is evolving and any future rules or regulations may require the Fund to change its ESG investment process.

**Financial Sector Risk:** Financial sector risk is the risk that the Fund will be impacted by events affecting the financial sector if it invests a relatively large percentage of its assets in that sector, adversely affecting the Fund's performance. The financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competitions and the availability and cost of capital, among other factors.

**Fixed Income Investments:** The Fund may invest in fixed income securities. Fixed income investments include bonds, notes (including structured notes), mortgage-backed securities, asset-backed securities, convertible securities, Eurodollar and Yankee dollar instruments, preferred stocks and money market instruments. Fixed income securities may be issued by corporate and governmental issuers and may have all types of interest rate payment and reset terms, including (without limitation) fixed rate, adjustable rate, zero coupon, contingent, deferred, payment-in-kind and auction rate features. The credit quality of securities held in the Fund's portfolio is determined at the time of investment. If a security is rated differently by multiple rating organizations, the Fund treats the security as being rated in the lower rating category.

---

| | |
|:---|:---|
| **28** | **CCM Alternative Income Fund** |

---

**Foreign Securities Risk:** The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund's investments to decline.

**Hedging Transactions Risk:** The Advisor, from time to time, may employ various hedging techniques. The success of the Fund's hedging strategy will be subject to the Advisor's ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged. Since the characteristics of many securities change as markets change or time passes, the success of the Fund's hedging strategy will also be subject to the Advisor's ability to continually recalculate, readjust, and execute hedges in an efficient and timely manner. For a variety of reasons, the Advisor may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

**Investment Company Risk:** Investment company risk includes the risks of investing indirectly in affiliated and unaffiliated investment companies, including closed-end funds and exchange-traded funds, through your investment in the Fund. Investors will incur a proportionate share of the expenses of the investment company in which the Fund invests (including operating expenses and management fees) in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investments in direct proportion to the amount of assets the Fund invests in such investment company. Certain exchange-traded funds or closed-end funds traded on exchanges may be thinly-traded and experience large spreads between the "ask" price quoted by a seller and the "bid" price offered by a buyer.

The SEC recently adopted revisions to the rules permitting funds to invest in other investment companies to streamline and enhance the regulatory framework applicable to fund of funds arrangements. While new Rule 12d1-4 permits more types of fund of fund arrangements without reliance on an exceptive order or no-action letters, it imposes new conditions, including limits on control and voting of acquired funds' shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures. Rule 12d1-4 went into effect on January 19, 2021. The rescission of the applicable exceptive orders and the withdrawal of the applicable no-action letters was effective on January 19, 2022.

*(Unaudited)* **29** 

**Leverage Risk:** The Fund may make investments in futures contracts, swaps and other derivative instruments. The futures contracts, swaps and certain other derivatives provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a "when-issued" basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. The NAV of the Fund employing leverage will be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest.

**Market Risk:** Market risk is the risk that the markets on which the Fund's investments trade will increase or decrease in value. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets. Markets also tend to move in cycles, with periods of rising and falling prices. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

**Municipal Securities Risk:** Municipal securities risk is the risk that municipal securities may be subject to credit/default risk, interest rate risk, liquidity risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political or public health developments if it invests its assets in the debt securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund's ability to sell its municipal obligations at attractive prices.

---

| | |
|:---|:---|
| **30** | **CCM Alternative Income Fund** |

---

**Preferred Stock Risk:** Preferred stocks are securities that represent an ownership interest providing the holder with claims on the issuer's earnings and assets before common stock owners but after bond holders. Unlike most debt securities, the obligations of an issuer of preferred stock, including dividend and other payment obligations, typically may not be accelerated by the holders of such preferred stock on the occurrence of an event of default or other non-compliance by the issuer of the preferred stock.

**Short Sale Risk:** Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The amount the Fund could lose on a short sale is theoretically unlimited (as compared to a long position, where the maximum loss is the amount invested). The use of short sales may also cause the Fund to have higher expenses than those of other funds.

**Small- and Medium-Sized Companies Risk:** The Fund may invest in companies that are smaller, less established, with less liquid markets for their securities, and therefore may be riskier investments. While small- and medium-sized companies generally have the potential for rapid growth, the securities of these companies often involve greater risks than investments in larger, more established companies because small- and medium-sized companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. In addition, in many instances the frequency and volume of trading in small- and medium-size companies is substantially less than is typical of larger companies. The value of securities of smaller, less well known issuers can be more volatile than that of larger issuers.

**U.S. Government Securities Risk:** Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Certain of the government agency securities the Fund may purchase are backed only by the credit of the government agency and not by full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury.

Note 8 – NEW ACCOUNTING PRONOUNCEMENT

In March 2020, the Financial Accounting Standards Board issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new

*(Unaudited)* **31** 

guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit LIBOR quotes by the FCA. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU's adoption to the Fund's financial statements and various filings.

Note 9 – SUBSEQUENT EVENTS

The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements.

---

| | |
|:---|:---|
| **32** | **CCM Alternative Income Fund** |

---

*LIQUIDITY RISK MANAGEMENT PROGRAM November 30, 2022*

The Trust has implemented a liquidity risk management program (the "LRM Program") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The LRM Program's principal objectives include assessing, managing, and periodically reviewing the Fund's liquidity risk. Liquidity risk is defined as the risk that a fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund.

In accordance with the requirements of Rule 22e-4, the program administrator conducted an annual review of the LRM Program and, in July 2022, provided the Board of Trustees of the Trust (the "Board") with a report addressing the operation of the LRM Program and assessing its adequacy and effectiveness of implementation for the period from June 1, 2021 through June 30, 2022 (the "Report"). As part of the Report, the program administrator reported to the Board as to the following, among other things:

● the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of its shareholders;

● there were no material changes to the LRM Program during the year;

● the Fund's strategy continued to be effective for an open-end mutual fund;

● the implementation of the LRM Program was effective to manage the Fund's liquidity risk; and

● the LRM Program operated adequately during the period.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

*(Unaudited)* **33** 

 *November 30, 2022*

*Proxy Policies* 

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-877-272-1977 and (ii) on the Securities and Exchange Commission (the "SEC") website at http://www.sec.gov.

*Quarterly Filings* 

The Fund files its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters or as an exhibit to its reports on Form N-PORT within 60 days after the end of the period. The Fund's N-PORT (and its predecessor form, Form N-Q) reports are available on the SEC's website at <u>http://www.sec.gov</u>.

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**Administrator:** 

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Transfer Agent:** 

Apex Funds Services

Three Canal Plaza, Group Floor

Portland, ME 04101

**Legal Counsel:** 

Faegre Drinker Biddle & Reath LLP

One Logan Square

Suite 2000

Philadelphia, PA 19103-6996

**Independent Registered Public Accounting Firm:** 

Deloitte & Touche LLP

1700 Market Street

Philadelphia, PA 19103

**Custodian:** 

U.S. Bank, National Association

50 South 16th Street

Suite 2000

20th Floor

EX-PA-WBSP

Philadelphia, PA 19102

**Board of Trustees:** 

John E. Taylor, *Chairman of the*

*Board of Trustees* 

Heinz Riehl, *Trustee*

Irvin M. Henderson, *Trustee*

Robert O. Lehrman, *Trustee*

Mirian Saez, *Trustee*

Robert Dickerson, *Trustee*

This report is intended for the Fund's shareholders. It may not be distributed to prospective investors unless it is preceded by or accompanied by the Fund's prospectus. An investor should read the prospectus carefully before investing or sending money. A prospectus may be obtained by calling the Fund at 1-877-272-1977.

![](fp0082009-1_38.jpg)

261 North University Drive ■ Suite 520 ■ Plantation, FL 33324

954-217-7999 ■ Fax: 954-385-9299 ■ Toll Free: 877-272-1977 ■ www.ccminvests.com

![](fp0082009-b_a.jpg)

**Semi-Annual Report 2022**

![](fp0082009-b_aa.jpg)

**COMMUNITY CAPITAL TRUST**

November 30, 2022

**CCM COMMUNITY IMPACT BOND FUND (THE "FUND")**![](fp0082009-b_ab.jpg)

---

| | |
|:---|:---|
| **1** | **The CCM Community Impact Bond Fund** |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Fund Profile | 2 |
| Expenses | 3 |
| Schedule of Investments | 4 |
| Statement of Assets and Liabilities | 51 |
| Statement of Operations | 52 |
| Statements of Changes in Net Assets | 53 |
| Financial Highlights | 55 |
| Notes to Financial Statements | 58 |
| Liquidity Risk Management Program | 72 |

---

![](fp0082009-1_1.jpg)

---

| | |
|:---|:---|
| **2** | **The CCM Community Impact Bond Fund** |

---

*Fund Profile (Unaudited) November 30, 2022*

---

| | |
|:---|:---|
| **Top Ten Holdings\*** | **Top Ten Holdings\*** |
| **(% of Net Assets)** | **(% of Net Assets)** |
| *Bank of America Corp. MTN, 12/06/2025* | *1.54%* |
| *JPMorgan Chase, 02/16/2025* | *1.32%* |
| *FHLMC, 09/01/2052* | *1.07%* |
| *Bank of America Corp. MTN, 09/25/2025* | *0.98%* |
| *U.S. Treasury Notes, 08/15/2032* | *0.95%* |
| *U.S. Treasury Notes, 08/31/2029* | *0.86%* |
| *Bank of America Corp., 11/10/2028* | *0.83%* |
| *FNMA, 11/01/2052* | *0.82%* |
| *U.S. Treasury Notes, 08/31/2027* | *0.73%* |
| *FHLMC Multifamily Structured Pass Through Certificates, Ser P009, Cl A1, 01/25/2031* | *0.68%* |
|  | *9.78%* |

---

*\** *Excludes Short-Term Investments.*

---

| | |
|:---|:---|
| **Asset Allocation\*\*** |  |
| **(% of Net Assets)** |  |
| *Asset-Backed Securities* | *4.72%* |
| *Bank Deposit* | *2.38%* |
| *Communication Services* | *0.47%* |
| *Consumer Discretionary* | *1.81%* |
| *Energy* | *0.15%* |
| *FGLMC Single Family* | *10.47%* |
| *FHA Project Loans* | *0.27%* |
| *FHMS Multifamily* | *5.59%* |
| *Financials* | *10.60%* |
| *FNMA Multifamily* | *9.96%* |
| *FNMA Single Family* | *19.86%* |
| *FRESB Multifamily Mortgage Pass-Through Certificates* | *0.48%* |
| *GNMA Multifamily* | *12.04%* |
| *GNMA Single Family* | *0.53%* |
| *Government-Related* | *0.09%* |
| *HUD* | *0.01%* |
| *Information Technology* | *0.79%* |
| *Money Market Fund* | *1.60%* |
| *Municipal Bonds* | *11.53%* |
| *Non-Agency CMBS* | *0.44%* |
| *Real Estate* | *0.33%* |
| *Small Business Administration* | *0.65%* |
| *Small Business Administration Participation Certificates* | *0.87%* |
| *Small Business Investment Company Certificates* | *0.42%* |
| *Tennessee Valley Authority* | *0.38%* |
| *U.S. Treasury Notes* | *4.56%* |
| *USDA Loan* | *0.45%* |
| *Liabilities in Excess of Other Assets* | *(1.45)%* |
|  | *100.00%* |

---

*\*\** *Excludes derivatives.*

*(Unaudited)* **3** 

*Expenses November 30, 2022*

As a shareholder of the Fund, you incur two types of costs: transaction costs, such as wire fees; and ongoing costs, including management fees, distribution (12b-1) fees (CRA Shares and Retail Shares only) and other Fund operating expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested on June 1, 2022 and held for the six-month period ended November 30, 2022.

*Actual expenses* 

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

*Hypothetical example for comparison purposes* 

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as wire fees or low balance fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Beginning Account Value June 1, 2022 | Ending Account Value November 30, 2022 | Expenses Paid During Period\* June 1, 2022 Through November 30, 2022 |
| *Actual* | *CRA Shares* | *$1000.00* | *$962.60* | *$4.38* |
|  | *Institutional Shares* | *1000.00* | *964.80* | *2.17* |
|  | *Retail Shares* | *1000.00* | *963.10* | *3.89* |
| *Hypothetical* | *CRA Shares* | *$1000.00* | *$1020.61* | *$4.51* |
| *(5% return*  | *Institutional Shares* | *1000.00* | *1022.86* | *2.23* |
| *before expenses)* | *Retail Shares* | *1000.00* | *1021.11* | *4.00* |

---

\* Expenses are equal to the annualized expense ratio of 0.89%, 0.44% and 0.79% for CRA Shares, Institutional Shares and Retail Shares, respectively, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the one-half year period). The Fund's ending account value on the first line in the table is based on its actual total return of (3.74)%, (3.52)% and (3.69)% for the period June 1, 2022 to November 30, 2022 for CRA Shares, Institutional Shares and Retail Shares, respectively.

