Form N-CSRS Community Capital Trust For: Nov 30

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number: 811-09221

Community Capital Trust

(Exact name of Registrant as specified in charter)

2500 Weston Road

Suite 101

Weston, FL 33331

(Address of principal executive offices) (Zip code)

Michael P. Malloy, Esquire

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103

(Name and address of agent for service)

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

Date of fiscal year end: May 31, 2022

Date of reporting period: November 30, 2021

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

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

Item 1. Reports to Stockholders.

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

Semi-Annual Report 2021

COMMUNITY CAPITAL TRUST

November 30, 2021

CCM ALTERNATIVE INCOME FUND (“THE FUND”)

TABLE OF CONTENTS

Fund Profile	2
Expenses	3
Schedule of Investments	4
Statement of Assets and Liabilities	10
Statement of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	13
Notes to Financial Statements	14
Liquidity Risk Management Program	31

2	CCM Alternative Income Fund

Fund Profile November 30, 2021

Top Ten Holdings*
(% of Net Assets)
Enviva Partners	7.41%
FHA Project Loan, 07/01/2047	7.05%
Washoe County, 02/01/2040	4.12%
Two Harbors Investment Corp.	3.55%
USDA Loan, 06/25/2038	3.34%
USDA Loan, 12/01/2047	3.33%
Qurate Retail, 03/15/2031	3.09%
Miami-Dade County, 04/01/2040	3.04%
WP Carey	2.55%
NextEra Energy Partners	2.45%
	39.93%
*Excludes Short-Term Investments.

Asset Allocation**
(% of Net Assets)
Asset-Backed Securities	4.98%
Closed-End Fund	2.27%
Communication Services	3.97%
Consumer Discretionary	4.90%
Consumer Staples	3.21%
Corporate Bond	1.95%
Energy	7.41%
Exchange – Traded Funds	3.13%
FGLMC Single Family	0.01%
FHA Project Loans	7.97%
Financials	16.72%
FNMA Multifamily	1.32%
GNMA Multifamily	1.66%
Health Care	5.13%
Information Technology	1.85%
Money Market Fund	3.81%
Municipal Bonds	20.14%
Real Estate	7.41%
Small Business Administration	0.06%
USDA Loan	6.67%
Utilities	6.49%
Liabilities in Excess of Other Assets	(11.06)%
	100.00%
**Excludes derivatives held in the Fund.

Expenses November 30, 2021

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

This example is based on an investment of $1,000 invested on June 1, 2021 and held for the six-month period ended November 30, 2021.

Actual expenses (Unaudited)

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

Hypothetical example for comparison purposes (Unaudited)

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

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

		Beginning Account Value June 1, 2021	Ending Account Value November 30, 2021	Expenses Paid During Period* June 1, 2021 Through November 30, 2021
Actual	Institutional Shares	$1,000.00	$1,025.70	$8.43
Hypothetical (5% return before expenses)	Institutional Shares	$1,000.00	$1,016.75	$8.39

Expenses are equal to the annualized expense ratio of 1.66%,
including dividend expense and prime broker fees on short sales, for Institutional Shares multiplied by the average account value over
the period, multiplied by 183 days/365 days (to reflect the one-half year period). The Fund’s ending account value on the first
line in the table is based on its actual total return of 2.57% for the period June 1, 2021 to November 30, 2021.

4	CCM Alternative Income Fund

Schedule of Investments November 30, 2021

	Shares		Value
COMMON STOCK – 47.62%
Communication Services – 3.97%
AT&T (a)		10,500	$	239,715
Omnicom Group		5,000		336,550
Verizon Communications		8,600		432,322
				1,008,587
Consumer Discretionary – 1.81%
Restaurant Brands International		8,200		459,446

Consumer Staples – 3.21%
Coca-Cola Femsa		2,900		142,448
Mondelez International, Cl A		5,800		341,852
Unilever		6,500		330,525
				814,825
Energy – 7.41%
Enviva Partners (a) (b)		26,852		1,880,445

Financials – 10.34%
Aflac		2,100		113,694
Allstate Corp.		3,900		424,008
Fidelity National Financial		10,800		528,228
Financial Institutions		12,000		369,600
JPMorgan Chase		2,200		349,426
Principal Financial Group (a)		5,200		356,616
Toronto-Dominion Bank		6,700		482,802
				2,624,374
Health Care – 5.13%
Bristol-Myers Squibb (a)		8,200		439,766
Cardinal Health		4,300		198,789
Cigna Corp.		1,000		191,900
Merck		2,600		194,766
Organon		9,520		278,270
				1,303,491
Information Technology – 1.85%
Broadcom		850		470,628

Real Estate – 7.41%
American Tower Corp. (c)		1,200		314,976
Healthcare Trust of America, Cl A (c)		10,000		339,600
Realty Income (c)		8,500		577,320
WP Carey (c)		8,500		648,975
				1,880,871
Utilities – 6.49%
Clearway Energy, Cl A		14,000		483,420
CMS Energy Corp.		5,000		294,250
Dominion Energy		3,500		249,200
NextEra Energy Partners		7,300		620,865
				1,647,735
TOTAL COMMON STOCK
(Cost $11,248,472)				12,090,402

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

	Principal Amount		Value
MUNICIPAL BONDS – 20.14%
California – 3.27%
Central Valley Support Joint Powers Agency, Ser D, RB
6.076%, 09/01/2029 (a)	$	150,000	$	186,545
Rancho Cucamonga Redevelopment Successor Agency, Ser B, TA, NATL
6.262%, 09/01/2031		250,000		305,587
Tuolumne Wind Project Authority, Ser B, RB
6.918%, 01/01/2034 (a)		250,000		337,729
				829,861

Florida – 3.03%
Miami-Dade County, RB, AGM
7.500%, 04/01/2040 (a)		500,000		770,605


Georgia – 1.92%
Atlanta Development Authority, RB
5.350%, 01/01/2035 (a)		400,000		487,213


Illinois – 1.93%
Bedford Park Village, Ser B, RB, AGM
Callable 12/01/2023 @ 100
6.570%, 12/01/2030 (a)		445,000		490,119


Maryland – 2.84%
Baltimore, TA
5.375%, 09/01/2025		190,000		197,269
Baltimore, TA
Callable 09/01/2025 @ 100
5.375%, 09/01/2030 (a)		500,000		523,993
				721,262

Nevada – 4.12%
Washoe County, RB
7.969%, 02/01/2040 (a)		675,000		1,046,308


New Jersey – 2.21%
New Jersey State Economic Development Authority, Ser A2, RB, AGC
6.310%, 07/01/2026		495,000		562,149


Washington – 0.82%
King County Housing Authority, RB
Callable 01/18/2022 @ 100
6.375%, 12/31/2046		205,000		207,436

TOTAL MUNICIPAL BONDS
(Cost $4,489,474)				5,114,953

U.S. GOVERNMENT & AGENCY OBLIGATIONS – 17.69%
FGLMC Single Family – 0.01%
Pool FHR 2106 S, 7.96%, VAR ICE LIBOR USD 1 Month + 8.050%, 12/15/2028		19,949		2,850

FHA Project Loans – 7.97%
Pool Robin Ridge, 5.75%, 01/01/2035 (d) (e)		93,245		93,068

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

6	CCM Alternative Income Fund

	Principal Amount		Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS — continued
Pool 023-98146, 6.51%, 07/01/2047 (d) (e)	$	1,752,719	$	1,789,469
Pool A35272, 6.95%, 11/01/2025 (d) (e)		140,443		140,445
				2,022,982

FNMA Multifamily – 1.32%
Pool 464296, 5.86%, 01/01/2028		307,148		336,490

GNMA Multifamily – 1.66%
Pool 2021-699710, 5.43%, 07/15/2044		370,334		370,145
Pool 2010-68, 6.49%, VAR ICE LIBOR USD 1 Month + 6.580%, 06/20/2040		286,345		52,050
				422,195

Small Business Administration – 0.06%
Pool 2008-20C, 5.49%, 03/01/2028		13,637		14,690

USDA Loan – 6.67%
Pool Ryze, 5.25%, 06/25/2038		734,580		849,248
Pool Grand Prairie Apartments, 5.95%, 12/01/2047		770,322		844,427
				1,693,675
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost $4,538,551)				4,492,882

	Shares
PREFERRED STOCK – 9.47%
Consumer Discretionary – 3.09%
Qurate Retail, 03/15/2031		7,500		783,750

Financials – 6.38%
AGNC Investment Corp., VAR ICE LIBOR USD 3 Month + 4.697% (c) (f)		14,000		347,760
Franklin BSP Realty Trust (c) (f)		15,100		372,215
Two Harbors Investment Corp., VAR ICE LIBOR USD 3 Month + 5.011% (c) (f)		36,000		900,720
				1,620,695
TOTAL PREFERRED STOCK
(Cost $1,889,561)				2,404,445
	Principal Amount
ASSET-BACKED SECURITIES – 4.98%
Other Asset-Backed Securities – 4.98%
Dividend Solar Loans
3.67%, 08/22/2039 (g)	$	292,670		306,094
HSI Asset Securitization Corp Trust
0.87%, VAR ICE LIBOR USD 1 Month + 0.780%, 11/25/2035		148,353		147,572
Mill City Solar Loan
4.34%, 03/20/2043 (g)		345,484		372,554
Mosaic Solar Loan Trust
3.82%, 06/22/2043 (g)		60,541		63,189
4.01%, 06/22/2043 (g)		67,605		71,587
TES
4.33%, 10/20/2047 (g)		288,793		302,820
TOTAL ASSET-BACKED SECURITIES
(Cost $1,155,324)				1,263,816

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

	Shares		Value
EXCHANGE – TRADED FUNDS – 3.13%
Global X S&P 500 Covered Call ETF		6,000	$	295,200
SPDR Blackstone Senior Loan ETF		11,000		498,960
TOTAL EXCHANGE – TRADED FUNDS
(Cost $799,824)				794,160

CLOSED-END FUND – 2.27%
Eaton Vance Tax-Managed Global Diversified Equity Income Fund (a)		57,000		576,270
TOTAL CLOSED-END FUND
(Cost $409,761)				576,270

	Principal Amount
CORPORATE BONDS – 1.95%
Consumer Discretionary – 1.95%
Conservation Fund A Nonprofit Corp.
3.47%, 12/15/2029 (a)	$	250,000		265,313
Salvation Army
5.68%, 09/01/2031		100,000		125,354
YMCA of Greater New York
4.27%, 08/01/2024		100,000		103,546
TOTAL CORPORATE BONDS
(Cost $451,259)				494,213

SHORT-TERM INVESTMENT – 3.81%
Money Market Fund – 3.81%
First American Government Obligations Fund, Cl Z, 0.02%, (h)		967,776		967,776
TOTAL SHORT-TERM INVESTMENT
(Cost $967,776)				967,776

Total Investments (Cost $25,950,002) – 111.06%			$	28,198,917
Liabilities in Excess of Other Assets, Net – (11.06)%				(2,808,072	)
NET ASSETS – 100.00%			$	25,390,845

A list of the open futures contracts held by the Fund at November 30, 2021 is as follows:

Type of Contract	Number of Contracts Short			Expiration Date		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
Russell 2000 Index E-MINI		(2	)		Dec-2021	$	(224,585	)	$	(219,730	)	$	4,855
S&P 500 Index E-MINI		(6	)		Dec-2021		(1,344,930	)		(1,369,875	)		(24,945	)
U.S. 2-Year Treasury Note		(2	)		Jan-2022		(440,614	)		(438,813	)		1,801
U.S. 5-Year Interest Rate Swap		(8	)		Dec-2021		(810,985	)		(798,187	)		12,798
U.S. 5-Year Treasury Note		(26	)		Jan-2022		(3,213,153	)		(3,169,765	)		43,388
U.S. 10-Year Interest Rate Swap		(10	)		Dec-2021		(1,029,669	)		(1,018,906	)		10,763
U.S. 10-Year Treasury Note		(2	)		Dec-2021		(266,277	)		(263,094	)		3,183
U.S. Long Treasury Bond		(8	)		Dec-2021		(1,301,733	)		(1,309,500	)		(7,767	)
						$	(8,631,946	)	$	(8,587,870	)	$	44,076

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

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

8	CCM Alternative Income Fund

(b)	Security is considered to be a Master Limited Partnership. At November 30, 2021 these securities amounted to $1,880,445 or 7.41% of total net assets.
(c)	REIT – Real Estate Investment Trust.
(d)	Level 3 security in accordance with fair value hierarchy.
(e)	Securities for which market quotations are not readily available are valued at fair value as determined by the Advisor in accordance with procedures adopted by the Board of Trustees. The total fair value of such securities at November 30, 2021 is $2,022,982, which represents 7.97% of total net assets.
(f)	Perpetual security with no stated maturity date.
(g)	Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold to qualified institutional buyers in transactions exempt from registration. At November 30, 2021, these securities amounted to $1,116,244, which represents 4.40% of total net assets.
(h)	The rate shown is the 7-day effective yield as of November 30, 2021.

