# EDGAR Filing Document

**Accession Number:** 0001078195
**File Stem:** 0001398344-25-014668
**Filing Date:** 2025-8
**Character Count:** 322698
**Document Hash:** 508410ae28d624e5543008b9599d3ee6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-014668.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001398344-25-014668

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Community Capital Trust
- **CENTRAL INDEX KEY:** 0001078195

**ORGANIZATION NAME:**
- **EIN:** 650876594
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09221
- **FILM NUMBER:** 251192323

**BUSINESS ADDRESS:**
- **STREET 1:** 261 N UNIVERSITY DR
- **STREET 2:** SUITE 520
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33324
- **BUSINESS PHONE:** 954-217-7999

**MAIL ADDRESS:**
- **STREET 1:** 261 N UNIVERSITY DR
- **STREET 2:** SUITE 520
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33324

**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           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

 **Washington, D.C. 20549**

________

**FORM N-CSR**

**________**

**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)

________

261 North University Drive

Suite 520

Plantation, FL 33324

(Address of principal executive offices) (Zip code)

David L. Williams, Esquire

Faegre Drinker Biddle & Reath LLP

320 South Canal Street, Suite 3300

Chicago, IL 60606

(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, 2025**

**Date of reporting period: May 31, 2025**

**Item 1. Report to Stockholders.**

(a) 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.

**![Image](iaee5f013759cef41abc91dbd.jpg)

# Community Capital Trust

## CCM Community Impact Bond Fund

## CRA Shares - CRAIX

## Annual Shareholder Report: May 31, 2025
This annual shareholder report contains important information about CRA Shares of the CCM Community Impact Bond Fund (the "Fund") for the period from June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/ccmcib/. You can also request this information by contacting us at 1-877-272-1977.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| CCM Community Impact Bond Fund, CRA Shares | $89 | 0.87% |

---

## How did the Fund perform in the last year?
During the fiscal year ended May 31, 2025, the CRA Share Class of the Fund returned 5.13%. The Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index (TR) (USD) (the "Primary Benchmark") returned 5.46%. The Fund's secondary benchmark, the Bloomberg Intermediate U.S. Aggregate Bond Index (USD) returned 6.31% (the "Secondary Benchmark," and together with the Primary Benchmark, the "Benchmarks").

Real gross domestic product growth in the U.S. during the Fund's fiscal year ended May 31, 2025, was above the Federal Open Market Committee's long run expectations. Inflation levels in the U.S. were above the Federal Reserve's 2% target during the fiscal year.

Compared to the prior year, interest rates at the long end of the curve were higher while interest rates at the front end and middle part of the curve were lower. The decrease in U.S. Treasury rates positively impacted the return of the Fund's Primary Benchmark. Additionally, returns generated by coupon payments and paydowns on securitized bonds added to the Primary Benchmark's positive price return.

The portfolio management team employs an active management strategy, meaning that the team makes specific investment decisions in seeking to provide a high level of current income consistent with the preservation of capital through investments that Community Capital Management, LLC believes will have a positive impact. As of May 31, 2025, the Fund had an overall duration of 4.44 years, which was shorter than that of its Primary Benchmark and in-line with its Secondary Benchmark. The Fund's yield-to-worst was 5.11 percent, which was higher than both its Benchmarks.

During the fiscal year ended May 31, 2025, the CRA Share Class underperformed the Fund's Primary Benchmark. The Fund's key rate duration positioning relative to its Primary Benchmark was a significant source of outperformance. This benefit was more than offset by the Fund's underweight allocation to corporate bonds, an allocation to a subsector of Agency CMBS that underperformed during the year and fees. The CRA Share Class underperformed relative to its Secondary Benchmark, due to the previously mentioned factors related to sector allocation and fees and because of the Fund's key rate duration positioning relative to its Secondary Benchmark.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $500,000 Investment
![Growth Chart](i813054685183f6d967c8bf08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | CCM Community Impact Bond Fund, CRA Shares - $540413 | Bloomberg U.S. Aggregate Bond Index (TR) (USD)\* - $579783 | Bloomberg Intermediate U.S. Aggregate Bond Index (USD) - $586368 |
| May/15 | $500000 | $500000 | $500000 |
| May/16 | $511114 | $514974 | $512091 |
| May/17 | $513379 | $523104 | $518887 |
| May/18 | $509515 | $521144 | $516029 |
| May/19 | $532350 | $554499 | $545411 |
| May/20 | $560621 | $606708 | $584570 |
| May/21 | $560574 | $604252 | $587003 |
| May/22 | $520752 | $554570 | $547757 |
| May/23 | $508220 | $542687 | $540788 |
| May/24 | $514048 | $549772 | $551579 |
| May/25 | $540413 | $579783 | $586368 |

---

The line graph represents historical performance of a hypothetical investment of $500,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-877-272-1977 or visit https://funddocs.filepoint.com/ccmcib/ for current month-end performance.

\* The CIB Fund has designated the Bloomberg U.S. Aggregate Bond Index (TR) (USD) as the broad-based securities index in accordance with the revised SEC definition for such an index (https://www.sec.gov/investment/tailored-shareholder-reports-faqs). This is for regulatory-reporting purposes only; the Bloomberg Intermediate U.S. Aggregate Bond Index (USD) remains the existing benchmark for performance, etc.

## Average Annual Total Returns as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| CCM Community Impact Bond Fund, CRA Shares | 5.13% | -0.73% | 0.78% |
| Bloomberg U.S. Aggregate Bond Index (TR) (USD)\* | 5.46% | -0.90% | 1.49% |
| Bloomberg Intermediate U.S. Aggregate Bond Index (USD) | 6.31% | 0.06% | 1.61% |

---

## Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $3691194333 | 2483 | $10815514 | 28% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i55b5ad1972f382570c3c0e63.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Non-Agency CMBS | 0.4% |
| Short-Term Investments | 1.2% |
| Asset-Backed Securities | 3.3% |
| U.S. Treasury Obligations | 9.8% |
| Corporate Bonds | 12.4% |
| Municipal Bonds | 13.0% |
| U.S. Government & Agency Obligations | 59.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| <u>Holding Name</u> | <u>Coupon Rate</u> | <u>Maturity Date</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| U.S. Treasury Notes | 3.875% | 04/30/30 | 2.2% |
| Comcast Corp. | 4.650% | 02/15/33 | 2.2% |
| U.S. Treasury Notes | 4.625% | 02/15/35 | 1.6% |
| U.S. Treasury Notes | 4.125% | 11/15/27 | 1.4% |
| Bank of America Corp., SOFRRATE + 1.990% | 6.204% | 11/10/28 | 1.3% |
| Prologis | 1.250% | 10/15/30 | 1.2% |
| American Express | 4.050% | 05/03/29 | 1.2% |
| Prologis | 4.625% | 01/15/33 | 1.1% |
| Citibank, SOFRRATE + 0.712% | 4.876% | 11/19/27 | 0.6% |
| FNMA | 5.000% | 11/01/52 | 0.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-877-272-1977 

* https://funddocs.filepoint.com/ccmcib/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-877-272-1977 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](iaee5f013759cef41abc91dbd.jpg)

## Community Capital Trust

## CCM Community Impact Bond Fund / CRA Shares - CRAIX

## Annual Shareholder Report: May 31, 2025

## CRAIX-AR-2025
![Image](iaee5f013759cef41abc91dbd.jpg)

# Community Capital Trust

## CCM Community Impact Bond Fund

## Institutional Shares - CRANX

## Annual Shareholder Report: May 31, 2025
This annual shareholder report contains important information about Institutional Shares of the CCM Community Impact Bond Fund (the "Fund") for the period from June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/ccmcib/. You can also request this information by contacting us at 1-877-272-1977.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| CCM Community Impact Bond Fund, Institutional Shares | $43 | 0.42% |

---

## How did the Fund perform in the last year?
During the fiscal year ended May 31, 2025, the Institutional Share Class of the Fund returned 5.61%. The Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index (TR) (USD) (the "Primary Benchmark") returned 5.46%. The Fund's secondary benchmark, the Bloomberg Intermediate U.S. Aggregate Bond Index (USD) returned 6.31% (the "Secondary Benchmark," and together with the Primary Benchmark, the "Benchmarks").

Real gross domestic product growth in the U.S. during the Fund's fiscal year ended May 31, 2025, was above the Federal Open Market Committee's long run expectations. Inflation levels in the U.S. were above the Federal Reserve's 2% target during the fiscal year.

Compared to the prior year, interest rates at the long end of the curve were higher while interest rates at the front end and middle part of the curve were lower. The decrease in U.S. Treasury rates positively impacted the return of the Fund's Primary Benchmark. Additionally, returns generated by coupon payments and paydowns on securitized bonds added to the Primary Benchmark's positive price return.

The portfolio management team employs an active management strategy, meaning that the team makes specific investment decisions in seeking to provide a high level of current income consistent with the preservation of capital through investments that Community Capital Management, LLC believes will have a positive impact. As of May 31, 2025, the Fund had an overall duration of 4.44 years, which was shorter than that of its Primary Benchmark and in-line with its Secondary Benchmark. The Fund's yield-to-worst was 5.11 percent, which was higher than both its Benchmarks.

During the fiscal year ended May 31, 2025, the Institutional Share Class outperformed the Fund's Primary Benchmark. The outperformance was largely driven by Fund's key rate duration positioning relative to its Primary Benchmark. This benefit was partially offset by the Fund's underweight allocation to corporate bonds, an allocation to a subsector of Agency CMBS that underperformed during the year and fees. The Institutional Share Class underperformed relative to its Secondary Benchmark, due to the previously mentioned factors related to sector allocation and because of the Fund's key rate duration positioning relative to its Secondary Benchmark.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $100,000 Investment
![Growth Chart](i9366d9335293c8b7b73769cc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | CCM Community Impact Bond Fund, Institutional Shares - $113075 | Bloomberg U.S. Aggregate Bond Index (TR) (USD)\* - $115957 | Bloomberg Intermediate U.S. Aggregate Bond Index (USD) - $117274 |
| May/15 | $100000 | $100000 | $100000 |
| May/16 | $102686 | $102995 | $102418 |
| May/17 | $103605 | $104621 | $103777 |
| May/18 | $103192 | $104229 | $103206 |
| May/19 | $108414 | $110900 | $109082 |
| May/20 | $114692 | $121342 | $116914 |
| May/21 | $115203 | $120850 | $117401 |
| May/22 | $107497 | $110914 | $109551 |
| May/23 | $105381 | $108537 | $108158 |
| May/24 | $107074 | $109954 | $110316 |
| May/25 | $113075 | $115957 | $117274 |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-877-272-1977 or visit https://funddocs.filepoint.com/ccmcib/ for current month-end performance.

\* The CIB Fund has designated the Bloomberg U.S. Aggregate Bond Index (TR) (USD) as the broad-based securities index in accordance with the revised SEC definition for such an index (https://www.sec.gov/investment/tailored-shareholder-reports-faqs). This is for regulatory-reporting purposes only; the Bloomberg Intermediate U.S. Aggregate Bond Index (USD) remains the existing benchmark for performance, etc.

## Average Annual Total Returns as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| CCM Community Impact Bond Fund, Institutional Shares | 5.61% | -0.28% | 1.24% |
| Bloomberg U.S. Aggregate Bond Index (TR) (USD)\* | 5.46% | -0.90% | 1.49% |
| Bloomberg Intermediate U.S. Aggregate Bond Index (USD) | 6.31% | 0.06% | 1.61% |

---

## Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $3691194333 | 2483 | $10815514 | 28% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i2a0a56fcffa2d201601b3e16.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Non-Agency CMBS | 0.4% |
| Short-Term Investments | 1.2% |
| Asset-Backed Securities | 3.3% |
| U.S. Treasury Obligations | 9.8% |
| Corporate Bonds | 12.4% |
| Municipal Bonds | 13.0% |
| U.S. Government & Agency Obligations | 59.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| <u>Holding Name</u> | <u>Coupon Rate</u> | <u>Maturity Date</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| U.S. Treasury Notes | 3.875% | 04/30/30 | 2.2% |
| Comcast Corp. | 4.650% | 02/15/33 | 2.2% |
| U.S. Treasury Notes | 4.625% | 02/15/35 | 1.6% |
| U.S. Treasury Notes | 4.125% | 11/15/27 | 1.4% |
| Bank of America Corp., SOFRRATE + 1.990% | 6.204% | 11/10/28 | 1.3% |
| Prologis | 1.250% | 10/15/30 | 1.2% |
| American Express | 4.050% | 05/03/29 | 1.2% |
| Prologis | 4.625% | 01/15/33 | 1.1% |
| Citibank, SOFRRATE + 0.712% | 4.876% | 11/19/27 | 0.6% |
| FNMA | 5.000% | 11/01/52 | 0.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-877-272-1977 

* https://funddocs.filepoint.com/ccmcib/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-877-272-1977 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](iaee5f013759cef41abc91dbd.jpg)

## Community Capital Trust

## CCM Community Impact Bond Fund / Institutional Shares - CRANX

## Annual Shareholder Report: May 31, 2025

## CRANX-AR-2025
![Image](iaee5f013759cef41abc91dbd.jpg)

# Community Capital Trust

## CCM Community Impact Bond Fund

## Retail Shares - CRATX

## Annual Shareholder Report: May 31, 2025
This annual shareholder report contains important information about Retail Shares of the CCM Community Impact Bond Fund (the "Fund") for the period from June 1, 2024 to May 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/ccmcib/. You can also request this information by contacting us at 1-877-272-1977.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| CCM Community Impact Bond Fund, Retail Shares | $79 | 0.77% |

---

## How did the Fund perform in the last year?
During the fiscal year ended May 31, 2025, the Retail Share Class of the Fund returned 5.24%. The Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index (TR) (USD) returned 5.46% (the "Primary Benchmark"). The Fund's secondary benchmark, the Bloomberg Intermediate U.S. Aggregate Bond Index (USD) returned 6.31% (the "Secondary Benchmark," and together with the Primary Benchmark, the "Benchmarks").

Real gross domestic product growth in the U.S. during the Fund's fiscal year ended May 31, 2025, was above the Federal Open Market Committee's long run expectations. Inflation levels in the U.S. were above the Federal Reserve's 2% target during the fiscal year.

Compared to the prior year, interest rates at the long end of the curve were higher while interest rates at the front end and middle part of the curve were lower. The decrease in U.S. Treasury rates positively impacted the return of the Fund's Primary Benchmark. Additionally, returns generated by coupon payments and paydowns on securitized bonds added to the Primary Benchmark's positive price return.

The portfolio management team employs an active management strategy, meaning that the team makes specific investment decisions in seeking to provide a high level of current income consistent with the preservation of capital through investments that Community Capital Management, LLC believes will have a positive impact. As of May 31, 2025, the Fund had an overall duration of 4.44 years, which was shorter than that of its Primary Benchmark and in-line with its Secondary Benchmark. The Fund's yield-to-worst was 5.11 percent, which was higher than both its Benchmarks.

During the fiscal year ended May 31, 2025, the Retail Share Class underperformed the Fund's Primary Benchmark. The Fund's key rate duration positioning relative to its benchmark was a significant source of outperformance. This benefit was more than offset by the Fund's underweight allocation to corporate bonds, an allocation to a subsector of Agency CMBS that underperformed during the year and fees. The Retail Share Class underperformed relative to its Secondary Benchmark, due to the previously mentioned factors related to sector allocation and fees and because of the Fund's key rate duration positioning relative to its Secondary Benchmark.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](ie4c02b0bc18a9019534a55fc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | CCM Community Impact Bond Fund, Retail Shares - $10929 | Bloomberg U.S. Aggregate Bond Index (TR) (USD)\* - $11596 | Bloomberg Intermediate U.S. Aggregate Bond Index (USD) - $11727 |
| May/15 | $10000 | $10000 | $10000 |
| May/16 | $10234 | $10299 | $10242 |
| May/17 | $10299 | $10462 | $10378 |
| May/18 | $10222 | $10423 | $10321 |
| May/19 | $10691 | $11090 | $10908 |
| May/20 | $11282 | $12134 | $11691 |
| May/21 | $11282 | $12085 | $11740 |
| May/22 | $10500 | $11091 | $10955 |
| May/23 | $10246 | $10854 | $10816 |
| May/24 | $10386 | $10995 | $11032 |
| May/25 | $10929 | $11596 | $11727 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-877-272-1977 or visit https://funddocs.filepoint.com/ccmcib/ for current month-end performance.

\* The CIB Fund has designated the Bloomberg U.S. Aggregate Bond Index (TR) (USD) as the broad-based securities index in accordance with the revised SEC definition for such an index (https://www.sec.gov/investment/tailored-shareholder-reports-faqs). This is for regulatory-reporting purposes only; the Bloomberg Intermediate U.S. Aggregate Bond Index (USD) remains the existing benchmark for performance, etc.

## Average Annual Total Returns as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| CCM Community Impact Bond Fund, Retail Shares | 5.24% | -0.63% | 0.89% |
| Bloomberg U.S. Aggregate Bond Index (TR) (USD)\* | 5.46% | -0.90% | 1.49% |
| Bloomberg Intermediate U.S. Aggregate Bond Index (USD) | 6.31% | 0.06% | 1.61% |

---

## Key Fund Statistics as of May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $3691194333 | 2483 | $10815514 | 28% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](iba983705a84e89f5412b62ed.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Non-Agency CMBS | 0.4% |
| Short-Term Investments | 1.2% |
| Asset-Backed Securities | 3.3% |
| U.S. Treasury Obligations | 9.8% |
| Corporate Bonds | 12.4% |
| Municipal Bonds | 13.0% |
| U.S. Government & Agency Obligations | 59.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| <u>Holding Name</u> | <u>Coupon Rate</u> | <u>Maturity Date</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| U.S. Treasury Notes | 3.875% | 04/30/30 | 2.2% |
| Comcast Corp. | 4.650% | 02/15/33 | 2.2% |
| U.S. Treasury Notes | 4.625% | 02/15/35 | 1.6% |
| U.S. Treasury Notes | 4.125% | 11/15/27 | 1.4% |
| Bank of America Corp., SOFRRATE + 1.990% | 6.204% | 11/10/28 | 1.3% |
| Prologis | 1.250% | 10/15/30 | 1.2% |
| American Express | 4.050% | 05/03/29 | 1.2% |
| Prologis | 4.625% | 01/15/33 | 1.1% |
| Citibank, SOFRRATE + 0.712% | 4.876% | 11/19/27 | 0.6% |
| FNMA | 5.000% | 11/01/52 | 0.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-877-272-1977 

* https://funddocs.filepoint.com/ccmcib/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-877-272-1977 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

![Image](iaee5f013759cef41abc91dbd.jpg)

## Community Capital Trust

## CCM Community Impact Bond Fund / Retail Shares - CRATX

## Annual Shareholder Report: May 31, 2025

## CRATX-AR-2025**

(b) Not applicable.

**Item 2. Code of Ethics.**

(a) The Registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the Registrant's principal
 executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless
 of whether these individuals are employed by the Registrant or a third party.

(b) Not applicable.

(c) During the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

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

The Registrant's Board of Trustees has determined that Irvin Henderson, a member of the Registrant's Board of Trustees and Audit Committee, qualifies as an audit committee financial expert. Mr. Henderson is "independent" as that term is defined in paragraph (a)(2) of this Item's instructions.

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

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the Registrant's principal
 accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection
 with statutory and regulatory filings or engagements for those fiscal years were $88,900 and $87,703 for fiscal years ended May 31, 2025
 and May 31, 2024, respectively.

(b) Audit-Related Fees. The aggregate fees billed for each of the last two fiscal years for assurance and related services by the Registrant's
 principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and not reported
 under paragraph (a) of this Item were $0 and $0 for the fiscal years ended May 31, 2025 and May 31, 2024, respectively.

(c) Tax Fees. The aggregate fees billed for the last two fiscal years for professional services rendered by the principal accountant for tax
 compliance, tax advice and planning were $7,000 and $7,560 for the fiscal years ended May 31, 2025 and May 31, 2024, respectively.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the Registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 and $0 for the fiscal years
 ended May 31, 2025 and May 31, 2024, respectively.

(e)(1) The audit committee does not have pre-approval policies and procedures. Instead, the audit committee chairman approves on a case-by-case basis each audit or non-audit service before the accountant is engaged by the Registrant.

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the Registrant's financial statements
 for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent
 employees was zero percent (0%).

(g) All non-audit fees billed by the Registrant's principal accountant for services rendered to the Registrant, and rendered to the Registrant's
 investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services
 to the Registrant for the fiscal years ended May 31, 2025 and May 31, 2024 are disclosed in (b)-(d) above. There were no audit or non-audit
 services performed by the Registrant's principal accountant for the Registrant's adviser.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

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

Not applicable to open-end management investment companies.

**Item 6. Investments.**

(a) The Schedule of Investments is included as part of the Financial Statements and Other Information filed under
 Item 7 of this form.

(b) Not applicable.

**Item 7. **Financial Statements and Financial Highlights for Open-End Management Investment Companies**.**

Financial statements and financial highlights are filed herein.

![](fp0094511-1_2.jpg)

**Annual Financials and Other Information**

![](fp0094511-1_1a.jpg)

**COMMUNITY CAPITAL TRUST**

May 31, 2025

**CCM COMMUNITY IMPACT BOND FUND (THE "FUND")**![](fp0094511-1_1b.jpg)

**1**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
|  Notice to Shareholders | 84 |
|  Other Information (Form N-CSR Items 8-11) | 85 |

---

![](fp0094511-1_1.jpg)

---

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

---

 

*Schedule of Investments May 31, 2025*

 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS - 59.68%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS - 59.68%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS - 59.68%** |
|  **FGLMC Single Family - 1.10%** | **FGLMC Single Family - 1.10%** | **FGLMC Single Family - 1.10%** |
|  Pool Q16506, 3.00%, 02/01/2043  | $11475 | $10277 |
|  Pool Q40627, 3.00%, 05/01/2046  | 1524988 | 1335990 |
|  Pool Q41877, 3.00%, 07/01/2046  | 893241 | 782562 |
|  Pool Q43158, 3.00%, 09/01/2046  | 493206 | 432081 |
|  Pool Q44344, 3.00%, 11/01/2046  | 173174 | 151716 |
|  Pool Q44395, 3.00%, 11/01/2046  | 1247994 | 1093359 |
|  Pool Q45623, 3.00%, 01/01/2047  | 2213333 | 1946045 |
|  Pool Q07121, 3.50%, 04/01/2042  | 18735 | 17353 |
|  Pool Q07398, 3.50%, 04/01/2042  | 36261 | 33587 |
|  Pool Q37430, 3.50%, 11/01/2045  | 68465 | 62552 |
|  Pool Q38376, 3.50%, 01/01/2046  | 510682 | 466239 |
|  Pool Q39359, 3.50%, 03/01/2046  | 816025 | 740029 |
|  Pool Q40641, 3.50%, 05/01/2046  | 262363 | 238749 |
|  Pool Q45628, 3.50%, 01/01/2047  | 1871515 | 1697221 |
|  Pool Q47221, 3.50%, 03/01/2047  | 324775 | 293616 |
|  Pool Q48279, 3.50%, 05/01/2047  | 555499 | 503605 |
|  Pool Q49035, 3.50%, 06/01/2047  | 380976 | 345396 |
|  Pool Q49605, 3.50%, 07/01/2047  | 43337 | 39521 |
|  Pool Q50514, 3.50%, 08/01/2047  | 27874 | 25383 |
|  Pool Q50393, 3.50%, 09/01/2047  | 1083395 | 980475 |
|  Pool Q50943, 3.50%, 09/01/2047  | 217834 | 197134 |
|  Pool Q51685, 3.50%, 10/01/2047  | 625149 | 567538 |
|  Pool V83539, 3.50%, 10/01/2047  | 612825 | 556599 |
|  Pool Q52610, 3.50%, 11/01/2047  | 1013541 | 921673 |
|  Pool V83815, 3.50%, 12/01/2047  | 625459 | 566243 |
|  Pool Q53325, 3.50%, 01/01/2048  | 522143 | 474815 |
|  Pool Q54012, 3.50%, 01/01/2048  | 626970 | 568398 |
|  Pool Q54511, 3.50%, 02/01/2048  | 1103974 | 999218 |
|  Pool Q54585, 3.50%, 02/01/2048  | 517542 | 470296 |
|  Pool Q54876, 3.50%, 03/01/2048  | 307911 | 278254 |
|  Pool Q55002, 3.50%, 03/01/2048  | 995723 | 898193 |
|  Pool Q62396, 3.50%, 04/01/2049  | 109713 | 99376 |
|  Pool Q39374, 4.00%, 03/01/2046  | 45765 | 42924 |
|  Pool Q47223, 4.00%, 03/01/2047  | 234044 | 219342 |
|  Pool Q47775, 4.00%, 04/01/2047  | 558324 | 522572 |
|  Pool Q48287, 4.00%, 05/01/2047  | 741239 | 692910 |
|  Pool Q48819, 4.00%, 06/01/2047  | 933073 | 873298 |
|  Pool Q49040, 4.00%, 06/01/2047  | 1314342 | 1231782 |
|  Pool Q49606, 4.00%, 07/01/2047  | 884835 | 828175 |
|  Pool Q49898, 4.00%, 08/01/2047  | 192625 | 180589 |
|  Pool Q50396, 4.00%, 08/01/2047  | 36092 | 33837 |
|  Pool Q50397, 4.00%, 08/01/2047  | 1054764 | 987223 |
|  Pool Q50951, 4.00%, 09/01/2047  | 432654 | 404950 |
|  Pool Q51686, 4.00%, 10/01/2047  | 508523 | 476581 |
|  Pool V83540, 4.00%, 10/01/2047  | 110459 | 103518 |
|  Pool Q53883, 4.00%, 01/01/2048  | 424870 | 398182 |
|  Pool Q54464, 4.00%, 02/01/2048  | 184807 | 173387 |
|  Pool Q54586, 4.00%, 02/01/2048  | 1290712 | 1207586 |
|  Pool Q54877, 4.00%, 02/01/2048  | 317882 | 298891 |
|  Pool Q55004, 4.00%, 03/01/2048  | 405156 | 379074 |
|  Pool Q55631, 4.00%, 04/01/2048  | 815242 | 762762 |

---

------

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

**3**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  Pool Q56253, 4.00%, 05/01/2048  | $| 503176 | $| 470785 |
|  Pool Q56469, 4.00%, 06/01/2048  |  | 337020 |  | 315325 |
|  Pool Q56900, 4.00%, 06/01/2048  |  | 473791 |  | 442721 |
|  Pool Q57029, 4.00%, 07/01/2048  |  | 224394 |  | 209949 |
|  Pool Q57388, 4.00%, 07/01/2048  |  | 441884 |  | 412252 |
|  Pool Q57694, 4.00%, 08/01/2048  |  | 271368 |  | 253572 |
|  Pool Q58271, 4.00%, 09/01/2048  |  | 352942 |  | 330221 |
|  Pool Q58366, 4.00%, 09/01/2048  |  | 121726 |  | 114122 |
|  Pool Q58774, 4.00%, 10/01/2048  |  | 560882 |  | 525371 |
|  Pool Q59058, 4.00%, 10/01/2048  |  | 337833 |  | 316076 |
|  Pool Q59686, 4.00%, 11/01/2048  |  | 188919 |  | 176953 |
|  Pool Q60213, 4.00%, 12/01/2048  |  | 420590 |  | 393009 |
|  Pool Q60598, 4.00%, 01/01/2049  |  | 295266 |  | 275903 |
|  Pool Q61151, 4.00%, 01/01/2049  |  | 333726 |  | 311337 |
|  Pool Q61387, 4.00%, 02/01/2049  |  | 153010 |  | 142972 |
|  Pool Q61800, 4.00%, 03/01/2049  |  | 543360 |  | 508044 |
|  Pool Q61986, 4.00%, 03/01/2049  |  | 798412 |  | 742733 |
|  Pool Q62397, 4.00%, 04/01/2049  |  | 429726 |  | 399746 |
|  Pool A91363, 4.50%, 03/01/2040  |  | 68466 |  | 67673 |
|  Pool A91756, 4.50%, 03/01/2040  |  | 75229 |  | 74358 |
|  Pool A93467, 4.50%, 08/01/2040  |  | 66266 |  | 65498 |
|  Pool Q01597, 4.50%, 05/01/2041  |  | 114848 |  | 113081 |
|  Pool Q02377, 4.50%, 07/01/2041  |  | 115432 |  | 113649 |
|  Pool Q47624, 4.50%, 04/01/2047  |  | 236973 |  | 228987 |
|  Pool Q48294, 4.50%, 05/01/2047  |  | 163038 |  | 157326 |
|  Pool Q49044, 4.50%, 07/01/2047  |  | 513468 |  | 494856 |
|  Pool Q49608, 4.50%, 07/01/2047  |  | 194303 |  | 187594 |
|  Pool Q49902, 4.50%, 08/01/2047  |  | 80835 |  | 77774 |
|  Pool Q55774, 4.50%, 04/01/2048  |  | 323544 |  | 311013 |
|  Pool Q56476, 4.50%, 05/01/2048  |  | 300241 |  | 288842 |
|  Pool Q56906, 4.50%, 06/01/2048  |  | 809514 |  | 778160 |
|  Pool Q57389, 4.50%, 07/01/2048  |  | 409550 |  | 393847 |
|  Pool Q57906, 4.50%, 08/01/2048  |  | 911208 |  | 877319 |
|  Pool Q58775, 4.50%, 09/01/2048  |  | 702478 |  | 674959 |
|  Pool Q59454, 4.50%, 11/01/2048  |  | 100080 |  | 96475 |
|  Pool Q60215, 4.50%, 11/01/2048  |  | 451117 |  | 433445 |
|  Pool A92906, 5.00%, 07/01/2040  |  | 226577 |  | 227884 |
|  Pool A56707, 5.50%, 01/01/2037  |  | 50868 |  | 52210 |
|  Pool A58653, 5.50%, 03/01/2037  |  | 44403 |  | 45569 |
|  Pool A68746, 5.50%, 10/01/2037  |  | 110356 |  | 113179 |
|  Pool A76192, 5.50%, 04/01/2038  |  | 120420 |  | 123539 |
|  Pool A76444, 5.50%, 04/01/2038  |  | 88000 |  | 90283 |
|  Pool A78742, 5.50%, 06/01/2038  |  | 161788 |  | 165984 |
|  Pool G06072, 6.00%, 06/01/2038  |  | 111295 |  | 115998 |
|  Pool G06073, 6.50%, 10/01/2037  |  | 308583 |  | 327675 |
|  |  |  |  | 40649344 |
|  **FHA Project Loans - 0.13%** | **FHA Project Loans - 0.13%** | **FHA Project Loans - 0.13%** | **FHA Project Loans - 0.13%** | **FHA Project Loans - 0.13%** |
|  Pool St. Michael, 6.20%, 09/01/2050 (a) |  | 5130878 |  | 4717201 |
|  Pool 034-A35271, 6.95%, 11/01/2025 (a) |  | 20116 |  | 19866 |
|  |  |  |  | 4737067 |
|  **FHLMC Single Family - 7.89%** | **FHLMC Single Family - 7.89%** | **FHLMC Single Family - 7.89%** | **FHLMC Single Family - 7.89%** | **FHLMC Single Family - 7.89%** |
|  Pool QN8332, 2.00%, 11/01/2036  |  | 240007 |  | 217623 |
|  Pool QB3154, 2.00%, 09/01/2050  |  | 2207233 |  | 1732334 |
|  Pool QB3835, 2.00%, 09/01/2050  |  | 2723100 |  | 2137210 |

---

------

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

---

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

---

 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool QB3978, 2.00%, 09/01/2050  | $2862496 | $2246614 |
|  Pool RA3677, 2.00%, 09/01/2050  | 1658119 | 1301365 |
|  Pool QB4065, 2.00%, 10/01/2050  | 1049287 | 823527 |
|  Pool QB4506, 2.00%, 10/01/2050  | 2372112 | 1861095 |
|  Pool QB5044, 2.00%, 11/01/2050  | 2314798 | 1816128 |
|  Pool QB5903, 2.00%, 11/01/2050  | 1079110 | 853656 |
|  Pool QB6583, 2.00%, 12/01/2050  | 1113118 | 872719 |
|  Pool QB7302, 2.00%, 01/01/2051  | 1606148 | 1269046 |
|  Pool QB8043, 2.00%, 01/01/2051  | 1661169 | 1313207 |
|  Pool QB8769, 2.00%, 02/01/2051  | 2805388 | 2196341 |
|  Pool QB9466, 2.00%, 03/01/2051  | 4258747 | 3347337 |
|  Pool RA4768, 2.00%, 03/01/2051  | 2836128 | 2229171 |
|  Pool RA4957, 2.00%, 03/01/2051  | 1885751 | 1481671 |
|  Pool QC0480, 2.00%, 04/01/2051  | 3053100 | 2410306 |
|  Pool QC1370, 2.00%, 04/01/2051  | 2569400 | 2027747 |
|  Pool RA5067, 2.00%, 04/01/2051  | 1422687 | 1113437 |
|  Pool QC3549, 2.00%, 06/01/2051  | 625064 | 492956 |
|  Pool RA5570, 2.00%, 07/01/2051  | 1416051 | 1106706 |
|  Pool RA5594, 2.00%, 07/01/2051  | 1053179 | 823106 |
|  Pool QC5139, 2.00%, 08/01/2051  | 3602324 | 2837795 |
|  Pool QC6098, 2.00%, 08/01/2051  | 1114349 | 874054 |
|  Pool RA5698, 2.00%, 08/01/2051  | 2113490 | 1651785 |
|  Pool QC6906, 2.00%, 09/01/2051  | 2293228 | 1791014 |
|  Pool QC8223, 2.00%, 10/01/2051  | 2252741 | 1773415 |
|  Pool QC9420, 2.00%, 10/01/2051  | 1480758 | 1166192 |
|  Pool RA6095, 2.00%, 10/01/2051  | 1964970 | 1534644 |
|  Pool QD1137, 2.00%, 11/01/2051  | 1087805 | 855757 |
|  Pool QD2417, 2.00%, 12/01/2051  | 422793 | 333617 |
|  Pool QD5482, 2.00%, 01/01/2052  | 877846 | 690110 |
|  Pool QD6359, 2.00%, 02/01/2052  | 1198973 | 935098 |
|  Pool QD7968, 2.00%, 02/01/2052  | 2383493 | 1858923 |
|  Pool RA2477, 2.50%, 04/01/2050  | 862531 | 711148 |
|  Pool RA2531, 2.50%, 05/01/2050  | 1630339 | 1356944 |
|  Pool RA2532, 2.50%, 05/01/2050  | 556205 | 462010 |
|  Pool RA2612, 2.50%, 05/01/2050  | 4389014 | 3615977 |
|  Pool QB0264, 2.50%, 06/01/2050  | 780466 | 642760 |
|  Pool QB0406, 2.50%, 06/01/2050  | 619182 | 514130 |
|  Pool QB0768, 2.50%, 07/01/2050  | 82306 | 68648 |
|  Pool QB0769, 2.50%, 07/01/2050  | 1225913 | 1009613 |
|  Pool QB0821, 2.50%, 07/01/2050  | 469006 | 389081 |
|  Pool QB1534, 2.50%, 07/01/2050  | 792863 | 656579 |
|  Pool QB1536, 2.50%, 07/01/2050  | 649086 | 534360 |
|  Pool QB1680, 2.50%, 07/01/2050  | 805512 | 663138 |
|  Pool RA3120, 2.50%, 07/01/2050  | 1588548 | 1307773 |
|  Pool QB2045, 2.50%, 08/01/2050  | 1707970 | 1405557 |
|  Pool QB2636, 2.50%, 08/01/2050  | 691652 | 574483 |
|  Pool QB2675, 2.50%, 08/01/2050  | 959782 | 795934 |
|  Pool QB2739, 2.50%, 08/01/2050  | 1204376 | 991129 |
|  Pool RA3298, 2.50%, 08/01/2050  | 2628157 | 2163631 |
|  Pool RA3322, 2.50%, 08/01/2050  | 425676 | 350306 |
|  Pool RA3381, 2.50%, 08/01/2050  | 2241036 | 1844239 |
|  Pool QB3152, 2.50%, 09/01/2050  | 1506290 | 1239120 |
|  Pool QB3834, 2.50%, 09/01/2050  | 1346478 | 1116212 |
|  Pool QB3976, 2.50%, 09/01/2050  | 1463182 | 1212989 |
|  Pool RA3545, 2.50%, 09/01/2050  | 690330 | 568100 |

---

------

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

**5**

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool QB4066, 2.50%, 10/01/2050  | $652407 | $542353 |
|  Pool QB4507, 2.50%, 10/01/2050  | 1903191 | 1574342 |
|  Pool QB5042, 2.50%, 11/01/2050  | 3244137 | 2667720 |
|  Pool QB5904, 2.50%, 11/01/2050  | 1427575 | 1180504 |
|  Pool QC1163, 2.50%, 04/01/2051  | 1225574 | 1011618 |
|  Pool QC1953, 2.50%, 05/01/2051  | 1540938 | 1275479 |
|  Pool QC3550, 2.50%, 07/01/2051  | 2194814 | 1813249 |
|  Pool QC4341, 2.50%, 07/01/2051  | 1079734 | 890277 |
|  Pool QC5136, 2.50%, 08/01/2051  | 2414181 | 1990573 |
|  Pool QC6096, 2.50%, 08/01/2051  | 1895409 | 1557204 |
|  Pool QC6907, 2.50%, 09/01/2051  | 794564 | 650921 |
|  Pool SD5485, 2.50%, 09/01/2051  | 7479776 | 6115011 |
|  Pool QC9422, 2.50%, 10/01/2051  | 1660363 | 1371866 |
|  Pool QD1136, 2.50%, 11/01/2051  | 1386500 | 1141569 |
|  Pool QD4139, 2.50%, 12/01/2051  | 672598 | 557809 |
|  Pool QD4141, 2.50%, 12/01/2051  | 886847 | 733170 |
|  Pool RA6478, 2.50%, 12/01/2051  | 8454 | 6918 |
|  Pool QD4132, 2.50%, 01/01/2052  | 1482442 | 1220587 |
|  Pool QD6358, 2.50%, 02/01/2052  | 714508 | 585908 |
|  Pool QD7966, 2.50%, 02/01/2052  | 836294 | 683811 |
|  Pool RA6794, 2.50%, 02/01/2052  | 886314 | 724711 |
|  Pool QD8214, 2.50%, 03/01/2052  | 686278 | 565371 |
|  Pool QA2069, 3.00%, 08/01/2049  | 461038 | 398139 |
|  Pool QA2173, 3.00%, 08/01/2049  | 230410 | 200021 |
|  Pool QA2405, 3.00%, 09/01/2049  | 317882 | 275508 |
|  Pool QA3109, 3.00%, 09/01/2049  | 624416 | 540949 |
|  Pool QA3562, 3.00%, 10/01/2049  | 525633 | 456762 |
|  Pool QA4231, 3.00%, 11/01/2049  | 1318854 | 1138925 |
|  Pool QA4780, 3.00%, 11/01/2049  | 405665 | 350321 |
|  Pool RA1773, 3.00%, 11/01/2049  | 649235 | 560661 |
|  Pool QA5579, 3.00%, 12/01/2049  | 961515 | 830337 |
|  Pool QA5721, 3.00%, 01/01/2050  | 929736 | 805456 |
|  Pool QA5900, 3.00%, 01/01/2050  | 287419 | 250179 |
|  Pool QA6535, 3.00%, 01/01/2050  | 929964 | 805653 |
|  Pool RA2089, 3.00%, 01/01/2050  | 479062 | 413705 |
|  Pool QA6834, 3.00%, 02/01/2050  | 368718 | 320569 |
|  Pool QA7417, 3.00%, 02/01/2050  | 838961 | 725676 |
|  Pool QA7634, 3.00%, 03/01/2050  | 1206111 | 1040359 |
|  Pool QA8482, 3.00%, 03/01/2050  | 1109724 | 961747 |
|  Pool QB0265, 3.00%, 06/01/2050  | 235856 | 204247 |
|  Pool QB0757, 3.00%, 07/01/2050  | 579039 | 501438 |
|  Pool QB0816, 3.00%, 07/01/2050  | 396429 | 341581 |
|  Pool QB1681, 3.00%, 07/01/2050  | 496832 | 431492 |
|  Pool QB2046, 3.00%, 08/01/2050  | 942759 | 815276 |
|  Pool QB2674, 3.00%, 08/01/2050  | 830457 | 715045 |
|  Pool QB3153, 3.00%, 09/01/2050  | 1252076 | 1081105 |
|  Pool QD8209, 3.00%, 03/01/2052  | 1240730 | 1062046 |
|  Pool QE0361, 3.00%, 04/01/2052  | 302208 | 259363 |
|  Pool QE0366, 3.00%, 04/01/2052  | 676083 | 581480 |
|  Pool QE1667, 3.00%, 04/01/2052  | 857390 | 734869 |
|  Pool QE2155, 3.00%, 04/01/2052  | 1077197 | 917956 |
|  Pool QE1714, 3.00%, 05/01/2052  | 1383803 | 1179236 |
|  Pool QE1717, 3.00%, 05/01/2052  | 1309640 | 1127961 |
|  Pool QA2070, 3.50%, 08/01/2049  | 411531 | 371328 |
|  Pool QA2301, 3.50%, 08/01/2049  | 281170 | 252786 |