---

| | |
|:---|:---|
| **4** | **The CCM Community Impact Bond Fund** |

---

*Schedule of Investments November 30, 2022*

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS - 61.98%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS - 61.98%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS - 61.98%** |
| **FGLMC Single Family - 10.47%** | **FGLMC Single Family - 10.47%** | **FGLMC Single Family - 10.47%** |
| Pool QN8332, 2.00%, 11/01/2036  | $340243 | $307713 |
| Pool QB3154, 2.00%, 09/01/2050  | 2634224 | 2179983 |
| Pool QB3835, 2.00%, 09/01/2050  | 3403582 | 2817074 |
| Pool QB3978, 2.00%, 09/01/2050  | 3289244 | 2722442 |
| Pool RA3677, 2.00%, 09/01/2050  | 1780121 | 1475041 |
| Pool QB4065, 2.00%, 10/01/2050  | 1489122 | 1231917 |
| Pool QB4506, 2.00%, 10/01/2050  | 3577123 | 2960286 |
| Pool QB5044, 2.00%, 11/01/2050  | 2500897 | 2069353 |
| Pool QB5903, 2.00%, 11/01/2050  | 1336626 | 1110739 |
| Pool QB6583, 2.00%, 12/01/2050  | 1462443 | 1209098 |
| Pool QB7302, 2.00%, 01/01/2051  | 2221710 | 1842145 |
| Pool QB8043, 2.00%, 01/01/2051  | 2235460 | 1857680 |
| Pool QB8769, 2.00%, 02/01/2051  | 3411441 | 2823198 |
| Pool QB9466, 2.00%, 03/01/2051  | 5375499 | 4443424 |
| Pool RA4768, 2.00%, 03/01/2051  | 3275120 | 2706679 |
| Pool RA4957, 2.00%, 03/01/2051  | 2025368 | 1676610 |
| Pool QC0480, 2.00%, 04/01/2051  | 3766041 | 3122589 |
| Pool QC1370, 2.00%, 04/01/2051  | 2886778 | 2398930 |
| Pool RA5067, 2.00%, 04/01/2051  | 1517686 | 1254016 |
| Pool QC3549, 2.00%, 06/01/2051  | 705599 | 584433 |
| Pool RA5570, 2.00%, 07/01/2051  | 1909912 | 1576800 |
| Pool RA5594, 2.00%, 07/01/2051  | 1541697 | 1273322 |
| Pool QC5139, 2.00%, 08/01/2051  | 4205669 | 3494034 |
| Pool QC6098, 2.00%, 08/01/2051  | 1359279 | 1128180 |
| Pool RA5698, 2.00%, 08/01/2051  | 2252594 | 1859333 |
| Pool QC6906, 2.00%, 09/01/2051  | 2561327 | 2125734 |
| Pool QC8223, 2.00%, 10/01/2051  | 2917310 | 2428494 |
| Pool QC9420, 2.00%, 10/01/2051  | 1758554 | 1466636 |
| Pool RA6095, 2.00%, 10/01/2051  | 2088691 | 1734720 |
| Pool SD8172, 2.00%, 10/01/2051  | 13255294 | 10941199 |
| Pool QD1137, 2.00%, 11/01/2051  | 1521712 | 1266425 |
| Pool RA6332, 2.00%, 11/01/2051  | 2624978 | 2177552 |
| Pool QD2417, 2.00%, 12/01/2051  | 447978 | 372803 |
| Pool QD5482, 2.00%, 01/01/2052  | 1022430 | 846138 |
| Pool QD6359, 2.00%, 02/01/2052  | 1283726 | 1063266 |
| Pool QD7968, 2.00%, 02/01/2052  | 2701676 | 2228933 |
| Pool SB8112, 2.50%, 07/01/2036  | 2848387 | 2640137 |
| Pool RA2477, 2.50%, 04/01/2050  | 1057351 | 913277 |
| Pool RA2531, 2.50%, 05/01/2050  | 2318597 | 2004467 |
| Pool RA2532, 2.50%, 05/01/2050  | 593377 | 512518 |
| Pool RA2612, 2.50%, 05/01/2050  | 5075148 | 4369813 |
| Pool QB0264, 2.50%, 06/01/2050  | 842186 | 727103 |
| Pool QB0406, 2.50%, 06/01/2050  | 658659 | 568802 |
| Pool QB0768, 2.50%, 07/01/2050  | 159901 | 138384 |
| Pool QB0769, 2.50%, 07/01/2050  | 1413350 | 1219122 |
| Pool QB0821, 2.50%, 07/01/2050  | 497334 | 429300 |
| Pool QB1534, 2.50%, 07/01/2050  | 1050607 | 906228 |
| Pool QB1536, 2.50%, 07/01/2050  | 769481 | 661644 |
| Pool QB1680, 2.50%, 07/01/2050  | 980748 | 843683 |
| Pool RA3120, 2.50%, 07/01/2050  | 2087061 | 1796199 |
| Pool QB2045, 2.50%, 08/01/2050  | 2107675 | 1814755 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **5** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool QB2636, 2.50%, 08/01/2050  | $754425 | $651920 |
| Pool QB2675, 2.50%, 08/01/2050  | 1022104 | 880608 |
| Pool QB2739, 2.50%, 08/01/2050  | 1434286 | 1233839 |
| Pool RA3298, 2.50%, 08/01/2050  | 3330883 | 2867972 |
| Pool RA3322, 2.50%, 08/01/2050  | 702938 | 604973 |
| Pool RA3381, 2.50%, 08/01/2050  | 2648021 | 2277952 |
| Pool QB3152, 2.50%, 09/01/2050  | 2314733 | 1991234 |
| Pool QB3834, 2.50%, 09/01/2050  | 1617901 | 1397177 |
| Pool QB3976, 2.50%, 09/01/2050  | 1837508 | 1586833 |
| Pool RA3545, 2.50%, 09/01/2050  | 960713 | 825975 |
| Pool QB4066, 2.50%, 10/01/2050  | 771871 | 670076 |
| Pool QB4507, 2.50%, 10/01/2050  | 2468805 | 2124741 |
| Pool QB5042, 2.50%, 11/01/2050  | 4347334 | 3737187 |
| Pool QB5904, 2.50%, 11/01/2050  | 1754680 | 1508407 |
| Pool QC1163, 2.50%, 04/01/2051  | 1435856 | 1233499 |
| Pool QC1953, 2.50%, 05/01/2051  | 1727885 | 1493923 |
| Pool QC3550, 2.50%, 07/01/2051  | 2834312 | 2443936 |
| Pool QC4341, 2.50%, 07/01/2051  | 1377345 | 1182658 |
| Pool QC5136, 2.50%, 08/01/2051  | 2690920 | 2319476 |
| Pool QC6096, 2.50%, 08/01/2051  | 2225262 | 1919645 |
| Pool QC6907, 2.50%, 09/01/2051  | 1048929 | 905188 |
| Pool QC9422, 2.50%, 10/01/2051  | 1928291 | 1661202 |
| Pool QD1136, 2.50%, 11/01/2051  | 1681197 | 1449129 |
| Pool QD4139, 2.50%, 12/01/2051  | 840040 | 727782 |
| Pool QD4141, 2.50%, 12/01/2051  | 1340443 | 1156680 |
| Pool RA6478, 2.50%, 12/01/2051  | 8941 | 7669 |
| Pool QD4132, 2.50%, 01/01/2052  | 1885692 | 1616998 |
| Pool QD6358, 2.50%, 02/01/2052  | 947544 | 818256 |
| Pool QD7966, 2.50%, 02/01/2052  | 1137463 | 975219 |
| Pool RA6794, 2.50%, 02/01/2052  | 1177665 | 1010175 |
| Pool QD8214, 2.50%, 03/01/2052  | 802836 | 691056 |
| Pool Q16506, 3.00%, 02/01/2043  | 15072 | 13820 |
| Pool Q40627, 3.00%, 05/01/2046  | 2049202 | 1855697 |
| Pool Q41877, 3.00%, 07/01/2046  | 1029658 | 931409 |
| Pool Q43158, 3.00%, 09/01/2046  | 617268 | 558372 |
| Pool Q44344, 3.00%, 11/01/2046  | 203119 | 183940 |
| Pool Q44395, 3.00%, 11/01/2046  | 1425021 | 1282856 |
| Pool Q45623, 3.00%, 01/01/2047  | 2753450 | 2487654 |
| Pool QA2069, 3.00%, 08/01/2049  | 500751 | 449006 |
| Pool QA2173, 3.00%, 08/01/2049  | 588792 | 525718 |
| Pool QA2405, 3.00%, 09/01/2049  | 340789 | 304877 |
| Pool QA3109, 3.00%, 09/01/2049  | 811199 | 725311 |
| Pool QA3562, 3.00%, 10/01/2049  | 1422968 | 1270085 |
| Pool QA4231, 3.00%, 11/01/2049  | 1562858 | 1394782 |
| Pool QA4780, 3.00%, 11/01/2049  | 526274 | 469349 |
| Pool RA1773, 3.00%, 11/01/2049  | 934052 | 833651 |
| Pool QA5579, 3.00%, 12/01/2049  | 1188956 | 1061093 |
| Pool QA5721, 3.00%, 01/01/2050  | 1159269 | 1037203 |
| Pool QA5900, 3.00%, 01/01/2050  | 391908 | 352581 |
| Pool QA6535, 3.00%, 01/01/2050  | 1143061 | 1021153 |
| Pool RA2089, 3.00%, 01/01/2050  | 507087 | 451938 |
| Pool QA6834, 3.00%, 02/01/2050  | 485247 | 436120 |
| Pool QA7417, 3.00%, 02/01/2050  | 1223012 | 1091585 |
| Pool QA7634, 3.00%, 03/01/2050  | 1331249 | 1188397 |
| Pool QA8482, 3.00%, 03/01/2050  | 1521165 | 1360761 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **6** | **The CCM Community Impact Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool QB0265, 3.00%, 06/01/2050  | $300267 | $268230 |
| Pool QB0757, 3.00%, 07/01/2050  | 827265 | 739003 |
| Pool QB0816, 3.00%, 07/01/2050  | 479813 | 427331 |
| Pool QB1681, 3.00%, 07/01/2050  | 525895 | 471060 |
| Pool QB2046, 3.00%, 08/01/2050  | 1328480 | 1186538 |
| Pool QB2674, 3.00%, 08/01/2050  | 1249247 | 1113640 |
| Pool QB3153, 3.00%, 09/01/2050  | 1451498 | 1291827 |
| Pool SD8108, 3.00%, 11/01/2050  | 7683957 | 6839221 |
| Pool SD8152, 3.00%, 03/01/2052  | 1308950 | 1160226 |
| Pool QE0361, 3.00%, 04/01/2052  | 380428 | 338527 |
| Pool QE0366, 3.00%, 04/01/2052  | 826531 | 737031 |
| Pool QE1667, 3.00%, 04/01/2052  | 1077122 | 956305 |
| Pool QE2155, 3.00%, 04/01/2052  | 1132375 | 1003311 |
| Pool QE1714, 3.00%, 05/01/2052  | 1790759 | 1586870 |
| Pool QE1717, 3.00%, 05/01/2052  | 1514528 | 1353347 |
| Pool RA7748, 3.00%, 08/01/2052  | 15669369 | 13875112 |
| Pool Q07121, 3.50%, 04/01/2042  | 24597 | 23200 |
| Pool Q07398, 3.50%, 04/01/2042  | 42681 | 40305 |
| Pool Q37430, 3.50%, 11/01/2045  | 74087 | 69430 |
| Pool Q38376, 3.50%, 01/01/2046  | 632377 | 592698 |
| Pool Q39359, 3.50%, 03/01/2046  | 1024745 | 960445 |
| Pool Q40641, 3.50%, 05/01/2046  | 353208 | 331046 |
| Pool Q45628, 3.50%, 01/01/2047  | 2278289 | 2136302 |
| Pool Q47221, 3.50%, 03/01/2047  | 452907 | 424585 |
| Pool Q48279, 3.50%, 05/01/2047  | 637367 | 595175 |
| Pool Q49035, 3.50%, 06/01/2047  | 418027 | 390137 |
| Pool Q49605, 3.50%, 07/01/2047  | 227841 | 213215 |
| Pool Q50514, 3.50%, 08/01/2047  | 51568 | 48370 |
| Pool Q50393, 3.50%, 09/01/2047  | 1318302 | 1232440 |
| Pool Q50943, 3.50%, 09/01/2047  | 361112 | 338378 |
| Pool Q51685, 3.50%, 10/01/2047  | 879572 | 822375 |
| Pool V83539, 3.50%, 10/01/2047  | 881899 | 826661 |
| Pool Q52610, 3.50%, 11/01/2047  | 1229098 | 1149176 |
| Pool V83815, 3.50%, 12/01/2047  | 883795 | 825960 |
| Pool Q53325, 3.50%, 01/01/2048  | 932903 | 871274 |
| Pool Q54012, 3.50%, 01/01/2048  | 1088632 | 1016712 |
| Pool Q54511, 3.50%, 02/01/2048  | 1260073 | 1177869 |
| Pool Q54585, 3.50%, 02/01/2048  | 581188 | 543697 |
| Pool Q54876, 3.50%, 03/01/2048  | 406609 | 379071 |
| Pool Q55002, 3.50%, 03/01/2048  | 1239731 | 1152573 |
| Pool Q62396, 3.50%, 04/01/2049  | 169136 | 157492 |
| Pool QA2070, 3.50%, 08/01/2049  | 436861 | 405559 |
| Pool QA2301, 3.50%, 08/01/2049  | 398640 | 368962 |
| Pool QA3110, 3.50%, 09/01/2049  | 574027 | 530476 |
| Pool QA3982, 3.50%, 10/01/2049  | 503509 | 465186 |
| Pool QA4885, 3.50%, 11/01/2049  | 408228 | 379604 |
| Pool QA6536, 3.50%, 01/01/2050  | 687495 | 636088 |
| Pool QA7418, 3.50%, 02/01/2050  | 548323 | 508514 |
| Pool QE0367, 3.50%, 04/01/2052  | 402426 | 368901 |
| Pool QE0369, 3.50%, 04/01/2052  | 1146053 | 1057732 |
| Pool QE1713, 3.50%, 05/01/2052  | 2891510 | 2672696 |
| Pool QE1715, 3.50%, 05/01/2052  | 4650540 | 4265034 |
| Pool QE2624, 3.50%, 05/01/2052  | 992482 | 909621 |
| Pool QE7181, 3.50%, 06/01/2052  | 833133 | 763547 |
| Pool RA7611, 3.50%, 06/01/2052  | 1838709 | 1691882 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **7** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool Q39374, 4.00%, 03/01/2046  | $48803 | $47651 |
| Pool Q47223, 4.00%, 03/01/2047  | 350908 | 342126 |
| Pool Q47775, 4.00%, 04/01/2047  | 662091 | 641893 |
| Pool Q48287, 4.00%, 05/01/2047  | 984676 | 954893 |
| Pool Q48819, 4.00%, 06/01/2047  | 1408656 | 1362702 |
| Pool Q49040, 4.00%, 06/01/2047  | 2003033 | 1939034 |
| Pool Q49606, 4.00%, 07/01/2047  | 1326008 | 1283579 |
| Pool Q49898, 4.00%, 08/01/2047  | 274631 | 265019 |
| Pool Q50396, 4.00%, 08/01/2047  | 58084 | 56631 |
| Pool Q50397, 4.00%, 08/01/2047  | 1502042 | 1445895 |
| Pool Q50951, 4.00%, 09/01/2047  | 633437 | 611268 |
| Pool Q51686, 4.00%, 10/01/2047  | 544634 | 525993 |
| Pool V83540, 4.00%, 10/01/2047  | 524548 | 506191 |
| Pool Q53883, 4.00%, 01/01/2048  | 454297 | 438400 |
| Pool Q54464, 4.00%, 02/01/2048  | 506080 | 488370 |
| Pool Q54586, 4.00%, 02/01/2048  | 2381566 | 2297496 |
| Pool Q54877, 4.00%, 02/01/2048  | 542876 | 525973 |
| Pool Q55004, 4.00%, 03/01/2048  | 649407 | 626682 |
| Pool Q55631, 4.00%, 04/01/2048  | 1332596 | 1291947 |
| Pool Q56253, 4.00%, 05/01/2048  | 950042 | 917780 |
| Pool Q56469, 4.00%, 06/01/2048  | 426379 | 413734 |
| Pool Q56900, 4.00%, 06/01/2048  | 890322 | 857099 |
| Pool Q57029, 4.00%, 07/01/2048  | 514816 | 496801 |
| Pool Q57388, 4.00%, 07/01/2048  | 475483 | 457739 |
| Pool Q57694, 4.00%, 08/01/2048  | 342768 | 330772 |
| Pool Q58271, 4.00%, 09/01/2048  | 372757 | 359468 |
| Pool Q58366, 4.00%, 09/01/2048  | 194599 | 189607 |
| Pool Q58774, 4.00%, 10/01/2048  | 616728 | 598953 |
| Pool Q59058, 4.00%, 10/01/2048  | 405489 | 391613 |
| Pool Q59686, 4.00%, 11/01/2048  | 211572 | 204168 |
| Pool Q60213, 4.00%, 12/01/2048  | 572833 | 551424 |
| Pool Q60598, 4.00%, 01/01/2049  | 311617 | 299971 |
| Pool Q61151, 4.00%, 01/01/2049  | 355873 | 343187 |
| Pool Q61387, 4.00%, 02/01/2049  | 592257 | 575645 |
| Pool Q61800, 4.00%, 03/01/2049  | 777295 | 747556 |
| Pool Q61986, 4.00%, 03/01/2049  | 931177 | 894843 |
| Pool Q62397, 4.00%, 04/01/2049  | 530527 | 508922 |
| Pool QA2406, 4.00%, 09/01/2049  | 254519 | 245397 |
| Pool QA4064, 4.00%, 10/01/2049  | 451037 | 431026 |
| Pool QE1708, 4.00%, 05/01/2052  | 2228956 | 2119243 |
| Pool QE1709, 4.00%, 05/01/2052  | 967179 | 917850 |
| Pool QE2611, 4.00%, 05/01/2052  | 1574340 | 1490050 |
| Pool RA7612, 4.00%, 07/01/2052  | 2230513 | 2110622 |
| Pool QF0536, 4.00%, 09/01/2052  | 367013 | 348270 |
| Pool RA7570, 4.00%, 09/01/2052  | 853828 | 807845 |
| Pool SD8244, 4.00%, 09/01/2052  | 35249418 | 33354725 |
| Pool QF3781, 4.00%, 11/01/2052  | 363725 | 344531 |
| Pool A91363, 4.50%, 03/01/2040  | 76785 | 75576 |
| Pool A91756, 4.50%, 03/01/2040  | 91513 | 90833 |
| Pool A93467, 4.50%, 08/01/2040  | 73248 | 71916 |
| Pool Q01597, 4.50%, 05/01/2041  | 126321 | 124332 |
| Pool Q02377, 4.50%, 07/01/2041  | 136825 | 135944 |
| Pool Q47624, 4.50%, 04/01/2047  | 529743 | 522182 |
| Pool Q48294, 4.50%, 05/01/2047  | 176937 | 173952 |
| Pool Q49044, 4.50%, 07/01/2047  | 652002 | 642564 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **8** | **The CCM Community Impact Bond Fund** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| Pool Q49608, 4.50%, 07/01/2047  | $| 243675 | $| 240282 |
| Pool Q49902, 4.50%, 08/01/2047  |  | 157294 |  | 155150 |
| Pool Q55774, 4.50%, 04/01/2048  |  | 434313 |  | 426734 |
| Pool Q56476, 4.50%, 05/01/2048  |  | 522387 |  | 514914 |
| Pool Q56906, 4.50%, 06/01/2048  |  | 1008362 |  | 996726 |
| Pool Q57389, 4.50%, 07/01/2048  |  | 596094 |  | 587705 |
| Pool Q57906, 4.50%, 08/01/2048  |  | 1248409 |  | 1241300 |
| Pool Q58775, 4.50%, 09/01/2048  |  | 1015265 |  | 1000250 |
| Pool Q59454, 4.50%, 11/01/2048  |  | 105401 |  | 103849 |
| Pool Q60215, 4.50%, 11/01/2048  |  | 577360 |  | 566739 |
| Pool SD8231, 4.50%, 07/01/2052  |  | 12604708 |  | 12277689 |
| Pool QF0540, 4.50%, 09/01/2052  |  | 1053462 |  | 1025804 |
| Pool RA8057, 4.50%, 09/01/2052  |  | 381643 |  | 371623 |
| Pool QF2487, 4.50%, 10/01/2052  |  | 1001714 |  | 979138 |
| Pool QF3782, 4.50%, 11/01/2052  |  | 946541 |  | 921691 |
| Pool A92906, 5.00%, 07/01/2040  |  | 249773 |  | 249670 |
| Pool QF3779, 5.00%, 11/01/2052  |  | 3316647 |  | 3302160 |
| Pool A56707, 5.50%, 01/01/2037  |  | 58110 |  | 58856 |
| Pool A58653, 5.50%, 03/01/2037  |  | 50453 |  | 51101 |
| Pool A68746, 5.50%, 10/01/2037  |  | 124517 |  | 126211 |
| Pool A76192, 5.50%, 04/01/2038  |  | 195063 |  | 197862 |
| Pool A76444, 5.50%, 04/01/2038  |  | 98434 |  | 99700 |
| Pool A78742, 5.50%, 06/01/2038  |  | 455538 |  | 471469 |
| Pool QF2486, 5.50%, 09/01/2052  |  | 1401147 |  | 1418523 |
| Pool QF3780, 5.50%, 11/01/2052  |  | 2905356 |  | 2944978 |
| Pool G06072, 6.00%, 06/01/2038  |  | 202605 |  | 210759 |
| Pool QF3783, 6.00%, 11/01/2052  |  | 1480131 |  | 1517132 |
| Pool G06073, 6.50%, 10/01/2037  |  | 462585 |  | 483109 |
|  |  |  |  | 327610068 |
| **FHA Project Loans - 0.27%** | **FHA Project Loans - 0.27%** | **FHA Project Loans - 0.27%** | **FHA Project Loans - 0.27%** | **FHA Project Loans - 0.27%** |
| Pool 023-98141, 6.00%, 03/01/2047 (a) |  | 2746348 |  | 2663545 |
| Pool St. Michael, 6.20%, 09/01/2050 (a) |  | 5330738 |  | 5096229 |
| Pool 023-98146, 6.51%, 07/01/2047 (a) |  | 563224 |  | 548097 |
| Pool 034-A35271, 6.95%, 06/01/2035 (a) |  | 112869 |  | 111733 |
|  |  |  |  | 8419604 |
| **FHMS Multifamily - 5.59%** | **FHMS Multifamily - 5.59%** | **FHMS Multifamily - 5.59%** | **FHMS Multifamily - 5.59%** | **FHMS Multifamily - 5.59%** |
| Pool Q012, 0.58%, 08/25/2025  |  | 1821192 |  | 1696957 |
| Pool KG03, 0.70%, 04/25/2029 (b) |  | 1466499 |  | 1278931 |
| Pool P003, 0.83%, 02/25/2031  |  | 5958303 |  | 5043685 |
| Pool KG04, 0.85%, 06/25/2030  |  | 8849194 |  | 7477448 |
| Pool K123, 0.93%, 06/25/2030  |  | 2841556 |  | 2422208 |
| Pool K124, 0.96%, 08/25/2030  |  | 2785422 |  | 2360726 |
| Pool Q012, 1.01%, 08/25/2030  |  | 4599991 |  | 3923761 |
| Pool P009, 1.13%, 01/25/2031  |  | 24707378 |  | 21328592 |
| Pool WA4405, 1.15%, 05/01/2027  |  | 2742262 |  | 2522454 |
| Pool K131, 1.16%, 01/25/2031  |  | 3912335 |  | 3323572 |
| Pool P011, 1.20%, 09/25/2031  |  | 675637 |  | 586670 |
| Pool WN1107, 1.27%, 08/01/2026  |  | 10500000 |  | 9380613 |
| Pool KG03, 1.30%, 06/25/2030 (b) |  | 8000000 |  | 6413857 |
| Pool WN1096, 1.46%, 01/01/2028  |  | 6120000 |  | 5312371 |
| Pool KSG1, 1.50%, 09/25/2030  |  | 3850000 |  | 3124074 |
| Pool K109, 1.56%, 04/25/2030  |  | 1500000 |  | 1236802 |
| Pool Q014, 1.56%, 01/25/2036  |  | 2652688 |  | 2163876 |
| Pool K741, 1.60%, 12/25/2027  |  | 20000000 |  | 17522968 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **9** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| Pool 2021-ML08, 1.88%, 07/25/2037  | $| 1374259 | $| 1056347 |
| Pool 2021-ML08, 1.90%, 11/25/2037  |  | 1762320 |  | 1372148 |
| Pool WA1102, 1.92%, 12/01/2028  |  | 992233 |  | 868303 |
| Pool WN0034, 1.94%, 04/01/2037  |  | 839463 |  | 609871 |
| Pool K747, 2.05%, 11/25/2028 (b) |  | 9000000 |  | 7909503 |
| Pool K140, 2.29%, 07/25/2031  |  | 486372 |  | 429286 |
| Pool K137, 2.35%, 11/25/2031 (b) |  | 3500000 |  | 2969918 |
| Pool KSG3, 2.65%, 05/25/2032 (b) |  | 1350000 |  | 1162073 |
| Pool K094, 2.70%, 04/25/2029  |  | 3794174 |  | 3587439 |
| Pool P013, 2.85%, 02/25/2032 (b) |  | 450000 |  | 397038 |
| Pool ML13, 2.88%, 07/25/2036  |  | 4000000 |  | 3493663 |
| Pool WA4420, 3.10%, 02/01/2029  |  | 3446930 |  | 3219742 |
| Pool ML13, 3.13%, 09/25/2036  |  | 5000000 |  | 4423183 |
| Pool K-F100, 3.22%, (SOFR30A+0.180%), 01/25/2028 (b) |  | 4568660 |  | 4463997 |
| Pool K-F122, 3.23%, (SOFR30A+0.190%), 09/25/2031 (b) |  | 4000000 |  | 3817314 |
| Pool F118, 3.24%, (SOFR30A+0.200%), 07/25/2028 (b) |  | 1925336 |  | 1873520 |
| Pool F116, 3.25%, (SOFR30A+0.210%), 06/25/2028 (b) |  | 9196962 |  | 8960600 |
| Pool F113, 3.27%, (SOFR30A+0.230%), 05/25/2028 (b) |  | 3628976 |  | 3533228 |
| Pool KF97, 3.29%, (SOFR30A+0.250%), 12/25/2030 (b) |  | 2658589 |  | 2598901 |
| Pool F105, 3.29%, (SOFR30A+0.250%), 02/25/2031 (b) |  | 6730249 |  | 6507352 |
| Pool K147, 3.39%, 02/25/2032 (b) |  | 617773 |  | 583800 |
| Pool KSG4, 3.40%, 08/25/2032 (b) |  | 6850000 |  | 6299286 |
| Pool KF131, 3.88%, (SOFR30A+0.330%), 01/25/2032 (b) |  | 1081700 |  | 1054329 |
| Pool KF133, 3.92%, (SOFR30A+0.370%), 02/25/2029 (b) |  | 499976 |  | 494044 |
| Pool K135, 3.92%, (SOFR30A+0.370%), 05/25/2029 (b) |  | 500000 |  | 492093 |
| Pool K136, 3.96%, (SOFR30A+0.410%), 04/25/2032 (b) |  | 2430000 |  | 2384187 |
| Pool Q017, 4.01%, (SOFR30A+0.460%), 04/25/2030 (b) |  | 1725000 |  | 1712076 |
| Pool KF36, 4.14%, (ICE LIBOR USD 1 Month+0.340%), 08/25/2024 (b) |  | 1541234 |  | 1534971 |
|  |  |  |  | 174927777 |
| **FNMA Multifamily - 9.96%** | **FNMA Multifamily - 9.96%** | **FNMA Multifamily - 9.96%** | **FNMA Multifamily - 9.96%** | **FNMA Multifamily - 9.96%** |
| Pool BS1200, 0.95%, 02/01/2028  |  | 3370000 |  | 2860893 |
| Pool BS1201, 0.95%, 02/01/2028  |  | 6860000 |  | 5823659 |
| Pool BS1033, 1.02%, 02/01/2028  |  | 7250502 |  | 6186755 |
| Pool BS1139, 1.04%, 02/01/2028  |  | 2400000 |  | 2039789 |
| Pool BL8108, 1.19%, 09/01/2032  |  | 2854683 |  | 2214350 |
| Pool BL7910, 1.23%, 08/01/2027  |  | 4700000 |  | 4092122 |
| Pool BL7892, 1.24%, 08/01/2030  |  | 6187500 |  | 5055142 |
| Pool BL7247, 1.25%, 06/01/2030  |  | 3009188 |  | 2474708 |
| Pool BL7686, 1.28%, 08/01/2030  |  | 2850317 |  | 2336919 |
| Pool BL7010, 1.30%, 06/01/2030  |  | 10000000 |  | 8190006 |
| Pool BL7898, 1.31%, 08/01/2032  |  | 8100000 |  | 6153728 |
| Pool BL8103, 1.32%, 12/01/2030  |  | 6921228 |  | 5652584 |
| Pool BL8000, 1.34%, 09/01/2030  |  | 4940000 |  | 4007876 |
| Pool BL8013, 1.36%, 08/01/2035  |  | 4201858 |  | 3073214 |
| Pool BL8014, 1.36%, 08/01/2035  |  | 3880115 |  | 2837893 |
| Pool BS0025, 1.38%, 12/01/2030  |  | 7670436 |  | 6290703 |
| Pool BS0596, 1.38%, 01/01/2031  |  | 200000 |  | 160585 |
| Pool BL7636, 1.41%, 07/01/2032  |  | 1100000 |  | 851855 |
| Pool 2021-M1S, 1.43%, 12/25/2030 (b) |  | 13550000 |  | 10824136 |
| Pool BL7257, 1.44%, 06/01/2032  |  | 396985 |  | 315466 |
| Pool BS1017, 1.45%, 02/01/2031  |  | 3120000 |  | 2523619 |
| Pool BL9838, 1.48%, 12/01/2030  |  | 2386000 |  | 1953182 |
| Pool BL6827, 1.50%, 06/01/2032  |  | 5974063 |  | 4840342 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **10** | **The CCM Community Impact Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool BS1482, 1.61%, 03/01/2031  | $1448448 | $1200151 |
| Pool BS0391, 1.63%, 01/01/2033  | 4621000 | 3631192 |
| Pool BL7351, 1.65%, 07/01/2030  | 655000 | 545378 |
| Pool BS0179, 1.67%, 01/01/2033  | 4775000 | 3786445 |
| Pool BS4667, 1.71%, 03/01/2029  | 3604079 | 3111665 |
| Pool BL7338, 1.81%, 07/01/2032  | 1715356 | 1403243 |
| Pool BS1977, 1.85%, 05/01/2031  | 3640000 | 3015128 |
| Pool BS2625, 1.89%, 07/01/2031  | 4645000 | 3760172 |
| Pool BL6240, 1.94%, 03/01/2030  | 750000 | 643867 |
| Pool BS1922, 2.03%, 05/01/2031  | 2000000 | 1667489 |
| Pool BL6159, 2.06%, 03/01/2030  | 1775852 | 1541137 |
| Pool 2022-M1S, 2.15%, 04/25/2032 (b) | 2500000 | 2062005 |
| Pool BL5261, 2.18%, 03/01/2030  | 1889854 | 1658624 |
| Pool AN1684, 2.30%, 06/01/2023  | 2485024 | 2442475 |
| Pool BL6486, 2.31%, 04/01/2030  | 1470000 | 1282851 |
| Pool BL5452, 2.41%, 01/01/2030  | 3312662 | 2952453 |
| Pool BL4589, 2.45%, 10/01/2029  | 6269709 | 5620642 |
| Pool BL5265, 2.47%, 01/01/2030  | 774145 | 693405 |
| Pool AM2198, 2.48%, 01/01/2023  | 85310 | 84922 |
| Pool BS5218, 2.49%, 04/01/2032  | 5777000 | 4929994 |
| Pool BL4134, 2.52%, 02/01/2034  | 654200 | 558210 |
| Pool AN3584, 2.53%, 11/01/2028  | 982528 | 893824 |
| Pool AN1381, 2.56%, 08/01/2026  | 851677 | 798116 |
| Pool AM8256, 2.57%, 03/01/2025  | 3250000 | 3100712 |
| Pool AN1428, 2.69%, 04/01/2026  | 546405 | 516388 |
| Pool AM8561, 2.82%, 04/01/2025  | 3829295 | 3674279 |
| Pool AN2174, 2.84%, 07/01/2026  | 6600000 | 6233826 |
| Pool AN0876, 2.85%, 02/01/2026  | 1306881 | 1243413 |
| Pool AM0414, 2.87%, 09/01/2027  | 3013270 | 2825167 |
| Pool AN6823, 2.95%, 09/01/2029  | 2457411 | 2270301 |
| Pool AN8458, 2.97%, 02/01/2025  | 4769913 | 4598848 |
| Pool AN5536, 2.97%, 05/01/2027  | 3103013 | 2934727 |
| Pool BL2741, 2.97%, 06/01/2029  | 3297865 | 3059939 |
| Pool AN6926, 3.00%, 11/01/2032  | 953454 | 853519 |
| Pool BL4558, 3.00%, 11/01/2035  | 817669 | 704248 |
| Pool AN7354, 3.03%, 11/01/2027  | 2539265 | 2392300 |
| Pool AN5273, 3.06%, 05/01/2027  | 383189 | 363709 |
| Pool AN5758, 3.09%, 06/01/2027  | 1426745 | 1354519 |
| Pool BL2603, 3.10%, 05/01/2029  | 5427882 | 5076119 |
| Pool AN8567, 3.15%, 03/01/2028  | 7003976 | 6628560 |
| Pool AN8521, 3.19%, 03/01/2028  | 2391464 | 2240331 |
| Pool AN9141, 3.20%, 05/01/2025  | 1257022 | 1214117 |
| Pool AN6262, 3.20%, 08/01/2027  | 490265 | 467636 |
| Pool AN6232, 3.20%, 08/01/2029  | 4840281 | 4543024 |
| Pool AN5394, 3.21%, 05/01/2027  | 1250000 | 1192587 |
| Pool AN4133, 3.21%, 01/01/2033  | 222759 | 202765 |
| Pool AM8227, 3.21%, 03/01/2033  | 86177 | 80156 |
| Pool AM9393, 3.23%, 07/01/2025  | 871131 | 841270 |
| Pool BL4132, 3.30%, (SOFR30A+0.260%), 04/01/2031 (b) | 12880000 | 12751207 |
| Pool AN5792, 3.30%, 04/01/2034  | 895250 | 811889 |
| Pool BL2117, 3.31%, 04/01/2029  | 5925000 | 5590028 |
| Pool AM9780, 3.31%, 03/01/2031  | 364420 | 319507 |
| Pool AN8587, 3.32%, 05/01/2028  | 7714658 | 7351030 |
| Pool AM6620, 3.34%, 08/01/2024  | 510902 | 497933 |
| Pool BL2377, 3.34%, 05/01/2031  | 2800069 | 2619540 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **11** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| Pool AN8814, 3.36%, 04/01/2028  | $| 924285 | $| 882794 |
| Pool AN4505, 3.36%, 02/01/2032  |  | 942810 |  | 871942 |
| Pool AM3973, 3.37%, 07/01/2023  |  | 3049228 |  | 3010218 |
| Pool AN5418, 3.40%, 05/01/2033  |  | 750000 |  | 686119 |
| Pool BS5750, 3.49%, 06/01/2032  |  | 5000000 |  | 4640733 |
| Pool BL0478, 3.57%, 10/01/2025  |  | 1961953 |  | 1909535 |
| Pool BS5876, 3.59%, 06/01/2032  |  | 6000000 |  | 5615879 |
| Pool BS5528, 3.60%, 06/01/2032  |  | 2546106 |  | 2393123 |
| Pool BS5960, 3.64%, 06/01/2032  |  | 1200000 |  | 1110299 |
| Pool BS5916, 3.72%, 06/01/2032  |  | 9958737 |  | 9330370 |
| Pool BS6007, 3.77%, 07/01/2032  |  | 5288976 |  | 5026335 |
| Pool AN4171, 3.79%, 01/01/2035  |  | 770116 |  | 719310 |
| Pool AN9844, 3.80%, 07/01/2030  |  | 765815 |  | 742807 |
| Pool AM9376, 3.83%, 07/01/2045  |  | 439988 |  | 403553 |
| Pool AN0360, 3.95%, 12/01/2045  |  | 100000 |  | 85534 |
| Pool AN4676, 4.10%, 03/01/2047  |  | 1223580 |  | 1134990 |
| Pool AM5197, 4.20%, 01/01/2030  |  | 374022 |  | 370409 |
| Pool BS7085, 4.57%, 11/01/2029  |  | 11219000 |  | 11365386 |
| Pool 468251, 4.76%, 06/01/2026  |  | 537273 |  | 533661 |
| Pool BS7278, 4.90%, 11/01/2027  |  | 7585000 |  | 7589125 |
| Pool 466907, 5.13%, 03/01/2026  |  | 339941 |  | 345289 |
| Pool BS7201, 5.17%, 11/01/2032  |  | 4675000 |  | 4944023 |
| Pool 465394, 5.20%, 03/01/2026  |  | 457478 |  | 465515 |
| Pool 463895, 5.25%, 10/01/2025  |  | 321400 |  | 323853 |
| Pool 874487, 5.52%, 05/01/2025  |  | 404742 |  | 403545 |
| Pool 463839, 5.96%, 11/01/2027  |  | 564601 |  | 570397 |
| Pool 467914, 6.10%, 04/01/2041  |  | 461725 |  | 490338 |
| Pool 463997, 6.12%, 12/01/2027  |  | 870029 |  | 875114 |
| Pool 464836, 6.23%, 03/01/2028  |  | 1474163 |  | 1491076 |
| Pool 465260, 6.33%, 06/01/2028  |  | 1339595 |  | 1347691 |
| Pool 464254, 6.34%, 11/01/2027  |  | 2332673 |  | 2356037 |
| Pool 464969, 6.34%, 04/01/2028  |  | 2380801 |  | 2395290 |
| Pool 464632, 6.50%, 02/01/2028  |  | 420306 |  | 428669 |
| Pool 465588, 6.55%, 07/01/2028  |  | 513322 |  | 527378 |
| Pool 466756, 6.59%, 12/01/2028  |  | 1573345 |  | 1586448 |
| Pool 464573, 6.72%, 02/01/2040  |  | 2088319 |  | 2146378 |
| Pool 466595, 6.78%, 11/01/2025  |  | 3290305 |  | 3321510 |
| Pool 469854, 8.26%, 12/01/2026  |  | 1499546 |  | 1614146 |
|  |  |  |  | 311651327 |
| **FNMA Single Family - 19.86%** | **FNMA Single Family - 19.86%** | **FNMA Single Family - 19.86%** | **FNMA Single Family - 19.86%** | **FNMA Single Family - 19.86%** |
| Pool BU1090, 1.50%, 10/01/2036  |  | 313738 |  | 276333 |
| Pool MA4497, 2.00%, 12/01/2036  |  | 6571130 |  | 5930000 |
| Pool BQ1545, 2.00%, 09/01/2050  |  | 2976188 |  | 2462978 |
| Pool BQ1571, 2.00%, 09/01/2050  |  | 4427646 |  | 3663625 |
| Pool BQ1603, 2.00%, 09/01/2050  |  | 1920642 |  | 1592493 |
| Pool BQ2362, 2.00%, 09/01/2050  |  | 3380480 |  | 2797159 |
| Pool BQ3064, 2.00%, 09/01/2050  |  | 2516448 |  | 2082814 |
| Pool CA7182, 2.00%, 09/01/2050  |  | 1937123 |  | 1602565 |
| Pool BP7434, 2.00%, 10/01/2050  |  | 1077237 |  | 891498 |
| Pool BQ3112, 2.00%, 10/01/2050  |  | 1926013 |  | 1593891 |
| Pool BQ4812, 2.00%, 10/01/2050  |  | 3333467 |  | 2757130 |
| Pool BQ4876, 2.00%, 10/01/2050  |  | 2052296 |  | 1700334 |
| Pool CA7287, 2.00%, 10/01/2050  |  | 2132746 |  | 1765506 |
| Pool BQ5814, 2.00%, 11/01/2050  |  | 1966861 |  | 1626797 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **12** | **The CCM Community Impact Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool BQ7638, 2.00%, 11/01/2050  | $1695641 | $1410661 |
| Pool CA7661, 2.00%, 11/01/2050  | 2492068 | 2062346 |
| Pool CA8322, 2.00%, 12/01/2050  | 2167788 | 1794497 |
| Pool BR0679, 2.00%, 01/01/2051  | 3415248 | 2823607 |
| Pool BR1282, 2.00%, 01/01/2051  | 2064459 | 1708235 |
| Pool BQ4492, 2.00%, 02/01/2051  | 894248 | 741474 |
| Pool BR3230, 2.00%, 02/01/2051  | 4082521 | 3385031 |
| Pool CA9082, 2.00%, 02/01/2051  | 3255933 | 2691403 |
| Pool BR4749, 2.00%, 03/01/2051  | 1622887 | 1345612 |
| Pool CB0668, 2.00%, 05/01/2051  | 2116048 | 1748423 |
| Pool BT1268, 2.00%, 07/01/2051  | 2999296 | 2478205 |
| Pool BT1347, 2.00%, 07/01/2051  | 3999417 | 3314510 |
| Pool BR2232, 2.00%, 08/01/2051  | 781031 | 648432 |
| Pool BT2780, 2.00%, 08/01/2051  | 5891957 | 4866302 |
| Pool BT7189, 2.00%, 08/01/2051  | 3745434 | 3106133 |
| Pool BT9013, 2.00%, 08/01/2051  | 1424435 | 1180015 |
| Pool BT7259, 2.00%, 09/01/2051  | 5229085 | 4332804 |
| Pool BT7351, 2.00%, 10/01/2051  | 5564373 | 4619210 |
| Pool BU1092, 2.00%, 10/01/2051  | 4104975 | 3408657 |
| Pool BU2995, 2.00%, 10/01/2051  | 1269932 | 1058974 |
| Pool BU3147, 2.00%, 10/01/2051  | 475253 | 394490 |
| Pool CB1941, 2.00%, 10/01/2051  | 8903015 | 7385973 |
| Pool BU1004, 2.00%, 11/01/2051  | 3127313 | 2602822 |
| Pool BU7796, 2.00%, 11/01/2051  | 1609194 | 1335985 |
| Pool BU9860, 2.00%, 01/01/2052  | 1143093 | 952094 |
| Pool BU9861, 2.00%, 01/01/2052  | 2075787 | 1719460 |
| Pool CB2784, 2.00%, 01/01/2052  | 22131148 | 18265814 |
| Pool BT2173, 2.00%, 02/01/2052  | 2128885 | 1756365 |
| Pool BV3015, 2.00%, 02/01/2052  | 2366508 | 1959693 |
| Pool BV3016, 2.00%, 02/01/2052  | 1421456 | 1185585 |
| Pool BV3213, 2.00%, 02/01/2052  | 1588256 | 1317846 |
| Pool BV4124, 2.00%, 02/01/2052  | 1382589 | 1140441 |
| Pool BV4125, 2.00%, 02/01/2052  | 599995 | 497933 |
| Pool BV5522, 2.00%, 02/01/2052  | 299158 | 246765 |
| Pool CB2791, 2.00%, 02/01/2052  | 8958030 | 7433592 |
| Pool BP5424, 2.50%, 05/01/2050  | 1024535 | 882280 |
| Pool CA5693, 2.50%, 05/01/2050  | 1188327 | 1022813 |
| Pool BP5447, 2.50%, 06/01/2050  | 492368 | 424339 |
