Community Development Fund NPORT-P Community Development Fund (Sep 2020 report)

The Community Development Fund

September 30, 2020
(Unaudited)

SCHEDULE OF INVESTMENTS

                                                                                                                                                                                                                                                                        

	Face		Market
Description	Amount		Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 57.9%
FHLMC Multifamily - 19.3%
Pool W5FL, 0.38%, VAR ICE LIBOR USD 1 Month+0.220%, 05/25/2025	$	124,550	$	124,446
Pool K720, IO, 0.64%, 08/25/2022 (a)(b)		5,577,380		35,036
Pool KSMC, IO, 0.81%, 01/25/2023 (a)(b)		1,640,185		25,405
Pool K024, IO, 0.92%, 09/25/2022 (a)(b)		1,747,538		23,716
Pool KJ29, 1.41%, 11/25/2027		2,100,000		2,156,085
Pool K092, 3.13%, 10/25/2028		3,212,126		3,577,338
Pool WN0011, 3.38%, 04/01/2030		770,253		896,920
Pool WA0500, 3.48%, 03/01/2047		2,480,254		2,737,851
Pool WA3207, 3.60%, 04/01/2030		2,201,343		2,596,289
Pool K088, 3.69%, 01/25/2029		1,000,000		1,194,079
				13,367,165
FHLMC Single Family - 4.9%
Pool Q41874, 3.00%, 07/01/2046		1,490,818		1,590,684
Pool RA1853, 3.00%, 12/01/2049		1,710,061		1,792,365
				3,383,049
FNMA Multifamily - 10.5%
Pool AM0126, 2.68%, 08/01/2022		1,464,355		1,506,175
Pool AN6185, 2.93%, 07/01/2024		1,305,121		1,366,688
Pool AN5657, 3.30%, 07/01/2032		370,497		431,776
Pool AM5986, 3.44%, 06/01/2026		1,079,797		1,214,967
Pool 469683, 3.54%, 11/01/2021		1,054,419		1,074,220
Pool AM5197, 4.20%, 01/01/2030		1,410,580		1,696,385
				7,290,211
FNMA Single Family - 18.8%
Pool AS7484, 3.00%, 06/01/2046		928,192		995,414
Pool BC0962, 3.00%, 06/01/2046		1,423,041		1,508,288
Pool AS7476, 3.00%, 07/01/2046		479,565		510,251
Pool AS7647, 3.00%, 07/01/2046		772,169		816,074
Pool AS7653, 3.00%, 07/01/2046		1,485,148		1,582,872
Pool AS8262, 3.00%, 10/01/2046		803,064		851,889
Pool AS8465, 3.00%, 12/01/2046		786,171		833,550
Pool CA4927, 3.00%, 01/01/2050		876,208		926,093
Pool AS8734, 3.50%, 01/01/2047		1,013,943		1,089,534
Pool AS9369, 3.50%, 03/01/2047		582,716		621,759
Pool AS9360, 3.50%, 04/01/2047		752,222		804,698
Pool CA0819, 3.50%, 11/01/2047		794,295		843,295
Pool CA1158, 3.50%, 02/01/2048		994,760		1,083,901
Pool CA1985, 4.00%, 06/01/2048		532,937		580,680
				13,048,298
GNMA Multifamily - 2.6%
Pool 2017-135, 2.60%, 08/16/2058		740,567		776,646
Pool 2017-74, 2.60%, 09/16/2058		980,327		1,029,860
				1,806,506
GNMA Single Family - 1.8%
Pool G2 AU1835, 3.00%, 08/20/2046		423,101		444,241
Pool G2 AU1762, 3.50%, 07/20/2046		782,802		830,064
				1,274,305
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(COST $37,895,306)				40,169,534
MORTGAGE-BACKED SECURITIES - 31.6%
COMM Mortgage Trust
1.52%,  10/10/2049		84,622		84,648
FHLMC Multifamily Structured Pass-Through Certificates
2.86%,  10/25/2034		2,300,000		2,638,390

 

The Community Development Fund

September 30, 2020
(Unaudited)

