How did the Fund perform in the last year?

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

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

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

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

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

Asset Weightings^{Footnote Reference*}

Material Fund Changes

There were no material changes during the reporting period.  

How did the Fund perform in the last year?

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

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

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

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

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

Asset Weightings^{Footnote Reference*}

Material Fund Changes

There were no material changes during the reporting period.  

How did the Fund perform in the last year?

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

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

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

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

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

Asset Weightings^{Footnote Reference*}

Material Fund Changes

There were no material changes during the reporting period.