| Pool BP5470, 2.50%, 06/01/2050  | 381955 | 329936 |
| Pool BP5498, 2.50%, 06/01/2050  | 780214 | 673296 |
| Pool BP8732, 2.50%, 06/01/2050  | 1608319 | 1384173 |
| Pool CA6159, 2.50%, 06/01/2050  | 1398325 | 1208446 |
| Pool BP8742, 2.50%, 07/01/2050  | 811665 | 701381 |
| Pool BP8759, 2.50%, 07/01/2050  | 1560461 | 1347228 |
| Pool BP8789, 2.50%, 07/01/2050  | 956286 | 825821 |
| Pool BP8814, 2.50%, 07/01/2050  | 746321 | 647710 |
| Pool BP9533, 2.50%, 07/01/2050  | 1636640 | 1407912 |
| Pool BP9534, 2.50%, 07/01/2050  | 1771120 | 1524970 |
| Pool BP9566, 2.50%, 07/01/2050  | 320016 | 275417 |
| Pool BP9596, 2.50%, 08/01/2050  | 565838 | 492985 |
| Pool BP9598, 2.50%, 08/01/2050  | 395536 | 343275 |
| Pool BQ0192, 2.50%, 08/01/2050  | 1360460 | 1174858 |
| Pool BQ0210, 2.50%, 08/01/2050  | 1794309 | 1553900 |
| Pool BQ0228, 2.50%, 08/01/2050  | 1565057 | 1346937 |
| Pool BQ0248, 2.50%, 08/01/2050  | 1155100 | 993248 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **13** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool CA6683, 2.50%, 08/01/2050  | $3112240 | $2683592 |
| Pool BQ1546, 2.50%, 09/01/2050  | 2649873 | 2278507 |
| Pool BQ1572, 2.50%, 09/01/2050  | 3426775 | 2946538 |
| Pool BQ1604, 2.50%, 09/01/2050  | 2292590 | 1976641 |
| Pool BQ2363, 2.50%, 09/01/2050  | 1543495 | 1328384 |
| Pool BQ3065, 2.50%, 09/01/2050  | 2634797 | 2275348 |
| Pool BQ3113, 2.50%, 10/01/2050  | 1441359 | 1239364 |
| Pool BQ4813, 2.50%, 10/01/2050  | 2692922 | 2315248 |
| Pool BQ4877, 2.50%, 10/01/2050  | 708706 | 611587 |
| Pool CA7296, 2.50%, 10/01/2050  | 1037452 | 892871 |
| Pool BQ7638, 2.50%, 11/01/2050  | 2700223 | 2326004 |
| Pool CA7663, 2.50%, 11/01/2050  | 1599526 | 1375165 |
| Pool BR2612, 2.50%, 02/01/2051  | 449749 | 387530 |
| Pool BR5455, 2.50%, 03/01/2051  | 1339465 | 1158096 |
| Pool BR7692, 2.50%, 04/01/2051  | 1373614 | 1185277 |
| Pool BR9147, 2.50%, 05/01/2051  | 2381584 | 2059117 |
| Pool BT1269, 2.50%, 07/01/2051  | 5035508 | 4324782 |
| Pool BT2707, 2.50%, 07/01/2051  | 6241421 | 5359201 |
| Pool BT2781, 2.50%, 08/01/2051  | 3321467 | 2861941 |
| Pool BT7190, 2.50%, 08/01/2051  | 2981594 | 2573336 |
| Pool BT9012, 2.50%, 08/01/2051  | 655814 | 566352 |
| Pool BT7260, 2.50%, 09/01/2051  | 2065573 | 1784833 |
| Pool BU1093, 2.50%, 10/01/2051  | 3285250 | 2840139 |
| Pool CB2073, 2.50%, 11/01/2051  | 9537763 | 8188674 |
| Pool BU7797, 2.50%, 12/01/2051  | 1307466 | 1128835 |
| Pool BU7877, 2.50%, 12/01/2051  | 1604979 | 1384956 |
| Pool BU7879, 2.50%, 12/01/2051  | 1056137 | 915003 |
| Pool BU7880, 2.50%, 12/01/2051  | 1017604 | 882171 |
| Pool BU7876, 2.50%, 01/01/2052  | 2566701 | 2201505 |
| Pool BU7878, 2.50%, 01/01/2052  | 1905977 | 1647136 |
| Pool BU9862, 2.50%, 01/01/2052  | 1520112 | 1303285 |
| Pool BU9863, 2.50%, 01/01/2052  | 1376474 | 1188028 |
| Pool CB2518, 2.50%, 01/01/2052  | 3882655 | 3330227 |
| Pool BT2174, 2.50%, 02/01/2052  | 1171910 | 1008387 |
| Pool BV3017, 2.50%, 02/01/2052  | 1223142 | 1052454 |
| Pool BV3214, 2.50%, 02/01/2052  | 768239 | 664097 |
| Pool BV4126, 2.50%, 02/01/2052  | 450321 | 386181 |
| Pool BV4855, 2.50%, 02/01/2052  | 616105 | 528227 |
| Pool CB2792, 2.50%, 02/01/2052  | 3573449 | 3082955 |
| Pool BT8101, 2.50%, 03/01/2052  | 736176 | 633114 |
| Pool BV2851, 2.50%, 03/01/2052  | 24502535 | 20978060 |
| Pool BV5521, 2.50%, 03/01/2052  | 557885 | 478312 |
| Pool CB3045, 2.50%, 03/01/2052  | 8029872 | 6911877 |
| Pool BV5364, 2.50%, 04/01/2052  | 298798 | 256964 |
| Pool BW1785, 2.50%, 04/01/2052  | 944049 | 810573 |
| Pool CB3337, 2.50%, 04/01/2052  | 1293913 | 1108815 |
| Pool MA4578, 2.50%, 04/01/2052  | 6969078 | 5966720 |
| Pool FS1278, 3.00%, 04/01/2037  | 13010362 | 12251193 |
| Pool AB6333, 3.00%, 09/01/2042  | 370178 | 339693 |
| Pool AP7482, 3.00%, 09/01/2042  | 60810 | 55804 |
| Pool AP9712, 3.00%, 09/01/2042  | 74207 | 68095 |
| Pool AB7486, 3.00%, 12/01/2042  | 675639 | 619641 |
| Pool AR5591, 3.00%, 01/01/2043  | 33637 | 30866 |
| Pool AT1983, 3.00%, 04/01/2043  | 424619 | 389647 |
| Pool AB9496, 3.00%, 05/01/2043  | 23504 | 21568 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **14** | **The CCM Community Impact Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool AR6415, 3.00%, 05/01/2043  | $216377 | $198552 |
| Pool AT0343, 3.00%, 05/01/2043  | 33773 | 30991 |
| Pool AS7134, 3.00%, 05/01/2046  | 559267 | 505736 |
| Pool AS7340, 3.00%, 06/01/2046  | 1362980 | 1233183 |
| Pool BC1141, 3.00%, 06/01/2046  | 324466 | 293484 |
| Pool AS7521, 3.00%, 07/01/2046  | 1084122 | 980582 |
| Pool BD0472, 3.00%, 07/01/2046  | 277493 | 248918 |
| Pool AS7816, 3.00%, 08/01/2046  | 1756939 | 1587003 |
| Pool BC2796, 3.00%, 08/01/2046  | 1074775 | 972369 |
| Pool AS7899, 3.00%, 09/01/2046  | 756018 | 681799 |
| Pool BD6343, 3.00%, 09/01/2046  | 337170 | 306374 |
| Pool AS8079, 3.00%, 10/01/2046  | 1591916 | 1439103 |
| Pool BC4722, 3.00%, 10/01/2046  | 498023 | 448407 |
| Pool AS8290, 3.00%, 11/01/2046  | 1335281 | 1203718 |
| Pool AS8463, 3.00%, 12/01/2046  | 1984869 | 1791441 |
| Pool BC9073, 3.00%, 12/01/2046  | 1826308 | 1646326 |
| Pool AS8650, 3.00%, 01/01/2047  | 3502715 | 3146855 |
| Pool BD7042, 3.00%, 03/01/2047  | 362071 | 325609 |
| Pool BN6614, 3.00%, 05/01/2049  | 217997 | 194629 |
| Pool BN8885, 3.00%, 05/01/2049  | 307589 | 274570 |
| Pool BN6722, 3.00%, 06/01/2049  | 475580 | 424652 |
| Pool BN8907, 3.00%, 06/01/2049  | 223879 | 199977 |
| Pool BN8921, 3.00%, 06/01/2049  | 37080 | 33222 |
| Pool BO1800, 3.00%, 06/01/2049  | 1221171 | 1090209 |
| Pool BO1272, 3.00%, 07/01/2049  | 472580 | 426490 |
| Pool BO1283, 3.00%, 07/01/2049  | 554380 | 495013 |
| Pool CA3873, 3.00%, 07/01/2049  | 594073 | 530396 |
| Pool BN7692, 3.00%, 08/01/2049  | 387295 | 345679 |
| Pool BO1314, 3.00%, 08/01/2049  | 1158909 | 1034933 |
| Pool BO1318, 3.00%, 08/01/2049  | 982025 | 876556 |
| Pool BO1324, 3.00%, 08/01/2049  | 1827245 | 1631142 |
| Pool CA3957, 3.00%, 08/01/2049  | 1589188 | 1422004 |
| Pool BO2209, 3.00%, 09/01/2049  | 1042093 | 929900 |
| Pool BO2957, 3.00%, 09/01/2049  | 905556 | 812392 |
| Pool BO2962, 3.00%, 09/01/2049  | 1406873 | 1255929 |
| Pool BO3017, 3.00%, 09/01/2049  | 1395981 | 1246646 |
| Pool BO3200, 3.00%, 09/01/2049  | 705432 | 629344 |
| Pool CA4244, 3.00%, 09/01/2049  | 275457 | 245744 |
| Pool BO5402, 3.00%, 10/01/2049  | 1467456 | 1313044 |
| Pool BO5431, 3.00%, 10/01/2049  | 844545 | 754033 |
| Pool BO5441, 3.00%, 10/01/2049  | 869982 | 778296 |
| Pool CA4331, 3.00%, 10/01/2049  | 2467009 | 2201424 |
| Pool BO4660, 3.00%, 11/01/2049  | 1446103 | 1289076 |
| Pool BO5348, 3.00%, 11/01/2049  | 1934440 | 1726185 |
| Pool BO5477, 3.00%, 11/01/2049  | 1032386 | 923442 |
| Pool BO5487, 3.00%, 11/01/2049  | 1264318 | 1131021 |
| Pool CA4531, 3.00%, 11/01/2049  | 3864738 | 3450507 |
| Pool BO5371, 3.00%, 12/01/2049  | 746777 | 668899 |
| Pool BO6215, 3.00%, 12/01/2049  | 215926 | 192541 |
| Pool BO8900, 3.00%, 12/01/2049  | 723493 | 647376 |
| Pool BO8936, 3.00%, 01/01/2050  | 1275728 | 1137332 |
| Pool BO8980, 3.00%, 01/01/2050  | 543517 | 486640 |
| Pool CA5097, 3.00%, 01/01/2050  | 645829 | 575632 |
| Pool BO9005, 3.00%, 02/01/2050  | 679820 | 607122 |
| Pool BP1309, 3.00%, 02/01/2050  | 750399 | 668941 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **15** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool CA5237, 3.00%, 02/01/2050  | $1243203 | $1109589 |
| Pool BP1374, 3.00%, 03/01/2050  | 1283385 | 1145136 |
| Pool BP1467, 3.00%, 03/01/2050  | 1147102 | 1026072 |
| Pool BP5412, 3.00%, 05/01/2050  | 444882 | 398829 |
| Pool BP5425, 3.00%, 05/01/2050  | 214441 | 191562 |
| Pool CA5694, 3.00%, 05/01/2050  | 2267088 | 2020671 |
| Pool BP5448, 3.00%, 06/01/2050  | 123473 | 110431 |
| Pool BP5471, 3.00%, 06/01/2050  | 174801 | 155922 |
| Pool BP5499, 3.00%, 06/01/2050  | 270707 | 241097 |
| Pool BP8733, 3.00%, 06/01/2050  | 610606 | 543589 |
| Pool CA6160, 3.00%, 06/01/2050  | 337359 | 300550 |
| Pool BP8743, 3.00%, 07/01/2050  | 346304 | 310762 |
| Pool BP8760, 3.00%, 07/01/2050  | 203517 | 182218 |
| Pool BP8790, 3.00%, 07/01/2050  | 680436 | 606900 |
| Pool BP8815, 3.00%, 07/01/2050  | 659335 | 589436 |
| Pool BP9535, 3.00%, 07/01/2050  | 532265 | 475033 |
| Pool BP9536, 3.00%, 07/01/2050  | 955131 | 854576 |
| Pool BP9567, 3.00%, 07/01/2050  | 721452 | 645458 |
| Pool BP9597, 3.00%, 08/01/2050  | 561652 | 502327 |
| Pool BQ0193, 3.00%, 08/01/2050  | 385199 | 343464 |
| Pool BQ0211, 3.00%, 08/01/2050  | 362995 | 324953 |
| Pool BQ0229, 3.00%, 08/01/2050  | 544974 | 489592 |
| Pool BQ0249, 3.00%, 08/01/2050  | 584009 | 522983 |
| Pool BQ1573, 3.00%, 09/01/2050  | 2039961 | 1822315 |
| Pool BV4127, 3.00%, 03/01/2052  | 846153 | 753351 |
| Pool BV5365, 3.00%, 04/01/2052  | 1138370 | 1008895 |
| Pool BV5366, 3.00%, 04/01/2052  | 1218796 | 1086822 |
| Pool CB3338, 3.00%, 04/01/2052  | 6071440 | 5380173 |
| Pool BT8102, 3.00%, 05/01/2052  | 865356 | 767136 |
| Pool BV8519, 3.00%, 05/01/2052  | 1271155 | 1131150 |
| Pool BV8520, 3.00%, 05/01/2052  | 815132 | 728383 |
| Pool BW1786, 3.00%, 05/01/2052  | 1023820 | 907257 |
| Pool MA4698, 3.00%, 08/01/2052  | 12956286 | 11469290 |
| Pool AS0092, 3.50%, 07/01/2043  | 119417 | 112241 |
| Pool AU1769, 3.50%, 08/01/2043  | 124607 | 117248 |
| Pool AX4858, 3.50%, 12/01/2044  | 125363 | 117706 |
| Pool AX7551, 3.50%, 01/01/2045  | 114474 | 107478 |
| Pool AY4388, 3.50%, 02/01/2045  | 130532 | 122826 |
| Pool AS4536, 3.50%, 03/01/2045  | 70264 | 65901 |
| Pool AX9585, 3.50%, 03/01/2045  | 669151 | 629386 |
| Pool AY5019, 3.50%, 03/01/2045  | 86501 | 80238 |
| Pool AS4738, 3.50%, 04/01/2045  | 313896 | 294332 |
| Pool AY1387, 3.50%, 04/01/2045  | 89580 | 84049 |
| Pool AS4913, 3.50%, 05/01/2045  | 448613 | 420291 |
| Pool AY3458, 3.50%, 05/01/2045  | 213367 | 200116 |
| Pool AY8252, 3.50%, 05/01/2045  | 9053 | 8506 |
| Pool AY8271, 3.50%, 05/01/2045  | 86128 | 80627 |
| Pool AS5117, 3.50%, 06/01/2045  | 424373 | 397743 |
| Pool AZ2274, 3.50%, 06/01/2045  | 153293 | 143543 |
| Pool AZ2316, 3.50%, 06/01/2045  | 51282 | 47703 |
| Pool AS5351, 3.50%, 07/01/2045  | 103763 | 97424 |
| Pool AZ0805, 3.50%, 07/01/2045  | 355603 | 333510 |
| Pool AZ5686, 3.50%, 07/01/2045  | 55115 | 51668 |
| Pool AS5579, 3.50%, 08/01/2045  | 98307 | 92222 |
| Pool AZ5696, 3.50%, 08/01/2045  | 21750 | 20437 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **16** | **The CCM Community Impact Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool AS5767, 3.50%, 09/01/2045  | $167747 | $157103 |
| Pool AZ2904, 3.50%, 09/01/2045  | 111344 | 104275 |
| Pool AZ9193, 3.50%, 09/01/2045  | 116822 | 108606 |
| Pool AS5917, 3.50%, 10/01/2045  | 232692 | 217832 |
| Pool AZ4755, 3.50%, 10/01/2045  | 110175 | 103146 |
| Pool AS6127, 3.50%, 11/01/2045  | 304995 | 285643 |
| Pool AS6309, 3.50%, 12/01/2045  | 240185 | 225046 |
| Pool BC0066, 3.50%, 12/01/2045  | 154612 | 144657 |
| Pool AS6467, 3.50%, 01/01/2046  | 870516 | 815103 |
| Pool AS6616, 3.50%, 02/01/2046  | 577316 | 540327 |
| Pool BC0223, 3.50%, 02/01/2046  | 784467 | 734339 |
| Pool BC0226, 3.50%, 02/01/2046  | 119580 | 111893 |
| Pool AS6785, 3.50%, 03/01/2046  | 802126 | 750730 |
| Pool AS6956, 3.50%, 04/01/2046  | 1331589 | 1246134 |
| Pool BC0801, 3.50%, 04/01/2046  | 401015 | 375363 |
| Pool AS7135, 3.50%, 05/01/2046  | 102848 | 96151 |
| Pool BC6041, 3.50%, 05/01/2046  | 347329 | 324468 |
| Pool BD0456, 3.50%, 06/01/2046  | 18134 | 16996 |
| Pool BC9068, 3.50%, 12/01/2046  | 317319 | 296693 |
| Pool AS8635, 3.50%, 01/01/2047  | 2150810 | 2009434 |
| Pool AS8808, 3.50%, 02/01/2047  | 1304832 | 1221093 |
| Pool AS8918, 3.50%, 03/01/2047  | 2745829 | 2565621 |
| Pool BD7046, 3.50%, 03/01/2047  | 2679915 | 2504543 |
| Pool BE7198, 3.50%, 03/01/2047  | 319112 | 297990 |
| Pool AS9380, 3.50%, 04/01/2047  | 995335 | 930940 |
| Pool BH1139, 3.50%, 04/01/2047  | 34406 | 32419 |
| Pool BH1158, 3.50%, 04/01/2047  | 349833 | 326691 |
| Pool AS9548, 3.50%, 05/01/2047  | 1136444 | 1061742 |
| Pool BD2416, 3.50%, 05/01/2047  | 934360 | 873426 |
| Pool AS9814, 3.50%, 06/01/2047  | 1062154 | 992443 |
| Pool BE3687, 3.50%, 06/01/2047  | 515736 | 481568 |
| Pool BH5307, 3.50%, 06/01/2047  | 357640 | 333830 |
| Pool AS9943, 3.50%, 07/01/2047  | 1983386 | 1852599 |
| Pool BH5329, 3.50%, 07/01/2047  | 167992 | 156793 |
| Pool BH2607, 3.50%, 08/01/2047  | 545227 | 510748 |
| Pool CA0116, 3.50%, 08/01/2047  | 769207 | 717926 |
| Pool BH2671, 3.50%, 09/01/2047  | 905725 | 845626 |
| Pool BH5391, 3.50%, 09/01/2047  | 242087 | 226601 |
| Pool CA0408, 3.50%, 09/01/2047  | 134584 | 126143 |
| Pool BH4063, 3.50%, 10/01/2047  | 613851 | 573503 |
| Pool BH9370, 3.50%, 10/01/2047  | 75652 | 70778 |
| Pool CA0566, 3.50%, 10/01/2047  | 586008 | 546456 |
| Pool BH5746, 3.50%, 11/01/2047  | 937608 | 875491 |
| Pool CA0744, 3.50%, 11/01/2047  | 244827 | 228734 |
| Pool BH7046, 3.50%, 12/01/2047  | 2471145 | 2308458 |
| Pool BJ1663, 3.50%, 12/01/2047  | 880276 | 820843 |
| Pool CA0918, 3.50%, 12/01/2047  | 829910 | 774667 |
| Pool BH7097, 3.50%, 01/01/2048  | 1628226 | 1521371 |
| Pool BJ4551, 3.50%, 01/01/2048  | 704771 | 655769 |
| Pool BJ4562, 3.50%, 01/01/2048  | 552037 | 515522 |
| Pool CA1074, 3.50%, 01/01/2048  | 1645344 | 1536509 |
| Pool BH9270, 3.50%, 02/01/2048  | 1303877 | 1217088 |
| Pool BJ4611, 3.50%, 02/01/2048  | 958125 | 895943 |
| Pool BJ4612, 3.50%, 02/01/2048  | 315781 | 295122 |
| Pool CA1243, 3.50%, 02/01/2048  | 2978891 | 2789294 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **17** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool BJ0616, 3.50%, 03/01/2048  | $1623117 | $1514914 |
| Pool BJ0652, 3.50%, 03/01/2048  | 807885 | 755281 |
| Pool BK1959, 3.50%, 03/01/2048  | 881654 | 821784 |
| Pool BK1960, 3.50%, 03/01/2048  | 406633 | 379187 |
| Pool CA1415, 3.50%, 03/01/2048  | 1493035 | 1392884 |
| Pool MA3574, 3.50%, 01/01/2049  | 1305487 | 1214125 |
| Pool BN5245, 3.50%, 02/01/2049  | 457332 | 427931 |
| Pool MA3597, 3.50%, 02/01/2049  | 2288101 | 2127025 |
| Pool BN5344, 3.50%, 03/01/2049  | 681551 | 631671 |
| Pool BN6235, 3.50%, 04/01/2049  | 58207 | 54043 |
| Pool BN6245, 3.50%, 04/01/2049  | 25244 | 23438 |
| Pool BN6283, 3.50%, 04/01/2049  | 355395 | 329828 |
| Pool BN6567, 3.50%, 04/01/2049  | 686229 | 640548 |
| Pool CA3399, 3.50%, 04/01/2049  | 880875 | 815861 |
| Pool BN6299, 3.50%, 05/01/2049  | 655404 | 607034 |
| Pool BN6619, 3.50%, 05/01/2049  | 731200 | 681542 |
| Pool BN8886, 3.50%, 05/01/2049  | 1548852 | 1435500 |
| Pool CA3556, 3.50%, 05/01/2049  | 962001 | 894682 |
| Pool BN6735, 3.50%, 06/01/2049  | 760399 | 706245 |
| Pool BN8911, 3.50%, 06/01/2049  | 1000565 | 926099 |
| Pool BN8922, 3.50%, 06/01/2049  | 608983 | 564795 |
| Pool BN8930, 3.50%, 06/01/2049  | 897587 | 830207 |
| Pool CA3738, 3.50%, 06/01/2049  | 747041 | 701768 |
| Pool BO1273, 3.50%, 07/01/2049  | 1039922 | 962204 |
| Pool BO1284, 3.50%, 07/01/2049  | 1170790 | 1086560 |
| Pool BO1315, 3.50%, 07/01/2049  | 316122 | 293866 |
| Pool BO1795, 3.50%, 07/01/2049  | 410658 | 381242 |
| Pool CA3874, 3.50%, 07/01/2049  | 421193 | 389846 |
| Pool BO1319, 3.50%, 08/01/2049  | 1393632 | 1289480 |
| Pool BO1358, 3.50%, 08/01/2049  | 1065619 | 985321 |
| Pool BO2963, 3.50%, 09/01/2049  | 1073274 | 993704 |
| Pool BO5403, 3.50%, 10/01/2049  | 124715 | 116553 |
| Pool BO5349, 3.50%, 11/01/2049  | 120165 | 112375 |
| Pool BO5478, 3.50%, 11/01/2049  | 1229992 | 1139568 |
| Pool BO5488, 3.50%, 11/01/2049  | 1010739 | 934079 |
| Pool BO5372, 3.50%, 12/01/2049  | 282618 | 260974 |
| Pool BO8937, 3.50%, 01/01/2050  | 403851 | 373669 |
| Pool BO9006, 3.50%, 02/01/2050  | 484552 | 450572 |
| Pool BP1310, 3.50%, 02/01/2050  | 414042 | 388857 |
| Pool BP1468, 3.50%, 03/01/2050  | 404268 | 376806 |
| Pool BV5367, 3.50%, 04/01/2052  | 599087 | 549997 |
| Pool BV5368, 3.50%, 04/01/2052  | 1108783 | 1022559 |
| Pool MA4580, 3.50%, 04/01/2052  | 5440038 | 4982878 |
| Pool BV8521, 3.50%, 05/01/2052  | 2867710 | 2628503 |
| Pool BV8522, 3.50%, 05/01/2052  | 1829010 | 1690600 |
| Pool BV9871, 3.50%, 05/01/2052  | 865797 | 795874 |
| Pool CB3688, 3.50%, 05/01/2052  | 9052973 | 8297837 |
| Pool BT8242, 3.50%, 06/01/2052  | 408829 | 374811 |
| Pool BW1784, 3.50%, 06/01/2052  | 1311017 | 1203589 |
| Pool BW6010, 3.50%, 06/01/2052  | 1739265 | 1594190 |
| Pool CB3798, 3.50%, 06/01/2052  | 7236345 | 6631970 |
| Pool CB3986, 3.50%, 06/01/2052  | 4751298 | 4354477 |
| Pool AH0540, 4.00%, 12/01/2040  | 24674 | 24179 |
| Pool AH2979, 4.00%, 01/01/2041  | 23649 | 23217 |
| Pool AH5643, 4.00%, 01/01/2041  | 59551 | 58307 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **18** | **The CCM Community Impact Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool AH5671, 4.00%, 02/01/2041  | $61674 | $60375 |
| Pool AH8877, 4.00%, 04/01/2041  | 93889 | 91908 |
| Pool AI9871, 4.00%, 09/01/2041  | 53083 | 52073 |
| Pool AJ4024, 4.00%, 10/01/2041  | 64752 | 63440 |
| Pool AU9998, 4.00%, 09/01/2043  | 55009 | 53758 |
| Pool AS0716, 4.00%, 10/01/2043  | 184282 | 180548 |
| Pool AU6721, 4.00%, 10/01/2043  | 84434 | 82864 |
| Pool AV0191, 4.00%, 10/01/2043  | 36536 | 35857 |
| Pool AV0214, 4.00%, 10/01/2043  | 34665 | 34020 |
| Pool AS0929, 4.00%, 11/01/2043  | 160353 | 156634 |
| Pool AU6999, 4.00%, 11/01/2043  | 559143 | 544975 |
| Pool AU7007, 4.00%, 11/01/2043  | 118826 | 116070 |
| Pool AS1368, 4.00%, 12/01/2043  | 49055 | 47917 |
| Pool AV0670, 4.00%, 12/01/2043  | 92391 | 90247 |
| Pool AS1427, 4.00%, 01/01/2044  | 140151 | 137542 |
| Pool AV6342, 4.00%, 01/01/2044  | 81891 | 79203 |
| Pool AS1671, 4.00%, 02/01/2044  | 38047 | 37339 |
| Pool AV5020, 4.00%, 02/01/2044  | 194793 | 190273 |
| Pool AS1877, 4.00%, 03/01/2044  | 16589 | 16281 |
| Pool AV7087, 4.00%, 03/01/2044  | 188996 | 184612 |
| Pool AW0985, 4.00%, 05/01/2044  | 66770 | 65221 |
| Pool AW3597, 4.00%, 06/01/2044  | 121478 | 118659 |
| Pool AW5358, 4.00%, 06/01/2044  | 50404 | 49260 |
| Pool AS2826, 4.00%, 07/01/2044  | 80071 | 78213 |
| Pool AW8968, 4.00%, 07/01/2044  | 27445 | 26934 |
| Pool AS3009, 4.00%, 08/01/2044  | 122854 | 120004 |
| Pool AS3493, 4.00%, 10/01/2044  | 241021 | 236458 |
| Pool AX0902, 4.00%, 10/01/2044  | 36205 | 35523 |
| Pool AX3165, 4.00%, 10/01/2044  | 22932 | 22505 |
| Pool AS3951, 4.00%, 11/01/2044  | 13074 | 12778 |
| Pool AX4856, 4.00%, 12/01/2044  | 58236 | 57152 |
| Pool AX7550, 4.00%, 12/01/2044  | 109415 | 107379 |
| Pool AY5025, 4.00%, 03/01/2045  | 262524 | 255443 |
| Pool AY8277, 4.00%, 05/01/2045  | 53392 | 52241 |
| Pool AZ5697, 4.00%, 08/01/2045  | 56402 | 55111 |
| Pool AZ9195, 4.00%, 09/01/2045  | 49139 | 48177 |
| Pool BE7194, 4.00%, 03/01/2047  | 525570 | 510268 |
| Pool BE7216, 4.00%, 04/01/2047  | 464481 | 452198 |
| Pool BH1143, 4.00%, 04/01/2047  | 284233 | 274802 |
| Pool BD2419, 4.00%, 05/01/2047  | 1144925 | 1105599 |
| Pool BH1167, 4.00%, 05/01/2047  | 168673 | 165535 |
| Pool BE3689, 4.00%, 06/01/2047  | 2134305 | 2060997 |
| Pool BH5309, 4.00%, 06/01/2047  | 1067589 | 1032351 |
| Pool BE3762, 4.00%, 07/01/2047  | 820940 | 789989 |
| Pool BH5334, 4.00%, 07/01/2047  | 5643 | 5559 |
| Pool BH5335, 4.00%, 07/01/2047  | 239845 | 235382 |
| Pool BH5361, 4.00%, 08/01/2047  | 426546 | 411168 |
| Pool BH5395, 4.00%, 09/01/2047  | 583133 | 567921 |
| Pool BH4060, 4.00%, 10/01/2047  | 707500 | 681992 |
| Pool BH9379, 4.00%, 10/01/2047  | 123443 | 120310 |
| Pool BH5748, 4.00%, 11/01/2047  | 823064 | 791480 |
| Pool BJ4571, 4.00%, 01/01/2048  | 216349 | 212041 |
| Pool BK1957, 4.00%, 03/01/2048  | 265969 | 256380 |
| Pool BK1968, 4.00%, 03/01/2048  | 673241 | 648967 |
| Pool BK1969, 4.00%, 03/01/2048  | 643155 | 627752 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **19** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool BK2557, 4.00%, 03/01/2048  | $958193 | $926566 |
| Pool BJ2676, 4.00%, 04/01/2048  | 330827 | 318899 |
| Pool BK2008, 4.00%, 04/01/2048  | 470708 | 456082 |
| Pool BJ2752, 4.00%, 05/01/2048  | 1017208 | 978171 |
| Pool BJ9235, 4.00%, 06/01/2048  | 1872716 | 1800852 |
| Pool BK5289, 4.00%, 06/01/2048  | 621018 | 601058 |
| Pool CA1934, 4.00%, 06/01/2048  | 1348774 | 1299730 |
| Pool BK0898, 4.00%, 07/01/2048  | 189256 | 182432 |
| Pool BK8813, 4.00%, 07/01/2048  | 645160 | 621897 |
| Pool CA2094, 4.00%, 07/01/2048  | 1400408 | 1346662 |
| Pool BK4747, 4.00%, 08/01/2048  | 349722 | 337112 |
| Pool BK8829, 4.00%, 08/01/2048  | 269665 | 261973 |
| Pool BH0713, 4.00%, 09/01/2048  | 252187 | 243429 |
| Pool BK4815, 4.00%, 09/01/2048  | 635817 | 611414 |
| Pool BK8895, 4.00%, 09/01/2048  | 600079 | 580791 |
| Pool CA2315, 4.00%, 09/01/2048  | 538924 | 519492 |
| Pool BK7669, 4.00%, 10/01/2048  | 820917 | 789412 |
| Pool CA2532, 4.00%, 10/01/2048  | 1184123 | 1138004 |
| Pool BK7934, 4.00%, 11/01/2048  | 1339762 | 1288345 |
| Pool BH0723, 4.00%, 12/01/2048  | 286558 | 277754 |
| Pool BN0321, 4.00%, 12/01/2048  | 716723 | 689218 |
| Pool BN3958, 4.00%, 12/01/2048  | 433548 | 416783 |
| Pool CA2994, 4.00%, 01/01/2049  | 296667 | 285970 |
| Pool BN4338, 4.00%, 02/01/2049  | 231814 | 225221 |
| Pool BN4347, 4.00%, 02/01/2049  | 217174 | 210212 |
| Pool BN5288, 4.00%, 02/01/2049  | 1023831 | 984539 |
| Pool CA3143, 4.00%, 02/01/2049  | 497278 | 479349 |
| Pool BN4373, 4.00%, 03/01/2049  | 664945 | 638798 |
| Pool BN4386, 4.00%, 03/01/2049  | 217696 | 208573 |
| Pool BN5350, 4.00%, 03/01/2049  | 297601 | 285511 |
| Pool BN6227, 4.00%, 03/01/2049  | 161831 | 155890 |
| Pool CA3270, 4.00%, 03/01/2049  | 209614 | 201098 |
| Pool BN6236, 4.00%, 04/01/2049  | 18070 | 17618 |
| Pool BN6247, 4.00%, 04/01/2049  | 171494 | 167021 |
| Pool BN6285, 4.00%, 04/01/2049  | 353509 | 339148 |
| Pool BN6563, 4.00%, 04/01/2049  | 171537 | 164344 |
| Pool BN6301, 4.00%, 05/01/2049  | 764796 | 734141 |
| Pool BN8894, 4.00%, 05/01/2049  | 711886 | 686220 |
| Pool BN8913, 4.00%, 06/01/2049  | 335016 | 322718 |
| Pool BN8923, 4.00%, 06/01/2049  | 688686 | 662257 |
| Pool BN8931, 4.00%, 06/01/2049  | 491450 | 472125 |
| Pool BO1274, 4.00%, 07/01/2049  | 423651 | 405886 |
| Pool BO1285, 4.00%, 07/01/2049  | 635147 | 609758 |
| Pool BO1316, 4.00%, 07/01/2049  | 131389 | 126881 |
| Pool BO1326, 4.00%, 08/01/2049  | 824742 | 787299 |
| Pool BO2971, 4.00%, 09/01/2049  | 272336 | 262160 |
| Pool BO5432, 4.00%, 10/01/2049  | 609136 | 586776 |
| Pool BO5373, 4.00%, 12/01/2049  | 114974 | 111053 |
| Pool BO8938, 4.00%, 01/01/2050  | 411823 | 401077 |
| Pool BO9007, 4.00%, 02/01/2050  | 250858 | 240830 |
| Pool BV8523, 4.00%, 05/01/2052  | 1869012 | 1770700 |
| Pool BV8524, 4.00%, 05/01/2052  | 1786858 | 1700344 |
| Pool BV9872, 4.00%, 05/01/2052  | 1798247 | 1701786 |
| Pool BV9873, 4.00%, 05/01/2052  | 2161914 | 2055497 |
| Pool BW1787, 4.00%, 05/01/2052  | 152550 | 144832 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **20** | **The CCM Community Impact Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool BT8307, 4.00%, 06/01/2052  | $1131303 | $1070612 |
| Pool CB3987, 4.00%, 06/01/2052  | 9101945 | 8614597 |
| Pool BW6011, 4.00%, 07/01/2052  | 998384 | 945447 |
| Pool CB4207, 4.00%, 07/01/2052  | 4221062 | 3994191 |
| Pool BX0008, 4.00%, 09/01/2052  | 232633 | 220105 |
| Pool AC4095, 4.50%, 09/01/2039  | 4863 | 4792 |
| Pool AH6769, 4.50%, 03/01/2041  | 91667 | 91635 |
| Pool AI3491, 4.50%, 06/01/2041  | 149727 | 149676 |
| Pool AI5362, 4.50%, 06/01/2041  | 87734 | 86500 |
| Pool AI6155, 4.50%, 07/01/2041  | 185489 | 184705 |
| Pool AI8167, 4.50%, 08/01/2041  | 79310 | 78565 |
| Pool BH1145, 4.50%, 04/01/2047  | 261572 | 256793 |
| Pool BK2031, 4.50%, 04/01/2048  | 217619 | 213368 |
| Pool BK5278, 4.50%, 05/01/2048  | 722244 | 717747 |
| Pool BK5299, 4.50%, 06/01/2048  | 372565 | 365623 |
| Pool BK8815, 4.50%, 07/01/2048  | 234621 | 229469 |
| Pool BK8869, 4.50%, 09/01/2048  | 943048 | 936688 |
| Pool BK8905, 4.50%, 09/01/2048  | 331561 | 324697 |
| Pool BN0889, 4.50%, 11/01/2048  | 366128 | 358702 |
| Pool BN0323, 4.50%, 12/01/2048  | 268484 | 263895 |
| Pool BN4308, 4.50%, 12/01/2048  | 185462 | 182374 |
| Pool CA2842, 4.50%, 12/01/2048  | 399416 | 394819 |
| Pool BN5289, 4.50%, 01/01/2049  | 120196 | 118166 |
| Pool BN4339, 4.50%, 02/01/2049  | 196602 | 192899 |
| Pool BN4384, 4.50%, 03/01/2049  | 142171 | 139823 |
| Pool BN6238, 4.50%, 04/01/2049  | 123827 | 122161 |
| Pool BN6277, 4.50%, 04/01/2049  | 70347 | 68873 |
| Pool BN6302, 4.50%, 05/01/2049  | 7548 | 7386 |
| Pool BN8924, 4.50%, 06/01/2049  | 294032 | 291321 |
| Pool BN8932, 4.50%, 06/01/2049  | 146463 | 143744 |
| Pool BO1320, 4.50%, 08/01/2049  | 199349 | 196056 |
| Pool BW6012, 4.50%, 07/01/2052  | 856638 | 837331 |
| Pool BW5904, 4.50%, 08/01/2052  | 438304 | 426796 |
| Pool CB4293, 4.50%, 08/01/2052  | 6564258 | 6391916 |
| Pool BX0009, 4.50%, 09/01/2052  | 497625 | 484560 |
| Pool CB4717, 4.50%, 09/01/2052  | 7951427 | 7742669 |
| Pool CB4824, 4.50%, 10/01/2052  | 7130163 | 6942965 |
| Pool BX0443, 4.50%, 11/01/2052  | 2109434 | 2054054 |
| Pool 890230, 5.00%, 07/01/2040  | 2735422 | 2797357 |
| Pool AD8500, 5.00%, 08/01/2040  | 80231 | 80101 |
| Pool AH6772, 5.00%, 03/01/2041  | 50069 | 50015 |
| Pool AH8879, 5.00%, 04/01/2041  | 185029 | 184911 |
| Pool AI3492, 5.00%, 06/01/2041  | 169647 | 169630 |
| Pool AI6154, 5.00%, 07/01/2041  | 110700 | 110629 |
| Pool BK5300, 5.00%, 05/01/2048  | 387640 | 389940 |
| Pool BK8817, 5.00%, 07/01/2048  | 89035 | 88820 |
| Pool BK8870, 5.00%, 09/01/2048  | 507347 | 510855 |
| Pool BN6239, 5.00%, 04/01/2049  | 35916 | 35796 |
| Pool BX0444, 5.00%, 11/01/2052  | 3064371 | 3051270 |
| Pool CB5052, 5.00%, 11/01/2052  | 25717181 | 25608024 |
| Pool 890246, 5.50%, 11/01/2038  | 1181758 | 1240758 |
| Pool BX0445, 5.50%, 11/01/2052  | 4970196 | 5030611 |
| Pool CB5228, 5.50%, 12/01/2052  | 16552046 | 16757343 |
| Pool 890247, 6.00%, 09/01/2038  | 1289457 | 1356685 |
| Pool BX0446, 6.00%, 11/01/2052  | 983992 | 1006776 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **21** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| Pool 886136, 6.50%, 07/01/2036  | $| 153511 | $| 158079 |
| Pool 900106, 6.50%, 08/01/2036  |  | 52226 |  | 53995 |
| Pool 900649, 6.50%, 09/01/2036  |  | 98134 |  | 101054 |
| Pool 947771, 6.50%, 09/01/2037  |  | 36654 |  | 37745 |
|  |  |  |  | 621487650 |
| **FRESB Multifamily Mortgage Pass-Through Certificates - 0.48%** | **FRESB Multifamily Mortgage Pass-Through Certificates - 0.48%** | **FRESB Multifamily Mortgage Pass-Through Certificates - 0.48%** | **FRESB Multifamily Mortgage Pass-Through Certificates - 0.48%** | **FRESB Multifamily Mortgage Pass-Through Certificates - 0.48%** |
| Pool 2021-SB83, 0.63%, 01/25/2026 (b) |  | 2898934 |  | 2612983 |
| Pool 2021-SB82, 0.67%, 11/25/2025 (b) |  | 2115100 |  | 1916264 |
| Pool 2021-SB87, 0.78%, 04/25/2041 (b) |  | 3653740 |  | 3287447 |
| Pool 2021-SB82, 0.86%, 12/25/2027 (b) |  | 2438365 |  | 2125673 |
| Pool 2021-SB87, 1.07%, 04/25/2028 (b) |  | 990614 |  | 861230 |
| Pool 2022-SB104, 2.66%, 08/25/2032 (b) |  | 2000000 |  | 1761051 |
| Pool 2022-SB104, 2.79%, 09/25/2042 (b) |  | 2000000 |  | 1854790 |
| Pool 2017-SB43, 3.00%, 10/25/2027 (b) |  | 513098 |  | 475601 |
| Pool 2017-SB43, 4.50%, (ICE LIBOR USD 1 Month+0.700%), 10/25/2037 (b) |  | 156725 |  | 155686 |
|  |  |  |  | 15050725 |
| **GNMA Multifamily - 12.04%** | **GNMA Multifamily - 12.04%** | **GNMA Multifamily - 12.04%** | **GNMA Multifamily - 12.04%** | **GNMA Multifamily - 12.04%** |
| Pool 2021-31, 1.10%, 01/16/2061  |  | 2219276 |  | 1757407 |
| Pool 2021-36, 1.15%, 03/16/2057  |  | 1955336 |  | 1597075 |
| Pool 2021-47, 1.15%, 03/16/2061  |  | 4837768 |  | 3903144 |
| Pool 2021-28, 1.20%, 01/16/2062  |  | 15152670 |  | 12287287 |
| Pool 2021-186, 1.25%, 05/16/2052  |  | 4814881 |  | 4156738 |
| Pool 2021-5, 1.25%, 01/16/2061  |  | 480157 |  | 388820 |
| Pool 2021-51, 1.25%, 10/16/2062  |  | 984919 |  | 778839 |
| Pool 2020-135, 1.30%, 01/16/2063  |  | 1348506 |  | 1092573 |
| Pool 2021-134 KQ, 1.40%, 03/16/2060  |  | 344617 |  | 281255 |
| Pool 2021-43, 1.40%, 03/16/2062  |  | 5085428 |  | 4164161 |
| Pool 2013-30 A, 1.50%, 05/16/2042  |  | 10749 |  | 10719 |
| Pool 2022-23 AE, 1.50%, 04/16/2046  |  | 3134101 |  | 2858428 |
| Pool 2022-3 AN, 1.50%, 09/16/2051  |  | 16315690 |  | 14193540 |
| Pool 2022-17 AJ, 1.50%, 05/16/2056  |  | 491718 |  | 413566 |
| Pool 2021-79, 1.50%, 10/16/2057  |  | 1077018 |  | 913282 |
| Pool 2021-218 AG, 1.50%, 11/16/2059  |  | 834958 |  | 685812 |
| Pool 2021-219 AJ, 1.50%, 11/16/2059  |  | 1170357 |  | 987282 |
| Pool 2021-218 AK, 1.50%, 10/16/2061  |  | 9849892 |  | 7632164 |
| Pool 2021-217 AB, 1.50%, 12/16/2061  |  | 1427313 |  | 1248384 |
| Pool 2021-68, 1.50%, 12/16/2061  |  | 1310070 |  | 1106483 |
| Pool 2022-2 AC, 1.50%, 01/16/2062  |  | 8716278 |  | 7328520 |
| Pool 2020-89 AB, 1.50%, 02/16/2062  |  | 420189 |  | 344025 |
| Pool 2020-69, 1.50%, 03/16/2062  |  | 989839 |  | 809864 |
| Pool 2021-164, 1.50%, 03/16/2062  |  | 2698061 |  | 2255780 |
| Pool 2020-139, 1.50%, 04/16/2062  |  | 856348 |  | 702924 |