SCHEDULE OF INVESTMENTS

FREMF Mortgage Trust
4.61%,  12/25/2048 (a)(c)		120,000		120,365
FRESB Mortgage Trust
	Face		Market
Description	Amount		Value
1.03%,  04/25/2040 (a)		1,997,564		2,008,692
1.12%,  06/25/2040 (a)		3,097,233		3,117,652
2.13%,  11/25/2039 (a)		1,991,898		2,072,543
2.21%,  12/25/2029 (a)		1,989,951		2,100,675
2.25%,  12/25/2039 (a)		993,632		1,048,097
2.42%,  09/25/2029 (a)		2,089,721		2,209,643
FRESB Multifamily Mortgage Pass-Through Trust
2.61%,  09/25/2022 (a)		562,945		585,026
2.94%,  09/25/2027 (a)		866,386		915,072
2.96%,  10/25/2027 (a)		829,966		870,040
3.19%,  12/25/2025 (a)		989,686		1,041,453
3.36%,  VAR LIBOR USD 1 Month+3.420% 09/25/2038		918,525		951,589
3.88%,  VAR ICE LIBOR USD 1 Month+3.880% 08/25/2038		1,965,815		2,157,013
TOTAL MORTGAGE-BACKED SECURITIES
(COST $20,941,724)				21,920,898
MUNICIPAL BONDS - 4.1%
Massachusetts - 0.7%
Massachusetts Housing Finance Agency, RB
1.10%,  06/01/2022		100,000		100,038
1.25%,  06/01/2023		250,000		250,345
1.30%,  12/01/2023		115,000		115,124
				465,507
Michigan - 0.9%
Michigan State Housing Development Authority, RB
0.95%,  06/01/2021		150,000		150,240
1.05%,  12/01/2021		200,000		200,790
1.10%,  06/01/2022		300,000		301,281
				652,311
New Jersey - 1.4%
New Jersey Housing & Mortgage Finance Agency,
1.06%,  04/01/2023		1,000,000		999,020
New York - 1.0%
New York City, Housing Development Authority, RB
2.35%,  11/01/2020		175,000		175,194
3.02%,  11/01/2022		525,000		546,877
				722,071
TOTAL MUNICIPAL BONDS
(COST $2,815,000)				2,838,909
ASSET-BACKED SECURITY - 0.1%
Hertz Fleet Lease Funding
2.13%,  04/10/2031 (c)		56,113		56,128
TOTAL ASSET-BACKED SECURITY
(COST $55,439)				56,128
SHORT-TERM INVESTMENT - 1.5%
Short-Term Investment - 1.5%
Fidelity Institutional Government Portfolio, Cl I, 0.01% (d)		1,066,103		1,066,103
TOTAL SHORT-TERM INVESTMENT
(COST $1,066,103)				1,066,103

The Community Development Fund

September 30, 2020
(Unaudited)

SCHEDULE OF INVESTMENTS

TOTAL INVESTMENTS (COST $62,773,572) - 95.2%		66,051,572
OTHER ASSETS AND LIABILITIES - 4.8%		3,312,705
NET ASSETS - 100.0%	$	69,364,277

A list of the open futures contracts held by the Fund at September 30, 2020, is as follows:

Type of Contract	Number of Contracts	Expiration Date	Notional Amount			Value			Unrealized Appreciation (Depreciation)
U.S. 10-Year Treasury Note	(37)	Dec-2020	$	(5,140,880	)	$	(5,162,656	)	$	(21,766	)
U.S. 5-Year Treasury  Note	31	Jan-2021		3,901,681			3,906,969			5,288
U.S. Long Treasury Bond	(14)	Dec-2020		(2,469,969	)		(2,467,938	)		2,031
Ultra 10-Year U.S. Treasury Note	(20)	Dec-2020		(3,182,935	)		(3,198,438	)		(15,503	)
			$	(6,892,103	)	$	(6,922,063	)	$	(29,960	)

(a)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(b)	Interest only security ("IO"). These types of securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.
(c)	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 September 30, 2020 was $176,493 and represents 0.3% of Net Assets.
(d)	Rate shown is the 7-day effective yield as of September 30, 2020.

Cl — Class

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FREMF— Freddie Mac Multifamily Securities

FRESB— Freddie Mac Small Balance Mortgage Trust

GNMA — Government National Mortgage Association

ICE — Intercontinental Exchange

IO — Interest Only - face amount represents notional amount

LIBOR — London Interbank Offered Rate

RB — Revenue Bond

USD— United States Dollar

VAR— Variable Rate

The Community Development Fund

September 30, 2020
(Unaudited)

SCHEDULE OF INVESTMENTS

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 September 30, 2020:

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government & Agency Obligations	$	–	$	40,169,534	$	–	$	40,169,534
Mortgage-Backed Securities		–		21,920,898		–		21,920,898
Municipal Bonds		–		2,838,909		–		2,838,909
Asset-Backed Security		–		56,128		–		56,128
Short-Term Investment		1,066,103		–		–		1,066,103
Total Investments in Securities	$	1,066,103	$	64,985,469	$	–	$	66,051,572

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Future Contracts†
Unrealized Appreciation	$	7,319		$	–	$	–	$	7,319
Unrealized Deppreciation		(37,279	)		–		–		(37,279	)
Total Other Financial Instruments	$	(29,960	)	$	–	$	–	$	(29,960	)

† Futures contracts are valued at the unrealized appreciation/(depreciation) on the instrument.

For the period ended September 30, 2020, there have been no transfers in or out of Level 3.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent financial statements.