Community Development Fund N-CSRS Certified semi-annual shareholder report (management investment company)

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 811-23080

The Community Development Fund

(Exact name of registrant as specified in charter)

________

6255 Chapman Field Drive

Miami, Florida 33156

 (Address of principal executive offices) (Zip code)

Kenneth H. Thomas, Ph.D.

Community Development Fund Advisors, LLC

6255 Chapman Field Drive

Miami, Florida 33156

(Name and address of agent for service)

Copy To:

John J. O’Brien, Esquire

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, PA 19103

Registrant’s telephone number, including area code: 1-844-445-4405

Date of fiscal year end: December 31, 2023

Date of reporting period: June 30, 2023

Item 1.    Reports to Stockholders.

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

The Community Development Fund

Semi-Annual Report

June 30, 2023

The Community Development Fund June 30, 2023

TABLE OF CONTENTS

Schedule of Investments	1
Statement of Assets and Liabilities	10
Statement of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	13
Notes to Financial Statements	15
Disclosure of Fund Expenses	29

The Fund files its complete schedule of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Fund’s Forms N-Q and N-PORT are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, as well as information relating to 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 1-855-573-6994; and (ii) on the SEC’s website at http://www.sec.gov.

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by an effective prospectus.

The Community Development Fund June 30, 2023

SCHEDULE OF INVESTMENTS (UNAUDITED)

	Face		Market
Description	Amount		Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 55.1%
FHLMC Multifamily - 32.5%
2021-P009, 1.13%, 01/25/2031	$	412,958	$	353,559
KJ29, 1.41%, 11/25/2027		2,100,000		1,862,288
KSG1, 1.50%, 09/25/2030		3,600,000		2,942,943
K123, 1.62%, 12/25/2030		1,500,000		1,225,760
KG06, 1.78%, 10/25/2031		1,200,000		976,944
2021-P009, 1.88%, 01/25/2031		1,000,000		828,567
K135, 1.91%, 10/25/2031 (a)		5,500,000		4,492,125
Pool RA5346, 2.00%, 05/01/2051		1,108,501		909,098
KSG2, 2.09%, 11/25/2031 (a)		1,000,000		830,876
K141, 2.25%, 02/25/2032		4,800,000		4,035,197
KSG3, 2.65%, 05/25/2032 (a)		2,000,000		1,727,525
K145, 2.65%, 06/25/2055		1,814,704		1,663,641
2022-P013, 2.85%, 02/25/2032 (a)		1,850,000		1,580,582
K1514, 2.86%, 10/25/2034		2,300,000		1,937,222
K092, 3.13%, 10/25/2028		2,978,857		2,832,618
Pool WA0500, 3.48%, 03/01/2047		2,349,814		1,997,331
K088, 3.69%, 01/25/2029		1,000,000		956,745
KF97, 5.41%, ICE LIBOR USD 1 Month + 0.220%,
11/25/2030 (a)		310,999		303,257

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

1

The Community Development Fund June 30, 2023

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

	Face		Market
Description	Amount		Value
KF136, 5.45%, SOFR30A + 0.410%, 04/25/2032 (a)	$	865,299	$	854,524
KF141, 5.61%, SOFR30A + 0.570%, 07/25/2032 (a)		6,000,000		5,973,295
				38,284,097
FHLMC Single Family - 1.4%
Pool Q41874, 3.00%, 07/01/2046		1,028,364		923,895
Pool RA1853, 3.00%, 12/01/2049		790,611		702,977
				1,626,872
FNMA Multifamily - 3.3%
Pool CB0268, 2.00%, 04/01/2051		3,208,198		2,633,281
Pool BT0120, 2.00%, 05/01/2051		1,089,245		891,772
Pool AN5657, 3.30%, 07/01/2032		350,907		321,651
				3,846,704
FNMA Single Family - 15.7%
Pool CA7479, 2.00%, 10/01/2050		753,257		619,267
Pool CA7480, 2.00%, 10/01/2050		1,088,490		894,416
Pool CA8444, 2.00%, 12/01/2050		1,095,620		901,470
Pool CB1441, 2.00%, 08/01/2051		4,930,683		4,031,055
Pool CB2317, 2.00%, 12/01/2051		1,410,097		1,153,889
Pool CB2738, 2.50%, 01/01/2052		4,988,712		4,234,231
Pool CB2739, 2.50%, 01/01/2052		817,009		697,020
Pool CB2830, 2.50%, 02/01/2052		1,164,414		993,379
Pool AS7484, 3.00%, 06/01/2046		458,030		413,008
Pool BC0962, 3.00%, 06/01/2046		414,978		374,746
Pool AS7476, 3.00%, 07/01/2046		363,868		328,552
Pool AS7647, 3.00%, 07/01/2046		679,324		612,968
Pool AS7653, 3.00%, 07/01/2046		1,196,301		1,071,289
Pool AS8262, 3.00%, 10/01/2046		557,817		498,898
Pool CA4927, 3.00%, 01/01/2050		329,920		293,683
Pool AS8734, 3.50%, 01/01/2047		576,830		534,170
Pool AS9360, 3.50%, 04/01/2047		392,424		365,886