AGC — Assured Guaranty Corp.

AGM — Assured Guaranty Municipal Corp.

Cl — Class

ETF — Exchange-Traded Fund

FGLMC — Federal Housing Loan Mortgage Corporation Gold 30-Year Fixed

FHA — Federal Housing Administration

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

ICE— Intercontinental Exchange

LIBOR — London Interbank Offered Rate

NATL— National Public Finance Guarantee Corporation

RB — Revenue Bond

S&P— Standard & Poor’s

Ser — Series

SPDR — Standard & Poor’s Depository Receipt

TA — Tax Allocation

USD — United States Dollar

USDA — United States Department of Agriculture

VAR — Variable Rate

The following table sets forth information about the level within the fair value hierarchy at which the Fund’s investments are measured at November 30, 2021:

Assets	Level 1		Level 2		Level 3			Total
Common Stock	$	12,090,402	$	—	$	—		$	12,090,402
Municipal Bonds		—		5,114,953		—			5,114,953
U.S. Government & Agency Obligations		—		2,469,900		2,022,982			4,492,882
Preferred Stock		2,032,230		372,215		—			2,404,445
Asset-Backed Securities		—		1,263,816		—			1,263,816
Exchange – Traded Funds		794,160		—		—			794,160
Closed-End Fund		576,270		—		—			576,270
Corporate Bonds		—		494,213		—			494,213
Short-Term Investment		967,776		—		—			967,776
Total Investments in Securities	$	16,460,838	$	9,715,097	$	2,022,982	^*	$	28,198,917

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Future Contracts**
Unrealized Appreciation	$	76,788		$	—	$	—	$	76,788
Unrealized Depreciation		(32,712	)		—		—		(32,712	)
Total Other Financial Instruments	$	44,076		$	—	$	—	$	44,076

*	Represents securities valued at fair value as determined by the Advisor in accordance with procedures adopted by the Board of Trustees. Refer to the Schedule of Investments for details.
**	Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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

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, 2021	$	2,080,712
Accrued discounts/premiums		(752	)
Realized gain/(loss)		(720	)
Change in unrealized appreciation/(depreciation)		(26,178	)
Purchases		—
Sales		(30,080	)
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of November 30, 2021	$	2,022,982
Change in unrealized gains (losses) included in earnings related to securities still held at reporting period date	$	(26,178	)

	Investments in Asset-Backed Securities
Beginning balance as of June 1, 2021	$	24,763
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		140
Purchases		—
Sales		(24,903	)
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of November 30, 2021	$	—
Change in unrealized gains (losses) included in earnings related to securities still held at reporting period date	$	140

For the six-month period ended November 30, 2021, there were no transfers in or out of Level 3 assets and liabilities.

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

10	CCM Alternative Income Fund

Statement of Assets and Liabilities as of November 30, 2021

Assets:
Investments, at fair value (identified cost — $25,950,002)	$	28,198,917
Receivables:
Investment securities sold		193,588
Dividends and interest		158,805
Variation margin		29,793
Capital shares sold		19,905
Prepaid expenses		1,677
Total Assets	$	28,602,685
Liabilities:
Payables:
Due to Custodian		2,885,305
Investment securities purchased		213,323
Capital shares redeemed		37,583
Variation margin		24,906
Investment advisory fees		15,711
Distributions to Shareholders		7,026
Shareholder servicing fees		4,190
Chief Compliance Officer fees		3,400
Administration fees		2,055
Prime Broker fees		1,226
Trustees’ fees		172
Foreign currency payable (cost — $4)		5
Other accrued expenses		16,938
Total Liabilities	$	3,211,840
Net Assets:	$	25,390,845
Net Assets consist of:
Paid-in capital	$	35,672,756
Total distributable loss		(10,281,911	)
Net Assets	$	25,390,845
Net Assets — Institutional Shares (Unlimited shares of beneficial interest with no par value authorized; 2,956,924 shares outstanding)	$	25,390,845
Net Asset Value, offering and redemption price per share — Institutional Shares	$	8.59

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

Statement of Operations for the six-month period ended November 30, 2021

Investment Income:
Dividends	$	306,564
Dividends from Master Limited Partnerships		44,440
Interest		284,900
Less: Foreign Taxes Withheld		(1,729	)
Total investment income		634,175
Expenses:
Investment advisory fees		90,305
Shareholder servicing fees — Institutional Shares		24,082
Prime Broker fees		28,398
Professional fees		16,956
Accounting and administration fees		12,534
Chief Compliance Officer fees		6,988
Transfer agent fees		5,968
Printing fees		3,664
Custodian fees		3,474
Registration and filing expenses		2,149
Trustees’ fees		1,903
Other		3,575
Total expenses		199,996
Net investment income		434,179
Realized and unrealized gain (loss) on:
Net realized gain on investments		873,426
Net realized loss on futures contracts		(329,638	)
Net realized loss on option contracts		(3,239	)
Net realized gain		540,549
Net change in unrealized appreciation/(depreciation) on investments		(534,589	)
Net change in unrealized appreciation/(depreciation) on futures contracts		165,554
Net change in unrealized appreciation/(depreciation) on option contracts		(16,602	)
Net change in unrealized appreciation/(depreciation)		(385,637	)
Net realized and unrealized gain		154,912
Net increase in net assets resulting from operations:	$	589,091

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

12	CCM Alternative Income Fund

Statements of Changes in Net Assets

	For the Six-Month Period Ended November 30, 2021 (Unaudited)			For the Fiscal Year Ended May 31, 2021
Operations:
Net investment income	$	434,179		$	1,144,516
Net realized gain on investments, securities sold short, futures contracts, options contracts and foreign currency transactions		540,549			133,685
Net change in unrealized appreciation (depreciation) on investments, securities sold short, futures contracts, options contracts and foreign currency translation		(385,637	)		3,998,551
Net increase in net assets resulting from operations		589,091			5,276,752
Distributions		(442,254	)		(332,030	)
Return of Capital		—			(1,087,983	)
Total distributions		(442,254	)		(1,420,013	)
Capital share transactions:
Institutional Shares
Shares issued		2,872,758			3,989,777
Shares reinvested		373,904			1,197,478
Shares redeemed		(1,242,413	)		(14,922,715	)
Increase (decrease) in net assets from capital share transactions		2,004,249			(9,735,460	)
Increase (decrease) in net assets		2,151,086			(5,878,721	)
Net Assets:
Beginning of period/year		23,239,759			29,118,480
End of period/year	$	25,390,845		$	23,239,759
Share Transactions:
Institutional Shares
Shares Issued		332,007			501,749
Shares reinvested		43,577			155,884
Shares redeemed		(144,658	)		(1,944,463	)
Increase (decrease) in shares		230,926			(1,286,830	)
Institutional Shares outstanding at beginning of period/year		2,725,998			4,012,828
Institutional Shares at end of period/year		2,956,924			2,725,998

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

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

	Institutional Shares
	For the Six-Month Period Ended November 30, 2021 (Unaudited)			For the Fiscal Year Ended May 31, 2021			For the Fiscal Year Ended May 31, 2020			For the Fiscal Year Ended May 31, 2019			For the Fiscal Year Ended May 31, 2018			For the Fiscal Year Ended May 31, 2017
Net Asset Value, Beginning of Period/Year	$	8.53		$	7.26		$	9.28		$	9.46		$	9.54		$	9.66
Investment Operations: Net investment income^(a)		0.16			0.36			0.44			0.42			0.41			0.40
Net realized and unrealized gain (loss) on investments		0.06			1.37			(1.95	)		(0.15	)		(0.03	)		(0.08	)
Total from investment operations		0.22			1.73			(1.51	)		0.27			0.38			0.32
Distributions from:
Net investment income		(0.16	)		(0.10	)		(0.48	)		(0.36	)		(0.40	)		(0.38	)
Net capital gains		—			—			—			—			—			—
Net return of capital		—			(0.36	)		(0.03	)		(0.09	)		(0.06	)		(0.06	)
Total distributions		(0.16	)		(0.46	)		(0.51	)		(0.45	)		(0.46	)		(0.44	)
Net Asset Value, End of Period/Year	$	8.59		$	8.53		$	7.26		$	9.28		$	9.46		$	9.54
Total return		2.57	%^(b)		24.47	%		(17.15	)%		2.87	%		4.10	%		3.41	%
Ratios/Supplemental Data
Net assets, end of period/year (in 000s)	$	25,391		$	23,240		$	29,118		$	54,911		$	35,511		$	30,498
Ratio of expenses to average net assets Before fee waiver		1.66	%^(c)		2.11	%		1.78	%		1.91	%		2.73	%		3.10	%
After fee waiver^(d)		1.66	%^(c)		1.82	%		1.71	%		1.91	%		2.59	%		2.94	%
Ratio of net investment income to average net assets		3.61	%^(c)		4.60	%		4.90	%		4.49	%		4.36	%		4.19	%
Portfolio turnover rate		15	%^(b)		51	%		67	%		75	%		71	%		87	%^(e)

(a)	Based on the average daily number of shares outstanding during the period/ year.
(b)	Not annualized.
(c)	Annualized.
(d)	Excluding dividend and prime broker fees on securities sold short, the ratio of expenses to average net assets would have been 1.43% for the period ended November 30, 2021, 1.38% for the year ended May 31, 2021, 1.31% for the year ended May 31, 2020, 1.36% for the year ended May 31, 2019, 1.55% for the year ended May 31, 2018 and 1.60% for the year ended May 31, 2017.
(e)	Changed from 47% to 87%. Revision not considered material.

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

14	CCM Alternative Income Fund

Notes to Financial Statements November 30, 2021

Note 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

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

Security Valuation. The Fund’s portfolio securities are valued at market value based on independent third party pricing. Securities for which quotations are not available and any other assets are valued at fair value as determined in good faith by the Advisor, subject to the review and supervision of the Fund’s Board of Trustees. Circumstances in which securities may be fair valued include periods when trading in a security is suspended, the exchange or market on which a security trades closes early, the trading volume in a security is limited, corporate actions and announcements take place, or regulatory news is released such as governmental approvals. In addition, the Trust, in its discretion, may make adjustments to the prices of securities held by the Fund if an event occurs after the publication of market values normally used by the Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance and the Trust’s fair value procedures. This may occur particularly with respect to certain foreign securities held by the Fund. Other events that can trigger fair valuing of foreign securities include, for example, significant fluctuations in general market indicators, governmental actions, or natural disasters. The use of fair valuation involves the risk that the values used by the Fund to price its investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

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

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

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

At November 30, 2021, the Fund held securities that were fair valued by the Advisor in accordance with procedures approved by the Board of Trustees in the amount of $2,022,982.