| Pool 2021-210, 1.50%, 05/16/2062  |  | 499628 |  | 409447 |
| Pool 2020-158, 1.50%, 09/16/2062  |  | 2576881 |  | 2115086 |
| Pool 2021-102 AD, 1.50%, 10/16/2062  |  | 924010 |  | 757920 |
| Pool 2020-170, 1.50%, 11/16/2062  |  | 399371 |  | 326126 |
| Pool 2021-183, 1.50%, 01/16/2063  |  | 1469164 |  | 1206709 |
| Pool 2021-40, 1.50%, 02/16/2063  |  | 7831578 |  | 6409809 |
| Pool 2021-21, 1.50%, 06/16/2063  |  | 4805806 |  | 3804743 |
| Pool 2021-164, 1.50%, 10/16/2063  |  | 394629 |  | 318938 |
| Pool 2022-7 AC, 1.50%, 01/16/2064  |  | 1965387 |  | 1612954 |
| Pool 2013-85 A, 1.55%, 09/16/2046  |  | 194771 |  | 180061 |
| Pool 2013-7 AC, 1.60%, 03/16/2047  |  | 531568 |  | 485493 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **22** | **The CCM Community Impact Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool 2021-75, 1.60%, 04/16/2062  | $2417826 | $1996564 |
| Pool 2020-197, 1.60%, 10/16/2062  | 3528184 | 2911869 |
| Pool 2021-200, 1.60%, 10/16/2062  | 446173 | 373767 |
| Pool 2022-21 AB, 1.60%, 12/16/2062  | 1390139 | 1158520 |
| Pool 2020-100, 1.65%, 04/16/2062  | 779622 | 654412 |
| Pool 2021-170, 1.65%, 12/16/2062  | 787755 | 651813 |
| Pool 2021-65, 1.65%, 12/16/2062  | 400074 | 330572 |
| Pool 2021-220 AC, 1.65%, 11/16/2063  | 4776896 | 3915813 |
| Pool 2012-139 AB, 1.67%, 02/16/2053  | 44746 | 37566 |
| Pool 2021-90, 1.70%, 05/16/2061  | 2124782 | 1757934 |
| Pool 2013-50 AB, 1.73%, 05/16/2045  | 259684 | 241649 |
| Pool 2022-15 AP, 1.75%, 12/16/2055  | 1302666 | 1107279 |
| Pool 2021-222 AP, 1.75%, 02/16/2056  | 5491916 | 4669713 |
| Pool 2022-14 AG, 1.75%, 01/01/2058  | 2217719 | 1855927 |
| Pool 2021-128 PT, 1.75%, 06/16/2061  | 470541 | 390199 |
| Pool 2022-038, 1.75%, 01/16/2062  | 7748212 | 6208553 |
| Pool 2022-042, 1.75%, 01/16/2062  | 979697 | 821451 |
| Pool 2022-41 AD, 1.75%, 01/16/2062  | 1778307 | 1537860 |
| Pool 2021-80, 1.75%, 06/16/2062  | 1923769 | 1620092 |
| Pool 2022-8 AB, 1.75%, 07/16/2062  | 1496655 | 1272725 |
| Pool 2020-128, 1.75%, 10/16/2062  | 1981363 | 1639599 |
| Pool 2021-110 AC, 1.75%, 10/16/2062  | 140416 | 116849 |
| Pool 2021-33, 1.75%, 10/16/2062  | 1118933 | 927437 |
| Pool 2012-144 AD, 1.77%, 01/16/2053  | 150457 | 134942 |
| Pool 2012-99 AE, 1.80%, 02/16/2048  | 564298 | 488527 |
| Pool 2013-12 AB, 1.83%, 11/16/2052  | 123575 | 115289 |
| Pool 2013-72 AC, 1.88%, 05/16/2046  | 320586 | 294632 |
| Pool 2012-135 AC, 1.89%, 01/16/2053 (b) | 663155 | 570774 |
| Pool 2012-150 AB, 1.90%, 08/16/2044  | 22493 | 21547 |
| Pool 2012-120 A, 1.90%, 02/16/2053  | 751236 | 663120 |
| Pool 2020-71, 1.90%, 01/16/2062  | 760644 | 635410 |
| Pool 2022-59 AB, 2.00%, 07/16/2043  | 1396655 | 1304385 |
| Pool 2022-115, 2.00%, 09/16/2048  | 9891456 | 8955513 |
| Pool 2013-128 AB, 2.00%, 10/16/2051  | 874020 | 783808 |
| Pool 2011-143, 2.00%, 10/16/2057  | 1580429 | 1326975 |
| Pool 2017-7, 2.00%, 11/16/2058  | 67045 | 56935 |
| Pool 2022-042, 2.00%, 01/16/2062  | 987004 | 850538 |
| Pool 2022-77 AD, 2.00%, 01/16/2062  | 1251011 | 1067182 |
| Pool 2020-118 AC, 2.00%, 04/16/2062  | 613529 | 517453 |
| Pool 2020-91 AQ, 2.00%, 05/16/2062  | 1161502 | 976010 |
| Pool 2020-106 AG, 2.00%, 06/16/2062  | 866706 | 729160 |
| Pool 2020-111 AD, 2.00%, 09/15/2062  | 1539460 | 1299963 |
| Pool 2020-159, 2.00%, 10/16/2062  | 1480850 | 1249103 |
| Pool 2022-71 AH, 2.00%, 05/16/2063  | 1976815 | 1687336 |
| Pool 2022-035, 2.00%, 10/16/2063 (b) | 360386 | 316377 |
| Pool 2022-49 AH, 2.00%, 03/16/2064  | 5745432 | 4809394 |
| Pool 2022-73 AK, 2.00%, 03/16/2064  | 2218736 | 1860346 |
| Pool 2012-112 AD, 2.09%, 02/16/2053  | 91754 | 80758 |
| Pool 2012-114 A, 2.10%, 01/16/2053 (b) | 173693 | 154156 |
| Pool 2022-74 DA, 2.10%, 12/16/2058 (b) | 4958465 | 4203032 |
| Pool 2012-125 AB, 2.11%, 02/16/2053 (b) | 125885 | 109130 |
| Pool AA8478, 2.15%, 05/15/2035  | 261396 | 260893 |
| Pool AA8479, 2.15%, 11/15/2035  | 549735 | 548677 |
| Pool 2022-082, 2.15%, 12/16/2050  | 1455442 | 1276233 |
| Pool 2022-96 DA, 2.15%, 02/16/2057  | 779888 | 666255 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **23** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool 2022-72 AD, 2.15%, 04/16/2063  | $494973 | $420634 |
| Pool 2012-70 AB, 2.18%, 08/16/2052  | 20980 | 20258 |
| Pool 2013-94 AB, 2.20%, 03/16/2054  | 214838 | 192437 |
| Pool 2016-152, 2.20%, 08/15/2058  | 1362694 | 1163198 |
| Pool 2020-2020, 2.20%, 04/16/2061  | 504866 | 447544 |
| Pool 2020-70, 2.20%, 04/16/2062  | 534447 | 454424 |
| Pool AC5324, 2.23%, 09/15/2032  | 605898 | 600900 |
| Pool 2016-40, 2.25%, 03/16/2050  | 2627873 | 2360798 |
| Pool 2012-111 AB, 2.25%, 09/16/2052  | 99363 | 98623 |
| Pool 2019-127, 2.25%, 08/16/2053  | 325604 | 282834 |
| Pool 2016-175, 2.25%, 09/16/2058  | 1825152 | 1558919 |
| Pool 2020-10, 2.25%, 05/16/2060  | 2259246 | 2023873 |
| Pool 2020-48, 2.25%, 11/16/2061  | 1621322 | 1382312 |
| Pool 2022-149, 2.25%, 03/16/2062  | 4780130 | 4357224 |
| Pool 2021-112 AC, 2.25%, 10/16/2063  | 1435014 | 1210903 |
| Pool 2014-130 CA, 2.30%, 11/16/2042  | 938 | 935 |
| Pool 2022-167, 2.30%, 10/16/2050  | 9108099 | 8372615 |
| Pool 2017-20, 2.30%, 09/16/2057  | 744925 | 645160 |
| Pool 2016-125, 2.30%, 12/16/2057  | 587250 | 502771 |
| Pool 2017-003, 2.30%, 09/16/2058  | 1057036 | 905058 |
| Pool 2012-100 B, 2.31%, 11/16/2051 (b) | 500000 | 445565 |
| Pool 2015-125 AB, 2.35%, 04/16/2047  | 1571236 | 1438762 |
| Pool 2016-26, 2.35%, 11/16/2056  | 67207 | 61993 |
| Pool 2016-87, 2.35%, 03/16/2058  | 318457 | 275311 |
| Pool 2020-26 AD, 2.35%, 04/15/2061  | 2525904 | 2194663 |
| Pool 2016-40, 2.40%, 06/16/2049  | 902877 | 809779 |
| Pool 2018-16, 2.40%, 03/16/2050  | 3498530 | 3209362 |
| Pool 2017-30, 2.40%, 03/16/2051  | 1263331 | 1139392 |
| Pool 2018-26, 2.40%, 03/16/2052  | 1336620 | 1253526 |
| Pool 2014-15 AD, 2.40%, 08/16/2054 (b) | 1265 | 1260 |
| Pool 2017-50, 2.40%, 01/16/2057  | 2495372 | 2144233 |
| Pool 2017-16, 2.40%, 01/16/2058  | 589717 | 513377 |
| Pool 2017-29, 2.40%, 01/16/2058  | 1286827 | 1144949 |
| Pool 2016-113, 2.40%, 02/16/2058  | 601715 | 516429 |
| Pool 2017-49, 2.40%, 05/16/2058  | 1381230 | 1217098 |
| Pool 2017-41, 2.40%, 07/16/2058  | 568210 | 512378 |
| Pool 2020-24 AB, 2.40%, 08/16/2061  | 879233 | 766339 |
| Pool 2017-169, 2.45%, 03/16/2050  | 1368799 | 1262315 |
| Pool 2020-23 AC, 2.45%, 02/16/2062  | 623406 | 540957 |
| Pool 2018-30, 2.50%, 10/16/2048  | 83132 | 81967 |
| Pool 2018-47, 2.50%, 01/16/2049  | 106426 | 102991 |
| Pool 2022-165, 2.50%, 05/16/2049 (b) | 8903311 | 8204258 |
| Pool 2017-111, 2.50%, 06/16/2051  | 76996 | 72026 |
| Pool 2015-114 AD, 2.50%, 11/15/2051  | 575935 | 542597 |
| Pool 2022-162, 2.50%, 04/16/2054  | 2253285 | 2006244 |
| Pool 2022-150, 2.50%, 07/16/2055  | 1275158 | 1162899 |
| Pool 2017-9, 2.50%, 09/16/2056  | 540574 | 466121 |
| Pool 2017-157, 2.50%, 10/16/2056  | 464924 | 420729 |
| Pool 2017-28, 2.50%, 02/16/2057  | 2518189 | 2171676 |
| Pool 2016-36 A, 2.50%, 03/16/2057  | 155625 | 137425 |
| Pool 2017-72, 2.50%, 04/16/2057  | 472157 | 404430 |
| Pool 2016-71, 2.50%, 10/16/2057  | 1256441 | 1084351 |
| Pool 2017-46, 2.50%, 11/16/2057  | 1904938 | 1643528 |
| Pool 2017-64, 2.50%, 11/16/2057  | 393157 | 338928 |
| Pool 2017-22, 2.50%, 12/16/2057  | 2654702 | 2298818 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **24** | **The CCM Community Impact Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool 2017-47, 2.50%, 08/16/2058  | $315000 | $282246 |
| Pool 2017-81, 2.50%, 09/16/2058  | 263643 | 229910 |
| Pool 2017-97, 2.50%, 09/16/2058  | 236963 | 206486 |
| Pool 2018-3, 2.50%, 10/16/2058  | 3046729 | 2681158 |
| Pool 2017-154, 2.50%, 12/16/2058  | 1809109 | 1565342 |
| Pool 2017-127, 2.50%, 02/16/2059  | 506108 | 436321 |
| Pool 2017-143, 2.50%, 02/16/2059  | 869924 | 750978 |
| Pool 2018-75, 2.50%, 04/16/2059  | 687018 | 624218 |
| Pool 2017-191, 2.50%, 07/16/2059 (b) | 2803138 | 2415949 |
| Pool 2018-2, 2.50%, 07/16/2059  | 421141 | 364726 |
| Pool 2017-169, 2.50%, 09/16/2059  | 78266 | 67654 |
| Pool 2019-141, 2.50%, 08/16/2060  | 852009 | 737806 |
| Pool 2020-8 AL, 2.50%, 01/16/2061  | 289970 | 257148 |
| Pool 2019-107, 2.50%, 02/16/2061  | 529805 | 457568 |
| Pool 2020-2 AH, 2.50%, 02/16/2061  | 2346186 | 2061847 |
| Pool 2019-147 AE, 2.50%, 06/16/2061  | 638883 | 551950 |
| Pool 2020-72, 2.50%, 02/16/2062  | 1802991 | 1564741 |
| Pool 2020-10 AC, 2.50%, 04/16/2062  | 1327800 | 1149693 |
| Pool 2016-64, 2.55%, 12/16/2057  | 828897 | 717543 |
| Pool 2019-124, 2.55%, 09/16/2060  | 202778 | 185576 |
| Pool 2018-74 AG, 2.60%, 12/16/2050  | 140459 | 138656 |
| Pool 2017-106, 2.60%, 04/16/2051  | 84783 | 78332 |
| Pool 2015-101 AE, 2.60%, 03/16/2052  | 265150 | 241632 |
| Pool 2015-128 AJ, 2.60%, 11/16/2055  | 1636994 | 1477137 |
| Pool 2015-160 AC, 2.60%, 01/16/2056 (b) | 2132739 | 1887570 |
| Pool 2018-69, 2.60%, 03/16/2056  | 690749 | 662281 |
| Pool 2015-67 AE, 2.60%, 10/16/2056 (b) | 438169 | 384718 |
| Pool 2016-24, 2.60%, 12/16/2056  | 159668 | 144154 |
| Pool 2016-41, 2.60%, 06/16/2057  | 106473 | 92364 |
| Pool 2017-90, 2.60%, 07/16/2057  | 2113764 | 1901160 |
| Pool 2017-62, 2.60%, 11/16/2057  | 818839 | 736268 |
| Pool 2017-92, 2.60%, 06/16/2058  | 999212 | 909047 |
| Pool 2018-16, 2.60%, 06/16/2058  | 2397498 | 2136072 |
| Pool 2017-74, 2.60%, 09/16/2058  | 2622798 | 2294336 |
| Pool 2018-28, 2.60%, 09/16/2058  | 3805661 | 3378132 |
| Pool 2017-108, 2.60%, 10/16/2058  | 414072 | 364355 |
| Pool 2017-135, 2.60%, 10/16/2058  | 2261085 | 1967716 |
| Pool 2017-70, 2.60%, 10/16/2058  | 166418 | 145993 |
| Pool 2017-102, 2.60%, 12/16/2058 (b) | 989275 | 856158 |
| Pool 2017-124, 2.60%, 12/16/2058  | 514668 | 449485 |
| Pool 2017-131, 2.60%, 12/16/2058 (b) | 984794 | 853843 |
| Pool 2017-7, 2.60%, 12/16/2058 (b) | 2627224 | 2091005 |
| Pool 2018-9, 2.60%, 12/16/2058  | 1038064 | 907652 |
| Pool 2017-105, 2.60%, 01/16/2059  | 299990 | 264326 |
| Pool 2017-143, 2.60%, 01/16/2059  | 1509532 | 1302868 |
| Pool 2017-94, 2.60%, 02/16/2059  | 189467 | 166224 |
| Pool 2017-169, 2.60%, 04/16/2059 (b) | 3511827 | 3048857 |
| Pool 2017-185, 2.60%, 04/16/2059 (b) | 116269 | 101133 |
| Pool 2017-126, 2.60%, 05/16/2059  | 75129 | 66261 |
| Pool 2017-152, 2.60%, 05/16/2059  | 310073 | 274009 |
| Pool 2017-61, 2.60%, 05/16/2059  | 639043 | 563893 |
| Pool 2018-41 AD, 2.60%, 06/16/2059  | 573969 | 535583 |
| Pool 2018-35, 2.60%, 09/16/2059  | 2504178 | 2228430 |
| Pool 2019-88, 2.60%, 12/16/2059  | 538126 | 485902 |
| Pool 2017-190, 2.60%, 03/16/2060  | 1065147 | 926354 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **25** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool 2019-147, 2.60%, 09/16/2060  | $148606 | $130958 |
| Pool 2019-130, 2.60%, 11/16/2061  | 300564 | 268709 |
| Pool 591746, 2.63%, 06/15/2048  | 718743 | 703302 |
| Pool 2014-88 AH, 2.64%, 06/16/2054 (b) | 98580 | 90553 |
| Pool 2015-86 AC, 2.65%, 03/16/2050  | 324881 | 307870 |
| Pool 2015-171 EA, 2.65%, 12/16/2052  | 37939 | 33536 |
| Pool 2016-178, 2.65%, 08/16/2058  | 2509372 | 2203930 |
| Pool 2012-53 AE, 2.69%, 03/16/2047 (b) | 237749 | 214385 |
| Pool 2018-60, 2.70%, 12/16/2058  | 695838 | 636307 |
| Pool 2017-159, 2.70%, 01/16/2059  | 492009 | 429803 |
| Pool 2018-25, 2.70%, 04/16/2059  | 4642358 | 4157757 |
| Pool 2018-43, 2.70%, 10/16/2059  | 830653 | 731786 |
| Pool 2022-102, 2.70%, 06/16/2064 (b) | 3126441 | 2753765 |
| Pool AC3668, 2.73%, 04/15/2043  | 1736301 | 1709539 |
| Pool 2018-62, 2.75%, 05/16/2051  | 554364 | 515391 |
| Pool 2016-39, 2.75%, 01/16/2056  | 1371717 | 1199959 |
| Pool 2015-81 AE, 2.75%, 10/16/2056 (b) | 321906 | 296458 |
| Pool 2017-54, 2.75%, 09/16/2057  | 231880 | 206316 |
| Pool 2019-81 AC, 2.75%, 08/16/2060  | 72175 | 63842 |
| Pool 2019-146, 2.75%, 07/16/2061 (b) | 838930 | 748783 |
| Pool 2022-163, 2.75%, 07/16/2062  | 553713 | 506215 |
| Pool 2015-6 AH, 2.80%, 02/16/2051 (b) | 461061 | 420973 |
| Pool 2014-186 AH, 2.80%, 08/16/2054  | 93704 | 85798 |
| Pool 2015-140 AC, 2.80%, 11/16/2056  | 574560 | 523107 |
| Pool 2018-56, 2.80%, 04/16/2058  | 2558153 | 2326287 |
| Pool 2019-50, 2.80%, 06/16/2059  | 39665 | 39525 |
| Pool BX1555, 2.80%, 06/15/2062 (e) | 9392000 | 8250313 |
| Pool 2014-124 AH, 2.81%, 09/16/2049 (b) | 52550 | 47505 |
| Pool 2018-82, 2.85%, 12/16/2051  | 1090369 | 988353 |
| Pool 2014-157 AB, 2.85%, 08/16/2054 (b) | 11141 | 11037 |
| Pool 2014-187 AF, 2.85%, 12/16/2055 (b) | 695587 | 631866 |
| Pool 2015-48 AE, 2.90%, 02/16/2050 (b) | 70263 | 65730 |
| Pool AV9479, 2.90%, 10/15/2051  | 7756828 | 7742211 |
| Pool 2013-154, 2.90%, 09/16/2053 (b) | 529116 | 473779 |
| Pool 2015-73 AG, 2.90%, 11/16/2055 (b) | 419852 | 383697 |
| Pool 2015-7 AD, 2.90%, 01/16/2056 (b) | 228759 | 211289 |
| Pool 2018-110, 2.90%, 09/16/2059  | 141588 | 128261 |
| Pool 2019-94 AG, 2.95%, 07/16/2060  | 388559 | 362686 |
| Pool 2016-40, 2.97%, 05/16/2050 (b) | 820736 | 744439 |
| Pool 2015-22 B, 3.00%, 01/16/2049 (b) | 1975000 | 1740487 |
| Pool 2018-73, 3.00%, 04/16/2049  | 188164 | 176942 |
| Pool 2018-96, 3.00%, 09/16/2049  | 504644 | 473229 |
| Pool 2018-62, 3.00%, 05/16/2050  | 112884 | 106211 |
| Pool 2018-98, 3.00%, 10/16/2050  | 84364 | 81243 |
| Pool 2019-53, 3.00%, 06/16/2051  | 43326 | 42777 |
| Pool 2015-101 MB, 3.00%, 03/16/2052 (b) | 2500000 | 2186103 |
| Pool 2022-187, 3.00%, 03/16/2054  | 449400 | 412749 |
| Pool 2015-47 B, 3.00%, 10/16/2055 (b) | 400000 | 363660 |
| Pool 2022-158, 3.00%, 06/16/2056 (b) | 1496244 | 1365921 |
| Pool 2015-19 B, 3.00%, 07/16/2056 (b) | 550782 | 501708 |
| Pool 2018-88, 3.00%, 02/16/2058  | 953213 | 858523 |
| Pool 2018-43, 3.00%, 12/16/2058  | 166050 | 154695 |
| Pool 2019-63, 3.00%, 02/16/2060  | 182506 | 171851 |
| Pool 2019-47, 3.00%, 05/16/2060  | 128146 | 115853 |
| Pool 2019-66, 3.00%, 05/16/2060  | 14327 | 13520 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **26** | **The CCM Community Impact Bond Fund** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| Pool 2019-75 AC, 3.00%, 05/16/2060  | $| 395398 | $| 374604 |
| Pool 2022-144, 3.00%, 10/16/2064 (b) |  | 732663 |  | 651244 |
| Pool 2014-164 BA, 3.05%, 09/16/2052  |  | 173809 |  | 168990 |
| Pool AS2544, 3.10%, 04/15/2042  |  | 719196 |  | 677841 |
| Pool 2014-164 AN, 3.10%, 03/16/2055 (b) |  | 610391 |  | 548912 |
| Pool AK8205, 3.10%, 09/15/2055  |  | 2168759 |  | 2026573 |
| Pool 2018-85, 3.10%, 07/16/2057 (b) |  | 729899 |  | 675324 |
| Pool 2019-64, 3.10%, 01/16/2060  |  | 442584 |  | 410853 |
| Pool 2019-105 A, 3.10%, 05/16/2061  |  | 10706 |  | 9898 |
| Pool 2022-184, 3.15%, 01/16/2054  |  | 3660292 |  | 3375427 |
| Pool 2018-136 AE, 3.15%, 09/16/2058  |  | 906054 |  | 845945 |
| Pool 2019-32, 3.15%, 12/16/2059  |  | 680956 |  | 657829 |
| Pool 2019-80 AB, 3.15%, 11/16/2060  |  | 35003 |  | 31492 |
| Pool 2018-99, 3.20%, 01/16/2052  |  | 23356 |  | 23084 |
| Pool 2015-128 MG, 3.20%, 11/16/2055 (b) |  | 1000000 |  | 840442 |
| Pool AK7840, 3.25%, 03/15/2050  |  | 874667 |  | 836985 |
| Pool 2022-202 AB, 3.25%, 07/16/2053  |  | 5000000 |  | 4575099 |
| Pool 2022-199, 3.25%, 02/16/2054  |  | 645000 |  | 597910 |
| Pool 2019-26, 3.25%, 01/16/2060  |  | 87247 |  | 85859 |
| Pool 2019-37, 3.25%, 02/16/2060  |  | 943849 |  | 892992 |
| Pool 2018-165 AB, 3.25%, 09/16/2060  |  | 1431656 |  | 1291751 |
| Pool 2014-155 DC, 3.32%, 06/16/2047 (b) |  | 781555 |  | 741428 |
| Pool 2014-61 A, 3.34%, 02/16/2054 (b) |  | 612408 |  | 569932 |
| Pool AT8470, 3.40%, 10/15/2051  |  | 1743479 |  | 1654616 |
| Pool AN9543, 3.45%, 11/15/2050  |  | 1568700 |  | 1498342 |
| Pool 2014-75 BC, 3.50%, 08/16/2054 (b) |  | 483129 |  | 442754 |
| Pool AD8950, 3.51%, 09/15/2048  |  | 1928829 |  | 1884993 |
| Pool AM0526, 3.51%, 05/15/2050  |  | 1018935 |  | 979398 |
| Pool AH5339, 3.55%, 12/15/2050  |  | 1201278 |  | 1152298 |
| Pool AC6851, 3.62%, 08/15/2048  |  | 852078 |  | 833251 |
| Pool AC6853, 3.62%, 08/15/2048  |  | 852078 |  | 833251 |
| Pool 661707, 3.75%, 12/15/2054  |  | 823976 |  | 794584 |
| Pool AG7484, 3.83%, 03/15/2049  |  | 433023 |  | 420679 |
| Pool AO6152, 3.94%, 01/15/2045  |  | 1804025 |  | 1739732 |
| Pool AH7386, 4.00%, 11/15/2053  |  | 1818265 |  | 1763373 |
| Pool 768250, 4.01%, 08/15/2052  |  | 2276280 |  | 2247075 |
| Pool BMOC-6418, 4.57%, 12/29/2032  |  | 5200000 |  | 5287547 |
| Pool AH1338, 4.61%, 06/15/2055  |  | 463676 |  | 454590 |
| Pool 699710, 5.43%, 07/15/2044  |  | 329272 |  | 328597 |
| Pool 637911, 6.00%, 07/15/2035  |  | 298326 |  | 297863 |
| Pool 636413, 6.25%, 04/15/2036  |  | 530789 |  | 530008 |
|  |  |  |  | 376861093 |
| **GNMA Single Family - 0.53%** | **GNMA Single Family - 0.53%** | **GNMA Single Family - 0.53%** | **GNMA Single Family - 0.53%** | **GNMA Single Family - 0.53%** |
| Pool BV1487, 2.50%, 08/20/2050  |  | 303839 |  | 264692 |
| Pool G2 CE6248, 2.50%, 08/20/2051  |  | 255719 |  | 222836 |
| Pool AD1699, 3.00%, 02/15/2043  |  | 58838 |  | 54608 |
| Pool AV5053, 3.00%, 10/20/2046  |  | 299196 |  | 271983 |
| Pool AX5461, 3.00%, 12/20/2046  |  | 795495 |  | 720096 |
| Pool AX5544, 3.00%, 01/20/2047  |  | 202796 |  | 184402 |
| Pool BV1491, 3.00%, 08/20/2050  |  | 679249 |  | 615061 |
| Pool 779354, 3.50%, 06/15/2042  |  | 3811 |  | 3621 |
| Pool AX5545, 3.50%, 01/20/2047  |  | 429371 |  | 405197 |
| Pool BC5351, 3.50%, 09/20/2047  |  | 471711 |  | 444353 |
| Pool BD9036, 3.50%, 11/20/2047  |  | 598515 |  | 563334 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **27** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| Pool 737576, 4.00%, 11/15/2040  | $17578 | $17070 |
| Pool 737712, 4.00%, 12/15/2040  | 93550 | 90153 |
| Pool 757173, 4.00%, 12/20/2040  | 119121 | 115294 |
| Pool 737837, 4.00%, 01/15/2041  | 189716 | 183874 |
| Pool 759104, 4.00%, 01/15/2041  | 161503 | 155614 |
| Pool 2759436, 4.00%, 01/20/2041  | 60345 | 58408 |
| Pool 2759466, 4.00%, 01/20/2041  | 151671 | 146800 |
| Pool 759191, 4.00%, 02/15/2041  | 235912 | 227306 |
| Pool 2759301, 4.00%, 02/20/2041  | 189254 | 183181 |
| Pool 2763042, 4.00%, 04/20/2041  | 65218 | 62700 |
| Pool 738629, 4.00%, 08/15/2041  | 300188 | 290946 |
| Pool 738630, 4.00%, 08/15/2041  | 246829 | 239228 |
| Pool 770515, 4.00%, 08/15/2041  | 380115 | 366248 |
| Pool 738735, 4.00%, 09/15/2041  | 90258 | 87479 |
| Pool 738954, 4.00%, 11/15/2041  | 51114 | 49137 |
| Pool 778766, 4.00%, 01/15/2042  | 284583 | 275819 |
| Pool 778847, 4.00%, 02/15/2042  | 45366 | 43735 |
| Pool AF3781, 4.00%, 09/15/2043  | 299818 | 290583 |
| Pool AG8734, 4.00%, 12/15/2043  | 143438 | 139020 |
| Pool BH0074, 4.00%, 06/20/2048  | 1174991 | 1125801 |
| Pool BI3170, 4.00%, 07/20/2048  | 244908 | 234769 |
| Pool 717198, 4.50%, 06/15/2039  | 156275 | 155688 |
| Pool 714594, 4.50%, 07/15/2039  | 33141 | 32900 |
| Pool 720208, 4.50%, 07/15/2039  | 151626 | 151055 |
| Pool 726402, 4.50%, 10/15/2039  | 13259 | 13162 |
| Pool 728954, 4.50%, 12/15/2039  | 107330 | 106926 |
| Pool 729017, 4.50%, 01/15/2040  | 212011 | 210321 |
| Pool 737051, 4.50%, 03/15/2040  | 139371 | 139015 |
| Pool 737222, 4.50%, 05/15/2040  | 119101 | 118796 |
| Pool 698160, 4.50%, 07/15/2040  | 57894 | 57387 |
| Pool 748456, 4.50%, 08/15/2040  | 180246 | 179569 |
| Pool 738152, 4.50%, 04/15/2041  | 394025 | 394404 |
| Pool 738267, 4.50%, 05/15/2041  | 171679 | 170552 |
| Pool 763543, 4.50%, 05/15/2041  | 78578 | 77665 |
| Pool 738397, 4.50%, 06/15/2041  | 271101 | 270408 |
| Pool 770396, 4.50%, 06/15/2041  | 94237 | 93325 |
| Pool 2783417, 4.50%, 08/20/2041  | 1970673 | 1988180 |
| Pool BH0075, 4.50%, 06/20/2048  | 268039 | 263911 |
| Pool BK9581, 4.50%, 02/20/2049  | 95503 | 93571 |
| Pool 688624, 5.00%, 05/15/2038  | 76931 | 77831 |
| Pool 411105, 5.00%, 01/15/2039  | 24562 | 24850 |
| Pool 439079, 5.00%, 02/15/2039  | 113223 | 115364 |
| Pool 646728, 5.00%, 03/15/2039  | 72752 | 73602 |
| Pool 646750, 5.00%, 04/15/2039  | 58349 | 59032 |
| Pool 646777, 5.00%, 05/15/2039  | 34504 | 34908 |
| Pool 720288, 5.00%, 08/15/2039  | 87392 | 88353 |
| Pool 722944, 5.00%, 08/15/2039  | 54572 | 55211 |
| Pool 723006, 5.00%, 10/15/2039  | 140170 | 141877 |
| Pool 726403, 5.00%, 10/15/2039  | 23736 | 24013 |
| Pool 737055, 5.00%, 03/15/2040  | 181461 | 183736 |
| Pool 658393, 5.00%, 06/15/2040  | 178382 | 181142 |
| Pool 2783418, 5.00%, 06/20/2040  | 1294637 | 1283204 |
| Pool 684677, 5.50%, 03/15/2038  | 73361 | 75018 |
| Pool 2688636, 5.50%, 05/20/2038  | 208918 | 211836 |
| Pool 690974, 5.50%, 06/15/2038  | 39114 | 39999 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **28** | **The CCM Community Impact Bond Fund** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| Pool 2409120, 5.50%, 07/20/2038  | $| 104645 | $| 106035 |
| Pool 2700671, 5.50%, 10/20/2038  |  | 67512 |  | 68363 |
| Pool 411116, 5.50%, 01/15/2039  |  | 144314 |  | 147685 |
| Pool 2684988, 6.00%, 03/20/2038  |  | 83455 |  | 85245 |
| Pool 688626, 6.00%, 05/15/2038  |  | 102716 |  | 105992 |
| Pool 2693900, 6.00%, 07/20/2038  |  | 128412 |  | 131286 |
| Pool 696513, 6.00%, 08/15/2038  |  | 32991 |  | 34031 |
| Pool 2696843, 6.00%, 08/20/2038  |  | 53258 |  | 54401 |
| Pool 699255, 6.00%, 09/15/2038  |  | 127305 |  | 131347 |
| Pool 2698997, 6.00%, 09/20/2038  |  | 102854 |  | 105099 |
| Pool 705999, 6.00%, 01/15/2039  |  | 85256 |  | 87943 |
| Pool 2696844, 6.50%, 08/20/2038  |  | 66797 |  | 66766 |
| Pool 530199, 7.00%, 03/20/2031  |  | 37300 |  | 37305 |
|  |  |  |  | 16481657 |
| **HUD - 0.01%** | **HUD - 0.01%** | **HUD - 0.01%** | **HUD - 0.01%** | **HUD - 0.01%** |
| Pool 0620, 5.77%, 08/01/2026  |  | 328000 |  | 328828 |
| **Small Business Administration - 0.65%** | **Small Business Administration - 0.65%** | **Small Business Administration - 0.65%** | **Small Business Administration - 0.65%** | **Small Business Administration - 0.65%** |
| Pool American, 1.25%, 04/11/2038 (b) |  | 566672 |  | 560460 |
| Pool Cleburne, 1.25%, 07/15/2038 (b) |  | 415538 |  | 411002 |
| Pool Chicago Taxi Parts, 1.48%, 04/29/2034 (b) |  | 214462 |  | 214049 |
| Pool 3046316007, 2.05%, 12/03/2032 (b) |  | 162660 |  | 158777 |
| Pool Premie, 2.95%, 08/29/2038 (b) |  | 598327 |  | 625947 |
| Pool Animal, 3.19%, 06/04/2023 (b) |  | 29059 |  | 29577 |
| Pool 507253, 3.50%, (Prime Rate-2.750%), 05/25/2030 (b) |  | 13060 |  | 13093 |
| Pool 508206, 3.60%, (Prime Rate-2.650%), 09/25/2032 (b) |  | 12879 |  | 12905 |
| Pool 508298, 3.60%, (Prime Rate-2.650%), 01/25/2033 (b) |  | 164202 |  | 164745 |
| Pool 508506, 3.63%, (Prime Rate-2.625%), 06/25/2033 (b) |  | 104601 |  | 104828 |
| Pool Schatz, 4.15%, 10/04/2023 (b) |  | 7342 |  | 7700 |
| Pool 509392, 4.25%, (Prime Rate-2.000%), 07/25/2023 (b) |  | 88751 |  | 88171 |
| Pool 509409, 4.25%, (Prime Rate-2.000%), 09/25/2023 (b) |  | 38243 |  | 38037 |
| Pool 509596, 4.25%, (Prime Rate-2.000%), 11/25/2024 (b) |  | 59322 |  | 59059 |
| Pool 509670, 4.25%, (Prime Rate-2.000%), 04/25/2025 (b) |  | 81913 |  | 81446 |
| Pool 509678, 4.25%, (Prime Rate-2.000%), 05/25/2025 (b) |  | 324702 |  | 323514 |
| Pool 509748, 4.25%, (Prime Rate-2.000%), 09/25/2025 (b) |  | 547621 |  | 544807 |
| Pool 509348, 4.25%, (Prime Rate-2.000%), 02/25/2038 (b) |  | 279645 |  | 275136 |
| Pool 509350, 4.25%, (Prime Rate-2.000%), 03/25/2038 (b) |  | 154071 |  | 151348 |
| Pool 509391, 4.25%, (Prime Rate-2.000%), 06/25/2038 (b) |  | 287603 |  | 285298 |
| Pool 509417, 4.25%, (Prime Rate-2.000%), 10/25/2038 (b) |  | 283523 |  | 279240 |
| Pool 509460, 4.25%, (Prime Rate-2.000%), 01/25/2039 (b) |  | 567225 |  | 561113 |
| Pool 509541, 4.25%, (Prime Rate-2.000%), 08/25/2039 (b) |  | 174821 |  | 169756 |
| Pool 509573, 4.25%, (Prime Rate-2.000%), 09/25/2039 (b) |  | 1255917 |  | 1273915 |
| Pool 509575, 4.25%, (Prime Rate-2.000%), 10/25/2039 (b) |  | 957903 |  | 981021 |
| Pool 509661, 4.25%, (Prime Rate-2.000%), 03/25/2040 (b) |  | 1195179 |  | 1211948 |
| Pool 509688, 4.25%, (Prime Rate-2.000%), 08/25/2040 (b) |  | 2080594 |  | 2113799 |
| Pool 509735, 4.25%, (Prime Rate-2.000%), 09/25/2040 (b) |  | 587572 |  | 590380 |
| Pool 509760, 4.25%, (Prime Rate-2.000%), 11/25/2040 (b) |  | 1190875 |  | 1217777 |
| Pool 509977, 4.65%, (Prime Rate-1.600%), 03/25/2042 (b) |  | 116814 |  | 119343 |
| Pool 510004, 5.00%, (Prime Rate-1.250%), 05/25/2042 (b) |  | 235822 |  | 241462 |
| Pool 509793, 5.11%, (Prime Rate-1.144%), 01/25/2041 (b) |  | 1010905 |  | 1031680 |
| Pool Buck Pizza, 5.23%, 07/15/2024 (b) |  | 6169 |  | 6238 |
| Pool 7530434005, 5.27%, 06/29/2024  |  | 5185 |  | 5243 |
| Pool 510051, 5.50%, (Prime Rate-0.750%), 07/25/2042 (b) |  | 170068 |  | 178432 |
| Pool 509010, 5.58%, (Prime Rate-0.675%), 01/25/2036 (b) |  | 40375 |  | 40955 |
| Pool 522124, 6.02%, (Prime Rate-0.180%), 02/25/2040 (b) |  | 286957 |  | 298977 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **29** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| Pool 510047, 6.08%, (Prime Rate-0.171%), 09/25/2042 (b) | $| 466329 | $| 497527 |
| Pool 509900, 6.15%, (Prime Rate-0.098%), 03/25/2042 (b) |  | 1184152 |  | 1252453 |
| Pool 522305, 6.45%, (Prime Rate+0.182%), 11/25/2028 (b) |  | 168963 |  | 173905 |
| Pool 509967, 6.65%, (Prime Rate+0.402%), 03/25/2032 (b) |  | 135893 |  | 143385 |
| Pool 521967, 6.80%, (Prime Rate+0.515%), 06/25/2038 (b) |  | 357020 |  | 375580 |
| Pool 522053, 6.83%, (Prime Rate+0.577%), 05/25/2026 (b) |  | 54420 |  | 54814 |
| Pool 509647, 6.86%, (Prime Rate+0.605%), 12/25/2026 (b) |  | 56395 |  | 57218 |
| Pool 522440, 6.88%, (Prime Rate+0.575%), 07/25/2029 (b) |  | 224726 |  | 235215 |
| Pool 522194, 6.95%, (Prime Rate+0.624%), 09/25/2040 (b) |  | 110372 |  | 119090 |
| Pool 521984, 6.97%, (Prime Rate+0.578%), 10/25/2038 (b) |  | 87929 |  | 93246 |
| Pool 522125, 7.02%, (Prime Rate+0.842%), 10/25/2026 (b) |  | 27498 |  | 27954 |
| Pool 522158, 7.04%, (Prime Rate+0.879%), 01/25/2027 (b) |  | 171856 |  | 175838 |
| Pool 522020, 7.05%, (Prime Rate+0.855%), 02/25/2026 (b) |  | 27540 |  | 27727 |
| Pool 522317, 7.07%, (Prime Rate+0.963%), 03/25/2029 (b) |  | 200684 |  | 212678 |
| Pool 522371, 7.08%, (Prime Rate+0.789%), 10/25/2029 (b) |  | 64608 |  | 67651 |
| Pool 521919, 7.08%, (Prime Rate+0.807%), 12/25/2037 (b) |  | 36460 |  | 38350 |
| Pool 510056, 7.08%, (Prime Rate+0.829%), 08/25/2042 (b) |  | 120099 |  | 132046 |
| Pool 522328, 7.09%, (Prime Rate+0.917%), 05/25/2029 (b) |  | 18607 |  | 19715 |
| Pool 522423, 7.11%, (Prime Rate+0.785%), 12/25/2028 (b) |  | 260180 |  | 271880 |
| Pool 521860, 7.14%, (Prime Rate+0.913%), 03/25/2037 (b) |  | 176248 |  | 185327 |
| Pool 522029, 7.15%, (Prime Rate+0.947%), 02/25/2039 (b) |  | 13309 |  | 14156 |
| Pool 521884, 7.16%, (Prime Rate+0.772%), 08/25/2037 (b) |  | 130628 |  | 137464 |
| Pool 522268, 7.21%, (Prime Rate+0.916%), 01/25/2029 (b) |  | 442056 |  | 456775 |
| Pool 521970, 7.21%, (Prime Rate+0.913%), 07/25/2038 (b) |  | 249790 |  | 267356 |
| Pool 522387, 7.26%, (Prime Rate+0.967%), 01/25/2030 (b) |  | 121930 |  | 128653 |
| Pool 522156, 7.28%, (Prime Rate+0.983%), 05/25/2040 (b) |  | 180752 |  | 193613 |
| Pool 522282, 7.40%, (Prime Rate+1.136%), 09/25/2028 (b) |  | 76837 |  | 79764 |
| Pool 522327, 7.46%, (Prime Rate+1.192%), 05/25/2029 (b) |  | 338684 |  | 358336 |
| Pool 522150, 7.57%, (Prime Rate+1.205%), 02/25/2026 (b) |  | 8151 |  | 8244 |
|  |  |  |  | 20277138 |
| **Small Business Administration Participation Certificates - 0.87%** | **Small Business Administration Participation Certificates - 0.87%** | **Small Business Administration Participation Certificates - 0.87%** | **Small Business Administration Participation Certificates - 0.87%** | **Small Business Administration Participation Certificates - 0.87%** |
| Pool 2020-10D, 0.81%, 07/01/2030  |  | 3241008 |  | 2898451 |
| Pool 2022-20B, 2.22%, 02/01/2042  |  | 9854352 |  | 8899534 |
| Pool 2015-20C, 2.72%, 03/01/2035  |  | 30875 |  | 28653 |
| Pool 2012-20A, 2.76%, 01/01/2032  |  | 11991 |  | 11142 |
| Pool 2016-20L, 2.81%, 12/01/2036  |  | 240680 |  | 222609 |
| Pool 2017-20F, 2.81%, 06/01/2037  |  | 5299747 |  | 4901597 |
| Pool 2017-20C, 3.04%, 03/01/2037  |  | 3901840 |  | 3684474 |
| Pool 2010-20K, 3.25%, 11/01/2030  |  | 5896 |  | 5555 |
| Pool 2018-20E, 3.50%, 05/01/2038  |  | 3787986 |  | 3589352 |
| Pool 2013-20I, 3.62%, 09/01/2033  |  | 343551 |  | 332163 |
| Pool 2009-20J, 3.92%, 10/01/2029  |  | 1994333 |  | 1931683 |
| Pool 2010-20E, 4.11%, 05/01/2030  |  | 57620 |  | 55519 |
| Pool 2011-20B, 4.22%, 02/01/2031  |  | 287959 |  | 277504 |
| Pool 2009-20D, 4.31%, 04/01/2029  |  | 328567 |  | 323174 |
| Pool 2008-20C, 5.49%, 03/01/2028  |  | 3352 |  | 3305 |
| Pool 2008-20E, 5.49%, 05/01/2028  |  | 9762 |  | 9671 |
|  |  |  |  | 27174386 |
| **Small Business Investment Company Certificates - 0.42%** | **Small Business Investment Company Certificates - 0.42%** | **Small Business Investment Company Certificates - 0.42%** | **Small Business Investment Company Certificates - 0.42%** | **Small Business Investment Company Certificates - 0.42%** |
