Community Development Fund NPORT-P Community Development Fund (Mar 2021 report)

The Community Development Fund

March 31, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS

	Face		Market
Description	Amount		Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 61.2%
FHLMC Multifamily - 28.0%
Pool KF97, 0.33%, VAR ICE LIBOR USD 1 Month+0.220%, 11/25/2030	$	999,924	$	1,002,961
Pool KF95, 0.38%, VAR ICE LIBOR USD 1 Month+0.260%, 11/25/2030		2,499,823		2,509,687
Pool K720, IO, 0.52%, 08/25/2022 (a)(b)		15,335,688		56,627
Pool KSMC, IO, 0.68%, 01/25/2023 (a)(b)		1,614,007		19,591
Pool K024, IO, 0.79%, 09/25/2022 (a)(b)		1,717,019		16,922
Pool KJ29, 1.41%, 11/25/2027		2,100,000		2,085,954
Pool KSG1, 1.50%, 09/25/2030		1,250,000		1,209,035
Pool KJ33, 1.57%, 07/25/2032		1,000,000		1,003,755
Pool K123, 1.62%, 12/25/2030		1,500,000		1,461,471
Pool K1514, 2.86%, 10/25/2034		2,300,000		2,425,740
Pool K092, 3.13%, 10/25/2028		3,182,244		3,460,196
Pool WN0011, 3.38%, 04/01/2030		765,006		835,444
Pool WA0500, 3.48%, 03/01/2047		2,457,877		2,518,844
Pool WA3207, 3.60%, 04/01/2030		2,185,122		2,435,024
Pool K088, 3.69%, 01/25/2029		1,000,000		1,136,351
				22,177,602
FHLMC Single Family - 3.3%
Pool Q41874, 3.00%, 07/01/2046		1,470,174		1,552,794
Pool RA1853, 3.00%, 12/01/2049		1,023,451		1,067,649
				2,620,443
FNMA Multifamily - 8.4%
Pool AM0126, 2.68%, 08/01/2022		1,444,141		1,472,338
Pool AN6185, 2.93%, 07/01/2024		1,293,691		1,351,543
Pool AN5657, 3.30%, 07/01/2032		367,056		402,941
Pool AM5986, 3.44%, 06/01/2026		1,071,058		1,179,188

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The Community Development Fund

March 31, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

	Face  Amount		Market  Value
Description
Pool 469683, 3.54%, 11/01/2021	$	665,852	$	668,882
Pool AM5197, 4.20%, 01/01/2030		1,400,958		1,607,588
				6,682,480
FNMA Single Family - 18.3%
Pool CA7479, 2.00%, 10/01/2050		1,234,353		1,231,568
Pool CA7480, 2.00%, 10/01/2050		1,148,396		1,147,578
Pool CA8444, 2.00%, 12/01/2050		1,282,360		1,281,843
Pool AS7484, 3.00%, 06/01/2046		805,168		850,289
Pool BC0962, 3.00%, 06/01/2046		912,284		957,541
Pool AS7476, 3.00%, 07/01/2046		473,081		498,413
Pool AS7647, 3.00%, 07/01/2046		759,941		794,347
Pool AS7653, 3.00%, 07/01/2046		1,467,455		1,546,517
Pool AS8262, 3.00%, 10/01/2046		793,545		835,248
Pool AS8465, 3.00%, 12/01/2046		643,114		677,409
Pool CA4927, 3.00%, 01/01/2050		704,955		743,560
Pool AS8734, 3.50%, 01/01/2047		1,000,204		1,071,033
Pool AS9369, 3.50%, 03/01/2047		481,917		515,795
Pool AS9360, 3.50%, 04/01/2047		578,686		618,021
Pool CA0819, 3.50%, 11/01/2047		785,368		834,790
Pool CA1158, 3.50%, 02/01/2048		535,872		570,374
Pool CA1985, 4.00%, 06/01/2048		329,863		356,275
				14,530,601
GNMA Multifamily - 1.7%
Pool 2017-135, 2.60%, 08/16/2058		666,056		687,914
Pool 2017-74, 2.60%, 09/16/2058		667,803		688,849
				1,376,763

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The Community Development Fund