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

2

The Community Development Fund June 30, 2023

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

	Face		Market
Description	Amount		Value
Pool CA1158, 3.50%, 02/01/2048	$	255,106	$	235,478
Pool CA1985, 4.00%, 06/01/2048		238,941		227,788
				18,481,193
GNMA Multifamily - 1.7%
2021-183, 1.75%, 01/16/2063		1,451,837		1,137,892
2017-135, 2.60%, 08/16/2058		594,002		506,617
2017-74, 2.60%, 09/16/2058		420,087		354,907
				1,999,416
GNMA Single Family - 0.6%
Pool G2 AU1835, 3.00%, 08/20/2046		393,771		353,339
Pool G2 AU1762, 3.50%, 07/20/2046		339,604		317,946
				671,285
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(COST $74,824,202)				64,909,567
MORTGAGE-BACKED SECURITIES - 30.8%
BX Commercial Mortgage Trust
6.64%, TSFR1M + 1.490%, 01/17/2039 (a)(b)		2,155,000		2,107,186
6.99%, TSFR1M + 1.840%, 01/17/2039 (a)(b)		3,000,000		2,933,647
FHLMC
3.08%, 02/01/2050		5,749,147		4,421,238
4.00%, 09/01/2032		1,000,000		952,162
FHLMC Multifamily Structured Pass Through Certificates
5.58%, ICE LIBOR USD 1 Month + 0.390%,
07/25/2024 (a)		52,343		52,234
FNMA or FHLMC
5.50%, 07/01/2037		3,000,000		2,986,758

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

3

The Community Development Fund June 30, 2023

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

	Face		Market
Description	Amount		Value
FRESB Mortgage Trust
0.83%, 09/25/2040 (a)	$	1,793,307	$	1,640,433
1.03%, 04/25/2040 (a)		1,281,180		1,186,998
1.12%, 06/25/2040 (a)		2,897,161		2,463,342
1.49%, 01/25/2031 (a)		1,777,895		1,473,265
1.50%, 09/25/2041 (a)		973,623		877,220
1.60%, 10/25/2028 (a)		911,420		791,064
2.13%, 11/25/2039 (a)		1,008,007		957,073
2.21%, 12/25/2029 (a)		1,273,748		1,107,989
2.25%, 12/25/2039 (a)		829,095		710,740
2.42%, 09/25/2029 (a)		1,507,001		1,340,986
3.19%, 12/25/2025 (a)		311,229		295,107
3.36%, 09/25/2038 (a)		301,409		299,337
3.88%, 08/25/2038 (a)		1,201,548		1,140,017
GNMA
3.50%, 10/16/2062 (a)		4,000,000		3,699,357
4.00%, 07/16/2063 (a)		1,988,634		1,915,583
STWD Mortgage Trust
6.05%, ICE LIBOR USD 1 Month + 0.858%,
11/15/2036 (a)(b)		3,000,000		2,918,144
TOTAL MORTGAGE-BACKED SECURITIES
(COST $38,400,240)				36,269,880
MUNICIPAL BONDS - 6.6%
Florida - 0.9%
Florida Housing Finance, RB
4.64%, 01/01/2028		580,000		562,899
4.84%, 01/01/2029		100,000		97,250
4.97%, 01/01/2030		250,000		244,134

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

4

The Community Development Fund June 30, 2023

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

	Face		Market
Description	Amount		Value
5.03%, 07/01/2030	$	100,000	$	98,038
				1,002,321
Massachusetts - 0.3%
Massachusetts State, Housing Finance Agency, RB
1.08%, 06/01/2024		110,000		105,207
1.18%, 12/01/2024		85,000		79,577
1.23%, 06/01/2025		80,000		73,333
1.30%, 12/01/2023		30,000		29,453
1.33%, 12/01/2025		70,000		63,255
				350,825
Michigan - 0.4%
Michigan State, Housing Development Authority, RB
0.96%, 06/01/2025		500,000		456,615
New Jersey - 1.0%
New Jersey, Housing & Mortgage Finance Agency, RB
5.21%, 05/01/2030		435,000		429,438
5.26%, 11/01/2030		445,000		439,882
5.30%, 05/01/2031		320,000		316,710
				1,186,030
New York - 3.0%
New York City, Housing Development Authority, RB
2.24%, 05/01/2030		1,585,000		1,295,723
2.29%, 11/01/2030		415,000		336,722
3.43%, 01/01/2027		1,000,000		937,630
5.29%, 02/01/2031		250,000		247,890
5.34%, 08/01/2031		250,000		248,008
5.37%, 08/01/2030		250,000		247,868