| Pool 2016-10B, 2.05%, 09/10/2026  |  | 5397068 |  | 4943212 |
| Pool 2013-10A, 2.35%, 03/10/2023  |  | 22323 |  | 22116 |
| Pool 2015-10B, 2.83%, 09/10/2025  |  | 116630 |  | 111832 |
| Pool 2022-10A, 2.94%, 03/10/2032  |  | 3989412 |  | 3654666 |
| Pool 2014-10B, 3.02%, 09/10/2024  |  | 215013 |  | 208187 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **30** | **The CCM Community Impact Bond Fund** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| Pool 2014-10A, 3.19%, 03/10/2024  | $| 1732608 | $| 1684671 |
| Pool 2022-10B, 4.26%, 09/10/2032  |  | 2500000 |  | 2456911 |
|  |  |  |  | 13081595 |
| **Tennessee Valley Authority - 0.38%** | **Tennessee Valley Authority - 0.38%** | **Tennessee Valley Authority - 0.38%** | **Tennessee Valley Authority - 0.38%** | **Tennessee Valley Authority - 0.38%** |
| Pool 2021, 1.50%, 09/15/2031  |  | 15000000 |  | 12026363 |
| **USDA Loan - 0.45%** | **USDA Loan - 0.45%** | **USDA Loan - 0.45%** | **USDA Loan - 0.45%** | **USDA Loan - 0.45%** |
| Pool Ryze, 5.25%, 06/25/2038 (a) |  | 13988205 |  | 13988205 |
| Pool Highland, 5.28%, 07/14/2024  |  | 249905 |  | 253498 |
|  |  |  |  | 14241703 |
| **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $2,175,058,704)** | **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $2,175,058,704)** | **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $2,175,058,704)** |  | 1939619914 |
| **CORPORATE BONDS - 14.24%** | **CORPORATE BONDS - 14.24%** | **CORPORATE BONDS - 14.24%** | **CORPORATE BONDS - 14.24%** | **CORPORATE BONDS - 14.24%** |
| **Communication Services - 0.47%** | **Communication Services - 0.47%** | **Communication Services - 0.47%** | **Communication Services - 0.47%** | **Communication Services - 0.47%** |
| **Alphabet** | **Alphabet** | **Alphabet** |  |  |
| 1.10%, 08/15/2030  |  | 18550000 |  | 14755609 |
| **Consumer Discretionary - 1.81%** | **Consumer Discretionary - 1.81%** | **Consumer Discretionary - 1.81%** | **Consumer Discretionary - 1.81%** | **Consumer Discretionary - 1.81%** |
| **Bridge Housing Corp.** | **Bridge Housing Corp.** | **Bridge Housing Corp.** |  |  |
| 3.25%, 07/15/2030  |  | 5000000 |  | 4353343 |
| **Capital Impact Partners** | **Capital Impact Partners** | **Capital Impact Partners** |  |  |
| 4.80%, 10/15/2023  |  | 5000000 |  | 4951922 |
| **Enterprise Community Loan Fund** | **Enterprise Community Loan Fund** | **Enterprise Community Loan Fund** |  |  |
| 3.69%, 11/01/2023  |  | 1950000 |  | 1894150 |
| **Howard University** | **Howard University** | **Howard University** |  |  |
| 1.99%, 10/01/2025  |  | 1000000 |  | 909707 |
| **Local Initiatives Support Corp.** | **Local Initiatives Support Corp.** | **Local Initiatives Support Corp.** |  |  |
| 1.00%, 11/15/2025  |  | 5000000 |  | 4420679 |
| **Massachusetts State Higher Education Assistance Corp.** | **Massachusetts State Higher Education Assistance Corp.** | **Massachusetts State Higher Education Assistance Corp.** |  |  |
| 2.67%, 07/01/2031  |  | 6000000 |  | 5023465 |
| **National Community Renaissance of California** | **National Community Renaissance of California** | **National Community Renaissance of California** |  |  |
| 3.27%, 12/01/2032  |  | 7840000 |  | 6334613 |
| **Salvation Army** | **Salvation Army** | **Salvation Army** |  |  |
| 5.64%, 09/01/2026  |  | 2440000 |  | 2465464 |
| **United Jewish Appeal-Federation of Jewish Philanthropies of New York** | **United Jewish Appeal-Federation of Jewish Philanthropies of New York** | **United Jewish Appeal-Federation of Jewish Philanthropies of New York** |  |  |
| 0.70%, 02/01/2023  |  | 825000 |  | 818512 |
| 0.92%, 02/01/2024  |  | 1010000 |  | 969202 |
| **USAA Capital Corp.** | **USAA Capital Corp.** | **USAA Capital Corp.** |  |  |
| 2.13%, 05/01/2030 (c) |  | 14399000 |  | 11851961 |
| **Walmart** | **Walmart** | **Walmart** |  |  |
| 1.80%, 09/22/2031  |  | 15336000 |  | 12663866 |
|  |  |  |  | 56656884 |
| **Energy - 0.15%** | **Energy - 0.15%** | **Energy - 0.15%** | **Energy - 0.15%** | **Energy - 0.15%** |
| **MidAmerican Energy** | **MidAmerican Energy** | **MidAmerican Energy** |  |  |
| 3.65%, 04/15/2029  |  | 4860000 |  | 4581251 |
| **Financials - 10.60%** | **Financials - 10.60%** | **Financials - 10.60%** | **Financials - 10.60%** | **Financials - 10.60%** |
| **American Express** | **American Express** | **American Express** |  |  |
| 4.05%, 05/03/2029  |  | 10748000 |  | 10254588 |
| **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** |  |  |
| 0.95%, 08/01/2027  |  | 20238000 |  | 17266977 |
| **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |  |  |
| 0.98%, U.S. SOFR + 0.910%, 09/25/2025 (b) |  | 33381000 |  | 30577964 |
| 1.53%, U.S. SOFR + 0.650%, 12/06/2025 (b) |  | 52507000 |  | 48226324 |
| 2.46%, ICE LIBOR USD 3 Month + 0.870%, 10/22/2025 (b) |  | 17767000 |  | 16717132 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **31** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| 6.20%, U.S. SOFR + 1.990%, 11/10/2028 (b) | $| 25046000 | $| 25905453 |
| **Century Housing Corp.** | **Century Housing Corp.** | **Century Housing Corp.** |  |  |
| 0.30%, 02/15/2023  |  | 10000000 |  | 9888695 |
| 4.50%, 09/15/2023  |  | 5000000 |  | 4976590 |
| **Citigroup Global Markets Holdings** | **Citigroup Global Markets Holdings** | **Citigroup Global Markets Holdings** |  |  |
| 6.00%, 10/20/2027  |  | 5000000 |  | 5040567 |
| **Equitable Financial Life Global Funding** | **Equitable Financial Life Global Funding** | **Equitable Financial Life Global Funding** |  |  |
| 1.30%, 07/12/2026 (c) |  | 13949000 |  | 12194488 |
| **Goldman Sachs Group** | **Goldman Sachs Group** | **Goldman Sachs Group** |  |  |
| 4.39%, U.S. SOFR + 1.510%, 06/15/2027 (b) |  | 14000000 |  | 13510060 |
| **JPMorgan Chase** | **JPMorgan Chase** | **JPMorgan Chase** |  |  |
| 0.56%, U.S. SOFR + 0.420%, 02/16/2025 (b) |  | 43986000 |  | 41274724 |
| 0.65%, TSFR3M + 0.600%, 09/16/2024 (b) |  | 18618000 |  | 17887731 |
| **Metropolitan Life Global Funding I** | **Metropolitan Life Global Funding I** | **Metropolitan Life Global Funding I** |  |  |
| 0.95%, 07/02/2025 (c) |  | 16323000 |  | 14755559 |
| 4.40%, 06/30/2027 (c) |  | 14695000 |  | 14355678 |
| **PNC Financial Services Group** | **PNC Financial Services Group** | **PNC Financial Services Group** |  |  |
| 1.15%, 08/13/2026  |  | 18857000 |  | 16553409 |
| **Preservation of Affordable Housing** | **Preservation of Affordable Housing** | **Preservation of Affordable Housing** |  |  |
| 4.48%, 12/01/2032  |  | 5100000 |  | 4698727 |
| **Prudential Financial** | **Prudential Financial** | **Prudential Financial** |  |  |
| 1.50%, 03/10/2026  |  | 13838000 |  | 12528021 |
| **Reinvestment Fund** | **Reinvestment Fund** | **Reinvestment Fund** |  |  |
| 3.48%, 02/15/2023  |  | 2475000 |  | 2455379 |
| 3.70%, 02/15/2025  |  | 150000 |  | 144714 |
| **State Street Corp.** | **State Street Corp.** | **State Street Corp.** |  |  |
| 5.75%, U.S. SOFR + 1.353%, 11/04/2026 (b) |  | 1625000 |  | 1659606 |
| **Truist Financial Corp.** | **Truist Financial Corp.** | **Truist Financial Corp.** |  |  |
| 1.27%, U.S. SOFR + 0.609%, 03/02/2027 (b) |  | 12215000 |  | 10834621 |
|  |  |  |  | 331707007 |
| **Government-Related - 0.09%** | **Government-Related - 0.09%** | **Government-Related - 0.09%** | **Government-Related - 0.09%** | **Government-Related - 0.09%** |
| **Europe Development Bank** | **Europe Development Bank** | **Europe Development Bank** |  |  |
| 3.00%, 06/16/2025  |  | 3000000 |  | 2909897 |
| **Information Technology - 0.79%** | **Information Technology - 0.79%** | **Information Technology - 0.79%** | **Information Technology - 0.79%** | **Information Technology - 0.79%** |
| **Apple** | **Apple** | **Apple** |  |  |
| 3.00%, 06/20/2027  |  | 4647000 |  | 4438129 |
| **salesforce.com** | **salesforce.com** | **salesforce.com** |  |  |
| 1.50%, 07/15/2028  |  | 23297000 |  | 20087751 |
|  |  |  |  | 24525880 |
| **Real Estate - 0.33%** | **Real Estate - 0.33%** | **Real Estate - 0.33%** | **Real Estate - 0.33%** | **Real Estate - 0.33%** |
| **ERP Operating** | **ERP Operating** | **ERP Operating** |  |  |
| 4.15%, 12/01/2028  |  | 1000000 |  | 943298 |
| **Prologis** | **Prologis** | **Prologis** |  |  |
| 1.25%, 10/15/2030  |  | 5716000 |  | 4376507 |
| 4.63%, 01/15/2033  |  | 5172000 |  | 5059994 |
|  |  |  |  | 10379799 |
| **TOTAL CORPORATE BONDS (Cost $482,211,795)** | **TOTAL CORPORATE BONDS (Cost $482,211,795)** | **TOTAL CORPORATE BONDS (Cost $482,211,795)** |  | 445516327 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **32** | **The CCM Community Impact Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **MUNICIPAL BONDS - 11.53%** | **MUNICIPAL BONDS - 11.53%** | **MUNICIPAL BONDS - 11.53%** |
| **Arkansas - 0.00%**  | **Arkansas - 0.00%**  | **Arkansas - 0.00%**  |
| **Arkansas State Development Finance Authority, Ser A, RB**  |  |  |
| **Callable 01/05/2023 @ 100**  |  |  |
| 3.075%, 11/01/2023  | $85000 | $83756 |
| **California - 1.94%**  | **California - 1.94%**  | **California - 1.94%**  |
| **Alameda County, RB**  |  |  |
| 3.460%, 08/01/2027  | 685000 | 654633 |
| 3.410%, 08/01/2026  | 1250000 | 1204866 |
| **Alameda County, Ser A, GO**  |  |  |
| 4.000%, 08/01/2023  | 2545000 | 2535448 |
| **Alameda County, GO**  |  |  |
| 3.649%, 08/01/2030  | 325000 | 305925 |
| **California State Health Facilities Financing Authority, RB**  |  |  |
| 3.478%, 06/01/2029  | 2500000 | 2282602 |
| 3.378%, 06/01/2028  | 1915000 | 1767667 |
| 2.534%, 06/01/2028  | 1050000 | 927073 |
| **California State Health Facilities Financing Authority, Ser A, RB**  |  |  |
| 2.211%, 06/01/2025  | 765000 | 718753 |
| 1.970%, 06/01/2023  | 570000 | 561912 |
| 1.168%, 06/01/2026  | 1660000 | 1464673 |
| 0.952%, 06/01/2025  | 3215000 | 2926457 |
| **California State Health Facilities Financing Authority, Ser A, RB**  |  |  |
| **Callable 06/01/2029 @ 100**  |  |  |
| 2.704%, 06/01/2030  | 2460000 | 2092593 |
| **California State Housing Finance Agency, Ser A, RB**  |  |  |
| **Callable 08/01/2025 @ 100**  |  |  |
| 2.794%, 08/01/2036  | 1460000 | 1416972 |
| **California State Municipal Finance Authority, RB**  |  |  |
| 1.605%, 11/01/2023  | 2590000 | 2502953 |
| **Los Angeles City, Ser A, GO**  |  |  |
| 3.000%, 09/01/2026  | 5295000 | 5007192 |
| **Los Angeles City, Ser A, GO**  |  |  |
| **Callable 09/01/2028 @ 100**  |  |  |
| 3.690%, 09/01/2029  | 555000 | 521263 |
| **Los Angeles County Redevelopment Refunding Authority, Ser B, TA**  |  |  |
| **Callable 09/01/2026 @ 100**  |  |  |
| 3.750%, 09/01/2031  | 605000 | 550029 |
| 3.500%, 09/01/2027  | 250000 | 234976 |
| **Los Angeles Unified School District, GO**  |  |  |
| 4.500%, 01/01/2023  | 2970000 | 2969242 |
| **Oakland City, Ser A-2, GO**  |  |  |
| 3.000%, 01/15/2025  | 2960000 | 2866829 |
| **Oakland City, Ser B2, GO**  |  |  |
| 2.110%, 01/15/2030  | 945000 | 794373 |
| 1.830%, 01/15/2027  | 1000000 | 895109 |
| 1.630%, 01/15/2025  | 780000 | 728876 |
| 1.550%, 01/15/2023  | 615000 | 612614 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **33** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| **San Diego Unified School District, GO**  |  |  |  |  |
| 1.599%, 07/01/2028  | $| 1250000 | $| 1070385 |
| 1.429%, 07/01/2027  |  | 990000 |  | 868745 |
| 1.201%, 07/01/2026  |  | 345000 |  | 309087 |
| 0.951%, 07/01/2025  |  | 400000 |  | 366608 |
| 0.656%, 07/01/2024  |  | 400000 |  | 376096 |
| **San Francisco City & County, Ser C, GO**  |  |  |  |  |
| 1.805%, 06/15/2030  |  | 400000 |  | 328980 |
| 1.705%, 06/15/2029  |  | 410000 |  | 342724 |
| 1.555%, 06/15/2028  |  | 250000 |  | 212381 |
| 1.324%, 06/15/2027  |  | 450000 |  | 387863 |
| 1.104%, 06/15/2026  |  | 245000 |  | 216525 |
| 0.766%, 06/15/2025  |  | 90000 |  | 81891 |
| **San Francisco City & County, Ser A, GO**  |  |  |  |  |
| 0.728%, 06/15/2025  |  | 800000 |  | 720083 |
| 0.396%, 06/15/2024  |  | 3095000 |  | 2878347 |
| 0.193%, 06/15/2023  |  | 2865000 |  | 2789930 |
| **San Francisco City & County Affordable Housing, Ser D, GO**  |  |  |  |  |
| 3.500%, 06/15/2023  |  | 1470000 |  | 1460883 |
| **San Francisco City & County Redevelopment Agency Successor Agency, Ser C, TA**  |  |  |  |  |
| 3.125%, 08/01/2024  |  | 1850000 |  | 1794723 |
| **San Francisco City & County Redevelopment Agency Successor Agency, TA**  |  |  |  |  |
| 2.071%, 08/01/2027  |  | 4125000 |  | 3577904 |
| 1.561%, 08/01/2025  |  | 4135000 |  | 3790276 |
| 1.286%, 08/01/2024  |  | 790000 |  | 741943 |
| **San Francisco City & County Redevelopment Agency Successor Agency, Ser A, TA**  |  |  |  |  |
| 3.633%, 08/01/2026  |  | 575000 |  | 553821 |
| **Tuolumne Wind Project Authority, Ser B, RB**  |  |  |  |  |
| 6.918%, 01/01/2034  |  | 800000 |  | 902855 |
|  |  |  |  | 60315080 |
| **Colorado - 0.31%**  | **Colorado - 0.31%**  | **Colorado - 0.31%**  | **Colorado - 0.31%**  | **Colorado - 0.31%**  |
| **Colorado State Housing & Finance Authority, Ser C-1, RB**  |  |  |  |  |
| 2.175%, 11/01/2025  |  | 150000 |  | 139476 |
| 2.125%, 05/01/2025  |  | 175000 |  | 164063 |
| 1.878%, 05/01/2023  |  | 115000 |  | 113453 |
| **Colorado State Housing & Finance Authority, Ser V, RB**  |  |  |  |  |
| 3.400%, 11/01/2045  |  | 203802 |  | 180887 |
| **Colorado State Housing & Finance Authority, Ser H-1, RB**  |  |  |  |  |
| 5.117%, 11/01/2027  |  | 1250000 |  | 1271120 |
| 5.017%, 05/01/2027  |  | 2475000 |  | 2509519 |
| 4.967%, 11/01/2026  |  | 1285000 |  | 1301771 |
| 4.917%, 05/01/2026  |  | 1200000 |  | 1214365 |
| **Colorado State Housing & Finance Authority, Ser A, RB**  |  |  |  |  |
| **Callable 05/01/2024 @ 100**  |  |  |  |  |
| 2.873%, 11/01/2024  |  | 55000 |  | 53688 |
| **Colorado State Housing & Finance Authority, Ser A, RB**  |  |  |  |  |
| **Callable 11/01/2026 @ 100**  |  |  |  |  |
| 3.000%, 08/01/2047  |  | 120992 |  | 110413 |
| **Colorado State Housing & Finance Authority, Ser I, RB**  |  |  |  |  |
| **Callable 06/01/2028 @ 100**  |  |  |  |  |
| 3.850%, 07/01/2057  |  | 2121459 |  | 1802153 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **34** | **The CCM Community Impact Bond Fund** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| **Denver City & County Housing Authority, RB**  |  |  |  |  |
| **Callable 02/01/2024 @ 100**  |  |  |  |  |
| 0.839%, 08/01/2024  | $| 870000 | $| 813316 |
|  |  |  |  | 9674224 |
| **Delaware - 0.11%**  | **Delaware - 0.11%**  | **Delaware - 0.11%**  | **Delaware - 0.11%**  | **Delaware - 0.11%**  |
| **Delaware State Housing Authority, Ser A, RB**  |  |  |  |  |
| **Callable 07/01/2028 @ 100**  |  |  |  |  |
| 3.480%, 07/01/2048  |  | 3760575 |  | 3474457 |
| **District of Columbia - 0.10%**  | **District of Columbia - 0.10%**  | **District of Columbia - 0.10%**  | **District of Columbia - 0.10%**  | **District of Columbia - 0.10%**  |
| **District of Columbia Housing Finance Agency, Ser A, Cl A, RB**  |  |  |  |  |
| 3.236%, 03/01/2049  |  | 2265017 |  | 2135216 |
| **District of Columbia Housing Finance Agency, Ser A, Cl A, RB**  |  |  |  |  |
| **Callable 02/15/2039 @ 100**  |  |  |  |  |
| 3.875%, 06/15/2045  |  | 846917 |  | 792133 |
|  |  |  |  | 2927349 |
| **Florida - 0.15%**  | **Florida - 0.15%**  | **Florida - 0.15%**  | **Florida - 0.15%**  | **Florida - 0.15%**  |
| **Florida State Housing Finance Corp., Ser 1, RB**  |  |  |  |  |
| **Callable 07/01/2025 @ 100**  |  |  |  |  |
| 3.125%, 07/01/2037  |  | 2403346 |  | 2217193 |
| **Florida State Housing Finance Corp., Ser B, RB**  |  |  |  |  |
| **Callable 07/01/2026 @ 100**  |  |  |  |  |
| 2.550%, 01/01/2043  |  | 1481137 |  | 1362983 |
| **Florida State Housing Finance Corp., Ser A, RB**  |  |  |  |  |
| **Callable 07/01/2026 @ 100**  |  |  |  |  |
| 2.450%, 01/01/2043  |  | 589373 |  | 541156 |
| **Miami-Dade County Housing Finance Authority, Ser A, RB**  |  |  |  |  |
| **Callable 10/01/2025 @ 100**  |  |  |  |  |
| 2.875%, 11/01/2038  |  | 521228 |  | 492417 |
|  |  |  |  | 4613749 |
| **Georgia - 0.09%**  | **Georgia - 0.09%**  | **Georgia - 0.09%**  | **Georgia - 0.09%**  | **Georgia - 0.09%**  |
| **Atlanta Development Authority, RB**  |  |  |  |  |
| 2.622%, 12/01/2024  |  | 75000 |  | 72104 |
| **Atlanta Urban Residential Finance Authority, Ser A, RB**  |  |  |  |  |
| 2.544%, 12/01/2023  |  | 390000 |  | 382420 |
| **Metropolitan Atlanta Rapid Transit Authority, Ser D, RB**  |  |  |  |  |
| 1.315%, 07/01/2025  |  | 1980000 |  | 1818933 |
| 1.111%, 07/01/2024  |  | 720000 |  | 679820 |
|  |  |  |  | 2953277 |
| **Illinois - 0.26%**  | **Illinois - 0.26%**  | **Illinois - 0.26%**  | **Illinois - 0.26%**  | **Illinois - 0.26%**  |
| **Illinois State Housing Development Authority, Ser C, RB**  |  |  |  |  |
| 1.601%, 10/01/2027  |  | 400000 |  | 344864 |
| 1.451%, 04/01/2027  |  | 540000 |  | 469712 |
| 1.118%, 10/01/2026  |  | 215000 |  | 187610 |
| 1.068%, 04/01/2026  |  | 470000 |  | 416883 |
| 0.968%, 10/01/2025  |  | 1020000 |  | 918629 |
| 0.868%, 04/01/2025  |  | 495000 |  | 453036 |
| 0.501%, 10/01/2024  |  | 585000 |  | 542236 |
| 0.451%, 04/01/2024  |  | 950000 |  | 898972 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **35** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| 0.353%, 10/01/2023  | $| 880000 | $| 849827 |
| 0.303%, 04/01/2023  |  | 430000 |  | 424039 |
| **Illinois State Housing Development Authority, Ser A, RB**  |  |  |  |  |
| 2.625%, 03/01/2048  |  | 1003899 |  | 851508 |
| **Illinois State Housing Development Authority, Ser 2017-B, Cl 1, RB**  |  |  |  |  |
| 3.200%, 12/01/2043  |  | 942772 |  | 791801 |
| **Illinois State Housing Development Authority, Ser A, RB**  |  |  |  |  |
| **Callable 08/01/2025 @ 100**  |  |  |  |  |
| 4.000%, 02/01/2034  |  | 770000 |  | 754955 |
|  |  |  |  | 7904072 |
| **Indiana - 0.06%**  | **Indiana - 0.06%**  | **Indiana - 0.06%**  | **Indiana - 0.06%**  | **Indiana - 0.06%**  |
| **Indiana Housing & Community Development Authority, Ser D, RB**  |  |  |  |  |
| 4.370%, 07/01/2028  |  | 1135000 |  | 1118703 |
| 4.300%, 01/01/2028  |  | 565000 |  | 556282 |
|  |  |  |  | 1674985 |
| **Iowa - 0.08%**  | **Iowa - 0.08%**  | **Iowa - 0.08%**  | **Iowa - 0.08%**  | **Iowa - 0.08%**  |
| **Des Moines Area Community College, Ser A, GO**  |  |  |  |  |
| **Callable 06/01/2023 @ 100**  |  |  |  |  |
| 2.250%, 06/01/2025  |  | 690000 |  | 654003 |
| 2.050%, 06/01/2024  |  | 845000 |  | 815764 |
| **Des Moines Area Community College, Ser B, GO**  |  |  |  |  |
| **Callable 06/01/2023 @ 100**  |  |  |  |  |
| 2.250%, 06/01/2025  |  | 235000 |  | 222740 |
| 2.050%, 06/01/2024  |  | 575000 |  | 555106 |
|  |  |  |  | 2247613 |
| **Kentucky - 0.17%**  | **Kentucky - 0.17%**  | **Kentucky - 0.17%**  | **Kentucky - 0.17%**  | **Kentucky - 0.17%**  |
| **Kentucky State Housing Corp., Ser A, RB**  |  |  |  |  |
| 1.250%, 07/01/2025  |  | 250000 |  | 229387 |
| 1.150%, 01/01/2025  |  | 175000 |  | 162407 |
| 0.950%, 07/01/2024  |  | 250000 |  | 235010 |
| 0.800%, 01/01/2024  |  | 250000 |  | 238786 |
| 0.550%, 07/01/2023  |  | 750000 |  | 730750 |
| 0.450%, 01/01/2023  |  | 425000 |  | 423544 |
| **Kentucky State Housing Corp., Ser B, RB**  |  |  |  |  |
| 3.178%, 07/01/2023  |  | 25000 |  | 24661 |
| **Kentucky State Housing Corp., Ser B, RB**  |  |  |  |  |
| **Callable 07/01/2024 @ 100**  |  |  |  |  |
| 3.378%, 01/01/2025  |  | 165000 |  | 159150 |
| **Kentucky State Housing Corp., Ser A, RB**  |  |  |  |  |
| **Callable 07/01/2025 @ 100**  |  |  |  |  |
| 3.500%, 01/01/2040  |  | 850000 |  | 822330 |
| 3.499%, 07/01/2031  |  | 595000 |  | 556087 |
| **Kentucky State Housing Corp., Ser B, RB**  |  |  |  |  |
| **Callable 01/01/2026 @ 100**  |  |  |  |  |
| 4.000%, 07/01/2037  |  | 1245000 |  | 1210941 |
|  |  |  |  | 4793053 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **36** | **The CCM Community Impact Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **Louisiana - 0.02%**  | **Louisiana - 0.02%**  | **Louisiana - 0.02%**  |
| **Louisiana State Housing Corp., RB**  |  |  |
| **Callable 09/01/2024 @ 100**  |  |  |
| 2.100%, 12/01/2038  | $803019 | $765813 |
| **Maine - 0.13%**  | **Maine - 0.13%**  | **Maine - 0.13%**  |
| **Maine State Housing Authority, Ser B, RB**  |  |  |
| 1.943%, 11/15/2027  | 3600000 | 3179459 |
| 1.763%, 11/15/2026  | 1000000 | 897122 |
|  |  | 4076581 |
| **Maryland - 0.11%**  | **Maryland - 0.11%**  | **Maryland - 0.11%**  |
| **Maryland State Community Development Administration, Ser E, RB**  |  |  |
| 3.346%, 03/01/2023  | 705000 | 702168 |
| **Maryland State Community Development Administration, Ser B, RB**  |  |  |
| 3.950%, 09/01/2028  | 580000 | 558032 |
| **Maryland State Community Development Administration, Ser A, RB**  |  |  |
| **Callable 12/21/2022 @ 100**  |  |  |
| 4.000%, 09/01/2025  | 295000 | 290940 |
| **Maryland State Community Development Administration, Ser E, RB**  |  |  |
| **Callable 03/01/2024 @ 100**  |  |  |
| 2.857%, 09/01/2040  | 60000 | 59356 |
| **Maryland State Community Development Administration, Ser A, RB**  |  |  |
| **Callable 09/01/2025 @ 100**  |  |  |
| 3.500%, 09/01/2047  | 1105000 | 1077728 |
| **Maryland State Community Development Administration, Ser A, RB**  |  |  |
| **Callable 10/01/2028 @ 100**  |  |  |
| 3.950%, 11/01/2058  | 1209208 | 1045371 |
|  |  | 3733595 |
| **Massachusetts - 0.65%**  | **Massachusetts - 0.65%**  | **Massachusetts - 0.65%**  |
| **Massachusetts Housing Finance Agency, Ser 226, RB**  |  |  |
| 5.222%, 12/01/2029  | 1580000 | 1590892 |
| 5.172%, 06/01/2029  | 755000 | 759944 |
| 5.122%, 12/01/2028  | 1020000 | 1026254 |
| 5.072%, 06/01/2028  | 1330000 | 1337717 |
| 5.012%, 12/01/2027  | 570000 | 573237 |
| 4.962%, 06/01/2027  | 650000 | 653039 |
| 4.912%, 12/01/2026  | 550000 | 553051 |
| 4.862%, 06/01/2026  | 630000 | 633039 |
| **Massachusetts State Housing Finance Agency, Ser 197, RB**  |  |  |
| 3.450%, 12/01/2023  | 190000 | 186517 |
| 3.400%, 06/01/2023  | 180000 | 178358 |
| **Massachusetts State Housing Finance Agency, Ser 193, RB**  |  |  |
| 3.350%, 12/01/2023  | 430000 | 422723 |
| 3.300%, 06/01/2023  | 225000 | 223054 |
| **Massachusetts State Housing Finance Agency, Ser E, RB**  |  |  |
| 3.000%, 12/01/2025  | 250000 | 236341 |
| 2.950%, 06/01/2025  | 250000 | 237775 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **37** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| 2.900%, 12/01/2024  | $| 250000 | $| 239478 |
| 2.800%, 06/01/2024  |  | 275000 |  | 265371 |
| 2.650%, 12/01/2023  |  | 250000 |  | 243430 |
| 2.550%, 06/01/2023  |  | 355000 |  | 350282 |
| 2.450%, 12/01/2022  |  | 250000 |  | 250000 |
| **Massachusetts State Housing Finance Agency, Ser B, RB**  |  |  |  |  |
| 4.500%, 04/15/2054  |  | 3194657 |  | 2972794 |
| **Massachusetts State Housing Finance Agency, Ser C, RB**  |  |  |  |  |
| **Callable 12/27/2022 @ 100**  |  |  |  |  |
| 4.711%, 12/01/2037  |  | 185000 |  | 184998 |
| **Massachusetts State Housing Finance Agency, Ser C, RB**  |  |  |  |  |
| **Callable 06/01/2025 @ 100**  |  |  |  |  |
| 5.000%, 12/01/2055  |  | 2600000 |  | 2475027 |
| 4.750%, 12/01/2045  |  | 2870000 |  | 2637706 |
| 4.550%, 12/01/2035  |  | 410000 |  | 392736 |
| **Massachusetts State Housing Finance Agency, Ser E, RB**  |  |  |  |  |
| **Callable 12/01/2025 @ 100**  |  |  |  |  |
| 3.150%, 06/01/2027  |  | 250000 |  | 233153 |
| **Massachusetts State Housing Finance Agency, Ser B, RB**  |  |  |  |  |
| **Callable 06/01/2026 @ 100**  |  |  |  |  |
| 3.850%, 12/01/2028  |  | 65000 |  | 61562 |
| **Massachusetts State Housing Finance Agency, Ser 205, RB**  |  |  |  |  |
| **Callable 12/01/2028 @ 100**  |  |  |  |  |
| 3.800%, 06/01/2035  |  | 155000 |  | 151987 |
| 3.530%, 12/01/2029  |  | 660000 |  | 615778 |
| 3.450%, 06/01/2029  |  | 300000 |  | 279655 |
|  |  |  |  | 19965898 |
| **Michigan - 0.30%**  | **Michigan - 0.30%**  | **Michigan - 0.30%**  | **Michigan - 0.30%**  | **Michigan - 0.30%**  |
| **Michigan State Housing Development Authority, Ser B, RB**  |  |  |  |  |
| 3.627%, 10/01/2023  |  | 450000 |  | 443662 |
| 3.527%, 04/01/2023  |  | 465000 |  | 462675 |
| 1.672%, 12/01/2028  |  | 1080000 |  | 910546 |
| 1.670%, 12/01/2024  |  | 160000 |  | 150499 |
| 1.622%, 06/01/2028  |  | 1055000 |  | 898227 |
| 1.620%, 06/01/2024  |  | 165000 |  | 157022 |
| 1.599%, 04/01/2027  |  | 250000 |  | 220123 |
| 1.512%, 12/01/2027  |  | 1085000 |  | 936715 |
| 1.412%, 06/01/2027  |  | 605000 |  | 526153 |
| 1.398%, 12/01/2023  |  | 150000 |  | 144650 |
| 1.298%, 06/01/2023  |  | 100000 |  | 98164 |
| 1.241%, 10/01/2026  |  | 485000 |  | 427415 |
| 1.198%, 12/01/2026  |  | 490000 |  | 429184 |
| 1.196%, 12/01/2022  |  | 100000 |  | 100000 |
| 1.191%, 04/01/2026  |  | 300000 |  | 267471 |
| 1.118%, 06/01/2026  |  | 585000 |  | 517834 |
| 1.091%, 10/01/2025  |  | 485000 |  | 437900 |
| 1.038%, 12/01/2025  |  | 95000 |  | 85219 |
| 0.991%, 04/01/2025  |  | 250000 |  | 228599 |
| 0.958%, 06/01/2025  |  | 400000 |  | 363541 |
| 0.752%, 12/01/2024  |  | 450000 |  | 415503 |
| 0.692%, 06/01/2024  |  | 350000 |  | 328447 |
| 0.577%, 10/01/2024  |  | 475000 |  | 439590 |
| 0.496%, 12/01/2023  |  | 230000 |  | 219804 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **38** | **The CCM Community Impact Bond Fund** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| 0.436%, 06/01/2023  | $| 175000 | $| 171056 |
| 0.408%, 10/01/2023  |  | 500000 |  | 480893 |
|  |  |  |  | 9860892 |
| **Minnesota - 0.22%**  | **Minnesota - 0.22%**  | **Minnesota - 0.22%**  | **Minnesota - 0.22%**  | **Minnesota - 0.22%**  |
| **Minnesota State Housing Finance Agency, Ser G, RB**  |  |  |  |  |
| 4.088%, 01/01/2029  |  | 65000 |  | 62918 |
| 4.018%, 07/01/2028  |  | 675000 |  | 653736 |
| 3.918%, 01/01/2028  |  | 425000 |  | 411910 |
| 3.827%, 07/01/2027  |  | 410000 |  | 397141 |
| 3.777%, 01/01/2027  |  | 275000 |  | 266539 |
| **Minnesota State Housing Finance Agency, Ser E, RB**  |  |  |  |  |
| 3.744%, 01/01/2029  |  | 2210000 |  | 2110652 |
| 3.644%, 01/01/2028  |  | 2105000 |  | 2013342 |
| 3.520%, 07/01/2027  |  | 60000 |  | 57197 |
| 3.470%, 01/01/2027  |  | 1075000 |  | 1030148 |
| **Minnesota State Housing Finance Agency, Ser C, RB**  |  |  |  |  |
| 3.042%, 01/01/2024  |  | 15000 |  | 14740 |
| 2.992%, 07/01/2023  |  | 10000 |  | 9856 |
| 2.942%, 01/01/2023  |  | 5000 |  | 4991 |
| **Minnesota State Housing Finance Agency, Ser D, RB**  |  |  |  |  |
| **Callable 07/01/2025 @ 100**  |  |  |  |  |
| 2.730%, 08/01/2046  |  | 159517 |  | 152530 |
| **Minnesota State Housing Finance Agency, Ser C, RB**  |  |  |  |  |
| **Callable 07/01/2025 @ 100**  |  |  |  |  |
| 3.800%, 07/01/2031  |  | 25000 |  | 24985 |
|  |  |  |  | 7210685 |
| **Mississippi - 0.01%**  | **Mississippi - 0.01%**  | **Mississippi - 0.01%**  | **Mississippi - 0.01%**  | **Mississippi - 0.01%**  |
| **Mississippi State Home Corp., RB**  |  |  |  |  |
| **Callable 06/01/2023 @ 100**  |  |  |  |  |
| 3.050%, 12/01/2034  |  | 308461 |  | 264891 |
| **New Hampshire - 0.01%**  | **New Hampshire - 0.01%**  | **New Hampshire - 0.01%**  | **New Hampshire - 0.01%**  | **New Hampshire - 0.01%**  |
| **New Hampshire State Housing Finance Authority, Ser A, RB**  |  |  |  |  |
| **Callable 07/01/2023 @ 100**  |  |  |  |  |
| 3.750%, 07/01/2034  |  | 55000 |  | 54758 |
| **New Hampshire State Housing Finance Authority, Ser A, RB**  |  |  |  |  |
| **Callable 01/01/2024 @ 100**  |  |  |  |  |
| 4.000%, 07/01/2035  |  | 25000 |  | 24953 |
| **New Hampshire State Housing Finance Authority, Ser C, RB**  |  |  |  |  |
| **Callable 07/01/2027 @ 100**  |  |  |  |  |
| 3.209%, 07/01/2039  |  | 360000 |  | 346380 |
|  |  |  |  | 426091 |
| **New Jersey - 0.57%**  | **New Jersey - 0.57%**  | **New Jersey - 0.57%**  | **New Jersey - 0.57%**  | **New Jersey - 0.57%**  |
| **New Jersey State Housing & Mortgage Finance Agency, Ser C, RB**  |  |  |  |  |
| 3.600%, 11/01/2025  |  | 570000 |  | 551853 |
| 3.550%, 05/01/2025  |  | 1100000 |  | 1066519 |
| 3.500%, 11/01/2024  |  | 535000 |  | 521909 |
| 3.450%, 05/01/2024  |  | 1035000 |  | 1012688 |
| 3.368%, 11/01/2025  |  | 450000 |  | 432866 |
| 3.350%, 05/01/2023  |  | 980000 |  | 973430 |
| 3.228%, 11/01/2024  |  | 360000 |  | 348467 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **39** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| 2.928%, 11/01/2023  | $| 365000 | $| 357167 |
| **New Jersey State Housing & Mortgage Finance Agency, Ser B, RB**  |  |  |  |  |
| 4.000%, 11/01/2023  |  | 475000 |  | 470199 |
| 3.900%, 05/01/2023  |  | 460000 |  | 457938 |
| **New Jersey State Housing & Mortgage Finance Agency, Ser E, RB**  |  |  |  |  |
| 3.422%, 05/01/2023  |  | 2850000 |  | 2831723 |
| **New Jersey State Housing & Mortgage Finance Agency, Ser B, RB**  |  |  |  |  |
| **Callable 11/01/2023 @ 100**  |  |  |  |  |
