The Community Development Fund | September 30, 2024 (Unaudited) |
SCHEDULE OF INVESTMENTS
| Face | Market | |||||||
Description | Amount | Value | ||||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 64.8% | ||||||||
FHLMC Multifamily - 22.0% | ||||||||
2021-P009, 1.13%, 01/25/2031 | $ | 343,094 | $ | 312,914 | ||||
KSG1, 1.50%, 09/25/2030 | 3,870,000 | 3,366,388 | ||||||
K123, 1.62%, 12/25/2030 | 1,500,000 | 1,304,192 | ||||||
KG06, 1.78%, 10/25/2031 | 1,200,000 | 1,035,804 | ||||||
2021-P009, 1.88%, 01/25/2031 | 1,000,000 | 877,947 | ||||||
K135, 1.91%, 10/25/2031 (a) | 3,500,000 | 3,032,005 | ||||||
KSG2, 2.09%, 11/25/2031 (a) | 1,000,000 | 877,030 | ||||||
K141, 2.25%, 02/25/2032 | 4,800,000 | 4,239,684 | ||||||
KSG3, 2.65%, 05/25/2032 (a) | 2,000,000 | 1,808,264 | ||||||
K145, 2.65%, 06/25/2055 | 1,769,012 | 1,661,065 | ||||||
2022-P013, 2.85%, 02/25/2032 (a) | 2,000,000 | 1,774,052 | ||||||
K1514, 2.86%, 10/25/2034 | 2,300,000 | 2,021,537 | ||||||
K092, 3.13%, 10/25/2028 | 2,589,431 | 2,540,598 | ||||||
K088, 3.69%, 01/25/2029 | 1,000,000 | 988,851 | ||||||
K158, 4.05%, 07/25/2033 | 5,200,000 | 5,145,931 | ||||||
2024-P016, 4.76%, 09/25/2033 (a) | 1,000,000 | 1,006,509 | ||||||
KF136, 5.76%, SOFR30A + 0.410%, 04/25/2032 (a) | 622,455 | 617,765 | ||||||
KF141, 5.92%, SOFR30A + 0.570%, 07/25/2032 (a) | 4,840,265 | 4,879,547 | ||||||
| 37,490,083 | ||||||||
FHLMC Single Family - 7.1% | ||||||||
Pool RA5346, 2.00%, 05/01/2051 | 1,071,823 | 899,247 | ||||||
Pool Q41874, 3.00%, 07/01/2046 | 974,913 | 898,621 | ||||||
Pool RA1853, 3.00%, 12/01/2049 | 753,074 | 688,785 | ||||||
Pool WA4823, 3.08%, 02/01/2050 | 5,654,258 | 4,521,342 | ||||||
Pool WA0500, 3.48%, 03/01/2047 | 2,284,200 | 2,042,819 | ||||||
Pool WN2253, 4.00%, 09/01/2032 | 1,000,000 | 978,559 | ||||||
Pool WA4839, 4.00%, 01/01/2054 | 1,645,117 | 1,477,547 | ||||||
Pool RJ0241, 6.00%, 10/01/2053 | 568,723 | 591,175 | ||||||
| 12,098,095 | ||||||||
The Community Development Fund | September 30, 2024 (Unaudited) |
SCHEDULE OF INVESTMENTS (Continued)
| Face | Market | |||||||
Description | Amount | Value | ||||||
FNMA Multifamily - 3.6% | ||||||||
2023-M5, 4.40%, 07/25/2033 (a) | $ | 5,000,000 | $ | 5,031,665 | ||||
2024-M1, 4.50%, 01/25/2034 (a) | 1,000,000 | 1,012,389 | ||||||
| 6,044,054 | ||||||||
FNMA Single Family - 18.0% | ||||||||
Pool CA7479, 2.00%, 10/01/2050 | 729,479 | 607,512 | ||||||
Pool CA7480, 2.00%, 10/01/2050 | 1,052,540 | 883,104 | ||||||
Pool CA8444, 2.00%, 12/01/2050 | 809,380 | 679,097 | ||||||
Pool CB0268, 2.00%, 04/01/2051 | 3,097,709 | 2,598,976 | ||||||
Pool BT0120, 2.00%, 05/01/2051 | 1,057,028 | 886,906 | ||||||
Pool CB1441, 2.00%, 08/01/2051 | 2,921,761 | 2,424,583 | ||||||
Pool CB2317, 2.00%, 12/01/2051 | 1,355,451 | 1,127,500 | ||||||
Pool CB2738, 2.50%, 01/01/2052 | 4,852,180 | 4,211,469 | ||||||
Pool CB2739, 2.50%, 01/01/2052 | 620,601 | 542,532 | ||||||
Pool CB2830, 2.50%, 02/01/2052 | 966,538 | 840,110 | ||||||
Pool AS7484, 3.00%, 06/01/2046 | 357,263 | 328,432 | ||||||
Pool BC0962, 3.00%, 06/01/2046 | 241,670 | 224,510 | ||||||
Pool AS7476, 3.00%, 07/01/2046 | 348,113 | 321,443 | ||||||