---

------

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

---

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

---

 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool QA3110, 3.50%, 09/01/2049  | $464449 | $416774 |
|  Pool QA3982, 3.50%, 10/01/2049  | 234283 | 211367 |
|  Pool QA4885, 3.50%, 11/01/2049  | 246953 | 223208 |
|  Pool QA6536, 3.50%, 01/01/2050  | 470826 | 423998 |
|  Pool QA7418, 3.50%, 02/01/2050  | 485627 | 436961 |
|  Pool QE0367, 3.50%, 04/01/2052  | 378543 | 337611 |
|  Pool QE0369, 3.50%, 04/01/2052  | 759297 | 681104 |
|  Pool QE1713, 3.50%, 05/01/2052  | 1839590 | 1651401 |
|  Pool QE1715, 3.50%, 05/01/2052  | 2632680 | 2339126 |
|  Pool QE2624, 3.50%, 05/01/2052  | 944315 | 842133 |
|  Pool QE7181, 3.50%, 06/01/2052  | 657513 | 584146 |
|  Pool RA7611, 3.50%, 06/01/2052  | 1296010 | 1159421 |
|  Pool QA2406, 4.00%, 09/01/2049  | 69993 | 65487 |
|  Pool QA4064, 4.00%, 10/01/2049  | 279308 | 260000 |
|  Pool QE1708, 4.00%, 05/01/2052  | 1654959 | 1538376 |
|  Pool QE1709, 4.00%, 05/01/2052  | 618957 | 572960 |
|  Pool QE2611, 4.00%, 05/01/2052  | 1130673 | 1039215 |
|  Pool RA7612, 4.00%, 07/01/2052  | 1946977 | 1789188 |
|  Pool QF0536, 4.00%, 09/01/2052  | 345201 | 318862 |
|  Pool RA7570, 4.00%, 09/01/2052  | 722696 | 664015 |
|  Pool QF3781, 4.00%, 11/01/2052  | 348724 | 321797 |
|  Pool WN5174, 4.39%, 10/01/2029  | 4775000 | 4747421 |
|  Pool QF0540, 4.50%, 09/01/2052  | 837609 | 792407 |
|  Pool RA8057, 4.50%, 09/01/2052  | 364849 | 345160 |
|  Pool QF2487, 4.50%, 10/01/2052  | 880347 | 836541 |
|  Pool QF3782, 4.50%, 11/01/2052  | 637106 | 602388 |
|  Pool QF5327, 4.50%, 12/01/2052  | 742547 | 704388 |
|  Pool QG0426, 4.50%, 04/01/2053  | 926720 | 875535 |
|  Pool QG3359, 4.50%, 05/01/2053  | 582924 | 552233 |
|  Pool QJ7060, 4.50%, 10/01/2054  | 153545 | 145049 |
|  Pool QX0540, 4.50%, 11/01/2054  | 1738056 | 1640953 |
|  Pool WN5212, 4.55%, 11/01/2029  | 17303000 | 17305588 |
|  Pool QF3779, 5.00%, 11/01/2052  | 2631356 | 2551711 |
|  Pool QF5326, 5.00%, 01/01/2053  | 1082426 | 1051194 |
|  Pool QF7077, 5.00%, 02/01/2053  | 429221 | 416737 |
|  Pool QG0421, 5.00%, 04/01/2053  | 1917130 | 1864903 |
|  Pool QG0424, 5.00%, 04/01/2053  | 2671148 | 2594032 |
|  Pool QG3332, 5.00%, 05/01/2053  | 890861 | 863820 |
|  Pool QG5425, 5.00%, 06/01/2053  | 2108685 | 2048218 |
|  Pool QG8430, 5.00%, 07/01/2053  | 774217 | 750681 |
|  Pool QH0480, 5.00%, 09/01/2053  | 195741 | 190112 |
|  Pool QI4113, 5.00%, 04/01/2054  | 715351 | 693622 |
|  Pool QJ3298, 5.00%, 09/01/2054  | 467858 | 453732 |
|  Pool QJ7081, 5.00%, 10/01/2054  | 1632372 | 1583085 |
|  Pool QX0527, 5.00%, 12/01/2054  | 2210665 | 2142528 |
|  Pool QX2151, 5.00%, 12/01/2054  | 450982 | 436694 |
|  Pool SD8491, 5.00%, 12/01/2054  | 19307339 | 18695619 |
|  Pool QX4012, 5.00%, 01/01/2055  | 682704 | 661234 |
|  Pool QX9333, 5.00%, 02/01/2055  | 609342 | 592665 |
|  Pool QX8827, 5.00%, 03/01/2055  | 149226 | 144492 |
|  Pool QY3815, 5.00%, 05/01/2055  | 962232 | 932192 |
|  Pool WN2590, 5.08%, 04/01/2029  | 1805000 | 1830102 |
|  Pool QF2486, 5.50%, 09/01/2052  | 1334196 | 1327855 |
|  Pool QF3780, 5.50%, 11/01/2052  | 1636509 | 1630688 |
|  Pool QF5328, 5.50%, 01/01/2053  | 940984 | 936875 |

---

------

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

**7**

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool QF7080, 5.50%, 02/01/2053  | $870270 | $864182 |
|  Pool QG0437, 5.50%, 03/01/2053  | 804536 | 796844 |
|  Pool QG3342, 5.50%, 05/01/2053  | 724859 | 718333 |
|  Pool QG5427, 5.50%, 06/01/2053  | 483090 | 479110 |
|  Pool QG8431, 5.50%, 07/01/2053  | 766496 | 760093 |
|  Pool QH0481, 5.50%, 09/01/2053  | 590351 | 585782 |
|  Pool QH5152, 5.50%, 11/01/2053  | 493007 | 488304 |
|  Pool QI1387, 5.50%, 03/01/2054  | 106319 | 105531 |
|  Pool QI4092, 5.50%, 04/01/2054  | 821136 | 813568 |
|  Pool QI5646, 5.50%, 05/01/2054  | 348408 | 345955 |
|  Pool QI8488, 5.50%, 06/01/2054  | 435911 | 432040 |
|  Pool QJ0995, 5.50%, 07/01/2054  | 286178 | 284359 |
|  Pool SD8446, 5.50%, 07/01/2054  | 13303911 | 13174342 |
|  Pool QX2154, 5.50%, 11/01/2054  | 674780 | 668473 |
|  Pool QX0517, 5.50%, 12/01/2054  | 825130 | 817310 |
|  Pool QX4040, 5.50%, 01/01/2055  | 2753072 | 2727713 |
|  Pool QX4745, 5.50%, 01/01/2055  | 681450 | 676080 |
|  Pool QX9332, 5.50%, 02/01/2055  | 266722 | 264551 |
|  Pool QX8790, 5.50%, 03/01/2055  | 659927 | 653788 |
|  Pool QX9120, 5.50%, 03/01/2055  | 385360 | 383067 |
|  Pool QX9901, 5.50%, 04/01/2055  | 369374 | 366225 |
|  Pool QY3788, 5.50%, 05/01/2055  | 2221249 | 2200646 |
|  Pool QF3783, 6.00%, 11/01/2052  | 718972 | 727961 |
|  Pool QF5743, 6.00%, 01/01/2053  | 708210 | 717579 |
|  Pool QF7079, 6.00%, 02/01/2053  | 495503 | 502543 |
|  Pool QG0436, 6.00%, 04/01/2053  | 1400900 | 1415314 |
|  Pool QG3340, 6.00%, 05/01/2053  | 1188914 | 1202461 |
|  Pool QG5437, 6.00%, 06/01/2053  | 962544 | 973402 |
|  Pool QG8432, 6.00%, 07/01/2053  | 206566 | 208971 |
|  Pool QH0478, 6.00%, 09/01/2053  | 1770471 | 1790443 |
|  Pool QH5153, 6.00%, 11/01/2053  | 1145415 | 1158336 |
|  Pool QH7527, 6.00%, 12/01/2053  | 445355 | 449985 |
|  Pool QI4106, 6.00%, 04/01/2054  | 759815 | 768415 |
|  Pool QI5653, 6.00%, 05/01/2054  | 547932 | 556119 |
|  Pool QI8485, 6.00%, 06/01/2054  | 779260 | 788864 |
|  Pool QJ0983, 6.00%, 08/01/2054  | 1520042 | 1535517 |
|  Pool SD8454, 6.00%, 08/01/2054  | 18546672 | 18732027 |
|  Pool QJ3256, 6.00%, 09/01/2054  | 1348266 | 1362526 |
|  Pool QX4010, 6.00%, 01/01/2055  | 683956 | 691698 |
|  Pool QX8840, 6.00%, 03/01/2055  | 1137240 | 1149352 |
|  Pool QX9121, 6.00%, 03/01/2055  | 933194 | 946130 |
|  Pool QX9931, 6.00%, 04/01/2055  | 1903064 | 1923333 |
|  Pool QY3776, 6.00%, 05/01/2055  | 3007582 | 3039614 |
|  Pool QF5742, 6.50%, 01/01/2053  | 447357 | 460638 |
|  Pool QH5154, 6.50%, 11/01/2053  | 647601 | 667699 |
|  Pool QH7532, 6.50%, 12/01/2053  | 128607 | 132286 |
|  Pool QI0785, 6.50%, 02/01/2054  | 466150 | 480228 |
|  Pool QI4080, 6.50%, 04/01/2054  | 448781 | 461241 |
|  Pool QI5648, 6.50%, 05/01/2054  | 1255669 | 1293955 |
|  Pool QI8487, 6.50%, 06/01/2054  | 2091058 | 2149177 |
|  Pool QJ0978, 6.50%, 07/01/2054  | 913942 | 941824 |
|  Pool QX9895, 6.50%, 03/01/2055  | 548455 | 563738 |
|  Pool QH5155, 7.00%, 11/01/2053  | 760240 | 793669 |

---

------

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 QH7533, 7.00%, 12/01/2053  | $| 701843 | $| 735169 |
|  Pool QI8486, 7.00%, 06/01/2054  |  | 697469 |  | 727964 |
|  |  |  |  | 291154792 |
|  **FHMS Multifamily - 4.08%** | **FHMS Multifamily - 4.08%** | **FHMS Multifamily - 4.08%** | **FHMS Multifamily - 4.08%** | **FHMS Multifamily - 4.08%** |
|  Pool KG03, 0.70%, 04/25/2029 (b) |  | 1213066 |  | 1125727 |
|  Pool P003, 0.83%, 02/25/2031  |  | 3865800 |  | 3440641 |
|  Pool KG04, 0.85%, 06/25/2030  |  | 8132747 |  | 7422837 |
|  Pool K123, 0.93%, 06/25/2030  |  | 2535122 |  | 2316696 |
|  Pool K124, 0.96%, 08/25/2030  |  | 2587714 |  | 2356823 |
|  Pool Q012, 1.01%, 08/25/2030  |  | 4040637 |  | 3759084 |
|  Pool P009, 1.13%, 01/25/2031  |  | 15678137 |  | 14437874 |
|  Pool WA4405, 1.15%, 05/01/2027  |  | 1276064 |  | 1231948 |
|  Pool K131, 1.16%, 01/25/2031  |  | 3631053 |  | 3291874 |
|  Pool P011, 1.20%, 09/25/2031  |  | 414914 |  | 379844 |
|  Pool WN1107, 1.27%, 08/01/2026  |  | 10500000 |  | 10104316 |
|  Pool KG03, 1.30%, 06/25/2030 (b) |  | 8000000 |  | 6912690 |
|  Pool WN1096, 1.46%, 01/01/2028  |  | 6120000 |  | 5694412 |
|  Pool KSG1, 1.50%, 09/25/2030  |  | 3850000 |  | 3344763 |
|  Pool K109, 1.56%, 04/25/2030  |  | 1500000 |  | 1321184 |
|  Pool Q014, 1.56%, 01/25/2036  |  | 2396171 |  | 1971942 |
|  Pool K741, 1.60%, 12/25/2027  |  | 20000000 |  | 18765747 |
|  Pool 2021-ML08, 1.88%, 07/25/2037  |  | 1319400 |  | 1041694 |
|  Pool WN0034, 1.94%, 04/01/2037  |  | 820294 |  | 606709 |
|  Pool K747, 2.05%, 11/25/2028 (b) |  | 9000000 |  | 8382768 |
|  Pool K140, 2.29%, 07/25/2031  |  | 464512 |  | 429406 |
|  Pool K137, 2.35%, 11/25/2031 (b) |  | 3500000 |  | 3076674 |
|  Pool KSG3, 2.65%, 05/25/2032 (b) |  | 1350000 |  | 1194310 |
|  Pool K094, 2.70%, 04/25/2029  |  | 2925668 |  | 2831987 |
|  Pool P013, 2.76%, 02/25/2032 (b) |  | 450000 |  | 398059 |
|  Pool WA4420, 3.10%, 02/01/2029  |  | 3276930 |  | 3148343 |
|  Pool K147, 3.39%, 02/25/2032 (b) |  | 591045 |  | 568958 |
|  Pool KSG4, 3.40%, 08/25/2032 (b) |  | 6850000 |  | 6340613 |
|  Pool Q028, 4.36%, 07/25/2029  |  | 8286991 |  | 8292967 |
|  Pool K-F100, 4.53%, (SOFR30A+0.180%), 01/25/2028 (b) |  | 111360 |  | 110794 |
|  Pool K-F122, 4.54%, (SOFR30A+0.190%), 09/25/2031 (b) |  | 152522 |  | 150757 |
|  Pool F118, 4.55%, (SOFR30A+0.200%), 07/25/2028 (b) |  | 1085093 |  | 1079990 |
|  Pool F116, 4.56%, (SOFR30A+0.210%), 06/25/2028 (b) |  | 1922156 |  | 1913847 |
|  Pool F113, 4.58%, (SOFR30A+0.230%), 05/25/2028 (b) |  | 377743 |  | 376369 |
|  Pool KF97, 4.60%, (SOFR30A+0.250%), 12/25/2030 (b) |  | 791370 |  | 785341 |
|  Pool F105, 4.60%, (SOFR30A+0.250%), 02/25/2031 (b) |  | 1069932 |  | 1060507 |
|  Pool 2024-P016, 4.61%, 03/25/2029 (b) |  | 13692278 |  | 13764684 |
|  Pool Q027, 4.66%, 08/25/2031  |  | 2853000 |  | 2850969 |
|  Pool KF131, 4.68%, (SOFR30A+0.330%), 01/25/2032 (b) |  | 870279 |  | 864060 |
|  Pool KF133, 4.72%, (SOFR30A+0.370%), 02/25/2029 (b) |  | 428864 |  | 427679 |
|  Pool K135, 4.72%, (SOFR30A+0.370%), 05/25/2029 (b) |  | 406055 |  | 404904 |
|  Pool K136, 4.76%, (SOFR30A+0.410%), 04/25/2032 (b) |  | 253532 |  | 252656 |
|  Pool K502, 4.80%, 09/25/2028 (b) |  | 1200000 |  | 1216239 |
|  Pool Q017, 4.81%, (SOFR30A+0.460%), 04/25/2030 (b) |  | 1227043 |  | 1226993 |
|  |  |  |  | 150676679 |
|  **FNMA Multifamily - 10.57%** | **FNMA Multifamily - 10.57%** | **FNMA Multifamily - 10.57%** | **FNMA Multifamily - 10.57%** | **FNMA Multifamily - 10.57%** |
|  Pool BS1033, 1.02%, 02/01/2028  |  | 6810202 |  | 6242871 |
|  Pool BS1139, 1.04%, 02/01/2028  |  | 2282668 |  | 2100861 |
|  Pool BL8108, 1.19%, 09/01/2032  |  | 2676334 |  | 2172283 |
|  Pool BL7910, 1.23%, 08/01/2027  |  | 4630878 |  | 4326618 |

---

------

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

**9**

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool BL7892, 1.24%, 08/01/2030  | $5814969 | $5028487 |
|  Pool BL7247, 1.25%, 06/01/2030  | 2801523 | 2439170 |
|  Pool BL7686, 1.28%, 08/01/2030  | 2672856 | 2317587 |
|  Pool BL7010, 1.30%, 06/01/2030  | 9597211 | 8349501 |
|  Pool BL7898, 1.31%, 08/01/2032  | 3800000 | 3056807 |
|  Pool BL8103, 1.32%, 12/01/2030  | 6500074 | 5593993 |
|  Pool BL8000, 1.34%, 09/01/2030  | 4871706 | 4175864 |
|  Pool BL8013, 1.36%, 08/01/2035  | 3996545 | 3009066 |
|  Pool BL8014, 1.36%, 08/01/2035  | 3690524 | 2777962 |
|  Pool BS0025, 1.38%, 12/01/2030  | 7212258 | 6225109 |
|  Pool 2021-M1S, 1.38%, 12/25/2030 (b) | 13550000 | 11593611 |
|  Pool BS0596, 1.38%, 01/01/2031  | 200000 | 170110 |
|  Pool BL7636, 1.41%, 07/01/2032  | 1100000 | 903284 |
|  Pool BL7257, 1.44%, 06/01/2032  | 374460 | 310487 |
|  Pool BL9838, 1.48%, 12/01/2030  | 2315785 | 2004498 |
|  Pool BL6827, 1.50%, 06/01/2032  | 5480660 | 4615158 |
|  Pool BS1482, 1.61%, 03/01/2031  | 1365695 | 1184216 |
|  Pool BS0391, 1.63%, 01/01/2033  | 4589378 | 3776077 |
|  Pool BS0179, 1.67%, 01/01/2033  | 753411 | 622648 |
|  Pool BS4667, 1.71%, 03/01/2029  | 3402355 | 3093734 |
|  Pool BL7338, 1.81%, 07/01/2032  | 1625391 | 1375690 |
|  Pool BS1977, 1.85%, 05/01/2031  | 3640000 | 3171981 |
|  Pool BS2625, 1.89%, 07/01/2031  | 4645000 | 3947393 |
|  Pool BL6240, 1.94%, 03/01/2030  | 733122 | 660713 |
|  Pool BS1922, 2.03%, 05/01/2031  | 2000000 | 1740660 |
|  Pool BL6159, 2.06%, 03/01/2030  | 1699511 | 1539048 |
|  Pool 2022-M1S, 2.08%, 04/25/2032 (b) | 2500000 | 2134778 |
|  Pool BL5261, 2.18%, 03/01/2030  | 1777580 | 1622179 |
|  Pool BL6486, 2.31%, 04/01/2030  | 1470000 | 1327743 |
|  Pool BL5452, 2.41%, 01/01/2030  | 3150112 | 2910109 |
|  Pool BS5203, 2.41%, 04/01/2032  | 1098245 | 969076 |
|  Pool BL4589, 2.45%, 10/01/2029  | 1013189 | 942033 |
|  Pool BL5265, 2.47%, 01/01/2030  | 729745 | 676386 |
|  Pool BS5218, 2.49%, 04/01/2032  | 5777000 | 5080464 |
|  Pool BL4134, 2.52%, 02/01/2034  | 618298 | 533231 |
|  Pool AN3584, 2.53%, 11/01/2028  | 935689 | 885440 |
|  Pool AN1428, 2.69%, 04/01/2026  | 510676 | 502051 |
|  Pool AN0876, 2.85%, 02/01/2026  | 1220569 | 1204166 |
|  Pool AM0414, 2.87%, 09/01/2027  | 5692006 | 5519038 |
|  Pool AN6823, 2.95%, 09/01/2029  | 2351897 | 2231497 |
|  Pool AN5536, 2.97%, 05/01/2027  | 2926942 | 2854229 |
|  Pool BL2741, 2.97%, 06/01/2029  | 3112325 | 2965682 |
|  Pool AN6926, 3.00%, 11/01/2032  | 897164 | 816779 |
|  Pool BL4558, 3.00%, 11/01/2035  | 787245 | 677512 |
|  Pool AN7354, 3.03%, 11/01/2027  | 2399375 | 2331316 |
|  Pool AN5273, 3.06%, 05/01/2027  | 362462 | 354040 |
|  Pool AN5758, 3.09%, 06/01/2027  | 1342821 | 1307962 |
|  Pool BL2603, 3.10%, 05/01/2029  | 5125754 | 4911731 |
|  Pool AN8521, 3.19%, 03/01/2028  | 2276622 | 2191997 |
|  Pool AN6262, 3.20%, 08/01/2027  | 464786 | 454306 |
|  Pool BL2561, 3.20%, 05/01/2029  | 4657738 | 4477438 |
|  Pool AN6232, 3.20%, 08/01/2029  | 4606185 | 4418331 |
|  Pool AN4133, 3.21%, 01/01/2033  | 208917 | 192487 |
|  Pool AM8227, 3.21%, 03/01/2033  | 80498 | 73462 |
|  Pool AM9393, 3.23%, 07/01/2025  | 815875 | 812530 |

---

------

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

---

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

---

 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool AN5792, 3.30%, 04/01/2034  | $862610 | $775399 |
|  Pool BL2117, 3.31%, 04/01/2029  | 5925000 | 5714876 |
|  Pool AM9780, 3.31%, 03/01/2031  | 348745 | 329517 |
|  Pool BL2377, 3.34%, 05/01/2031  | 2670923 | 2522915 |
|  Pool AN8814, 3.36%, 04/01/2028  | 875460 | 854453 |
|  Pool AN4505, 3.36%, 02/01/2032  | 907107 | 849113 |
|  Pool AN5418, 3.40%, 05/01/2033  | 750000 | 681209 |
|  Pool AN8736, 3.48%, 05/01/2028  | 3882632 | 3799447 |
|  Pool BS5750, 3.49%, 06/01/2032  | 5000000 | 4661657 |
|  Pool BL0478, 3.57%, 10/01/2025  | 1862915 | 1851090 |
|  Pool BS5876, 3.59%, 06/01/2032  | 6000000 | 5629469 |
|  Pool BS5528, 3.60%, 06/01/2032  | 2453734 | 2319221 |
|  Pool BS5960, 3.64%, 06/01/2032  | 1200000 | 1100648 |
|  Pool BS5916, 3.72%, 06/01/2032  | 9683844 | 9115137 |
|  Pool BS6007, 3.77%, 07/01/2032  | 5288976 | 5025448 |
|  Pool AN4171, 3.79%, 01/01/2035  | 728012 | 673555 |
|  Pool AN9844, 3.80%, 07/01/2030  | 728782 | 710601 |
|  Pool AM9376, 3.83%, 07/01/2045  | 413706 | 363920 |
|  Pool AN0360, 3.95%, 12/01/2045  | 100000 | 81636 |
|  Pool AN4676, 4.10%, 03/01/2047  | 1155278 | 1028201 |
|  Pool BS6657, 4.14%, 09/01/2029  | 5610483 | 5498936 |
|  Pool BS7738, 4.20%, 03/01/2033  | 2147000 | 2077720 |
|  Pool Sunrise, 4.25%, 06/01/2032  | 5013000 | 4878276 |
|  Pool BZ0520, 4.29%, 03/01/2034  | 3975000 | 3842218 |
|  Pool BZ1957, 4.35%, 10/01/2034  | 14100000 | 13611760 |
|  Pool BZ3454, 4.45%, 05/01/2035  | 3914000 | 3793234 |
|  Pool BS8569, 4.48%, 05/01/2030  | 1228942 | 1233230 |
|  Pool BS8239, 4.48%, 04/01/2033  | 8388000 | 8275345 |
|  Pool BZ0525, 4.50%, 02/01/2029  | 2806556 | 2824345 |
|  Pool 2023-M1S, 4.50%, 04/25/2033 (b) | 3810000 | 3757551 |
|  Pool BZ1911, 4.55%, 09/01/2034  | 3450780 | 3403009 |
|  Pool BS6963, 4.56%, 10/01/2029  | 4653074 | 4684323 |
|  Pool BS7085, 4.57%, 11/01/2029  | 11219000 | 11241515 |
|  Pool BS7448, 4.57%, 12/01/2032  | 5200000 | 5181145 |
|  Pool BL4132, 4.61%, (SOFR30A+0.260%), 04/01/2031 (b) | 5741582 | 5659641 |
|  Pool BZ0408, 4.62%, 01/01/2034  | 3866472 | 3833268 |
|  Pool BZ0204, 4.64%, 01/01/2034  | 2500000 | 2477739 |
|  Pool BS7955, 4.74%, 04/01/2033  | 1471112 | 1474701 |
|  Pool BZ3013, 4.74%, 01/01/2035  | 8964000 | 8894452 |
|  Pool 468251, 4.76%, 06/01/2026  | 512625 | 511983 |
|  Pool BZ1929, 4.81%, 08/01/2034  | 1988130 | 1992949 |
|  Pool 2024-M5, 4.85%, 08/25/2034 (b) | 4721000 | 4718357 |
|  Pool BZ3541, 4.86%, 04/01/2035  | 2997650 | 3003303 |
|  Pool BZ0312, 4.87%, 01/01/2029  | 2950548 | 3000644 |
|  Pool BS9779, 4.87%, 11/01/2030  | 3593000 | 3664706 |
|  Pool BS7278, 4.90%, 11/01/2027  | 7585000 | 7613340 |
|  Pool BS8361, 4.91%, 05/01/2030  | 3053949 | 3086561 |
|  Pool BZ1270, 4.91%, 12/01/2034  | 1719758 | 1733564 |
|  Pool BZ0133, 4.92%, 12/01/2028  | 1400000 | 1425770 |
|  Pool BS9538, 4.97%, 09/01/2033  | 4115554 | 4180188 |
|  Pool BZ2963, 5.00%, 01/01/2032  | 4940000 | 5047835 |
|  Pool BZ3345, 5.04%, 04/01/2035  | 17499952 | 17764366 |
|  Pool BS9607, 5.06%, 09/01/2030  | 1000000 | 1027448 |
|  Pool 466907, 5.13%, 03/01/2026  | 311306 | 311281 |
|  Pool BZ0707, 5.14%, 04/01/2031  | 2110000 | 2153357 |

---

------

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

**11**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  Pool BS7201, 5.17%, 11/01/2032  | $| 4537556 | $| 4680819 |
|  Pool 465394, 5.20%, 03/01/2026  |  | 418942 |  | 419153 |
|  Pool BZ0167, 5.20%, 12/01/2028  |  | 2566000 |  | 2566843 |
|  Pool 463895, 5.25%, 10/01/2025  |  | 298749 |  | 298281 |
|  Pool BZ0017, 5.50%, 12/01/2033  |  | 5235000 |  | 5483374 |
|  Pool BS7954, 5.55%, 04/01/2033  |  | 858268 |  | 874636 |
|  Pool 467914, 6.10%, 04/01/2041  |  | 430138 |  | 432412 |
|  Pool 463997, 6.12%, 12/01/2027  |  | 824395 |  | 824395 |
|  Pool 464836, 6.23%, 03/01/2028  |  | 1355578 |  | 1355578 |
|  Pool 465260, 6.33%, 06/01/2028  |  | 1234970 |  | 1234970 |
|  Pool 464254, 6.34%, 11/01/2027  |  | 2232350 |  | 2232350 |
|  Pool 464969, 6.34%, 04/01/2028  |  | 2285883 |  | 2285883 |
|  Pool 464632, 6.50%, 02/01/2028  |  | 387184 |  | 387184 |
|  Pool 465588, 6.55%, 07/01/2028  |  | 475092 |  | 473864 |
|  Pool 464573, 6.72%, 02/01/2040  |  | 2005092 |  | 2005092 |
|  Pool 466595, 6.78%, 11/01/2025  |  | 3090737 |  | 3090737 |
|  Pool 469854, 8.26%, 12/01/2026  |  | 1440182 |  | 1474698 |
|  |  |  |  | 389989321 |
|  **FNMA Single Family - 21.92%** | **FNMA Single Family - 21.92%** | **FNMA Single Family - 21.92%** | **FNMA Single Family - 21.92%** | **FNMA Single Family - 21.92%** |
|  Pool BU1090, 1.50%, 10/01/2036  |  | 223201 |  | 196642 |
|  Pool BQ1545, 2.00%, 09/01/2050  |  | 2706742 |  | 2125106 |
|  Pool BQ1571, 2.00%, 09/01/2050  |  | 3721093 |  | 2920479 |
|  Pool BQ1603, 2.00%, 09/01/2050  |  | 1166594 |  | 923495 |
|  Pool BQ2362, 2.00%, 09/01/2050  |  | 2912387 |  | 2285771 |
|  Pool BQ3064, 2.00%, 09/01/2050  |  | 2257614 |  | 1771876 |
|  Pool CA7182, 2.00%, 09/01/2050  |  | 1815574 |  | 1424943 |
|  Pool BP7434, 2.00%, 10/01/2050  |  | 805852 |  | 632468 |
|  Pool BQ3112, 2.00%, 10/01/2050  |  | 1795315 |  | 1408556 |
|  Pool BQ4812, 2.00%, 10/01/2050  |  | 2851213 |  | 2236985 |
|  Pool BQ4876, 2.00%, 10/01/2050  |  | 1892552 |  | 1484845 |
|  Pool CA7287, 2.00%, 10/01/2050  |  | 1899663 |  | 1490940 |
|  Pool BQ5814, 2.00%, 11/01/2050  |  | 1844188 |  | 1446900 |
|  Pool BQ7638, 2.00%, 11/01/2050  |  | 1361123 |  | 1079330 |
|  Pool CA7661, 2.00%, 11/01/2050  |  | 2082985 |  | 1634254 |
|  Pool CA8322, 2.00%, 12/01/2050  |  | 1999979 |  | 1568044 |
|  Pool BR0679, 2.00%, 01/01/2051  |  | 2721133 |  | 2133451 |
|  Pool BR1282, 2.00%, 01/01/2051  |  | 1395825 |  | 1093991 |
|  Pool BQ4492, 2.00%, 02/01/2051  |  | 832045 |  | 657188 |
|  Pool BR3230, 2.00%, 02/01/2051  |  | 3629222 |  | 2863906 |
|  Pool CA9082, 2.00%, 02/01/2051  |  | 2819336 |  | 2209680 |
|  Pool BR4749, 2.00%, 03/01/2051  |  | 1353525 |  | 1067731 |
|  Pool CB0668, 2.00%, 05/01/2051  |  | 1781741 |  | 1393476 |
|  Pool MA4355, 2.00%, 06/01/2051  |  | 16350007 |  | 12756507 |
|  Pool BT1268, 2.00%, 07/01/2051  |  | 2479456 |  | 1946139 |
|  Pool BT1347, 2.00%, 07/01/2051  |  | 3093849 |  | 2437234 |
|  Pool BR2232, 2.00%, 08/01/2051  |  | 736067 |  | 575269 |
|  Pool BT2780, 2.00%, 08/01/2051  |  | 4944090 |  | 3879302 |
|  Pool BT7189, 2.00%, 08/01/2051  |  | 3083718 |  | 2409224 |
|  Pool BT9013, 2.00%, 08/01/2051  |  | 1282413 |  | 1002262 |
|  Pool BT7259, 2.00%, 09/01/2051  |  | 4501997 |  | 3516065 |
|  Pool BT7351, 2.00%, 10/01/2051  |  | 4545114 |  | 3549739 |
|  Pool BU1092, 2.00%, 10/01/2051  |  | 3040928 |  | 2383540 |
|  Pool BU2995, 2.00%, 10/01/2051  |  | 1118610 |  | 880977 |
|  Pool BU3147, 2.00%, 10/01/2051  |  | 446219 |  | 349756 |

---

------

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

---

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

---

 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool CB1941, 2.00%, 10/01/2051  | $8069458 | $6300066 |
|  Pool BU1004, 2.00%, 11/01/2051  | 2532336 | 1992832 |
|  Pool BU7796, 2.00%, 11/01/2051  | 1286250 | 1008189 |
|  Pool BU9860, 2.00%, 01/01/2052  | 986855 | 778990 |
|  Pool BU9861, 2.00%, 01/01/2052  | 1707204 | 1336751 |
|  Pool BT2173, 2.00%, 02/01/2052  | 1816985 | 1422709 |
|  Pool BV3015, 2.00%, 02/01/2052  | 1664043 | 1294718 |
|  Pool BV3016, 2.00%, 02/01/2052  | 1132259 | 893767 |
|  Pool BV3213, 2.00%, 02/01/2052  | 1467820 | 1144776 |
|  Pool BV4124, 2.00%, 02/01/2052  | 1151916 | 896255 |
|  Pool BV4125, 2.00%, 02/01/2052  | 450771 | 354799 |
|  Pool BV5522, 2.00%, 02/01/2052  | 282182 | 219553 |
|  Pool CB2791, 2.00%, 02/01/2052  | 7768709 | 6058937 |
|  Pool BP5424, 2.50%, 05/01/2050  | 645638 | 536845 |
|  Pool CA5693, 2.50%, 05/01/2050  | 910872 | 755933 |
|  Pool BP5447, 2.50%, 06/01/2050  | 369693 | 307287 |
|  Pool BP5470, 2.50%, 06/01/2050  | 360204 | 299091 |
|  Pool BP5498, 2.50%, 06/01/2050  | 719910 | 592889 |
|  Pool BP8732, 2.50%, 06/01/2050  | 1321722 | 1088517 |
|  Pool CA6159, 2.50%, 06/01/2050  | 1098044 | 904646 |
|  Pool BP8742, 2.50%, 07/01/2050  | 507022 | 417563 |
|  Pool BP8759, 2.50%, 07/01/2050  | 954653 | 786214 |
|  Pool BP8789, 2.50%, 07/01/2050  | 689381 | 572206 |
|  Pool BP8814, 2.50%, 07/01/2050  | 485118 | 403575 |
|  Pool BP9533, 2.50%, 07/01/2050  | 1445389 | 1189916 |
|  Pool BP9534, 2.50%, 07/01/2050  | 1031134 | 856765 |
|  Pool BP9566, 2.50%, 07/01/2050  | 272870 | 226076 |
|  Pool BP9596, 2.50%, 08/01/2050  | 415340 | 345960 |
|  Pool BP9598, 2.50%, 08/01/2050  | 234140 | 194714 |
|  Pool BQ0192, 2.50%, 08/01/2050  | 1197158 | 992787 |
|  Pool BQ0210, 2.50%, 08/01/2050  | 1557148 | 1293361 |
|  Pool BQ0228, 2.50%, 08/01/2050  | 1383083 | 1144933 |
|  Pool BQ0248, 2.50%, 08/01/2050  | 881123 | 729748 |
|  Pool CA6683, 2.50%, 08/01/2050  | 2648622 | 2179657 |
|  Pool BQ1546, 2.50%, 09/01/2050  | 2268051 | 1866470 |
|  Pool BQ1572, 2.50%, 09/01/2050  | 2659560 | 2187834 |
|  Pool BQ1604, 2.50%, 09/01/2050  | 1784217 | 1479130 |
|  Pool BQ2363, 2.50%, 09/01/2050  | 1448224 | 1191353 |
|  Pool BQ3065, 2.50%, 09/01/2050  | 2378010 | 1971389 |
|  Pool BQ3113, 2.50%, 10/01/2050  | 1352476 | 1112168 |
|  Pool BQ4813, 2.50%, 10/01/2050  | 2198388 | 1807779 |
|  Pool BQ4877, 2.50%, 10/01/2050  | 656885 | 545510 |
|  Pool CA7296, 2.50%, 10/01/2050  | 602037 | 495254 |
|  Pool BQ7638, 2.50%, 11/01/2050  | 2213085 | 1830025 |
|  Pool CA7663, 2.50%, 11/01/2050  | 1271305 | 1045420 |
|  Pool BR2612, 2.50%, 02/01/2051  | 366122 | 303550 |
|  Pool BR5455, 2.50%, 03/01/2051  | 824148 | 683362 |
|  Pool BR7692, 2.50%, 04/01/2051  | 1071954 | 886551 |
|  Pool BR9147, 2.50%, 05/01/2051  | 1883199 | 1559337 |
|  Pool BT1269, 2.50%, 07/01/2051  | 3716608 | 3065570 |
|  Pool BT2707, 2.50%, 07/01/2051  | 4623587 | 3800015 |
|  Pool BT2781, 2.50%, 08/01/2051  | 2884153 | 2381035 |
|  Pool BT7190, 2.50%, 08/01/2051  | 2357738 | 1937038 |
|  Pool BT9012, 2.50%, 08/01/2051  | 549678 | 450306 |
|  Pool BT7260, 2.50%, 09/01/2051  | 1729221 | 1427058 |

