Community Development Fund NPORT-P Community Development Fund (Mar 2023 report)

The Community Development Fund

March 31, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS

		Face		Market
Description		Amount		Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 59.5%
FHLMC Multifamily - 37.6%
2021-P009, 1.13%, 01/25/2031	$	434,989	$	378,318
KJ29, 1.41%, 11/25/2027		2,100,000		1,890,823
KSG1, 1.50%, 09/25/2030		3,470,000		2,880,214
K123, 1.62%, 12/25/2030		1,500,000		1,246,166
KG06, 1.78%, 10/25/2031		1,200,000		993,897
2021-P009, 1.88%, 01/25/2031		1,000,000		845,956
K135, 1.91%, 10/25/2031 (a)		5,500,000		4,565,298
Pool CB0268, 2.00%, 04/01/2051		3,231,363		2,675,684
Pool BT0120, 2.00%, 05/01/2051		1,095,414		906,623
Pool RA5346, 2.00%, 05/01/2051		1,115,705		924,024
KSG2, 2.09%, 11/25/2031 (a)		1,000,000		845,820
K141, 2.25%, 02/25/2032		4,800,000		4,099,875
KSG3, 2.65%, 05/25/2032 (a)		2,000,000		1,760,222
K145, 2.65%, 06/25/2055		1,823,504		1,686,679
2015-P013, 2.76%, 02/25/2032 (a)		1,850,000		1,619,501
K1514, 2.86%, 10/25/2034		2,300,000		1,988,163
K092, 3.13%, 10/25/2028		3,010,292		2,922,778
Pool WN0011, 3.38%, 04/01/2030		743,276		705,338
Pool WA0500, 3.48%, 03/01/2047		2,362,442		2,032,525
K088, 3.69%, 01/25/2029		1,000,000		972,727
KF97, 4.89%, ICE LIBOR USD 1 Month + 0.220%, 11/25/2030 (a)		310,999		306,371
KF136, 4.94%, SOFR30A + 0.410%, 04/25/2032 (a)		989,736		982,563
KF141, 5.14%, , SOFR30A + 0.570%, 07/25/2032 (a)		6,000,000		5,999,983
				43,229,548
FHLMC Single Family - 1.5%
Pool Q41874, 3.00%, 07/01/2046		1,036,122		950,881
Pool RA1853, 3.00%, 12/01/2049		795,907		720,240
				1,671,121

The Community Development Fund

March 31, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

		Face		Market
Description		Amount		Value
FNMA Multifamily - 1.5%
Pool AN5657, 3.30%, 07/01/2032	$	352,757	$	330,367
Pool AM5197, 4.20%, 01/01/2030		1,361,090		1,371,866
				1,702,233
FNMA Single Family - 16.6%
Pool CA7479, 2.00%, 10/01/2050		757,917		627,830
Pool CA7480, 2.00%, 10/01/2050		1,095,934		907,910
Pool CA8444, 2.00%, 12/01/2050		1,102,573		914,189
Pool CB1441, 2.00%, 08/01/2051		4,959,558		4,103,213
Pool CB2317, 2.00%, 12/01/2051		1,420,569		1,175,489
Pool CB2738, 2.50%, 01/01/2052		5,015,332		4,325,705
Pool CB2739, 2.50%, 01/01/2052		1,041,396		900,165
Pool CB2830, 2.50%, 02/01/2052		1,181,676		1,023,867
Pool AS7484, 3.00%, 06/01/2046		463,270		425,270
Pool BC0962, 3.00%, 06/01/2046		449,873		414,396
Pool AS7476, 3.00%, 07/01/2046		366,919		337,203
Pool AS7647, 3.00%, 07/01/2046		690,176		633,737
Pool AS7653, 3.00%, 07/01/2046		1,205,935		1,104,383
Pool AS8262, 3.00%, 10/01/2046		561,672		511,931
Pool CA4927, 3.00%, 01/01/2050		331,759		299,720
Pool AS8734, 3.50%, 01/01/2047		581,481		548,019
Pool AS9360, 3.50%, 04/01/2047		397,317		377,045
Pool CA1158, 3.50%, 02/01/2048		256,683		241,229
Pool CA1985, 4.00%, 06/01/2048		240,195		233,522
				19,104,823
GNMA Multifamily - 1.8%
2021-183, 1.75%, 01/16/2063		1,459,354		1,183,976
2017-135, 2.60%, 08/16/2058		545,977		479,996
2017-74, 2.60%, 09/16/2058		422,579		368,429
				2,032,401