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

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

16	CCM Alternative Income Fund

●

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.

For the six-month period ended November 30, 2021, there have been no significant changes to the Fund’s fair value methodologies.

The following table summarizes the quantitative inputs and assumptions used for items categorized as recurring Level 3 assets as of November 30, 2021. 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

November 30, 2021

Valuation

Techniques

Unobservable

Inputs

Ranges (Average)

U.S. Government

& Agency

Obligations – FHA Project Loans

$2,022,982

Matrix

Pricing

Structure

Average Life Years

Spread to Benchmark

Variance to Dealer

Average

2 out of lockout with remaining maturity term range 0.19 years. The remaining FHA Security has a lockout range 0.58 Years.

0.15-1.51 (0.63) Years N+255 – N+342 (N+284)

1.33% – 1.52% (1.43%)

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

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

Investment Income and Securities Transactions. Security transactions are accounted for on the date the securities are purchased or sold. Realized

gains and losses on sales of investments are determined on the basis of the identified cost for both financial statement and federal income tax purposes. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income is recognized on an accrual basis.

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

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

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

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

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit in the current year. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., all open tax year ends, as applicable), ongoing analysis of and changes to tax laws, regulations and interpretations thereof.

Distributions to Shareholders. Dividends from net investment income are declared and paid monthly and distributable net realized capital gains, if any, are declared and distributed at least annually. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions

18	CCM Alternative Income Fund

are determined in accordance with income tax regulations, which may differ from U.S. GAAP.

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

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

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

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

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to the Fund’s Schedule of Investments for details regarding open futures contracts as of November 30, 2021.

Options Written/Purchased. The Fund may invest in financial options contracts to add return or to hedge its existing portfolio securities, or securities that the Fund intends to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. The option techniques utilized are to hedge against changes in interest rates, foreign currency exchange rates or securities’ prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Fund, to reduce the volatility of the currency exposure

associated with an investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets and not for speculation. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options that expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.

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

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

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

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

Securities Sold Short. The Fund engages in short sales (selling securities it does not own) as a part of its normal investment activities. When the Fund sells a security short, it borrows the security from a third party and sells it at the then current market price. The Fund is then obligated to buy the security on a later date so that it can return the security to the lender. Short positions may be used either to hedge long positions or may be used speculatively to seek positive returns in instances where the Advisor believes a security’s price will decline. The Fund will either realize a profit or incur a loss from a short position, depending on whether the value of the underlying stock decreases or increases, respectively, between the times it is sold and when the Fund replaces the borrowed security. Because the market price of the security sold short could increase without limit, the Fund could be subject to a theoretically unlimited loss. Upon entering into a short position, the Fund records the proceeds as a receivable from prime broker in its Statement of Assets and Liabilities and establishes an offsetting liability for the securities sold under the short sale agreement.

20	CCM Alternative Income Fund

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

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

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

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

Note 2 – CAPITAL SHARE TRANSACTIONS

Transactions in shares of the Fund for the six-month period ended November 30, 2021 were as follows:

	Shares			Amount
Institutional Shares
Shares issued		332,007		$	2,872,758
Shares reinvested		43,577			373,904
Shares redeemed		(144,658	)		(1,242,413	)
Net Increase		230,926		$	2,004,249

Transactions in shares of the Fund for the fiscal year ended May 31, 2021 were as follows:

	Shares			Amount
Institutional Shares
Shares issued		501,749		$	3,989,777
Shares reinvested		155,884			1,197,478
Shares redeemed		(1,944,463	)		(14,922,715	)
Net Decrease		(1,286,830	)	$	(9,735,460	)

Note 3 – INVESTMENT TRANSACTIONS

The aggregate purchases and sales and maturities of investments, excluding short-term investments, short sales, purchases to cover, options, premiums paid and received, and futures, by the Fund for the six-month period ended November 30, 2021, were as follows:

Purchases:
U.S. Government	$	–
Other		4,811,574
Sales and Maturities:
U.S. Government	$	38,230
Other		3,825,200

At November 30, 2021, the cost of investments for income tax purposes and the gross unrealized appreciation (depreciation) of investments for tax purposes was as follows:

Cost of investments	$	25,950,002
Gross unrealized appreciation		3,122,512
Gross unrealized depreciation		(873,597	)
Net appreciation on investments	$	2,248,915

22	CCM Alternative Income Fund

Note 4 – DERIVATIVE TRANSACTIONS

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

The fair value of derivative instruments as of November 30, 2021, was as follows:

	Statement of Assets and Liabilities Location	Asset Derivatives		Liabilities Derivatives
Equity contracts	Net unrealized depreciation on futures contracts*	$	4,855	$	(24,945	)
Interest rate contracts	Net unrealized depreciation on futures contracts*		71,933		(7,767	)
		$	76,788	$	(32,712	)

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

The effect of derivative instruments on the Statement of Operations for the six-month period ended November 30, 2021, was as follows:

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

	Realized Gain/ (Loss)			Change in Unrealized Appreciation (Depreciation)			Total
Interest rate contracts
Futures Contracts	$	(161,705	)	$	106,188		$	(55,517	)
Equity contracts
Futures Contracts		(167,933	)		59,366			(108,567	)
Options		(3,239	)		(16,602	)		(19,841	)
	$	(332,877	)	$	148,952		$	(183,925	)

The following table discloses the average monthly volume of the Fund’s futures contracts and option contracts activity during the six-month period ended November 30, 2021:

	Interest Rate Contracts $			Equity Contracts $
Future Contracts:
Average Notional Balance Long	$	—		$	—
Average Notional Balance Short	$	(4,055,135	)	$	(1,287,491	)
Options Contracts
Average Notional Balance Long	$	—		$	22,071
Average Notional Balance Short	$	—		$	(15,883	)

In accordance with Accounting Standards Update (“ASU”) 2013-01, Balance Sheet (Topic 210), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, the Fund is required to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.

Note 5 – ADVISORY, SUB-ADVISORY AND SERVICE FEES

The Trust has entered into an Advisory Agreement with the Advisor to provide the Fund with investment management services. Pursuant to the Advisory Agreement, the Advisor is entitled to receive a fee, calculated daily, and paid monthly at the annual rate of 0.75% of the Fund’s average daily net assets.

For the six-month period ended November 30, 2021, the Advisor was entitled to receive advisory fees of $90,305.

The Trust has adopted a Services Plan with respect to the Fund’s Institutional Shares. Pursuant to the Services Plan, the Trust enters into servicing agreements with financial institutions that agree to provide certain personal liaison and administrative support services to their customers who are the beneficial owners of Institutional Shares of the Fund in consideration for payment of up to a maximum of 0.50% (comprised of up to 0.25% for personal liaison services and up to 0.25% for administrative support services) per year of the average daily NAV of the Institutional Shares beneficially owned by such customers. The Fund will limit fees to an aggregate fee of not more than 0.20% under the Services Plan for personal liaison and administrative support services through May 31, 2022. For the six-month period ended November 30, 2021, the Fund incurred expenses under the Services Plan of $24,082.

The Advisor has contractually agreed to waive fees and reimburse expenses until September 30, 2022 to the extent total annualized expenses exceed 1.85% of the average daily net assets of the Institutional Shares. If at any time the Fund’s Total Annual Fund Operating Expenses for a year is less than 1.85%, the Advisor may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made by the Advisor, provided such reimbursement does not cause the Fund to exceed the expense limitations that were in effect at the time of the waiver or reimbursement. There were no fees waived by the Advisor during the six-month period ended November 30, 2021.

As of November 30, 2021, fees previously waived and reimbursed by the Advisor which may be subject to possible future recoupment by the Advisor are as follows:

Expense Deferred in the Period Ending, November 30,
2019	2020	2021
Subject to Repayment until November 30,
2022	2023	2024	Total
$6,304	$76,212	$23,489	$106,005

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

24	CCM Alternative Income Fund

Note 6 – DISTRIBUTIONS TO SHAREHOLDERS

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

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

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

	Fiscal Year Ended May 31, 2021		Fiscal Year Ended May 31, 2020
Distributions declared from:
Ordinary income	$	332,030	$	2,808,504
Return of Capital		1,087,983		190,003
Total Distributions	$	1,420,013	$	2,998,507

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

As of May 31, 2021, the components of accumulated losses on a tax basis were as follows:

Capital loss carryforwards	$	(12,951,027	)
Other temporary differences		(205,392	)
Unrealized appreciation, net		2,727,671
Accumulated losses, net	$	(10,428,748	)

For Federal income tax purposes, capital losses may be carried forward and applied against future capital gains. Net capital losses earned may be carried forward indefinitely and must retain the character of the original loss. As of May 31, 2021, the Fund had capital loss carryforwards outstanding as follows:

Short-Term	Long-Term	Total Capital Loss Carryforwards
$9,395,396	$3,555,631	$12,951,027

During the year ended May 31, 2021, the Fund did not utilize capital loss carryforwards to offset capital gains.

Note 7 – CONCENTRATION/RISK

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

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

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

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

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

Counterparty Risk: In general, a derivative contract typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty’s creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such

26	CCM Alternative Income Fund

counterparty can be expected to decline, potentially resulting in losses by the Fund.

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

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

Environmental, Social and Governance (ESG) Investing Risk: There may be a risk stemming from the environmental, social and governance (“ESG”) factors that the Fund applies in analyzing the portfolio composition of the Fund. The Advisor considers ESG standings of its holdings when analyzing the Fund’s portfolio composition. This may affect the Fund’s exposure to certain companies or industries. The Fund’s results may be lower than other funds that do not consider ESG standings. ESG standings are only one factor the Advisor considers in managing the Fund’s portfolio and not all securities in the portfolio of the Fund have a high ESG standing.

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

Fixed Income Investments: The Fund may invest in fixed income securities. Fixed income investments include bonds, notes (including structured notes), mortgage-backed securities, asset-backed securities, convertible

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

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

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

LIBOR Risk: Certain of the Fund’s investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). In July of 2017, the head of the United Kingdom Financial Conduct Authority (“FCA”) announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and ICE Benchmark Administrator have since announced that most LIBOR settings will no longer be published after December 31, 2021 and a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying

28	CCM Alternative Income Fund

market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing Secured Overnight Financing Rate Data (“SOFR”) that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new reference rates. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Fund. The effect of any changes to, or discontinuation of, LIBOR on the Fund will depend on, among other things, (1) existing fallback or termination provisions in individual contracts, and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. For example, current information technology systems may be unable to accommodate new instruments and rates with features that differ from LIBOR. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled.

The transition process might lead to increased volatility and illiquidity in markets for instruments whose terms currently include LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the completion of the transition. All of the aforementioned may adversely affect the Fund’s performance or NAV.

Market Risk: Market risk is the risk that the markets on which the Fund’s investments trade will increase or decrease in value. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and

other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets. Markets also tend to move in cycles, with periods of rising and falling prices. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

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

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

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

U.S. Government Securities Risk: Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Certain of the government agency securities

30	CCM Alternative Income Fund

the Fund may purchase are backed only by the credit of the government agency and not by full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury.

Note 8 – NEW ACCOUNTING PRONOUNCEMENTS

In November, 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. The amendments in this update require that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash or restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. For public entities, this update will be effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. Management has evaluated the impact of this new guidance, and the Fund no longer reports the change in restricted cash and cash equivalents in the operating and investing sections in the Statement of Cash Flows. Restricted cash and cash equivalents are now included in the beginning and end of the period as cash and cash equivalents on the Statement of Cash Flows. These changes have been applied using a retrospective transition method to each period presented.