---

------

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

**13**

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool BU1093, 2.50%, 10/01/2051  | $2849249 | $2332390 |
|  Pool CB2073, 2.50%, 11/01/2051  | 7590563 | 6213620 |
|  Pool BU7797, 2.50%, 12/01/2051  | 846011 | 694268 |
|  Pool BU7877, 2.50%, 12/01/2051  | 1207528 | 998282 |
|  Pool BU7879, 2.50%, 12/01/2051  | 733439 | 608267 |
|  Pool BU7880, 2.50%, 12/01/2051  | 820493 | 681802 |
|  Pool BU7876, 2.50%, 01/01/2052  | 1939816 | 1586727 |
|  Pool BU7878, 2.50%, 01/01/2052  | 1540020 | 1274769 |
|  Pool BU9862, 2.50%, 01/01/2052  | 649175 | 535800 |
|  Pool BU9863, 2.50%, 01/01/2052  | 1127304 | 932805 |
|  Pool CB2518, 2.50%, 01/01/2052  | 3649874 | 2985518 |
|  Pool BT2174, 2.50%, 02/01/2052  | 958218 | 788154 |
|  Pool BV3017, 2.50%, 02/01/2052  | 975104 | 802562 |
|  Pool BV3214, 2.50%, 02/01/2052  | 598235 | 489158 |
|  Pool BV4126, 2.50%, 02/01/2052  | 353061 | 288866 |
|  Pool BV4855, 2.50%, 02/01/2052  | 507037 | 414275 |
|  Pool CB2792, 2.50%, 02/01/2052  | 3364920 | 2751389 |
|  Pool BT8101, 2.50%, 03/01/2052  | 692494 | 570492 |
|  Pool BV5521, 2.50%, 03/01/2052  | 526795 | 430419 |
|  Pool BV5364, 2.50%, 04/01/2052  | 264348 | 217687 |
|  Pool BW1785, 2.50%, 04/01/2052  | 864030 | 705957 |
|  Pool CB3337, 2.50%, 04/01/2052  | 1038495 | 848504 |
|  Pool AB6333, 3.00%, 09/01/2042  | 325529 | 292658 |
|  Pool AP7482, 3.00%, 09/01/2042  | 27285 | 24530 |
|  Pool AP9712, 3.00%, 09/01/2042  | 66382 | 59679 |
|  Pool AB7486, 3.00%, 12/01/2042  | 557578 | 501275 |
|  Pool AR5591, 3.00%, 01/01/2043  | 21030 | 18906 |
|  Pool AT1983, 3.00%, 04/01/2043  | 349920 | 312909 |
|  Pool AB9496, 3.00%, 05/01/2043  | 20075 | 17952 |
|  Pool AR6415, 3.00%, 05/01/2043  | 193633 | 173153 |
|  Pool AT0343, 3.00%, 05/01/2043  | 24243 | 21679 |
|  Pool AS7134, 3.00%, 05/01/2046  | 515247 | 452834 |
|  Pool AS7340, 3.00%, 06/01/2046  | 1053606 | 921876 |
|  Pool BC1141, 3.00%, 06/01/2046  | 266173 | 232894 |
|  Pool AS7521, 3.00%, 07/01/2046  | 802054 | 701775 |
|  Pool BD0472, 3.00%, 07/01/2046  | 258342 | 226042 |
|  Pool AS7816, 3.00%, 08/01/2046  | 1472451 | 1288354 |
|  Pool BC2796, 3.00%, 08/01/2046  | 799561 | 699594 |
|  Pool AS7899, 3.00%, 09/01/2046  | 627612 | 549143 |
|  Pool BD6343, 3.00%, 09/01/2046  | 183234 | 161038 |
|  Pool AS8079, 3.00%, 10/01/2046  | 1264079 | 1106034 |
|  Pool BC4722, 3.00%, 10/01/2046  | 286555 | 250728 |
|  Pool AS8290, 3.00%, 11/01/2046  | 1140187 | 997632 |
|  Pool AS8463, 3.00%, 12/01/2046  | 1411158 | 1234724 |
|  Pool BC9073, 3.00%, 12/01/2046  | 1376257 | 1204187 |
|  Pool BD7042, 3.00%, 03/01/2047  | 337099 | 294203 |
|  Pool BN6614, 3.00%, 05/01/2049  | 205818 | 177739 |
|  Pool BN8885, 3.00%, 05/01/2049  | 211627 | 182755 |
|  Pool BN6722, 3.00%, 06/01/2049  | 415670 | 358961 |
|  Pool BN8907, 3.00%, 06/01/2049  | 201816 | 175197 |
|  Pool BN8921, 3.00%, 06/01/2049  | 33757 | 29430 |
|  Pool BO1800, 3.00%, 06/01/2049  | 1143272 | 987298 |
|  Pool BO1272, 3.00%, 07/01/2049  | 431975 | 373042 |
|  Pool BO1283, 3.00%, 07/01/2049  | 172506 | 150236 |
|  Pool CA3873, 3.00%, 07/01/2049  | 558743 | 482543 |

---

------

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

---

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

---

 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool BN7692, 3.00%, 08/01/2049  | $177741 | $154298 |
|  Pool BO1314, 3.00%, 08/01/2049  | 981785 | 847842 |
|  Pool BO1318, 3.00%, 08/01/2049  | 848431 | 732681 |
|  Pool BO1324, 3.00%, 08/01/2049  | 1596534 | 1378722 |
|  Pool CA3957, 3.00%, 08/01/2049  | 1143980 | 991487 |
|  Pool BO2209, 3.00%, 09/01/2049  | 727620 | 628353 |
|  Pool BO2957, 3.00%, 09/01/2049  | 781925 | 675248 |
|  Pool BO2962, 3.00%, 09/01/2049  | 1315337 | 1135889 |
|  Pool BO3017, 3.00%, 09/01/2049  | 1240782 | 1071505 |
|  Pool BO3200, 3.00%, 09/01/2049  | 465194 | 401729 |
|  Pool CA4244, 3.00%, 09/01/2049  | 260394 | 224869 |
|  Pool BO5402, 3.00%, 10/01/2049  | 1222870 | 1059861 |
|  Pool BO5431, 3.00%, 10/01/2049  | 788604 | 681016 |
|  Pool BO5441, 3.00%, 10/01/2049  | 397456 | 345034 |
|  Pool CA4331, 3.00%, 10/01/2049  | 2320575 | 2003984 |
|  Pool BO4660, 3.00%, 11/01/2049  | 480297 | 414771 |
|  Pool BO5348, 3.00%, 11/01/2049  | 1401511 | 1210305 |
|  Pool BO5477, 3.00%, 11/01/2049  | 837737 | 725754 |
|  Pool BO5487, 3.00%, 11/01/2049  | 917642 | 795320 |
|  Pool CA4531, 3.00%, 11/01/2049  | 2928029 | 2528564 |
|  Pool BO5371, 3.00%, 12/01/2049  | 505852 | 439133 |
|  Pool BO6215, 3.00%, 12/01/2049  | 203566 | 175794 |
|  Pool BO8900, 3.00%, 12/01/2049  | 676222 | 585830 |
|  Pool BO8936, 3.00%, 01/01/2050  | 1202792 | 1038698 |
|  Pool BO8980, 3.00%, 01/01/2050  | 514115 | 446306 |
|  Pool CA5097, 3.00%, 01/01/2050  | 331317 | 286116 |
|  Pool BO9005, 3.00%, 02/01/2050  | 579363 | 500321 |
|  Pool BP1309, 3.00%, 02/01/2050  | 371292 | 322520 |
|  Pool CA5237, 3.00%, 02/01/2050  | 960558 | 829511 |
|  Pool BP1374, 3.00%, 03/01/2050  | 1155723 | 997254 |
|  Pool BP1467, 3.00%, 03/01/2050  | 926885 | 803289 |
|  Pool BP5412, 3.00%, 05/01/2050  | 359085 | 311738 |
|  Pool BP5425, 3.00%, 05/01/2050  | 157241 | 136274 |
|  Pool CA5694, 3.00%, 05/01/2050  | 1352329 | 1166065 |
|  Pool BP5448, 3.00%, 06/01/2050  | 115316 | 99832 |
|  Pool BP5471, 3.00%, 06/01/2050  | 165385 | 143124 |
|  Pool BP5499, 3.00%, 06/01/2050  | 163731 | 141078 |
|  Pool BP8733, 3.00%, 06/01/2050  | 401338 | 345811 |
|  Pool CA6160, 3.00%, 06/01/2050  | 319375 | 275188 |
|  Pool BP8743, 3.00%, 07/01/2050  | 254023 | 220450 |
|  Pool BP8760, 3.00%, 07/01/2050  | 173023 | 149844 |
|  Pool BP8790, 3.00%, 07/01/2050  | 472111 | 408697 |
|  Pool BP8815, 3.00%, 07/01/2050  | 419257 | 362943 |
|  Pool BP9535, 3.00%, 07/01/2050  | 504244 | 436515 |
|  Pool BP9536, 3.00%, 07/01/2050  | 832767 | 722122 |
|  Pool BP9567, 3.00%, 07/01/2050  | 610317 | 528340 |
|  Pool BP9597, 3.00%, 08/01/2050  | 447518 | 387138 |
|  Pool BQ0193, 3.00%, 08/01/2050  | 364857 | 315519 |
|  Pool BQ0211, 3.00%, 08/01/2050  | 106121 | 92133 |
|  Pool BQ0229, 3.00%, 08/01/2050  | 447015 | 387487 |
|  Pool BQ0249, 3.00%, 08/01/2050  | 491169 | 426426 |
|  Pool BQ1573, 3.00%, 09/01/2050  | 1365950 | 1181653 |
|  Pool BV4127, 3.00%, 03/01/2052  | 758913 | 651888 |
|  Pool BV5365, 3.00%, 04/01/2052  | 996780 | 849542 |
|  Pool BV5366, 3.00%, 04/01/2052  | 1000633 | 860616 |

---

------

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

**15**

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool CB3338, 3.00%, 04/01/2052  | $5737322 | $4889843 |
|  Pool BT8102, 3.00%, 05/01/2052  | 746740 | 639025 |
|  Pool BV8519, 3.00%, 05/01/2052  | 1207259 | 1035959 |
|  Pool BV8520, 3.00%, 05/01/2052  | 624754 | 537890 |
|  Pool BW1786, 3.00%, 05/01/2052  | 955833 | 814532 |
|  Pool AS0092, 3.50%, 07/01/2043  | 92363 | 85374 |
|  Pool AU1769, 3.50%, 08/01/2043  | 98454 | 91010 |
|  Pool AX4858, 3.50%, 12/01/2044  | 112555 | 103055 |
|  Pool AX7551, 3.50%, 01/01/2045  | 79958 | 73209 |
|  Pool AY4388, 3.50%, 02/01/2045  | 101702 | 93163 |
|  Pool AS4536, 3.50%, 03/01/2045  | 55357 | 50472 |
|  Pool AX9585, 3.50%, 03/01/2045  | 577144 | 525411 |
|  Pool AY5019, 3.50%, 03/01/2045  | 70452 | 64137 |
|  Pool AS4738, 3.50%, 04/01/2045  | 254055 | 231282 |
|  Pool AY1387, 3.50%, 04/01/2045  | 37208 | 34004 |
|  Pool AS4913, 3.50%, 05/01/2045  | 405625 | 369266 |
|  Pool AY3458, 3.50%, 05/01/2045  | 126789 | 115774 |
|  Pool AY8271, 3.50%, 05/01/2045  | 71762 | 65330 |
|  Pool AS5117, 3.50%, 06/01/2045  | 325582 | 296854 |
|  Pool AZ2274, 3.50%, 06/01/2045  | 118413 | 108127 |
|  Pool AZ2316, 3.50%, 06/01/2045  | 45292 | 41295 |
|  Pool AS5351, 3.50%, 07/01/2045  | 69913 | 63646 |
|  Pool AZ0805, 3.50%, 07/01/2045  | 292995 | 266732 |
|  Pool AZ5686, 3.50%, 07/01/2045  | 34114 | 31150 |
|  Pool AS5579, 3.50%, 08/01/2045  | 87226 | 79649 |
|  Pool AZ5696, 3.50%, 08/01/2045  | 20244 | 18545 |
|  Pool AS5767, 3.50%, 09/01/2045  | 125725 | 114456 |
|  Pool AZ2904, 3.50%, 09/01/2045  | 73898 | 67274 |
|  Pool AZ9193, 3.50%, 09/01/2045  | 102077 | 93210 |
|  Pool AS5917, 3.50%, 10/01/2045  | 210204 | 191362 |
|  Pool AZ4755, 3.50%, 10/01/2045  | 94330 | 86135 |
|  Pool AS6127, 3.50%, 11/01/2045  | 279754 | 255069 |
|  Pool AS6309, 3.50%, 12/01/2045  | 190965 | 173847 |
|  Pool BC0066, 3.50%, 12/01/2045  | 137468 | 125338 |
|  Pool AS6467, 3.50%, 01/01/2046  | 597103 | 543580 |
|  Pool AS6616, 3.50%, 02/01/2046  | 442648 | 402971 |
|  Pool BC0223, 3.50%, 02/01/2046  | 606338 | 551988 |
|  Pool BC0226, 3.50%, 02/01/2046  | 96582 | 88134 |
|  Pool AS6785, 3.50%, 03/01/2046  | 649055 | 587797 |
|  Pool AS6956, 3.50%, 04/01/2046  | 1139923 | 1032337 |
|  Pool BC0801, 3.50%, 04/01/2046  | 364009 | 329654 |
|  Pool AS7135, 3.50%, 05/01/2046  | 96192 | 87144 |
|  Pool BC6041, 3.50%, 05/01/2046  | 294580 | 266777 |
|  Pool BD0456, 3.50%, 06/01/2046  | 16250 | 14859 |
|  Pool BC9068, 3.50%, 12/01/2046  | 294288 | 266605 |
|  Pool AS8635, 3.50%, 01/01/2047  | 1595962 | 1445335 |
|  Pool AS8808, 3.50%, 02/01/2047  | 868145 | 786210 |
|  Pool AS8918, 3.50%, 03/01/2047  | 2541655 | 2295399 |
|  Pool BD7046, 3.50%, 03/01/2047  | 2118134 | 1912912 |
|  Pool BE7198, 3.50%, 03/01/2047  | 299229 | 271331 |
|  Pool AS9380, 3.50%, 04/01/2047  | 719578 | 649860 |
|  Pool BH1139, 3.50%, 04/01/2047  | 24290 | 22101 |
|  Pool BH1158, 3.50%, 04/01/2047  | 266056 | 240191 |
|  Pool AS9548, 3.50%, 05/01/2047  | 1047078 | 945628 |
|  Pool BD2416, 3.50%, 05/01/2047  | 738220 | 666695 |

---

------

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

---

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

---

 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool AS9814, 3.50%, 06/01/2047  | $789120 | $712664 |
|  Pool BE3687, 3.50%, 06/01/2047  | 473350 | 428726 |
|  Pool BH5307, 3.50%, 06/01/2047  | 191561 | 174035 |
|  Pool AS9943, 3.50%, 07/01/2047  | 1565027 | 1413395 |
|  Pool BH5329, 3.50%, 07/01/2047  | 157452 | 142370 |
|  Pool BH2607, 3.50%, 08/01/2047  | 185416 | 167937 |
|  Pool CA0116, 3.50%, 08/01/2047  | 566513 | 513106 |
|  Pool BH2671, 3.50%, 09/01/2047  | 784054 | 708088 |
|  Pool BH5391, 3.50%, 09/01/2047  | 208760 | 189001 |
|  Pool CA0408, 3.50%, 09/01/2047  | 124365 | 112641 |
|  Pool BH4063, 3.50%, 10/01/2047  | 381938 | 345932 |
|  Pool BH9370, 3.50%, 10/01/2047  | 69807 | 63580 |
|  Pool CA0566, 3.50%, 10/01/2047  | 550402 | 497074 |
|  Pool BH5746, 3.50%, 11/01/2047  | 866211 | 782286 |
|  Pool CA0744, 3.50%, 11/01/2047  | 219745 | 199641 |
|  Pool BH7046, 3.50%, 12/01/2047  | 2016679 | 1821287 |
|  Pool BJ1663, 3.50%, 12/01/2047  | 647309 | 586957 |
|  Pool CA0918, 3.50%, 12/01/2047  | 633614 | 572718 |
|  Pool BH7097, 3.50%, 01/01/2048  | 1479285 | 1335960 |
|  Pool BJ4551, 3.50%, 01/01/2048  | 660841 | 596597 |
|  Pool BJ4562, 3.50%, 01/01/2048  | 343212 | 310458 |
|  Pool CA1074, 3.50%, 01/01/2048  | 1370960 | 1240121 |
|  Pool BH9270, 3.50%, 02/01/2048  | 1080951 | 976220 |
|  Pool BJ4611, 3.50%, 02/01/2048  | 851692 | 767626 |
|  Pool BJ4612, 3.50%, 02/01/2048  | 283864 | 256996 |
|  Pool CA1243, 3.50%, 02/01/2048  | 2219905 | 2004823 |
|  Pool BJ0616, 3.50%, 03/01/2048  | 1423616 | 1283099 |
|  Pool BJ0652, 3.50%, 03/01/2048  | 672342 | 605979 |
|  Pool BK1959, 3.50%, 03/01/2048  | 598717 | 539621 |
|  Pool BK1960, 3.50%, 03/01/2048  | 270428 | 244927 |
|  Pool CA1415, 3.50%, 03/01/2048  | 1380887 | 1244588 |
|  Pool BN5245, 3.50%, 02/01/2049  | 370839 | 335368 |
|  Pool BN5344, 3.50%, 03/01/2049  | 431480 | 387103 |
|  Pool BN6235, 3.50%, 04/01/2049  | 54607 | 49265 |
|  Pool BN6245, 3.50%, 04/01/2049  | 23865 | 21530 |
|  Pool BN6283, 3.50%, 04/01/2049  | 331998 | 297852 |
|  Pool BN6567, 3.50%, 04/01/2049  | 580552 | 520843 |
|  Pool CA3399, 3.50%, 04/01/2049  | 834084 | 750195 |
|  Pool BN6299, 3.50%, 05/01/2049  | 617423 | 553922 |
|  Pool BN6619, 3.50%, 05/01/2049  | 561930 | 504136 |
|  Pool BN8886, 3.50%, 05/01/2049  | 1178137 | 1056967 |
|  Pool CA3556, 3.50%, 05/01/2049  | 575129 | 518171 |
|  Pool BN6735, 3.50%, 06/01/2049  | 690377 | 619372 |
|  Pool BN8911, 3.50%, 06/01/2049  | 517677 | 466246 |
|  Pool BN8922, 3.50%, 06/01/2049  | 458375 | 412273 |
|  Pool BN8930, 3.50%, 06/01/2049  | 720050 | 647361 |
|  Pool CA3738, 3.50%, 06/01/2049  | 634010 | 568803 |
|  Pool BO1273, 3.50%, 07/01/2049  | 617066 | 554773 |
|  Pool BO1284, 3.50%, 07/01/2049  | 872968 | 787580 |
|  Pool BO1315, 3.50%, 07/01/2049  | 193066 | 174821 |
|  Pool BO1795, 3.50%, 07/01/2049  | 384524 | 345850 |
|  Pool CA3874, 3.50%, 07/01/2049  | 188647 | 169673 |
|  Pool BO1319, 3.50%, 08/01/2049  | 1151234 | 1032831 |
|  Pool BO1358, 3.50%, 08/01/2049  | 868635 | 779296 |
|  Pool BO2963, 3.50%, 09/01/2049  | 831170 | 748502 |

---

------

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

**17**

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool BO5478, 3.50%, 11/01/2049  | $994265 | $895375 |
|  Pool BO5488, 3.50%, 11/01/2049  | 561936 | 504142 |
|  Pool BO5372, 3.50%, 12/01/2049  | 267986 | 240424 |
|  Pool BO8937, 3.50%, 01/01/2050  | 76816 | 69430 |
|  Pool BO9006, 3.50%, 02/01/2050  | 114568 | 103919 |
|  Pool BP1310, 3.50%, 02/01/2050  | 293428 | 265304 |
|  Pool BP1468, 3.50%, 03/01/2050  | 271398 | 245766 |
|  Pool BV5367, 3.50%, 04/01/2052  | 570217 | 508965 |
|  Pool BV5368, 3.50%, 04/01/2052  | 974082 | 873771 |
|  Pool BV8521, 3.50%, 05/01/2052  | 2071926 | 1840898 |
|  Pool BV8522, 3.50%, 05/01/2052  | 1666205 | 1495753 |
|  Pool BV9871, 3.50%, 05/01/2052  | 554971 | 496481 |
|  Pool CB3688, 3.50%, 05/01/2052  | 8284631 | 7360220 |
|  Pool BT8242, 3.50%, 06/01/2052  | 362167 | 321756 |
|  Pool BW1784, 3.50%, 06/01/2052  | 1233462 | 1100871 |
|  Pool BW6010, 3.50%, 06/01/2052  | 1646447 | 1462761 |
|  Pool CB3798, 3.50%, 06/01/2052  | 5232239 | 4648418 |
|  Pool CB3986, 3.50%, 06/01/2052  | 3958061 | 3516480 |
|  Pool AH0540, 4.00%, 12/01/2040  | 22309 | 21425 |
|  Pool AH2979, 4.00%, 01/01/2041  | 21298 | 20456 |
|  Pool AH5643, 4.00%, 01/01/2041  | 37860 | 36361 |
|  Pool AH5671, 4.00%, 02/01/2041  | 41145 | 39647 |
|  Pool AH8877, 4.00%, 04/01/2041  | 52352 | 50449 |
|  Pool AI9871, 4.00%, 09/01/2041  | 23216 | 22372 |
|  Pool AJ4024, 4.00%, 10/01/2041  | 58305 | 56181 |
|  Pool AU9998, 4.00%, 09/01/2043  | 46755 | 44390 |
|  Pool AS0716, 4.00%, 10/01/2043  | 158571 | 150558 |
|  Pool AU6721, 4.00%, 10/01/2043  | 67348 | 63941 |
|  Pool AV0191, 4.00%, 10/01/2043  | 33771 | 32063 |
|  Pool AV0214, 4.00%, 10/01/2043  | 31236 | 29657 |
|  Pool AS0929, 4.00%, 11/01/2043  | 137532 | 130574 |
|  Pool AU6999, 4.00%, 11/01/2043  | 332885 | 315992 |
|  Pool AU7007, 4.00%, 11/01/2043  | 74251 | 70494 |
|  Pool AS1368, 4.00%, 12/01/2043  | 34587 | 32837 |
|  Pool AV0670, 4.00%, 12/01/2043  | 75692 | 71863 |
|  Pool AS1427, 4.00%, 01/01/2044  | 88636 | 84150 |
|  Pool AV6342, 4.00%, 01/01/2044  | 65475 | 62166 |
|  Pool AS1671, 4.00%, 02/01/2044  | 34475 | 32730 |
|  Pool AV5020, 4.00%, 02/01/2044  | 134668 | 127855 |
|  Pool AS1877, 4.00%, 03/01/2044  | 15361 | 14521 |
|  Pool AV7087, 4.00%, 03/01/2044  | 118217 | 111744 |
|  Pool AW0985, 4.00%, 05/01/2044  | 47645 | 45041 |
|  Pool AW3597, 4.00%, 06/01/2044  | 84348 | 79737 |
|  Pool AW5358, 4.00%, 06/01/2044  | 46457 | 43917 |
|  Pool AS2826, 4.00%, 07/01/2044  | 68552 | 64798 |
|  Pool AW8968, 4.00%, 07/01/2044  | 15223 | 14390 |
|  Pool AS3009, 4.00%, 08/01/2044  | 94195 | 89037 |
|  Pool AS3493, 4.00%, 10/01/2044  | 223474 | 211237 |
|  Pool AX0902, 4.00%, 10/01/2044  | 23841 | 22538 |
|  Pool AX3165, 4.00%, 10/01/2044  | 20559 | 19435 |
|  Pool AX4856, 4.00%, 12/01/2044  | 45526 | 43037 |
|  Pool AX7550, 4.00%, 12/01/2044  | 44325 | 41899 |
|  Pool AY5025, 4.00%, 03/01/2045  | 135542 | 127370 |
|  Pool AY8277, 4.00%, 05/01/2045  | 37525 | 35258 |
|  Pool AZ5697, 4.00%, 08/01/2045  | 22370 | 21022 |

---

------

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

---

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

---

 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool AZ9195, 4.00%, 09/01/2045  | $26340 | $24748 |
|  Pool BE7194, 4.00%, 03/01/2047  | 491945 | 459234 |
|  Pool BE7216, 4.00%, 04/01/2047  | 430656 | 403043 |
|  Pool BH1143, 4.00%, 04/01/2047  | 173473 | 161908 |
|  Pool BD2419, 4.00%, 05/01/2047  | 984742 | 919263 |
|  Pool BH1167, 4.00%, 05/01/2047  | 95442 | 89373 |
|  Pool BE3689, 4.00%, 06/01/2047  | 1988101 | 1855906 |
|  Pool BH5309, 4.00%, 06/01/2047  | 875998 | 817760 |
|  Pool BE3762, 4.00%, 07/01/2047  | 621131 | 579720 |
|  Pool BH5334, 4.00%, 07/01/2047  | 5329 | 4993 |
|  Pool BH5335, 4.00%, 07/01/2047  | 166755 | 156151 |
|  Pool BH5361, 4.00%, 08/01/2047  | 401471 | 374781 |
|  Pool BH5395, 4.00%, 09/01/2047  | 419964 | 393036 |
|  Pool BH4060, 4.00%, 10/01/2047  | 666866 | 622524 |
|  Pool BH9379, 4.00%, 10/01/2047  | 110390 | 103436 |
|  Pool BH5748, 4.00%, 11/01/2047  | 775139 | 723597 |
|  Pool BJ4571, 4.00%, 01/01/2048  | 165717 | 155091 |
|  Pool BK1957, 4.00%, 03/01/2048  | 105533 | 98781 |
|  Pool BK1968, 4.00%, 03/01/2048  | 255668 | 238203 |
|  Pool BK1969, 4.00%, 03/01/2048  | 425049 | 395974 |
|  Pool BK2557, 4.00%, 03/01/2048  | 772375 | 719542 |
|  Pool BJ2676, 4.00%, 04/01/2048  | 160389 | 149660 |
|  Pool BK2008, 4.00%, 04/01/2048  | 443721 | 414624 |
|  Pool BJ2752, 4.00%, 05/01/2048  | 838648 | 781281 |
|  Pool BJ9235, 4.00%, 06/01/2048  | 1238707 | 1153975 |
|  Pool BK5289, 4.00%, 06/01/2048  | 585856 | 547438 |
|  Pool CA1934, 4.00%, 06/01/2048  | 1224235 | 1140607 |
|  Pool BK0898, 4.00%, 07/01/2048  | 177692 | 165538 |
|  Pool BK8813, 4.00%, 07/01/2048  | 601378 | 561149 |
|  Pool CA2094, 4.00%, 07/01/2048  | 1259744 | 1173690 |
|  Pool BK4747, 4.00%, 08/01/2048  | 329839 | 307774 |
|  Pool BK8829, 4.00%, 08/01/2048  | 235438 | 219999 |
|  Pool BH0713, 4.00%, 09/01/2048  | 55832 | 52231 |
|  Pool BK4815, 4.00%, 09/01/2048  | 601013 | 559957 |
|  Pool BK8895, 4.00%, 09/01/2048  | 434136 | 406359 |
|  Pool CA2315, 4.00%, 09/01/2048  | 333251 | 310456 |
|  Pool BK7669, 4.00%, 10/01/2048  | 667600 | 622942 |
|  Pool CA2532, 4.00%, 10/01/2048  | 1121821 | 1045189 |
|  Pool BK7934, 4.00%, 11/01/2048  | 916259 | 853669 |
|  Pool BH0723, 4.00%, 12/01/2048  | 149413 | 139615 |
|  Pool BN0321, 4.00%, 12/01/2048  | 512546 | 477534 |
|  Pool BN3958, 4.00%, 12/01/2048  | 282100 | 263230 |
|  Pool CA2994, 4.00%, 01/01/2049  | 112803 | 105257 |
|  Pool BN4338, 4.00%, 02/01/2049  | 153534 | 143632 |
|  Pool BN4347, 4.00%, 02/01/2049  | 204427 | 191022 |
|  Pool BN5288, 4.00%, 02/01/2049  | 928271 | 864860 |
|  Pool CA3143, 4.00%, 02/01/2049  | 304002 | 282615 |
|  Pool BN4373, 4.00%, 03/01/2049  | 631039 | 586185 |
|  Pool BN4386, 4.00%, 03/01/2049  | 206747 | 192052 |
|  Pool BN5350, 4.00%, 03/01/2049  | 281178 | 261397 |
|  Pool BN6227, 4.00%, 03/01/2049  | 152070 | 142126 |
|  Pool CA3270, 4.00%, 03/01/2049  | 198443 | 184482 |
|  Pool BN6236, 4.00%, 04/01/2049  | 16115 | 15072 |
|  Pool BN6247, 4.00%, 04/01/2049  | 60193 | 56209 |
|  Pool BN6285, 4.00%, 04/01/2049  | 287987 | 267517 |

---

------

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

**19**

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool BN6563, 4.00%, 04/01/2049  | $85618 | $79532 |
|  Pool BN6301, 4.00%, 05/01/2049  | 613948 | 571508 |
|  Pool BN8894, 4.00%, 05/01/2049  | 612076 | 569016 |
|  Pool BN8913, 4.00%, 06/01/2049  | 231793 | 216532 |
|  Pool BN8923, 4.00%, 06/01/2049  | 479412 | 446272 |
|  Pool BN8931, 4.00%, 06/01/2049  | 408640 | 381594 |
|  Pool BO1274, 4.00%, 07/01/2049  | 171105 | 159839 |
|  Pool BO1285, 4.00%, 07/01/2049  | 419468 | 391226 |
|  Pool BO1316, 4.00%, 07/01/2049  | 86240 | 80629 |
|  Pool BO1326, 4.00%, 08/01/2049  | 697421 | 648357 |
|  Pool BO2971, 4.00%, 09/01/2049  | 143442 | 134063 |
|  Pool BO5432, 4.00%, 10/01/2049  | 369800 | 344237 |
|  Pool BO5373, 4.00%, 12/01/2049  | 109368 | 102216 |
|  Pool BO8938, 4.00%, 01/01/2050  | 390129 | 364308 |
|  Pool BO9007, 4.00%, 02/01/2050  | 238474 | 222690 |
|  Pool BV8523, 4.00%, 05/01/2052  | 1462041 | 1350503 |
|  Pool BV8524, 4.00%, 05/01/2052  | 1391422 | 1293404 |
|  Pool BV9872, 4.00%, 05/01/2052  | 1040314 | 956165 |
|  Pool BV9873, 4.00%, 05/01/2052  | 1544087 | 1435076 |
|  Pool BW1787, 4.00%, 05/01/2052  | 118755 | 109677 |
|  Pool BT8307, 4.00%, 06/01/2052  | 1052426 | 967135 |
|  Pool CB3987, 4.00%, 06/01/2052  | 7718388 | 7092868 |
|  Pool BW6011, 4.00%, 07/01/2052  | 810679 | 747772 |
|  Pool CB4207, 4.00%, 07/01/2052  | 4036684 | 3709540 |
|  Pool BX0008, 4.00%, 09/01/2052  | 197506 | 181451 |
|  Pool CB6590, 4.00%, 06/01/2053  | 7570490 | 6941497 |
|  Pool CB6626, 4.00%, 07/01/2053  | 7016539 | 6433114 |
|  Pool CB6958, 4.00%, 08/01/2053  | 7209123 | 6609685 |
|  Pool CB7018, 4.00%, 09/01/2053  | 7519370 | 6894134 |
|  Pool AC4095, 4.50%, 09/01/2039  | 4128 | 4076 |
|  Pool AH6769, 4.50%, 03/01/2041  | 60640 | 59630 |
|  Pool AI3491, 4.50%, 06/01/2041  | 93543 | 91983 |
|  Pool AI5362, 4.50%, 06/01/2041  | 79925 | 78595 |
|  Pool AI6155, 4.50%, 07/01/2041  | 100101 | 98432 |
|  Pool AI8167, 4.50%, 08/01/2041  | 39635 | 38975 |
|  Pool BH1145, 4.50%, 04/01/2047  | 97366 | 93834 |
|  Pool BK2031, 4.50%, 04/01/2048  | 206182 | 197944 |
|  Pool BK5278, 4.50%, 05/01/2048  | 608353 | 584046 |
|  Pool BK5299, 4.50%, 06/01/2048  | 119836 | 115337 |
|  Pool BK8815, 4.50%, 07/01/2048  | 76686 | 73717 |
|  Pool BK8869, 4.50%, 09/01/2048  | 693404 | 666455 |
|  Pool BK8905, 4.50%, 09/01/2048  | 314755 | 302304 |
|  Pool BN0889, 4.50%, 11/01/2048  | 348053 | 334146 |
|  Pool BN0323, 4.50%, 12/01/2048  | 255086 | 244805 |
|  Pool BN4308, 4.50%, 12/01/2048  | 174981 | 168625 |
|  Pool CA2842, 4.50%, 12/01/2048  | 377388 | 362178 |
|  Pool BN5289, 4.50%, 01/01/2049  | 114086 | 109641 |
|  Pool BN4339, 4.50%, 02/01/2049  | 187030 | 179787 |
|  Pool BN4384, 4.50%, 03/01/2049  | 49786 | 47765 |
|  Pool BN6238, 4.50%, 04/01/2049  | 99169 | 95196 |
|  Pool BN6277, 4.50%, 04/01/2049  | 28319 | 27170 |
|  Pool BN6302, 4.50%, 05/01/2049  | 7199 | 6906 |
|  Pool BN8924, 4.50%, 06/01/2049  | 273163 | 261844 |
|  Pool BN8932, 4.50%, 06/01/2049  | 104920 | 100459 |
|  Pool BO1320, 4.50%, 08/01/2049  | 172730 | 165580 |

---

------

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

---

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

---

 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool BW6012, 4.50%, 07/01/2052  | $582971 | $554143 |
|  Pool BW5904, 4.50%, 08/01/2052  | 332243 | 314339 |
|  Pool CB4293, 4.50%, 08/01/2052  | 5725183 | 5416661 |
|  Pool BX0009, 4.50%, 09/01/2052  | 477435 | 451670 |
|  Pool CB4717, 4.50%, 09/01/2052  | 7525040 | 7118361 |
|  Pool CB4824, 4.50%, 10/01/2052  | 6727117 | 6363561 |
|  Pool BX0443, 4.50%, 11/01/2052  | 1783523 | 1686997 |
|  Pool BX4663, 4.50%, 11/01/2052  | 734962 | 695186 |
|  Pool BX4161, 4.50%, 12/01/2052  | 539288 | 509865 |
|  Pool CB5950, 4.50%, 03/01/2053  | 4277991 | 4041710 |
|  Pool BX9384, 4.50%, 04/01/2053  | 266697 | 252897 |
|  Pool CB6135, 4.50%, 04/01/2053  | 15561351 | 14700663 |
|  Pool BY0168, 4.50%, 05/01/2053  | 632838 | 597787 |
|  Pool CB6364, 4.50%, 05/01/2053  | 8402609 | 7937867 |
|  Pool BY1804, 4.50%, 06/01/2053  | 570341 | 539818 |
|  Pool CB6591, 4.50%, 06/01/2053  | 9764515 | 9222934 |
|  Pool CB6627, 4.50%, 07/01/2053  | 8560879 | 8086057 |
|  Pool CB7019, 4.50%, 09/01/2053  | 2726188 | 2574560 |
|  Pool DC3503, 4.50%, 10/01/2054  | 309295 | 292076 |
|  Pool CB9710, 4.50%, 12/01/2054  | 2816562 | 2658387 |
|  Pool DC6985, 4.50%, 12/01/2054  | 1042366 | 984130 |
|  Pool 890230, 5.00%, 07/01/2040  | 2048522 | 2057756 |
|  Pool AD8500, 5.00%, 08/01/2040  | 72860 | 73190 |
|  Pool AH6772, 5.00%, 03/01/2041  | 45725 | 45908 |
|  Pool AH8879, 5.00%, 04/01/2041  | 85092 | 85431 |
|  Pool AI6154, 5.00%, 07/01/2041  | 98829 | 99223 |
|  Pool BK5300, 5.00%, 05/01/2048  | 359942 | 354378 |
|  Pool BK8817, 5.00%, 07/01/2048  | 84873 | 83891 |
|  Pool BK8870, 5.00%, 09/01/2048  | 281031 | 275605 |
|  Pool BN6239, 5.00%, 04/01/2049  | 33587 | 32866 |
|  Pool BX0444, 5.00%, 11/01/2052  | 2503461 | 2427687 |
|  Pool CB5052, 5.00%, 11/01/2052  | 22211761 | 21608062 |
|  Pool BX4162, 5.00%, 12/01/2052  | 478251 | 464435 |
|  Pool BX4662, 5.00%, 12/01/2052  | 684412 | 668946 |
|  Pool BX4182, 5.00%, 01/01/2053  | 608077 | 589951 |
|  Pool BX6155, 5.00%, 02/01/2053  | 131302 | 127281 |
|  Pool BX9388, 5.00%, 03/01/2053  | 3441175 | 3336233 |
|  Pool CB5794, 5.00%, 03/01/2053  | 13579984 | 13197639 |
|  Pool CB5951, 5.00%, 03/01/2053  | 6940815 | 6743784 |
|  Pool BX9387, 5.00%, 04/01/2053  | 1261782 | 1222399 |
|  Pool BY0169, 5.00%, 05/01/2053  | 777610 | 753912 |
|  Pool BY1805, 5.00%, 06/01/2053  | 2667098 | 2585104 |
|  Pool BY8468, 5.00%, 08/01/2053  | 1223180 | 1185545 |
|  Pool BY9981, 5.00%, 09/01/2053  | 322261 | 313244 |
|  Pool CB7230, 5.00%, 10/01/2053  | 9840591 | 9547529 |
|  Pool CB7459, 5.00%, 11/01/2053  | 6977922 | 6768492 |
|  Pool CB7613, 5.00%, 12/01/2053  | 2172981 | 2107258 |
|  Pool DB0787, 5.00%, 04/01/2054  | 150956 | 146303 |
|  Pool DB2784, 5.00%, 05/01/2054  | 315756 | 306059 |
|  Pool DC1301, 5.00%, 09/01/2054  | 231374 | 224248 |
|  Pool DC3520, 5.00%, 10/01/2054  | 1920761 | 1862730 |
|  Pool DC7885, 5.00%, 10/01/2054  | 680319 | 658764 |
|  Pool DC9457, 5.00%, 11/01/2054  | 476994 | 463355 |
|  Pool DC7000, 5.00%, 12/01/2054  | 1260090 | 1222044 |
|  Pool DD1887, 5.00%, 12/01/2054  | 485210 | 470285 |

---

------

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

**21**

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool MA55552, 5.00%, 12/01/2054  | $9257571 | $8964261 |
|  Pool DC9745, 5.00%, 01/01/2055  | 790026 | 765415 |
|  Pool CB9911, 5.00%, 02/01/2055  | 4467989 | 4337411 |
|  Pool DD4264, 5.00%, 02/01/2055  | 156955 | 152075 |
|  Pool DD8474, 5.00%, 05/01/2055  | 483251 | 468059 |
|  Pool 890246, 5.50%, 11/01/2038  | 905838 | 927767 |
|  Pool BX0445, 5.50%, 11/01/2052  | 3075616 | 3052490 |
|  Pool BX4163, 5.50%, 12/01/2052  | 930411 | 926633 |
|  Pool CB5228, 5.50%, 12/01/2052  | 14552217 | 14468335 |
|  Pool CB5391, 5.50%, 12/01/2052  | 5964681 | 5928860 |
|  Pool BX4176, 5.50%, 01/01/2053  | 617045 | 612729 |
|  Pool BX6156, 5.50%, 02/01/2053  | 820456 | 813717 |
|  Pool CB5607, 5.50%, 02/01/2053  | 2351741 | 2338023 |
|  Pool CB5762, 5.50%, 02/01/2053  | 2713875 | 2691223 |
|  Pool BX9385, 5.50%, 04/01/2053  | 672697 | 668457 |
|  Pool BY0170, 5.50%, 05/01/2053  | 1082152 | 1072908 |
|  Pool BY1806, 5.50%, 06/01/2053  | 610426 | 605086 |
|  Pool BY8469, 5.50%, 08/01/2053  | 1745459 | 1729170 |
|  Pool BY9982, 5.50%, 09/01/2053  | 1560493 | 1549600 |
|  Pool CB7233, 5.50%, 10/01/2053  | 11923676 | 11818993 |
|  Pool DA1488, 5.50%, 10/01/2053  | 766302 | 759372 |
|  Pool CB7456, 5.50%, 11/01/2053  | 8237695 | 8164863 |
|  Pool DA4978, 5.50%, 11/01/2053  | 239425 | 237121 |
|  Pool CB7592, 5.50%, 12/01/2053  | 11609186 | 11505829 |
|  Pool DA8573, 5.50%, 02/01/2054  | 618554 | 613782 |
|  Pool CB8233, 5.50%, 03/01/2054  | 12713695 | 12651355 |
|  Pool DB0789, 5.50%, 04/01/2054  | 1303051 | 1292701 |
|  Pool DB2785, 5.50%, 05/01/2054  | 1891911 | 1878059 |
|  Pool DB5325, 5.50%, 05/01/2054  | 777758 | 774249 |
|  Pool DB6583, 5.50%, 06/01/2054  | 1322321 | 1314020 |
|  Pool DB7487, 5.50%, 06/01/2054  | 478462 | 474988 |
|  Pool DB8695, 5.50%, 08/01/2054  | 1614101 | 1602155 |
|  Pool DC2233, 5.50%, 08/01/2054  | 736238 | 732305 |
|  Pool CB9119, 5.50%, 09/01/2054  | 12847660 | 12779695 |
|  Pool DC4910, 5.50%, 10/01/2054  | 864586 | 858486 |
|  Pool DC7884, 5.50%, 10/01/2054  | 1129554 | 1119171 |
|  Pool CB9581, 5.50%, 11/01/2054  | 1305991 | 1294585 |
|  Pool DC7017, 5.50%, 12/01/2054  | 1365485 | 1355160 |
|  Pool DC9764, 5.50%, 01/01/2055  | 1953368 | 1935885 |
|  Pool DD1888, 5.50%, 01/01/2055  | 675979 | 673012 |
|  Pool CB9912, 5.50%, 02/01/2055  | 13425815 | 13349599 |
|  Pool CC0071, 5.50%, 02/01/2055  | 1482765 | 1481802 |
|  Pool DD3897, 5.50%, 02/01/2055  | 1527962 | 1518463 |
|  Pool DD4282, 5.50%, 03/01/2055  | 1409944 | 1396989 |
|  Pool DD5892, 5.50%, 03/01/2055  | 831946 | 823847 |
|  Pool CC0361, 5.50%, 04/01/2055  | 2448203 | 2427549 |
|  Pool DD6375, 5.50%, 04/01/2055  | 555142 | 550294 |
|  Pool DD8492, 5.50%, 05/01/2055  | 1402693 | 1390051 |
|  Pool 890247, 6.00%, 09/01/2038  | 915971 | 955159 |
|  Pool BX0446, 6.00%, 11/01/2052  | 748332 | 757278 |
|  Pool BX4164, 6.00%, 12/01/2052  | 1631819 | 1650181 |
|  Pool BX4177, 6.00%, 01/01/2053  | 1248822 | 1266989 |
|  Pool BX6157, 6.00%, 02/01/2053  | 419341 | 424223 |
|  Pool BX9386, 6.00%, 04/01/2053  | 1520139 | 1537024 |
|  Pool BY0171, 6.00%, 05/01/2053  | 1236534 | 1252955 |