| 4.875%, 11/01/2029  |  | 2500000 |  | 2504421 |
| 4.200%, 11/01/2024  |  | 505000 |  | 499027 |
| 4.100%, 05/01/2024  |  | 485000 |  | 478792 |
| **New Jersey State Housing & Mortgage Finance Agency, Ser C, RB**  |  |  |  |  |
| **Callable 11/01/2025 @ 100**  |  |  |  |  |
| 5.000%, 11/01/2046  |  | 425000 |  | 429449 |
| 4.625%, 11/01/2036  |  | 335000 |  | 326628 |
| **New Jersey State Housing & Mortgage Finance Agency, Ser C, RB**  |  |  |  |  |
| **Callable 05/01/2026 @ 100**  |  |  |  |  |
| 4.968%, 11/01/2051  |  | 345000 |  | 348718 |
| 4.868%, 11/01/2047  |  | 1300000 |  | 1280873 |
| 4.698%, 11/01/2037  |  | 500000 |  | 484655 |
| 4.218%, 11/01/2032  |  | 1355000 |  | 1329654 |
| 3.718%, 11/01/2028  |  | 285000 |  | 272053 |
| 3.618%, 11/01/2027  |  | 695000 |  | 663537 |
| 3.568%, 11/01/2026  |  | 435000 |  | 417604 |
|  |  |  |  | 18060170 |
| **New Mexico - 0.07%**  | **New Mexico - 0.07%**  | **New Mexico - 0.07%**  | **New Mexico - 0.07%**  | **New Mexico - 0.07%**  |
| **New Mexico State Mortgage Finance Authority, Ser B-2, RB**  |  |  |  |  |
| **Callable 06/01/2023 @ 100**  |  |  |  |  |
| 2.230%, 10/01/2034  |  | 357651 |  | 340844 |
| **New Mexico State Mortgage Finance Authority, Ser B, RB**  |  |  |  |  |
| **Callable 09/01/2025 @ 100**  |  |  |  |  |
| 2.600%, 09/01/2040  |  | 2050000 |  | 1962745 |
|  |  |  |  | 2303589 |
| **New York - 3.63%**  | **New York - 3.63%**  | **New York - 3.63%**  | **New York - 3.63%**  | **New York - 3.63%**  |
| **New York City Housing Development Corp., Ser J, RB**  |  |  |  |  |
| 0.512%, 11/01/2023  |  | 430000 |  | 412443 |
| 0.462%, 05/01/2023  |  | 500000 |  | 490818 |
| **New York City Housing Development Corp., Ser H-1, RB**  |  |  |  |  |
| 3.160%, 11/01/2023  |  | 1550000 |  | 1522999 |
| 3.110%, 05/01/2023  |  | 1525000 |  | 1513361 |
| **New York City Housing Development Corp., Ser I, RB**  |  |  |  |  |
| 3.899%, 11/01/2026  |  | 2315000 |  | 2237477 |
| 3.750%, 11/01/2024  |  | 3050000 |  | 2989138 |
| **New York City Housing Development Corp., RB**  |  |  |  |  |
| 2.642%, 05/01/2026  |  | 2120000 |  | 1969034 |
| 1.860%, 05/01/2028  |  | 2110000 |  | 1819396 |
| **New York City Housing Development Corp., Ser D, RB**  |  |  |  |  |
| 2.233%, 08/01/2027  |  | 2050000 |  | 1829431 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **40** | **The CCM Community Impact Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **New York City Housing Development Corp., Ser B, RB**  |  |  |
| 2.000%, 02/01/2028  | $450000 | $386930 |
| **New York City Housing Development Corp., Ser G, RB**  |  |  |
| 2.468%, 11/01/2024  | 135000 | 129180 |
| **New York City Housing Development Corp., Ser L, RB**  |  |  |
| 2.528%, 11/01/2025  | 735000 | 691364 |
| 2.478%, 05/01/2025  | 745000 | 705167 |
| 2.320%, 11/01/2024  | 1130000 | 1078268 |
| 2.270%, 05/01/2024  | 1260000 | 1212804 |
| 2.120%, 05/01/2023  | 590000 | 583138 |
| **New York City Housing Development Corp., Ser A, RB**  |  |  |
| 3.078%, 08/01/2025  | 250000 | 240622 |
| 3.028%, 02/01/2025  | 350000 | 337939 |
| 2.954%, 08/01/2024  | 150000 | 145276 |
| 2.854%, 02/01/2024  | 150000 | 146158 |
| 2.704%, 08/01/2023  | 280000 | 275552 |
| 2.604%, 02/01/2023  | 300000 | 298938 |
| **New York City Housing Development Corp., Ser B, RB**  |  |  |
| 1.677%, 11/01/2028  | 800000 | 662102 |
| 1.577%, 05/01/2028  | 500000 | 417391 |
| 1.477%, 11/01/2027  | 300000 | 256665 |
| 1.377%, 05/01/2027  | 200000 | 172556 |
| 1.123%, 11/01/2026  | 250000 | 217161 |
| 1.061%, 11/01/2025  | 2010000 | 1808764 |
| 1.023%, 05/01/2026  | 245000 | 215233 |
| **New York City Housing Development Corp., Ser B-1, RB**  |  |  |
| 3.464%, 11/01/2025  | 755000 | 733593 |
| 3.364%, 05/01/2025  | 535000 | 519434 |
| 3.290%, 11/01/2024  | 1065000 | 1034901 |
| 3.190%, 05/01/2024  | 535000 | 521592 |
| 3.178%, 05/01/2024  | 1070000 | 1043012 |
| 3.121%, 05/01/2023  | 4000000 | 3969487 |
| 3.028%, 11/01/2023  | 500000 | 490709 |
| 2.990%, 11/01/2023  | 270000 | 264892 |
| 2.978%, 05/01/2023  | 1245000 | 1234834 |
| 2.890%, 05/01/2023  | 450000 | 446166 |
| **New York City Housing Development Corp., Ser F1, RB**  |  |  |
| 2.048%, 05/01/2028  | 640000 | 549208 |
| 1.874%, 11/01/2027  | 945000 | 824762 |
| 1.844%, 05/01/2027  | 1450000 | 1277673 |
| 1.744%, 11/01/2026  | 280000 | 249351 |
| 1.694%, 05/01/2026  | 380000 | 341751 |
| 1.448%, 11/01/2025  | 375000 | 343753 |
| **New York City Housing Development Corp., Ser D, RB**  |  |  |
| 3.467%, 11/01/2023  | 995000 | 980358 |
| 3.363%, 05/01/2023  | 2150000 | 2135787 |
| **New York City Housing Development Corp., Ser F, RB**  |  |  |
| 2.368%, 05/01/2024  | 500000 | 481932 |
| 2.316%, 05/01/2023  | 1820000 | 1800274 |
| **New York City Housing Development Corp., Ser B, RB**  |  |  |
| 2.361%, 02/01/2028  | 750000 | 656423 |
| 2.183%, 02/01/2027  | 1590000 | 1428873 |
| 2.083%, 02/01/2026  | 660000 | 604641 |
| 1.980%, 08/01/2025  | 865000 | 806944 |
| 1.930%, 02/01/2025  | 600000 | 564755 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **41** 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **New York City Housing Development Corp., Ser D, RB**  |  |  |
| 2.150%, 02/01/2029  | $550000 | $465565 |
| 2.100%, 08/01/2028  | 540000 | 461249 |
| 1.750%, 08/01/2027  | 775000 | 676132 |
| 1.700%, 02/01/2027  | 760000 | 669291 |
| 1.600%, 08/01/2026  | 500000 | 445439 |
| 1.550%, 02/01/2026  | 480000 | 432338 |
| 1.300%, 08/01/2025  | 310000 | 284851 |
| 1.250%, 02/01/2025  | 365000 | 339370 |
| **New York City Housing Development Corp., Ser A, Cl A, RB**  |  |  |
| 3.098%, 10/01/2046  | 7728267 | 5993509 |
| **New York City Housing Development Corp., Ser H-1, RB**  |  |  |
| **Callable 11/01/2023 @ 100**  |  |  |
| 3.890%, 11/01/2029  | 995000 | 945384 |
| 3.310%, 11/01/2024  | 1610000 | 1565079 |
| **New York City Housing Development Corp., Ser B-1, RB**  |  |  |
| **Callable 05/01/2024 @ 100**  |  |  |
| 3.328%, 11/01/2025  | 750000 | 725582 |
| 3.278%, 05/01/2025  | 1060000 | 1027101 |
| 3.228%, 11/01/2024  | 725000 | 703698 |
| **New York City Housing Development Corp., Ser A, RB**  |  |  |
| **Callable 08/01/2025 @ 100**  |  |  |
| 3.378%, 08/01/2028  | 435000 | 399259 |
| 3.328%, 02/01/2028  | 300000 | 276241 |
| 3.278%, 08/01/2027  | 425000 | 397642 |
| 3.228%, 02/01/2027  | 400000 | 375056 |
| 3.178%, 08/01/2026  | 325000 | 306543 |
| 3.128%, 02/01/2026  | 475000 | 449517 |
| **New York City Housing Development Corp., Ser A, RB**  |  |  |
| **Callable 11/01/2025 @ 100**  |  |  |
| 2.618%, 05/01/2026  | 500000 | 464022 |
| **New York City Housing Development Corp., Ser G, RB**  |  |  |
| **Callable 11/01/2025 @ 100**  |  |  |
| 2.818%, 05/01/2027  | 1000000 | 919477 |
| 2.768%, 11/01/2026  | 1000000 | 926639 |
| **New York City Housing Development Corp., Ser B-1, RB**  |  |  |
| **Callable 02/01/2026 @ 100**  |  |  |
| 3.814%, 11/01/2029  | 700000 | 650876 |
| 3.714%, 11/01/2028  | 395000 | 369116 |
| 3.614%, 11/01/2027  | 1110000 | 1054986 |
| 3.564%, 11/01/2026  | 505000 | 482125 |
| 3.514%, 05/01/2026  | 1025000 | 979771 |
| **New York City Housing Development Corp., RB**  |  |  |
| **Callable 09/01/2027 @ 100**  |  |  |
| 2.743%, 11/01/2027  | 365000 | 332312 |
| **New York City Housing Development Corp., Ser B, RB**  |  |  |
| **Callable 02/01/2028 @ 100**  |  |  |
| 2.561%, 02/01/2030  | 1000000 | 847427 |
| 2.511%, 08/01/2029  | 1240000 | 1060976 |
| 2.461%, 02/01/2029  | 2195000 | 1891696 |
| 2.411%, 08/01/2028  | 1000000 | 868420 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **42** | **The CCM Community Impact Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **New York City Housing Development Corp., Ser F1, RB**  |  |  |
| **Callable 05/01/2028 @ 100**  |  |  |
| 2.298%, 11/01/2030  | $770000 | $630486 |
| 2.238%, 05/01/2030  | 770000 | 634229 |
| 2.188%, 11/01/2029  | 455000 | 380060 |
| 2.138%, 05/01/2029  | 1220000 | 1027561 |
| 2.098%, 11/01/2028  | 1225000 | 1041635 |
| **New York City Housing Development Corp., Ser D, RB**  |  |  |
| **Callable 02/01/2029 @ 100**  |  |  |
| 2.200%, 08/01/2029  | 850000 | 713344 |
| **New York City Housing Development Corp., Ser B, RB**  |  |  |
| **Callable 02/01/2029 @ 100**  |  |  |
| 2.300%, 08/01/2030  | 885000 | 728468 |
| 2.250%, 02/01/2030  | 865000 | 717044 |
| **New York City Housing Development Corp., Ser B, RB**  |  |  |
| **Callable 02/01/2029 @ 100**  |  |  |
| 2.053%, 11/01/2030  | 2965000 | 2380906 |
| 2.003%, 05/01/2030  | 3175000 | 2569553 |
| 1.953%, 11/01/2029  | 1800000 | 1476260 |
| 1.903%, 05/01/2029  | 1225000 | 1014346 |
| **New York State Housing Finance Agency, Ser A, AMT, RB**  |  |  |
| **Callable 01/05/2023 @ 100**  |  |  |
| 5.050%, 08/15/2039 (d) | 1085000 | 1085732 |
| **New York State Housing Finance Agency, Ser A, AMT, RB**  |  |  |
| **Callable 01/05/2023 @ 100**  |  |  |
| 4.900%, 08/15/2025 (d) | 90000 | 90133 |
| **New York State Housing Finance Agency, RB**  |  |  |
| **Callable 07/01/2025 @ 100**  |  |  |
| 3.250%, 05/01/2027  | 1770000 | 1650191 |
| **New York State Mortgage Agency, Ser 245, RB**  |  |  |
| 2.625%, 10/01/2027  | 2125000 | 1930446 |
| 2.575%, 04/01/2027  | 2500000 | 2282155 |
| 2.525%, 10/01/2026  | 970000 | 893233 |
| **New York State Mortgage Agency, Ser 53, RB**  |  |  |
| 3.069%, 04/01/2023  | 490000 | 486922 |
| **New York State Mortgage Agency, Ser 237, RB**  |  |  |
| 1.945%, 04/01/2029  | 615000 | 520161 |
| 1.271%, 10/01/2026  | 4155000 | 3645930 |
| 1.221%, 04/01/2026  | 1215000 | 1080911 |
| 1.141%, 10/01/2025  | 2355000 | 2123582 |
| 1.041%, 04/01/2025  | 1475000 | 1347302 |
| **New York State Mortgage Agency, Ser 230, RB**  |  |  |
| 2.180%, 10/01/2029  | 485000 | 415491 |
| 2.080%, 10/01/2028  | 960000 | 838162 |
| 1.816%, 10/01/2027  | 565000 | 499129 |
| 1.666%, 10/01/2026  | 420000 | 378951 |
| 1.316%, 10/01/2025  | 265000 | 243113 |
| 1.136%, 10/01/2024  | 370000 | 347458 |
| 0.894%, 10/01/2023  | 120000 | 116837 |
| **New York State Mortgage Agency, Ser 229, RB**  |  |  |
| 2.180%, 10/01/2029  | 540000 | 466768 |
| 2.080%, 10/01/2028  | 760000 | 666255 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **43** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| 1.816%, 10/01/2027  | $| 725000 | $| 641305 |
| 1.666%, 10/01/2026  |  | 920000 |  | 832631 |
| 1.316%, 10/01/2025  |  | 490000 |  | 450089 |
| 1.136%, 10/01/2024  |  | 700000 |  | 657354 |
| 0.894%, 10/01/2023  |  | 345000 |  | 336672 |
| **New York State Mortgage Agency, Ser 230, RB**  |  |  |  |  |
| **Callable 10/01/2029 @ 100**  |  |  |  |  |
| 2.280%, 10/01/2030  |  | 500000 |  | 421461 |
| **New York State Mortgage Agency, Ser 229, RB**  |  |  |  |  |
| **Callable 10/01/2029 @ 100**  |  |  |  |  |
| 2.280%, 10/01/2030  |  | 130000 |  | 110259 |
|  |  |  |  | 113729624 |
| **North Carolina - 0.03%**  | **North Carolina - 0.03%**  | **North Carolina - 0.03%**  | **North Carolina - 0.03%**  | **North Carolina - 0.03%**  |
| **North Carolina State Housing Finance Agency, Ser 34, RB**  |  |  |  |  |
| **Callable 01/01/2024 @ 100**  |  |  |  |  |
| 2.812%, 07/01/2035  |  | 820000 |  | 797720 |
| **Ohio - 0.18%**  | **Ohio - 0.18%**  | **Ohio - 0.18%**  | **Ohio - 0.18%**  | **Ohio - 0.18%**  |
| **Ohio State Housing Finance Agency, Ser B, RB**  |  |  |  |  |
| **Callable 01/01/2026 @ 100**  |  |  |  |  |
| 3.250%, 03/01/2046  |  | 225781 |  | 216375 |
| **Ohio State Housing Finance Agency, Ser C, RB**  |  |  |  |  |
| **Callable 01/01/2026 @ 100**  |  |  |  |  |
| 2.900%, 09/01/2037  |  | 2456505 |  | 2332310 |
| **Ohio State Housing Finance Agency, Ser B, RB**  |  |  |  |  |
| **Callable 09/01/2027 @ 100**  |  |  |  |  |
| 3.700%, 04/01/2040  |  | 3187828 |  | 3084136 |
|  |  |  |  | 5632821 |
| **Oregon - 0.57%**  | **Oregon - 0.57%**  | **Oregon - 0.57%**  | **Oregon - 0.57%**  | **Oregon - 0.57%**  |
| **Oregon State, Ser L, GO**  |  |  |  |  |
| 1.305%, 11/01/2026  |  | 500000 |  | 445281 |
| 1.105%, 11/01/2025  |  | 600000 |  | 546902 |
| 0.812%, 11/01/2024  |  | 1055000 |  | 987289 |
| 0.418%, 11/01/2023  |  | 875000 |  | 843121 |
| **Oregon State, GO**  |  |  |  |  |
| 4.037%, 05/01/2032  |  | 1770000 |  | 1685808 |
| 3.887%, 05/01/2030  |  | 700000 |  | 666771 |
| 3.492%, 05/01/2028  |  | 1930000 |  | 1834773 |
| 3.315%, 05/01/2027  |  | 1000000 |  | 954555 |
| **Oregon State, Ser B, GO**  |  |  |  |  |
| 3.088%, 05/01/2023  |  | 370000 |  | 367891 |
| **Oregon State, Ser C, GO**  |  |  |  |  |
| 0.434%, 05/01/2024  |  | 1485000 |  | 1388814 |
| 0.201%, 05/01/2023  |  | 2925000 |  | 2867038 |
| **Oregon State, Ser B, GO**  |  |  |  |  |
| **Callable 05/01/2027 @ 100**  |  |  |  |  |
| 3.886%, 05/01/2037  |  | 205000 |  | 184160 |
| **Oregon State, Metropolitan, GO**  |  |  |  |  |
| 1.760%, 06/01/2028  |  | 570000 |  | 493176 |
| **Tri-County Metropolitan Transportation District of Oregon, Ser B, RB**  |  |  |  |  |
| 1.586%, 09/01/2028  |  | 800000 |  | 682065 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **44** | **The CCM Community Impact Bond Fund** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| 1.386%, 09/01/2027  | $| 2990000 | $| 2597763 |
| 1.200%, 09/01/2026  |  | 1000000 |  | 889444 |
| 0.950%, 09/01/2025  |  | 600000 |  | 547134 |
|  |  |  |  | 17981985 |
| **Pennsylvania - 0.27%**  | **Pennsylvania - 0.27%**  | **Pennsylvania - 0.27%**  | **Pennsylvania - 0.27%**  | **Pennsylvania - 0.27%**  |
| **Commonwealth Financing Authority, Ser C, RB**  |  |  |  |  |
| 2.758%, 06/01/2030  |  | 1915000 |  | 1635359 |
| 1.916%, 06/01/2023  |  | 475000 |  | 467818 |
| **Commonwealth Financing Authority, Ser A1, RB**  |  |  |  |  |
| 3.075%, 06/01/2023  |  | 500000 |  | 495250 |
| **Commonwealth Financing Authority, Ser A, RB**  |  |  |  |  |
| 6.392%, 06/01/2024  |  | 130000 |  | 131275 |
| **Pennsylvania State Housing Finance Agency, Ser 130B, RB**  |  |  |  |  |
| 2.375%, 04/01/2027  |  | 2715000 |  | 2492478 |
| 2.150%, 10/01/2024  |  | 2000000 |  | 1908343 |
| **Redevelopment Authority of the Philadelphia, Ser A, RB**  |  |  |  |  |
| 0.618%, 09/01/2023  |  | 1260000 |  | 1218571 |
|  |  |  |  | 8349094 |
| **Rhode Island - 0.30%**  | **Rhode Island - 0.30%**  | **Rhode Island - 0.30%**  | **Rhode Island - 0.30%**  | **Rhode Island - 0.30%**  |
| **Rhode Island Housing & Mortgage Finance Corp., RB**  |  |  |  |  |
| 5.210%, 10/01/2026  |  | 970000 |  | 988421 |
| 5.160%, 04/01/2026  |  | 940000 |  | 956059 |
| **Rhode Island State Housing and Mortgage Finance Corp., Ser 2-T, RB**  |  |  |  |  |
| 3.439%, 10/01/2026  |  | 510000 |  | 488690 |
| 3.389%, 04/01/2026  |  | 505000 |  | 484804 |
| 3.269%, 10/01/2025  |  | 490000 |  | 470835 |
| 3.169%, 04/01/2025  |  | 385000 |  | 370938 |
| 3.128%, 10/01/2024  |  | 245000 |  | 237214 |
| 3.028%, 04/01/2024  |  | 200000 |  | 194676 |
| 2.928%, 10/01/2023  |  | 110000 |  | 107931 |
| **Rhode Island State Housing and Mortgage Finance Corp., Ser 77-T, RB**  |  |  |  |  |
| 3.900%, 10/01/2028  |  | 800000 |  | 758374 |
| 3.850%, 04/01/2028  |  | 665000 |  | 630798 |
| 3.800%, 10/01/2027  |  | 1530000 |  | 1460393 |
| 3.750%, 04/01/2027  |  | 360000 |  | 343644 |
| **Rhode Island State Housing and Mortgage Finance Corp., Ser 2-T, RB**  |  |  |  |  |
| 1.696%, 10/01/2027  |  | 100000 |  | 87269 |
| 1.646%, 04/01/2027  |  | 175000 |  | 154089 |
| 1.179%, 10/01/2025  |  | 275000 |  | 248927 |
| 1.129%, 04/01/2025  |  | 245000 |  | 224763 |
| 1.029%, 10/01/2024  |  | 150000 |  | 139991 |
| 0.979%, 04/01/2024  |  | 115000 |  | 109004 |
| **Rhode Island State Housing and Mortgage Finance Corp., Ser 2-T, RB**  |  |  |  |  |
| 2.700%, 10/01/2028  |  | 145000 |  | 130645 |
| 2.600%, 10/01/2027  |  | 145000 |  | 132158 |
| 2.500%, 10/01/2026  |  | 70000 |  | 64631 |
| 2.400%, 10/01/2025  |  | 130000 |  | 121827 |
| 2.200%, 10/01/2023  |  | 115000 |  | 112257 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **45** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| **Rhode Island State Housing and Mortgage Finance Corp., Ser 6, RB**  |  |  |  |  |
| 3.400%, 04/01/2024  | $| 40000 | $| 39094 |
| **Rhode Island State Housing and Mortgage Finance Corp., Ser 2-T, RB**  |  |  |  |  |
| **Callable 10/01/2026 @ 100**  |  |  |  |  |
| 3.489%, 04/01/2027  |  | 520000 |  | 496817 |
| **Rhode Island State Housing and Mortgage Finance Corp., Ser 2-T, RB**  |  |  |  |  |
| **Callable 04/01/2029 @ 100**  |  |  |  |  |
| 2.800%, 10/01/2029  |  | 95000 |  | 84617 |
|  |  |  |  | 9638866 |
| **South Dakota - 0.01%**  | **South Dakota - 0.01%**  | **South Dakota - 0.01%**  | **South Dakota - 0.01%**  | **South Dakota - 0.01%**  |
| **South Dakota State Housing Development Authority, Ser 1, RB**  |  |  |  |  |
| **Callable 11/01/2025 @ 100**  |  |  |  |  |
| 3.500%, 11/01/2041  |  | 360000 |  | 348159 |
| **Tennessee - 0.39%**  | **Tennessee - 0.39%**  | **Tennessee - 0.39%**  | **Tennessee - 0.39%**  | **Tennessee - 0.39%**  |
| **Tennessee State Housing Development Agency, Ser 1B, RB**  |  |  |  |  |
| 2.240%, 07/01/2029  |  | 350000 |  | 304596 |
| 2.190%, 01/01/2029  |  | 1345000 |  | 1177896 |
| 2.120%, 07/01/2028  |  | 300000 |  | 264863 |
| 1.961%, 07/01/2027  |  | 750000 |  | 669180 |
| 1.911%, 01/01/2027  |  | 300000 |  | 269615 |
| 1.861%, 07/01/2026  |  | 530000 |  | 481699 |
| 1.811%, 01/01/2026  |  | 500000 |  | 458372 |
| 1.720%, 07/01/2025  |  | 550000 |  | 509854 |
| **Tennessee State Housing Development Agency, RB**  |  |  |  |  |
| 2.358%, 07/01/2029  |  | 2065000 |  | 1805455 |
| 2.308%, 01/01/2029  |  | 1015000 |  | 892715 |
| **Tennessee State Housing Development Agency, RB**  |  |  |  |  |
| **Callable 01/01/2026 @ 100**  |  |  |  |  |
| 3.500%, 07/01/2031  |  | 25000 |  | 24895 |
| **Tennessee State Housing Development Agency, Ser 1B, RB**  |  |  |  |  |
| **Callable 07/01/2029 @ 100**  |  |  |  |  |
| 2.290%, 01/01/2030  |  | 1375000 |  | 1189948 |
| **Tennessee State Housing Development Agency, Ser 1B, RB**  |  |  |  |  |
| **Callable 07/01/2029 @ 102**  |  |  |  |  |
| 3.750%, 07/01/2050  |  | 2025000 |  | 1934333 |
| **Tennessee State Housing Development Agency, RB**  |  |  |  |  |
| **Callable 07/01/2029 @ 100**  |  |  |  |  |
| 2.458%, 07/01/2030  |  | 1320000 |  | 1143110 |
| 2.408%, 01/01/2030  |  | 1290000 |  | 1121947 |
|  |  |  |  | 12248478 |
| **Texas - 0.09%**  | **Texas - 0.09%**  | **Texas - 0.09%**  | **Texas - 0.09%**  | **Texas - 0.09%**  |
| **Austin Electric Utility System Revenue Authority, Ser A, RB**  |  |  |  |  |
| 2.937%, 11/15/2028  |  | 860000 |  | 779326 |
| **Colony Local Development Corp., Ser A, RB**  |  |  |  |  |
| 3.866%, 10/01/2028  |  | 490000 |  | 464951 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **46** | **The CCM Community Impact Bond Fund** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| **Texas State Affordable Housing Corp., Ser A, RB**  |  |  |  |  |
| **Callable 03/01/2023 @ 100**  |  |  |  |  |
| 2.700%, 09/01/2041  | $| 1415000 | $| 1383732 |
| **Texas State Department of Housing & Community Affairs, Ser B, RB**  |  |  |  |  |
| **Callable 03/01/2025 @ 100**  |  |  |  |  |
| 3.180%, 03/01/2039  |  | 5000 |  | 4781 |
| **Texas State Department of Housing & Community Affairs, Ser C, RB**  |  |  |  |  |
| **Callable 09/01/2026 @ 100**  |  |  |  |  |
| 3.100%, 09/01/2047  |  | 273036 |  | 259049 |
|  |  |  |  | 2891839 |
| **Utah - 0.13%**  | **Utah - 0.13%**  | **Utah - 0.13%**  | **Utah - 0.13%**  | **Utah - 0.13%**  |
| **Utah State Housing Corp., Ser A, RB**  |  |  |  |  |
| 2.900%, 07/01/2029  |  | 285000 |  | 268457 |
| 2.850%, 01/01/2029  |  | 335000 |  | 315327 |
| 2.800%, 07/01/2028  |  | 305000 |  | 292021 |
| 2.750%, 01/01/2028  |  | 340000 |  | 325342 |
| 2.700%, 07/01/2027  |  | 600000 |  | 573864 |
| 2.650%, 01/01/2027  |  | 460000 |  | 439673 |
| **Utah State Housing Corp., Ser E, RB**  |  |  |  |  |
| **Callable 01/01/2023 @ 100**  |  |  |  |  |
| 2.200%, 07/01/2041  |  | 315000 |  | 292648 |
| **Utah State Housing Corp., Ser B, RB**  |  |  |  |  |
| **Callable 01/01/2028 @ 100**  |  |  |  |  |
| 2.690%, 01/01/2048  |  | 510000 |  | 477342 |
| **Utah State Housing Corp., Ser A, RB**  |  |  |  |  |
| **Callable 07/01/2029 @ 101**  |  |  |  |  |
| 3.875%, 01/01/2050  |  | 1265000 |  | 1217071 |
|  |  |  |  | 4201745 |
| **Virginia - 0.42%**  | **Virginia - 0.42%**  | **Virginia - 0.42%**  | **Virginia - 0.42%**  | **Virginia - 0.42%**  |
| **Fairfax County Economic Development Authority, Ser B, RB**  |  |  |  |  |
| **Pre-Refunded @ 100**  |  |  |  |  |
| 4.380%, 10/01/2024  |  | 500000 |  | 497861 |
| **Virginia State Housing Development Authority, Ser A, RB**  |  |  |  |  |
| 3.125%, 11/25/2039  |  | 524559 |  | 498189 |
| **Virginia State Housing Development Authority, Ser E, RB**  |  |  |  |  |
| 1.519%, 06/01/2028  |  | 450000 |  | 383871 |
| 1.319%, 06/01/2027  |  | 500000 |  | 433895 |
| 0.985%, 06/01/2026  |  | 1230000 |  | 1090877 |
| 0.835%, 06/01/2025  |  | 625000 |  | 568991 |
| 0.489%, 06/01/2024  |  | 1320000 |  | 1235796 |
| **Virginia State Housing Development Authority, Ser J, RB**  |  |  |  |  |
| 1.690%, 11/01/2027  |  | 725000 |  | 635734 |
| 1.437%, 11/01/2026  |  | 400000 |  | 356505 |
| 1.237%, 11/01/2025  |  | 350000 |  | 318396 |
| 0.897%, 11/01/2024  |  | 585000 |  | 545205 |
| **Virginia State Housing Development Authority, Ser A, RB**  |  |  |  |  |
| 3.250%, 08/25/2042  |  | 79549 |  | 73234 |
| 3.100%, 06/25/2041  |  | 2981683 |  | 2901126 |
| 2.950%, 10/25/2049  |  | 1147359 |  | 1023520 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **47** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal Amount** | **Value** | **Value** |
| **Virginia State Housing Development Authority, Ser C, RB**  |  |  |  |
| 4.250%, 10/25/2043  | 166331 | $| 158620 |
| **Virginia State Housing Development Authority, Ser D, RB**  |  |  |  |
| **Callable 12/27/2022 @ 100**  |  |  |  |
| 3.568%, 10/01/2026  | 2000000 |  | 1944519 |
| **Virginia State Housing Development Authority, Ser F, RB**  |  |  |  |
| **Callable 12/01/2024 @ 100**  |  |  |  |
| 3.400%, 12/01/2026  | 500000 |  | 479989 |
|  |  |  | 13146328 |
| **Washington - 0.13%**  | **Washington - 0.13%**  | **Washington - 0.13%**  | **Washington - 0.13%**  |
| **King County Housing Authority, Ser C, RB**  |  |  |  |
| 1.690%, 12/01/2028  | 265000 |  | 224956 |
| 1.400%, 12/01/2026  | 310000 |  | 275458 |
| **King County Housing Authority, RB**  |  |  |  |
| **Callable 01/20/2023 @ 100**  |  |  |  |
| 6.375%, 12/31/2046  | 3490000 |  | 3525331 |
|  |  |  | 4025745 |
| **West Virginia - 0.02%**  | **West Virginia - 0.02%**  | **West Virginia - 0.02%**  | **West Virginia - 0.02%**  |
| **West Virginia State Housing Development Fund, Ser A, RB**  |  |  |  |
| 3.200%, 11/01/2028  | 615000 |  | 592412 |
| **TOTAL MUNICIPAL BONDS (Cost $389,074,031)** | **TOTAL MUNICIPAL BONDS (Cost $389,074,031)** |  | 360914636 |
| **ASSET-BACKED SECURITIES - 4.72%** | **ASSET-BACKED SECURITIES - 4.72%** | **ASSET-BACKED SECURITIES - 4.72%** | **ASSET-BACKED SECURITIES - 4.72%** |
| **Automotive - 0.17%** | **Automotive - 0.17%** | **Automotive - 0.17%** | **Automotive - 0.17%** |
| **Tesla Auto Lease Trust** | **Tesla Auto Lease Trust** |  |  |
| 0.36%, 09/22/2025 (c) | 1283959 |  | 1254003 |
| 0.60%, 09/22/2025 (c) | 1947000 |  | 1825176 |
| 0.68%, 12/20/2023 (c) | 2222701 |  | 2213629 |
|  |  |  | 5292808 |
| **Other Asset-Backed Securities - 4.55%** | **Other Asset-Backed Securities - 4.55%** | **Other Asset-Backed Securities - 4.55%** | **Other Asset-Backed Securities - 4.55%** |
| **Dividend Solar Loans** | **Dividend Solar Loans** |  |  |
| 3.67%, 08/22/2039 (c) | 3915230 |  | 3553291 |
| **FREED Trust** | **FREED Trust** |  |  |
| 0.94%, 03/19/2029 (c) | 572651 |  | 569299 |
| 3.03%, 05/18/2029 (c) | 3504981 |  | 3469456 |
| **GoodLeap Sustainable Home Solutions Trust** | **GoodLeap Sustainable Home Solutions Trust** |  |  |
| 1.93%, 07/20/2048 (c) | 6224964 |  | 4810485 |
| 2.10%, 05/20/2048 (c) | 7731811 |  | 5532820 |
| 2.70%, 01/20/2049 (c) | 2206849 |  | 1699584 |
| **Loanpal Solar Loan** | **Loanpal Solar Loan** |  |  |
| 2.22%, 03/20/2048 (c) | 3613211 |  | 2664133 |
| 2.29%, 01/20/2048 (c) | 7870378 |  | 5923635 |
| 2.47%, 12/20/2047 (c) | 2250767 |  | 1812902 |
| **Mill City Solar Loan** | **Mill City Solar Loan** |  |  |
| 3.69%, 07/20/2043 (c) | 1903046 |  | 1746904 |
| 4.34%, 03/20/2043 (c) | 6419968 |  | 6034203 |
| **Mosaic Solar Loan Trust** | **Mosaic Solar Loan Trust** |  |  |
| 1.44%, 08/20/2046 (c) | 4036504 |  | 3377904 |
| 1.44%, 06/20/2052 (c) | 7048048 |  | 5760895 |
| 1.51%, 12/20/2046 (c) | 5410901 |  | 4267604 |
| 1.64%, 04/22/2047 (c) | 9311585 |  | 7714672 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **48** | **The CCM Community Impact Bond Fund** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
| 2.10%, 04/20/2046 (c) | $| 2697576 | $| 2348522 |
| 2.64%, 01/20/2053 (c) |  | 4797667 |  | 3979918 |
| 3.82%, 06/22/2043 (c) |  | 3624360 |  | 3363208 |
| 4.01%, 06/22/2043 (c) |  | 2433334 |  | 2249368 |
| 4.20%, 02/22/2044 (c) |  | 9123541 |  | 8279314 |
| 4.45%, 06/20/2042 (c) |  | 713409 |  | 682846 |
| **Oportun Funding** | **Oportun Funding** | **Oportun Funding** |  |  |
| 3.25%, 06/15/2029 (c) |  | 9295041 |  | 9076067 |
| **Oportun Funding XIV** | **Oportun Funding XIV** | **Oportun Funding XIV** |  |  |
| 1.21%, 03/08/2028 (c) |  | 13900000 |  | 12746194 |
| **Oportun Issuance Trust** | **Oportun Issuance Trust** | **Oportun Issuance Trust** |  |  |
| 1.47%, 05/08/2031 (c) |  | 4593000 |  | 3994263 |
| 2.18%, 10/08/2031 (c) |  | 10000000 |  | 8886318 |
| **Sunnova Helios II** | **Sunnova Helios II** | **Sunnova Helios II** |  |  |
| 1.62%, 07/20/2048 (c) |  | 22695634 |  | 17310981 |
| **Sunnova Helios IV** | **Sunnova Helios IV** | **Sunnova Helios IV** |  |  |
| 2.98%, 06/20/2047 (c) |  | 2637161 |  | 2252471 |
| **Sunnova Helios V** | **Sunnova Helios V** | **Sunnova Helios V** |  |  |
| 1.80%, 02/20/2048 (c) |  | 2390177 |  | 1951093 |
| **Sunnova Helios VIII** | **Sunnova Helios VIII** | **Sunnova Helios VIII** |  |  |
| 2.79%, 02/22/2049 (c) |  | 7580550 |  | 6513114 |
|  |  |  |  | 142571464 |
| **TOTAL ASSET-BACKED SECURITIES (Cost $174,178,590)** | **TOTAL ASSET-BACKED SECURITIES (Cost $174,178,590)** | **TOTAL ASSET-BACKED SECURITIES (Cost $174,178,590)** |  | 147864272 |
| **U.S. TREASURY OBLIGATIONS - 4.56%** | **U.S. TREASURY OBLIGATIONS - 4.56%** | **U.S. TREASURY OBLIGATIONS - 4.56%** | **U.S. TREASURY OBLIGATIONS - 4.56%** | **U.S. TREASURY OBLIGATIONS - 4.56%** |
| **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |  |  |
| 2.63%, 07/31/2029  |  | 7000000 |  | 6530781 |
| 2.75%, 08/15/2032  |  | 32000000 |  | 29640000 |
| 3.13%, 08/31/2027  |  | 23582000 |  | 22861643 |
| 3.13%, 11/15/2028  |  | 20000000 |  | 19255469 |
| 3.13%, 08/31/2029  |  | 28000000 |  | 26933594 |
| 3.88%, 09/30/2029  |  | 21000000 |  | 21144375 |
| 4.13%, 09/30/2027  |  | 16000000 |  | 16195000 |
| **TOTAL U.S. TREASURY OBLIGATIONS (Cost $141,735,529)** | **TOTAL U.S. TREASURY OBLIGATIONS (Cost $141,735,529)** | **TOTAL U.S. TREASURY OBLIGATIONS (Cost $141,735,529)** |  | 142560862 |
| **BANK DEPOSIT PROGRAM - 2.38%** | **BANK DEPOSIT PROGRAM - 2.38%** | **BANK DEPOSIT PROGRAM - 2.38%** | **BANK DEPOSIT PROGRAM - 2.38%** | **BANK DEPOSIT PROGRAM - 2.38%** |
| **TriState Capital** | **TriState Capital** | **TriState Capital** |  |  |
| 4.03%, 11/01/2023  |  | 74357980 |  | 74357921 |
| **TOTAL BANK DEPOSIT PROGRAM (Cost $74,357,921)** | **TOTAL BANK DEPOSIT PROGRAM (Cost $74,357,921)** | **TOTAL BANK DEPOSIT PROGRAM (Cost $74,357,921)** |  | 74357921 |
| **NON-AGENCY CMBS - 0.44%** | **NON-AGENCY CMBS - 0.44%** | **NON-AGENCY CMBS - 0.44%** | **NON-AGENCY CMBS - 0.44%** | **NON-AGENCY CMBS - 0.44%** |
| **BX Commercial Mortgage Trust** | **BX Commercial Mortgage Trust** | **BX Commercial Mortgage Trust** |  |  |
| 4.78%, TSFR1M + 0.990%, 01/17/2039 (b) (c) |  | 14550000 |  | 13903893 |
| **TOTAL NON-AGENCY CMBS (Cost $14,509,481)** | **TOTAL NON-AGENCY CMBS (Cost $14,509,481)** | **TOTAL NON-AGENCY CMBS (Cost $14,509,481)** |  | 13903893 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **49** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT - 1.60%** |  |  |
| **Money Market Fund - 1.60%** | **Money Market Fund - 1.60%** | **Money Market Fund - 1.60%** |
| First American Government Obligations Fund, Class X, 3.67%, (f) | $49967563 | $49967563 |
| **TOTAL SHORT-TERM INVESTMENT (Cost $49,967,563)** | **TOTAL SHORT-TERM INVESTMENT (Cost $49,967,563)** | 49967563 |
| **Total Investments (Cost $3,501,093,614) - 101.45%** | **Total Investments (Cost $3,501,093,614) - 101.45%** | $3174705388 |
| **Liabilities in Excess of Other Assets, Net - (1.45)%** | **Liabilities in Excess of Other Assets, Net - (1.45)%** | (45480683) |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $3129224705 |