March 31, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

	Face		Market
Description	Amount		Value
GNMA Single Family - 1.4%
Pool G2 AU1835, 3.00%, 08/20/2046	$	417,991	$	436,957
Pool G2 AU1762, 3.50%, 07/20/2046		657,421		698,482
				1,135,439
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(COST $47,523,980)				48,523,328
MORTGAGE-BACKED SECURITIES - 27.8%
FRESB Mortgage Trust
0.99%,  07/25/2040 (a)		998,475		975,935
1.03%,  04/25/2040 (a)		1,428,007		1,429,542
1.12%,  06/25/2040 (a)		3,079,624		3,015,442
1.49%,  01/25/2031 (a)		2,000,000		1,978,247
2.13%,  11/25/2039 (a)		1,933,522		1,986,708
2.21%,  12/25/2029 (a)		1,980,725		1,982,808
2.25%,  12/25/2039 (a)		987,945		988,487
2.42%,  09/25/2029 (a)		2,082,346		2,064,340
FRESB Multifamily Mortgage Pass-Through Trust
2.61%,  09/25/2022 (a)		557,293		573,668
2.94%,  09/25/2027 (a)		655,031		670,973
2.96%,  10/25/2027 (a)		813,416		839,341
3.19%,  12/25/2025 (a)		859,467		888,373
3.42%, , VAR LIBOR USD 1 Month+3.420% 09/25/2038		791,186		814,800
3.88%, , VAR ICE LIBOR USD 1 Month+3.880% 08/25/2038		1,808,339		1,835,403
FRESB Multifamily Structured Pass-Through Certificates
0.83%,  09/25/2040 (a)		1,996,341		1,983,913
TOTAL MORTGAGE-BACKED SECURITIES
(COST $22,063,273)				22,027,980

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The Community Development Fund

March 31, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

	Face	Market
Description	Amount	Value

MUNICIPAL BONDS - 3.6%
Massachusetts - 0.8%
Massachusetts Housing Finance Agency, RB
1.08%,  06/01/2024	130,000	130,216
1.10%,  06/01/2022	55,000	55,312
1.18%,  12/01/2024	100,000	99,808
1.23%,  06/01/2025	90,000	89,117
1.25%,  06/01/2023	135,000	136,189
1.30%,  12/01/2023	65,000	65,643
1.33%,  12/01/2025	85,000	83,747
		660,032
Michigan - 0.8%
Michigan State Housing Development Authority, RB
0.95%,  06/01/2021	150,000	150,102
1.05%,  12/01/2021	200,000	200,645
1.10%,  06/01/2022	300,000	301,688
		652,435
New Jersey - 1.3%
New Jersey Housing & Mortgage Finance Agency, RB
1.06%,  04/01/2023	1,000,000	1,001,440
New York - 0.7%
New York City, Housing Development Authority, RB
3.02%,  11/01/2022	525,000	547,307
TOTAL MUNICIPAL BONDS
(COST $2,835,000)		2,861,214

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The Community Development Fund

March 31, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

	Face		Market
Description	Amount		Value
ASSET-BACKED SECURITY - 0.0%
Hertz Fleet Lease Funding
2.13%,  04/10/2031 (c)	$	5,124	$	5,134
TOTAL ASSET-BACKED SECURITY
(COST $5,065)				5,134
SHORT-TERM INVESTMENT - 7.1%
Short-Term Investment - 7.1%
Fidelity Institutional Government Portfolio, Cl I, 0.01% (d)		5,603,315		5,603,315
TOTAL SHORT-TERM INVESTMENT
(COST $5,603,315)				5,603,315
TOTAL INVESTMENTS (COST $78,030,633) - 99.6%				79,020,971
OTHER ASSETS AND LIABILITIES - 0.4%				300,639
NET ASSETS - 100.0%			$	79,321,610

A list of the open futures contracts held by the Fund at March 31, 2021, is as follows:

Type of Contract	Number of Contracts			Expiration Date	Notional Amount			Value			Unrealized Appreciation (Depreciation)
U.S. 10-Year Treasury Note		(77	)	Jun-2021	$	(10,288,724	)	$	(10,082,188	)	$	206,536
U.S. 5-Year Treasury Note		60		Jul-2021		7,498,850			7,403,906			(94,944	)
U.S. Long Treasury Bond		(15	)	Jun-2021		(2,398,312	)		(2,318,906	)		79,406
Ultra 10-Year U.S. Treasury Note		(58	)	Jun-2021		(8,605,112	)		(8,333,875	)		271,237
					$	(13,793,298	)	$	(13,331,063	)	$	462,235

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The Community Development Fund

March 31, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

(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 March 31, 2021 was $5,134 and represents 0.0% of Net Assets.
(d)	Rate shown is the 7-day effective yield as of March 31, 2021.

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

IO — Interest Only - face amount represents notional amount

LIBOR — London Interbank Offered Rate

RB — Revenue Bond

USD — United States Dollar

VAR — Variable Rate

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 March 31, 2021

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government & Agency Obligations	$	—	$	48,523,328	$	—	$	48,523,328
Mortgage-Backed Securities		—		22,027,980		—		22,027,980
Municipal Bonds		—		2,861,214		—		2,861,214
Asset-Backed Security		—		5,134		—		5,134
Short-Term Investment		5,603,315		—		—		5,603,315
Total Investments in Securities	$	5,603,315	$	73,417,656	$	—	$	79,020,971

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	557,180		$	–	$	–	$	557,180
Unrealized Depreciation		(94,944	)		–		–		(94,944	)
Total Other Financial Instruments	$	462,236		$	–	$	–	$	462,236

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

For the period ended March 31, 2021, there were 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.

Amounts designated as ‘‘----‘‘ are $0.

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