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

Note 9 – SUBSEQUENT EVENTS

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

LIQUIDITY RISK MANAGEMENT PROGRAM November 30, 2021

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

In accordance with the requirements of Rule 22e-4, the program administrator conducted an annual review of the LRM Program and, in July 2020 and July 2021, provided the Board of Trustees (the “Board”) with a report addressing the operation of the LRM Program and assessing its adequacy and effectiveness of implementation for the period from (i) June 1, 2019 through June 30, 2020 (the “2020 Report”); and (ii) June 1, 2020 through June 30, 2021 (the “2021 Report”), respectively. For both the 2020 Report and the 2021 Report, the program administrator reported to the Board as to the following, among other things:

●

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

●

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

●

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

●

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

●

the LRM Program operated adequately during the period.

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

32	CCM Alternative Income Fund

November 30, 2021

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 Securities and Exchange Commission (the “SEC”) website at http://www.sec.gov.

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 http://www.sec.gov.

Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Transfer Agent:

Apex Funds Services

Three Canal Plaza, Group Floor

Portland, ME 04101

Legal Counsel:

Faegre Drinker Biddle & Reath LLP

One Logan Square

Suite 2000

Philadelphia, PA 19103-6996

Independent Registered Public Accounting Firm:

Deloitte & Touche LLP

1700 Market Street

Philadelphia, PA 19103

Custodian:

U.S. Bank, National Association

50 South 16th Street

Suite 2000

20th Floor

EX-PA-WBSP

Philadelphia, PA 19102

Board of Trustees:

John E. Taylor, Chairman of the Board of Trustees

Heinz Riehl, Trustee

Irvin M. Henderson, Trustee

Robert O. Lehrman, Trustee

Mirian Saez, Trustee

Robert Dickerson, Trustee

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

2500 Weston Road ■ Suite 101 ■ Weston, FL 33331

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

Semi-Annual Report 2021

COMMUNITY CAPITAL TRUST

November 30, 2021

CCM COMMUNITY IMPACT BOND FUND (The “FUND”)

TABLE OF CONTENTS

Fund Profile	2
Expenses	3
Schedule of Investments	4
Statement of Assets and Liabilities	51
Statement of Operations	52
Statements of Changes in Net Assets	53
Financial Highlights	55
Notes to Financial Statements	58
Liquidity Risk Management Program	70

2	The CCM Community Impact Bond Fund

Fund Profile November 30, 2021

Top Ten Holdings*
(% of Net Assets)
JPMorgan Chase, 02/16/2025	1.29%
U.S. Treasury Notes, 07/31/2028	1.25%
U.S. Treasury Notes, 05/31/2026	1.16%
Bank of America Corp. MTN, 09/25/2025	0.98%
salesforce.com, 07/15/2028	0.98%
FHLMC Multifamily Structured Pass Through Certificates, Ser F100, Cl AS, 01/25/2028	0.90%
Bank of America Corp. MTN, 05/19/2024	0.85%
JPMorgan Chase, 09/16/2024	0.85%
U.S. Treasury Notes, 09/30/2028	0.78%
FHLMC Multiclass Certificates Ser P009, Cl A1, 01/25/2031	0.77%
	9.81%
*Excludes Short-Term Investments.

Asset Allocation
(% of Net Assets)
Asset-Backed Securities	7.13%
Bank Deposit	2.57%
Corporate Bonds	12.92%
FGLMC Single Family	9.34%
FHA Project Loans	0.27%
FHLB	0.69%
FHMS Multifamily	6.53%
FNMA Multifamily	9.69%
FNMA Single Family	16.66%
GNMA Multifamily	10.82%
GNMA Single Family	0.68%
HUD	0.02%
Money Market Fund	3.04%
Municipal Bonds	12.23%
Small Business Administration	1.17%
Small Business Administration Participation Certificates	0.26%
Tennessee Valley Authority	0.44%
U.S. Treasury Notes	5.06%
USDA Loan	0.49%
Liabilities in Excess of Other Assets	(0.01)%
	100.00%

Expenses November 30, 2021

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

This example is based on an investment of $1,000 invested on June 1, 2021 and held for the six-month period ended November 30, 2021.

Actual expenses (Unaudited)

Hypothetical example for comparison purposes (Unaudited)

Beginning
Account Value
June 1, 2021

Ending

Account

Value November 30, 2021

Expenses
Paid
During Period*
June 1, 2021
Through
November 30,
2021

Actual

CRA Shares

1,000.00

993.10

4.40

Institutional Shares

1,000.00

994.40

2.15

Retail Shares

1,000.00

993.60

3.90

Hypothetical (5% return before expenses)

CRA Shares

1,000.00

1,020.66

4.46

Institutional Shares

1,000.00

1,022.91

2.18

Retail Shares

1,000.00

1,021.16

3.95

* Expenses are equal to the annualized expense ratio of 0.88%, 0.43% and 0.78% for CRA Shares, Institutional Shares and Retail Shares, respectively, multiplied by the average account value over the period, multiplied by 183 days/365 days (to reflect the one-half year period). The Fund’s ending account value on the first line in the table is based on its actual total return of (0.69)%, (0.56)% and (0.64)% for the period June 1, 2021 to November 30, 2021 for CRA Shares, Institutional Shares and Retail Shares, respectively.

4	The CCM Community Impact Bond Fund

Schedule of Investments November 30, 2021

	Principal
	Amount		Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS – 57.06%
FGLMC Single Family – 9.34%
Pool QN8332, 2.00%, 11/01/2036	$	380,829	$	391,278
Pool QB3154, 2.00%, 09/01/2050		3,184,389		3,189,054
Pool QB3835, 2.00%, 09/01/2050		3,617,834		3,623,134
Pool QB3978, 2.00%, 09/01/2050		4,015,875		4,021,758
Pool RA3677, 2.00%, 09/01/2050		1,824,632		1,827,300
Pool QB4065, 2.00%, 10/01/2050		1,853,964		1,856,680
Pool QB4506, 2.00%, 10/01/2050		4,325,575		4,331,912
Pool QB5044, 2.00%, 11/01/2050		2,940,325		2,944,632
Pool QB5903, 2.00%, 11/01/2050		1,806,728		1,810,616
Pool QB6583, 2.00%, 12/01/2050		1,649,283		1,651,699
Pool QB7302, 2.00%, 01/01/2051		2,751,708		2,757,630
Pool QB8043, 2.00%, 01/01/2051		2,559,676		2,568,784
Pool QB8769, 2.00%, 02/01/2051		3,841,625		3,847,257
Pool QB9466, 2.00%, 03/01/2051		6,946,097		6,956,280
Pool RA4768, 2.00%, 03/01/2051		3,352,736		3,357,651
Pool RA4907, 2.00%, 03/01/2051		1,942,910		1,945,758
Pool RA4957, 2.00%, 03/01/2051		2,270,319		2,273,647
Pool QC0480, 2.00%, 04/01/2051		4,108,502		4,125,827
Pool QC1370, 2.00%, 04/01/2051		3,547,034		3,555,944
Pool RA5067, 2.00%, 04/01/2051		1,750,466		1,753,031
Pool QC2682, 2.00%, 06/01/2051		764,056		766,412
Pool QC3549, 2.00%, 06/01/2051		943,502		945,872
Pool QC4340, 2.00%, 07/01/2051		3,608,532		3,613,822
Pool RA5570, 2.00%, 07/01/2051		2,188,890		2,192,099
Pool RA5594, 2.00%, 07/01/2051		2,117,641		2,120,745
Pool QC5139, 2.00%, 08/01/2051		4,575,164		4,596,148
Pool QC6098, 2.00%, 08/01/2051		1,389,731		1,396,948
Pool RA5698, 2.00%, 08/01/2051		2,305,637		2,309,017
Pool QC6906, 2.00%, 09/01/2051		2,955,079		2,971,778
Pool QC8223, 2.00%, 10/01/2051		3,298,316		3,315,975
Pool QC9420, 2.00%, 10/01/2051		2,004,006		2,014,973
Pool RA6095, 2.00%, 10/01/2051		2,135,728		2,150,113
Pool QD1137, 2.00%, 11/01/2051		1,625,336		1,628,837
Pool QD2417, 2.00%, 12/01/2051		639,243		641,047
Pool RA2477, 2.50%, 04/01/2050		1,093,356		1,122,119
Pool RA2531, 2.50%, 05/01/2050		2,391,303		2,467,589
Pool RA2532, 2.50%, 05/01/2050		803,780		826,509
Pool RA2612, 2.50%, 05/01/2050		5,888,115		6,043,456
Pool QB0264, 2.50%, 06/01/2050		1,051,343		1,079,167
Pool QB0406, 2.50%, 06/01/2050		672,900		691,914
Pool QB0768, 2.50%, 07/01/2050		163,346		167,619
Pool QB0769, 2.50%, 07/01/2050		1,664,962		1,708,759
Pool QB0821, 2.50%, 07/01/2050		642,394		659,447
Pool QB1534, 2.50%, 07/01/2050		1,429,368		1,467,423
Pool QB1536, 2.50%, 07/01/2050		904,289		927,945
Pool QB1680, 2.50%, 07/01/2050		1,003,136		1,029,378
Pool RA3120, 2.50%, 07/01/2050		3,058,932		3,139,835
Pool QB2045, 2.50%, 08/01/2050		3,239,075		3,323,808
Pool QB2636, 2.50%, 08/01/2050		1,412,468		1,449,417
Pool QB2675, 2.50%, 08/01/2050		1,576,111		1,619,484

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

	Principal
	Amount		Value
Pool QB2739, 2.50%, 08/01/2050	$	1,939,770	$	1,990,514
Pool RA3298, 2.50%, 08/01/2050		3,919,898		4,023,638
Pool RA3322, 2.50%, 08/01/2050		1,179,493		1,210,439
Pool RA3381, 2.50%, 08/01/2050		3,249,120		3,335,036
Pool QB3152, 2.50%, 09/01/2050		2,952,507		3,029,744
Pool QB3834, 2.50%, 09/01/2050		2,279,219		2,339,885
Pool QB3976, 2.50%, 09/01/2050		2,424,067		2,490,205
Pool RA3545, 2.50%, 09/01/2050		981,178		1,006,846
Pool QB4066, 2.50%, 10/01/2050		790,916		813,571
Pool QB4507, 2.50%, 10/01/2050		2,748,330		2,822,143
Pool QB5042, 2.50%, 11/01/2050		5,259,701		5,397,293
Pool QB5904, 2.50%, 11/01/2050		2,447,440		2,512,600
Pool QB7304, 2.50%, 01/01/2051		1,108,875		1,139,121
Pool QC1163, 2.50%, 04/01/2051		1,584,044		1,626,270
Pool QC1953, 2.50%, 05/01/2051		2,825,296		2,903,837
Pool QC2684, 2.50%, 06/01/2051		1,207,285		1,240,267
Pool QC3550, 2.50%, 07/01/2051		3,258,972		3,348,006
Pool QC4341, 2.50%, 07/01/2051		1,879,278		1,929,671
Pool QC5136, 2.50%, 08/01/2051		3,330,920		3,431,254
Pool QC6096, 2.50%, 08/01/2051		2,717,196		2,798,557
Pool QC6907, 2.50%, 09/01/2051		1,315,277		1,355,057
Pool QC8222, 2.50%, 10/01/2051		1,422,733		1,467,082
Pool QC9422, 2.50%, 10/01/2051		1,973,370		2,035,512
Pool QD1136, 2.50%, 11/01/2051		1,883,688		1,934,201
Pool QD2418, 2.50%, 12/01/2051		2,889,866		2,965,464
Pool Q16506, 3.00%, 02/01/2043		16,033		16,663
Pool Q40627, 3.00%, 05/01/2046		2,307,640		2,424,609
Pool Q41877, 3.00%, 07/01/2046		1,257,462		1,324,777
Pool Q43158, 3.00%, 09/01/2046		809,866		852,869
Pool Q44344, 3.00%, 11/01/2046		350,341		368,367
Pool Q44395, 3.00%, 11/01/2046		1,538,625		1,616,478
Pool Q45623, 3.00%, 01/01/2047		3,087,297		3,250,231
Pool QA2069, 3.00%, 08/01/2049		515,544		536,346
Pool QA2173, 3.00%, 08/01/2049		787,652		820,083
Pool RA1190, 3.00%, 08/01/2049		194,335		201,769
Pool QA2405, 3.00%, 09/01/2049		495,117		514,185
Pool QA3109, 3.00%, 09/01/2049		1,078,822		1,120,791
Pool QA3562, 3.00%, 10/01/2049		1,571,450		1,639,699
Pool QA4231, 3.00%, 11/01/2049		1,743,210		1,814,235
Pool QA4780, 3.00%, 11/01/2049		926,672		963,474
Pool RA1773, 3.00%, 11/01/2049		1,189,925		1,239,694
Pool QA5579, 3.00%, 12/01/2049		1,539,393		1,602,888
Pool QA5721, 3.00%, 01/01/2050		1,446,356		1,507,792
Pool QA5900, 3.00%, 01/01/2050		666,700		696,663
Pool QA6535, 3.00%, 01/01/2050		1,524,543		1,585,507
Pool RA2089, 3.00%, 01/01/2050		517,571		537,847
Pool QA6834, 3.00%, 02/01/2050		679,030		705,215
Pool QA7417, 3.00%, 02/01/2050		1,339,965		1,391,672
Pool QA7634, 3.00%, 03/01/2050		1,698,502		1,767,053
Pool QA8482, 3.00%, 03/01/2050		1,661,723		1,731,141
Pool QB0265, 3.00%, 06/01/2050		578,622		601,804
Pool QB0757, 3.00%, 07/01/2050		1,077,541		1,125,300
Pool QB0816, 3.00%, 07/01/2050		598,810		625,088
Pool QB1681, 3.00%, 07/01/2050		809,491		846,022