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

5

The Community Development Fund June 30, 2023

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

	Face		Market
Description	Amount		Value
5.38%, 02/01/2032	$	250,000	$	248,134
				3,561,975
Virginia - 1.0%
Virginia State, Housing Development Authority, RB
2.11%, 11/01/2029		500,000		417,726
2.31%, 11/01/2031		500,000		403,932
2.46%, 11/01/2032		500,000		404,295
				1,225,953
TOTAL MUNICIPAL BONDS
(COST $8,605,000)				7,783,719
ASSET-BACKED SECURITIES - 2.0%
CarMax Auto Owner Trust
0.91%, 02/18/2025		302,951		301,650
2.81%, 05/15/2025		1,424,573		1,415,609
Hyundai Auto Lease Securitization Trust
0.81%, 04/15/2024 (b)		340,602		339,793
SBA Small Business Investment
2.94%, 03/10/2032		99,101		88,352
United States Small Business Administration
4.01%, 06/01/2047		158,856		151,232
TOTAL ASSET-BACKED SECURITIES
(COST $2,300,399)				2,296,636
U.S. TREASURY OBLIGATIONS - 5.6%
U.S. Treasury Bills
5.06%, 08/31/2023 (c)		2,500,000		2,478,846

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

6

The Community Development Fund June 30, 2023

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

	Face		Market
Description	Amount		Value
U.S. Treasury Notes
2.25%, 12/31/2023	$	900,000	$	886,570
4.00%, 06/30/2028		3,200,000		3,181,000
TOTAL U.S. TREASURY OBLIGATIONS
(COST $6,550,245)				6,546,416
SHORT-TERM INVESTMENT - 4.5%
Short-Term Investment - 4.5%
Fidelity Institutional Government Portfolio, Cl I, 4.98%
(d)		5,351,588		5,351,588
TOTAL SHORT-TERM INVESTMENT
(COST $5,351,588)				5,351,588
TOTAL INVESTMENTS (COST $136,031,674) - 104.5%				123,157,806
OTHER ASSETS AND LIABILITIES - (4.5)%				(5,261,132	)
NET ASSETS - 100.0%			$	117,896,674

A list of the open futures contracts held by the Fund at June 30, 2023, is as follows:

	Number of	Expiration							Unrealized
Type of Contract	Contracts	Date	Notional Amount			Value			Appreciation
Short Contracts
U.S. 10-Year
Treasury Note	(47)	Sep-2023	$	(5,369,224	)	$	(5,276,484	)	$	92,740
U.S. Long Treasury
Bond	(8)	Sep-2023		(1,024,486	)		(1,015,250	)		9,236
Ultra 10-Year U.S.
Treasury Note	(100)	Sep-2023		(11,948,358	)		(11,843,750	)		104,608
			$	(18,342,068	)	$	(18,135,484	)	$	206,584

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

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

7

The Community Development Fund June 30, 2023

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

(b)	Securities sold within terms of a private placement memorandum, exempt from  registration under Section 144A of the Securities Act of 1933, as amended, and may  be sold only to dealers in that program or other "accredited investors." The total value  of such securities at June 30, 2023 was $8,298,770 and represents 7.0% of Net  Assets.
(c)	Interest rate represents the security's effective yield at the time of purchase.
(d)	Rate shown is the 7-day effective yield as of June 30, 2023.

Cl — Class

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FRESB — Freddie Mac Small Balance Mortgage Trust

GNMA — Government National Mortgage Association

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

RB — Revenue Bond

SOFR30A — Secured Overnight Financing Rate 30-day Average

TSFR1M —  Term Secured Overnight Financing Rate 1 Month

USD — U.S. Dollar

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

8

The Community Development Fund June 30, 2023

SCHEDULE OF INVESTMENTS (UNAUDITED) (Concluded)

The following table sets forth information about the level within the fair value hierarchy at which the Fund’s investments and other financial instruments are measured at June 30, 2023:

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government & Agency Obligations	$	—	$	64,909,567	$	—	$	64,909,567
Mortgage-Backed Securities		—		36,269,880		—		36,269,880
Municipal Bonds		—		7,783,719		—		7,783,719
U.S. Treasury Obligations		—		6,546,416		—		6,546,416
Asset-Backed Securities		—		2,296,636		—		2,296,636
Short-Term Investment		5,351,588		—		—		5,351,588
Total Investments in Securities	$	5,351,588	$	117,806,218	$	—	$	123,157,806

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	206,584	$	—	$	—	$	206,584

* Futures contracts are valued at the unrealized appreciation on the instrument.

