Community Development Fund NPORT-P Community Development Fund (Mar 2022 report)

The Community Development Fund

March 31, 2022 (Unaudited)

SCHEDULE OF INVESTMENTS

Description		Face Amount		Market Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 47.9%
FHLMC Multifamily - 24.8%
Pool KF97, 0.46%, ICE LIBOR USD 1 Month + 0.220%, 11/25/2030 (a)	$	874,890	$	874,890
Pool KF95, 0.50%, ICE LIBOR USD 1 Month + 0.260%, 11/25/2030 (a)		2,225,707		2,218,930
Pool K720, IO, 0.54%, 08/25/2022 (a)(b)		6,502,471		1,883
Pool KSMC, IO, 0.66%, 01/25/2023 (a)(b)		1,568,031		8,226
Pool K024, IO, 0.77%, 09/25/2022 (a)(b)		1,627,560		3,746
2021-P009, 1.13%, 01/25/2031		488,976		453,387
Pool KJ29, 1.41%, 11/25/2027		2,100,000		1,970,764
Pool KSG1, 1.50%, 09/25/2030		1,260,000		1,132,659
Pool K123, 1.62%, 12/25/2030		1,500,000		1,362,232
Pool KG06, 1.78%, 10/25/2031		1,200,000		1,093,277
2021-P009, 1.88%, 01/25/2031		1,000,000		944,461
Pool CB0268, 2.00%, 04/01/2051		3,320,787		3,091,052
Pool BT0120, 2.00%, 05/01/2051		1,275,721		1,186,691
Pool RA5346, 2.00%, 05/01/2051		1,145,213		1,065,524
Pool KSG2, 2.09%, 11/25/2031 (a)		1,000,000		934,943
Pool K1514, 2.86%, 10/25/2034		2,300,000		2,221,329
Pool K092, 3.13%, 10/25/2028		3,107,966		3,165,725
Pool WN0011, 3.38%, 04/01/2030		754,430		776,139
Pool WA0500, 3.48%, 03/01/2047		2,411,376		2,411,906
Pool WA3207, 3.60%, 04/01/2030		2,152,352		2,244,961
Pool K088, 3.69%, 01/25/2029		1,000,000		1,052,708
				28,215,433
FHLMC Single Family - 1.8%
Pool Q41874, 3.00%, 07/01/2046		1,199,035		1,192,181
Pool RA1853, 3.00%, 12/01/2049		823,794		810,752
				2,002,933
FNMA Multifamily - 4.0%
Pool AM0126, 2.68%, 08/01/2022		1,402,933		1,401,787

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The Community Development Fund

 March 31, 2022 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

Description		Face Amount		Market Value
Pool AN6185, 2.93%, 07/01/2024	$	1,270,552	$	1,265,339
Pool AN5657, 3.30%, 07/01/2032		360,075		369,532
Pool AM5197, 4.20%, 01/01/2030		1,381,562		1,486,622
				4,523,280
FNMA Single Family - 14.5%
Pool CA7479, 2.00%, 10/01/2050		1,021,086		951,274
Pool CA7480, 2.00%, 10/01/2050		1,122,801		1,045,812
Pool CA8444, 2.00%, 12/01/2050		1,251,035		1,165,702
Pool CB1441, 2.00%, 08/01/2051		5,073,576		4,717,369
Pool CB2317, 2.00%, 12/01/2051		1,464,764		1,361,924
Pool AS7484, 3.00%, 06/01/2046		492,280		486,985
Pool BC0962, 3.00%, 06/01/2046		615,218		610,586
Pool AS7476, 3.00%, 07/01/2046		379,805		373,817
Pool AS7647, 3.00%, 07/01/2046		729,340		720,295
Pool AS7653, 3.00%, 07/01/2046		1,272,850		1,264,233
Pool AS8262, 3.00%, 10/01/2046		773,998		767,138
Pool CA4927, 3.00%, 01/01/2050		690,883		679,138
Pool AS8734, 3.50%, 01/01/2047		840,098		854,337
Pool AS9369, 3.50%, 03/01/2047		294,801		296,363
Pool AS9360, 3.50%, 04/01/2047		559,413		567,679
Pool CA1158, 3.50%, 02/01/2048		333,127		335,150
Pool CA1985, 4.00%, 06/01/2048		245,066		251,071
				16,448,873
GNMA Multifamily - 2.2%
2021-183, 1.75%, 01/16/2063		1,488,264		1,390,018
2017-135, 2.60%, 08/16/2058		569,611		552,230
2017-74, 2.60%, 09/16/2058		523,162		503,469
				2,445,717

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The Community Development Fund

