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

The Community Development Fund

September 30, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS

		Face		Market
Description		Amount		Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 49.2%
FHLMC Multifamily - 29.3%
2021-P009, 1.13%, 01/25/2031	$	407,823	$	345,432
KJ29, 1.41%, 11/25/2027		2,100,000		1,858,224
KSG1, 1.50%, 09/25/2030		3,600,000		2,836,238
K123, 1.62%, 12/25/2030		1,500,000		1,179,314
KG06, 1.78%, 10/25/2031		1,200,000		932,753
2021-P009, 1.88%, 01/25/2031		1,000,000		802,096
K135, 1.91%, 10/25/2031 (a)		5,500,000		4,281,215
Pool RA5346, 2.00%, 05/01/2051		1,101,471		843,063
KSG2, 2.09%, 11/25/2031 (a)		1,000,000		791,361
K141, 2.25%, 02/25/2032		4,800,000		3,837,300
KSG3, 2.65%, 05/25/2032 (a)		2,000,000		1,639,170
K145, 2.65%, 06/25/2055		1,805,818		1,590,836
2022-P013, 2.85%, 02/25/2032 (a)		1,850,000		1,507,786
K1514, 2.86%, 10/25/2034		2,300,000		1,814,309
K092, 3.13%, 10/25/2028		2,943,274		2,769,157
Pool WA0500, 3.48%, 03/01/2047		2,337,023		1,862,258
K088, 3.69%, 01/25/2029		1,000,000		934,674
KF97, 5.65%, SOFR30A + 0.334%11/25/2030 (a)		310,999		303,775
KF136, 5.72%, SOFR30A + 0.410%04/25/2032 (a)		761,368		749,115
KF141, 5.88%, SOFR30A + 0.570%07/25/2032 (a)		5,213,354		5,183,679
				36,061,755
FHLMC Single Family - 1.2%
Pool Q41874, 3.00%, 07/01/2046		1,019,534		864,285
Pool RA1853, 3.00%, 12/01/2049		784,615		656,806
				1,521,091
FNMA Multifamily - 2.9%
Pool CB0268, 2.00%, 04/01/2051		3,187,396		2,436,731

The Community Development Fund

September 30, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

		Face		Market
Description		Amount		Value
Pool BT0120, 2.00%, 05/01/2051	$	1,083,029	$	827,785
Pool AN5657, 3.30%, 07/01/2032		349,034		306,540
				3,571,056
FNMA Single Family - 13.8%
Pool CA7479, 2.00%, 10/01/2050		748,566		572,541
Pool CA7480, 2.00%, 10/01/2050		1,081,159		827,628
Pool CA8444, 2.00%, 12/01/2050		966,681		742,034
Pool CB1441, 2.00%, 08/01/2051		4,901,598		3,746,427
Pool CB2317, 2.00%, 12/01/2051		1,399,499		1,069,441
Pool CB2738, 2.50%, 01/01/2052		4,961,934		3,948,945
Pool CB2739, 2.50%, 01/01/2052		807,270		646,333
Pool CB2830, 2.50%, 02/01/2052		1,153,011		922,694
Pool AS7484, 3.00%, 06/01/2046		450,716		381,544
Pool BC0962, 3.00%, 06/01/2046		408,971		348,819
Pool AS7476, 3.00%, 07/01/2046		360,788		305,529
Pool AS7647, 3.00%, 07/01/2046		669,490		566,739
Pool AS7653, 3.00%, 07/01/2046		1,071,854		905,485
Pool AS8262, 3.00%, 10/01/2046		553,926		467,345
Pool CA4927, 3.00%, 01/01/2050		328,063		274,681
Pool AS8734, 3.50%, 01/01/2047		571,826		501,651
Pool AS9360, 3.50%, 04/01/2047		387,338		342,906
Pool CA1158, 3.50%, 02/01/2048		253,513		222,210
Pool CA1985, 4.00%, 06/01/2048		237,672		214,978
				17,007,930
GNMA Multifamily - 1.5%
2021-183, 1.75%, 01/16/2063		1,444,274		1,052,173
2017-135, 2.60%, 08/16/2058		590,125		484,575
2017-74, 2.60%, 09/16/2058		417,574		338,477
				1,875,225