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

6	The CCM Community Impact Bond Fund

	Principal
	Amount		Value
Pool QB2046, 3.00%, 08/01/2050	$	1,710,886	$	1,785,353
Pool QB2674, 3.00%, 08/01/2050		1,699,945		1,769,612
Pool QB3153, 3.00%, 09/01/2050		1,863,686		1,945,334
Pool SD8108, 3.00%, 11/01/2050		16,866,352		17,517,359
Pool Q07121, 3.50%, 04/01/2042		26,787		28,172
Pool Q07398, 3.50%, 04/01/2042		47,379		50,144
Pool Q37430, 3.50%, 11/01/2045		88,668		95,136
Pool Q38376, 3.50%, 01/01/2046		652,453		699,934
Pool Q39359, 3.50%, 03/01/2046		1,174,237		1,259,625
Pool Q40641, 3.50%, 05/01/2046		438,943		470,830
Pool Q45628, 3.50%, 01/01/2047		2,471,914		2,653,771
Pool Q47221, 3.50%, 03/01/2047		575,463		610,928
Pool Q48279, 3.50%, 05/01/2047		658,048		697,536
Pool Q49035, 3.50%, 06/01/2047		551,486		582,198
Pool Q49605, 3.50%, 07/01/2047		348,689		367,919
Pool Q50514, 3.50%, 08/01/2047		54,447		57,348
Pool Q50393, 3.50%, 09/01/2047		1,479,655		1,570,193
Pool Q50943, 3.50%, 09/01/2047		380,862		400,747
Pool Q51685, 3.50%, 10/01/2047		1,245,945		1,323,740
Pool V83539, 3.50%, 10/01/2047		1,115,950		1,182,735
Pool Q52610, 3.50%, 11/01/2047		1,375,275		1,476,298
Pool V83815, 3.50%, 12/01/2047		903,795		960,369
Pool Q53325, 3.50%, 01/01/2048		957,975		1,011,466
Pool Q54012, 3.50%, 01/01/2048		1,496,879		1,586,572
Pool Q54511, 3.50%, 02/01/2048		1,296,189		1,371,600
Pool Q54585, 3.50%, 02/01/2048		1,300,433		1,373,078
Pool Q54876, 3.50%, 03/01/2048		589,854		623,707
Pool Q55002, 3.50%, 03/01/2048		1,428,251		1,508,246
Pool Q62396, 3.50%, 04/01/2049		318,533		336,270
Pool QA2070, 3.50%, 08/01/2049		547,553		579,934
Pool QA2301, 3.50%, 08/01/2049		558,419		589,234
Pool QA3110, 3.50%, 09/01/2049		801,839		847,383
Pool QA3982, 3.50%, 10/01/2049		702,223		738,291
Pool QA4885, 3.50%, 11/01/2049		415,978		438,640
Pool QA6536, 3.50%, 01/01/2050		811,370		857,778
Pool QA7418, 3.50%, 02/01/2050		757,560		799,323
Pool Q39374, 4.00%, 03/01/2046		49,920		53,467
Pool Q47223, 4.00%, 03/01/2047		484,511		526,296
Pool Q47775, 4.00%, 04/01/2047		713,191		769,896
Pool Q48287, 4.00%, 05/01/2047		1,499,887		1,613,061
Pool Q48819, 4.00%, 06/01/2047		1,756,056		1,888,624
Pool Q49040, 4.00%, 06/01/2047		2,819,574		3,033,545
Pool Q49606, 4.00%, 07/01/2047		1,923,868		2,073,259
Pool Q49898, 4.00%, 08/01/2047		528,482		567,794
Pool Q50396, 4.00%, 08/01/2047		59,540		63,769
Pool Q50397, 4.00%, 08/01/2047		2,025,896		2,177,429
Pool Q50951, 4.00%, 09/01/2047		990,139		1,065,555
Pool Q51686, 4.00%, 10/01/2047		867,536		931,238
Pool V83540, 4.00%, 10/01/2047		807,897		872,747
Pool Q53883, 4.00%, 01/01/2048		721,715		776,694
Pool Q54464, 4.00%, 02/01/2048		797,514		856,687
Pool Q54586, 4.00%, 02/01/2048		2,994,138		3,222,211
Pool Q54877, 4.00%, 02/01/2048		651,790		700,960
Pool Q55004, 4.00%, 03/01/2048		1,239,448		1,333,861

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

	Principal
	Amount		Value
Pool Q55631, 4.00%, 04/01/2048	$	1,371,961	$	1,476,390
Pool Q56253, 4.00%, 05/01/2048		1,517,139		1,641,657
Pool Q56469, 4.00%, 06/01/2048		563,767		609,256
Pool Q56900, 4.00%, 06/01/2048		1,125,087		1,214,717
Pool Q57029, 4.00%, 07/01/2048		732,398		784,698
Pool Q57388, 4.00%, 07/01/2048		600,695		643,001
Pool Q57694, 4.00%, 08/01/2048		644,387		695,724
Pool Q58271, 4.00%, 09/01/2048		590,336		634,994
Pool Q58366, 4.00%, 09/01/2048		198,706		212,507
Pool Q58774, 4.00%, 10/01/2048		917,031		985,318
Pool Q59058, 4.00%, 10/01/2048		417,396		446,416
Pool Q59686, 4.00%, 11/01/2048		707,270		758,296
Pool Q60213, 4.00%, 12/01/2048		584,056		625,891
Pool Q60598, 4.00%, 01/01/2049		317,650		338,492
Pool Q61151, 4.00%, 01/01/2049		744,673		798,346
Pool Q61387, 4.00%, 02/01/2049		743,053		797,215
Pool Q61800, 4.00%, 03/01/2049		791,809		847,275
Pool Q61986, 4.00%, 03/01/2049		1,405,221		1,497,987
Pool Q62397, 4.00%, 04/01/2049		926,143		987,386
Pool QA2406, 4.00%, 09/01/2049		530,512		570,337
Pool QA4064, 4.00%, 10/01/2049		536,278		573,579
Pool A91363, 4.50%, 03/01/2040		79,842		85,823
Pool A91756, 4.50%, 03/01/2040		181,270		195,142
Pool A93467, 4.50%, 08/01/2040		75,811		81,492
Pool Q01597, 4.50%, 05/01/2041		130,542		140,325
Pool Q02377, 4.50%, 07/01/2041		144,431		155,313
Pool Q47624, 4.50%, 04/01/2047		540,997		588,026
Pool Q48294, 4.50%, 05/01/2047		402,036		433,717
Pool Q49044, 4.50%, 07/01/2047		825,656		899,957
Pool Q49608, 4.50%, 07/01/2047		253,895		273,342
Pool Q49902, 4.50%, 08/01/2047		256,296		278,712
Pool Q55774, 4.50%, 04/01/2048		564,114		606,713
Pool Q56476, 4.50%, 05/01/2048		802,716		875,768
Pool Q56906, 4.50%, 06/01/2048		1,623,063		1,766,925
Pool Q57389, 4.50%, 07/01/2048		736,309		797,205
Pool Q57906, 4.50%, 08/01/2048		1,329,157		1,459,294
Pool Q58775, 4.50%, 09/01/2048		1,433,393		1,554,178
Pool Q59454, 4.50%, 11/01/2048		161,606		173,752
Pool Q60215, 4.50%, 11/01/2048		1,063,546		1,152,860
Pool Q61389, 4.50%, 02/01/2049		108,211		116,205
Pool A91364, 5.00%, 03/01/2040		170,663		187,053
Pool A92906, 5.00%, 07/01/2040		259,370		287,228
Pool A56707, 5.50%, 01/01/2037		60,728		67,429
Pool A58653, 5.50%, 03/01/2037		52,625		58,457
Pool A68746, 5.50%, 10/01/2037		129,599		143,995
Pool A76192, 5.50%, 04/01/2038		264,954		297,618
Pool A76444, 5.50%, 04/01/2038		102,167		113,487
Pool A78742, 5.50%, 06/01/2038		544,722		621,547
Pool G06072, 6.00%, 06/01/2038		262,208		306,858
Pool G06073, 6.50%, 10/01/2037		514,687		597,860
				313,901,661

FHA Project Loans – 0.27%
Pool 023-98141, 6.00%, 03/01/2047 (a) (b)		2,790,049		2,748,031
Pool St. Michael, 6.20%, 09/01/2050 (a) (b)		5,394,322		5,600,615

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

8	The CCM Community Impact Bond Fund

	Principal
	Amount		Value
Pool 023-98146, 6.51%, 07/01/2047 (a) (b)	$	571,386	$	583,366
Pool 034-A35271, 6.95%, 06/01/2035 (a) (b)		141,705		141,707
				9,073,719