Amounts designated as “—“ are $0.

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

9

The Community Development Fund June 30, 2023

STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)

Assets:
Investments (Cost $136,031,674)	$	123,157,806
Receivable for investment securities sold		2,963,789
Interest and dividends receivable		297,370
Other assets		249
Total assets		126,419,214
Liabilities:
Payable for investment securities purchased		8,172,641
Distributions payable		193,788
Variation margin payable		42,545
Payable due to Investment Adviser (Note 5)		27,396
CRA servicing fees payable (Note 4)		19,409
Payable due to Administrator (Note 4)		16,250
Interest payable		9,134
Chief Compliance Officer fees payable (Note 3)		5,183
Distribution fees payable (Note 4)		2,395
Other accrued expenses		33,799
Total liabilities		8,522,540
Net assets	$	117,896,674
Net assets consist of:
Paid-in capital	$	129,079,071
Total Distributable Loss		(11,182,397	)
Net assets	$	117,896,674
Net Asset Value, Offering and Redemption Price Per Share –
Class A shares (unlimited authorization - no par value)
($117,896,674 ÷ 13,285,484 shares)	$	8.87

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

10

The Community Development Fund For the six months ended June 30, 2023

STATEMENT OF OPERATIONS (UNAUDITED)

Investment income
Interest	$	1,837,428
Total investment income		1,837,428
Expenses
Investment advisory fees (Note 5)		171,108
CRA servicing fees (Note 4)		114,073
Accounting and administration fees (Note 4)		97,500
Chief Compliance Officer fees (Note 3)		37,758
Distribution fees (Note 4)		5,564
Trustees' fees and expenses		4,751
Legal fees		42,683
Transfer Agent fees		19,104
Custodian fees		16,144
Audit fees		7,717
Printing fees		5,038
Registration fees		3,054
Other		37,674
Total expenses		562,168
Waiver Recapture (Note 5)		7,064
Net expenses		569,232
Net investment income		1,268,196
Net realized gain/(loss) on:
Investments		(75,610	)
Futures contracts		259,623
Net change in unrealized appreciation/(depreciation) on:
Investments		361,855
Futures contracts		135,259
Net realized and unrealized gain		681,127
Net increase in net assets resulting from operations	$	1,949,323

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

11

The Community Development Fund

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	Six-month periodended June 30, 2023(Unaudited)			Year ended December 31, 2022
Operations:
Net investment income	$	1,268,196		$	1,504,605
Net realized gain		184,013			5,000,304
Net change in unrealized appreciation/
(depreciation)		497,114			(13,614,853	)
Net increase/(decrease) in net assets
resulting from operations		1,949,323			(7,109,944	)
Distributions:
Distributable Earnings		(1,326,812	)		(3,694,534	)
Total Distributions:		(1,326,812	)		(3,694,534	)
Capital share transactions:
Issued		3,500,000			27,000,000
Reinvestment of dividends		226,878			688,315
Redeemed		—			(10,597,035	)
Increase from capital share transactions		3,726,878			17,091,280
Total increase in net assets		4,349,389			6,286,802
Net assets:
Beginning of Year/Period		113,547,285			107,260,483
End of Year/Period	$	117,896,674		$	113,547,285
Shares transactions:
Issued		393,514			2,929,036
Reinvestment of dividends		25,433			76,331
Redeemed		—			(1,137,062	)
Net increase in shares outstanding		418,947			1,868,305