---

------

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

---

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

---

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  Pool BY1807, 6.00%, 06/01/2053  | $| 627788 | $| 634413 |
|  Pool BY8470, 6.00%, 08/01/2053  |  | 815937 |  | 826773 |
|  Pool BY9983, 6.00%, 09/01/2053  |  | 556847 |  | 563129 |
|  Pool DA1489, 6.00%, 10/01/2053  |  | 778610 |  | 786766 |
|  Pool DA4979, 6.00%, 11/01/2053  |  | 858462 |  | 867615 |
|  Pool CB7612, 6.00%, 12/01/2053  |  | 13007991 |  | 13155444 |
|  Pool CB7745, 6.00%, 12/01/2053  |  | 9036761 |  | 9138504 |
|  Pool DA5136, 6.00%, 01/01/2054  |  | 727135 |  | 734859 |
|  Pool DA8574, 6.00%, 03/01/2054  |  | 1482521 |  | 1498089 |
|  Pool DB0792, 6.00%, 04/01/2054  |  | 1286854 |  | 1301193 |
|  Pool CB8426, 6.00%, 05/01/2054  |  | 6529244 |  | 6620705 |
|  Pool DB2786, 6.00%, 05/01/2054  |  | 3300287 |  | 3334959 |
|  Pool DB6590, 6.00%, 06/01/2054  |  | 1472598 |  | 1488172 |
|  Pool CB8947, 6.00%, 07/01/2054  |  | 4921520 |  | 4990460 |
|  Pool DB3721, 6.00%, 07/01/2054  |  | 287733 |  | 292636 |
|  Pool DB8901, 6.00%, 07/01/2054  |  | 856254 |  | 868958 |
|  Pool DB9723, 6.00%, 07/01/2054  |  | 1976366 |  | 2000944 |
|  Pool DB8714, 6.00%, 08/01/2054  |  | 1618596 |  | 1636631 |
|  Pool DC1339, 6.00%, 09/01/2054  |  | 2036230 |  | 2059254 |
|  Pool DC4922, 6.00%, 10/01/2054  |  | 425172 |  | 430607 |
|  Pool DC7028, 6.00%, 11/01/2054  |  | 436165 |  | 440930 |
|  Pool DD0841, 6.00%, 01/01/2055  |  | 1070321 |  | 1081525 |
|  Pool DD5559, 6.00%, 03/01/2055  |  | 733865 |  | 741923 |
|  Pool DD5893, 6.00%, 03/01/2055  |  | 464323 |  | 468990 |
|  Pool DD6403, 6.00%, 04/01/2055  |  | 129737 |  | 131110 |
|  Pool DD8509, 6.00%, 05/01/2055  |  | 1358504 |  | 1373421 |
|  Pool 886136, 6.50%, 07/01/2036  |  | 132775 |  | 141159 |
|  Pool 900106, 6.50%, 08/01/2036  |  | 44230 |  | 47006 |
|  Pool 947771, 6.50%, 09/01/2037  |  | 25666 |  | 27344 |
|  Pool BY9984, 6.50%, 09/01/2053  |  | 564560 |  | 580569 |
|  Pool DA1490, 6.50%, 10/01/2053  |  | 270659 |  | 278334 |
|  Pool DA4980, 6.50%, 11/01/2053  |  | 511026 |  | 524836 |
|  Pool CB7746, 6.50%, 12/01/2053  |  | 12480365 |  | 12817637 |
|  Pool DA5137, 6.50%, 12/01/2053  |  | 1567570 |  | 1608877 |
|  Pool DA8575, 6.50%, 02/01/2054  |  | 1234060 |  | 1268157 |
|  Pool CB8427, 6.50%, 04/01/2054  |  | 6177323 |  | 6366821 |
|  Pool DB0794, 6.50%, 04/01/2054  |  | 1249174 |  | 1284050 |
|  Pool CB8456, 6.50%, 05/01/2054  |  | 3624872 |  | 3736070 |
|  Pool DB2791, 6.50%, 05/01/2054  |  | 2416479 |  | 2483981 |
|  Pool DB6592, 6.50%, 06/01/2054  |  | 5390169 |  | 5534643 |
|  Pool CB8816, 6.50%, 07/01/2054  |  | 6351089 |  | 6547353 |
|  Pool DC0192, 6.50%, 08/01/2054  |  | 2194477 |  | 2255503 |
|  Pool DC1357, 6.50%, 09/01/2054  |  | 2017670 |  | 2073810 |
|  Pool DD6426, 6.50%, 04/01/2055  |  | 1010709 |  | 1039700 |
|  Pool DA4981, 7.00%, 11/01/2053  |  | 928844 |  | 971275 |
|  Pool DA5138, 7.00%, 01/01/2054  |  | 545356 |  | 572672 |
|  Pool DA8576, 7.00%, 02/01/2054  |  | 753279 |  | 786324 |
|  Pool DB2792, 7.00%, 05/01/2054  |  | 295615 |  | 309753 |
|  Pool DB6593, 7.00%, 06/01/2054  |  | 327880 |  | 342433 |
|  Pool DC0200, 7.00%, 07/01/2054  |  | 1002764 |  | 1047269 |
|  Pool DA5139, 7.50%, 12/01/2053  |  | 406791 |  | 439687 |
|  |  |  |  | 809173147 |
|  **FRESB Multifamily Mortgage Pass-Through Certificates - 0.46%** | **FRESB Multifamily Mortgage Pass-Through Certificates - 0.46%** | **FRESB Multifamily Mortgage Pass-Through Certificates - 0.46%** | **FRESB Multifamily Mortgage Pass-Through Certificates - 0.46%** | **FRESB Multifamily Mortgage Pass-Through Certificates - 0.46%** |
|  Pool 2021-SB83, 0.63%, 01/25/2026 (b) |  | 2544507 |  | 2486515 |

---

------

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

**23**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  Pool 2021-SB82, 0.67%, 11/25/2025 (b) | $| 1716946 | $| 1689776 |
|  Pool 2021-SB87, 0.78%, 04/25/2041 (b) |  | 2294649 |  | 2213548 |
|  Pool 2021-SB82, 0.86%, 12/25/2027 (b) |  | 2002608 |  | 1856223 |
|  Pool 2021-SB87, 1.07%, 04/25/2028 (b) |  | 945204 |  | 870152 |
|  Pool 2022-SB104, 2.66%, 08/25/2032 (b) |  | 1954475 |  | 1735744 |
|  Pool 2022-SB104, 2.79%, 09/25/2042 (b) |  | 1911717 |  | 1752749 |
|  Pool 2017-SB43, 3.00%, 10/25/2027 (b) |  | 364995 |  | 354114 |
|  Pool 2025-SB121 A7F, 4.44%, 04/25/2032  |  | 1500000 |  | 1479650 |
|  Pool 2025-SB121 A10F, 4.60%, 02/25/2035  |  | 955000 |  | 932178 |
|  Pool 2025-SB118, 4.64%, 11/25/2031 (b) |  | 1424021 |  | 1420329 |
|  Pool 2017-SB43, 5.17%, (SOFR30A+0.814%), 10/25/2037 (b) |  | 132841 |  | 132764 |
|  |  |  |  | 16923742 |
|  **GNMA Multifamily - 11.86%** | **GNMA Multifamily - 11.86%** | **GNMA Multifamily - 11.86%** | **GNMA Multifamily - 11.86%** | **GNMA Multifamily - 11.86%** |
|  Pool 2021-31, 1.10%, 01/16/2061  |  | 2101840 |  | 1495088 |
|  Pool 2021-36, 1.15%, 03/16/2057  |  | 610799 |  | 446452 |
|  Pool 2021-47, 1.15%, 03/16/2061  |  | 4584382 |  | 3278408 |
|  Pool 2021-28, 1.20%, 01/16/2062  |  | 2536163 |  | 1832094 |
|  Pool 2021-186, 1.25%, 05/16/2052  |  | 4513974 |  | 3612351 |
|  Pool 2021-5, 1.25%, 01/16/2061  |  | 437548 |  | 315822 |
|  Pool 2021-51, 1.25%, 10/16/2062  |  | 889907 |  | 642889 |
|  Pool 2020-135, 1.30%, 01/16/2063  |  | 1120569 |  | 804860 |
|  Pool 2021-134 KQ, 1.40%, 03/16/2060  |  | 328648 |  | 240432 |
|  Pool 2021-43, 1.40%, 03/16/2062  |  | 1286902 |  | 947034 |
|  Pool 2022-3 AN, 1.50%, 09/16/2051  |  | 4747781 |  | 3866793 |
|  Pool 2021-79, 1.50%, 10/16/2057  |  | 974794 |  | 764951 |
|  Pool 2021-218 AG, 1.50%, 11/16/2059  |  | 778914 |  | 578951 |
|  Pool 2021-219 AJ, 1.50%, 11/16/2059  |  | 1109603 |  | 861057 |
|  Pool 2021-217 AB, 1.50%, 12/16/2061  |  | 1317924 |  | 1089779 |
|  Pool 2021-68, 1.50%, 12/16/2061  |  | 1224054 |  | 950857 |
|  Pool 2022-2 AC, 1.50%, 01/16/2062  |  | 546419 |  | 421251 |
|  Pool 2020-89 AB, 1.50%, 02/16/2062  |  | 392996 |  | 289372 |
|  Pool 2020-69, 1.50%, 03/16/2062  |  | 941375 |  | 692286 |
|  Pool 2021-164, 1.50%, 03/16/2062  |  | 2563857 |  | 1988160 |
|  Pool 2020-139, 1.50%, 04/16/2062  |  | 746473 |  | 552538 |
|  Pool 2021-210, 1.50%, 05/16/2062  |  | 474785 |  | 350646 |
|  Pool 2020-158, 1.50%, 09/16/2062  |  | 2411757 |  | 1785241 |
|  Pool 2021-102 AD, 1.50%, 10/16/2062  |  | 853231 |  | 631314 |
|  Pool 2020-170, 1.50%, 11/16/2062  |  | 380055 |  | 279139 |
|  Pool 2021-183, 1.50%, 01/16/2063  |  | 1391578 |  | 1032328 |
|  Pool 2021-40, 1.50%, 02/16/2063  |  | 691765 |  | 511311 |
|  Pool 2021-21, 1.50%, 06/16/2063  |  | 4546350 |  | 3360901 |
|  Pool 2022-7 AC, 1.50%, 01/16/2064  |  | 1789112 |  | 1331853 |
|  Pool 2013-85 A, 1.55%, 09/16/2046  |  | 100168 |  | 94681 |
|  Pool 2013-7 AC, 1.60%, 03/16/2047  |  | 376419 |  | 342686 |
|  Pool 2021-75, 1.60%, 04/16/2062  |  | 2071341 |  | 1544954 |
|  Pool 2020-197, 1.60%, 10/16/2062  |  | 3084781 |  | 2296162 |
|  Pool 2022-21 AB, 1.60%, 12/16/2062  |  | 1327162 |  | 1009206 |
|  Pool 2020-100, 1.65%, 04/16/2062  |  | 739018 |  | 566253 |
|  Pool 2021-170, 1.65%, 12/16/2062  |  | 723838 |  | 541957 |
|  Pool 2021-65, 1.65%, 12/16/2062  |  | 379839 |  | 283500 |
|  Pool 2021-220 AC, 1.65%, 11/16/2063  |  | 4563994 |  | 3412836 |
|  Pool 2012-139 AB, 1.67%, 02/16/2053  |  | 29589 |  | 23132 |
|  Pool 2021-90, 1.70%, 05/16/2061  |  | 1874651 |  | 1399131 |
|  Pool 2013-50 AB, 1.73%, 05/16/2045  |  | 141601 |  | 133766 |

---

------

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

---

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

---

 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool 2022-15 AP, 1.75%, 12/16/2055  | $1230575 | $960163 |
|  Pool 2021-222 AP, 1.75%, 02/16/2056  | 5204662 | 4059907 |
|  Pool 2022-14 AG, 1.75%, 01/01/2058  | 2096413 | 1593355 |
|  Pool 2022-038, 1.75%, 01/16/2062  | 7350602 | 5489000 |
|  Pool 2022-41 AD, 1.75%, 01/16/2062  | 1678522 | 1356127 |
|  Pool 2021-80, 1.75%, 06/16/2062  | 1831610 | 1406170 |
|  Pool 2022-8 AB, 1.75%, 07/16/2062  | 1418962 | 1111787 |
|  Pool 2020-128, 1.75%, 10/16/2062  | 1884630 | 1403789 |
|  Pool 2021-110 AC, 1.75%, 10/16/2062  | 133861 | 100773 |
|  Pool 2021-33, 1.75%, 10/16/2062  | 1062065 | 794028 |
|  Pool 2022-042, 1.75%, 03/16/2063  | 931060 | 713330 |
|  Pool 2012-144 AD, 1.77%, 01/16/2053  | 115712 | 100183 |
|  Pool 2012-99 AE, 1.80%, 02/16/2048  | 304032 | 254829 |
|  Pool 2013-12 AB, 1.83%, 11/16/2052  | 78907 | 74090 |
|  Pool 2013-72 AC, 1.88%, 05/16/2046  | 241612 | 219294 |
|  Pool 2012-135 AC, 1.89%, 01/16/2053 (b) | 601435 | 482158 |
|  Pool 2012-150 AB, 1.90%, 08/16/2044  | 12090 | 11695 |
|  Pool 2012-120 A, 1.90%, 02/16/2053  | 597427 | 504493 |
|  Pool 2020-71, 1.90%, 01/16/2062  | 705274 | 530808 |
|  Pool 2022-59 AB, 2.00%, 07/16/2043  | 1266083 | 1157759 |
|  Pool 2022-115, 2.00%, 09/16/2048  | 9201668 | 8010929 |
|  Pool 2013-128 AB, 2.00%, 10/16/2051  | 758003 | 651447 |
|  Pool 2011-143, 2.00%, 10/16/2057  | 1338428 | 1019209 |
|  Pool 2017-7, 2.00%, 11/16/2058  | 61875 | 47963 |
|  Pool 2022-77 AD, 2.00%, 01/16/2062  | 1193732 | 946146 |
|  Pool 2020-118 AC, 2.00%, 04/16/2062  | 572525 | 435751 |
|  Pool 2020-91 AQ, 2.00%, 05/16/2062  | 1090420 | 819070 |
|  Pool 2020-106 AG, 2.00%, 06/16/2062  | 728620 | 552111 |
|  Pool 2020-111 AD, 2.00%, 09/15/2062  | 1459101 | 1114219 |
|  Pool 2020-159, 2.00%, 10/16/2062  | 1405123 | 1070377 |
|  Pool 2022-042, 2.00%, 10/16/2062  | 930920 | 740221 |
|  Pool 2022-71 AH, 2.00%, 05/16/2063  | 1867678 | 1464212 |
|  Pool 2022-035, 2.00%, 10/16/2063 (b) | 337994 | 263872 |
|  Pool 2022-49 AH, 2.00%, 03/16/2064  | 5459740 | 4153462 |
|  Pool 2022-73 AK, 2.00%, 03/16/2064  | 1044239 | 801582 |
|  Pool 2012-112 AD, 2.09%, 02/16/2053  | 61029 | 51467 |
|  Pool 2012-114 A, 2.10%, 01/16/2053 (b) | 144956 | 123150 |
|  Pool 2022-74 DA, 2.10%, 12/16/2058 (b) | 3264540 | 2531136 |
|  Pool 2012-125 AB, 2.11%, 02/16/2053 (b) | 108675 | 87762 |
|  Pool AA8478, 2.15%, 05/15/2035  | 215798 | 215798 |
|  Pool AA8479, 2.15%, 11/15/2035  | 458169 | 458169 |
|  Pool 2022-082, 2.15%, 12/16/2050  | 1349128 | 1154477 |
|  Pool 2022-96 DA, 2.15%, 02/16/2057  | 740927 | 578343 |
|  Pool 2022-72 AD, 2.15%, 04/16/2063  | 456757 | 358900 |
|  Pool 2013-94 AB, 2.20%, 03/16/2054  | 110389 | 98225 |
|  Pool 2016-152, 2.20%, 08/15/2058  | 1036644 | 814399 |
|  Pool 2020-2020, 2.20%, 04/16/2061  | 476872 | 398350 |
|  Pool 2020-70, 2.20%, 04/16/2062  | 509379 | 393486 |
|  Pool AC5324, 2.23%, 09/15/2032  | 465558 | 465558 |
|  Pool 2016-40, 2.25%, 03/16/2050  | 2107723 | 1837569 |
|  Pool 2019-127, 2.25%, 08/16/2053  | 309521 | 248947 |
|  Pool 2016-175, 2.25%, 09/16/2058  | 1633916 | 1282718 |
|  Pool 2020-10, 2.25%, 05/16/2060  | 2122091 | 1810376 |
|  Pool 2020-48, 2.25%, 11/16/2061  | 1546868 | 1202862 |
|  Pool 2022-149, 2.25%, 03/16/2062  | 4497931 | 4139064 |

---

------

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

**25**

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool 2021-112 AC, 2.25%, 10/16/2063  | $1306688 | $1017568 |
|  Pool 2022-167, 2.30%, 10/16/2050  | 1373082 | 1250373 |
|  Pool 2017-20, 2.30%, 09/16/2057  | 698766 | 563271 |
|  Pool 2016-125, 2.30%, 12/16/2057  | 356422 | 281039 |
|  Pool 2017-003, 2.30%, 09/16/2058  | 983339 | 776700 |
|  Pool 2012-100 B, 2.31%, 11/16/2051 (b) | 393485 | 355277 |
|  Pool 2015-125 AB, 2.35%, 04/16/2047  | 1064011 | 971059 |
|  Pool 2016-87, 2.35%, 03/16/2058  | 282389 | 227191 |
|  Pool 2020-26 AD, 2.35%, 04/15/2061  | 862188 | 696336 |
|  Pool 2016-40, 2.40%, 06/16/2049  | 690601 | 605868 |
|  Pool 2018-16, 2.40%, 03/16/2050  | 3007272 | 2714458 |
|  Pool 2017-30, 2.40%, 03/16/2051  | 1050142 | 922213 |
|  Pool 2018-26, 2.40%, 03/16/2052  | 1057802 | 990105 |
|  Pool 2017-50, 2.40%, 01/16/2057  | 1934748 | 1537742 |
|  Pool 2017-16, 2.40%, 01/16/2058  | 556611 | 453361 |
|  Pool 2017-29, 2.40%, 01/16/2058  | 1205178 | 1022533 |
|  Pool 2016-113, 2.40%, 02/16/2058  | 532171 | 422141 |
|  Pool 2017-49, 2.40%, 05/16/2058  | 1293955 | 1078395 |
|  Pool 2017-41, 2.40%, 07/16/2058  | 413778 | 367408 |
|  Pool 2020-24 AB, 2.40%, 08/16/2061  | 833282 | 677361 |
|  Pool 2017-169, 2.45%, 03/16/2050  | 1060379 | 973448 |
|  Pool 2020-23 AC, 2.45%, 02/16/2062  | 593553 | 480467 |
|  Pool 2023-174 AE, 2.50%, 09/16/2046 (b) | 7623939 | 7066447 |
|  Pool 2018-30, 2.50%, 10/16/2048  | 8974 | 8918 |
|  Pool 2022-165, 2.50%, 05/16/2049 (b) | 8294744 | 7662945 |
|  Pool 2017-111, 2.50%, 06/16/2051  | 68420 | 63846 |
|  Pool 2015-114 AD, 2.50%, 11/15/2051  | 258263 | 248586 |
|  Pool 2022-162, 2.50%, 04/16/2054  | 2144980 | 1874988 |
|  Pool 2022-150, 2.50%, 07/16/2055  | 1214197 | 1100655 |
|  Pool 2017-9, 2.50%, 09/16/2056  | 485844 | 391778 |
|  Pool 2017-157, 2.50%, 10/16/2056  | 358806 | 319261 |
|  Pool 2017-28, 2.50%, 02/16/2057  | 2041688 | 1640810 |
|  Pool 2016-36 A, 2.50%, 03/16/2057  | 119253 | 101620 |
|  Pool 2017-72, 2.50%, 04/16/2057  | 386476 | 311491 |
|  Pool 2016-71, 2.50%, 10/16/2057  | 1064050 | 861333 |
|  Pool 2017-46, 2.50%, 11/16/2057  | 1548205 | 1245728 |
|  Pool 2017-64, 2.50%, 11/16/2057  | 362449 | 290947 |
|  Pool 2017-22, 2.50%, 12/16/2057  | 2237414 | 1817653 |
|  Pool 2017-47, 2.50%, 08/16/2058  | 272225 | 235437 |
|  Pool 2017-81, 2.50%, 09/16/2058  | 249844 | 204971 |
|  Pool 2017-97, 2.50%, 09/16/2058  | 224975 | 184252 |
|  Pool 2018-3, 2.50%, 10/16/2058  | 2549950 | 2135283 |
|  Pool 2017-154, 2.50%, 12/16/2058  | 1712895 | 1386615 |
|  Pool 2017-127, 2.50%, 02/16/2059  | 474427 | 383319 |
|  Pool 2017-143, 2.50%, 02/16/2059  | 813703 | 655093 |
|  Pool 2018-75, 2.50%, 04/16/2059  | 649035 | 573296 |
|  Pool 2017-191, 2.50%, 07/16/2059 (b) | 2163953 | 1733643 |
|  Pool 2018-2, 2.50%, 07/16/2059  | 398783 | 323166 |
|  Pool 2017-169, 2.50%, 09/16/2059  | 73004 | 59074 |
|  Pool 2019-141, 2.50%, 08/16/2060  | 812587 | 657312 |
|  Pool 2020-8 AL, 2.50%, 01/16/2061  | 274688 | 231430 |
|  Pool 2019-107, 2.50%, 02/16/2061  | 504846 | 405255 |
|  Pool 2020-2 AH, 2.50%, 02/16/2061  | 2222336 | 1838956 |
|  Pool 2019-147 AE, 2.50%, 06/16/2061  | 605088 | 485596 |
|  Pool 2020-72, 2.50%, 02/16/2062  | 1553887 | 1261836 |

---

------

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

---

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

---

 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool 2020-10 AC, 2.50%, 04/16/2062  | $1263758 | $1021946 |
|  Pool 2016-64, 2.55%, 12/16/2057  | 730034 | 592961 |
|  Pool 2019-124, 2.55%, 09/16/2060  | 191379 | 170990 |
|  Pool 2018-74 AG, 2.60%, 12/16/2050  | 77176 | 76411 |
|  Pool 2017-106, 2.60%, 04/16/2051  | 71353 | 65499 |
|  Pool 2015-101 AE, 2.60%, 03/16/2052  | 236401 | 211714 |
|  Pool 2015-128 AJ, 2.60%, 11/16/2055  | 1416203 | 1248395 |
|  Pool 2015-160 AC, 2.60%, 01/16/2056 (b) | 1746964 | 1483137 |
|  Pool 2018-69, 2.60%, 03/16/2056  | 479762 | 462746 |
|  Pool 2015-67 AE, 2.60%, 10/16/2056 (b) | 408745 | 340210 |
|  Pool 2016-24, 2.60%, 12/16/2056  | 105199 | 94127 |
|  Pool 2016-41, 2.60%, 06/16/2057  | 69478 | 56546 |
|  Pool 2017-90, 2.60%, 07/16/2057  | 1966048 | 1710738 |
|  Pool 2017-62, 2.60%, 11/16/2057  | 722439 | 628333 |
|  Pool 2017-92, 2.60%, 06/16/2058  | 929254 | 823107 |
|  Pool 2018-16, 2.60%, 06/16/2058  | 2144808 | 1831633 |
|  Pool 2017-74, 2.60%, 09/16/2058  | 2414820 | 1990639 |
|  Pool 2018-28, 2.60%, 09/16/2058  | 3499404 | 2962748 |
|  Pool 2017-108, 2.60%, 10/16/2058  | 389872 | 324808 |
|  Pool 2017-135, 2.60%, 10/16/2058  | 1912889 | 1564090 |
|  Pool 2017-70, 2.60%, 10/16/2058  | 148268 | 123015 |
|  Pool 2017-102, 2.60%, 12/16/2058 (b) | 947080 | 761191 |
|  Pool 2017-124, 2.60%, 12/16/2058  | 420109 | 346265 |
|  Pool 2017-131, 2.60%, 12/16/2058 (b) | 937257 | 756463 |
|  Pool 2018-9, 2.60%, 12/16/2058  | 975483 | 802959 |
|  Pool 2017-105, 2.60%, 01/16/2059  | 266993 | 223028 |
|  Pool 2017-143, 2.60%, 01/16/2059  | 1126754 | 916606 |
|  Pool 2017-94, 2.60%, 02/16/2059  | 167920 | 139270 |
|  Pool 2017-169, 2.60%, 04/16/2059 (b) | 3012162 | 2452612 |
|  Pool 2017-185, 2.60%, 04/16/2059 (b) | 102495 | 83612 |
|  Pool 2017-126, 2.60%, 05/16/2059  | 61024 | 51270 |
|  Pool 2017-152, 2.60%, 05/16/2059  | 161191 | 138362 |
|  Pool 2017-61, 2.60%, 05/16/2059  | 385881 | 327518 |
|  Pool 2018-41 AD, 2.60%, 06/16/2059  | 489332 | 452923 |
|  Pool 2018-35, 2.60%, 09/16/2059  | 2135084 | 1822379 |
|  Pool 2019-88, 2.60%, 12/16/2059  | 497402 | 433465 |
|  Pool 2017-190, 2.60%, 03/16/2060  | 579520 | 474786 |
|  Pool 2019-147, 2.60%, 09/16/2060  | 139733 | 116405 |
|  Pool 2019-130, 2.60%, 11/16/2061  | 288500 | 247005 |
|  Pool 2017-7, 2.61%, 12/16/2058 (b) | 2555724 | 1786992 |
|  Pool 591746, 2.63%, 06/15/2048  | 669459 | 669459 |
|  Pool 2014-88 AH, 2.64%, 06/16/2054 (b) | 55263 | 51304 |
|  Pool 2015-86 AC, 2.65%, 03/16/2050  | 270006 | 256506 |
|  Pool 2015-171 EA, 2.65%, 12/16/2052  | 33879 | 28638 |
|  Pool 2016-178, 2.65%, 08/16/2058  | 2255860 | 1878576 |
|  Pool 2012-53 AE, 2.69%, 03/16/2047 (b) | 167093 | 149059 |
|  Pool 2018-60, 2.70%, 12/16/2058  | 635843 | 570293 |
|  Pool 2017-159, 2.70%, 01/16/2059  | 466368 | 383144 |
|  Pool 2018-25, 2.70%, 04/16/2059  | 4373364 | 3768619 |
|  Pool 2018-43, 2.70%, 10/16/2059  | 612095 | 512665 |
|  Pool 2022-102, 2.70%, 06/16/2064 (b) | 2971493 | 2439435 |
|  Pool AC3668, 2.73%, 04/15/2043  | 1576213 | 1576213 |
|  Pool 2018-62, 2.75%, 05/16/2051  | 496605 | 458168 |
|  Pool 2016-39, 2.75%, 01/16/2056  | 1165777 | 960989 |
|  Pool 2015-81 AE, 2.75%, 10/16/2056 (b) | 166787 | 154907 |

---

------

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

**27**

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool 2017-54, 2.75%, 09/16/2057  | $162247 | $139975 |
|  Pool 2019-81 AC, 2.75%, 08/16/2060  | 45783 | 38831 |
|  Pool 2019-146, 2.75%, 07/16/2061 (b) | 791912 | 676510 |
|  Pool 2022-163, 2.75%, 07/16/2062  | 524494 | 475106 |
|  Pool 2015-6 AH, 2.80%, 02/16/2051 (b) | 413440 | 373983 |
|  Pool 2014-186 AH, 2.80%, 08/16/2054  | 83987 | 76332 |
|  Pool 2015-140 AC, 2.80%, 11/16/2056  | 427378 | 383362 |
|  Pool 2018-56, 2.80%, 04/16/2058  | 1794751 | 1617917 |
|  Pool BX1556, 2.80%, 06/15/2062  | 9025650 | 7170052 |
|  Pool 2014-124 AH, 2.81%, 09/16/2049 (b) | 29236 | 26388 |
|  Pool 2018-82, 2.85%, 12/16/2051  | 894584 | 798750 |
|  Pool 2014-157 AB, 2.85%, 08/16/2054 (b) | 5676 | 5625 |
|  Pool 2014-187 AF, 2.85%, 12/16/2055 (b) | 576157 | 518251 |
|  Pool 2015-48 AE, 2.90%, 02/16/2050 (b) | 36467 | 34664 |
|  Pool AV9479, 2.90%, 10/15/2051  | 7345164 | 7345164 |
|  Pool 2013-154, 2.90%, 09/16/2053 (b) | 529116 | 479355 |
|  Pool 2015-73 AG, 2.90%, 11/16/2055 (b) | 288891 | 264382 |
|  Pool 2015-7 AD, 2.90%, 01/16/2056 (b) | 84026 | 79768 |
|  Pool 2018-110, 2.90%, 09/16/2059  | 132471 | 118186 |
|  Pool 2016-40, 2.95%, 05/16/2050 (b) | 743586 | 624594 |
|  Pool 2019-94 AG, 2.95%, 07/16/2060  | 296024 | 276442 |
|  Pool 2015-22 B, 3.00%, 01/16/2049 (b) | 1975000 | 1684274 |
|  Pool 2018-73, 3.00%, 04/16/2049  | 111559 | 105788 |
|  Pool 2018-96, 3.00%, 09/16/2049  | 460978 | 429533 |
|  Pool 2018-62, 3.00%, 05/16/2050  | 75564 | 71439 |
|  Pool 2018-98, 3.00%, 10/16/2050  | 68165 | 65789 |
|  Pool 2019-53, 3.00%, 06/16/2051  | 29934 | 29580 |
|  Pool 2015-101 MB, 3.00%, 03/16/2052 (b) | 2500000 | 2095973 |
|  Pool 2022-187, 3.00%, 03/16/2054  | 428472 | 395519 |
|  Pool 2015-47 B, 3.00%, 10/16/2055 (b) | 400000 | 364323 |
|  Pool 2022-158, 3.00%, 06/16/2056 (b) | 1431464 | 1306792 |
|  Pool 2015-19 B, 3.00%, 07/16/2056 (b) | 508351 | 458132 |
|  Pool 2018-88, 3.00%, 02/16/2058  | 836950 | 734398 |
|  Pool 2018-43, 3.00%, 12/16/2058  | 103633 | 97090 |
|  Pool 2019-63, 3.00%, 02/16/2060  | 171062 | 160041 |
|  Pool 2019-47, 3.00%, 05/16/2060  | 121247 | 107034 |
|  Pool 2019-66, 3.00%, 05/16/2060  | 1423 | 1404 |
|  Pool 2019-75 AC, 3.00%, 05/16/2060  | 365894 | 345360 |
|  Pool 2023-26, 3.00%, 05/16/2064 (b) | 2195664 | 1936073 |
|  Pool 2022-144, 3.00%, 10/16/2064 (b) | 706214 | 594033 |
|  Pool 2014-164 BA, 3.05%, 09/16/2052  | 45630 | 45136 |
|  Pool AS2544, 3.10%, 04/15/2042  | 651449 | 624402 |
|  Pool AK8205, 3.10%, 09/15/2055  | 2074136 | 2040041 |
|  Pool 2018-85, 3.10%, 07/16/2057 (b) | 667775 | 614440 |
|  Pool 2019-64, 3.10%, 01/16/2060  | 374194 | 346890 |
|  Pool 2019-105 A, 3.10%, 05/16/2061  | 9742 | 8957 |
|  Pool 2014-164 AN, 3.11%, 03/16/2055 (b) | 481473 | 424158 |
|  Pool 2022-220, 3.15%, 04/16/2053  | 1423329 | 1322455 |
|  Pool 2022-184, 3.15%, 01/16/2054  | 3495480 | 3255371 |
|  Pool 2023-30, 3.15%, 07/16/2057  | 1558824 | 1455427 |
|  Pool 2018-136 AE, 3.15%, 09/16/2058  | 823752 | 771634 |
|  Pool 2019-32, 3.15%, 12/16/2059  | 572581 | 554881 |
|  Pool 2019-80 AB, 3.15%, 11/16/2060  | 33368 | 29152 |
|  Pool 2018-99, 3.20%, 01/16/2052  | 1078 | 1078 |
|  Pool 2015-128 MG, 3.20%, 11/16/2055 (b) | 1000000 | 794360 |

---

------

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

---

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

---

 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool AK7840, 3.25%, 03/15/2050  | $825670 | $825670 |
|  Pool 2022-202 AB, 3.25%, 07/16/2053 (b) | 4782082 | 4401738 |
|  Pool 2022-199, 3.25%, 02/16/2054  | 616664 | 578420 |
|  Pool 2023-73, 3.25%, 09/16/2055 (b) | 3778013 | 3537726 |
|  Pool 2023-33, 3.25%, 06/16/2056 (b) | 2945615 | 2599013 |
|  Pool 2023-2, 3.25%, 07/16/2056 (b) | 2889338 | 2682944 |
|  Pool 2019-26, 3.25%, 01/16/2060  | 52092 | 51535 |
|  Pool 2019-37, 3.25%, 02/16/2060  | 873163 | 828685 |
|  Pool 2018-165 AB, 3.25%, 09/16/2060  | 1373298 | 1212153 |
|  Pool 2023-50, 3.25%, 09/16/2063 (b) | 1942226 | 1725836 |
|  Pool 2023-34, 3.25%, 01/16/2064 (b) | 2905820 | 2591078 |
|  Pool 2023-95 AD, 3.25%, 04/16/2064 (b) | 2266304 | 2033942 |
|  Pool 2023-78, 3.25%, 06/16/2064 (b) | 2942430 | 2635656 |
|  Pool 2014-155 DC, 3.33%, 06/16/2047 (b) | 402922 | 390118 |
|  Pool 2014-61 A, 3.33%, 02/16/2054 (b) | 520353 | 491015 |
|  Pool 2023-31, 3.35%, 01/16/2056  | 1693999 | 1539407 |
|  Pool AT8470, 3.40%, 10/15/2051  | 1657909 | 1591009 |
|  Pool AN9543, 3.45%, 11/15/2050  | 1485001 | 1451950 |
|  Pool 2014-75 BC, 3.50%, 08/16/2054 (b) | 407362 | 378010 |
|  Pool 2023-124 GK, 3.50%, 03/16/2055 (b) | 5680772 | 5381660 |
|  Pool 2023-92 AC, 3.50%, 10/16/2062 (b) | 3717962 | 3478850 |
|  Pool 2023-36, 3.50%, 03/16/2063 (b) | 1296166 | 1198866 |
|  Pool 2023-139 AG, 3.50%, 06/16/2064 (b) | 4919623 | 4466197 |
|  Pool AD8950, 3.51%, 09/15/2048  | 1812921 | 1812921 |
|  Pool AM0526, 3.51%, 05/15/2050  | 963473 | 958439 |
|  Pool AH5339, 3.55%, 12/15/2050  | 1138447 | 1111695 |
|  Pool AC6851, 3.62%, 08/15/2048  | 801933 | 801933 |
|  Pool AC6853, 3.62%, 08/15/2048  | 801933 | 801933 |
|  Pool 661707, 3.75%, 12/15/2054  | 790716 | 790716 |
|  Pool 2023-159 AE, 3.75%, 08/16/2055 (b) | 300885 | 292867 |
|  Pool 2023-8, 3.75%, 10/16/2063  | 2804587 | 2647522 |
|  Pool 2023-119 AE, 3.75%, 03/16/2064 (b) | 6774758 | 6185336 |
|  Pool AG7484, 3.83%, 03/15/2049  | 408884 | 408884 |
|  Pool AO6152, 3.94%, 01/15/2045  | 1675015 | 1646541 |
|  Pool 2023-126 A, 4.00%, 06/16/2050  | 1976852 | 1925439 |
|  Pool 2023-125, 4.00%, 05/16/2053  | 466292 | 445108 |
|  Pool AH7386, 4.00%, 11/15/2053  | 1743652 | 1735875 |
|  Pool 2023-126 AB, 4.00%, 06/16/2054  | 3055142 | 2928105 |
|  Pool 2023-91 AC, 4.00%, 02/16/2055  | 5655839 | 5431338 |
|  Pool 2023-44, 4.00%, 08/16/2056  | 5186522 | 4766678 |
|  Pool 2023-142 A, 4.00%, 08/16/2063 (b) | 1088926 | 1052031 |
|  Pool 2023-197, 4.00%, 01/16/2064 (b) | 2564425 | 2392217 |
|  Pool 2024-2, 4.00%, 07/16/2064  | 4873051 | 4515110 |
|  Pool 768250, 4.01%, 08/15/2052  | 2177056 | 2177056 |
|  Pool 2024-135, 4.25%, 01/16/2050  | 716540 | 703459 |
|  Pool 2024-50 AB, 4.25%, 10/16/2055  | 3937428 | 3806322 |
|  Pool 2023-144 AB, 4.25%, 12/16/2057  | 2339304 | 2248103 |
|  Pool 2023-104 AC, 4.25%, 10/16/2062  | 9585098 | 9231839 |
|  Pool 2025-3, 4.50%, 11/16/2044  | 1485500 | 1473779 |
|  Pool 2025-54 A, 4.50%, 02/16/2045  | 1492959 | 1481025 |
|  Pool 2025-3, 4.50%, 12/16/2049  | 3000000 | 2935075 |
|  Pool 2025-18, 4.50%, 10/16/2052  | 1491465 | 1466883 |
|  Pool 2024-119, 4.50%, 12/16/2053  | 1832976 | 1794639 |
|  Pool 2024-93 A, 4.50%, 04/16/2054 (b) | 3448834 | 3387893 |
|  Pool 2024-36, 4.50%, 07/01/2054 (b) | 1053610 | 1030948 |