The Community Development Fund

September 30, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

		Face		Market
Description		Amount		Value
GNMA Single Family - 0.5%
Pool G2 AU1835, 3.00%, 08/20/2046	$	390,973	$	333,740
Pool G2 AU1762, 3.50%, 07/20/2046		336,822		299,931
				633,671
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(COST $73,405,166)				60,670,728
MORTGAGE-BACKED SECURITIES - 38.3%
BX Commercial Mortgage Trust
6.82%, TSFR1M + 1.490% 01/17/2039 (a)(b)		2,155,000		2,114,817
7.17%, TSFR1M + 1.840% 01/17/2039 (a)(b)		3,000,000		2,944,195
FHLMC
3.08%, 02/01/2050		5,730,795		3,978,470
4.00%, 09/01/2032		1,000,000		902,485
FHLMC Multifamily Structured Pass Through Certificates
4.05%, 07/25/2033		5,200,000		4,721,853
5.82%, SOFR30A + 0.504% 07/25/2024 (a)		52,142		52,043
FNMA
4.40%, 07/25/2033 (a)		5,000,000		4,654,269
5.50%, 09/01/2053		1,288,153		1,246,190
5.50%, 09/01/2053		1,045,617		1,014,594

The Community Development Fund

September 30, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

		Face		Market
Description		Amount		Value
FRESB Mortgage Trust
0.83%, 09/25/2040 (a)	$	1,785,932	$	1,644,740
1.03%, 04/25/2040 (a)		1,246,495		1,162,775
1.12%, 06/25/2040 (a)		2,884,200		2,448,585
1.49%, 01/25/2031 (a)		1,746,936		1,413,560
1.50%, 09/25/2041 (a)		969,012		871,646
1.60%, 10/25/2028 (a)		908,769		779,851
2.13%, 11/25/2039 (a)		1,003,525		959,435
2.21%, 12/25/2029 (a)		1,267,984		1,083,665
2.25%, 12/25/2039 (a)		825,227		695,416
2.42%, 09/25/2029 (a)		1,500,495		1,303,717
3.19%, 12/25/2025 (a)		309,804		293,827
3.36%, 09/25/2038 (a)		300,079		296,747
3.88%, 08/25/2038 (a)		1,197,307		1,118,770
GNMA
2.50%, 09/16/2065		3,882,000		3,066,780
3.50%, 10/16/2062 (a)		3,990,598		3,595,586
4.00%, 07/16/2063 (a)		1,981,695		1,872,597
STWD Mortgage Trust
6.31%, TSFR1M + 0.972% 11/15/2036 (a)(b)		3,000,000		2,922,826
TOTAL MORTGAGE-BACKED SECURITIES
(COST $50,512,265)				47,159,439
MUNICIPAL BONDS - 6.2%
Florida - 0.8%
Florida Housing Finance, RB
4.64%, 01/01/2028		580,000		554,677
4.84%, 01/01/2029		100,000		95,661
4.97%, 01/01/2030		250,000		238,173

The Community Development Fund

September 30, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

		Face		Market
Description		Amount		Value
5.03%, 07/01/2030	$	100,000	$	95,194
				983,705
Massachusetts - 0.3%
Massachusetts State, Housing Finance Agency, RB
1.08%, 06/01/2024		110,000		106,402
1.18%, 12/01/2024		85,000		80,331
1.23%, 06/01/2025		80,000		73,852
1.30%, 12/01/2023		30,000		29,777
1.33%, 12/01/2025		70,000		63,483
				353,845
Michigan - 0.4%
Michigan State, Housing Development Authority, RB
0.96%, 06/01/2025		500,000		460,074
New Jersey - 0.9%
New Jersey, Housing & Mortgage Finance Agency, RB
5.21%, 05/01/2030		435,000		415,289
5.26%, 11/01/2030		445,000		423,538
5.30%, 05/01/2031		320,000		303,705
				1,142,532
New York - 2.9%
New York City, Housing Development Authority, RB
2.24%, 05/01/2030		1,585,000		1,272,783
2.29%, 11/01/2030		415,000		330,992
3.43%, 01/01/2027		1,000,000		937,231
5.29%, 02/01/2031		250,000		240,861
5.34%, 08/01/2031		250,000		240,940
5.37%, 08/01/2030		250,000		241,865

