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

The Community Development Fund

September 30, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS

	Face		Market
Description	Amount		Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 68.2%
FHLMC Multifamily - 33.9%
Ser KF97, 0.30%, VAR ICE LIBOR USD 1 Month + 0.220%11/25/2030	$	999,742	$	1,002,643
Ser KF95, 0.34%, VAR ICE LIBOR USD 1 Month + 0.260%11/25/2030		2,499,532		2,505,898
Ser K720, IO, 0.62%, 08/25/2022 (a)		15,203,144		27,203
Ser KSMC, IO, 0.80%, 01/25/2023 (a)		1,595,243		13,890
Ser K024, IO, 0.90%, 09/25/2022 (a)		1,695,136		10,338
Ser 2021-P009, 1.13%, 01/25/2031		498,326		493,613
Ser KJ29, 1.41%, 11/25/2027		2,100,000		2,099,766
Ser KSG1, 1.50%, 09/25/2030		1,260,000		1,246,975
Ser KJ33, 1.57%, 07/25/2032		1,000,000		1,006,290
Ser K123, 1.62%, 12/25/2030		1,500,000		1,496,984
Ser 2021-P009, 1.88%, 01/25/2031		1,000,000		1,022,389
Pool CB0268, 2.00%, 04/01/2051		3,365,743		3,386,749
Pool BT0120, 2.00%, 05/01/2051		1,289,903		1,294,358
Pool RA5346, 2.00%, 05/01/2051		1,159,157		1,166,436
Ser 1514, 2.86%, 10/25/2034		2,300,000		2,500,858
Ser K092, 3.13%, 10/25/2028		3,152,212		3,418,204
Pool WN0011, 3.38%, 04/01/2030		759,953		840,073
Pool WA0500, 3.48%, 03/01/2047		2,434,923		2,594,658
Pool WA3207, 3.60%, 04/01/2030		2,169,416		2,441,742
Ser K088, 3.69%, 01/25/2029		1,000,000		1,145,461
				29,714,528
FHLMC Single Family - 2.8%
Pool Q41874, 3.00%, 07/01/2046		1,447,553		1,544,496
Pool RA1853, 3.00%, 12/01/2049		832,716		873,815
				2,418,311
FNMA Multifamily - 7.6%
Pool AM0126, 2.68%, 08/01/2022		1,423,997		1,437,218
Pool AN6185, 2.93%, 07/01/2024		1,282,472		1,343,652

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The Community Development Fund

September 30, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

		Face		Market
Description		Amount		Value
Pool AN5657, 3.30%, 07/01/2032	$	363,676	$	406,045
Pool AM5986, 3.44%, 06/01/2026		1,062,531		1,162,801
Pool 469683, 3.54%, 11/01/2021		656,922		656,791
Pool AM5197, 4.20%, 01/01/2030		1,391,697		1,631,072
				6,637,579
FNMA Single Family - 21.4% Pool CA7479, 2.00%, 10/01/2050		1,218,590		1,221,979
Pool CA7480, 2.00%, 10/01/2050		1,135,723		1,142,845
Pool CA8444, 2.00%, 12/01/2050		1,266,092		1,276,576
Pool CB1441, 2.00%, 08/01/2051		5,129,992		5,144,262
Pool AS7484, 3.00%, 06/01/2046		644,132		687,490
Pool BC0962, 3.00%, 06/01/2046		776,494		827,624
Pool AS7476, 3.00%, 07/01/2046		465,503		494,648
Pool AS7647, 3.00%, 07/01/2046		744,369		783,057
Pool AS7653, 3.00%, 07/01/2046		1,291,215		1,374,205
Pool AS8262, 3.00%, 10/01/2046		783,858		832,806
Pool AS8465, 3.00%, 12/01/2046		633,489		671,084
Pool CA4927, 3.00%, 01/01/2050		697,984		742,598
Pool AS8734, 3.50%, 01/01/2047		852,876		918,216
Pool AS9369, 3.50%, 03/01/2047		321,418		341,270
Pool AS9360, 3.50%, 04/01/2047		568,284		610,150
Pool CA0819, 3.50%, 11/01/2047		776,169		826,705
Pool CA1158, 3.50%, 02/01/2048		530,103		569,577
Pool CA1985, 4.00%, 06/01/2048		247,418		265,882
				18,730,974
GNMA Multifamily - 1.4% Ser 2017-135, 2.60%, 08/16/2058		595,890		617,824
Ser 2017-74, 2.60%, 09/16/2058		598,206		615,506
				1,233,330

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The Community Development Fund