---

------

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

**29**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  Pool 2025-49, 4.50%, 09/16/2054  | $| 997759 | $| 974715 |
|  Pool 2024-18, 4.50%, 05/16/2055  |  | 5392540 |  | 5277702 |
|  Pool 2025-76 AC, 4.50%, 10/16/2055  |  | 3181608 |  | 3108097 |
|  Pool 2024-52 A, 4.50%, 03/16/2056 (b) |  | 2197982 |  | 2162178 |
|  Pool 2024-86 AE, 4.50%, 03/16/2056  |  | 1976675 |  | 1917898 |
|  Pool 2024-193, 4.50%, 04/16/2056  |  | 1496659 |  | 1451844 |
|  Pool 2025-58 A, 4.50%, 05/16/2057  |  | 997996 |  | 966625 |
|  Pool 2024-98 JA, 4.50%, 08/16/2057 (b) |  | 1972995 |  | 1900653 |
|  Pool 2024-158, 4.50%, 09/16/2057  |  | 1977892 |  | 1891256 |
|  Pool 2024-102 AB, 4.50%, 11/16/2063  |  | 892176 |  | 875307 |
|  Pool 2024-88 AB, 4.50%, 02/16/2064 (b) |  | 1968919 |  | 1937646 |
|  Pool 2024-17, 4.50%, 05/16/2064  |  | 537110 |  | 523233 |
|  Pool 2024-12, 4.50%, 08/16/2064  |  | 4440286 |  | 4328954 |
|  Pool 2024-153, 4.50%, 03/16/2065  |  | 9348688 |  | 9196821 |
|  Pool 2024-156, 4.50%, 09/16/2065  |  | 1484914 |  | 1406448 |
|  Pool AH1338, 4.61%, 06/15/2055  |  | 448178 |  | 445989 |
|  Pool 2024-70 BA, 4.75%, 07/16/2054  |  | 2903908 |  | 2843883 |
|  Pool 2025-94 AL, 4.75%, 03/16/2057  |  | 4000000 |  | 3938566 |
|  Pool 2025-17, 4.75%, 05/16/2058 (b) |  | 1992991 |  | 1953013 |
|  Pool 2024-87 AB, 4.75%, 03/01/2065  |  | 3174593 |  | 3125233 |
|  Pool 2025-11, 4.75%, 03/16/2065 (b) |  | 727086 |  | 719076 |
|  Pool 2023-177 V, 5.00%, 08/16/2040  |  | 1404778 |  | 1375745 |
|  Pool 2023-177 A, 5.00%, 09/16/2051  |  | 1758422 |  | 1752544 |
|  Pool 2025-49 AD, 5.00%, 09/16/2054  |  | 1895742 |  | 1882819 |
|  Pool 2024-123 A, 5.00%, 03/16/2055  |  | 2367630 |  | 2353625 |
|  Pool 2025-75 AC, 5.00%, 07/16/2056  |  | 1484556 |  | 1467945 |
|  Pool 2025-16, 5.00%, 06/01/2065  |  | 550855 |  | 545347 |
|  Pool 2025-15, 5.00%, 08/16/2065  |  | 1213835 |  | 1191855 |
|  Pool 2025-31, 5.00%, 04/16/2066  |  | 741282 |  | 733592 |
|  Pool 699710, 5.43%, 07/15/2044  |  | 308798 |  | 308798 |
|  Pool 637911, 6.00%, 07/15/2035  |  | 256489 |  | 256489 |
|  Pool 636413, 6.25%, 04/15/2036  |  | 463426 |  | 463426 |
|  |  |  |  | 437919323 |
|  **GNMA Single Family - 0.38%** | **GNMA Single Family - 0.38%** | **GNMA Single Family - 0.38%** | **GNMA Single Family - 0.38%** | **GNMA Single Family - 0.38%** |
|  Pool G2 BV1487, 2.50%, 08/20/2050  |  | 145320 |  | 121703 |
|  Pool G2 CE6248, 2.50%, 08/20/2051  |  | 195613 |  | 162803 |
|  Pool AD1699, 3.00%, 02/15/2043  |  | 44070 |  | 39609 |
|  Pool G2 AV5053, 3.00%, 10/20/2046  |  | 276199 |  | 243895 |
|  Pool G2 AX5461, 3.00%, 12/20/2046  |  | 533168 |  | 470775 |
|  Pool G2 AX5544, 3.00%, 01/20/2047  |  | 106614 |  | 93654 |
|  Pool G2 BV1491, 3.00%, 08/20/2050  |  | 371627 |  | 322840 |
|  Pool 779354, 3.50%, 06/15/2042  |  | 2197 |  | 2012 |
|  Pool G2 AX5545, 3.50%, 01/20/2047  |  | 267608 |  | 242367 |
|  Pool G2 BC5351, 3.50%, 09/20/2047  |  | 235044 |  | 212819 |
|  Pool G2 BD9036, 3.50%, 11/20/2047  |  | 445049 |  | 402955 |
|  Pool 737576, 4.00%, 11/15/2040  |  | 10466 |  | 9872 |
|  Pool 737712, 4.00%, 12/15/2040  |  | 84156 |  | 79384 |
|  Pool G2 757173, 4.00%, 12/20/2040  |  | 67548 |  | 64045 |
|  Pool 737837, 4.00%, 01/15/2041  |  | 171224 |  | 161513 |
|  Pool 759104, 4.00%, 01/15/2041  |  | 70861 |  | 66848 |
|  Pool G2 759436, 4.00%, 01/20/2041  |  | 34031 |  | 32266 |
|  Pool G2 759466, 4.00%, 01/20/2041  |  | 132735 |  | 125852 |
|  Pool 759191, 4.00%, 02/15/2041  |  | 212166 |  | 200137 |
|  Pool G2 759301, 4.00%, 02/20/2041  |  | 131087 |  | 124280 |

---

------

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

---

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

---

 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  Pool G2 763042, 4.00%, 04/20/2041  | $46078 | $43692 |
|  Pool 738629, 4.00%, 08/15/2041  | 228666 | 216038 |
|  Pool 738630, 4.00%, 08/15/2041  | 222114 | 209853 |
|  Pool 770515, 4.00%, 08/15/2041  | 342560 | 323651 |
|  Pool 738735, 4.00%, 09/15/2041  | 61021 | 57652 |
|  Pool 738954, 4.00%, 11/15/2041  | 44735 | 42264 |
|  Pool 778766, 4.00%, 01/15/2042  | 189607 | 179153 |
|  Pool 778847, 4.00%, 02/15/2042  | 37071 | 35027 |
|  Pool AF3781, 4.00%, 09/15/2043  | 267994 | 252769 |
|  Pool AG8734, 4.00%, 12/15/2043  | 83647 | 78904 |
|  Pool G2 BH0074, 4.00%, 06/20/2048  | 755060 | 703270 |
|  Pool G2 BI3170, 4.00%, 07/20/2048  | 85865 | 80027 |
|  Pool 717198, 4.50%, 06/15/2039  | 136245 | 133974 |
|  Pool 714594, 4.50%, 07/15/2039  | 27290 | 26979 |
|  Pool 720208, 4.50%, 07/15/2039  | 96014 | 94503 |
|  Pool 726402, 4.50%, 10/15/2039  | 11920 | 11719 |
|  Pool 728954, 4.50%, 12/15/2039  | 96653 | 94852 |
|  Pool 729017, 4.50%, 01/15/2040  | 179092 | 176930 |
|  Pool 737051, 4.50%, 03/15/2040  | 56573 | 55412 |
|  Pool 737222, 4.50%, 05/15/2040  | 102395 | 100304 |
|  Pool 698160, 4.50%, 07/15/2040  | 52074 | 51006 |
|  Pool 748456, 4.50%, 08/15/2040  | 111679 | 109399 |
|  Pool 738152, 4.50%, 04/15/2041  | 275562 | 269653 |
|  Pool 738267, 4.50%, 05/15/2041  | 107619 | 105314 |
|  Pool 763543, 4.50%, 05/15/2041  | 69995 | 68499 |
|  Pool 738397, 4.50%, 06/15/2041  | 222448 | 217685 |
|  Pool 770396, 4.50%, 06/15/2041  | 46228 | 45240 |
|  Pool G2 783417, 4.50%, 08/20/2041  | 1519051 | 1489834 |
|  Pool G2 BH0075, 4.50%, 06/20/2048  | 172969 | 166477 |
|  Pool 688624, 5.00%, 05/15/2038  | 68334 | 68838 |
|  Pool 411105, 5.00%, 01/15/2039  | 22013 | 22155 |
|  Pool 439079, 5.00%, 02/15/2039  | 64352 | 64863 |
|  Pool 646728, 5.00%, 03/15/2039  | 65377 | 65697 |
|  Pool 646750, 5.00%, 04/15/2039  | 48905 | 49235 |
|  Pool 646777, 5.00%, 05/15/2039  | 30996 | 31100 |
|  Pool 720288, 5.00%, 08/15/2039  | 78473 | 78872 |
|  Pool 722944, 5.00%, 08/15/2039  | 49003 | 49221 |
|  Pool 723006, 5.00%, 10/15/2039  | 116639 | 117493 |
|  Pool 726403, 5.00%, 10/15/2039  | 21201 | 21314 |
|  Pool 658393, 5.00%, 06/15/2040  | 160894 | 162071 |
|  Pool G2 783418, 5.00%, 06/20/2040  | 986914 | 993362 |
|  Pool 684677, 5.50%, 03/15/2038  | 65420 | 66699 |
|  Pool G2 688636, 5.50%, 05/20/2038  | 57333 | 59130 |
|  Pool 690974, 5.50%, 06/15/2038  | 34659 | 35159 |
|  Pool G2 409120, 5.50%, 07/20/2038  | 45573 | 47001 |
|  Pool G2 700671, 5.50%, 10/20/2038  | 59634 | 61502 |
|  Pool 411116, 5.50%, 01/15/2039  | 118309 | 121297 |
|  Pool G2 684988, 6.00%, 03/20/2038  | 69082 | 72461 |
|  Pool 688626, 6.00%, 05/15/2038  | 90784 | 93802 |
|  Pool G2 693900, 6.00%, 07/20/2038  | 111334 | 116780 |
|  Pool 696513, 6.00%, 08/15/2038  | 29343 | 30102 |
|  Pool G2 696843, 6.00%, 08/20/2038  | 47812 | 50151 |
|  Pool 699255, 6.00%, 09/15/2038  | 114591 | 118656 |
|  Pool 705999, 6.00%, 01/15/2039  | 76449 | 78997 |
|  Pool G2 DD4719, 6.00%, 08/20/2054  | 1502829 | 1520782 |

---

------

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

**31**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  Pool G2 DD4718, 6.50%, 08/20/2054  | $| 1106830 | $| 1133100 |
|  Pool G2 530199, 7.00%, 03/20/2031  |  | 28406 |  | 29495 |
|  |  |  |  | 13979044 |
|  **HUD - 0.01%** | **HUD - 0.01%** | **HUD - 0.01%** | **HUD - 0.01%** | **HUD - 0.01%** |
|  Pool 0620, 5.77%, 08/01/2026  |  | 328000 |  | 328654 |
|  **Small Business Administration - 0.34%** | **Small Business Administration - 0.34%** | **Small Business Administration - 0.34%** | **Small Business Administration - 0.34%** | **Small Business Administration - 0.34%** |
|  Pool American, 1.25%, 04/11/2038 (b) |  | 508603 |  | 512354 |
|  Pool Cleburne, 1.25%, 07/15/2038 (b) |  | 384680 |  | 388437 |
|  Pool Chicago Taxi Parts, 1.48%, 04/29/2034 (b) |  | 186696 |  | 192359 |
|  Pool Premie, 2.96%, 08/29/2038 (b) |  | 550447 |  | 587673 |
|  Pool 507253, 4.75%, (PRIME-2.750%), 05/25/2030 (b) |  | 9163 |  | 9101 |
|  Pool 508206, 4.85%, (PRIME-2.650%), 09/25/2032 (b) |  | 10133 |  | 10086 |
|  Pool 508298, 4.85%, 01/25/2033 (b) |  | 111787 |  | 111787 |
|  Pool 508506, 4.88%, (PRIME-2.625%), 06/25/2033 (b) |  | 40273 |  | 40119 |
|  Pool 530311, 4.95%, (PRIME-2.550%), 04/25/2033 (b) |  | 1694041 |  | 1696567 |
|  Pool 509748, 5.50%, (PRIME-2.000%), 09/25/2025 (b) |  | 39310 |  | 39041 |
|  Pool 509348, 5.50%, (PRIME-2.000%), 02/25/2038 (b) |  | 248331 |  | 249958 |
|  Pool 509391, 5.50%, (PRIME-2.000%), 06/25/2038 (b) |  | 192388 |  | 193636 |
|  Pool 509417, 5.50%, (PRIME-2.000%), 10/25/2038 (b) |  | 253595 |  | 255257 |
|  Pool 509460, 5.50%, (PRIME-2.000%), 01/25/2039 (b) |  | 508762 |  | 512113 |
|  Pool 509541, 5.50%, (PRIME-2.000%), 08/25/2039 (b) |  | 53560 |  | 53916 |
|  Pool 509573, 5.50%, (PRIME-2.000%), 09/25/2039 (b) |  | 753213 |  | 758193 |
|  Pool 509575, 5.50%, (PRIME-2.000%), 10/25/2039 (b) |  | 814001 |  | 819416 |
|  Pool 509661, 5.50%, (PRIME-2.000%), 03/25/2040 (b) |  | 400797 |  | 403449 |
|  Pool 509688, 5.50%, (PRIME-2.000%), 08/25/2040 (b) |  | 264941 |  | 266704 |
|  Pool 509735, 5.50%, (PRIME-2.000%), 09/25/2040 (b) |  | 535639 |  | 539146 |
|  Pool 509760, 5.50%, (PRIME-2.000%), 11/25/2040 (b) |  | 833822 |  | 839266 |
|  Pool 509977, 5.90%, (PRIME-1.600%), 03/25/2042 (b) |  | 81711 |  | 83104 |
|  Pool 510004, 6.25%, (PRIME-1.250%), 05/25/2042 (b) |  | 84704 |  | 86481 |
|  Pool 509793, 6.36%, (PRIME-1.144%), 01/25/2041 (b) |  | 617515 |  | 635839 |
|  Pool 510051, 6.75%, (PRIME-0.750%), 07/25/2042 (b) |  | 104144 |  | 107692 |
|  Pool 509010, 6.83%, (PRIME-0.675%), 01/25/2036 (b) |  | 21266 |  | 21819 |
|  Pool 522124, 7.23%, (PRIME-0.180%), 02/25/2040 (b) |  | 143772 |  | 148757 |
|  Pool 510047, 7.33%, (PRIME-0.171%), 09/25/2042 (b) |  | 371166 |  | 390749 |
|  Pool 509900, 7.40%, (PRIME-0.098%), 03/25/2042 (b) |  | 804701 |  | 839720 |
|  Pool 522305, 7.62%, (PRIME+0.182%), 11/25/2028 (b) |  | 64477 |  | 65138 |
|  Pool 509967, 7.90%, (PRIME+0.402%), 03/25/2032 (b) |  | 85016 |  | 88743 |
|  Pool 522194, 7.94%, (PRIME+0.624%), 09/25/2040 (b) |  | 36007 |  | 37670 |
|  Pool 521967, 8.02%, (PRIME+0.515%), 06/25/2038 (b) |  | 315385 |  | 330922 |
|  Pool 522053, 8.11%, (PRIME+0.577%), 05/25/2026 (b) |  | 390 |  | 389 |
|  Pool 509647, 8.11%, (PRIME+0.605%), 12/25/2026 (b) |  | 3573 |  | 3584 |
|  Pool 522317, 8.16%, (PRIME+0.963%), 03/25/2029 (b) |  | 49489 |  | 50367 |
|  Pool 522440, 8.22%, (PRIME+0.575%), 07/25/2029 (b) |  | 81403 |  | 82987 |
|  Pool 521984, 8.24%, (PRIME+0.578%), 10/25/2038 (b) |  | 64593 |  | 67975 |
|  Pool 521860, 8.31%, (PRIME+0.913%), 03/25/2037 (b) |  | 98780 |  | 104118 |
|  Pool 510056, 8.33%, (PRIME+0.829%), 08/25/2042 (b) |  | 62835 |  | 66653 |
|  Pool 521884, 8.37%, (PRIME+0.772%), 08/25/2037 (b) |  | 80751 |  | 85268 |
|  Pool 522029, 8.38%, (PRIME+0.947%), 02/25/2039 (b) |  | 11168 |  | 11878 |
|  Pool 521970, 8.39%, (PRIME+0.913%), 07/25/2038 (b) |  | 45506 |  | 47839 |
|  Pool 522268, 8.40%, (PRIME+0.916%), 01/25/2029 (b) |  | 146960 |  | 150183 |
|  Pool 522371, 8.40%, (PRIME+0.789%), 10/25/2029 (b) |  | 21447 |  | 22031 |
|  Pool 522423, 8.41%, (PRIME+0.785%), 12/25/2028 (b) |  | 101602 |  | 103800 |
|  Pool 522328, 8.41%, (PRIME+0.917%), 05/25/2029 (b) |  | 6709 |  | 6853 |
|  Pool 522156, 8.49%, (PRIME+0.983%), 05/25/2040 (b) |  | 102249 |  | 108104 |

---

------

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

---

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

---

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  Pool 521919, 8.50%, (PRIME+0.807%), 12/25/2037 (b) | $| 21089 | $| 22329 |
|  Pool 522387, 8.52%, (PRIME+0.967%), 01/25/2030 (b) |  | 54507 |  | 56329 |
|  Pool 522158, 8.61%, (PRIME+0.879%), 01/25/2027 (b) |  | 2696 |  | 2709 |
|  Pool 522282, 8.65%, (PRIME+1.136%), 09/25/2028 (b) |  | 23798 |  | 24236 |
|  Pool 522327, 8.73%, (PRIME+1.192%), 05/25/2029 (b) |  | 126531 |  | 130886 |
|  Pool 522150, 8.89%, (PRIME+1.205%), 02/25/2026 (b) |  | 132 |  | 132 |
|  |  |  |  | 12463862 |
|  **Small Business Administration Participation Certificates - 0.62%** | **Small Business Administration Participation Certificates - 0.62%** | **Small Business Administration Participation Certificates - 0.62%** | **Small Business Administration Participation Certificates - 0.62%** | **Small Business Administration Participation Certificates - 0.62%** |
|  Pool 2020-10D, 0.81%, 07/01/2030  |  | 1262956 |  | 1165865 |
|  Pool 2022-20B, 2.22%, 02/01/2042  |  | 8378590 |  | 7191888 |
|  Pool 2015-20C, 2.72%, 03/01/2035  |  | 21791 |  | 20508 |
|  Pool 2012-20A, 2.76%, 01/01/2032  |  | 7726 |  | 7419 |
|  Pool 2016-20L, 2.81%, 12/01/2036  |  | 178874 |  | 165414 |
|  Pool 2017-20F, 2.81%, 06/01/2037  |  | 4038559 |  | 3725653 |
|  Pool 2017-20C, 3.04%, 03/01/2037  |  | 2657457 |  | 2485995 |
|  Pool 2014-20D, 3.11%, 04/01/2034  |  | 906662 |  | 868141 |
|  Pool 2010-20K, 3.25%, 11/01/2030  |  | 3747 |  | 3642 |
|  Pool 2018-20E, 3.50%, 05/01/2038  |  | 2787684 |  | 2655189 |
|  Pool 2013-20I, 3.62%, 09/01/2033  |  | 196790 |  | 191608 |
|  Pool 2009-20J, 3.92%, 10/01/2029  |  | 969938 |  | 960072 |
|  Pool 2010-20E, 4.11%, 05/01/2030  |  | 34322 |  | 34050 |
|  Pool 2011-20B, 4.22%, 02/01/2031  |  | 168884 |  | 167848 |
|  Pool 2009-20D, 4.31%, 04/01/2029  |  | 163544 |  | 162811 |
|  Pool 2023-10F, 5.47%, 11/01/2033  |  | 3145380 |  | 3231247 |
|  Pool 2008-20C, 5.49%, 03/01/2028  |  | 1455 |  | 1468 |
|  Pool 2008-20E, 5.49%, 05/01/2028  |  | 4036 |  | 4077 |
|  |  |  |  | 23042895 |
|  **Small Business Investment Company Certificates - 0.32%** | **Small Business Investment Company Certificates - 0.32%** | **Small Business Investment Company Certificates - 0.32%** | **Small Business Investment Company Certificates - 0.32%** | **Small Business Investment Company Certificates - 0.32%** |
|  Pool 2016-10B, 2.05%, 09/10/2026  |  | 1961273 |  | 1912013 |
|  Pool 2015-10B, 2.83%, 09/10/2025  |  | 76197 |  | 75717 |
|  Pool 2022-10A, 2.94%, 03/10/2032  |  | 3496557 |  | 3234678 |
|  Pool 2022-10B, 4.26%, 09/10/2032  |  | 2122111 |  | 2076654 |
|  Pool 2023-10A, 5.17%, 03/10/2033  |  | 4523228 |  | 4580838 |
|  |  |  |  | 11879900 |
|  **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $2,403,245,592)** | **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $2,403,245,592)** | **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $2,403,245,592)** |  | 2202917770 |
| **MUNICIPAL BONDS - 13.04%** | **MUNICIPAL BONDS - 13.04%** | **MUNICIPAL BONDS - 13.04%** | **MUNICIPAL BONDS - 13.04%** | **MUNICIPAL BONDS - 13.04%** |
|  **California - 1.16%**  | **California - 1.16%**  | **California - 1.16%**  | **California - 1.16%**  | **California - 1.16%**  |
|  **Alameda County, Ser A, GO**  |  |  |  |  |
|  **Callable 02/01/2028 @ 100**  |  |  |  |  |
|  3.753%, 08/01/2032  |  | 1425000 |  | 1339592 |
|  **Alameda County, Ser B, GO**  |  |  |  |  |
|  3.649%, 08/01/2030  |  | 325000 |  | 312253 |
|  3.460%, 08/01/2027  |  | 685000 |  | 673074 |
|  3.410%, 08/01/2026  |  | 1250000 |  | 1236099 |
|  **California State Health Facilities Financing Authority, Ser A, RB**  |  |  |  |  |
|  3.478%, 06/01/2029  |  | 2500000 |  | 2401340 |
|  3.378%, 06/01/2028  |  | 1915000 |  | 1857954 |
|  2.534%, 06/01/2028  |  | 1050000 |  | 994111 |
|  2.211%, 06/01/2025  |  | 765000 |  | 765000 |
|  1.829%, 06/01/2029  |  | 5975000 |  | 5382937 |
|  1.168%, 06/01/2026  |  | 1660000 |  | 1606480 |

---

------

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

**33**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  0.952%, 06/01/2025  | $| 3215000 | $| 3215000 |
|  **California State Health Facilities Financing Authority, Ser A, RB**  |  |  |  |  |
|  **Callable 06/01/2029 @ 100**  |  |  |  |  |
|  2.704%, 06/01/2030  |  | 2460000 |  | 2245563 |
|  **California State Housing Finance Agency, Ser A, RB**  |  |  |  |  |
|  **Pre-Refunded @ 100**  |  |  |  |  |
|  2.794%, 08/01/2025  |  | 60000 |  | 59840 |
|  **Emeryville California, Ser 2018, GO**  |  |  |  |  |
|  6.000%, 08/01/2025  |  | 1035000 |  | 1037308 |
|  6.000%, 08/01/2028  |  | 310000 |  | 325069 |
|  **Los Angeles City, Ser A, GO**  |  |  |  |  |
|  3.000%, 09/01/2026  |  | 5295000 |  | 5216977 |
|  **Los Angeles City, Ser A, GO**  |  |  |  |  |
|  **Callable 09/01/2028 @ 100**  |  |  |  |  |
|  3.690%, 09/01/2029  |  | 555000 |  | 543271 |
|  **Los Angeles County Redevelopment Refunding Authority, Ser B, TA**  |  |  |  |  |
|  **Callable 09/01/2026 @ 100**  |  |  |  |  |
|  3.750%, 09/01/2031  |  | 605000 |  | 589465 |
|  3.500%, 09/01/2027  |  | 250000 |  | 245970 |
|  **San Diego Unified School District, Ser ZR-1, GO**  |  |  |  |  |
|  1.599%, 07/01/2028  |  | 1250000 |  | 1151444 |
|  **San Francisco City & County Redevelopment Agency Successor Agency, Ser A, TA**  |  |  |  |  |
|  5.424%, 08/01/2025  |  | 130000 |  | 130098 |
|  3.633%, 08/01/2026  |  | 575000 |  | 567784 |
|  2.071%, 08/01/2027  |  | 4125000 |  | 3908414 |
|  1.561%, 08/01/2025  |  | 4135000 |  | 4112576 |
|  **San Francisco City & County, Ser A, GO**  |  |  |  |  |
|  2.952%, 06/15/2025  |  | 400000 |  | 399776 |
|  0.728%, 06/15/2025  |  | 800000 |  | 798925 |
|  **San Francisco City & County, Ser C, GO**  |  |  |  |  |
|  1.805%, 06/15/2030  |  | 400000 |  | 352299 |
|  1.705%, 06/15/2029  |  | 410000 |  | 370522 |
|  1.555%, 06/15/2028  |  | 250000 |  | 231139 |
|  1.324%, 06/15/2027  |  | 450000 |  | 424797 |
|  1.104%, 06/15/2026  |  | 245000 |  | 237077 |
|  0.766%, 06/15/2025  |  | 90000 |  | 89880 |
|  |  |  |  | 42822034 |
|  **Colorado - 0.51%**  | **Colorado - 0.51%**  | **Colorado - 0.51%**  | **Colorado - 0.51%**  | **Colorado - 0.51%**  |
|  **Colorado State Housing & Finance Authority, Ser A, RB**  |  |  |  |  |
|  **Callable 11/01/2026 @ 100**  |  |  |  |  |
|  3.000%, 08/01/2047  |  | 82596 |  | 65061 |
|  **Colorado State Housing & Finance Authority, Ser A-1, RB**  |  |  |  |  |
|  4.984%, 11/01/2029  |  | 215000 |  | 218599 |
|  4.934%, 05/01/2029  |  | 390000 |  | 396080 |
|  4.816%, 11/01/2027  |  | 245000 |  | 247389 |
|  4.804%, 05/01/2028  |  | 200000 |  | 202213 |
|  4.766%, 05/01/2027  |  | 15000 |  | 15104 |
|  4.554%, 11/01/2028  |  | 705000 |  | 707459 |
|  4.504%, 05/01/2028  |  | 650000 |  | 651906 |
|  4.464%, 11/01/2027  |  | 285000 |  | 285509 |

---

------

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

---

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

---

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  4.434%, 05/01/2027  | $| 1000000 | $| 1000931 |
|  **Colorado State Housing & Finance Authority, Ser B-1, RB**  |  |  |  |  |
|  5.065%, 11/01/2030  |  | 525000 |  | 533806 |
|  5.025%, 05/01/2030  |  | 100000 |  | 101724 |
|  4.923%, 11/01/2029  |  | 70000 |  | 71004 |
|  4.883%, 05/01/2029  |  | 300000 |  | 304136 |
|  **Colorado State Housing & Finance Authority, Ser C-1, RB**  |  |  |  |  |
|  2.175%, 11/01/2025  |  | 150000 |  | 148565 |
|  **Colorado State Housing & Finance Authority, Ser F1, RB**  |  |  |  |  |
|  4.715%, 11/01/2029  |  | 675000 |  | 679101 |
|  4.665%, 05/01/2029  |  | 750000 |  | 754513 |
|  4.645%, 11/01/2028  |  | 745000 |  | 749722 |
|  4.585%, 05/01/2028  |  | 700000 |  | 703587 |
|  **Colorado State Housing & Finance Authority, Ser H-1, RB**  |  |  |  |  |
|  5.117%, 11/01/2027  |  | 1250000 |  | 1270730 |
|  5.017%, 05/01/2027  |  | 2475000 |  | 2503508 |
|  4.967%, 11/01/2026  |  | 1285000 |  | 1294487 |
|  4.917%, 05/01/2026  |  | 1200000 |  | 1204784 |
|  **Colorado State Housing & Finance Authority, Ser I, RB**  |  |  |  |  |
|  **Callable 06/01/2028 @ 100**  |  |  |  |  |
|  3.850%, 07/01/2057  |  | 2056831 |  | 1591769 |
|  **Colorado State Housing & Finance Authority, Ser K-1, RB**  |  |  |  |  |
|  5.254%, 11/01/2029  |  | 360000 |  | 369865 |
|  5.214%, 05/01/2029  |  | 500000 |  | 512757 |
|  5.191%, 11/01/2028  |  | 300000 |  | 307037 |
|  5.131%, 05/01/2028  |  | 30000 |  | 30597 |
|  5.101%, 11/01/2027  |  | 1125000 |  | 1143249 |
|  **Colorado State Housing & Finance Authority, Ser N-1, RB**  |  |  |  |  |
|  5.272%, 05/01/2026  |  | 510000 |  | 512948 |
|  **Colorado State Housing & Finance Authority, Ser V, RB**  |  |  |  |  |
|  3.400%, 11/01/2045  |  | 137556 |  | 120178 |
|  |  |  |  | 18698318 |
|  **Connecticut - 0.16%**  | **Connecticut - 0.16%**  | **Connecticut - 0.16%**  | **Connecticut - 0.16%**  | **Connecticut - 0.16%**  |
|  **Connecticut State Housing Finance Authority, Ser A-2, RB**  |  |  |  |  |
|  4.860%, 11/15/2030  |  | 115000 |  | 115631 |
|  **Connecticut State Housing Finance Authority, Ser C, RB**  |  |  |  |  |
|  5.188%, 11/15/2030  |  | 1410000 |  | 1439185 |
|  5.138%, 05/15/2030  |  | 1430000 |  | 1459660 |
|  5.064%, 11/15/2029  |  | 385000 |  | 392258 |
|  5.044%, 05/15/2029  |  | 1365000 |  | 1390660 |
|  **Connecticut State Housing Finance Authority, Ser E, RB**  |  |  |  |  |
|  4.309%, 05/15/2031  |  | 1000000 |  | 972670 |
|  **Connecticut State Housing Finance Authority, Ser F, RB**  |  |  |  |  |
|  4.695%, 05/15/2030  |  | 200000 |  | 200235 |
|  |  |  |  | 5970299 |
|  **Delaware - 0.07%**  | **Delaware - 0.07%**  | **Delaware - 0.07%**  | **Delaware - 0.07%**  | **Delaware - 0.07%**  |
|  **Delaware State Housing Authority, Ser A, RB**  |  |  |  |  |
|  **Callable 07/01/2028 @ 100**  |  |  |  |  |
|  3.480%, 07/01/2048  |  | 2966023 |  | 2692473 |

---

------

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

**35**

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  **District of Columbia - 0.07%**  | **District of Columbia - 0.07%**  | **District of Columbia - 0.07%**  |
|  **District of Columbia Housing Finance Agency, Ser 2014-A, Cl A**  |  |  |
|  3.875%, 06/15/2045  | $660636 | $614703 |
|  **District of Columbia Housing Finance Agency, Ser 2017-A, Cl A**  |  |  |
|  3.236%, 03/01/2049  | 2107025 | 1876881 |
|  |  | 2491584 |
|  **Florida - 0.31%**  | **Florida - 0.31%**  | **Florida - 0.31%**  |
|  **Florida State Housing Finance Corp., Ser 1, RB**  |  |  |
|  **Callable 07/01/2025 @ 100**  |  |  |
|  3.125%, 07/01/2037  | 1657603 | 1521111 |
|  **Florida State Housing Finance Corp., Ser 2, RB**  |  |  |
|  5.159%, 07/01/2033  | 70000 | 69912 |
|  5.129%, 01/01/2033  | 205000 | 205273 |
|  5.128%, 07/01/2032  | 100000 | 98785 |
|  5.078%, 01/01/2032  | 80000 | 79034 |
|  5.053%, 07/01/2031  | 145000 | 143442 |
|  5.013%, 01/01/2031  | 140000 | 138557 |
|  4.969%, 01/01/2032  | 390000 | 390995 |
|  4.963%, 07/01/2030  | 60000 | 59383 |
|  4.913%, 01/01/2030  | 80000 | 79212 |
|  4.840%, 01/01/2029  | 505000 | 500857 |
|  **Florida State Housing Finance Corp., Ser 2, RB**  |  |  |
|  **Callable 07/01/2033 @ 100**  |  |  |
|  5.279%, 07/01/2034  | 245000 | 244447 |
|  5.229%, 01/01/2034  | 270000 | 269690 |
|  **Florida State Housing Finance Corp., Ser 4, RB**  |  |  |
|  4.941%, 01/01/2031  | 910000 | 917697 |
|  4.891%, 07/01/2030  | 775000 | 782320 |
|  4.866%, 07/01/2029  | 565000 | 571767 |
|  4.841%, 01/01/2030  | 850000 | 858044 |
|  4.816%, 01/01/2029  | 720000 | 727850 |
|  **Florida State Housing Finance Corp., Ser 6, RB**  |  |  |
|  5.763%, 07/01/2028  | 5000 | 5082 |
|  5.613%, 01/01/2027  | 360000 | 362354 |
|  4.759%, 07/01/2033  | 245000 | 238220 |
|  4.709%, 01/01/2033  | 370000 | 360991 |
|  4.659%, 07/01/2032  | 150000 | 146860 |
|  4.609%, 01/01/2032  | 340000 | 333886 |
|  4.448%, 01/01/2031  | 320000 | 315057 |
|  4.298%, 01/01/2030  | 200000 | 197455 |
|  4.298%, 07/01/2030  | 130000 | 127778 |
|  4.154%, 07/01/2029  | 160000 | 157717 |
|  **Florida State Housing Finance Corp., Ser A, RB**  |  |  |
|  **Callable 07/01/2026 @ 100**  |  |  |
|  2.450%, 01/01/2043  | 107959 | 96802 |
|  **Florida State Housing Finance Corp., Ser B, RB**  |  |  |
|  **Callable 07/01/2026 @ 100**  |  |  |
|  2.550%, 01/01/2043  | 880539 | 776680 |
|  **Miami Beach Florida, Ser B, GO**  |  |  |
|  4.674%, 05/01/2029  | 510000 | 517231 |

---

------

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

---

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

---

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  **Miami-Dade County Housing Finance Authority, Ser A, RB**  |  |  |  |  |
|  **Callable 10/01/2025 @ 100**  |  |  |  |  |
|  2.875%, 11/01/2038  | $| 358865 | $| 314068 |
|  |  |  |  | 11608557 |
|  **Illinois - 0.84%**  | **Illinois - 0.84%**  | **Illinois - 0.84%**  | **Illinois - 0.84%**  | **Illinois - 0.84%**  |
|  **Illinois State Housing Development Authority, Ser 2017-B, Cl 1, RB**  |  |  |  |  |
|  3.210%, 12/01/2043  |  | 881301 |  | 663903 |
|  **Illinois State Housing Development Authority, Ser A, RB**  |  |  |  |  |
|  **Callable 08/01/2025 @ 100**  |  |  |  |  |
|  4.000%, 02/01/2034  |  | 25000 |  | 24943 |
|  **Illinois State Housing Development Authority, Ser B, RB**  |  |  |  |  |
|  5.328%, 10/01/2030  |  | 100000 |  | 103212 |
|  5.294%, 10/01/2031  |  | 725000 |  | 743648 |
|  5.258%, 10/01/2029  |  | 280000 |  | 288412 |
|  5.244%, 04/01/2031  |  | 500000 |  | 512994 |
|  5.208%, 04/01/2029  |  | 190000 |  | 195212 |
|  5.194%, 10/01/2030  |  | 555000 |  | 569366 |
|  5.020%, 04/01/2026  |  | 500000 |  | 502449 |
|  4.970%, 10/01/2026  |  | 50000 |  | 50389 |
|  4.452%, 04/01/2029  |  | 1000000 |  | 1000936 |
|  4.452%, 10/01/2029  |  | 1000000 |  | 999702 |
|  4.364%, 04/01/2028  |  | 2720000 |  | 2722496 |
|  4.364%, 10/01/2028  |  | 2595000 |  | 2596683 |
|  **Illinois State Housing Development Authority, Ser C, RB**  |  |  |  |  |
|  1.601%, 10/01/2027  |  | 400000 |  | 376198 |
|  1.451%, 04/01/2027  |  | 540000 |  | 513039 |
|  1.118%, 10/01/2026  |  | 215000 |  | 206090 |
|  1.068%, 04/01/2026  |  | 470000 |  | 457341 |
|  0.968%, 10/01/2025  |  | 1020000 |  | 1008360 |
|  **Illinois State Housing Development Authority, Ser D, RB**  |  |  |  |  |
|  5.186%, 10/01/2030  |  | 2100000 |  | 2153599 |
|  5.136%, 04/01/2030  |  | 2035000 |  | 2085662 |
|  5.094%, 10/01/2029  |  | 1955000 |  | 2001279 |
|  5.044%, 04/01/2029  |  | 700000 |  | 715222 |
|  **Illinois State Housing Development Authority, Ser E, RB**  |  |  |  |  |
|  4.897%, 10/01/2029  |  | 1350000 |  | 1371573 |
|  4.847%, 04/01/2029  |  | 1310000 |  | 1329440 |
|  4.726%, 10/01/2028  |  | 720000 |  | 727931 |
|  **Illinois State Housing Development Authority, Ser I, RB**  |  |  |  |  |
|  5.439%, 10/01/2029  |  | 80000 |  | 82967 |
|  5.419%, 04/01/2029  |  | 370000 |  | 382871 |
|  **Illinois State Housing Development Authority, Ser J, RB**  |  |  |  |  |
|  4.927%, 10/01/2031  |  | 600000 |  | 603752 |
|  4.877%, 04/01/2031  |  | 2595000 |  | 2614590 |
|  4.817%, 10/01/2030  |  | 1250000 |  | 1260442 |
|  **Illinois State Housing Development Authority, Ser L, RB**  |  |  |  |  |
|  5.552%, 04/01/2026  |  | 575000 |  | 580286 |
|  **Illinois State Housing Development Authority, Ser O, RB**  |  |  |  |  |
|  5.590%, 04/01/2028  |  | 550000 |  | 568333 |
|  **Sales Tax Securitization Corp., Ser B, RB**  |  |  |  |  |
|  4.431%, 01/01/2027  |  | 1000000 |  | 998763 |