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

12

The Community Development Fund

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Year/Period

	Six-month period ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
Net asset value, beginning of year/period	$	8.83		$	9.75		$	10.03		$	9.75		$	9.43		$	9.64
Income/(loss) from operations:
Net investment income(1)		0.10			0.13			0.09			0.13			0.16			0.15
Net realized and unrealized gain/(loss) on investments		0.04			(0.75	)		(0.27	)		0.30			0.34			(0.18	)
Total gain/(loss) from operations		0.14			(0.62	)		(0.18	)		0.43			0.50			(0.03	)
Dividends and distributions from:
Net investment income		(0.10	)		(0.14	)		(0.10	)		(0.15	)		(0.18	)		(0.18	)
Net realized gains		—			(0.16	)		—			—			—			—
Return of capital		—			—		—		^	—		^		—			—
Total dividends and distributions		(0.10	)		(0.30	)		(0.10	)		(0.15	)		(0.18	)		(0.18	)
Net asset value, end  of year/period	$	8.87		$	8.83		$	9.75		$	10.03		$	9.75		$	9.43
Total return*		(1.75	)%		(6.36	)%		(1.76	)%		4.39	%		5.35	%		(0.32	)%
Ratios and  supplemental data
Net assets, end of  year/period ($ Thousands)	$	117,897		$	113,547		$	107,260		$	76,394		$	58,321		$	50,877
Ratio of expenses to average net assets (including waivers and reimbursements)		1.00	%(2)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of expenses to average net assets (excluding waivers and reimbursements)		0.99	%(2)		1.00	%		1.11	%		1.23	%		1.43	%		1.50	%
Ratio of net investment income to average net assets		2.22	%(2)		1.42	%		0.93	%		1.35	%		1.69	%		1.65	%
Portfolio turnover rate		24	%(3)		30	%		12	%		29	%		14	%		71	%

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

13

The Community Development Fund

FINANCIAL HIGHLIGHTS

*	Total return is for the period indicated and has not been annualized. Return shown does not reflect  the deductions of taxes that a shareholder would pay on Fund distributions or the redemption  of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or  reimbursed other expenses.
^	Amount represents less than $(0.005).
(1)	Per share calculations were performed using average shares for the period.
(2)	Annualized.
(3)	Portfolio turnover is for the period indicated and has not been annualized.

Amounts designated as “—“ are $0

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

14

The Community Development Fund June 30, 2023

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. Organization

The Community Development Fund (the “Fund”) is a diversified, open-end investment company that was established as a Delaware statutory trust pursuant to a Certificate of Trust dated August 12, 2011. The Trust’s Agreement and Declaration of Trust permits the Trust to operate separate series (“portfolios”) of units of beneficial interest (“shares”) and separate classes of portfolios. Currently, the Trust offers one class of shares. The investment objectives of the Fund are to provide current income consistent with the preservation of capital and enable institutional investors, including those that are subject to regulatory examination under the Community Reinvestment Act of 1977, as amended, (the “CRA”), to claim favorable regulatory consideration of their investment. Community Development Fund Advisors, LLC (the “Adviser”), was organized under the laws of the State of Delaware as a limited liability company on July 25, 2011, and is also registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisors Act of 1940 (the “1940 Act”). MetLife Investment Management, LLC (the “Sub-Adviser”) manages the Fund’s assets under the direction of the Adviser.

2. Significant accounting policies

The following are significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund. The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the fair value of assets, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security valuation — Investments in securities traded on a national securities exchange are valued at the last reported bid price. Debt securities are valued by using market bid quotations or independent pricing services which use bid prices provided by market makers or estimates of values obtained from yield data relating to instruments or securities with similar characteristics.

Futures are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures are provided by an independent source. On days when there is excessive volume, market volatility or the future does not end trading by the time a Fund calculates its NAV, the settlement price may not

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be available at the time at which the Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund’s futures position.

The Fund’s board of trustees has adopted methods for valuing securities including in circumstances in which market quotes are not readily available, and has delegated authority to the Fund’s investment adviser to apply those methods in making fair value determinations, subject to board oversight. The investment adviser has established a Valuation Committee (the “Valuation Committee”) to administer, implement, and oversee the fair valuation process, and to make fair value decisions.The Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser. The Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of comparisons of fair value determinations with actual trade prices and address new or evolving issues. The Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The Fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3 — Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs

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that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

For the period ended June 30, 2023, there have been no significant changes to the Fund’s fair valuation methodology.

Stripped Mortgage-Backed Securities —The Fund may enter into Stripped Mortgage-Backed Securities (“SMBS”). SMBS are derivative multiclass mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Mortgage-Backed To-Be-Announced Securities — The Fund may enter intomortgage-backedto-be-announcedsecurities(“TBAs”).Thesederivative 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.

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 (see Statement of Operations). Variation margin payments are paid or received (see Statement ofAssets and Liabilities), depending upon whether unrealized gains or losses

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are incurred. When the contract is closed, the Fund records a realized gain or loss (see Statement of Operations) 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 ofInvestments for details regarding open futures contracts as of June 30, 2023.

The following table discloses the volume of the Fund’s futures contracts activity during the year ended June 30, 2023:

Futures Contracts:
Interest Contracts
Average Notional Balance Long	$	—
Average Notional Balance Short		(21,495,184	)
Ending Notional Balance Short		(18,342,068	)

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

Amortization and accretion are calculated using the effective interest method. Amortization of premiums and 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

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The Community Development Fund June 30, 2023

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allocated daily to each share based upon the proportion of net assets of each share.