The Community Development Fund

September 30, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

		Face		Market
Description		Amount		Value
5.38%, 02/01/2032	$	250,000	$	240,208
				3,504,880
Virginia - 1.0%
Virginia State, Housing Development Authority, RB
2.11%, 11/01/2029		500,000		407,310
2.31%, 11/01/2031		500,000		386,248
2.46%, 11/01/2032		500,000		383,294
				1,176,852
TOTAL MUNICIPAL BONDS
(COST $8,605,000)				7,621,888
ASSET-BACKED SECURITIES - 0.7%
CarMax Auto Owner Trust
2.81%, 05/15/2025		617,862		616,108
SBA Small Business Investment
2.94%, 03/10/2032		99,101		85,992
United States Small Business Administration
4.01%, 06/01/2047		158,856		143,246
TOTAL ASSET-BACKED SECURITIES
(COST $862,385)				845,346

The Community Development Fund

September 30, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

		Face		Market
Description		Amount		Value
U.S. TREASURY OBLIGATIONS - 3.9%
U.S. Treasury Notes
2.25%, 12/31/2023	$	900,000	$	892,828
4.13%, 07/31/2028		1,000,000		978,594
4.63%, 09/15/2026		3,000,000		2,985,703
TOTAL U.S. TREASURY OBLIGATIONS
(COST $4,881,597)				4,857,125
SHORT-TERM INVESTMENT - 2.5%
Short-Term Investment - 2.5%
Fidelity Institutional Government Portfolio, Cl I, 5.23% (c)		3,062,468		3,062,468
TOTAL SHORT-TERM INVESTMENT
(COST $3,062,468)				3,062,468
TOTAL INVESTMENTS (COST $141,328,881) - 100.8%				124,216,994
OTHER ASSETS AND LIABILITIES - (0.8)%				(1,021,592	)
NET ASSETS - 100.0%			$	123,195,402

A list of the open futures contracts held by the Fund at September 30, 2023, is as follows:

Type of Contract	Number of Contracts		Expiration Date		Notional Amount			Value			Unrealized Appreciation
Short Contracts
U.S. 10-Year Treasury Note		(46)		Dec-2023	$	(5,074,105	)	$	(4,970,875	)	$	103,230
U.S. Long Treasury Bond		(8)		Dec-2023		(961,985	)		(910,250	)		51,735
Ultra 10-Year U.S. Treasury Note		(136)		Dec-2023		(15,628,407	)		(15,172,500	)		455,907
					$	(21,664,497	)	$	(21,053,625	)	$	610,872

The Community Development Fund

September 30, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS (Continued)

(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 September 30, 2023 was $7,981,838 and represents 6.5% of Net Assets.
(c)	Rate shown is the 7-day effective yield as of September 30, 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

RB — Revenue Bond

SOFR30A — Secured Overnight Financing Rate 30-day Average

TSFR1M — Term Secured Overnight Financing Rate 1 Month

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, 2023:

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government & Agency Obligations	$	—	$	60,670,728	$	—	$	60,670,728
Mortgage-Backed Securities		—		47,159,439		—		47,159,439
Municipal Bonds		—		7,621,888		—		7,621,888
Asset-Backed Securities		—		845,346		—		845,346
U.S. Treasury Obligations		—		4,857,125		—		4,857,125
Short-Term Investment		3,062,468		—		—		3,062,468
Total Investments in Securities	$	3,062,468	$	121,154,526	$	—	$	124,216,994

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts*
Unrealized Appreciation	$	610,872	$	–	$	–	$	610,872

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

The Community Development Fund

September 30, 2023 (Unaudited)

SCHEDULE OF INVESTMENTS (Concluded)

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.