FHLB – 0.69%
Pool 5109, 1.38%, 02/17/2023		22,870,000		23,167,205

FHMS Multifamily – 6.53%
Pool K-F100, 0.23%, (SOFR30A+0.180%), 01/25/2028		30,421,228		30,361,091
Pool K-F122, 0.24%, (SOFR30A+0.190%), 09/25/2031		4,000,000		3,989,936
Pool F118, 0.25%, (SOFR30A+0.200%), 07/25/2028		4,628,000		4,625,058
Pool F116, 0.26%, (SOFR30A+0.210%), 06/25/2028		13,937,000		13,919,687
Pool F113, 0.28%, (SOFR30A+0.230%), 05/25/2028		9,339,763		9,339,763
Pool KF97, 0.30%, (SOFR30A+0.250%), 12/25/2030		3,953,491		3,949,905
Pool F105, 0.30%, (SOFR30A+0.250%), 02/25/2031		14,205,000		14,198,346
Pool KF36, 0.43%, (ICE LIBOR USD 1 Month+0.340%), 08/25/2024		1,929,681		1,931,686
Pool KJ33, 0.44%, 12/25/2025		3,274,281		3,238,411
Pool Q012, 0.58%, 08/25/2025		3,051,851		3,019,539
Pool 2021-SB83, 0.63%, 01/25/2026 (c)		3,191,857		3,127,804
Pool 2021-SB82, 0.67%, 11/25/2025 (c)		2,507,461		2,457,759
Pool KG03, 0.70%, 04/25/2029 (c)		1,500,000		1,458,112
Pool SB87, 0.78%, 04/25/2041 (c)		4,745,880		4,671,671
Pool P003, 0.83%, 02/25/2031		6,375,739		6,099,989
Pool KG04, 0.85%, 06/25/2030		8,929,471		8,594,855
Pool 2021-SB82, 0.86%, 12/25/2027 (c)		2,979,986		2,898,283
Pool K123, 0.93%, 06/25/2030		2,882,830		2,800,719
Pool K124, 0.96%, 08/25/2030		2,829,017		2,748,579
Pool Q012, 1.01%, 08/25/2030		4,599,991		4,427,845
Pool SB87, 1.07%, 04/25/2028 (c)		1,248,276		1,227,922
Pool P009, 1.13%, 01/25/2031		26,304,466		25,886,409
Pool WA4405, 1.15%, 05/01/2027		3,294,319		3,284,237
Pool K131, 1.16%, 01/25/2031		3,987,732		3,908,399
Pool 2021-P011, 1.20%, 09/25/2031		828,099		813,746
Pool WN1107, 1.27%, 08/01/2026		10,500,000		10,440,609
Pool KG03, 1.30%, 06/25/2030 (c)		8,000,000		7,749,242
Pool KSG1, 1.50%, 09/25/2030		3,850,000		3,788,439
Pool K109, 1.56%, 04/25/2030		1,500,000		1,484,214
Pool Q014, 1.56%, 01/25/2036		2,746,065		2,674,685
Pool K741, 1.60%, 12/25/2027		20,000,000		20,075,620
Pool 2021-ML08, 1.88%, 07/25/2037		1,389,906		1,391,254
Pool 2021-ML08, 1.90%, 11/25/2037		1,784,756		1,790,886
Pool WA1102, 1.92%, 12/01/2028		1,009,010		1,029,649
Pool WN0034, 1.94%, 04/01/2037		846,333		826,388
Pool K094, 2.70%, 04/25/2029		3,911,758		4,151,162
Pool 2017-SB43, 2.79%, (ICE LIBOR USD 1 Month+2.740%), 10/25/2037		684,044		692,108
Pool 2017-SB43, 3.00%, 10/25/2027 (c)		625,909		641,194
				219,715,201

FNMA Multifamily – 9.69%
Pool BS1397, 0.29%, (SOFR30A+0.240%), 03/01/2031		7,970,000		7,966,566
Pool BS1398, 0.29%, (SOFR30A+0.240%), 03/01/2031		1,930,000		1,929,168
Pool BS1399, 0.29%, (SOFR30A+0.240%), 03/01/2031		9,120,000		9,116,070
Pool BL4132, 0.31%, (SOFR30A+0.260%), 04/01/2031		12,880,000		12,875,138
Pool BS1200, 0.95%, 02/01/2028		3,370,000		3,259,847

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

	Principal
	Amount		Value
Pool BS1201, 0.95%, 02/01/2028	$	6,860,000	$	6,616,515
Pool BS1033, 1.02%, 02/01/2028		7,418,493		7,202,087
Pool BS1139, 1.04%, 02/01/2028		2,400,000		2,340,688
Pool BL8108, 1.19%, 09/01/2032		2,922,793		2,779,341
Pool BL7910, 1.23%, 08/01/2027		4,700,000		4,606,937
Pool BL7892, 1.24%, 08/01/2030		6,329,072		6,150,038
Pool BL7247, 1.25%, 06/01/2030		3,089,342		3,012,863
Pool BL7686, 1.28%, 08/01/2030		2,918,026		2,844,493
Pool BL7010, 1.30%, 06/01/2030		10,000,000		9,718,750
Pool BL7898, 1.31%, 08/01/2032		8,100,000		7,673,206
Pool BL8103, 1.32%, 12/01/2030		7,081,798		6,898,208
Pool BL8000, 1.34%, 09/01/2030		4,940,000		4,810,111
Pool BL8013, 1.36%, 08/01/2035		4,280,196		4,020,458
Pool BL8014, 1.36%, 08/01/2035		3,952,455		3,712,606
Pool BS0025, 1.38%, 12/01/2030		7,844,744		7,676,242
Pool BS0596, 1.38%, 01/01/2031		200,000		193,980
Pool BL7636, 1.41%, 07/01/2032		1,100,000		1,054,730
Pool M1S, 1.43%, 12/25/2030 (c)		13,550,000		13,166,780
Pool BL7257, 1.44%, 06/01/2032		405,478		394,414
Pool BS1017, 1.45%, 02/01/2031		3,120,000		3,046,984
Pool BL9838, 1.48%, 12/01/2030		2,386,000		2,343,042
Pool BL6827, 1.50%, 06/01/2032		6,162,293		6,061,080
Pool BS1482, 1.61%, 03/01/2031		1,479,816		1,470,426
Pool BS0391, 1.63%, 01/01/2033		4,621,000		4,519,874
Pool BL7351, 1.65%, 07/01/2030		655,000		652,953
Pool BS0179, 1.67%, 01/01/2033		4,775,000		4,692,388
Pool BL7338, 1.81%, 07/01/2032		1,749,199		1,752,363
Pool BS1977, 1.85%, 05/01/2031		3,640,000		3,674,852
Pool BS2625, 1.89%, 07/01/2031		4,645,000		4,679,296
Pool BL6240, 1.94%, 03/01/2030		750,000		765,649
Pool BS1922, 2.03%, 05/01/2031		2,000,000		2,039,321
Pool AN2159, 2.06%, 12/01/2022		1,367,179		1,366,838
Pool BL6159, 2.06%, 03/01/2030		1,804,570		1,861,800
Pool BL5261, 2.18%, 03/01/2030		1,932,345		2,006,568
Pool AM1491, 2.24%, 11/01/2022		1,599,816		1,613,487
Pool AN1684, 2.30%, 06/01/2023		2,540,636		2,586,449
Pool BL6486, 2.31%, 04/01/2030		1,470,000		1,541,185
Pool AM1114, 2.34%, 11/01/2022		1,017,325		1,026,532
Pool BL5452, 2.41%, 01/01/2030		3,372,777		3,557,251
Pool BL4589, 2.45%, 10/01/2029		6,392,277		6,752,016
Pool AM2198, 2.48%, 01/01/2023		89,072		90,201
Pool BL4134, 2.52%, 02/01/2034		667,786		711,225
Pool AN3584, 2.53%, 11/01/2028		1,000,000		1,058,809
Pool AN1381, 2.56%, 08/01/2026		872,370		915,811
Pool AM8256, 2.57%, 03/01/2025		3,250,000		3,385,377
Pool AN1428, 2.69%, 04/01/2026		559,698		588,292
Pool AM9007, 2.78%, 05/01/2025		461,103		483,009
Pool AM8561, 2.82%, 04/01/2025		3,930,007		4,118,593
Pool AN2174, 2.84%, 07/01/2026		6,600,000		6,852,920
Pool AN0876, 2.85%, 02/01/2026		1,338,990		1,414,067
Pool AM0414, 2.87%, 09/01/2027		1,200,000		1,284,891
Pool 471460, 2.88%, 06/01/2022		820,416		821,983
Pool AN6823, 2.95%, 09/01/2029		2,464,000		2,680,540
Pool AN5781, 2.96%, 06/01/2029		461,075		485,394

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

10	The CCM Community Impact Bond Fund

	Principal
	Amount		Value
Pool AN8458, 2.97%, 02/01/2025	$	4,856,837	$	5,099,782
Pool AN5536, 2.97%, 05/01/2027		3,167,939		3,392,208
Pool BL2741, 2.97%, 06/01/2029		3,367,289		3,650,352
Pool AN6926, 3.00%, 11/01/2032		974,394		1,064,435
Pool BL4558, 3.00%, 11/01/2035		828,944		905,257
Pool AN7354, 3.03%, 11/01/2027		2,590,867		2,793,776
Pool AN3838, 3.05%, 01/01/2022		463,879		463,783
Pool AN5273, 3.06%, 05/01/2027		390,848		420,403
Pool AN6579, 3.06%, 09/01/2027		1,413,475		1,482,905
Pool AN5758, 3.09%, 06/01/2027		1,457,849		1,535,121
Pool BL2603, 3.10%, 05/01/2029		5,540,725		6,031,571
Pool AN4301, 3.15%, 01/01/2027		484,983		522,837
Pool AN8567, 3.15%, 03/01/2028		7,171,859		7,795,260
Pool AN4045, 3.15%, 01/01/2029		6,300,000		6,832,214
Pool AN8521, 3.19%, 03/01/2028		2,433,885		2,559,210
Pool AN9141, 3.20%, 05/01/2025		1,279,028		1,311,255
Pool AN6262, 3.20%, 08/01/2027		499,580		542,633
Pool AN6232, 3.20%, 08/01/2029		4,927,057		5,425,572
Pool AN5394, 3.21%, 05/01/2027		1,250,000		1,359,856
Pool AN4133, 3.21%, 01/01/2033		227,907		253,450
Pool AM8227, 3.21%, 03/01/2033		88,272		97,108
Pool AM9393, 3.23%, 07/01/2025		891,472		948,825
Pool AN5792, 3.30%, 04/01/2034		907,188		1,021,640
Pool BL2117, 3.31%, 04/01/2029		5,925,000		6,586,332
Pool AM9780, 3.31%, 03/01/2031		370,173		391,739
Pool BL2249, 3.32%, 04/01/2029		793,015		872,361
Pool AM6620, 3.34%, 08/01/2024		523,644		523,339
Pool BL2377, 3.34%, 05/01/2031		2,847,931		3,198,657
Pool AN8814, 3.36%, 04/01/2028		942,265		1,035,371
Pool AN4505, 3.36%, 02/01/2032		955,938		1,072,600
Pool AM3973, 3.37%, 07/01/2023		3,126,911		3,146,925
Pool AN5418, 3.40%, 05/01/2033		750,000		853,737
Pool AM5986, 3.44%, 06/01/2026		577,961		624,710
Pool AN9534, 3.45%, 06/01/2025		2,361,379		2,516,855
Pool BL0478, 3.57%, 10/01/2025		1,998,370		2,084,595
Pool AN1108, 3.76%, 03/01/2046		270,158		305,314
Pool AN4171, 3.79%, 01/01/2035		785,526		823,897
Pool AN9844, 3.80%, 07/01/2030		779,341		892,866
Pool BL1090, 3.82%, 12/01/2025		958,456		1,005,213
Pool AM9376, 3.83%, 07/01/2045		449,587		513,898
Pool AN0360, 3.95%, 12/01/2045		100,000		123,931
Pool AN4676, 4.10%, 03/01/2047		1,248,585		1,467,503
Pool AM5197, 4.20%, 01/01/2030		379,519		442,677
Pool 468251, 4.76%, 06/01/2026		546,107		604,413
Pool 466907, 5.13%, 03/01/2026		350,112		386,199
Pool 465394, 5.20%, 03/01/2026		471,166		520,724
Pool 463895, 5.25%, 10/01/2025		329,425		363,276
Pool 874487, 5.52%, 05/01/2025		421,656		430,046
Pool 874481, 5.75%, 04/01/2022		2,958,285		2,956,594
Pool 387005, 5.95%, 06/01/2022		285,624		285,440
Pool 873949, 5.95%, 09/01/2024		1,064,549		1,063,864
Pool 463839, 5.96%, 11/01/2027		581,755		637,369
Pool 873679, 6.10%, 06/01/2024		373,192		372,953
Pool 467914, 6.10%, 04/01/2041		472,769		552,325