Federal income taxes — It is the Fund’s intention to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code (the “Code”). Accordingly, no provision for Federal income taxes has been made in the financial statements.

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

As of and during the period ended June 30, 2023, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period ended June 30, 2023 theFund did not incur any interest or penalties.

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

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

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The Community Development Fund June 30, 2023

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assets, or engage in other appropriate measures, to cover its obligations with respect to these securities.

3. Transactions with affiliates

Certain officers of the Trust are also officers of SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, or Foreside Fund Officer Services, LLC, an affiliate of the Distributor. Such officers are paid no fees by the Trust, other than the Chief Compliance Officer (“CCO”) and Chief Financial Officer (“CFO”), as described below, for serving as officers of the Trust.

A portion of the services provided by the CCO and his staff, who are employees of Foreside Fund Officer Services, LLC, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s advisors and service providers, as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

Fees for CFO services is included in fees charged to the Fund under the Accounting and administration fees on the Statement of Operations.

4. Administration, CRA Servicing, Distribution, Custodian and Transfer Agent Agreements

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides administrative services to the Fund. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Fund, subject to a minimum. For the period ended June 30, 2023, the Fund paid $97,500 for these services.

The Fund has adopted a CRA servicing plan (the “CRA Servicing Plan”) with respect to Class A Shares that allows such shares to pay the Adviser a fee in connection with the ongoing CRA recordkeeping and compliance services provided to shareholders at an annual rate of up to 0.20% of average daily net assets of the Class A Shares. For the period ended June 30, 2023, the Class A Shares incurred $114,073 of CRA servicing fees, an effective rate of 0.20%.

The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act, with respect to its Class A Shares. The Distribution Plan allows the Fund to pay fees for the sale and distribution of Class A Shares and for shareholder services provided to the holders of Class A Shares. Under the Distribution Plan, the Fund may pay its distributor up to 0.25% per year of the Fund's average daily net assets attributable to certain of its Class A Shares which have been sold in

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The Community Development Fund June 30, 2023

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

accordance with a selling dealer agreement. For the period ended June 30, 2023, the Class A Shares incurred Distribution fees of $5,564.

UMB Bank, N.A., (the “Custodian”), serves as the Fund’s Custodian pursuant to a custody agreement. UMB Fund Services, Inc. (the “Transfer Agent”), serves as the Fund’s Transfer Agent pursuant to a transfer agency agreement.

5. Investment Advisory & Subadvisory Agreements

Under the terms of an investment advisory agreement, the Adviser provides or arranges for a third-party sub-adviser to provide investment advisory services to the Fund. For its advisory services, the Adviser receives a fee, which is calculated daily and paid monthly, at an annual rate of 0.30% of the Fund’s average daily net assets. For the period ended June 30, 2023, the Fund paid $171,108 for these services. The Adviser has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, and other non-routine expenses not incurred in the ordinary course of such Fund’s business (collectively, “excluded expenses”)) from exceeding 1.00% of the Fund’s average daily net assets until April 30, 2024 (the “expense cap”). In addition, if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap, the Adviser may recover all or a portion of its fee reductions or expense reimbursements within a three-year period from the year in which the Adviser reduced its fee or reimbursed expenses if the Fund’s Total Annual Fund Operating Expenses are below the expense cap that was in place at the time of such fee reductions or expense reimbursements. This agreement may be terminated: (i) by the Board for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on April 30, 2024. As of June 30, 2023, fees which were previously waived and/or reimbursed by the Adviser which may be subject to possible future reimbursement, up to the expense cap in place at the time the expenses were waived and/or reimbursed to the Adviser were $142,715, $91,253, and $722

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The Community Development Fund June 30, 2023

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

expiring in 2023, 2024, and 2025 respectively. The Adviser recaptured previously waived fees in the amount of $7,640 during the six months ended June 30, 2023.

The Adviser pays the Sub-Adviser a fee out of its advisory fee which is based on a percentage of the average monthly market value of the assets managed by the Sub-Adviser.

6. Investment Transactions

The aggregate purchases and sales and maturities of investments, excluding short-term investments, by the Fund for the period ended June 30, 2023, were as follows:

Purchases:
U.S. Government	$	32,498,043
Other		3,319,470
Sales and Maturities:
U.S. Government	$	23,073,565
Other		1,541,217

7. Federal Tax Information

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income/(loss) and net realized gain/(loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings or paid-in capital, as appropriate, in the period that the differences arise. The permanent differences primarily consist of paydowns and reclassification of distributions. There is no permanent difference in current year that would require a charge or credit to distributable earnings or paid in capital.