September 30, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

	Face		Market
Description	Amount		Value
GNMA Single Family - 1.3%
Pool G2 AU1835, 3.00%, 08/20/2046	$	412,792	$	432,786
Pool G2 AU1762, 3.50%, 07/20/2046		648,737		686,860
				1,119,646
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(COST $58,593,177)				59,854,368
MORTGAGE-BACKED SECURITIES - 24.6%
FRESB Mortgage Trust
0.99%, 07/25/2040 (a)		971,577		955,898
1.03%, 04/25/2040 (a)		1,419,736		1,420,318
1.12%, 06/25/2040 (a)		3,061,246		3,057,489
1.49%, 01/25/2031 (a)		1,969,341		1,949,801
2.13%, 11/25/2039 (a)		1,752,132		1,791,712
2.21%, 12/25/2029 (a)		1,971,576		2,001,643
2.25%, 12/25/2039 (a)		969,288		984,049
2.42%, 09/25/2029 (a)		2,021,646		2,063,692
FRESB Multifamily Mortgage Pass-Through Trust
2.61%, 09/25/2022 (a)		552,630		563,355
2.94%, 09/25/2027 (a)		650,179		666,126
2.96%, 10/25/2027 (a)		796,088		821,326
3.19%, 12/25/2025 (a)		587,670		614,686
3.42%, VAR LIBOR USD 1 Month + 3.420% 09/25/2038		690,178		713,025
3.88%, VAR ICE LIBOR USD 1 Month + 3.880% 08/25/2038		1,735,793		1,849,329
FRESB Multifamily Structured Pass-Through Certificates
0.83%, 09/25/2040 (a)		2,115,887		2,106,942
TOTAL MORTGAGE-BACKED SECURITIES
(COST $21,348,496)				21,559,391

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The Community Development Fund

September 30, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

Description	Face Amount		Market Value
MUNICIPAL BONDS - 3.4%
Massachusetts - 0.6%
Massachusetts Housing Finance Agency, RB
1.08%, 06/01/2024	$	130,000	$	130,673
1.10%, 06/01/2022		25,000		25,083
1.18%, 12/01/2024		100,000		100,227
1.23%, 06/01/2025		90,000		90,008
1.25%, 06/01/2023		60,000		60,355
1.30%, 12/01/2023		30,000		30,022
1.33%, 12/01/2025		85,000		84,841
				521,209
Michigan - 1.1%
Michigan State Housing Development Authority, RB 0.96%, 06/01/2025		500,000		496,492
1.05%, 12/01/2021		200,000		200,245
1.10%, 06/01/2022		300,000		301,482
				998,219
New Jersey - 1.1%
New Jersey Housing & Mortgage Finance Agency, RB		960,000		961,600
1.06%, 04/01/2023
New York - 0.6%
New York City, Housing Development Authority, RB
3.02%, 11/01/2022		525,000		540,621
TOTAL MUNICIPAL BONDS
(COST $3,005,000)				3,021,649

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The Community Development Fund

September 30, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

Description	Face Amount		Market Value
U.S. TREASURY OBLIGATIONS - 0.3%
U.S. Treasury Notes
1.13%, 08/31/2028$	$	135,000	$	133,270
1.25%, 08/15/2031		140,000		136,435

TOTAL U.S. TREASURY OBLIGATIONS
(COST $274,583)			269,705
SHORT-TERM INVESTMENT - 3.0%
Short-Term Investment - 3.0%
Fidelity Institutional Government Portfolio, Cl I, 0.01% (b)	2,600,997		2,600,997
TOTAL SHORT-TERM INVESTMENT
(COST $2,600,997)			2,600,997
TOTAL INVESTMENTS (COST $85,822,253) - 99.5%			87,306,110
OTHER ASSETS AND LIABILITIES - 0.5%			422,758
NET ASSETS - 100.0%		$	87,728,868

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The Community Development Fund

September 30, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

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

Type of Contract	Number of Contracts			Expiration Date	Notional Amount			Value			Unrealized Appreciation (Depreciation)
U.S. 10-Year Treasury Note		(82	)	Dec-2021	$	(10,935,254	)	$	(10,791,969	)	$	143,285
U.S. 5-Year Treasury Note		39		Jan-2022		4,817,411			4,786,945			(30,466	)
U.S. Long Treasury Bond		(24	)	Dec-2021		(3,906,218	)		(3,821,250	)		84,968
Ultra 10-Year U.S. Treasury Note		(89	)	Dec-2021		(13,175,832	)		(12,927,250	)		248,582
					$	(23,199,893	)	$	(22,753,524	)	$	446,369

(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) Rate shown is the 7-day effective yield as of September 30, 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

SER — Series

USD — United States Dollar

VAR — Variable Rate

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The Community Development Fund

September 30, 2021 (Unaudited)

SCHEDULE OF INVESTMENTS (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 September 30, 2021

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government & Agency Obligations	$	—	$	59,854,368	$	—	$	59,854,368
Mortgage-Backed Securities		—		21,559,391		—		21,559,391
Municipal Bonds		—		3,021,649		—		3,021,649
U.S. Treasury Obligations		—		269,705		—		269,705
Short-Term Investment		2,600,937		—		—		2,600,937
Total Investments in Securities	$	2,600,937	$	84,705,113		—	$	87,306,110

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	476,835		$	—	$	—	$	476,835
Unrealized Depreciation		(30,466	)		—		—		(30,466	)
Total Other Financial Instruments	$	446,369		$	—	$	—	$	446,369

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

For the period ended September 30, 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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