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

	Principal
	Amount		Value
Pool 463997, 6.12%, 12/01/2027	$	886,189	$	982,004
Pool 464836, 6.23%, 03/01/2028		1,516,038		1,723,278
Pool 465260, 6.33%, 06/01/2028		1,376,508		1,530,748
Pool 464254, 6.34%, 11/01/2027		2,367,942		2,628,598
Pool 464969, 6.34%, 04/01/2028		2,414,316		2,806,608
Pool 464632, 6.50%, 02/01/2028		431,937		496,430
Pool 465588, 6.55%, 07/01/2028		526,711		610,605
Pool 466756, 6.59%, 12/01/2028		1,612,274		1,803,948
Pool 464573, 6.72%, 02/01/2040		2,117,425		2,384,154
Pool 466595, 6.78%, 11/01/2025		3,359,701		3,757,775
Pool 469854, 8.26%, 12/01/2026		1,519,523		1,844,556
				325,654,582

FNMA Single Family – 16.66%
Pool BU1090, 1.50%, 10/01/2036		334,876		337,191
Pool BQ1545, 2.00%, 09/01/2050		3,819,407		3,825,002
Pool BQ1571, 2.00%, 09/01/2050		5,286,659		5,294,404
Pool BQ1603, 2.00%, 09/01/2050		1,967,270		1,973,842
Pool BQ2362, 2.00%, 09/01/2050		3,935,368		3,941,132
Pool BQ3064, 2.00%, 09/01/2050		3,072,446		3,076,946
Pool CA7182, 2.00%, 09/01/2050		1,982,778		1,985,674
Pool BP7434, 2.00%, 10/01/2050		1,106,215		1,107,834
Pool BQ3112, 2.00%, 10/01/2050		2,381,363		2,384,851
Pool BQ4812, 2.00%, 10/01/2050		3,603,631		3,608,910
Pool BQ4876, 2.00%, 10/01/2050		2,555,978		2,559,722
Pool CA7287, 2.00%, 10/01/2050		2,198,756		2,201,973
Pool BQ5814, 2.00%, 11/01/2050		2,363,569		2,367,032
Pool BQ7638, 2.00%, 11/01/2050		2,303,815		2,307,190
Pool CA7661, 2.00%, 11/01/2050		2,806,294		2,810,405
Pool CA8322, 2.00%, 12/01/2050		2,234,298		2,237,571
Pool BR0679, 2.00%, 01/01/2051		3,815,888		3,821,478
Pool BR1282, 2.00%, 01/01/2051		2,226,029		2,229,293
Pool BQ4492, 2.00%, 02/01/2051		1,177,756		1,179,483
Pool BR3230, 2.00%, 02/01/2051		4,806,666		4,826,933
Pool CA9082, 2.00%, 02/01/2051		4,063,743		4,069,697
Pool BR4749, 2.00%, 03/01/2051		1,742,863		1,746,617
Pool BR5454, 2.00%, 03/01/2051		8,236,945		8,249,021
Pool BR7691, 2.00%, 04/01/2051		9,480,230		9,494,128
Pool BR9146, 2.00%, 05/01/2051		2,209,393		2,214,943
Pool CB0668, 2.00%, 05/01/2051		2,351,292		2,354,739
Pool BT0121, 2.00%, 06/01/2051		1,418,038		1,421,093
Pool BT1268, 2.00%, 07/01/2051		3,314,153		3,319,012
Pool BT1347, 2.00%, 07/01/2051		4,320,936		4,330,243
Pool BR2232, 2.00%, 08/01/2051		798,340		803,352
Pool BT2780, 2.00%, 08/01/2051		6,672,121		6,681,903
Pool BT7189, 2.00%, 08/01/2051		4,363,338		4,385,999
Pool BT9013, 2.00%, 08/01/2051		1,478,937		1,487,189
Pool BT7259, 2.00%, 09/01/2051		5,933,398		5,966,048
Pool BT7351, 2.00%, 10/01/2051		6,277,374		6,316,737
Pool BU1092, 2.00%, 10/01/2051		4,509,562		4,538,538
Pool BU2995, 2.00%, 10/01/2051		1,309,524		1,314,731
Pool BU3147, 2.00%, 10/01/2051		486,607		489,621
Pool CB1941, 2.00%, 10/01/2051		9,405,912		9,460,516
Pool BU1004, 2.00%, 11/01/2051		3,467,051		3,474,518
Pool BU7796, 2.00%, 11/01/2051		1,645,460		1,647,872

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

12	The CCM Community Impact Bond Fund

	Principal
	Amount		Value
Pool BU5889, 2.00%, 12/01/2051	$	2,068,105	$	2,071,137
Pool AB7486, 2.50%, 12/01/2042		1,836,048		1,882,236
Pool BP5424, 2.50%, 05/01/2050		1,046,658		1,074,511
Pool CA5693, 2.50%, 05/01/2050		1,472,314		1,514,819
Pool BP5447, 2.50%, 06/01/2050		800,989		822,586
Pool BP5470, 2.50%, 06/01/2050		466,134		478,555
Pool BP5498, 2.50%, 06/01/2050		1,012,972		1,039,471
Pool BP8732, 2.50%, 06/01/2050		2,015,687		2,068,790
Pool CA6159, 2.50%, 06/01/2050		1,720,760		1,766,339
Pool BP8742, 2.50%, 07/01/2050		1,003,254		1,029,499
Pool BP8759, 2.50%, 07/01/2050		1,830,410		1,878,293
Pool BP8789, 2.50%, 07/01/2050		976,880		1,004,588
Pool BP8814, 2.50%, 07/01/2050		1,031,838		1,060,486
Pool BP9533, 2.50%, 07/01/2050		1,769,948		1,816,714
Pool BP9534, 2.50%, 07/01/2050		1,924,463		1,979,279
Pool BP9566, 2.50%, 07/01/2050		377,874		388,638
Pool BP9596, 2.50%, 08/01/2050		799,773		822,498
Pool BP9598, 2.50%, 08/01/2050		688,971		712,292
Pool BQ0192, 2.50%, 08/01/2050		1,505,930		1,547,019
Pool BQ0210, 2.50%, 08/01/2050		2,001,949		2,057,533
Pool BQ0228, 2.50%, 08/01/2050		1,921,815		1,972,981
Pool BQ0248, 2.50%, 08/01/2050		1,738,884		1,788,414
Pool CA6683, 2.50%, 08/01/2050		3,421,096		3,511,589
Pool BQ1546, 2.50%, 09/01/2050		3,112,984		3,195,318
Pool BQ1572, 2.50%, 09/01/2050		4,021,449		4,126,649
Pool BQ1604, 2.50%, 09/01/2050		2,463,829		2,529,119
Pool BQ2363, 2.50%, 09/01/2050		1,635,742		1,678,533
Pool BQ3065, 2.50%, 09/01/2050		2,925,601		3,011,921
Pool BQ3113, 2.50%, 10/01/2050		1,558,194		1,598,956
Pool BQ4813, 2.50%, 10/01/2050		3,217,121		3,301,280
Pool BQ4877, 2.50%, 10/01/2050		1,712,129		1,756,918
Pool CA7296, 2.50%, 10/01/2050		1,064,030		1,091,865
Pool BQ5815, 2.50%, 11/01/2050		4,283,045		4,395,088
Pool BQ7638, 2.50%, 11/01/2050		3,492,789		3,584,370
Pool CA7663, 2.50%, 11/01/2050		1,929,650		1,980,336
Pool BR2612, 2.50%, 02/01/2051		718,437		738,408
Pool BR5455, 2.50%, 03/01/2051		1,369,484		1,407,555
Pool BR7692, 2.50%, 04/01/2051		1,642,414		1,686,196
Pool BR9147, 2.50%, 05/01/2051		3,273,442		3,362,866
Pool BT0122, 2.50%, 06/01/2051		4,921,259		5,049,998
Pool BT1269, 2.50%, 07/01/2051		5,998,481		6,158,385
Pool BT2707, 2.50%, 07/01/2051		7,005,677		7,188,943
Pool BT2781, 2.50%, 08/01/2051		3,778,083		3,882,337
Pool BT7190, 2.50%, 08/01/2051		3,509,026		3,615,180
Pool BT9012, 2.50%, 08/01/2051		730,453		751,929
Pool BT7260, 2.50%, 09/01/2051		2,700,922		2,782,629
Pool BU1031, 2.50%, 10/01/2051		3,298,299		3,402,134
Pool BU1093, 2.50%, 10/01/2051		3,748,689		3,867,863
Pool BU1005, 2.50%, 11/01/2051		5,737,338		5,887,425
Pool CB2073, 2.50%, 11/01/2051		14,761,230		15,147,378
Pool BU5890, 2.50%, 12/01/2051		5,066,254		5,198,785
Pool BU7797, 2.50%, 12/01/2051		1,333,943		1,368,838
Pool AB6333, 3.00%, 09/01/2042		430,896		456,587
Pool AP7482, 3.00%, 09/01/2042		67,082		70,479

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

	Principal
	Amount		Value
Pool AP9712, 3.00%, 09/01/2042	$	77,220	$	81,791
Pool AB7486, 3.00%, 12/01/2042		700,209		741,162
Pool AR5591, 3.00%, 01/01/2043		35,299		37,377
Pool AT1983, 3.00%, 04/01/2043		527,125		558,503
Pool AB9496, 3.00%, 05/01/2043		24,526		25,572
Pool AR6415, 3.00%, 05/01/2043		250,614		264,023
Pool AT0343, 3.00%, 05/01/2043		35,595		37,674
Pool AS7134, 3.00%, 05/01/2046		695,391		730,010
Pool AS7340, 3.00%, 06/01/2046		2,118,728		2,232,036
Pool BC1141, 3.00%, 06/01/2046		387,494		407,042
Pool AS7521, 3.00%, 07/01/2046		1,259,524		1,326,835
Pool BD0472, 3.00%, 07/01/2046		425,117		444,216
Pool AS7816, 3.00%, 08/01/2046		2,562,122		2,696,528
Pool BC2796, 3.00%, 08/01/2046		1,556,433		1,639,498
Pool AS7899, 3.00%, 09/01/2046		1,115,784		1,170,722
Pool BD6343, 3.00%, 09/01/2046		364,472		381,224
Pool AS8079, 3.00%, 10/01/2046		1,771,511		1,857,737
Pool BC4722, 3.00%, 10/01/2046		511,745		537,888
Pool AS8290, 3.00%, 11/01/2046		1,455,279		1,530,272
Pool AS8463, 3.00%, 12/01/2046		2,153,498		2,267,239
Pool BC9073, 3.00%, 12/01/2046		1,975,429		2,077,348
Pool AS8650, 3.00%, 01/01/2047		4,244,821		4,462,892
Pool BD7042, 3.00%, 03/01/2047		371,491		386,459
Pool BN6614, 3.00%, 05/01/2049		222,528		231,240
Pool BN8885, 3.00%, 05/01/2049		314,449		328,708
Pool BN6722, 3.00%, 06/01/2049		624,924		650,097
Pool BN8907, 3.00%, 06/01/2049		281,480		293,621
Pool BN8921, 3.00%, 06/01/2049		87,541		90,951
Pool BO1800, 3.00%, 06/01/2049		1,394,977		1,452,950
Pool BO1272, 3.00%, 07/01/2049		664,845		693,061
Pool BO1283, 3.00%, 07/01/2049		568,149		591,018
Pool CA3873, 3.00%, 07/01/2049		1,270,840		1,322,235
Pool BN7692, 3.00%, 08/01/2049		820,992		854,225
Pool BN7703, 3.00%, 08/01/2049		2,804,244		2,918,454
Pool BO1314, 3.00%, 08/01/2049		1,271,715		1,329,398
Pool BO1318, 3.00%, 08/01/2049		1,166,213		1,215,519
Pool BO1324, 3.00%, 08/01/2049		1,952,953		2,043,166
Pool CA3957, 3.00%, 08/01/2049		2,024,401		2,112,361
Pool BO2209, 3.00%, 09/01/2049		1,063,192		1,107,090
Pool BO2957, 3.00%, 09/01/2049		956,314		994,794
Pool BO2962, 3.00%, 09/01/2049		1,586,846		1,652,754
Pool BO3017, 3.00%, 09/01/2049		2,119,656		2,209,416
Pool BO3200, 3.00%, 09/01/2049		720,413		748,512
Pool CA4244, 3.00%, 09/01/2049		281,074		291,905
Pool BO5402, 3.00%, 10/01/2049		1,677,703		1,751,515
Pool BO5431, 3.00%, 10/01/2049		1,198,419		1,249,168
Pool BO5441, 3.00%, 10/01/2049		1,008,941		1,058,046
Pool CA4331, 3.00%, 10/01/2049		2,951,248		3,076,137
Pool BO4660, 3.00%, 11/01/2049		1,694,304		1,763,119
Pool BO5348, 3.00%, 11/01/2049		2,356,253		2,456,467
Pool BO5477, 3.00%, 11/01/2049		1,642,995		1,710,272
Pool BO5487, 3.00%, 11/01/2049		1,569,637		1,641,589
Pool CA4531, 3.00%, 11/01/2049		4,531,003		4,722,682
Pool BO5371, 3.00%, 12/01/2049		868,276		908,766