---

------

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

**37**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  4.408%, 01/01/2026  | $| 158000 | $| 157831 |
|  |  |  |  | 31169914 |
|  **Indiana - 0.60%**  | **Indiana - 0.60%**  | **Indiana - 0.60%**  | **Indiana - 0.60%**  | **Indiana - 0.60%**  |
|  **Indiana State Housing & Community Development Authority, Ser A-2, RB**  |  |  |  |  |
|  4.789%, 07/01/2026  |  | 125000 |  | 125404 |
|  4.785%, 07/01/2030  |  | 245000 |  | 245689 |
|  4.779%, 01/01/2026  |  | 20000 |  | 20028 |
|  4.775%, 07/01/2028  |  | 120000 |  | 121009 |
|  4.735%, 01/01/2030  |  | 235000 |  | 235781 |
|  4.685%, 01/01/2029  |  | 325000 |  | 326553 |
|  4.685%, 07/01/2029  |  | 195000 |  | 195733 |
|  4.652%, 01/01/2028  |  | 300000 |  | 301337 |
|  4.652%, 07/01/2028  |  | 325000 |  | 326574 |
|  4.593%, 07/01/2027  |  | 305000 |  | 305938 |
|  4.532%, 07/01/2027  |  | 120000 |  | 120240 |
|  4.523%, 01/01/2027  |  | 140000 |  | 140171 |
|  4.493%, 01/01/2026  |  | 135000 |  | 134966 |
|  4.493%, 07/01/2026  |  | 135000 |  | 135027 |
|  4.482%, 01/01/2027  |  | 125000 |  | 125061 |
|  **Indiana State Housing & Community Development Authority, Ser B-3, RB**  |  |  |  |  |
|  5.337%, 07/01/2031  |  | 140000 |  | 143065 |
|  5.287%, 01/01/2031  |  | 200000 |  | 204424 |
|  5.237%, 07/01/2030  |  | 200000 |  | 204426 |
|  5.139%, 07/01/2029  |  | 250000 |  | 254973 |
|  5.089%, 01/01/2029  |  | 200000 |  | 203602 |
|  5.039%, 07/01/2028  |  | 200000 |  | 203190 |
|  5.032%, 07/01/2032  |  | 745000 |  | 743862 |
|  4.990%, 07/01/2030  |  | 300000 |  | 303327 |
|  4.982%, 01/01/2032  |  | 880000 |  | 878665 |
|  4.940%, 01/01/2030  |  | 300000 |  | 303315 |
|  4.890%, 07/01/2029  |  | 440000 |  | 444719 |
|  4.840%, 01/01/2029  |  | 430000 |  | 434238 |
|  4.832%, 01/01/2031  |  | 265000 |  | 264625 |
|  4.819%, 07/01/2028  |  | 200000 |  | 201933 |
|  4.769%, 01/01/2028  |  | 45000 |  | 45344 |
|  4.658%, 07/01/2030  |  | 420000 |  | 419381 |
|  4.588%, 01/01/2030  |  | 105000 |  | 104841 |
|  **Indiana State Housing & Community Development Authority, Ser C-2, RB**  |  |  |  |  |
|  5.336%, 07/01/2030  |  | 5000 |  | 5133 |
|  5.322%, 07/01/2031  |  | 40000 |  | 40843 |
|  5.286%, 01/01/2030  |  | 200000 |  | 205034 |
|  5.206%, 01/01/2029  |  | 65000 |  | 66419 |
|  4.859%, 07/01/2031  |  | 680000 |  | 678045 |
|  4.819%, 01/01/2031  |  | 1330000 |  | 1329329 |
|  4.779%, 07/01/2030  |  | 1280000 |  | 1282111 |
|  4.729%, 01/01/2030  |  | 1235000 |  | 1238014 |
|  4.694%, 07/01/2029  |  | 595000 |  | 597074 |
|  4.604%, 01/01/2029  |  | 1150000 |  | 1152556 |
|  **Indiana State Housing & Community Development Authority, Ser D, RB**  |  |  |  |  |
|  4.370%, 07/01/2028  |  | 1135000 |  | 1131460 |
|  4.300%, 01/01/2028  |  | 565000 |  | 562933 |

---

------

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

---

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

---

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  **Indiana State Housing & Community Development Authority, Ser D-3, RB**  |  |  |  |  |
|  5.769%, 01/01/2029  | $| 725000 | $| 754171 |
|  5.646%, 07/01/2028  |  | 50000 |  | 51660 |
|  5.606%, 01/01/2028  |  | 335000 |  | 344327 |
|  5.546%, 07/01/2027  |  | 10000 |  | 10219 |
|  5.068%, 07/01/2032  |  | 600000 |  | 599433 |
|  5.028%, 01/01/2032  |  | 890000 |  | 891130 |
|  4.892%, 07/01/2031  |  | 855000 |  | 854117 |
|  4.842%, 01/01/2031  |  | 855000 |  | 855520 |
|  4.742%, 07/01/2030  |  | 745000 |  | 745201 |
|  4.732%, 01/01/2030  |  | 475000 |  | 476159 |
|  |  |  |  | 22088329 |
|  **Kentucky - 0.14%**  | **Kentucky - 0.14%**  | **Kentucky - 0.14%**  | **Kentucky - 0.14%**  | **Kentucky - 0.14%**  |
|  **Kentucky State Housing Corp., Ser A, RB**  |  |  |  |  |
|  1.250%, 07/01/2025  |  | 250000 |  | 249329 |
|  **Kentucky State Housing Corp., Ser A, RB**  |  |  |  |  |
|  **Callable 07/04/2025 @ 100**  |  |  |  |  |
|  3.500%, 01/01/2040  |  | 310000 |  | 309583 |
|  3.499%, 07/01/2031  |  | 595000 |  | 560882 |
|  **Kentucky State Housing Corp., Ser B, RB**  |  |  |  |  |
|  **Callable 01/01/2026 @ 100**  |  |  |  |  |
|  4.000%, 07/01/2037  |  | 555000 |  | 551777 |
|  **Kentucky State Housing Corp., Ser B, RB**  |  |  |  |  |
|  5.162%, 07/01/2031  |  | 100000 |  | 101273 |
|  5.132%, 01/01/2031  |  | 200000 |  | 202837 |
|  5.082%, 07/01/2030  |  | 80000 |  | 81179 |
|  4.920%, 01/01/2030  |  | 225000 |  | 227488 |
|  4.900%, 07/01/2029  |  | 130000 |  | 131477 |
|  **Kentucky State Housing Corp., Ser D, RB**  |  |  |  |  |
|  5.436%, 07/01/2035  |  | 625000 |  | 622731 |
|  5.416%, 01/01/2035  |  | 105000 |  | 104626 |
|  5.386%, 07/01/2034  |  | 420000 |  | 418722 |
|  5.336%, 01/01/2034  |  | 70000 |  | 69824 |
|  5.266%, 07/01/2033  |  | 230000 |  | 229388 |
|  5.246%, 01/01/2033  |  | 390000 |  | 389219 |
|  4.997%, 07/01/2032  |  | 160000 |  | 159673 |
|  4.947%, 01/01/2032  |  | 200000 |  | 199630 |
|  4.887%, 07/01/2031  |  | 250000 |  | 249564 |
|  4.817%, 01/01/2031  |  | 245000 |  | 244674 |
|  |  |  |  | 5103876 |
|  **Louisiana - 0.03%**  | **Louisiana - 0.03%**  | **Louisiana - 0.03%**  | **Louisiana - 0.03%**  | **Louisiana - 0.03%**  |
|  **Louisiana State Housing Corp., Ser 2016, RB**  |  |  |  |  |
|  **Callable 07/01/2025 @ 100**  |  |  |  |  |
|  2.100%, 12/01/2038  |  | 386801 |  | 348376 |
|  **Louisiana State Housing Corp., Ser B, RB**  |  |  |  |  |
|  5.058%, 12/01/2029  |  | 90000 |  | 91512 |
|  5.008%, 06/01/2029  |  | 65000 |  | 66038 |
|  4.953%, 12/01/2028  |  | 240000 |  | 243453 |
|  4.803%, 12/01/2027  |  | 115000 |  | 116045 |
|  4.753%, 06/01/2027  |  | 120000 |  | 120826 |
|  |  |  |  | 986250 |

---

------

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

**39**

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  **Maine - 0.12%**  | **Maine - 0.12%**  | **Maine - 0.12%**  |
|  **Maine State Housing Authority, Ser B, RB**  |  |  |
|  1.943%, 11/15/2027  | $3600000 | $3394884 |
|  1.763%, 11/15/2026  | 1000000 | 962632 |
|  |  | 4357516 |
|  **Maryland - 0.46%**  | **Maryland - 0.46%**  | **Maryland - 0.46%**  |
|  **Maryland Department of Housing & Community Development, Ser B, RB**  |  |  |
|  5.110%, 09/01/2029  | 1655000 | 1688946 |
|  5.060%, 03/01/2029  | 1630000 | 1660600 |
|  5.010%, 09/01/2028  | 875000 | 889550 |
|  4.773%, 03/01/2030  | 2715000 | 2732197 |
|  4.693%, 03/01/2029  | 1275000 | 1282802 |
|  **Maryland Department of Housing & Community Development, Ser D, RB**  |  |  |
|  4.764%, 03/01/2032  | 980000 | 967040 |
|  4.764%, 09/01/2032  | 505000 | 495306 |
|  **Maryland State Community Development Administration, Ser A, RB**  |  |  |
|  **Callable 09/01/2025 @ 100**  |  |  |
|  3.500%, 09/01/2047  | 375000 | 373421 |
|  **Maryland State Community Development Administration, Ser A, RB**  |  |  |
|  **Callable 10/01/2028 @ 100**  |  |  |
|  3.950%, 11/01/2058  | 1172929 | 938186 |
|  **Maryland State Community Development Administration, Ser B, RB**  |  |  |
|  3.950%, 09/01/2028  | 580000 | 571218 |
|  **Maryland State Community Development Administration, Ser D, RB**  |  |  |
|  5.171%, 09/01/2029  | 140000 | 143176 |
|  5.132%, 09/01/2028  | 1250000 | 1275268 |
|  5.121%, 03/01/2029  | 515000 | 525683 |
|  5.082%, 03/01/2028  | 200000 | 203404 |
|  **Maryland State Community Development Administration, Ser F, RB**  |  |  |
|  5.730%, 09/01/2029  | 1090000 | 1137996 |
|  5.700%, 03/01/2029  | 525000 | 546257 |
|  5.592%, 09/01/2028  | 750000 | 775480 |
|  5.542%, 03/01/2028  | 925000 | 951635 |
|  |  | 17158165 |
|  **Massachusetts - 1.01%**  | **Massachusetts - 1.01%**  | **Massachusetts - 1.01%**  |
|  **Massachusetts State Housing Finance Agency, Ser 205, RB**  |  |  |
|  **Callable 12/01/2028 @ 100**  |  |  |
|  3.800%, 06/01/2035  | 155000 | 143513 |
|  3.530%, 12/01/2029  | 660000 | 635137 |
|  3.450%, 06/01/2029  | 300000 | 289740 |
|  **Massachusetts State Housing Finance Agency, Ser 226, RB**  |  |  |
|  5.222%, 12/01/2029  | 1580000 | 1628114 |
|  5.172%, 06/01/2029  | 755000 | 776278 |
|  5.122%, 12/01/2028  | 1020000 | 1045798 |
|  5.072%, 06/01/2028  | 1330000 | 1359564 |
|  5.012%, 12/01/2027  | 570000 | 580170 |

---

------

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

---

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

---

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  4.962%, 06/01/2027  | $| 650000 | $| 659029 |
|  4.912%, 12/01/2026  |  | 550000 |  | 555172 |
|  4.862%, 06/01/2026  |  | 630000 |  | 633509 |
|  **Massachusetts State Housing Finance Agency, Ser 228, RB**  |  |  |  |  |
|  5.204%, 12/01/2029  |  | 750000 |  | 772295 |
|  5.154%, 06/01/2029  |  | 1000000 |  | 1027531 |
|  5.137%, 12/01/2028  |  | 750000 |  | 769331 |
|  5.087%, 06/01/2028  |  | 750000 |  | 766985 |
|  5.057%, 12/01/2027  |  | 1055000 |  | 1074937 |
|  5.007%, 06/01/2027  |  | 500000 |  | 507372 |
|  **Massachusetts State Housing Finance Agency, Ser 232, RB**  |  |  |  |  |
|  6.174%, 12/01/2029  |  | 1780000 |  | 1895309 |
|  5.950%, 12/01/2027  |  | 1750000 |  | 1812071 |
|  5.802%, 12/01/2026  |  | 1920000 |  | 1956755 |
|  **Massachusetts State Housing Finance Agency, Ser 235, RB**  |  |  |  |  |
|  5.395%, 06/01/2032  |  | 750000 |  | 772251 |
|  5.395%, 12/01/2032  |  | 345000 |  | 353933 |
|  5.307%, 12/01/2031  |  | 860000 |  | 883942 |
|  5.257%, 06/01/2031  |  | 980000 |  | 1007291 |
|  5.107%, 06/01/2030  |  | 275000 |  | 281181 |
|  **Massachusetts State Housing Finance Agency, Ser 238, RB**  |  |  |  |  |
|  4.336%, 06/01/2031  |  | 320000 |  | 313651 |
|  4.336%, 12/01/2031  |  | 405000 |  | 394673 |
|  4.186%, 12/01/2030  |  | 460000 |  | 450360 |
|  **Massachusetts State Housing Finance Agency, Ser 240, RB**  |  |  |  |  |
|  4.992%, 12/01/2031  |  | 110000 |  | 111205 |
|  4.942%, 06/01/2031  |  | 175000 |  | 177076 |
|  **Massachusetts State Housing Finance Agency, Ser 243, RB**  |  |  |  |  |
|  5.024%, 12/01/2033  |  | 1535000 |  | 1523177 |
|  4.974%, 06/01/2033  |  | 1810000 |  | 1800231 |
|  **Massachusetts State Housing Finance Agency, Ser B, RB**  |  |  |  |  |
|  4.500%, 04/15/2054  |  | 3083165 |  | 2749148 |
|  **Massachusetts State Housing Finance Agency, Ser B, RB**  |  |  |  |  |
|  **Callable 06/01/2026 @ 100**  |  |  |  |  |
|  3.850%, 12/01/2028  |  | 60000 |  | 58556 |
|  **Massachusetts State Housing Finance Agency, Ser B, RB**  |  |  |  |  |
|  **Callable 06/24/2025 @ 100**  |  |  |  |  |
|  4.610%, 12/01/2025  |  | 2010000 |  | 2009200 |
|  **Massachusetts State Housing Finance Agency, Ser C, RB**  |  |  |  |  |
|  **Callable 06/24/2025 @ 100**  |  |  |  |  |
|  5.000%, 12/01/2055  |  | 2535000 |  | 2162550 |
|  4.750%, 12/01/2045  |  | 2800000 |  | 2396112 |
|  4.550%, 12/01/2035  |  | 400000 |  | 372809 |
|  **Massachusetts State Housing Finance Agency, Ser E, RB**  |  |  |  |  |
|  3.000%, 12/01/2025  |  | 250000 |  | 247958 |
|  2.950%, 06/01/2025  |  | 250000 |  | 250000 |
|  **Massachusetts State Housing Finance Agency, Ser E, RB**  |  |  |  |  |
|  **Callable 12/01/2025 @ 100**  |  |  |  |  |
|  3.150%, 06/01/2027  |  | 250000 |  | 243539 |
|  |  |  |  | 37447453 |
|  **Michigan - 0.27%**  | **Michigan - 0.27%**  | **Michigan - 0.27%**  | **Michigan - 0.27%**  | **Michigan - 0.27%**  |
|  **Michigan State Housing Development Authority, Ser B, RB**  |  |  |  |  |
|  5.247%, 12/01/2030  |  | 280000 |  | 289055 |

---

------

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

**41**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  5.172%, 06/01/2025  | $| 15000 | $| 15000 |
|  5.128%, 12/01/2029  |  | 350000 |  | 359964 |
|  4.877%, 12/01/2033  |  | 700000 |  | 691819 |
|  4.827%, 06/01/2033  |  | 430000 |  | 427232 |
|  1.672%, 12/01/2028  |  | 1080000 |  | 988917 |
|  1.622%, 06/01/2028  |  | 1055000 |  | 978184 |
|  1.599%, 04/01/2027  |  | 250000 |  | 237622 |
|  1.512%, 12/01/2027  |  | 1085000 |  | 1016370 |
|  1.412%, 06/01/2027  |  | 605000 |  | 572766 |
|  1.241%, 10/01/2026  |  | 485000 |  | 464866 |
|  1.198%, 12/01/2026  |  | 490000 |  | 468847 |
|  1.191%, 04/01/2026  |  | 300000 |  | 291885 |
|  1.118%, 06/01/2026  |  | 585000 |  | 567421 |
|  1.091%, 10/01/2025  |  | 485000 |  | 479423 |
|  1.038%, 12/01/2025  |  | 95000 |  | 93501 |
|  0.958%, 06/01/2025  |  | 400000 |  | 400000 |
|  **Michigan State Housing Development Authority, Ser C, RB**  |  |  |  |  |
|  5.432%, 12/01/2027  |  | 50000 |  | 51438 |
|  5.393%, 06/01/2026  |  | 210000 |  | 212366 |
|  **Michigan State Housing Development Authority, Ser E, RB**  |  |  |  |  |
|  4.438%, 06/01/2031  |  | 755000 |  | 746364 |
|  4.438%, 12/01/2031  |  | 20000 |  | 19642 |
|  4.338%, 12/01/2030  |  | 725000 |  | 716733 |
|  |  |  |  | 10089415 |
|  **Minnesota - 0.55%**  | **Minnesota - 0.55%**  | **Minnesota - 0.55%**  | **Minnesota - 0.55%**  | **Minnesota - 0.55%**  |
|  **Minnesota State Housing Finance Agency, Ser A, RB**  |  |  |  |  |
|  4.684%, 01/01/2030  |  | 425000 |  | 428742 |
|  4.624%, 07/01/2029  |  | 150000 |  | 151265 |
|  **Minnesota State Housing Finance Agency, Ser B, RB**  |  |  |  |  |
|  4.769%, 07/01/2028  |  | 25000 |  | 25109 |
|  4.748%, 07/01/2027  |  | 15000 |  | 15040 |
|  4.718%, 01/01/2027  |  | 185000 |  | 186120 |
|  **Minnesota State Housing Finance Agency, Ser C, RB**  |  |  |  |  |
|  4.897%, 07/01/2029  |  | 320000 |  | 325721 |
|  4.694%, 07/01/2027  |  | 165000 |  | 166344 |
|  4.627%, 07/01/2026  |  | 160000 |  | 160438 |
|  **Minnesota State Housing Finance Agency, Ser C, RB**  |  |  |  |  |
|  **Callable 07/04/2025 @ 100**  |  |  |  |  |
|  3.800%, 07/01/2031  |  | 10000 |  | 9695 |
|  **Minnesota State Housing Finance Agency, Ser D, RB**  |  |  |  |  |
|  **Callable 07/04/2025 @ 100**  |  |  |  |  |
|  2.730%, 08/01/2046  |  | 129921 |  | 107473 |
|  **Minnesota State Housing Finance Agency, Ser E, RB**  |  |  |  |  |
|  5.004%, 07/01/2029  |  | 200000 |  | 202199 |
|  4.954%, 01/01/2029  |  | 295000 |  | 297669 |
|  4.911%, 07/01/2028  |  | 90000 |  | 90659 |
|  4.861%, 01/01/2028  |  | 180000 |  | 180995 |
|  4.811%, 07/01/2027  |  | 150000 |  | 151568 |
|  4.771%, 01/01/2027  |  | 275000 |  | 276886 |
|  3.744%, 01/01/2029  |  | 2140000 |  | 2087559 |
|  3.644%, 01/01/2028  |  | 2025000 |  | 1983656 |
|  3.520%, 07/01/2027  |  | 55000 |  | 53940 |
|  3.470%, 01/01/2027  |  | 1035000 |  | 1018139 |

---

------

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

---

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

---

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  **Minnesota State Housing Finance Agency, Ser G, RB**  |  |  |  |  |
|  5.155%, 07/01/2029  | $| 380000 | $| 385919 |
|  5.125%, 01/01/2029  |  | 815000 |  | 826155 |
|  5.090%, 07/01/2028  |  | 300000 |  | 303504 |
|  5.000%, 07/01/2027  |  | 145000 |  | 146005 |
|  4.088%, 01/01/2029  |  | 60000 |  | 58952 |
|  4.018%, 07/01/2028  |  | 660000 |  | 649474 |
|  3.918%, 01/01/2028  |  | 415000 |  | 408477 |
|  3.827%, 07/01/2027  |  | 400000 |  | 394210 |
|  3.777%, 01/01/2027  |  | 270000 |  | 266612 |
|  **Minnesota State Housing Finance Agency, Ser H, RB**  |  |  |  |  |
|  5.283%, 07/01/2029  |  | 225000 |  | 227605 |
|  5.245%, 07/01/2028  |  | 140000 |  | 141405 |
|  5.233%, 01/01/2029  |  | 355000 |  | 358720 |
|  5.185%, 01/01/2028  |  | 165000 |  | 166388 |
|  5.163%, 07/01/2026  |  | 400000 |  | 401541 |
|  5.135%, 07/01/2027  |  | 95000 |  | 95621 |
|  5.113%, 01/01/2026  |  | 145000 |  | 145260 |
|  5.045%, 07/01/2026  |  | 175000 |  | 176237 |
|  5.025%, 01/01/2026  |  | 15000 |  | 15050 |
|  4.887%, 07/01/2028  |  | 120000 |  | 122005 |
|  4.857%, 01/01/2027  |  | 150000 |  | 151227 |
|  4.827%, 01/01/2028  |  | 150000 |  | 151964 |
|  **Minnesota State Housing Finance Agency, Ser J, RB**  |  |  |  |  |
|  5.241%, 01/01/2026  |  | 380000 |  | 380972 |
|  5.241%, 07/01/2026  |  | 135000 |  | 135716 |
|  4.875%, 07/01/2030  |  | 665000 |  | 674479 |
|  4.825%, 01/01/2030  |  | 795000 |  | 806126 |
|  4.791%, 07/01/2029  |  | 770000 |  | 780766 |
|  4.741%, 01/01/2029  |  | 515000 |  | 521520 |
|  **Minnesota State Housing Finance Agency, Ser L, RB**  |  |  |  |  |
|  5.264%, 01/01/2027  |  | 20000 |  | 20172 |
|  5.217%, 07/01/2026  |  | 535000 |  | 537793 |
|  **Minnesota State Housing Finance Agency, Ser M, RB**  |  |  |  |  |
|  5.054%, 07/01/2031  |  | 1180000 |  | 1193078 |
|  5.004%, 01/01/2031  |  | 835000 |  | 849370 |
|  **Minnesota State Housing Finance Agency, Ser P, RB**  |  |  |  |  |
|  5.380%, 01/01/2026  |  | 215000 |  | 215744 |
|  4.739%, 07/01/2031  |  | 300000 |  | 300035 |
|  4.689%, 01/01/2031  |  | 390000 |  | 390789 |
|  |  |  |  | 20318108 |
|  **Mississippi - 0.02%**  | **Mississippi - 0.02%**  | **Mississippi - 0.02%**  | **Mississippi - 0.02%**  | **Mississippi - 0.02%**  |
|  **Mississippi State Home Corp., Ser A, RB**  |  |  |  |  |
|  **Callable 06/19/2025 @ 100**  |  |  |  |  |
|  3.050%, 12/01/2034  |  | 54913 |  | 51564 |
|  **Mississippi State Home Corp., Ser B, RB**  |  |  |  |  |
|  5.001%, 06/01/2029  |  | 150000 |  | 153152 |
|  4.905%, 06/01/2028  |  | 300000 |  | 304668 |
|  4.805%, 06/01/2027  |  | 300000 |  | 302718 |
|  |  |  |  | 812102 |
|  **Missouri - 0.00%**  | **Missouri - 0.00%**  | **Missouri - 0.00%**  | **Missouri - 0.00%**  | **Missouri - 0.00%**  |
|  **Missouri State Housing Development Commission, Ser D, RB**  |  |  |  |  |
|  5.470%, 11/01/2027  |  | 50000 |  | 50947 |
|  5.420%, 05/01/2027  |  | 45000 |  | 45644 |

---

------

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

**43**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  5.390%, 11/01/2026  | $| 15000 | $| 15149 |
|  |  |  |  | 111740 |
|  **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 B, RB**  |  |  |  |  |
|  5.057%, 01/01/2030  |  | 45000 |  | 45732 |
|  4.858%, 01/01/2027  |  | 50000 |  | 50304 |
|  **New Hampshire State Housing Finance Authority, Ser C, RB**  |  |  |  |  |
|  **Callable 07/01/2027 @ 100**  |  |  |  |  |
|  3.209%, 07/01/2039  |  | 275000 |  | 263047 |
|  |  |  |  | 359083 |
|  **New Jersey - 0.27%**  | **New Jersey - 0.27%**  | **New Jersey - 0.27%**  | **New Jersey - 0.27%**  | **New Jersey - 0.27%**  |
|  **New Jersey State Housing & Mortgage Finance Agency, Ser B, RB**  |  |  |  |  |
|  **Callable 07/04/2025 @ 100**  |  |  |  |  |
|  4.875%, 11/01/2029  |  | 2280000 |  | 2280038 |
|  **New Jersey State Housing & Mortgage Finance Agency, Ser C, RB**  |  |  |  |  |
|  3.600%, 11/01/2025  |  | 570000 |  | 567272 |
|  3.368%, 11/01/2025  |  | 450000 |  | 447424 |
|  2.050%, 05/01/2028  |  | 15000 |  | 13965 |
|  **New Jersey State Housing & Mortgage Finance Agency, Ser C, RB**  |  |  |  |  |
|  **Callable 11/01/2025 @ 100**  |  |  |  |  |
|  5.000%, 11/01/2046  |  | 425000 |  | 371041 |
|  4.625%, 11/01/2036  |  | 335000 |  | 330473 |
|  **New Jersey State Housing & Mortgage Finance Agency, Ser C, RB**  |  |  |  |  |
|  **Callable 05/01/2026 @ 100**  |  |  |  |  |
|  4.968%, 11/01/2051  |  | 345000 |  | 288715 |
|  4.868%, 11/01/2047  |  | 1300000 |  | 1149738 |
|  4.698%, 11/01/2037  |  | 500000 |  | 471965 |
|  4.218%, 11/01/2032  |  | 1355000 |  | 1283206 |
|  3.718%, 11/01/2028  |  | 285000 |  | 276656 |
|  3.618%, 11/01/2027  |  | 695000 |  | 679568 |
|  3.568%, 11/01/2026  |  | 435000 |  | 428668 |
|  **New Jersey State Housing & Mortgage Finance Agency, Ser C, RB**  |  |  |  |  |
|  **Callable 11/01/2027 @ 100**  |  |  |  |  |
|  4.250%, 11/01/2033  |  | 250000 |  | 234322 |
|  **New Jersey State Housing & Mortgage Finance Agency, Ser D, RB**  |  |  |  |  |
|  5.156%, 11/01/2029  |  | 425000 |  | 431833 |
|  5.106%, 05/01/2029  |  | 180000 |  | 182597 |
|  4.871%, 05/01/2027  |  | 355000 |  | 356777 |
|  |  |  |  | 9794258 |
|  **New Mexico - 0.04%**  | **New Mexico - 0.04%**  | **New Mexico - 0.04%**  | **New Mexico - 0.04%**  | **New Mexico - 0.04%**  |
|  **New Mexico State Mortgage Finance Authority, Ser B, RB**  |  |  |  |  |
|  **Callable 09/01/2025 @ 100**  |  |  |  |  |
|  2.600%, 09/01/2040  |  | 1520000 |  | 1245673 |

---

------

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

---

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

---

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  **New Mexico State Mortgage Finance Authority, Ser B-2, RB**  |  |  |  |  |
|  **Callable 07/04/2025 @ 100**  |  |  |  |  |
|  2.230%, 10/01/2034  | $| 234090 | $| 188321 |
|  |  |  |  | 1433994 |
|  **New York - 2.64%**  | **New York - 2.64%**  | **New York - 2.64%**  | **New York - 2.64%**  | **New York - 2.64%**  |
|  **New York City Housing Development Corp., Ser 2017-A, Cl A, RB**  |  |  |  |  |
|  3.098%, 10/01/2046  |  | 7327820 |  | 6211692 |
|  **New York City Housing Development Corp., Ser A, RB**  |  |  |  |  |
|  **Callable 11/01/2025 @ 100**  |  |  |  |  |
|  2.618%, 05/01/2026  |  | 500000 |  | 491939 |
|  **New York City Housing Development Corp., Ser B, RB**  |  |  |  |  |
|  5.368%, 08/01/2030  |  | 705000 |  | 729391 |
|  5.343%, 08/01/2031  |  | 780000 |  | 805069 |
|  5.318%, 02/01/2030  |  | 190000 |  | 196080 |
|  5.037%, 08/01/2032  |  | 720000 |  | 732265 |
|  4.933%, 08/01/2031  |  | 935000 |  | 949727 |
|  4.833%, 08/01/2030  |  | 875000 |  | 887944 |
|  2.361%, 02/01/2028  |  | 750000 |  | 712883 |
|  2.183%, 02/01/2027  |  | 1590000 |  | 1535084 |
|  2.083%, 02/01/2026  |  | 660000 |  | 649795 |
|  1.980%, 08/01/2025  |  | 865000 |  | 861380 |
|  1.860%, 05/01/2028  |  | 2110000 |  | 1967343 |
|  1.710%, 11/01/2027  |  | 795000 |  | 747569 |
|  1.677%, 11/01/2028  |  | 800000 |  | 731550 |
|  1.577%, 05/01/2028  |  | 500000 |  | 462363 |
|  1.477%, 11/01/2027  |  | 300000 |  | 280516 |
|  1.377%, 05/01/2027  |  | 200000 |  | 189250 |
|  1.123%, 11/01/2026  |  | 250000 |  | 238955 |
|  1.061%, 11/01/2025  |  | 2010000 |  | 1981847 |
|  1.023%, 05/01/2026  |  | 245000 |  | 237601 |
|  **New York City Housing Development Corp., Ser B, RB**  |  |  |  |  |
|  **Callable 09/01/2027 @ 100**  |  |  |  |  |
|  2.743%, 11/01/2027  |  | 365000 |  | 351781 |
|  **New York City Housing Development Corp., Ser B, RB**  |  |  |  |  |
|  **Callable 02/01/2029 @ 100**  |  |  |  |  |
|  2.053%, 11/01/2030  |  | 2965000 |  | 2602897 |
|  2.003%, 05/01/2030  |  | 3175000 |  | 2820605 |
|  1.953%, 11/01/2029  |  | 1800000 |  | 1617695 |
|  1.903%, 05/01/2029  |  | 1225000 |  | 1113903 |
|  **New York City Housing Development Corp., Ser B, RB**  |  |  |  |  |
|  **Callable 02/01/2028 @ 100**  |  |  |  |  |
|  2.661%, 02/01/2031  |  | 640000 |  | 576758 |
|  2.561%, 02/01/2030  |  | 1000000 |  | 917643 |
|  2.511%, 08/01/2029  |  | 1240000 |  | 1148064 |
|  2.461%, 02/01/2029  |  | 2195000 |  | 2050316 |
|  2.411%, 08/01/2028  |  | 1000000 |  | 942526 |
|  **New York City Housing Development Corp., Ser B-1, RB**  |  |  |  |  |
|  3.464%, 11/01/2025  |  | 755000 |  | 751768 |
|  **New York City Housing Development Corp., Ser B-1, RB**  |  |  |  |  |
|  **Callable 07/04/2025 @ 100**  |  |  |  |  |
|  3.328%, 11/01/2025  |  | 750000 |  | 746358 |

---

------

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

**45**

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  **New York City Housing Development Corp., Ser B-1, RB**  |  |  |
|  **Callable 02/01/2026 @ 100**  |  |  |
|  3.814%, 11/01/2029  | $700000 | $680370 |
|  3.714%, 11/01/2028  | 395000 | 386358 |
|  3.614%, 11/01/2027  | 1110000 | 1091566 |
|  3.564%, 11/01/2026  | 505000 | 499377 |
|  3.514%, 05/01/2026  | 1025000 | 1016618 |
|  **New York City Housing Development Corp., Ser C, RB**  |  |  |
|  5.130%, 11/01/2031  | 880000 | 897932 |
|  5.080%, 05/01/2031  | 1045000 | 1065370 |
|  5.030%, 11/01/2030  | 1030000 | 1049359 |
|  4.980%, 05/01/2030  | 1010000 | 1028097 |
|  4.939%, 11/01/2029  | 990000 | 1006690 |
|  4.889%, 05/01/2029  | 190000 | 192914 |
|  **New York City Housing Development Corp., Ser D, RB**  |  |  |
|  4.627%, 08/01/2033  | 490000 | 478924 |
|  4.577%, 02/01/2033  | 350000 | 342652 |
|  4.527%, 08/01/2032  | 500000 | 490450 |
|  4.477%, 02/01/2032  | 350000 | 343876 |
|  4.319%, 02/01/2031  | 345000 | 339086 |
|  4.319%, 08/01/2031  | 90000 | 88047 |
|  4.169%, 02/01/2030  | 20000 | 19690 |
|  2.233%, 08/01/2027  | 2050000 | 1961995 |
|  2.150%, 02/01/2029  | 550000 | 507995 |
|  2.100%, 08/01/2028  | 540000 | 504032 |
|  2.000%, 02/01/2028  | 450000 | 423687 |
|  1.750%, 08/01/2027  | 775000 | 734081 |
|  1.700%, 02/01/2027  | 760000 | 727925 |
|  1.600%, 08/01/2026  | 500000 | 484262 |
|  1.550%, 02/01/2026  | 480000 | 470926 |
|  1.300%, 08/01/2025  | 310000 | 308365 |
|  **New York City Housing Development Corp., Ser D, RB**  |  |  |
|  **Callable 08/01/2033 @ 100**  |  |  |
|  4.727%, 08/01/2034  | 400000 | 390385 |
|  4.677%, 02/01/2034  | 665000 | 649647 |
|  **New York City Housing Development Corp., Ser D, RB**  |  |  |
|  **Callable 02/01/2029 @ 100**  |  |  |
|  2.300%, 08/01/2030  | 885000 | 792494 |
|  2.250%, 02/01/2030  | 865000 | 782649 |
|  2.200%, 08/01/2029  | 850000 | 777063 |
|  **New York City Housing Development Corp., Ser F, RB**  |  |  |
|  2.642%, 05/01/2026  | 2120000 | 2086359 |
|  **New York City Housing Development Corp., Ser F1, RB**  |  |  |
|  2.048%, 05/01/2028  | 640000 | 599988 |
|  1.874%, 11/01/2027  | 945000 | 892135 |
|  1.844%, 05/01/2027  | 1450000 | 1384365 |
|  1.744%, 11/01/2026  | 280000 | 269987 |
|  1.694%, 05/01/2026  | 380000 | 370781 |
|  1.448%, 11/01/2025  | 375000 | 370335 |
|  **New York City Housing Development Corp., Ser F1, RB**  |  |  |
|  **Callable 05/01/2028 @ 100**  |  |  |
|  2.298%, 11/01/2030  | 770000 | 684829 |
|  2.238%, 05/01/2030  | 770000 | 692075 |

---

------

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

---

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

---

 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  2.188%, 11/01/2029  | $455000 | $413122 |
|  2.138%, 05/01/2029  | 1220000 | 1119494 |
|  2.098%, 11/01/2028  | 1225000 | 1136445 |
|  **New York City Housing Development Corp., Ser G, RB**  |  |  |
|  **Callable 11/01/2025 @ 100**  |  |  |
|  2.818%, 05/01/2027  | 1000000 | 972315 |
|  2.768%, 11/01/2026  | 1000000 | 978051 |
|  **New York City Housing Development Corp., Ser H-1, RB**  |  |  |
|  **Callable 07/04/2025 @ 100**  |  |  |
|  3.890%, 11/01/2029  | 905000 | 882091 |
|  **New York City Housing Development Corp., Ser I, RB**  |  |  |
|  3.899%, 11/01/2026  | 2315000 | 2299855 |
|  **New York City Housing Development Corp., Ser L, RB**  |  |  |
|  2.528%, 11/01/2025  | 735000 | 729069 |
|  **New York State Housing Finance Agency, Ser C, RB**  |  |  |
|  **Callable 07/01/2025 @ 100**  |  |  |
|  3.250%, 05/01/2027  | 1770000 | 1735065 |
|  **New York State Mortgage Agency, Ser 229, RB**  |  |  |
|  2.180%, 10/01/2029  | 540000 | 492459 |
|  2.080%, 10/01/2028  | 760000 | 708373 |
|  1.816%, 10/01/2027  | 725000 | 688092 |
|  1.666%, 10/01/2026  | 920000 | 893470 |
|  1.316%, 10/01/2025  | 245000 | 242296 |
|  **New York State Mortgage Agency, Ser 229, RB**  |  |  |
|  **Callable 10/01/2029 @ 100**  |  |  |
|  2.280%, 10/01/2030  | 130000 | 115353 |
|  **New York State Mortgage Agency, Ser 230, RB**  |  |  |
|  2.180%, 10/01/2029  | 485000 | 442328 |
|  2.080%, 10/01/2028  | 960000 | 894842 |
|  1.816%, 10/01/2027  | 565000 | 536237 |
|  1.666%, 10/01/2026  | 420000 | 407889 |
|  1.316%, 10/01/2025  | 130000 | 128565 |
|  **New York State Mortgage Agency, Ser 230, RB**  |  |  |
|  **Callable 10/01/2029 @ 100**  |  |  |
|  2.280%, 10/01/2030  | 500000 | 443665 |
|  **New York State Mortgage Agency, Ser 237, RB**  |  |  |
|  1.945%, 04/01/2029  | 615000 | 558219 |
|  1.516%, 04/01/2027  | 1235000 | 1170241 |
|  1.271%, 10/01/2026  | 4155000 | 3980233 |
|  1.221%, 04/01/2026  | 1215000 | 1181527 |
|  1.141%, 10/01/2025  | 2355000 | 2327704 |
|  **New York State Mortgage Agency, Ser 245, RB**  |  |  |
|  2.625%, 10/01/2027  | 2125000 | 2042120 |
|  2.575%, 04/01/2027  | 2500000 | 2420562 |
|  2.525%, 10/01/2026  | 970000 | 946380 |
|  **New York State Mortgage Agency, Ser 254, RB**  |  |  |
|  5.198%, 10/01/2029  | 250000 | 256115 |
|  5.148%, 04/01/2029  | 80000 | 81768 |
|  **New York State Mortgage Agency, Ser 256, RB**  |  |  |
|  5.251%, 10/01/2027  | 100000 | 101853 |
|  5.215%, 10/01/2026  | 100000 | 101001 |
|  5.201%, 04/01/2027  | 100000 | 101390 |
|  5.165%, 04/01/2026  | 30000 | 30167 |