The tax character of dividends and distributions declared during the last two fiscal years were as follows:

	Ordinary Income		Return of Capital		Total
2022	$	3,694,534		–	$	3,694,534
2021		909,708	$	6,435		916,143

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

Undistributed Ordinary Income	$	1,430,815
Unrealized Depreciation		(13,235,723	)

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The Community Development Fund June 30, 2023

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Total Distributable Loss $ (11,804,908 )

During the year ended December 31, 2022, the Fund utilized capital loss carryfowards to offset capital gains were as follows:

Short-Term Loss		Long-Term Loss		Total
$	618,095	$	1,166,023	$	1,784,118

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at June 30, 2023, were as follows:

Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Depreciation
$	136,031,674	$	2,509	$	(12,876,377	)	$	(12,873,868	)

8. Concentration of Risks

As with investing in all mutual funds, investing in the Fund involves risk, and there is no guarantee that the Fund will achieve the Fund’s investment goals. An investor could lose money on its investment in the Fund, just as it could with other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund’s net asset value and ability to meet the Fund’s investment objective:

Interest Rate Risk — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government Securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund.

Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described above, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund’s actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund’s expectation. Along with prepayment risk, mortgage-backed securities are significantly affected

23

The Community Development Fund June 30, 2023

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

CRA-Qualified Investments Risk — The Adviser believes that shares of the Fund will be deemed qualified investments under the CRA and will cause financial institutions to receive CRA credit with respect to shares of the Fund owned by them; however, there is no guarantee that an investor will receive CRA credit for an investment in the Fund. The Fund’s goals of holding debt securities and other debt instruments that will allow shares of the Fund to be deemed qualified under the CRA will cause the Adviser (or the Fund’s sub-adviser, MetLife Investment Management, LLC (the “Sub-Adviser”)) to take this factor into account in determining which debt securities or other debt instruments the Fund will purchase and sell. Accordingly, portfolio decisions will not be exclusively based on the investment characteristics of the securities or instruments, which may or may not have an adverse effect on the Fund’s investment performance. For example, the Fund may hold short-term investments that produce relatively low yields pending the selection of longer-term investments believed to be CRA-qualified. Also, CRA-qualified investments in geographic areas sought by the Fund may not provide as favorable return as CRA-qualified investments in other geographic areas. In addition, the Fund may sell investments for CRA purposes at times when such sales may not be desirable for investment purposes. Such sales could occur, for example, if a financial institution redeems its shares of the Fund, or if investments that have been explicitly earmarked for CRA-qualifying and similar purposes to specific financial institution shareholders are ultimately determined not to be, or to have ceased to be, CRA-qualifying.

Regional Focus Risk — To the extent that it focuses its investments in a particular geographic region for CRA accreditation purposes, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and states or municipalities within that region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

U.S. Government Securities Risk — Although U.S. Government Securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide

24

The Community Development Fund June 30, 2023

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

financial support to its agencies and instrumentalities if it is not obligated by law to do so.

Derivatives Risk — The Fund’s use of derivatives is subject to market risk, leverage risk, correlation risk, credit risk, valuation risk and liquidity risk. Credit risk, liquidity risk and market risk are described above. Leverage risk is described below. Many over-the-counter (“OTC”) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

Investment Style Risk - The risk that U.S. fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.

Market Risk — The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid

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The Community Development Fund June 30, 2023

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

market. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund.

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.

Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

LIBOR Replacement Risk — The U.K. Financial Conduct Authority stopped compelling or inducing banks to submit certain London Inter-Bank Offered Rate ("LIBOR") rates and expects to do so for the remaining LIBOR rates immediately after June 30, 2023. The elimination of LIBOR may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate (“SOFR”), which is intended to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. 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 products, instruments and contracts are commercially accepted.

Leverage Risk — The Fund’s use of derivatives may result in the Fund’s total investment exposure substantially exceeding the value of its portfolio securities and the Fund’s investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund’s use of leverage may result in a heightened risk of investment loss.

Repurchase Agreement Risk — Although repurchase agreement transactions must be fully collateralized at all times, they generally create leverage and

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The Community Development Fund June 30, 2023

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund’s recovery of collateral.

Convertible Securities Risk — Convertible securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks.

Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

Exchange-Traded Funds Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF’s expenses.