 March 31, 2022 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

Description	Face Amount		Market Value
GNMA Single Family - 0.8%
Pool G2 AU1835, 3.00%, 08/20/2046	$	407,503	$	403,817
Pool G2 AU1762, 3.50%, 07/20/2046		452,252		457,061
				860,878
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(COST $57,305,617)				54,497,366
MORTGAGE-BACKED SECURITIES - 33.5%
BX Commercial Mortgage Trust
2.14%, TSFR1M + 1.840% 01/17/2039 (a)(c)		3,000,000		2,951,366
FHLMC Multifamily Structured Pass-Through Certificates
1.91%,  10/25/2031 (a)		5,500,000		5,028,870
FHLMC Multifamily WI Certificates Series
2.25%,  05/25/2032		1,800,000		1,693,970
FNMA
2.50%,  01/01/2052		5,121,816		4,899,749
2.50%,  01/01/2052		1,114,711		1,066,380
2.50%,  02/01/2052		1,244,355		1,190,498
FRESB Mortgage Trust
0.83%,  09/25/2040 (a)		1,976,666		1,866,015
0.99%,  07/25/2040 (a)		969,346		892,381
1.03%,  04/25/2040 (a)		1,383,614		1,318,973
1.12%,  06/25/2040 (a)		2,901,953		2,715,342
1.49%,  01/25/2031 (a)		1,961,053		1,809,358
1.50%,  09/25/2041 (a)		998,899		956,715
1.60%,  10/25/2028 (a)		998,874		950,196
2.13%,  11/25/2039 (a)		1,259,574		1,228,206
2.21%,  12/25/2029 (a)		1,772,670		1,680,645
2.25%,  12/25/2039 (a)		962,966		913,008
2.42%,  09/25/2029 (a)		1,756,861		1,674,815

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The Community Development Fund

 March 31, 2022 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

Description		Face Amount		Market Value
FRESB Multifamily Mortgage Pass-Through Trust
3.19%, 12/25/2025 (a)	$	396,806	$	392,993
3.42%, 09/25/2038 (a)		478,731		480,539
3.88%, 08/25/2038 (a)		1,422,276		1,423,328
STWD Mortgage Trust
1.26%, ICE LIBOR USD 1 Month + 0.858% 11/15/2036 (a)(c)		3,000,000		2,940,630
TOTAL MORTGAGE-BACKED SECURITIES
(COST $40,009,987)				38,073,977
MUNICIPAL BONDS - 6.1%
Massachusetts - 0.4%
Massachusetts State, Housing Finance Agency, RB
1.08%,  06/01/2024		130,000		125,316
1.10%,  06/01/2022		25,000		25,002
1.18%,  12/01/2024		100,000		95,358
1.23%,  06/01/2025		90,000		85,133
1.25%,  06/01/2023		60,000		59,585
1.30%,  12/01/2023		30,000		29,396
1.33%,  12/01/2025		85,000		80,008
				499,798
Michigan - 0.7%
Michigan State, Housing Development Authority, RB
0.96%,  06/01/2025		500,000		469,947
1.10%,  06/01/2022		300,000		300,139
				770,086

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The Community Development Fund

 March 31, 2022 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

Description		Face Amount		Market Value
New Jersey - 0.8%
New Jersey State, Housing & Mortgage Finance Agency, RB
1.06%,  04/01/2023	$	920,000	$	907,866
New York - 3.0%
New York City, Housing Development Authority, RB
2.24%,  05/01/2030		1,585,000		1,479,236
2.29%,  11/01/2030		415,000		388,033
3.02%,  11/01/2022		525,000		530,116
3.43%,  01/01/2027		1,000,000		1,002,155
				3,399,540
Virginia - 1.2%
Virginia State, Housing Development Authority, RB
2.11%,  11/01/2029		500,000		473,144
2.31%,  11/01/2031		500,000		466,663
2.46%,  11/01/2032		500,000		469,360
				1,409,167
TOTAL MUNICIPAL BONDS
(COST $7,265,000)				6,986,457
SHORT-TERM INVESTMENT - 4.1%
Short-Term Investment - 4.1%
Fidelity Institutional Government Portfolio, Cl I, 0.12% (d)		4,652,909		4,652,909
TOTAL SHORT-TERM INVESTMENT
(COST $4,652,909)				4,652,909
TOTAL INVESTMENTS (COST $109,233,513) - 91.6%				104,210,457
OTHER ASSETS AND LIABILITIES - 8.4%				9,587,365
NET ASSETS - 100.0%			$	113,797,822

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The Community Development Fund

 March 31, 2022 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

A list of the open futures contracts held by the Fund at March 31, 2022, is as follows:

Type of Contract	Number of Contracts	Expiration Date	Notional Amount			Value			Unrealized Appreciation
Short Contracts
U.S. 2-Year Treasury Note	(89)	Jul-2022	$	(18,888,224	)	$	(18,861,047	)	$	27,178
U.S. 5-Year Treasury Note	(71)	Jul-2022		(8,283,035	)		(8,142,812	)		140,222
U.S. 10-Year Treasury Note	(103)	Jun-2022		(12,999,617	)		(12,656,125	)		343,492
Ultra 10-Year U.S Treasury Note	(136)	Jun-2022		(18,955,394	)		(18,423,750	)		531,644
			$	(59,126,270	)	$	(18,423,750	)	$	1,042,536

(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.

(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, 2022 was $5,891,996 and represents 5.2% of Net Assets.

(d) Rate shown is the 7-day effective yield as of March 31, 2022.

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

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The Community Development Fund

 March 31, 2022 (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 March 31, 2022:

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government & Agency Obligations	$	—	$	54,497,114	$	—	$	54,497,114
Mortgage-Backed Securities		—		38,073,977		—		38,073,977
Municipal Bonds		—		6,986,457		—		6,986,457
Short-Term Investment		4,652,909		—		—		4,652,909
Total Investments in Securities	$	4,652,909	$	99,557,548	$	—	$	104,,210,457

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Depreciation	$	1,042,536	$	—	$	—	$	1,042,536
Total Other Financial Instruments	$	1,042,536	$	—	$	—	$	1,042,536

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

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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