---

------

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

**47**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  **New York State Mortgage Agency, Ser 265, RB**  |  |  |  |  |
|  4.779%, 04/01/2031  | $| 520000 | $| 520154 |
|  4.729%, 10/01/2030  |  | 70000 |  | 70096 |
|  |  |  |  | 97272899 |
|  **North Carolina - 0.04%**  | **North Carolina - 0.04%**  | **North Carolina - 0.04%**  | **North Carolina - 0.04%**  | **North Carolina - 0.04%**  |
|  **North Carolina State Agricultural & Technical State University, Ser 2020, RB**  |  |  |  |  |
|  2.092%, 10/01/2030  |  | 510000 |  | 451016 |
|  **North Carolina State Housing Finance Agency, Ser 52-B, RB**  |  |  |  |  |
|  5.428%, 07/01/2025  |  | 155000 |  | 155102 |
|  5.379%, 01/01/2026  |  | 15000 |  | 15077 |
|  **North Carolina State Housing Finance Agency, Ser 53-B, RB**  |  |  |  |  |
|  5.023%, 07/01/2029  |  | 135000 |  | 137493 |
|  4.918%, 01/01/2026  |  | 120000 |  | 120299 |
|  4.873%, 07/01/2028  |  | 100000 |  | 101318 |
|  4.835%, 01/01/2027  |  | 160000 |  | 161077 |
|  4.823%, 01/01/2028  |  | 100000 |  | 101055 |
|  **North Carolina State Housing Finance Agency, Ser B, RB**  |  |  |  |  |
|  4.594%, 07/01/2029  |  | 90000 |  | 90234 |
|  |  |  |  | 1332671 |
|  **Ohio - 0.11%**  | **Ohio - 0.11%**  | **Ohio - 0.11%**  | **Ohio - 0.11%**  | **Ohio - 0.11%**  |
|  **Ohio State Housing Finance Agency, Ser B, RB**  |  |  |  |  |
|  **Callable 01/01/2026 @ 100**  |  |  |  |  |
|  3.250%, 03/01/2046  |  | 177328 |  | 156394 |
|  **Ohio State Housing Finance Agency, Ser B, RB**  |  |  |  |  |
|  **Callable 09/01/2027 @ 100**  |  |  |  |  |
|  3.700%, 04/01/2040  |  | 2326728 |  | 2166005 |
|  **Ohio State Housing Finance Agency, Ser C, RB**  |  |  |  |  |
|  5.197%, 09/01/2028  |  | 115000 |  | 117404 |
|  5.157%, 03/01/2028  |  | 30000 |  | 30177 |
|  **Ohio State Housing Finance Agency, Ser C, RB**  |  |  |  |  |
|  **Callable 01/01/2026 @ 100**  |  |  |  |  |
|  2.900%, 09/01/2037  |  | 1612212 |  | 1492763 |
|  |  |  |  | 3962743 |
|  **Oregon - 0.59%**  | **Oregon - 0.59%**  | **Oregon - 0.59%**  | **Oregon - 0.59%**  | **Oregon - 0.59%**  |
|  **Oregon State Housing & Community Services Department, Ser C, RB**  |  |  |  |  |
|  5.495%, 07/01/2028  |  | 250000 |  | 256657 |
|  5.445%, 01/01/2028  |  | 290000 |  | 296504 |
|  5.357%, 01/01/2026  |  | 120000 |  | 120553 |
|  5.357%, 07/01/2026  |  | 115000 |  | 116036 |
|  5.295%, 01/01/2027  |  | 140000 |  | 141724 |
|  **Oregon State, Metropolitan, Ser B, GO**  |  |  |  |  |
|  1.760%, 06/01/2028  |  | 570000 |  | 531235 |
|  **Oregon State, Ser B, GO**  |  |  |  |  |
|  4.963%, 05/01/2030  |  | 3000000 |  | 3084561 |
|  4.295%, 05/01/2027  |  | 430000 |  | 431523 |
|  4.142%, 05/01/2028  |  | 2655000 |  | 2658471 |
|  4.112%, 05/01/2027  |  | 2500000 |  | 2500053 |
|  4.037%, 05/01/2032  |  | 1770000 |  | 1706254 |
|  3.887%, 05/01/2030  |  | 700000 |  | 686708 |
|  3.492%, 05/01/2028  |  | 1930000 |  | 1898396 |
|  3.315%, 05/01/2027  |  | 1000000 |  | 985500 |

---

------

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

---

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

---

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  **Oregon State, Ser B, GO**  |  |  |  |  |
|  **Callable 05/01/2027 @ 100**  |  |  |  |  |
|  3.886%, 05/01/2037  | $| 205000 | $| 186033 |
|  **Oregon State, Ser L, GO**  |  |  |  |  |
|  1.305%, 11/01/2026  |  | 500000 |  | 480522 |
|  1.105%, 11/01/2025  |  | 600000 |  | 592168 |
|  **Tri-County Metropolitan Transportation District of Oregon, Ser B, RB**  |  |  |  |  |
|  1.586%, 09/01/2028  |  | 800000 |  | 736707 |
|  1.386%, 09/01/2027  |  | 2990000 |  | 2809670 |
|  1.200%, 09/01/2026  |  | 1000000 |  | 962116 |
|  0.950%, 09/01/2025  |  | 600000 |  | 594768 |
|  |  |  |  | 21776159 |
|  **Pennsylvania - 0.33%**  | **Pennsylvania - 0.33%**  | **Pennsylvania - 0.33%**  | **Pennsylvania - 0.33%**  | **Pennsylvania - 0.33%**  |
|  **Commonwealth Financing Authority, Ser C, RB**  |  |  |  |  |
|  2.758%, 06/01/2030  |  | 1915000 |  | 1747845 |
|  **Pennsylvania State Economic Development Financing Authority, Ser 2025, RB**  |  |  |  |  |
|  4.723%, 06/01/2029  |  | 365000 |  | 367194 |
|  **Pennsylvania State Housing Finance Agency, Ser 130B, RB**  |  |  |  |  |
|  2.375%, 04/01/2027  |  | 2715000 |  | 2626765 |
|  **Pennsylvania State Housing Finance Agency, Ser 144B, RB**  |  |  |  |  |
|  4.997%, 10/01/2028  |  | 270000 |  | 275423 |
|  **Pennsylvania State Housing Finance Agency, Ser 145B, RB**  |  |  |  |  |
|  4.884%, 10/01/2029  |  | 3385000 |  | 3437042 |
|  4.784%, 10/01/2028  |  | 2510000 |  | 2544084 |
|  **Redevelopment Authority of the Philadelphia, Ser A, RB**  |  |  |  |  |
|  4.867%, 09/01/2025  |  | 700000 |  | 700391 |
|  4.503%, 09/01/2026  |  | 560000 |  | 560090 |
|  |  |  |  | 12258834 |
|  **Rhode Island - 0.25%**  | **Rhode Island - 0.25%**  | **Rhode Island - 0.25%**  | **Rhode Island - 0.25%**  | **Rhode Island - 0.25%**  |
|  **Rhode Island State Housing and Mortgage Finance Corp., Ser 2-T, RB**  |  |  |  |  |
|  2.700%, 10/01/2028  |  | 145000 |  | 137171 |
|  2.600%, 10/01/2027  |  | 145000 |  | 139261 |
|  2.500%, 10/01/2026  |  | 70000 |  | 68250 |
|  2.400%, 10/01/2025  |  | 130000 |  | 129069 |
|  1.696%, 10/01/2027  |  | 100000 |  | 94062 |
|  1.646%, 04/01/2027  |  | 175000 |  | 166584 |
|  1.179%, 10/01/2025  |  | 275000 |  | 271946 |
|  **Rhode Island State Housing and Mortgage Finance Corp., Ser 2-T, RB**  |  |  |  |  |
|  **Callable 04/01/2029 @ 100**  |  |  |  |  |
|  2.800%, 10/01/2029  |  | 95000 |  | 88472 |
|  **Rhode Island State Housing and Mortgage Finance Corp., Ser 7, RB**  |  |  |  |  |
|  5.163%, 10/01/2028  |  | 375000 |  | 385502 |
|  5.113%, 04/01/2028  |  | 360000 |  | 368635 |
|  **Rhode Island State Housing and Mortgage Finance Corp., Ser 77-T, RB**  |  |  |  |  |
|  3.900%, 10/01/2028  |  | 800000 |  | 791344 |
|  3.850%, 04/01/2028  |  | 665000 |  | 658765 |
|  3.800%, 10/01/2027  |  | 1530000 |  | 1517095 |
|  3.750%, 04/01/2027  |  | 360000 |  | 357307 |

---

------

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

**49**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  **Rhode Island State Housing and Mortgage Finance Corp., Ser 78-T, RB**  |  |  |  |  |
|  5.210%, 10/01/2026  | $| 970000 | $| 982436 |
|  5.160%, 04/01/2026  |  | 940000 |  | 946903 |
|  **Rhode Island State Housing and Mortgage Finance Corp., Ser 80-T-1, RB**  |  |  |  |  |
|  5.150%, 10/01/2028  |  | 60000 |  | 61656 |
|  5.060%, 10/01/2027  |  | 700000 |  | 713480 |
|  **Rhode Island State Housing and Mortgage Finance Corp., Ser 81-T, RB**  |  |  |  |  |
|  5.686%, 10/01/2026  |  | 195000 |  | 198688 |
|  **Rhode Island State Housing and Mortgage Finance Corp., Ser 83-T, RB**  |  |  |  |  |
|  5.031%, 10/01/2030  |  | 275000 |  | 281547 |
|  **Rhode Island State Housing and Mortgage Finance Corp., Ser 84-T, RB**  |  |  |  |  |
|  4.355%, 04/01/2031  |  | 110000 |  | 108585 |
|  4.355%, 10/01/2031  |  | 750000 |  | 736861 |
|  |  |  |  | 9203619 |
|  **South Dakota - 0.08%**  | **South Dakota - 0.08%**  | **South Dakota - 0.08%**  | **South Dakota - 0.08%**  | **South Dakota - 0.08%**  |
|  **South Dakota State Housing Development Authority, Ser 1, RB**  |  |  |  |  |
|  **Callable 11/01/2025 @ 100**  |  |  |  |  |
|  3.500%, 11/01/2041  |  | 65000 |  | 64525 |
|  **South Dakota State Housing Development Authority, Ser B, RB**  |  |  |  |  |
|  4.798%, 05/01/2029  |  | 280000 |  | 282252 |
|  **South Dakota State Housing Development Authority, Ser D, RB**  |  |  |  |  |
|  4.482%, 11/01/2031  |  | 2590000 |  | 2515263 |
|  |  |  |  | 2862040 |
|  **Tennessee - 0.44%**  | **Tennessee - 0.44%**  | **Tennessee - 0.44%**  | **Tennessee - 0.44%**  | **Tennessee - 0.44%**  |
|  **Tennessee State Housing Development Agency, RB**  |  |  |  |  |
|  5.120%, 01/01/2032  |  | 110000 |  | 110627 |
|  5.120%, 07/01/2032  |  | 175000 |  | 175279 |
|  5.010%, 07/01/2031  |  | 115000 |  | 115531 |
|  4.910%, 01/01/2030  |  | 100000 |  | 100942 |
|  4.910%, 07/01/2030  |  | 115000 |  | 115855 |
|  **Tennessee State Housing Development Agency, RB**  |  |  |  |  |
|  **Callable 01/01/2033 @ 100**  |  |  |  |  |
|  5.320%, 07/01/2034  |  | 65000 |  | 64624 |
|  5.220%, 07/01/2033  |  | 110000 |  | 109711 |
|  **Tennessee State Housing Development Agency, Ser 1B, RB**  |  |  |  |  |
|  5.236%, 07/01/2030  |  | 175000 |  | 178860 |
|  5.186%, 01/01/2030  |  | 200000 |  | 204234 |
|  5.166%, 07/01/2029  |  | 30000 |  | 30632 |
|  5.116%, 01/01/2029  |  | 120000 |  | 122292 |
|  5.101%, 01/01/2026  |  | 40000 |  | 40130 |
|  5.101%, 07/01/2026  |  | 105000 |  | 105693 |
|  5.066%, 07/01/2028  |  | 255000 |  | 259320 |
|  5.016%, 01/01/2028  |  | 210000 |  | 212908 |
|  4.960%, 01/01/2027  |  | 195000 |  | 196533 |
|  2.240%, 07/01/2029  |  | 310000 |  | 281816 |
|  2.190%, 01/01/2029  |  | 1200000 |  | 1100801 |

---

------

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

---

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

---

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  2.120%, 07/01/2028  | $| 270000 | $| 252555 |
|  1.961%, 07/01/2027  |  | 720000 |  | 685894 |
|  1.911%, 01/01/2027  |  | 285000 |  | 274256 |
|  1.861%, 07/01/2026  |  | 505000 |  | 491319 |
|  1.811%, 01/01/2026  |  | 475000 |  | 467695 |
|  1.720%, 07/01/2025  |  | 520000 |  | 518784 |
|  **Tennessee State Housing Development Agency, Ser 1B, RB**  |  |  |  |  |
|  **Callable 07/01/2029 @ 100**  |  |  |  |  |
|  3.750%, 07/01/2050  |  | 1350000 |  | 1313953 |
|  2.290%, 01/01/2030  |  | 1230000 |  | 1115700 |
|  **Tennessee State Housing Development Agency, Ser 1-B, RB**  |  |  |  |  |
|  4.896%, 07/01/2028  |  | 270000 |  | 273267 |
|  4.846%, 01/01/2028  |  | 425000 |  | 429142 |
|  4.746%, 07/01/2027  |  | 250000 |  | 251604 |
|  4.696%, 01/01/2027  |  | 405000 |  | 406571 |
|  **Tennessee State Housing Development Agency, Ser 2, RB**  |  |  |  |  |
|  2.358%, 07/01/2029  |  | 1410000 |  | 1299526 |
|  2.308%, 01/01/2029  |  | 695000 |  | 646601 |
|  **Tennessee State Housing Development Agency, Ser 2, RB**  |  |  |  |  |
|  **Callable 07/01/2029 @ 100**  |  |  |  |  |
|  2.458%, 07/01/2030  |  | 910000 |  | 822283 |
|  2.408%, 01/01/2030  |  | 885000 |  | 807032 |
|  **Tennessee State Housing Development Agency, Ser 2B, RB**  |  |  |  |  |
|  5.211%, 07/01/2029  |  | 45000 |  | 46050 |
|  5.164%, 07/01/2028  |  | 70000 |  | 71292 |
|  5.134%, 01/01/2028  |  | 95000 |  | 96426 |
|  5.084%, 07/01/2027  |  | 185000 |  | 187178 |
|  5.081%, 07/01/2026  |  | 140000 |  | 140800 |
|  5.011%, 07/01/2031  |  | 330000 |  | 331492 |
|  4.981%, 01/01/2031  |  | 50000 |  | 50355 |
|  4.951%, 07/01/2030  |  | 670000 |  | 676246 |
|  4.840%, 07/01/2029  |  | 385000 |  | 388483 |
|  4.810%, 01/01/2029  |  | 655000 |  | 660953 |
|  |  |  |  | 16231245 |
|  **Texas - 0.41%**  | **Texas - 0.41%**  | **Texas - 0.41%**  | **Texas - 0.41%**  | **Texas - 0.41%**  |
|  **Austin Electric Utility System Revenue Authority, Ser A, RB**  |  |  |  |  |
|  2.937%, 11/15/2028  |  | 860000 |  | 822730 |
|  **Colony Local Development Corp., Ser A, RB**  |  |  |  |  |
|  3.866%, 10/01/2028  |  | 490000 |  | 484607 |
|  **State of Texas, Ser 2023 D, GO**  |  |  |  |  |
|  5.000%, 08/01/2028  |  | 140000 |  | 143610 |
|  5.000%, 08/01/2029  |  | 885000 |  | 911824 |
|  **Texas State Affordable Housing Corp., Ser A, RB**  |  |  |  |  |
|  **Callable 06/24/2025 @ 100**  |  |  |  |  |
|  2.700%, 09/01/2041  |  | 1030000 |  | 772724 |
|  **Texas State Affordable Housing Corp., Ser B, RB**  |  |  |  |  |
|  5.080%, 03/01/2030  |  | 45000 |  | 45763 |
|  4.950%, 03/01/2026  |  | 125000 |  | 125404 |
|  4.940%, 03/01/2029  |  | 75000 |  | 76007 |
|  4.870%, 03/01/2027  |  | 50000 |  | 50367 |
|  **Texas State Department of Housing & Community Affairs, Ser B, RB**  |  |  |  |  |
|  5.106%, 09/01/2029  |  | 120000 |  | 122296 |

---

------

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

**51**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  5.019%, 07/01/2031  | $| 200000 | $| 201300 |
|  4.989%, 01/01/2031  |  | 200000 |  | 201729 |
|  4.909%, 09/01/2027  |  | 75000 |  | 75800 |
|  4.890%, 07/01/2026  |  | 200000 |  | 200888 |
|  4.869%, 03/01/2027  |  | 345000 |  | 347663 |
|  4.836%, 07/01/2029  |  | 215000 |  | 216968 |
|  4.776%, 01/01/2029  |  | 175000 |  | 176417 |
|  4.757%, 07/01/2027  |  | 200000 |  | 201329 |
|  4.746%, 07/01/2028  |  | 165000 |  | 166296 |
|  4.727%, 01/01/2027  |  | 230000 |  | 231007 |
|  **Texas State Department of Housing & Community Affairs, Ser C, RB**  |  |  |  |  |
|  5.619%, 07/01/2025  |  | 85000 |  | 85065 |
|  5.380%, 07/01/2026  |  | 200000 |  | 201910 |
|  4.931%, 07/01/2032  |  | 275000 |  | 273995 |
|  4.881%, 01/01/2032  |  | 250000 |  | 249146 |
|  4.851%, 07/01/2031  |  | 515000 |  | 512947 |
|  4.781%, 01/01/2031  |  | 455000 |  | 453719 |
|  4.649%, 07/01/2030  |  | 365000 |  | 364114 |
|  4.579%, 01/01/2030  |  | 135000 |  | 134682 |
|  4.519%, 07/01/2029  |  | 250000 |  | 249415 |
|  4.499%, 01/01/2029  |  | 115000 |  | 114729 |
|  4.392%, 07/01/2028  |  | 320000 |  | 319220 |
|  4.299%, 01/01/2027  |  | 120000 |  | 119797 |
|  **Texas State Department of Housing & Community Affairs, Ser C, RB**  |  |  |  |  |
|  **Callable 09/01/2026 @ 100**  |  |  |  |  |
|  3.100%, 09/01/2047  |  | 230672 |  | 213319 |
|  **Texas State Department of Housing & Community Affairs, Ser D, RB**  |  |  |  |  |
|  5.077%, 09/01/2026  |  | 300000 |  | 302323 |
|  4.998%, 07/01/2032  |  | 1055000 |  | 1051280 |
|  4.948%, 01/01/2032  |  | 1040000 |  | 1038399 |
|  4.901%, 07/01/2031  |  | 1010000 |  | 1010364 |
|  4.851%, 07/01/2030  |  | 970000 |  | 975475 |
|  4.851%, 01/01/2031  |  | 995000 |  | 996954 |
|  4.751%, 01/01/2030  |  | 750000 |  | 752940 |
|  |  |  |  | 14994522 |
|  **Utah - 1.12%**  | **Utah - 1.12%**  | **Utah - 1.12%**  | **Utah - 1.12%**  | **Utah - 1.12%**  |
|  **Utah State Housing Corp., Ser A, RB**  |  |  |  |  |
|  2.900%, 07/01/2029  |  | 285000 |  | 265736 |
|  2.850%, 01/01/2029  |  | 335000 |  | 314857 |
|  2.800%, 07/01/2028  |  | 305000 |  | 288993 |
|  2.750%, 01/01/2028  |  | 340000 |  | 324559 |
|  2.700%, 07/01/2027  |  | 600000 |  | 577268 |
|  2.650%, 01/01/2027  |  | 460000 |  | 445997 |
|  **Utah State Housing Corp., Ser A, RB**  |  |  |  |  |
|  **Callable 07/01/2029 @ 101**  |  |  |  |  |
|  3.875%, 01/01/2050  |  | 575000 |  | 564496 |
|  **Utah State Housing Corp., Ser B, RB**  |  |  |  |  |
|  **Callable 01/01/2028 @ 100**  |  |  |  |  |
|  2.690%, 01/01/2048  |  | 442000 |  | 341261 |
|  **Utah State Housing Corp., Ser B, RB**  |  |  |  |  |
|  5.847%, 07/01/2032  |  | 335000 |  | 352863 |

---

------

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

---

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

---

 

---

| | | |
|:---|:---|:---|
|  | **Principal Amount** | **Value** |
|  5.817%, 01/01/2032  | $500000 | $526814 |
|  5.787%, 07/01/2031  | 465000 | 489839 |
|  5.737%, 01/01/2031  | 245000 | 257711 |
|  5.700%, 07/01/2030  | 445000 | 467507 |
|  5.650%, 01/01/2030  | 435000 | 455653 |
|  5.600%, 07/01/2029  | 275000 | 287077 |
|  5.550%, 01/01/2029  | 250000 | 259904 |
|  5.302%, 01/01/2028  | 25000 | 25644 |
|  5.289%, 01/01/2033  | 720000 | 731505 |
|  5.260%, 07/01/2026  | 125000 | 126321 |
|  5.239%, 07/01/2032  | 585000 | 595167 |
|  5.232%, 01/01/2027  | 25000 | 25381 |
|  5.076%, 01/01/2032  | 525000 | 532313 |
|  5.056%, 07/01/2031  | 300000 | 304843 |
|  5.026%, 01/01/2031  | 300000 | 305226 |
|  4.976%, 07/01/2030  | 150000 | 152726 |
|  4.828%, 01/01/2030  | 155000 | 157290 |
|  4.818%, 07/01/2029  | 250000 | 253868 |
|  4.788%, 07/01/2028  | 125000 | 126785 |
|  4.661%, 01/01/2028  | 100000 | 101038 |
|  4.631%, 07/01/2027  | 275000 | 277270 |
|  4.549%, 01/01/2027  | 5000 | 5025 |
|  **Utah State Housing Corp., Ser B, RB**  |  |  |
|  **Callable 07/01/2032 @ 100**  |  |  |
|  5.887%, 07/01/2033  | 310000 | 324140 |
|  5.867%, 01/01/2033  | 330000 | 346355 |
|  **Utah State Housing Corp., Ser B, RB**  |  |  |
|  **Callable 01/01/2033 @ 100**  |  |  |
|  5.489%, 07/01/2034  | 500000 | 507070 |
|  5.419%, 01/01/2034  | 1480000 | 1501358 |
|  5.339%, 07/01/2033  | 390000 | 395559 |
|  **Utah State Housing Corp., Ser D, RB**  |  |  |
|  5.194%, 07/01/2030  | 155000 | 159322 |
|  5.176%, 01/01/2035  | 885000 | 875728 |
|  5.126%, 07/01/2034  | 1280000 | 1268020 |
|  5.076%, 01/01/2034  | 1000000 | 991759 |
|  4.976%, 07/01/2033  | 330000 | 326955 |
|  4.756%, 07/01/2032  | 200000 | 198141 |
|  4.656%, 07/01/2031  | 295000 | 293242 |
|  4.479%, 07/01/2030  | 755000 | 752035 |
|  4.389%, 07/01/2029  | 270000 | 269672 |
|  4.259%, 07/01/2028  | 410000 | 409759 |
|  **Utah State Housing Corp., Ser E, RB**  |  |  |
|  **Callable 06/24/2025 @ 100**  |  |  |
|  2.200%, 07/01/2041  | 85000 | 83985 |
|  **Utah State Housing Corp., Ser F, RB**  |  |  |
|  5.009%, 07/01/2030  | 755000 | 769791 |
|  4.959%, 01/01/2030  | 830000 | 845922 |
|  4.919%, 07/01/2029  | 805000 | 820103 |
|  4.869%, 01/01/2029  | 775000 | 788408 |
|  4.819%, 07/01/2028  | 745000 | 756616 |
|  4.789%, 01/01/2028  | 250000 | 253342 |
|  **Utah State Housing Corp., Ser H, RB**  |  |  |
|  5.154%, 01/01/2033  | 1405000 | 1415102 |

---

------

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

**53**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  5.104%, 07/01/2032  | $| 65000 | $| 65606 |
|  5.024%, 01/01/2032  |  | 670000 |  | 676302 |
|  4.912%, 07/01/2031  |  | 655000 |  | 660149 |
|  4.872%, 01/01/2031  |  | 640000 |  | 646332 |
|  4.822%, 07/01/2030  |  | 1245000 |  | 1258969 |
|  4.802%, 01/01/2030  |  | 610000 |  | 617742 |
|  4.745%, 07/01/2029  |  | 450000 |  | 455539 |
|  4.645%, 01/01/2029  |  | 585000 |  | 590873 |
|  **Utah State Housing Corp., Ser H, RB**  |  |  |  |  |
|  **Callable 01/01/2033 @ 100**  |  |  |  |  |
|  5.204%, 07/01/2033  |  | 1425000 |  | 1432770 |
|  **Utah State Housing Corp., Ser J, RB**  |  |  |  |  |
|  4.858%, 07/01/2032  |  | 500000 |  | 497423 |
|  4.798%, 01/01/2032  |  | 320000 |  | 318980 |
|  4.663%, 07/01/2031  |  | 450000 |  | 447611 |
|  4.603%, 01/01/2031  |  | 290000 |  | 289054 |
|  4.513%, 01/01/2030  |  | 515000 |  | 515461 |
|  4.513%, 07/01/2030  |  | 460000 |  | 458767 |
|  4.356%, 07/01/2029  |  | 215000 |  | 214559 |
|  4.306%, 07/01/2028  |  | 165000 |  | 165149 |
|  4.306%, 01/01/2029  |  | 340000 |  | 339593 |
|  4.292%, 07/01/2026  |  | 200000 |  | 200091 |
|  4.250%, 01/01/2027  |  | 300000 |  | 300120 |
|  4.250%, 07/01/2027  |  | 250000 |  | 250202 |
|  4.246%, 01/01/2028  |  | 200000 |  | 200037 |
|  **Utah State Housing Corp., Ser J, RB**  |  |  |  |  |
|  **Callable 07/01/2032 @ 100**  |  |  |  |  |
|  5.058%, 07/01/2034  |  | 150000 |  | 147801 |
|  5.008%, 01/01/2034  |  | 600000 |  | 592440 |
|  4.968%, 07/01/2033  |  | 1205000 |  | 1193214 |
|  4.908%, 01/01/2033  |  | 500000 |  | 496197 |
|  **Utah State Housing Corp., Ser K, RB**  |  |  |  |  |
|  **Callable 06/03/2025 @ 100**  |  |  |  |  |
|  4.350%, 07/01/2055 (b) |  | 4000000 |  | 4000000 |
|  |  |  |  | 41324302 |
|  **Virginia - 0.27%**  | **Virginia - 0.27%**  | **Virginia - 0.27%**  | **Virginia - 0.27%**  | **Virginia - 0.27%**  |
|  **Virginia State Housing Development Authority, Ser A, RB**  |  |  |  |  |
|  4.737%, 04/01/2029  |  | 380000 |  | 384759 |
|  3.250%, 08/25/2042  |  | 61110 |  | 56070 |
|  3.125%, 11/25/2039  |  | 388914 |  | 339741 |
|  3.100%, 06/25/2041  |  | 2254553 |  | 1948388 |
|  2.950%, 10/25/2049  |  | 901564 |  | 687227 |
|  **Virginia State Housing Development Authority, Ser C, RB**  |  |  |  |  |
|  4.250%, 10/25/2043  |  | 118512 |  | 112350 |
|  **Virginia State Housing Development Authority, Ser D, RB**  |  |  |  |  |
|  **Callable 06/24/2025 @ 100**  |  |  |  |  |
|  3.568%, 10/01/2026  |  | 2000000 |  | 1975857 |
|  **Virginia State Housing Development Authority, Ser E, RB**  |  |  |  |  |
|  1.519%, 06/01/2028  |  | 450000 |  | 413140 |
|  1.319%, 06/01/2027  |  | 500000 |  | 470477 |
|  0.985%, 06/01/2026  |  | 1230000 |  | 1187945 |
|  0.835%, 06/01/2025  |  | 625000 |  | 625000 |

---

------

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

---

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

---

 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal Amount** | **Value** | **Value** |
|  **Virginia State Housing Development Authority, Ser F, RB**  |  |  |  |
|  **Callable 06/24/2025 @ 100**  |  |  |  |
|  3.400%, 12/01/2026  | 500000 | $| 492157 |
|  **Virginia State Housing Development Authority, Ser J, RB**  |  |  |  |
|  1.690%, 11/01/2027  | 725000 |  | 679626 |
|  1.437%, 11/01/2026  | 400000 |  | 383431 |
|  1.237%, 11/01/2025  | 350000 |  | 345189 |
|  |  |  | 10101357 |
|  **Washington - 0.11%**  | **Washington - 0.11%**  | **Washington - 0.11%**  | **Washington - 0.11%**  |
|  **King County Housing Authority, RB**  |  |  |  |
|  **Callable 07/19/2025 @ 100**  |  |  |  |
|  6.375%, 12/31/2046  | 3390000 |  | 3394778 |
|  **King County Housing Authority, Ser C, GO**  |  |  |  |
|  1.690%, 12/01/2028  | 265000 |  | 243234 |
|  1.400%, 12/01/2026  | 310000 |  | 297259 |
|  |  |  | 3935271 |
|  **West Virginia - 0.01%**  | **West Virginia - 0.01%**  | **West Virginia - 0.01%**  | **West Virginia - 0.01%**  |
|  **West Virginia State Housing Development Fund, Ser A, RB**  |  |  |  |
|  3.200%, 11/01/2028  | 440000 |  | 429657 |
|  **TOTAL MUNICIPAL BONDS (Cost $493,049,534)** | **TOTAL MUNICIPAL BONDS (Cost $493,049,534)** |  | 481198787 |
| **CORPORATE BONDS - 12.39%** | **CORPORATE BONDS - 12.39%** | **CORPORATE BONDS - 12.39%** | **CORPORATE BONDS - 12.39%** |
|  **Communication Services - 2.24%** | **Communication Services - 2.24%** | **Communication Services - 2.24%** | **Communication Services - 2.24%** |
|  **Comcast Corp.** | **Comcast Corp.** |  |  |
|  4.65%, 02/15/2033  | 82237000 |  | 80509242 |
|  **Verizon Communications** | **Verizon Communications** |  |  |
|  5.05%, 05/09/2033  | 2274000 |  | 2274349 |
|  |  |  | 82783591 |
|  **Consumer Discretionary - 0.66%** | **Consumer Discretionary - 0.66%** | **Consumer Discretionary - 0.66%** | **Consumer Discretionary - 0.66%** |
|  **Bridge Housing Corp.** | **Bridge Housing Corp.** |  |  |
|  3.25%, 07/15/2030  | 5000000 |  | 4545542 |
|  **Howard University** | **Howard University** |  |  |
|  1.99%, 10/01/2025  | 1000000 |  | 985275 |
|  **J Paul Getty Trust** | **J Paul Getty Trust** |  |  |
|  4.91%, 04/01/2035  | 1410000 |  | 1392352 |
|  **National Community Renaissance of California** | **National Community Renaissance of California** |  |  |
|  3.27%, 12/01/2032  | 7840000 |  | 6643711 |
|  **Preservation of Affordable Housing** | **Preservation of Affordable Housing** |  |  |
|  4.48%, 12/01/2032  | 5100000 |  | 4941254 |
|  **Toyota Motor Corp.** | **Toyota Motor Corp.** |  |  |
|  5.12%, 07/13/2028  | 5690000 |  | 5815825 |
|  |  |  | 24323959 |
|  **Consumer Staples - 0.36%** | **Consumer Staples - 0.36%** | **Consumer Staples - 0.36%** | **Consumer Staples - 0.36%** |
|  **Walmart** | **Walmart** |  |  |
|  1.80%, 09/22/2031  | 15336000 |  | 13205410 |
|  **Financials - 6.09%** | **Financials - 6.09%** | **Financials - 6.09%** | **Financials - 6.09%** |
|  **American Express** | **American Express** |  |  |
|  4.05%, 05/03/2029  | 44114000 |  | 43838989 |
|  **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** |  |  |
|  0.95%, 08/01/2027  | 20238000 |  | 18861784 |

---

------

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

**55**

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal Amount** | **Value** | **Value** |
|  **Bank of America Corp.** | **Bank of America Corp.** |  |  |
|  6.20%, SOFRRATE + 1.990%, 11/10/2028 (b) | 48046000 | $| 49755567 |
|  **Capital Impact Partners** | **Capital Impact Partners** |  |  |
|  5.70%, 07/15/2026  | 1000000 |  | 1000644 |
|  **Century Housing Corp.** | **Century Housing Corp.** |  |  |
|  5.40%, 08/15/2025  | 2000000 |  | 2005053 |
|  **Citibank** | **Citibank** |  |  |
|  4.88%, SOFRRATE + 0.712%, 11/19/2027 (b) | 22825000 |  | 22915898 |
|  **Equitable Financial Life Global Funding** | **Equitable Financial Life Global Funding** |  |  |
|  1.30%, 07/12/2026 (c) | 13949000 |  | 13472419 |
|  **JPMorgan Chase** | **JPMorgan Chase** |  |  |
|  6.07%, SOFRRATE + 1.330%, 10/22/2027 (b) | 14000000 |  | 14290712 |
|  **Local Initiatives Support Corp.** | **Local Initiatives Support Corp.** |  |  |
|  1.00%, 11/15/2025  | 5000000 |  | 4929444 |
|  5.35%, 06/15/2027  | 500000 |  | 500363 |
|  **M&T Bank Corp.** | **M&T Bank Corp.** |  |  |
|  4.83%, SOFRRATE + 0.930%, 01/16/2029 (b) | 12798000 |  | 12814773 |
|  **Massachusetts State Higher Education Assistance Corp.** | **Massachusetts State Higher Education Assistance Corp.** |  |  |
|  2.67%, 07/01/2031  | 6000000 |  | 5206772 |
|  **Metropolitan Life Global Funding I** | **Metropolitan Life Global Funding I** |  |  |
|  4.40%, 06/30/2027 (c) | 14695000 |  | 14722846 |
|  **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |  |  |
|  5.26%, 12/11/2026  | 7539000 |  | 7623597 |
|  **USAA Capital Corp.** | **USAA Capital Corp.** |  |  |
|  2.13%, 05/01/2030 (c) | 14399000 |  | 12970953 |
|  |  |  | 224909814 |
|  **Government-Related - 0.08%** | **Government-Related - 0.08%** | **Government-Related - 0.08%** | **Government-Related - 0.08%** |
|  **Europe Development Bank** | **Europe Development Bank** |  |  |
|  3.00%, 06/16/2025  | 3000000 |  | 2998300 |
|  **Information Technology - 0.58%** | **Information Technology - 0.58%** | **Information Technology - 0.58%** | **Information Technology - 0.58%** |
|  **salesforce.com** | **salesforce.com** |  |  |
|  1.50%, 07/15/2028  | 23297000 |  | 21504148 |
|  **Real Estate - 2.38%** | **Real Estate - 2.38%** | **Real Estate - 2.38%** | **Real Estate - 2.38%** |
|  **ERP Operating** | **ERP Operating** |  |  |
|  4.15%, 12/01/2028  | 1000000 |  | 991874 |
|  **Prologis** | **Prologis** |  |  |
|  1.25%, 10/15/2030  | 53216000 |  | 44951155 |
|  4.63%, 01/15/2033  | 42672000 |  | 41751452 |
|  |  |  | 87694481 |
|  **TOTAL CORPORATE BONDS (Cost $466,107,756)** | **TOTAL CORPORATE BONDS (Cost $466,107,756)** |  | 457419703 |
| **U.S. TREASURY OBLIGATIONS - 9.78%** | **U.S. TREASURY OBLIGATIONS - 9.78%** | **U.S. TREASURY OBLIGATIONS - 9.78%** | **U.S. TREASURY OBLIGATIONS - 9.78%** |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** |  |  |
|  4.88%, 10/31/2030  | 8793000 |  | 9154337 |
|  4.63%, 05/31/2031  | 15193000 |  | 15628612 |
|  4.63%, 02/15/2035  | 59600000 |  | 60745438 |
|  4.50%, 11/15/2033  | 9000000 |  | 9136406 |
|  4.38%, 12/31/2029  | 16940000 |  | 17241744 |
|  4.38%, 11/30/2030  | 5000000 |  | 5085547 |
|  4.38%, 01/31/2032  | 8000000 |  | 8106250 |
|  4.25%, 12/31/2026  | 19000000 |  | 19072734 |

---

------

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

---

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

---

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** | **Value** |
|  4.25%, 01/31/2030  | $| 7221000 | $| 7312391 |
|  4.25%, 02/28/2031  |  | 4622000 |  | 4668581 |
|  4.13%, 11/15/2027  |  | 52000000 |  | 52288437 |
|  4.13%, 07/31/2031  |  | 11580000 |  | 11598998 |
|  4.13%, 03/31/2032  |  | 5945000 |  | 5934782 |
|  4.00%, 12/15/2027  |  | 16000000 |  | 16052500 |
|  4.00%, 01/31/2031  |  | 7935000 |  | 7918262 |
|  4.00%, 04/30/2032  |  | 20685000 |  | 20487846 |
|  3.88%, 04/30/2030  |  | 81795000 |  | 81488269 |
|  3.88%, 08/15/2033  |  | 5674000 |  | 5520625 |
|  3.50%, 01/31/2030  |  | 3750000 |  | 3677344 |
|  **TOTAL U.S. TREASURY OBLIGATIONS (Cost $361,824,037)** | **TOTAL U.S. TREASURY OBLIGATIONS (Cost $361,824,037)** | **TOTAL U.S. TREASURY OBLIGATIONS (Cost $361,824,037)** |  | 361119103 |
| **ASSET-BACKED SECURITIES - 3.30%** | **ASSET-BACKED SECURITIES - 3.30%** | **ASSET-BACKED SECURITIES - 3.30%** | **ASSET-BACKED SECURITIES - 3.30%** | **ASSET-BACKED SECURITIES - 3.30%** |
|  **Auto - 0.08%** | **Auto - 0.08%** | **Auto - 0.08%** | **Auto - 0.08%** | **Auto - 0.08%** |
|  **Tricolor Auto Securitization Trust** | **Tricolor Auto Securitization Trust** | **Tricolor Auto Securitization Trust** |  |  |
|  6.61%, 10/15/2027 (c) |  | 518535 |  | 520419 |
|  6.36%, 12/15/2027 (c) |  | 534984 |  | 536652 |
|  5.22%, 06/15/2028 (c) |  | 1797446 |  | 1794835 |
|  |  |  |  | 2851906 |
|  **Other Asset-Backed Securities - 3.22%** | **Other Asset-Backed Securities - 3.22%** | **Other Asset-Backed Securities - 3.22%** | **Other Asset-Backed Securities - 3.22%** | **Other Asset-Backed Securities - 3.22%** |
|  **Dividend Solar Loans** | **Dividend Solar Loans** | **Dividend Solar Loans** |  |  |
|  3.67%, 08/22/2039 (c) |  | 2682761 |  | 2393682 |
|  **GoodLeap Sustainable Home Solutions Trust** | **GoodLeap Sustainable Home Solutions Trust** | **GoodLeap Sustainable Home Solutions Trust** |  |  |
|  6.50%, 07/20/2055 (c) |  | 2286366 |  | 2122609 |
|  2.70%, 01/20/2049 (c) |  | 1704371 |  | 1363557 |
|  2.10%, 05/20/2048 (c) |  | 6171642 |  | 4596242 |
|  1.93%, 07/20/2048 (c) |  | 4865239 |  | 3870968 |
|  |  |  |  | 11953376 |
|  **Loanpal Solar Loan** | **Loanpal Solar Loan** | **Loanpal Solar Loan** |  |  |
|  2.47%, 12/20/2047 (c) |  | 1778946 |  | 1468834 |
|  2.29%, 01/20/2048 (c) |  | 6122952 |  | 4921725 |
|  2.22%, 03/20/2048 (c) |  | 2871493 |  | 2198529 |
|  |  |  |  | 8589088 |
|  **Mill City Solar Loan** | **Mill City Solar Loan** | **Mill City Solar Loan** |  |  |
|  4.34%, 03/20/2043 (c) |  | 4788194 |  | 4340010 |
|  3.69%, 07/20/2043 (c) |  | 1431801 |  | 1205661 |
|  |  |  |  | 5545671 |
|  **Mosaic Solar Loan Trust** | **Mosaic Solar Loan Trust** | **Mosaic Solar Loan Trust** |  |  |
|  6.10%, 06/20/2053 (c) |  | 2591502 |  | 2494400 |
|  5.50%, 09/20/2049 (c) |  | 1212274 |  | 1158434 |
|  4.45%, 06/20/2042 (c) |  | 700483 |  | 666813 |
|  4.38%, 01/21/2053 (c) |  | 1255317 |  | 1154745 |
|  4.20%, 02/22/2044 (c) |  | 6483209 |  | 5983372 |
|  4.01%, 06/22/2043 (c) |  | 1649930 |  | 1557139 |
|  3.82%, 06/22/2043 (c) |  | 2411584 |  | 2263654 |
|  2.64%, 01/20/2053 (c) |  | 3564022 |  | 2994226 |
|  2.10%, 04/20/2046 (c) |  | 1828329 |  | 1645013 |
|  1.64%, 04/22/2047 (c) |  | 6924307 |  | 5446827 |
|  1.51%, 12/20/2046 (c) |  | 3850140 |  | 3303137 |
|  1.44%, 08/20/2046 (c) |  | 2764349 |  | 2395229 |

---

------

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

**57**

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal Amount** | **Principal Amount** | **Value** |
|  1.44%, 06/20/2052 (c) | $| 5133173 | $4032197 |
|  |  |  | 35095186 |
|  **Oportun Issuance Trust** | **Oportun Issuance Trust** | **Oportun Issuance Trust** |  |
|  6.33%, 04/08/2031 (c) |  | 79625 | 79639 |
|  5.86%, 02/09/2032 (c) |  | 984402 | 985771 |
|  2.18%, 10/08/2031 (c) |  | 6228673 | 6095560 |
|  1.47%, 05/08/2031 (c) |  | 2735210 | 2674405 |
|  |  |  | 9835375 |
|  **Sunnova Helios II** | **Sunnova Helios II** | **Sunnova Helios II** |  |
|  1.62%, 07/20/2048 (c) |  | 10511459 | 8837687 |
|  **Sunnova Helios IV** | **Sunnova Helios IV** | **Sunnova Helios IV** |  |
|  2.98%, 06/20/2047 (c) |  | 2206381 | 1924499 |
|  **Sunnova Helios V** | **Sunnova Helios V** | **Sunnova Helios V** |  |
|  1.80%, 02/20/2048 (c) |  | 2026685 | 1540645 |
|  **Sunnova Helios XI Issuer** | **Sunnova Helios XI Issuer** | **Sunnova Helios XI Issuer** |  |
|  5.30%, 05/20/2050 (c) |  | 6718961 | 6945082 |
|  **Sunnova Helios XII Issuer** | **Sunnova Helios XII Issuer** | **Sunnova Helios XII Issuer** |  |
|  5.30%, 08/22/2050 (c) |  | 8121440 | 8320348 |
|  **Sunnova Hestia I Issuer** | **Sunnova Hestia I Issuer** | **Sunnova Hestia I Issuer** |  |
|  5.75%, 12/20/2050 (c) |  | 11905474 | 11900731 |
|  **Sunnova Sol IV** | **Sunnova Sol IV** | **Sunnova Sol IV** |  |
|  2.79%, 02/22/2049 (c) |  | 6544703 | 6041102 |
|  |  |  | 118922472 |
|  **TOTAL ASSET-BACKED SECURITIES (Cost $135,327,157)** | **TOTAL ASSET-BACKED SECURITIES (Cost $135,327,157)** | **TOTAL ASSET-BACKED SECURITIES (Cost $135,327,157)** | 121774378 |
| **NON-AGENCY CMBS - 0.39%** | **NON-AGENCY CMBS - 0.39%** | **NON-AGENCY CMBS - 0.39%** | **NON-AGENCY CMBS - 0.39%** |
|  **BX Commercial Mortgage Trust** | **BX Commercial Mortgage Trust** | **BX Commercial Mortgage Trust** |  |
|  5.32%, TSFR1M + 0.990%, 01/17/2039 (b) (c) |  | 14550000 | 14485186 |
|  **TOTAL NON-AGENCY CMBS (Cost $14,515,321)** | **TOTAL NON-AGENCY CMBS (Cost $14,515,321)** | **TOTAL NON-AGENCY CMBS (Cost $14,515,321)** | 14485186 |
|  | **<br> Shares** | **<br> Shares** |  |
| **SHORT-TERM INVESTMENTS - 1.22%** | **SHORT-TERM INVESTMENTS - 1.22%** | **SHORT-TERM INVESTMENTS - 1.22%** | **SHORT-TERM INVESTMENTS - 1.22%** |
|  **Bank Deposit - 0.63%** | **Bank Deposit - 0.63%** | **Bank Deposit - 0.63%** | **Bank Deposit - 0.63%** |
|  TriState Capital, 4.53%, (d) |  | 23265180 | 23265180 |
|  **Money Market Fund - 0.59%** | **Money Market Fund - 0.59%** | **Money Market Fund - 0.59%** | **Money Market Fund - 0.59%** |
|  First American Government Obligations Fund, Cl X, 4.23%, (d) |  | 21605820 | 21605820 |
|  **TOTAL SHORT-TERM INVESTMENTS (Cost $44,870,988)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $44,870,988)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $44,870,988)** | 44871000 |
|  **Total Investments (Cost $3,918,940,385) - 99.80%** | **Total Investments (Cost $3,918,940,385) - 99.80%** | **Total Investments (Cost $3,918,940,385) - 99.80%** | $3683785927 |
|  **Other Assets Exceeding Liabilities, Net - 0.20%** | **Other Assets Exceeding Liabilities, Net - 0.20%** | **Other Assets Exceeding Liabilities, Net - 0.20%** | 7408406 |
|  **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $3691194333 |

---

------

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

---

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

---

 

(a) Security is valued
 using significant unobservable inputs and is classified as Level 3 in the 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 May 31, 2025, these securities amounted to $177,425,782, which represents
 4.81% of total net assets.