The Community Development Fund

March 31, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

		Face		Market
Description		Amount		Value
GNMA Single Family - 0.6%
Pool G2 AU1835, 3.00%, 08/20/2046	$	396,545	$	362,243
Pool G2 AU1762, 3.50%, 07/20/2046		342,278		324,509
				686,752
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(COST $77,519,989)				68,426,878
MORTGAGE-BACKED SECURITIES - 22.1%
BX Commercial Mortgage Trust
6.32%, TSFR1M + 1.490%, 01/17/2039 (a)(b)		2,000,000		1,922,548
6.67%, TSFR1M + 1.840%, 01/17/2039 (a)(b)		3,000,000		2,896,615
FHLMC
4.00%, 09/01/2032		1,000,000		972,326
FHLMC Multifamily Structured Pass Through Certificates
5.06%, ICE LIBOR USD 1 Month + 0.390%, 07/25/2024 (a)		52,556		52,475
FRESB Mortgage Trust
0.83%, 09/25/2040 (a)		1,800,626		1,660,674
1.03%, 04/25/2040 (a)		1,286,330		1,200,839
1.12%, 06/25/2040 (a)		2,910,240		2,510,661
1.49%, 01/25/2031 (a)		1,782,338		1,511,251
1.50%, 09/25/2041 (a)		978,199		894,908
1.60%, 10/25/2028 (a)		935,962		829,247
2.13%, 11/25/2039 (a)		1,033,802		986,610
2.21%, 12/25/2029 (a)		1,342,139		1,193,426
2.25%, 12/25/2039 (a)		832,910		732,234
2.42%, 09/25/2029 (a)		1,513,435		1,378,388
FRESB Multifamily Mortgage Pass-Through Trust
3.19%, 12/25/2025 (a)		312,638		301,111
3.36%, 09/25/2038 (a)		302,399		299,001
3.86%, 08/25/2038 (a)		1,248,364		1,211,514

The Community Development Fund

March 31, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

		Face		Market
Description		Amount		Value
GNMA
4.00%, 07/16/2063 (a)	$	1,995,478	$	1,993,235
STWD Mortgage Trust
5.54%, ICE LIBOR USD 1 Month + 0.858%, 11/15/2036 (a)(b)		3,000,000		2,881,844
TOTAL MORTGAGE-BACKED SECURITIES
(COST $27,199,726)				25,428,907
ASSET-BACKED SECURITIES - 8.0%
CarMax Auto Owner Trust
0.91%, 02/18/2025		699,130		692,558
2.81%, 05/15/2025		2,333,831		2,312,750
Exeter Automobile Receivables Trust
3.45%, 08/15/2024		4,181,583		4,175,648
Hyundai Auto Lease Securitization Trust
0.81%, 04/15/2024 (b)		1,360,032		1,350,788
Santander Drive Auto Receivables Trust
2.76%, 03/17/2025		256,208		255,656
SBA Small Business Investment
2.94%, 03/10/2032		99,101		92,624
UBS-Barclays Commercial Mortgage Trust
3.24%, 04/10/2046		105,371		105,157
United States Small Business Administration
4.01%, 06/01/2047		161,896		157,462
TOTAL ASSET-BACKED SECURITIES
(COST $9,143,124)				9,142,643