---

(a) Level 3 security in accordance with fair value hierarchy.

(b) Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

(c) Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold to qualified institutional buyers in transactions exempt from registration. At November 30, 2022, these securities amounted to $214,925,851, which represents 6.87% of total net assets.

(d) Security is subject to Alternative Minimum Tax.

(e) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitment totaled $1,001,013.

(f) The rate shown is the 7-day effective yield as of November 30, 2022.

---

| |
|:---|
| AMT — Alternative Minimum Tax |
| Cl — Class |
| FGLMC — Federal Housing Loan Mortgage Corporation Gold 30-Year Fixed |
| FHA— Federal Housing Administration |
| FHMS — Federal Housing Offered Guaranteed Certificates Series |
| FNMA — Federal National Mortgage Association |
| GNMA — Government National Mortgage Association |
| GO — General Obligation |
| HUD — Housing and Urban Development |
| ICE— Intercontinental Exchange |
| LIBOR— London Interbank Offered Rate |
| RB — Revenue Bond |
| Ser — Series |
| SOFR — Secured Overnight Finance Rate |
| SOFR30A — 30-Day Average Secured Overnight Finance Rate (SOFR) |
| TA — Tax Allocation |
| TSFR1M — Term Secured Overnight Finance Rate 1-Month |
| TSFR3M — Term Secured Overnight Finance Rate 3-Month |
| USD — United States Dollar |
| USDA — United States Department of Agriculture |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **50** | **The CCM Community Impact Bond Fund** |

---

The following table sets forth information about the level within the fair value hierarchy at which the Fund's investments are measured at November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agency Obligations | $— | $1917212105 | $22407809 | $1939619914 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 445516327 |  | 445516327 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 360914636 |  | 360914636 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  | 147864272 |  | 147864272 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | 142560862 |  |  | 142560862 |
| &nbsp;&nbsp;&nbsp;Bank Deposit Program | 74357921 |  |  | 74357921 |
| &nbsp;&nbsp;&nbsp;Non-Agency CMBS |  | 13903893 |  | 13903893 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 49967563 |  |  | 49967563 |
| Total Investments in Securities | $266886346 | $2885411233 | $22407809 \* | $3174705388 |

---

\* Represents securities valued at fair value as determined by the Advisor in accordance with procedures adopted by the Board of Trustees. Refer to the Schedule of Investments for details.

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | |
|:---|:---|
|  | Investments in U.S. Government & Agency Obligations |
| Beginning balance as of June 1, 2022 | $52999453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued discounts/premiums | (48929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain/(loss) | (2052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) | (112797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | (30427866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| Ending balance as of November 30, 2022 | $22407809 |
| Change in unrealized gains (losses) included in earnings related to securities still held at reporting period date | $(167542) |

---

For the period ended November 30, 2022, there were no transfers in or out of Level 3.

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **51** 

*Statement of Assets and Liabilities as of November 30, 2022*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value (identified cost — $3,501,093,614) | $3174705388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 12260442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | 2691549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Chief Compliance Officer fees | 6910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 256932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $3189921221 |
| &nbsp;&nbsp;**Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | $46601490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Custodian | 7048529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares redeemed | 2743660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders | 2345932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 763989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees | 259540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 205732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 127344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 40373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 559927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $60696516 |
| &nbsp;&nbsp;**Net Assets:** | $**3129224705** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $3586013855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable loss | (456789150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $3129224705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets — CRA Shares (Unlimited shares of beneficial interest with no par value authorized; 132,511,709 shares outstanding) | $1243380452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets — Institutional Shares (Unlimited shares of beneficial interest with no par value authorized; 196,513,950 shares outstanding) | $1841344251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets — Retail Shares (Unlimited shares of beneficial interest with no par value authorized; 4,750,366 shares outstanding) | $44500002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share — CRA Shares | $9.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share — Institutional Shares | $9.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share — Retail Shares | $9.37 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **52** | **The CCM Community Impact Bond Fund** |

---

*Statement of Operations for the six-month period ended November 30, 2022*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Investment Income:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $39716913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 451854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 40168767 |
| &nbsp;&nbsp;**Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 4778297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees — CRA Shares | 1583403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees — Retail Shares | 59362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special administrative services fees — CRA Shares | 1266736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting and administration fees | 792525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | 241715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 100646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees — Retail Shares | 23745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 339463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 158185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 145445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 121840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing fees | 54659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration and filing expenses | 52388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 174200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 9892609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 30276158 |
| &nbsp;&nbsp;**Realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (25577276) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized loss** | (25577276) |
| &nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | (122272368) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation/(depreciation)** | (122272368) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized loss on investments** | (147849644) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations:** | $**(117573486)** |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **53** 

*Statements of Changes in Net Assets* 

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six-Month Period Ended<br> November 30, 2022<br> (Unaudited)** | **For the<br> Fiscal Year<br> Ended<br> May 31, 2022** |
| &nbsp;&nbsp;Operations: |  |  |
| &nbsp;&nbsp;Net investment income | $30276158 | $36226742 |
| &nbsp;&nbsp;Net realized loss | (25577276) | (26494614) |
| &nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (122272368) | (248266746) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | (117573486) | (238534618) |
| &nbsp;&nbsp;&nbsp;Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRA Shares | (11011394) | (15823094) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (20597226) | (28399822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Shares | (433864) | (679905) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (32042484) | (44902821) |
| Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRA Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued | 25186340 | 106871187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 3038203 | 4302523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (41813571) | (120584109) |
|  | (13589028) | (9410399) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued | 333883102 | 898490353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 16450611 | 22998923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (313226610) | (397938062) |
|  | 37107103 | 523551214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued | 4418316 | 21898521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 416030 | 652473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (7971067) | (29335368) |
|  | (3136721) | (6784374) |
| &nbsp;&nbsp;Increase in net assets from capital share transactions | 20381354 | 507356441 |
| &nbsp;&nbsp;Increase (decrease) in net assets | (129234616) | 223919002 |
| &nbsp;&nbsp;**Net Assets:** |  |  |
| &nbsp;&nbsp;Beginning of period/year | 3258459321 | 3034540319 |
| &nbsp;&nbsp;End of period/year | $3129224705 | $3258459321 |

---

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **54** | **The CCM Community Impact Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six-Month Period<br> Ended<br> November 30, 2022<br> (Unaudited)** | **For the<br> Fiscal Year<br> Ended<br> May 31, 2022** |
| &nbsp;&nbsp;&nbsp;**Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;CRA Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued | 2690138 | 10075272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 320183 | 415022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (4297967) | (11672840) |
| &nbsp;&nbsp;&nbsp;Decrease in shares | (1287646) | (1182546) |
| &nbsp;&nbsp;&nbsp;CRA Shares outstanding at beginning of period/year | 133799355 | 134981901 |
| &nbsp;&nbsp;&nbsp;CRA Shares at end of period/ year | 132511709 | 133799355 |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued | 35090610 | 86206544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 1734536 | 2224042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (33084770) | (38729206) |
| &nbsp;&nbsp;&nbsp;Increase in shares | 3740376 | 49701380 |
| &nbsp;&nbsp;&nbsp;Institutional Shares outstanding at beginning of period/year | 192773574 | 143072194 |
| &nbsp;&nbsp;&nbsp;Institutional Shares at end of period/year | 196513950 | 192773574 |
| &nbsp;&nbsp;&nbsp;Retail Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued | 463748 | 2098213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 43875 | 62856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (842286) | (2804272) |
| &nbsp;&nbsp;&nbsp;Decrease in shares | (334663) | (643203) |
| &nbsp;&nbsp;&nbsp;Retail Shares outstanding at beginning of period/year | 5085029 | 5728232 |
| &nbsp;&nbsp;&nbsp;Retail Shares at end of period/year | 4750366 | 5085029 |

---

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **55** 

*Financial Highlights - Per share data (for a share outstanding throughout each period/year)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | CRA Shares | CRA Shares | CRA Shares | CRA Shares | CRA Shares | CRA Shares |
|  | For the<br> Six-Month<br> Period Ended<br> November 30, 2022<br> (Unaudited) | For the<br> Fiscal Year<br> Ended<br> May 31, 2022 | For the<br> Fiscal Year<br> Ended<br> May 31, 2021 | For the<br> Fiscal Year<br> Ended<br> May 31, 2020 | For the<br> Fiscal Year<br> Ended<br> May 31, 2019 | For the<br> Fiscal Year<br> Ended<br> May 31, 2018 |
| Net Asset Value, Beginning of Period/Year | $9.83 | $10.70 | $10.86 | $10.54 | $10.33 | $10.64 |
| &nbsp;&nbsp;Investment Operations:<br> Net investment income<sup>(a)</sup> | 0.08 | 0.09 | 0.13 | 0.21 | 0.23 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.45) | (0.84) | (0.12) | 0.34 | 0.22 | (0.29) |
| Total from investment operations | (0.37) | (0.75) | 0.01 | 0.55 | 0.45 | (0.08) |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | (0.08) | (0.12) | (0.17) | (0.23) | (0.24) | (0.23) |
| Total distributions | (0.08) | (0.12) | (0.17) | (0.23) | (0.24) | (0.23) |
| Net Asset Value, End of Period/Year | $9.38 | $9.83 | $10.70 | $10.86 | $10.54 | $10.33 |
| Total return<sup>(b)</sup> | (3.74)% | (7.10)% | (0.01)% | 5.31% | 4.48% | (0.75)% |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period/year (in 000s) | $1243381 | $1315646 | $1444440 | $1394477 | $1317639 | $1406055 |
| Ratio of expenses to average net assets | 0.89 %<sup>(c)</sup> | 0.88% | 0.90% | 0.91% | 0.92% | 0.91% |
| Ratio of net investment income to average net assets | 1.63 %<sup>(c)</sup> | 0.85% | 1.17% | 1.92% | 2.20% | 1.97% |
| Portfolio turnover rate | 23 %<sup>(d)</sup> | 55% | 49% | 30% | 23% | 36% |

---

(a) Based on the average daily number of shares outstanding during the year.