9. Indemnifications

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

10. Underlying Investments In Other Investment Companies

The Fund currently invests a portion of its assets in the Fidelity Institutional Government Portfolio, Class I (the “Fidelity Fund”). The Fidelity Fund invests at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements that are collateralized fully. The investment objective of the Fidelity Fund is current income with liquidity and stability of principal. The Fund may redeem its investment from the Fidelity Fund at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of the Fund may be directly affected by the performance of the Fidelity Fund. The financial statements of the Fidelity Fund, including the portfolio of investments, can be found at the Security and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Fund’s financial

27

The Community Development Fund June 30, 2023

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(Concluded)

statements. As of June 30, 2023, the percentage of the Funds’ net assets invested in the Fidelity Fund was 4.5%.

11. Concentration of Shareholder

At June 30, 2023, 44% of total shares outstanding were held by 3 record shareholders each owning 10% or greater of the aggregate total shares outstanding.

12. Subsequent Events

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

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The Community Development Fund June 30, 2023

DISCLOSURE OF FUND EXPENSES (Unaudited)

All mutual funds have operating expenses. As a shareholder of a mutual fund, the investment is affected by these ongoing costs, which include (among others) costs for fund management, administrative services, and shareholder reports like this one. It is important for the shareholder to understand the impact of these costs on the investment returns.

Operating expenses such as these are deducted from the mutual fund’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the mutual fund’s average net assets; this percentage is known as the mutual fund’s expense ratio.

The following examples use the expense ratio and are intended to help the shareholder understand the ongoing costs (in dollars) of investing in the Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from January 1, 2023 to June 30, 2023.

The table on the next page illustrates the Fund’s costs in two ways:

Actual Fund Return. This section helps the shareholder to estimate the actual expenses after fee waivers that the Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

A shareholder can use this information, together with the actual amount invested in the Fund, to estimate the expenses paid over that period. Simply divide the ending starting account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for the Fund under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps to compare the Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. A shareholder can assess the Fund’s comparative cost by comparing the hypothetical result for the Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.

29

The Community Development Fund June 30, 2023

DISCLOSURE OF FUND EXPENSES (Unaudited)

Note: Because the return is set at 5% for comparison purposes — NOT the Fund’s actual return — the account values shown may not apply to the shareholder’s specific investment.

	Beginning Account Value 1/1/23		Ending Account Value 6/30/23		Annualized Expense Ratios			Expenses Paid During Period*
Actual Fund Return
Class A Shares	$	1,000.00	$	1,016.10		1.00	%	$	5.00
Hypothetical 5% Return
Class A Shares		1,000.00		1,019.84		1.00			5.01

*   Expenses are equal to the Fund’s annualized expense ratio multiplied by the  average account value over the period, multiplied by 181/365 (to reflect the one-half year  period). 

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FUND INFORMATION

Registered office	P.O. Box 2175
	Milwaukee, WI 53201
Investment Adviser	Community Development Fund Advisors, LLC
	6255 Chapman Field Drive
	Miami, Florida 33156
Distributor	Foreside Fund Services, LLC
	Three Canal Plaza, Suite 100
	Portland, ME 04101
Administrator	SEI Investments Global Funds Services
	One Freedom Valley Drive
	Oaks, PA 19456
Legal Counsel	Morgan, Lewis & Bockius LLP
	1701 Market Street
	Philadelphia, PA 19103
Custodian	UMB Bank, N.A.
	1010 Grand Avenue
	Kansas City, Missouri 64106
Transfer Agent	UMB Fund Services, Inc.
	235 West Galena Street
	Milwaukee, WI 53212
Independent Registered	Tait, Weller & Baker LLP
Public Accounting Firm	Two Liberty Place
	50 South 16th Street, Suite 2900
	Philadelphia, PA 19102

(b)  Not applicable.

Item 2.Code of Ethics.

Not applicable for semi-annual report.

Item 3.Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4.Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5.  Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6.  Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

Item 11.  Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

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

Not applicable to open-end management investment companies.

Items 13.  Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR § 270.30a-2(a)), are filed herewith.

(b)  Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR § 270.30a-2(b)) also accompany this filing as exhibits.

SIGNATURES

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

(Registrant)

The Community Development Fund 

By (Signature and Title)

/s/ Kenneth H. Thomas, Ph.D.

Kenneth H. Thomas, Ph.D.

President & Chief Executive Officer and Secretary

Date: September 8, 2023

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

By (Signature and Title)

/s/ Kenneth H. Thomas, Ph.D.

Kenneth H. Thomas, Ph.D.

President & Chief Executive Officer and Secretary

Date: September 8, 2023

By (Signature and Title)

/s/ Andrew Metzger

Andrew Metzger
Treasurer & Chief Financial Officer

Date: September 8, 2023