The Community Development Fund

March 31, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

		Face		Market
Description		Amount		Value
MUNICIPAL BONDS - 4.9%
Massachusetts - 0.4%
Massachusetts State, Housing Finance Agency, RB
1.08%, 06/01/2024	$	110,000	$	105,043
1.18%, 12/01/2024		85,000		79,937
1.23%, 06/01/2025		80,000		73,939
1.25%, 06/01/2023		60,000		59,623
1.30%, 12/01/2023		30,000		29,229
1.33%, 12/01/2025		70,000		63,962
				411,733
Michigan - 0.4%
Michigan State, Housing Development Authority, RB
0.96%, 06/01/2025		500,000		460,166
New Jersey - 0.8%
New Jersey State, Housing & Mortgage Finance Agency, RB
1.06%, 04/01/2023		905,000		905,000
New York - 2.3%
New York City, Housing Development Authority, RB
2.24%, 05/01/2030		1,585,000		1,313,136
2.29%, 11/01/2030		415,000		341,555
3.43%, 01/01/2027		1,000,000		951,763
				2,606,454
Virginia - 1.1%
Virginia State, Housing Development Authority, RB
2.11%, 11/01/2029		500,000		426,294
2.31%, 11/01/2031		500,000		413,165

The Community Development Fund

March 31, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

		Face		Market
Description		Amount		Value
2.46%, 11/01/2032	$	500,000	$	414,047
				1,253,506
TOTAL MUNICIPAL BONDS
(COST $6,340,000)				5,636,859
U.S. TREASURY OBLIGATIONS - 2.9%
U.S. Treasury Bills
5.06%, 08/31/2023 (c)		2,500,000		2,451,222
U.S. Treasury Notes
2.25%, 12/31/2023		900,000		883,723
TOTAL U.S. TREASURY OBLIGATIONS
(COST $3,331,848)				3,334,945
SHORT-TERM INVESTMENT - 4.7%
Short-Term Investment - 4.7%
Fidelity Institutional Government Portfolio, Cl I, 4.72% (d)		5,432,694		5,432,694
TOTAL SHORT-TERM INVESTMENT
(COST $5,432,694)				5,432,694
TOTAL INVESTMENTS (COST $128,967,381) - 102.1%				117,402,926
OTHER ASSETS AND LIABILITIES - (2.1)%				(2,411,876	)
NET ASSETS - 100.0%			$	114,991,050

The Community Development Fund

March 31, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

A list of the open futures contracts held by the Fund at March 31, 2023, is as follows:

Type of Contract	Number of Contracts			Expiration Date		Notional Amount			Value			Unrealized (Depreciation)
Short Contracts
U.S. 2-Year Treasury Note		(26	)		Jun-2023	$	(5,313,258	)	$	(5,367,781	)	$	(54,523	)
U.S. 5-Year Treasury Note		(43	)		Jun-2023		(4,617,412	)		(4,708,836	)		(91,424	)
U.S. 10-Year Treasury Note		(44	)		Jun-2023		(4,917,766	)		(5,056,563	)		(138,797	)
Ultra 10-Year U.S. Treasury Note		(48	)		Jun-2023		(5,633,518	)		(5,814,750	)		(181,232	)
						$	(20,481,954	)	$	(20,947,930	)	$	(465,976	)

(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)	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, 2023 was $9,051,795 and represents 7.9% 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 March 31, 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

Ser — Series

SOFR30A — Secured Overnight Financing Rate 30-day Average

TSFR1M — Term Secured Overnight Financing Rate 1 Month

USD — U.S. Dollar

The Community Development Fund

March 31, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

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, 2023:

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government & Agency Obligations	$	—	$	68,426,877	$	—	$	68,426,877
Mortgage-Backed Securities		—		25,428,908		—		25,428,908
Asset-Backed Securities		—		9,142,643		—		9,142,643
Municipal Bonds		—		5,636,859		—		5,636,859
U.S. Treasury Obligations		—		3,334,945		—		3,334,945
Short-Term Investment		5,432,694		—		—		5,432,694
Total Investments in Securities	$	5,432,694	$	111,970,232	$	—	$	117,402,926

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures Contracts*
Unrealized Depreciation	$	(465,976	)	$	–	$	–	$	(465,976	)

* Futures contracts are valued at the unrealized depreciation 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.