(b) Returns are for the period indicated and have not been annualized.

(c) Annualized.

(d) Not annualized.

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **56** | **The CCM Community Impact Bond Fund** |

---

*Financial Highlights - Per share data (for a share outstanding throughout each period/year)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares | Institutional Shares |
|  | For the<br> Six-Month<br> Period Ended<br> November 30, 2022<br> (Unaudited) | For the<br> Fiscal Year<br> Ended<br> May 31, 2022 | For the<br> Fiscal Year<br> Ended<br> May 31, 2021 | For the<br> Fiscal Year<br> Ended<br> May 31, 2020 | For the<br> Fiscal Year<br> Ended<br> May 31, 2019 | For the<br> Fiscal Year<br> Ended<br> May 31, 2018 |
| Net Asset Value, Beginning of Period/Year | $9.82 | $10.69 | $10.85 | $10.53 | $10.31 | $10.63 |
| &nbsp;&nbsp;Investment Operations:<br> Net investment income<sup>(a)</sup> | 0.10 | 0.14 | 0.17 | 0.25 | 0.27 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.45) | (0.85) | (0.11) | 0.35 | 0.24 | (0.29) |
| Total from investment operations | (0.35) | (0.71) | 0.06 | 0.60 | 0.51 | (0.04) |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | (0.10) | (0.16) | (0.22) | (0.28) | (0.29) | (0.28) |
| Total distributions | (0.10) | (0.16) | (0.22) | (0.28) | (0.29) | (0.28) |
| Net Asset Value, End of Period/Year | $9.37 | $9.82 | $10.69 | $10.85 | $10.53 | $10.31 |
| Total return<sup>(b)</sup> | (3.52)% | (6.69)% | 0.45% | 5.79% | 5.06% | (0.40)% |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period/year (in 000s) | $1841344 | $1892894 | $1528900 | $1036183 | $735778 | $515163 |
| Ratio of expenses to average net assets | 0.44 %<sup>(c)</sup> | 0.43% | 0.45% | 0.46% | 0.48% | 0.46% |
| Ratio of net investment income to average net assets | 2.09 %<sup>(c)</sup> | 1.31% | 1.60% | 2.36% | 2.65% | 2.43% |
| Portfolio turnover rate | 23 %<sup>(d)</sup> | 55% | 49% | 30% | 23% | 36% |

---

(a) Based on the average daily number of shares outstanding during the year.

(b) Returns are for the period indicated and have not been annualized.

(c) Annualized.

(d) Not annualized.

The accompanying notes are an integral part of the financial statements.

*(Unaudited)* **57** 

*Financial Highlights - Per share data (for a share outstanding throughout each period/year)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Retail Shares | Retail Shares | Retail Shares | Retail Shares | Retail Shares | Retail Shares |
|  | For the<br> Six-Month<br> Period Ended<br> November 30, 2022<br> (Unaudited) | For the<br> Fiscal Year<br> Ended<br> May 31, 2022 | For the<br> Fiscal Year<br> Ended<br> May 31, 2021 | For the<br> Fiscal Year<br> Ended<br> May 31, 2020 | For the<br> Fiscal Year<br> Ended<br> May 31, 2019 | For the<br> Fiscal Year<br> Ended<br> May 31, 2018 |
| Net Asset Value, Beginning of Period/Year | $9.82 | $10.68 | $10.85 | $10.52 | $10.31 | $10.63 |
| &nbsp;&nbsp;Investment Operations:<br> Net investment income<sup>(a)</sup> | 0.08 | 0.10 | 0.14 | 0.22 | 0.24 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.44) | (0.83) | (0.13) | 0.35 | 0.22 | (0.30) |
| Total from investment operations | (0.36) | (0.73) | 0.01 | 0.57 | 0.46 | (0.08) |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | (0.09) | (0.13) | (0.18) | (0.24) | (0.25) | (0.24) |
| Total distributions | (0.09) | (0.13) | (0.18) | (0.24) | (0.25) | (0.24) |
| Net Asset Value, End of Period/Year | $9.37 | $9.82 | $10.68 | $10.85 | $10.52 | $10.31 |
| Total return<sup>(b)</sup> | (3.69)% | (6.93)% | 0.00% | 5.52% | 4.59% | (0.75)% |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period/year (in 000s) | $44500 | $49919 | $61200 | $53411 | $48572 | $57358 |
| Ratio of expenses to average net assets | 0.79 %<sup>(c)</sup> | 0.78% | 0.80% | 0.81% | 0.82% | 0.81% |
| Ratio of net investment income to average net assets | 1.73 %<sup>(c)</sup> | 0.95% | 1.27% | 2.02% | 2.30% | 2.07% |
| Portfolio turnover rate | 23 %<sup>(d)</sup> | 55% | 49% | 30% | 23% | 36% |

---

(a) Based on the average daily number of shares outstanding during the year.

(b) Returns are for the period indicated and have not been annualized.

(c) Annualized.

(d) Not annualized.

The accompanying notes are an integral part of the financial statements.

---

| | |
|:---|:---|
| **58** | **The CCM Community Impact Bond Fund** |

---

*Notes to Financial Statements November 30, 2022*

Note 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Community Capital Trust (the "Trust") was organized as a Delaware business trust on January 15, 1999. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company and consists of two separate series. The financial statements herein are those of the CCM Community Impact Bond Fund (the "Fund"). The Fund is a diversified fund. The Fund offers three classes of shares of beneficial interest—CRA Shares, Institutional Shares and Retail Shares, which are substantially the same except that each class of shares has different expenses. The Fund commenced investment operations on August 30, 1999. Institutional Shares and Retail Shares commenced operations on March 2, 2007. Community Capital Management, LLC (the "Advisor") is the Fund's investment adviser. The financial statements of the remaining series of the Trust are not presented herein, but are presented separately. The assets of each series within the Trust are segregated, and a shareholder's interest is limited to the series in which shares are held.

The Fund is an investment company in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Therefore, the Fund follows the accounting and reporting guidance for investment companies. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with U.S. GAAP for investment companies.

***Security Valuation.*** The Fund's portfolio securities are priced based on the market value of those securities when market quotations for those securities are readily available. Securities for which quotations are not available and any other assets are valued at fair value as determined in good faith by the Advisor, as the Trust's valuation designee, subject to the oversight of the Trust's Board of Trustees. The Advisor, as the Fund's valuation designee, must use its business judgment in determining when a price for a particular security is not "readily available." In making this determination, the Advisor may consider all relevant factors, which may include, among other things: (i) a pricing service or quoting dealer no longer provides prices, or data is otherwise missing with respect to a particular security priced by that service or dealer; (ii) a price obtained from a pricing service is plainly in error; (iii) there is no market quotation available because the security is restricted or not actively traded; (iv) the security is "when-issued" or to be announced and the price is not available until the security has been "issued"; (v) the security's price includes a component for dividends or interest income accrued; (vi) prices obtained from a service regularly display unacceptable deviations from actual transactions in similar securities; (vii) the Advisor determines that matrix pricing provides a more accurate valuation; (viii) spreads between bids and asked prices are so large as to render them

*(Unaudited)* **59** 

questionable; or (ix) a significant event occurs after the close of trading on a market in which a portfolio security trades and before the Fund's valuation time.

The use of fair valuation involves the risk that the values used by the Fund to price its investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same instruments.

Debt securities are valued by market bid quotation or independent pricing services which use bid prices provided by market makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. Discounts or premiums on debt securities are amortized to income over their prospective lives, using the effective interest method.

Fixed income debt instruments, such as commercial paper, bankers' acceptances and U.S. Treasury Bills, having a maturity of sixty (60) days or less at the time of acquisition, are valued at the evaluated price supplied by an independent pricing service.

Independent pricing services may use various valuation methodologies, including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. In the absence of prices from an independent pricing service, the securities will be priced by the advisor, as valuation designee, using the Fair Value Valuation Procedures listed below.

Debt securities with a remaining maturity of more than 60 days shall be valued at representative quoted prices as provided by an independent pricing service. If the validity of pricing information on high yield bonds provided by pricing services appears to be unreliable, then dealer supplied quotes may be used to value those securities. If the validity of quotations appears to be unreliable or if the number of quotations indicates a thin market, then further consideration should be given to whether market quotations are readily available.

The value of agency commercial mortgage-backed securities and single family mortgage-backed securities may be determined by quotations from market makers, quotations with respect to similar securities, and matrix pricing. The value of asset-backed securities, municipal bonds, and corporate bonds may be determined by quotations from market makers, quotations with respect to similar securities and matrix pricing.

At November 30, 2022, the Fund held securities that were fair valued by the Advisor in accordance with procedures approved by the Board of Trustees in the amount of $22,407,809.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to evaluation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid

---

| | |
|:---|:---|
| **60** | **The CCM Community Impact Bond Fund** |

---

to transfer a liability in an orderly transaction between willing market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

● Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

● Level 2 — Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

● Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

The following table summarizes the quantitative inputs and assumptions used for items categorized as recurring Level 3 assets as of November 30, 2022. The following disclosures also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Asset** | **Fair Value at** <br>**November 30, 2022**  | **Valuation** <br>**Techniques** | **Unobservable** <br>**Inputs** | **Ranges (Average)** |
| U.S. Government <br>& Agency <br>Obligations - FHA Project Loans | $8419604  | Matrix <br>Pricing | Structure  | 3 out of lockout with average remaining maturity term 0.54 Years. The remaining FHA Security has a Lockout Term remaining of 2.08 Years. |
| U.S. Government <br>& Agency <br>Obligations - FHA Project Loans | $8419604  | Matrix <br>Pricing | Average Life Years | 0.20 - 2.95 (0.99) Years |
| U.S. Government <br>& Agency <br>Obligations - FHA Project Loans | $8419604  | Matrix <br>Pricing | Spread to Benchmark | N+255 - N+417 (N+324) |
| U.S. Government & Agency Obligations - United States Department of Agriculture | 13988205 | Market Approach (USDA Guaranteed) | Structure  | Variable Coupon <br>(Prime + 1.75) |
| U.S. Government & Agency Obligations - United States Department of Agriculture | 13988205 | Market Approach (USDA Guaranteed) | Fixed Dollar Price  | $100.00  |
| U.S. Government & Agency Obligations - United States Department of Agriculture | 13988205 | Market Approach (USDA Guaranteed) | Average Life Years | 6.05 Years |

---

*(Unaudited)* **61** 

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

***Mortgage-Backed To-Be-Announced Securities.*** The Fund may enter into mortgage-backed to-be-announced securities ("TBAs"). These financial instruments are subject to varying degrees of market and credit risk. TBAs provide for the delayed delivery of the underlying instrument. The contractual or notional amounts related to these financial instruments adjusted for unrealized market valuation gains or losses are recorded on a trade date basis. The credit risk related to settlements is limited to the unrealized market valuation gains or losses recorded in the Statement of Operations. Market risk is substantially dependent upon the value of the underlying financial instruments and is affected by market forces such as volatility and changes in interest rates.

***Investment Income and Securities Transactions.*** Security transactions are accounted for on the date the securities are purchased or sold. Realized gains and losses on sales of investments are determined on the basis of the identified cost for both financial statement and federal income tax purposes. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income is recognized on an accrual basis.

Amortization and accretion are calculated using the effective interest method. Amortization of premiums and accretion of discounts are included in interest income.

***Determination of Net Asset Value and Calculation of Expenses.*** In calculating the net asset value ("NAV") per share of each class, investment income, realized and unrealized gains and losses, and expenses other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class. Class specific expenses are borne solely by the class incurring the expense.

***Federal Income Taxes.*** It is the policy of the Fund to comply with all requirements of the Internal Revenue Code of 1986, as amended (the "IRC") applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no Federal income tax provision is required.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit in the current year. The Fund did not record any tax provision in the current period. However, management's conclusions regarding tax positions taken may be subject to

---

| | |
|:---|:---|
| **62** | **The CCM Community Impact Bond Fund** |

---

review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., all open tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

***Distributions to Shareholders.*** Dividends from net investment income are determined separately for each class of shares of the Fund and are declared and paid monthly and distributable net realized capital gains, if any, are declared and distributed at least annually. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP.

***Use of Estimates.*** In preparing financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

***Securities Purchased on a Delayed Delivery Basis.*** The Fund may purchase securities on a delayed delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of holding the securities, it may sell the securities before the settlement date. The Fund will set aside liquid assets, or engage in other appropriate measures, to cover its obligations with respect to these securities.

***Indemnifications.*** Under the Fund's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

*(Unaudited)* **63** 

Note 2 – CAPITAL SHARE TRANSACTIONS

Transactions in shares of the Fund for the six-months ended November 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Amount** |
| &nbsp;&nbsp;CRA Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued | 2690138 | $25186340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 320183 | 3038203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (4297967) | (41813571) |
| &nbsp;&nbsp;Net Decrease | (1287646) | $(13589028) |
| &nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued | 35090610 | $333883102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 1734536 | 16450611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (33084770) | (313226610) |
| &nbsp;&nbsp;Net Increase | 3740376 | $37107103 |
| &nbsp;&nbsp;Retail Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued | 463748 | $4418316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 43875 | 416030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (842286) | (7971067) |
| &nbsp;&nbsp;Net Decrease | (334663) | $(3136721) |

---

Transactions in shares of the Fund for the fiscal year ended May 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Amount** |
| &nbsp;&nbsp;CRA Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued | 10075272 | $106871187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 415022 | 4302523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (11672840) | (120584109) |
| &nbsp;&nbsp;Net Decrease | (1182546) | $(9410399) |
| &nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued | 86206544 | $898490353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 2224042 | 22998923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (38729206) | (397938062) |
| &nbsp;&nbsp;Net Increase | 49701380 | $523551214 |
| &nbsp;&nbsp;Retail Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued | 2098213 | $21898521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 62856 | 652473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2804272) | (29335368) |

---

---

| | |
|:---|:---|
| **64** | **The CCM Community Impact Bond Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Amount** |
| &nbsp;&nbsp;Net Decrease | (643203) | $(6784374) |

---

Note 3 – INVESTMENT TRANSACTIONS

The aggregate purchases and sales and maturities of investments, excluding short-term investments, by the Fund for the six-months ended November 30, 2022, were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Purchases:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government | $673299046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 92435439 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Sales and Maturities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government  | $553701868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 160144867 |

---

At November 30, 2022, the cost of securities for income tax purposes and the gross unrealized appreciation (depreciation) of investments for tax purposes was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments | $3501093614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized appreciation | 4733632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross unrealized depreciation | (331121858) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net depreciation on investments | $(326388226) |

---

Note 4 – ADVISORY, SPECIAL ADMINISTRATIVE SERVICES, DISTRIBUTION AND SERVICE FEES

The Trust has entered into an Advisory Agreement with the Advisor to provide the Fund with investment management services. Pursuant to the Advisory Agreement, the Advisor is entitled to receive a fee, calculated daily, and paid monthly at the annual rate of 0.30% of the Fund's average daily net assets. For the six-months ended November 30, 2022, the Fund paid $4,778,297 to the Advisor.

The Advisor also provides certain Community Reinvestment Act-related administrative services to financial institution holders of CRA Shares of the Fund pursuant to a Special Administrative Services Agreement with the Trust. Pursuant to such Agreement, the Advisor is entitled to receive a fee of 0.20% of the average daily NAV of the CRA Shares held by such financial institutions. For the six-months ended November 30, 2022, the Advisor was entitled to receive fees of $1,266,736 pursuant to the Special Administrative Services Agreement.

*(Unaudited)* **65** 

The Trust has adopted separate Distribution Plans pursuant to Rule 12b-1 under the Act with respect to the Fund's CRA Shares and Retail Shares, which permit the Fund to pay certain expenses associated with the distribution of its CRA Shares and Retail Shares. The Distribution Plan for CRA Shares provides that the Fund will pay the Fund's distributor annual fees of up to 0.25% of the Fund's average daily net assets attributable to CRA Shares for distribution and other services and the assumption of related expenses. The Distribution Plan for Retail Shares provides that the Fund will pay the Fund's distributor annual fees of up to 0.25% of the Fund's average daily net assets attributable to Retail Shares for distribution services and the assumption of related expenses. For the six-months ended November 30, 2022, the Fund incurred distribution expenses of $1,583,403 and $59,362 with respect to CRA Shares and Retail Shares, respectively.

The Trust has adopted a Services Plan with respect to the Fund's Retail Shares. Pursuant to the Services Plan, the Trust enters into servicing agreements with financial institutions that agree to provide certain personal liaison and administrative support services to their customers who are the beneficial owners of Retail Shares of the Fund in consideration for payment of up to a maximum of 0.50% (comprised of up to 0.25% for personal liaison services and up to 0.25% for administrative support services) per year of the average daily NAV of the Retail Shares beneficially owned by such customers. The Trust will limit fees to an aggregate fee of not more than 0.10% under the Services Plan for personal liaison and administrative support services through May 31, 2023. For the six-months ended November 30, 2022, the Fund incurred expenses under the Services Plan of $23,745.

The Advisor has contractually agreed to waive fees and reimburse expenses until September 30, 2023 to the extent total annualized expenses (excluding acquired Fund fees and expenses) exceed 1.00%, 0.55%, and 0.90%, of the average daily net assets of each of CRA Shares, Institutional Shares and Retail Shares, respectively. If at any time the Fund's total annualized expenses (excluding acquired Fund fees and expenses) exceed the respective limitation noted above, the Advisor may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made by the Advisor, provided such reimbursement does not cause the Fund to exceed the expense limitations that were in effect at the time of the waiver or reimbursement. There were no fees waived by the Advisor during the six-months ended November 30, 2022. As of November 30, 2022, there were no previously waived fees subject to recoupment by the Advisor.

The President, Treasurer, Chief Compliance Officer and certain other officers of the Fund are affiliated with the Advisor.

---

| | |
|:---|:---|
| **66** | **The CCM Community Impact Bond Fund** |

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Note 5 – DISTRIBUTIONS TO SHAREHOLDERS

The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the IRC for federal income tax purposes and to distribute all of its taxable income and net capital gains. Accordingly, no provision has been made for federal income taxes.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital, and undistributed earnings, in the period that the differences arise. Permanent differences are primarily attributable to paydowns. None of these permanent differences necessitate a charge to the paid in capital account.

The tax character of dividends declared for each fiscal year indicated was as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year<br> Ended<br> May 31, 2022** | **Fiscal Year<br> Ended<br> May 31, 2021** |
| Distributions declared from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;(44902821) | $&nbsp;&nbsp;&nbsp;&nbsp;(46983758) |
| Total Distributions | $(44902821) | $(46983758) |

---

The Fund's tax-basis capital gains and losses are determined only at the end of each fiscal year.

As of May 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $2824281 |
| Capital loss carryforwards | (72184849) |
| Post-October losses | (28280197) |
| Other temporary differences | (2824287) |
| Unrealized depreciation, net | (206708128) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated losses, net | $(307173180) |

---

As of May 31, 2022, the Fund had post-enactment capital loss carryforwards outstanding as follows:

---

| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total Capital<br> Loss Carryforwards** |
| $13856621 | $58328228 | $72184849 |

---

Post October losses represent losses realized on investment transactions from November 1, 2021 through May 31, 2022 that, in accordance with

*(Unaudited)* **67** 

Federal income tax regulations, the Fund elected to defer $21,100,757 short-term and $7,179,440 long-term as having arisen in the following year.

Note 6 – CONCENTRATION/RISK

The Fund had significant holdings in Fannie Mae, Freddie Mac and Ginnie Mae mortgage-backed securities, FHA Project Loans, certain state municipal bonds and U.S. government mortgage-backed obligations. Investments in these issues could represent a concentration of credit risk.

**Asset-Back Securities Risk:** Asset-backed securities represent interests in pools of assets such as mortgages, commercial or consumer loans, or receivables and other financial assets. Asset-backed securities are subject to credit, interest rate, prepayment, extension, valuation and liquidity risk. These securities, in most cases, are not backed by the full faith and credit of the U.S. government and are subject to the risk of default on the underlying asset or loan, particularly during periods of economic downturn. Those asset-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed securities.

**Corporate Debt Securities Risk:** Corporate debt securities are subject to the risk of the issuer's inability to meet principal and interest payments on the obligations and may also be subject to price volatility due to factors such as market interest rates, market perception of the creditworthiness of the issuer and general market liquidity. As with all debt securities, the market value of a corporate debt security generally reacts inversely to interest rate changes. When prevailing interest rates decline, the price of the debt obligation usually rises, and when prevailing interest rates rise, the price usually declines.

**Counterparty Risk:** Counterparty risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security.

**CRA-Qualifying Investments Strategy Risk:** The Advisor believes that certain of the Fund's investments will be deemed qualified investments under the CRA and will cause financial institutions to receive CRA consideration with respect to shares of the Fund owned by them. However, there is no guarantee that an investor will receive CRA credit for an investment in the Fund. The Fund's goal of holding debt securities and other debt instruments that will allow shares of the Fund to be deemed qualified under the CRA will cause the Advisor to take this factor into account in determining which debt securities or other debt instruments the Fund will purchase and sell. Accordingly, portfolio decisions will not be exclusively based on the investment characteristics of the securities or instruments, which may or may not have an adverse effect on the Fund's investment performance. For example, the Fund may hold short-term investments that produce relatively low yields pending the selection of long-term investments believed to be

---

| | |
|:---|:---|
| **68** | **The CCM Community Impact Bond Fund** |

---

CRA-qualified. In addition, the Fund may sell investments for CRA purposes at times when such sales may not be desirable for investment purposes. Such sales could occur, for example, if a financial institution redeems its shares of the Fund, or if investments that have been explicitly earmarked for CRA-qualifying purposes to specific financial institution shareholders are ultimately determined not to be, or to have ceased to be, CRA-qualifying.

**Credit Risk:** The value of debt securities also depends on the ability of issuers to make principal and interest payments. If an issuer cannot meet its payment obligations or if its credit rating is lowered, the value of its debt securities will fall. The ability of a state or local government issuer to make payments can be affected by many factors, including economic conditions, the flow of tax revenues and changes in the level of federal, state or local aid. Some municipal obligations are payable only from limited revenue sources or private entities.

**Extension Risk:** Extension risk is the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease, and the Fund will suffer from the inability to invest in higher yielding securities.

**Fixed Income Risk:** The market value of the Fund's fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, the Fund's fixed-income securities will decrease in value if interest rates rise and increase in value if interest rates fall. Normally, the longer the maturity or duration of the fixed-income securities the Fund owns, the more sensitive the value of the Fund's shares will be to changes in interest rates.

**Interest Rate Risk:** Interest rate risk is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. A low or negative interest rate environment could cause the Fund's earnings to fall below the Fund's expense ratio, resulting in a decline in the Fund's share price. A general rise in interest rates may cause investors to move out of fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and the Fund's share price. The Fund may be exposed to heightened interest rate risk as interest rates rise from historically low levels. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the Fund's investment advisor.

**Investment Company Risk:** Investment company risk includes the risks of investing indirectly in affiliated and unaffiliated investment companies, including closed-end funds and exchange-traded funds, through your investment in the Fund. Investors will incur a proportionate share of the expenses of the investment company in which the Fund invests (including

*(Unaudited)* **69** 

operating expenses and management fees) in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investments in direct proportion to the amount of assets the Fund invests in such investment company.

**Impact Investing Risk:** The Fund intends to invest its assets in bonds that fall under the definition of one or more of its impact themes. The Fund's results may be lower than other funds that do not seek to invest in bonds that may be considered community, sustainable and impactful investments. Successful application of the Fund's impact investing strategy will depend on its portfolio managers' ability to identify and analyze a bond's use of proceeds, and there can be no assurance that that the strategy or techniques employed will be successful. Further, investors may differ in their views of what constitutes an impactful investment. As a result, the Fund may invest in bonds that do not reflect the beliefs and values of any particular investor.

**Investment-Grade Debt Securities Risk:** Investment-grade debt securities may be downgraded by a NRSRO to below-investment-grade status, which would increase the risk of holding these securities. Investment-grade debt securities rated in the lowest rating category by a NRSRO involve a higher degree of risk than fixed-income securities with higher credit ratings. While such securities are considered investment-grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities lack outstanding investment characteristics and may share certain speculative characteristics with non-investment-grade securities.

**Large Shareholder Transaction Risk:** The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly and unexpectedly, may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's net asset value (NAV) and liquidity. Such sales may also accelerate the realization of taxable income to shareholders if these sales result in gains, and may also increase transaction costs. Similarly, large purchases of the Fund's shares may also adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

**Municipal Securities Risk:** Municipal securities risk is the risk that municipal securities may be subject to credit/default risk, interest rate risk, liquidity risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political or public health developments if it invests its assets in the debt securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject

---

| | |
|:---|:---|
| **70** | **The CCM Community Impact Bond Fund** |

---

to federal tax, interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund's ability to sell its municipal obligations at attractive prices.

**Prepayment Risk:** Prepayments of principal on mortgage-backed securities may tend to increase due to refinancing of mortgages as interest rates decline. When this occurs, the Fund may lose a portion of its principal investment to the extent the Fund paid any premium for a security. In addition, the Fund's yield may be affected by reinvestment of prepayments at lower rates than the original investment.

**Regulatory Risk:** Changes in laws, regulations or the interpretation of laws and regulations could pose risks to the successful realization of the Fund's investment objective. On May 5, 2022, the federal bank supervisory agencies issued a notice of proposed rulemaking which would substantially revise the CRA regulations if adopted. The comment period for the proposed rule closed on August 5, 2022. The timeline for any resulting final rule or other regulatory action is uncertain, but CRA regulations play an important part in influencing the readiness and capacities of financial institutions to originate CRA-qualifying securities. Changes to CRA regulation might impact Fund operations and might pose a risk to the successful realization of the Fund's investment objective. In addition, any premiums paid for CRA-qualified securities may result in reduced yields or returns to the Fund.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Fund) to disclose their environmental, social, and governance (ESG) investing practices. Among other things, the proposed requirements would mandate that funds meeting one of three pre-defined classifications (i.e.,integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosures related to the ESG factors, criteria and processes used in managing the fund. The proposal's impact on the Fund will not be known unless and until any final rule is adopted. The regulatory landscape with respect to ESG investing in the United States and abroad is evolving and any future rules or regulations may require the Fund to change its ESG investment process.

**U.S. Government Securities Risk:** Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Certain of the government agency securities the Fund may purchase are backed only by the credit of the government agency and not by full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury.

*(Unaudited)* **71** 

Note 7 – NEW ACCOUNTING PRONOUNCEMENT

In March 2020, the Financial Accounting Standards Board issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit LIBOR quotes by the FCA. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU's adoption to the Fund's financial statements and various filings.

Note 8 – SUBSEQUENT EVENTS

The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements.

---

| | |
|:---|:---|
| **72** | **The CCM Community Impact Bond Fund** |

---

*LIQUIDITY RISK MANAGEMENT PROGRAM November 30, 2022*

The Trust has implemented a liquidity risk management program (the "LRM Program") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The LRM Program's principal objectives include assessing, managing, and periodically reviewing the Fund's liquidity risk. Liquidity risk is defined as the risk that a fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund.

In accordance with the requirements of Rule 22e-4, the program administrator conducted an annual review of the LRM Program and, in July 2022, provided the Board of Trustees of the Trust (the "Board") with a report addressing the operation of the LRM Program and assessing its adequacy and effectiveness of implementation for the period from June 1, 2021 through June 30, 2022 (the "Report"). As part of the Report, the program administrator reported to the Board as to the following, among other things:

● the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of its shareholders;

● there were no material changes to the LRM Program during the year;

● the Fund's strategy continued to be effective for an open-end mutual fund;

● the implementation of the LRM Program was effective to manage the Fund's liquidity risk; and

● the LRM Program operated adequately during the period.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

*(Unaudited)* **73** 

 *November 30, 2022*

*Proxy Policies* 

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-877-272-1977 and (ii) on the Securities and Exchange Commission (the "SEC") website at http://www.sec.gov.

*Quarterly Filings* 

The Fund files its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters or as an exhibit to its reports on Form N-PORT within 60 days after the end of the period. The Fund's N-PORT (and its predecessor form, Form N-Q) reports are available on the SEC's website at <u>http://www.sec.gov</u>.

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**Administrator:** 

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Transfer Agent:** 

Apex Fund Services

Three Canal Plaza, Group Floor

Portland, ME 04101

**Legal Counsel:** 

Faegre Drinker Biddle & Reath LLP

One Logan Square

Suite 2000

Philadelphia, PA 19103-6996

**Independent Registered Public Accounting Firm:** 

Deloitte & Touche LLP

1700 Market Street

Philadelphia, PA 19103

**Custodian:** 

U.S. Bank, National Association

50 South 16th Street

Suite 2000

20th Floor

EX-PA-WBSP

Philadelphia, PA 19102

**Board of Trustees:** 

John E. Taylor, *Chairman of the*

*Board of Trustees* 

Heinz Riehl, *Trustee*

Irvin M. Henderson, *Trustee*

Robert O. Lehrman, *Trustee*

Mirian Saez, *Trustee*

Robert Dickerson, *Trustee*

<br> This report is intended for the Fund's shareholders. It may not be distributed to prospective investors unless it is preceded by or accompanied by the Fund's prospectus. An investor should read the prospectus carefully before investing or sending money. A prospectus may be obtained by calling the Fund at 1-877-272-1977.

![](fp0082009-b_78.jpg)

261 North University Drive ■ Suite 520 ■ Plantation, FL 33324

954-217-7999 ■ Fax: 954-385-9299 ■ Toll Free: 877-272-1977 ■ www.ccminvests.com

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

**Item 3. Audit Committee Financial Expert.**

Not applicable for semi-annual report.

**Item 4. Principal Accountant Fees and Services.**

Not applicable for semi-annual report.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Schedule of Investments.**

Included in Semi-Annual Report to Stockholders filed under Item 1 of this form.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees.

**Item 11. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that
the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act are effective, as of a date within 90 days
of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that
occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's
internal control over financial reporting.

**Items 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Items 13. Exhibits.**

(a)(1) Not applicable.

[(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](fp0082009-1_ex99cert.htm)

[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](fp0082009-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Community Capital Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Alyssa D. Greenspan |
|  | Alyssa D. Greenspan, |
|  | President and Principal Executive Officer |

---

Date: February 7, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Alyssa D. Greenspan |
|  | Alyssa D. Greenspan |
|  | President and Principal Executive Officer |

---

Date: February 7, 2023

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ James H. Malone |
|  | James H. Malone |
|  | Treasurer and Principal Financial Officer |

---

Date: February 7, 2023

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Alyssa D. Greenspan, certify that:

1. I have reviewed this report on Form N-CSRS of Community Capital Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

Date: February 7, 2023

/s/ Alyssa D. Greenspan

Alyssa D. Greenspan<br> President and Principal Executive Officer

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, James H. Malone, certify that:

1. I have reviewed this report on Form N-CSRS of Community Capital Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

Date: February 7, 2023

/s/ James H. Malone

James H. Malone<br> Treasurer and Principal Financial Officer

## Exhibit 99.906

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Alyssa D. Greenspan, the President of the Community Capital Trust (the "Trust"), with respect to the Trust's Form N-CSRS for the period ended November 30, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSRS fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSRS fairly presents, in all material respects, the financial
condition and results of operations of the Trust.

Dated: February 7, 2023

---

| |
|:---|
| /s/ Alyssa D. Greenspan |
| Alyssa D. Greenspan |
| President and Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, James H. Malone, the Treasurer and Principal Financial Officer of the Community Capital Trust (the "Trust"), with respect to the Trust's Form N-CSRS for the period ended November 30, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSRS fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSRS fairly presents, in all material respects, the financial
condition and results of operations of the Trust.

Dated: February 7, 2023

---

| |
|:---|
| /s/ James H. Malone |
| James H. Malone |
| Treasurer and Principal Financial Officer |

---