(d) The rate shown is
 the 7-day effective yield as of May 31, 2025.

---

| |
|:---|
|  Cl — Class |
|  CMBS — Commercial Mortgage-Backed Securities |
|  FGLMC — Federal Housing Loan Mortgage Corporation Gold 30-Year Fixed |
|  FHA— Federal Housing Administration |
|  FHLMC — Federal Home Loan Mortgage Corporation |
|  FHMS — Federal Housing Offered Guaranteed Certificates Series |
|  FNMA — Federal National Mortgage Association |
|  FRESB — Freddie Mac Small Balance Mortgage Trust |
|  GNMA — Government National Mortgage Association |
|  GO — General Obligation |
|  HUD — Housing and Urban Development |
|  PRIME — Prime Rate |
|  RB — Revenue Bond |
|  Ser — Series |
|  SOFR30A — 30-Day Average Secured Overnight Finance Rate (SOFR) |
|  SOFRRATE — U.S. Secured Overnight Finance Rate |
|  TA — Tax Allocation |
|  TSFR1M — Term Secured Overnight Finance Rate 1-Month |

---

------

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

**59**

---

| | | | | |
|:---|:---|:---|:---|:---|
| The following table sets forth information about the level within the fair value hierarchy at which the Fund's investments are measured at May 31, 2025: | The following table sets forth information about the level within the fair value hierarchy at which the Fund's investments are measured at May 31, 2025: | The following table sets forth information about the level within the fair value hierarchy at which the Fund's investments are measured at May 31, 2025: | The following table sets forth information about the level within the fair value hierarchy at which the Fund's investments are measured at May 31, 2025: | The following table sets forth information about the level within the fair value hierarchy at which the Fund's investments are measured at May 31, 2025: |
|  Assets | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | $— | $2198180703 | $4737067 | $2202917770 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 481198787 |  | 481198787 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 457419703 |  | 457419703 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 361119103 |  | 361119103 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 121774378 |  | 121774378 |
| &nbsp;&nbsp;&nbsp; Non-Agency CMBS |  | 14485186 |  | 14485186 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 44871000 |  |  | 44871000 |
|  Total Investments in Securities | $44871000 | $3634177860 | $4737067 \* | $3683785927 |

---

\* Represents securities valued at fair value as determined by the Community Capital Management, LLC 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: | 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, 2024 | $5083766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued discounts/premiums | (471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gain/(loss) | (3936) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/(depreciation) | (168085) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | (174207) |
| &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 May 31, 2025 | $4737067 |
| Change in unrealized gains (losses) included in earnings related to securities still held at reporting period date | $(168085) |

---

------

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

---

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

---

 

*Statement of Assets and Liabilities as of May 31, 2025*

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets:** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value (identified cost — $3,918,940,385) | $3683785927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 20365001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 7057702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 6643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 130233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $3711345506 |
| &nbsp;&nbsp; **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | $10433432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 4068558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to Shareholders | 3678646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 899167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - CRA Shares | 259947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special administrative service fees - CRA Shares | 207960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 132177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 6544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Retail Shares | 4855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Retail Shares | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 447065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | $20151173 |
| &nbsp;&nbsp; **Net Assets:** | $**3691194333** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $4124985407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Accumulated Losses | (433791074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $3691194333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets — CRA Shares (Unlimited shares of beneficial interest with no par value authorized; 137,992,181 shares outstanding) | $1303001627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets — Institutional Shares (Unlimited shares of beneficial interest with no par value authorized; 249,571,668 shares outstanding) | $2353283275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets — Retail Shares (Unlimited shares of beneficial interest with no par value authorized; 3,703,260 shares outstanding) | $34909431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, offering and redemption price per share — CRA Shares | $9.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, offering and redemption price per share — Institutional Shares | $9.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, offering and redemption price per share — Retail Shares | $9.43 |

---

------

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

**61**

*Statement of Operations for the fiscal year ended May 31, 2025*

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $136325631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2098654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 138424285 |
| &nbsp;&nbsp; **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 10815514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees — CRA Shares | 2978775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees — Retail Shares | 91724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special administrative services fees — CRA Shares | 2383036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting and administration fees | 1652638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 579845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 281865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees — Retail Shares | 36689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 426274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 368082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 251154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 249918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing expenses | 118323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 90261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 403371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 20727469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 117696816 |
| &nbsp;&nbsp; **Realized (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (13058263) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized loss** | (13058263) |
| &nbsp;&nbsp; **Unrealized appreciation (depreciation):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 85469966 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | 85469966 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized and unrealized gain on investments** | 72411703 |
| &nbsp;&nbsp; **Net increase in net assets resulting from operations:** | $**190108519** |

---

------

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

---

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

---

 

*Statements of Changes in Net Assets*

 

---

| | | |
|:---|:---|:---|
| | **For the<br> Fiscal Year<br> Ended<br> May 31, 2025** | **For the<br> Fiscal Year<br> Ended<br> May 31, 2024** |
| &nbsp;&nbsp; Operations: |  |  |
| &nbsp;&nbsp; Net investment income | $117696816 | $98769354 |
| &nbsp;&nbsp; Net realized loss | (13058263) | (40383002) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 85469966 | (11929551) |
| &nbsp;&nbsp; Net increase in net assets resulting from operations | 190108519 | 46456801 |
| &nbsp;&nbsp;&nbsp; Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRA Shares | (35720409) | (31436413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (81316946) | (67373443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail Shares | (1123392) | (1152805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (118160747) | (99962661) |
|  Capital share transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CRA Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 148337433 | 19008563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 9068277 | 8092262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (22647966) | (65041708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 134757744 | (37940883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 587092082 | 746821066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 67464205 | 54656633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (585116491) | (547190776) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase | 69439796 | 254286923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 10631604 | 11262825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 1040604 | 1077301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (15585003) | (16295542) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease | (3912795) | (3955416) |
| &nbsp;&nbsp; Increase in net assets from capital share transactions | 200284745 | 212390624 |
| &nbsp;&nbsp; Increase in net assets | 272232517 | 158884764 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 3418961816 | 3260077052 |
| &nbsp;&nbsp; End of year | $3691194333 | $3418961816 |

---

------

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

**63**

---

| | | |
|:---|:---|:---|
| **Share Transactions:** | **For the<br> Fiscal Year<br> Ended<br> May 31, 2025** | **For the<br> Fiscal Year<br> Ended<br> May 31, 2024** |
| &nbsp;&nbsp;&nbsp; CRA Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 15734740 | 2035135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 957941 | 875515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2406188) | (6989170) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in shares | 14286493 | (4078520) |
| &nbsp;&nbsp;&nbsp; CRA Shares outstanding at beginning of year | 123705688 | 127784208 |
| &nbsp;&nbsp;&nbsp; CRA Shares at end of year | 137992181 | 123705688 |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 62207285 | 80604497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 7136417 | 5920719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (61813901) | (59295630) |
| &nbsp;&nbsp;&nbsp; Increase in shares | 7529801 | 27229586 |
| &nbsp;&nbsp;&nbsp; Institutional Shares outstanding at beginning of year | 242041867 | 214812281 |
| &nbsp;&nbsp;&nbsp; Institutional Shares at end of year | 249571668 | 242041867 |
| &nbsp;&nbsp;&nbsp; Retail Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 1124430 | 1219182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 110083 | 116785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1648068) | (1764963) |
| &nbsp;&nbsp;&nbsp; Decrease in shares | (413555) | (428996) |
| &nbsp;&nbsp;&nbsp; Retail Shares outstanding at beginning of year | 4116815 | 4545811 |
| &nbsp;&nbsp;&nbsp; Retail Shares at end of year | 3703260 | 4116815 |

---

------

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

---

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

---

 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; CRA Shares |  |  |  |  |  |
|  | For the<br> Fiscal Year<br> Ended<br> May 31, 2025 | For the<br> Fiscal Year<br> Ended<br> May 31, 2024 | For the<br> Fiscal Year<br> Ended<br> May 31, 2023 | For the<br> Fiscal Year<br> Ended<br> May 31, 2022 | For the<br> Fiscal Year<br> Ended<br> May 31, 2021 |
|  Net Asset Value, Beginning of Year | $9.25 | $9.40 | $9.83 | $10.70 | $10.86 |
| &nbsp;&nbsp; Investment Operations:<br> Net investment income<sup>(a)</sup> | 0.28 | 0.25 | 0.19 | 0.09 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.19 | (0.15) | (0.43) | (0.84) | (0.12) |
| Total from investment operations | 0.47 | 0.10 | (0.24) | (0.75) | 0.01 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income | (0.28) | (0.25) | (0.19) | (0.12) | (0.17) |
| Total distributions | (0.28) | (0.25) | (0.19) | (0.12) | (0.17) |
| Net Asset Value, End of Year | $9.44 | $9.25 | $9.40 | $9.83 | $10.70 |
| Total return | 5.13% | 1.15% | (2.41)% | (7.10)% | (0.01)% |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (in 000s) | $1303002 | $1144589 | $1201110 | $1315646 | $1444440 |
| Ratio of expenses to average net assets | 0.87% | 0.87% | 0.89% | 0.88% | 0.90% |
|  Ratio of net investment income to average net assets | 2.96% | 2.72% | 1.95% | 0.85% | 1.17% |
| Portfolio turnover rate | 28% | 32% | 42% | 55% | 49% |

---

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

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

**65**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Institutional Shares |  |  |  |  |  |
|  | For the<br> Fiscal Year<br> Ended<br> May 31, 2025 | For the<br> Fiscal Year<br> Ended<br> May 31, 2024 | For the<br> Fiscal Year<br> Ended<br> May 31, 2023 | For the<br> Fiscal Year<br> Ended<br> May 31, 2022 | For the<br> Fiscal Year<br> Ended<br> May 31, 2021 |
|  Net Asset Value, Beginning of Year | $9.24 | $9.39 | $9.82 | $10.69 | $10.85 |
| &nbsp;&nbsp; Investment Operations:<br> Net investment income<sup>(a)</sup> | 0.32 | 0.29 | 0.23 | 0.14 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.19 | (0.14) | (0.42) | (0.85) | (0.11) |
| Total from investment operations | 0.51 | 0.15 | (0.19) | (0.71) | 0.06 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income | (0.32) | (0.30) | (0.24) | (0.16) | (0.22) |
| Total distributions | (0.32) | (0.30) | (0.24) | (0.16) | (0.22) |
| Net Asset Value, End of Year | $9.43 | $9.24 | $9.39 | $9.82 | $10.69 |
| Total return | 5.61% | 1.61% | (1.97)% | (6.69)% | 0.45% |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (in 000s) | $2353283 | $2236344 | $2016310 | $1892894 | $1528900 |
| Ratio of expenses to average net assets | 0.42% | 0.42% | 0.44% | 0.43% | 0.45% |
|  Ratio of net investment income to average net assets | 3.41% | 3.17% | 2.41% | 1.31% | 1.60% |
| Portfolio turnover rate | 28% | 32% | 42% | 55% | 49% |

---

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

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

---

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

---

 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Retail Shares |  |  |  |  |  |
|  | For the<br> Fiscal Year<br> Ended<br> May 31, 2025 | For the<br> Fiscal Year<br> Ended<br> May 31, 2024 | For the<br> Fiscal Year<br> Ended<br> May 31, 2023 | For the<br> Fiscal Year<br> Ended<br> May 31, 2022 | For the<br> Fiscal Year<br> Ended<br> May 31, 2021 |
|  Net Asset Value, Beginning of Year | $9.24 | $9.38 | $9.82 | $10.68 | $10.85 |
| &nbsp;&nbsp; Investment Operations:<br> Net investment income<sup>(a)</sup> | 0.29 | 0.26 | 0.19 | 0.10 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.19 | (0.14) | (0.43) | (0.83) | (0.13) |
| Total from investment operations | 0.48 | 0.12 | (0.24) | (0.73) | 0.01 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income | (0.29) | (0.26) | (0.20) | (0.13) | (0.18) |
| Total distributions | (0.29) | (0.26) | (0.20) | (0.13) | (0.18) |
| Net Asset Value, End of Year | $9.43 | $9.24 | $9.38 | $9.82 | $10.68 |
| Total return | 5.24% | 1.36% | (2.42)% | (6.93)% | 0.00% |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (in 000s) | $34909 | $38028 | $42657 | $49919 | $61200 |
| Ratio of expenses to average net assets | 0.77% | 0.77% | 0.79% | 0.78% | 0.80% |
|  Ratio of net investment income to average net assets | 3.06% | 2.81% | 2.04% | 0.95% | 1.27% |
| Portfolio turnover rate | 28% | 32% | 42% | 55% | 49% |

---

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

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

**67**

*Notes to Financial Statements May 31, 2025*

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. The CCM Community Impact Bond Fund (the "Fund") is currently the only series of the Trust. The financial statements herein are those of 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, (collectively, the "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 advisor. The assets of each series within the Trust, if any, 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 in the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946, Financial Services – 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

---

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

---

 

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 Advisor to price the Fund's 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 valuation procedures described below.

Debt securities with a remaining maturity of more than sixty (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 May 31, 2025, 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 $4,737,067.

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

**69**

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 May 31, 2025. 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> **May 31, 2025**  | **Valuation** <br> **Techniques** | **Unobservable** <br> **Inputs** | **Ranges (Average)** |
| U.S. Government <br> & Agency <br> Obligations - FHA Project Loans | $4737067  | Matrix <br> Pricing | Structure <br>Average Life Years <br>Spread to Benchmark | Both securities are out of lockout. 1 with a maturity in 5 months. The remaining FHA Security has a remaining 1% Prepayment Penalty Premium until maturity (9/1/2050). <br>0.42 - 15.78 (8.1) Years <br>J+225 - J+235 (J+230)  |

---

---

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

---

 

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.

***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.

***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

**71**

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 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.

The Fund's U.S. federal income tax returns are generally subject to examination by the Internal Revenue Service for a period of three years after they are filed.

***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.

***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.

---

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

---

 

Note 2 – CAPITAL SHARE TRANSACTIONS

Transactions in shares of the Fund for the fiscal year ended May 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Amount** |
| &nbsp;&nbsp; CRA Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 15734740 | $148337433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 957941 | 9068277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2406188) | (22647966) |
| &nbsp;&nbsp; Net Increase | 14286493 | $134757744 |
| &nbsp;&nbsp; Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 62207285 | $587092082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 7136417 | 67464205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (61813901) | (585116491) |
| &nbsp;&nbsp; Net Increase | 7529801 | $69439796 |
| &nbsp;&nbsp; Retail Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 1124430 | $10631604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 110083 | 1040604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1648068) | (15585003) |
| &nbsp;&nbsp; Net Decrease | (413555) | $(3912795) |

---

**73**

Transactions in shares of the Fund for the fiscal year ended May 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Amount** |
| &nbsp;&nbsp; CRA Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 2035135 | $19008563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 875515 | 8092262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6989170) | (65041708) |
| &nbsp;&nbsp; Net Decrease | (4078520) | $(37940883) |
| &nbsp;&nbsp; Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 80604497 | $746821066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 5920719 | 54656633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (59295630) | (547190776) |
| &nbsp;&nbsp; Net Increase | 27229586 | $254286923 |
| &nbsp;&nbsp; Retail Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 1219182 | $11262825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 116785 | 1077301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1764963) | (16295542) |
| &nbsp;&nbsp; Net Decrease | (428996) | $(3955416) |

---

Note 3 – INVESTMENT TRANSACTIONS

The aggregate purchases and sales and maturities of investments, excluding short-term investments, by the Fund for the fiscal year ended May 31, 2025, were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Purchases:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government | $943061244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 265199990 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sales and Maturities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government  | $764435575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 223552095 |

---

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

---

| | |
|:---|:---|
| **74** | **The CCM Community Impact Bond Fund** |

---

 

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 fiscal year ended May 31, 2025, the Fund paid $10,815,514 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 fiscal year ended May 31, 2025, the Advisor was entitled to receive fees of $2,383,036 pursuant to the Special Administrative Services Agreement.

The Trust has adopted separate Distribution Plans pursuant to Rule 12b-1 under the Act with respect to the 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 fiscal year ended May 31, 2025, the Fund incurred distribution expenses of $2,978,775 and $91,724 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, 2025. For the fiscal year ended May 31, 2025, the Fund incurred expenses under the Services Plan of $36,689.

The Advisor has contractually agreed to waive fees and reimburse expenses until September 30, 2025 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

**75**

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 fiscal year ended May 31, 2025. As of May 31, 2025, 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.

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 (accumulated losses), 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, 2025** | **Fiscal Year<br> Ended<br> May 31, 2024** |
| Distributions declared from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $118160747 | $99962661 |
| Total Distributions | $118160747 | $99962661 |

---

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

As of May 31, 2025, the components of accumulated losses on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $4856777 |
| Capital loss carryforwards | (197844527) |
| Other temporary differences | (4877162) |
| Unrealized depreciation, net | (235926162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated losses, net | $(433791074) |

---

---

| | |
|:---|:---|
| **76** | **The CCM Community Impact Bond Fund** |

---

 

As of May 31, 2025, the Fund had post-enactment capital loss carryforwards outstanding as follows:

---

| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total Capital<br> Loss Carryforwards** |
| $59590954 | $138253573 | $197844527 |

---

For Federal income tax purposes, the difference between Federal tax cost and book cost is due to wash sales, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years.

At May 31, 2025, 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 | $3919712089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation | 11991691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation | (247917853) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net depreciation on investments | $(235926162) |

---

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

**77**

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 that 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 at least 51% of the Fund's investments will be deemed qualified investments under the Community Reinvestment Act of 1977, as amended (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 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

---

| | |
|:---|:---|
| **78** | **The CCM Community Impact Bond Fund** |

---

 

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 lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the 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 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 in bonds in which the Advisor has a high degree of confidence that the use of, or intent of, proceeds will result in positive environmental and/or social outcomes as defined by one or more Impact Themes or that the issuing entity supports one or more of our Impact Themes. The Advisor may select or exclude bonds of issuers in certain industries, sectors or regions for reasons other than the issuer's investment performance. Therefore, the Fund's impact investment strategy could cause it to perform differently compared to funds that do not have such a strategy. 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 nationally recognized statistical ratings organization ("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.

**79**

**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 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 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 February 1, 2024, the federal bank supervisory agencies published a final rule in the Federal Register which substantially revised the CRA regulations (the "Final Rule"). Most of the provisions under the Final Rule, including those pertaining to the eligibility of qualified investments for CRA consideration, have a stated applicability date of January 1, 2026. The Final Rule was legally challenged by banking associations and others on February 5, 2024 in the U.S. District Court for the Northern District of Texas. The District Court granted an injunction on March 29, 2024, which stayed implementation of the Final Rule day-for-day for each day that the injunction remains in place. The supervisory agencies

---

| | |
|:---|:---|
| **80** | **The CCM Community Impact Bond Fund** |

---

 

appealed the injunction on July 18, 2024. The timeline for the resolution of the litigation and the duration of the injunction is uncertain. It is not known what changes, if any, will be made to the Final Rule as a result of the litigation or how any possible changes may impact the Fund.

CRA regulations play an important part in influencing the readiness and capacities of financial institutions to originate CRA-qualifying securities. Changes in 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 securities receiving CRA consideration may result in reduced yields or returns to the Fund.

**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.

Note 7 – RECENT ACCOUNTING PRONOUNCEMENT

In December 2023, FASB issued Accounting Standards Update ASU 2023-09, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - *Improvements to Reportable Segment Disclosures*. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Fund's Advisor acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's single investment objective strategy which is executed by the

**81**

Fund's portfolio managers as a team. The financial information in the form of the Fund's schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

Note 8 – SUBSEQUENT EVENTS

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

---

| | |
|:---|:---|
| **82** | **The CCM Community Impact Bond Fund** |

---

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

*To the Shareholders of CCM Community Impact Bond Fund and the Board of Trustees of Community Capital Trust:* 

***Opinion on the Financial Statements and Financial Highlights*** 

We have audited the accompanying statement of assets and liabilities of CCM Community Impact Bond Fund (the "Fund"), one of the funds constituting Community Capital Trust, including the schedule of investments, as of May 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion*** 

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of May 31, 2025,

**83**

by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Philadelphia, Pennsylvania

July 22, 2025

We have served as the auditor of one or more Community Capital Trust investment companies since 2019.

---

| | |
|:---|:---|
| **84** | **The CCM Community Impact Bond Fund** |

---

 

 *May 31, 2025*

*Proxy Policies (Unaudited)* 

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 website at http://funddocs.filepoint.com/ccmcib/.

*Quarterly Filings (Unaudited)* 

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>.

*Notice to Shareholders (Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long-Term Capital** <br> **Gain Distributions** | **Ordinary Income Distributions** | **Total Distributions** | **Qualifying** <br> **Dividend** <br> **Income<sup>(1)</sup>** | **Qualifying** <br> **Business** <br> **Income<sup>(2)</sup>** | **U.S.** <br> **Government** <br> **Interest<sup>(3)</sup>** | **Interest** <br> **Related** <br> **Dividends<sup>(4)</sup>** | **Short Term** <br> **Capital Gain** <br> **Dividends<sup>(5)</sup>** |
| 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 7.13% | 98.49% | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The percentage in this column represents the amount

 a percentage of ordinary income distributions (the total of short-term capital gain and net investment income distributions). It is the
 intention of the Fund to designate the maximum amount permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The percentage of this column represents that amount
 of ordinary dividend income that qualified for 20% Business Income Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "U.S. Government Interest" represents the
 amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected
 as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However,
 for shareholders of the Fund who are residents of California, Connecticut and New York, the statutory threshold requirements were not
 satisfied to permit exemption of these amounts from state income tax.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The percentage in this column represents the amount
 of "Interest Related Dividends" and is reflected as a percentage of ordinary income distributions. Interest related dividends
 are exempted from U.S. withholding tax when paid to foreign investors.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The percentage of this column represents the amount
 of "Short-Term Capital Gain Dividends" and is reflected as a percentage of short-term capital gain distributions that are exempted from
 U.S. withholding tax when paid to foreign investors.

**85**

*Other Information (Form N-CSR Items 8-11)* 

*Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.* 

Not applicable.

*Item 9. Proxy Disclosures for Open-End Management Investment Companies.* 

There were no matters submitted to a vote of shareholders during the period covered by this report.

*Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.* 

The remuneration paid by the company during the period covered by the report to the Trustees on the company's Board of Trustees is disclosed as part of the financial statements included above in Item 7.

*Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.* 

At the regular quarterly meeting of the Board of Trustees (the "Board") held on May 1, 2025 (the "Meeting"), the Board, including a majority of Trustees who are not "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved the continuation of the investment management agreement between Community Capital Management, LLC ("CCM") and CCM Community Impact Bond Fund (the "Fund") (the "Investment Management Agreement").

In advance of the Meeting, the Independent Trustees requested and received materials from CCM to assist them in considering the approval of the Investment Management Agreement. Among other things, the Board reviewed reports from third parties and management about the below factors. The Board did not consider any single factor as controlling in determining whether or not to approve the Investment Management Agreement. Nor are the items described herein all-encompassing of the matters considered by the Board.

The Board engaged in a detailed discussion of the materials with management of CCM. The Independent Trustees then met separately with their independent counsel for a full review of the materials. Following these sessions, the full Board reconvened and after further discussion determined that the information presented provided a sufficient basis upon which to approve the Investment Management Agreement.

***Nature, Extent and Quality of Services*** 

The Board reviewed and considered the nature and extent of the investment advisory services provided by CCM to the Fund under the Investment Management Agreement, including portfolio management services. The Board also reviewed and considered the nature and extent of the non-advisory services provided by CCM, including, among other things, providing office facilities, equipment and personnel. The Board also noted that CCM

---

| | |
|:---|:---|
| **86** | **The CCM Community Impact Bond Fund** |

---

 

provides extensive CRA research and documentation to the holders of the Fund's CRA Shares. The Board reviewed and considered the qualifications of the key personnel of CCM who provide the services to the Fund. The Board also considered CCM's compliance policies and procedures. The Board concluded that the overall quality of the services provided by CCM was satisfactory.

***Performance*** 

The Board considered the investment performance of CCM with respect to the Fund. The Board considered the performance of the Fund, noting that each share class of the Fund had outperformed the median of its peer group (the "Peer Group"), as determined by FUSE Research Network, LLC ("FUSE"), an independent third-party, for the one-year and three-year periods ended March 31, 2025 and underperformed the median of the Peer Group for the five-year and ten-year periods ended March 31, 2025.

***Fees and Expenses*** 

The Board reviewed the advisory fee rates and total expense ratio of each class of the Fund. The Board compared the advisory fee and total expense ratio for the Fund with various comparative data, including a report from FUSE comparing the Fund's expenses to the Peer Group.

The Board noted that the Fund's gross advisory fee and total net expense ratio for each share class was below the median of the Peer Group, other than the Fund's CRA Shares, due to the additional Special Administrative Services Fee paid to CCM for the CRA-related administrative services provided to financial institution holders of the Fund's CRA Shares. The Board concluded that the advisory fees paid by the Fund and total expense ratios were reasonable and satisfactory in light of the services provided.

***Economies of Scale*** 

The Board reviewed the structure of the Fund's advisory fee under the Investment Management Agreement. The Board considered that CCM continued to monitor whether the Fund's current fee level reflect economies of scale and concluded that the fees were reasonable and satisfactory in light of the services provided.

***Profitability of CCM*** 

The Board considered and reviewed information concerning the costs incurred and profits realized by CCM from its relationship with the Fund. The Board also reviewed CCM's financial condition. The Board determined that the advisory fees and the compensation paid to CCM were reasonable and its financial condition was adequate.

***Ancillary Benefits and Other Factors*** 

The Board also discussed other benefits to be received by CCM from its management of the Fund. The Board concluded that the advisory fees were reasonable in light of the fall-out benefits to CCM.

**87**

***General Conclusion*** 

Based on its consideration of all factors that it deemed material, and assisted by the advice of its counsel, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve the continuance of the Investment Management Agreement.

**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

320 South Canal Street

Suite 3300

Chicago, IL 60606

**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.

![](fp0094511-1_89.jpg)

261 North University Drive ■ Suite 520 ■ Fort Lauderdale, FL 33324

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

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included under Item 7.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not Applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not Applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not Applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not Applicable.

**Item 16. Controls and Procedures.**

(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 (17 CFR § 270.30a-3(c)), as of a date
 within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule
 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as
 amended (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b) There has been no change in the Registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) 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.

**Items 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

**Not applicable.**

**Items 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Items 19. Exhibits.**

[(a)(1)](fp0094511-1_ex99code.htm) [Code of Ethics is attached hereto.](fp0094511-1_ex99code.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](fp0094511-1_ex99cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR & 270.30a-2(a)), are filed herewith.](fp0094511-1_ex99cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](fp0094511-1_ex99906cert.htm) [Officer certifications as required by Rule 30a-2(b) under the Act (17 CFR & 270.30a-2(b)), also accompany this filing as an exhibit.](fp0094511-1_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, |
| Date: August 7, 2025 | Principal Executive Officer |

---

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, |
| Date: August 7, 2025 | Principal Executive Officer |
| By (Signature and Title)\* | /s/ James H. Malone |
|  | James H. Malone, |
| Date: August 7, 2025 | Principal Financial Officer |

---

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

## Ex-99.Code

**Exhibit 17 – Code of Ethics for Principal Executives and Senior Financial Officers**

The Board of Trustees of Community Capital Trust (the "Trust") has adopted this Code of Ethics (the "Code") for certain senior officers of the Trust to guide and remind such officers of their responsibilities to the Trust, and shareholders of each series of the Trust. Such officers are expected to act in accordance with the guidance and standards set forth in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Covered Officers and Purpose of the Code**

The Code applies to the Trust's President, who is the Trust's principal executive officer, and the Treasurer, who is the Trust's principal financial officer, and any persons performing similar functions on behalf of the Trust, regardless of whether such persons are employed by the Trust or a third party (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust <sup>\*</sup> ;

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer is obligated to use his or her best efforts to promote the factors listed above, should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II. Ethical Handling of Actual and Apparent Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Conflicts of Interest - General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A "conflict of interest" occurs when a Covered Officer's private interest interferes
with the interests of, or his or her service to, the Trust and its shareholders, including if a Covered Officer, or a member of his or
her family, receives improper personal benefits as a result of his or her position with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A conflict of interest generally arises if a Covered Officer, or a member of his or her family, directly
or indirectly participates in any investment, interest, association, activity or relationship that may impair or appear to impair the
Covered Officer's objectivity.

\* If a Covered Person becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he or she shall promptly report it to the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Scope

This Code does not, and is not intended to, repeat or replace the following programs and procedures, and such conflicts that fall outside of the parameters of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Certain conflicts of interest already are subject to conflicts of interest provisions in the Investment
Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940 (the "Advisers Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust's and the investment adviser's compliance programs and procedures that are designed to prevent,
or identify and correct, violations of these provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Types of Conflicts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Contractual Relationships** 

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust or its investment adviser of which the Covered Officers may also be officers or employees. As a result, this Code recognizes that the Covered Officers may, in the normal course of their duties (whether formally for the Trust or for the investment adviser), be involved in establishing policies and implementing decisions that will have different effects on the Trust and the adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Other Investment Companies** 

In addition, it is recognized by the Trust's Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Additional Conflicts** 

Other conflicts of interest may be covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Personal Interests

The major principle of this Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that this list is not exhaustive.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his or her personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Trust to take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than the benefit the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to
trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually affiliations or other relationships with the Trust, the investment adviser or
the distributor, including any related conflict of interest.

Reporting of Conflicts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Required Disclosures

If certain conflict of interest situations are engaged in by Covered Officers or by members of their family, these conflicts of interest must be promptly discussed with the Audit Committee. These conflicts of interest include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-nominal gifts in excess of $250.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment from any company with which the Trust has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to
raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship with, any of the Trust's
service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's
employment, such as compensation or equity ownership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other interest, relationship or matter that a Covered Person or the Board determines, in his or her
reasonable judgment, warrants disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Recommended Disclosures

There are potential conflict of interest situations, which may be engaged in by Covered Officers or by members of their family, that should be discussed with the Audit Committee. A Covered Person should use reasonable judgment to determine if a conflict, other than conflicts listed under section E(1), is material and warrants disclosure to the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III. Compliance and Disclosure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Compliance** 

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. familiarize himself or herself with the disclosure requirements generally applicable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether
within or outside the Trust, including to the Trust's trustees and auditors, governmental regulators and self-regulatory organizations
and any other organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. to the extent appropriate within his or her area of responsibility, consult with other officers and employees
of the Trust, investment adviser and other service providers with the goal of promoting full, fair, accurate, timely and understandable
disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Disclosure** 

Unless otherwise required by law, this Code shall be disclosed as required by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV. Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing
to the Board on the certification attached hereto as Appendix A that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he or she has complied with the requirements of the Code
and reported any violations of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons
or the Trust's service providers for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Chairman of the Audit Committee promptly if he or she knows of any violation of this Code.
Failure to do so is itself a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V. Reporting Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Responsibility <sup>\*\*</sup>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Trust's Audit Committee is responsible for applying this Code to specific situations in which
questions are presented under it and has the authority to interpret this Code in any particular situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Trust's Audit Committee may consult Trust counsel in order to effectively discharge its responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Investigation Procedures<sup>\*\*</sup>**

The Trust will follow these procedures in investigating and enforcing the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Audit Committee will take all appropriate action to investigate any potential violations of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee
is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any matter that the Audit Committee believes is a violation of this Code will be reported to the Board;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Board concurs that a violation has occurred, it will take action which it considers appropriate.
Such action may include a review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate
personnel of each service provider or its governing body; or a recommendation to dismiss the Covered Officer.

\*\* The Audit Committee may delegate its reporting procedures, responsibilities and investigation procedures to the Chairman of the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Waivers**

Any approvals or waivers, implicit or otherwise, sought by a Covered Person will be considered by the Audit Committee. Such Committee will be responsible for granting waivers, as appropriate; and any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

A waiver is the approval of a material departure from a provision of this Code. An implicit waiver is the Trust's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Audit Committee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V. Other Policies and Procedures**

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the investment adviser, distributor, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI. Amendments**

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of disinterested Trustees, as that term is defined by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII. Confidentiality and Recordkeeping**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Audit Committee.

Subject to the confidentiality provisions above, the Trust will maintain and preserve for a period of not less than six (6) years from the date of submission or action is taken, the first two (2) years in an easily accessible place, a copy of the Covered Officer's annual certifications, any information or materials supplied to the Board that provided the basis for any amendment to this Code, and any information or materials supplied to the Audit Committee that provided the basis for any waiver to this Code or relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII. Internal Use**

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

Adopted: October 29, 2003

*<u>Appendix A</u>*

*Community Capital Trust*

*Certification and Acknowledgment of Receipt of Code of Ethics for*

*Principal Officers and Senior Financial Officers*

I acknowledge and certify that I have received a copy of the Code of Ethics for Principal Officers and Senior Financial Officers of Community Capital Trust (the "Code"). I understand and agree that it is my responsibility to read and familiarize myself with the policies and procedures contained in the Code and to abide by those policies and procedures.

I acknowledge my commitment to comply with the Code.

***Applicable next year***:

I acknowledge that I complied with the Code for the one-year period ended __________.

I acknowledge that I reported all violations of this Code of Ethics for the one-year period ended ___________ of which I am aware.

(*Please submit on a separate piece of paper, exceptions to these acknowledgements.*)

---

| | |
|:---|:---|
| Officer Name (Please Print) | Officer Signature |
|  | Date |

---

## 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 Greenspan, certify that:

1. I have reviewed this report on Form N-CSR of the 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), if any, 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: August 7, 2025

---

| |
|:---|
| /s/ Alyssa Greenspan |
| Alyssa Greenspan |
| 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-CSR of the 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), if any, 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: August 7, 2025

---

| |
|:---|
| /s/ James H. Malone |
| James H. Malone |
| 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 Greenspan, the Principal Executive Officer of the Community Capital Trust (the "Fund"), with respect to the Fund's Form N-CSR for the period ended May 31, 2025, 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-CSR 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-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Fund.

Dated: August 7, 2025

---

| |
|:---|
| /s/ Alyssa Greenspan |
| Alyssa Greenspan |
| 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 Principal Financial Officer of the Community Capital Trust (the "Fund"), with respect to the Fund's Form N-CSR for the period ended May 31, 2025, 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-CSR 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-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Fund.

Dated: August 7, 2025

---

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

---