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

14	The CCM Community Impact Bond Fund

	Principal
	Amount		Value
Pool BO6215, 3.00%, 12/01/2049	$	461,532	$	479,896
Pool BO8900, 3.00%, 12/01/2049		740,694		770,770
Pool BO8936, 3.00%, 01/01/2050		1,303,532		1,363,814
Pool BO8980, 3.00%, 01/01/2050		921,578		965,194
Pool CA5097, 3.00%, 01/01/2050		914,656		951,574
Pool BO9005, 3.00%, 02/01/2050		965,987		1,006,206
Pool BP1309, 3.00%, 02/01/2050		1,013,609		1,054,854
Pool CA5237, 3.00%, 02/01/2050		2,256,562		2,348,310
Pool BP1374, 3.00%, 03/01/2050		1,668,225		1,740,335
Pool BP1467, 3.00%, 03/01/2050		1,829,104		1,904,740
Pool BP5412, 3.00%, 05/01/2050		577,303		604,637
Pool BP5425, 3.00%, 05/01/2050		218,692		227,738
Pool CA5694, 3.00%, 05/01/2050		3,821,881		3,987,888
Pool BP5448, 3.00%, 06/01/2050		194,554		202,629
Pool BP5471, 3.00%, 06/01/2050		214,762		223,601
Pool BP5499, 3.00%, 06/01/2050		377,265		393,354
Pool BP8733, 3.00%, 06/01/2050		659,536		687,767
Pool CA6160, 3.00%, 06/01/2050		566,858		589,255
Pool BP8743, 3.00%, 07/01/2050		431,128		451,532
Pool BP8760, 3.00%, 07/01/2050		208,639		217,317
Pool BP8790, 3.00%, 07/01/2050		843,948		876,859
Pool BP8815, 3.00%, 07/01/2050		673,372		709,083
Pool BP9535, 3.00%, 07/01/2050		542,892		565,158
Pool BP9536, 3.00%, 07/01/2050		1,055,749		1,103,285
Pool BP9567, 3.00%, 07/01/2050		817,130		849,725
Pool BP9597, 3.00%, 08/01/2050		575,345		598,083
Pool BQ0193, 3.00%, 08/01/2050		498,363		518,446
Pool BQ0211, 3.00%, 08/01/2050		640,125		666,853
Pool BQ0229, 3.00%, 08/01/2050		809,468		843,653
Pool BQ0249, 3.00%, 08/01/2050		777,314		807,353
Pool BQ1573, 3.00%, 09/01/2050		2,471,277		2,581,485
Pool AS0092, 3.50%, 07/01/2043		136,581		146,683
Pool AU1769, 3.50%, 08/01/2043		150,608		161,610
Pool AX4858, 3.50%, 12/01/2044		168,296		179,947
Pool AX7551, 3.50%, 01/01/2045		144,080		154,923
Pool AY4388, 3.50%, 02/01/2045		216,385		230,362
Pool AS4536, 3.50%, 03/01/2045		100,884		108,428
Pool AX9585, 3.50%, 03/01/2045		892,096		958,727
Pool AY5019, 3.50%, 03/01/2045		101,089		107,414
Pool AS4738, 3.50%, 04/01/2045		378,438		406,545
Pool AY1387, 3.50%, 04/01/2045		124,107		131,733
Pool AS4913, 3.50%, 05/01/2045		618,640		663,952
Pool AY3458, 3.50%, 05/01/2045		278,146		297,823
Pool AY8252, 3.50%, 05/01/2045		9,442		9,930
Pool AY8271, 3.50%, 05/01/2045		100,830		108,159
Pool AS5117, 3.50%, 06/01/2045		499,182		536,219
Pool AZ2274, 3.50%, 06/01/2045		157,648		169,163
Pool AZ2316, 3.50%, 06/01/2045		77,063		82,169
Pool AS5351, 3.50%, 07/01/2045		121,883		131,056
Pool AZ0805, 3.50%, 07/01/2045		456,295		490,122
Pool AZ5686, 3.50%, 07/01/2045		86,340		92,575
Pool AS5579, 3.50%, 08/01/2045		108,948		117,182
Pool AZ5696, 3.50%, 08/01/2045		22,309		23,462
Pool AS5767, 3.50%, 09/01/2045		242,515		260,219

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

	Principal
	Amount		Value
Pool AZ2904, 3.50%, 09/01/2045	$	138,477	$	148,644
Pool AZ9193, 3.50%, 09/01/2045		122,604		130,451
Pool AS5917, 3.50%, 10/01/2045		460,511		493,966
Pool AZ4755, 3.50%, 10/01/2045		113,455		121,719
Pool AS6127, 3.50%, 11/01/2045		371,154		398,120
Pool AS6309, 3.50%, 12/01/2045		248,344		265,196
Pool BC0066, 3.50%, 12/01/2045		196,158		210,203
Pool AS6467, 3.50%, 01/01/2046		1,084,947		1,158,197
Pool AS6616, 3.50%, 02/01/2046		689,946		738,540
Pool BC0223, 3.50%, 02/01/2046		865,567		928,418
Pool BC0226, 3.50%, 02/01/2046		132,611		141,434
Pool AS6785, 3.50%, 03/01/2046		1,071,007		1,142,724
Pool AS6956, 3.50%, 04/01/2046		1,508,925		1,618,211
Pool BC0801, 3.50%, 04/01/2046		473,560		507,873
Pool AS7135, 3.50%, 05/01/2046		149,093		157,504
Pool BC6041, 3.50%, 05/01/2046		495,486		527,666
Pool BD0456, 3.50%, 06/01/2046		51,496		54,160
Pool BC9068, 3.50%, 12/01/2046		325,660		346,909
Pool AS8635, 3.50%, 01/01/2047		2,461,575		2,611,662
Pool AS8808, 3.50%, 02/01/2047		1,743,250		1,862,646
Pool AS8918, 3.50%, 03/01/2047		2,971,943		3,152,226
Pool BD7046, 3.50%, 03/01/2047		3,184,855		3,379,044
Pool BE7198, 3.50%, 03/01/2047		326,664		345,477
Pool AS9380, 3.50%, 04/01/2047		1,261,057		1,351,950
Pool BH1139, 3.50%, 04/01/2047		158,384		167,493
Pool BH1158, 3.50%, 04/01/2047		358,179		378,007
Pool AS9548, 3.50%, 05/01/2047		1,171,001		1,237,584
Pool BD2416, 3.50%, 05/01/2047		1,187,237		1,259,408
Pool AS9814, 3.50%, 06/01/2047		1,088,983		1,152,036
Pool BE3687, 3.50%, 06/01/2047		528,298		560,879
Pool BH5307, 3.50%, 06/01/2047		365,725		385,350
Pool AS9943, 3.50%, 07/01/2047		2,221,016		2,352,719
Pool BH5329, 3.50%, 07/01/2047		171,892		180,984
Pool BH2607, 3.50%, 08/01/2047		576,538		612,577
Pool CA0116, 3.50%, 08/01/2047		977,806		1,036,677
Pool BH2671, 3.50%, 09/01/2047		1,009,128		1,069,612
Pool BH5391, 3.50%, 09/01/2047		357,035		378,074
Pool CA0408, 3.50%, 09/01/2047		138,386		145,438
Pool BH4063, 3.50%, 10/01/2047		632,364		670,660
Pool BH9370, 3.50%, 10/01/2047		336,021		354,091
Pool CA0566, 3.50%, 10/01/2047		599,254		631,651
Pool BH5746, 3.50%, 11/01/2047		1,382,045		1,463,481
Pool CA0744, 3.50%, 11/01/2047		252,177		265,417
Pool BH7046, 3.50%, 12/01/2047		3,459,633		3,666,717
Pool BJ1663, 3.50%, 12/01/2047		1,131,258		1,190,545
Pool CA0918, 3.50%, 12/01/2047		853,752		901,721
Pool BH7097, 3.50%, 01/01/2048		1,694,346		1,791,129
Pool BJ4551, 3.50%, 01/01/2048		891,276		938,921
Pool BJ4562, 3.50%, 01/01/2048		568,435		606,688
Pool CA1074, 3.50%, 01/01/2048		1,986,215		2,117,011
Pool BH9270, 3.50%, 02/01/2048		1,345,158		1,428,648
Pool BJ4611, 3.50%, 02/01/2048		1,003,965		1,061,641
Pool BJ4612, 3.50%, 02/01/2048		326,861		345,578
Pool CA1243, 3.50%, 02/01/2048		3,373,616		3,581,195

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

16	The CCM Community Impact Bond Fund

	Principal
	Amount		Value
Pool BJ0616, 3.50%, 03/01/2048	$	1,962,805	$	2,077,268
Pool BJ0652, 3.50%, 03/01/2048		1,035,621		1,095,951
Pool BK1959, 3.50%, 03/01/2048		902,191		950,955
Pool BK1960, 3.50%, 03/01/2048		416,101		439,149
Pool CA1415, 3.50%, 03/01/2048		2,240,428		2,367,835
Pool MA3574, 3.50%, 01/01/2049		4,127,166		4,342,089
Pool BN5245, 3.50%, 02/01/2049		614,916		653,451
Pool MA3597, 3.50%, 02/01/2049		3,159,384		3,323,044
Pool BN4385, 3.50%, 03/01/2049		190,225		199,672
Pool BN5344, 3.50%, 03/01/2049		773,435		819,216
Pool BN6235, 3.50%, 04/01/2049		79,432		83,694
Pool BN6245, 3.50%, 04/01/2049		47,279		49,738
Pool BN6283, 3.50%, 04/01/2049		384,118		403,847
Pool BN6567, 3.50%, 04/01/2049		921,804		973,479
Pool CA3399, 3.50%, 04/01/2049		1,279,223		1,355,086
Pool BN6299, 3.50%, 05/01/2049		742,124		780,268
Pool BN6619, 3.50%, 05/01/2049		934,141		982,244
Pool BN8886, 3.50%, 05/01/2049