Pool AS7647, 3.00%, 07/01/2046 | 610,574 | 565,063 | ||||||
Pool AS7653, 3.00%, 07/01/2046 | 872,230 | 800,548 | ||||||
Pool AS8262, 3.00%, 10/01/2046 | 532,868 | 489,064 | ||||||
Pool CA4927, 3.00%, 01/01/2050 | 320,460 | 292,370 | ||||||
Pool AN5657, 3.30%, 07/01/2032 | 341,227 | 323,654 | ||||||
Pool AN7888, 3.30%, 12/01/2034 | 3,227,762 | 2,991,071 | ||||||
Pool AS8734, 3.50%, 01/01/2047 | 552,041 | 520,712 | ||||||
Pool AS9360, 3.50%, 04/01/2047 | 356,823 | 340,556 | ||||||
Pool CA1158, 3.50%, 02/01/2048 | 246,971 | 232,947 | ||||||
Pool CA1985, 4.00%, 06/01/2048 | 232,446 | 225,936 | ||||||
Pool BZ0271, 5.05%, 01/01/2040 | 1,992,447 | 2,092,583 | ||||||
Pool CB7021, 5.50%, 09/01/2053 | 1,272,701 | 1,295,009 | ||||||
Pool CB7245, 5.50%, 09/01/2053 | 1,032,367 | 1,051,819 | ||||||
Pool CB8111, 5.50%, 03/01/2054 | 1,482,247 | 1,512,549 | ||||||
The Community Development Fund | September 30, 2024 (Unaudited) |
SCHEDULE OF INVESTMENTS (Continued)
| Face | Market | |||||||
Description | Amount | Value | ||||||
Pool CB7935, 6.00%, 01/01/2054 | $ | 1,028,082 | $ | 1,063,032 | ||||
Pool CB8085, 6.00%, 02/01/2054 | 1,038,890 | 1,073,045 | ||||||
| 30,546,132 | ||||||||
GNMA Multifamily - 13.8% | ||||||||
2021-183, 1.75%, 01/16/2063 | 1,413,103 | 1,117,790 | ||||||
2023-145, 2.50%, 09/16/2065 | 3,871,897 | 3,245,011 | ||||||
2017-135, 2.60%, 08/16/2058 | 565,584 | 499,595 | ||||||
2017-74, 2.60%, 09/16/2058 | 407,296 | 353,331 | ||||||
2023-92, 3.50%, 10/16/2062 (a) | 3,947,792 | 3,751,019 | ||||||
2023-44, 4.00%, 08/16/2056 | 2,909,410 | 2,797,609 | ||||||
2023-16, 4.00%, 07/16/2063 (a) | 1,953,131 | 1,941,002 | ||||||
2023-191, 4.00%, 05/16/2064 (a) | 2,383,462 | 2,300,011 | ||||||
2024-12, 4.25%, 11/01/2036 | 1,920,633 | 1,911,798 | ||||||
2024-12, 4.50%, 05/01/2065 (a) | 3,152,822 | 3,096,414 | ||||||
2023-162, 5.00%, 03/16/2064 (a) | 2,403,930 | 2,533,620 | ||||||
| 23,547,200 | ||||||||
GNMA Single Family - 0.3% | ||||||||
Pool G2 AU1835, 3.00%, 08/20/2046 | 379,514 | 345,222 | ||||||
Pool G2 AU1762, 3.50%, 07/20/2046 | 210,490 | 198,931 | ||||||
| 544,153 | ||||||||
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS | ||||||||
(COST $115,015,062) | 110,269,717 | |||||||
MORTGAGE-BACKED SECURITIES - 22.1% | ||||||||
BX Commercial Mortgage Trust | ||||||||
6.59%, TSFR1M + 1.490%, 01/17/2039 (a)(b) | 2,155,000 | 2,122,675 | ||||||
6.94%, TSFR1M + 1.840%, 01/17/2039 (a)(b) | 3,000,000 | 2,940,937 | ||||||
FHLMC Multifamily Structured Pass Through Certificates | ||||||||
4.66%, 08/25/2031 | 2,000,000 | 2,040,969 | ||||||
5.95%, SOFR30A + 0.600%, 06/25/2029 (a) | 2,999,922 | 3,005,068 | ||||||
The Community Development Fund | September 30, 2024 (Unaudited) |
SCHEDULE OF INVESTMENTS (Continued)
| Face | Market | |||||||
Description | Amount | Value | ||||||
FHLMC Multifamily Variable Rate Certificate | ||||||||
5.65%, SOFR30A + 0.300%, 08/15/2040 (a) | $ | 3,995,674 | $ | 3,995,634 | ||||
FNMA | ||||||||
5.15%, 07/01/2040 | 1,090,119 | 1,117,961 | ||||||
6.00%, 08/01/2054 | 1,065,532 | 1,100,897 | ||||||
FRESB Mortgage Trust | ||||||||
0.83%, 09/25/2040 (a) | 1,755,966 | 1,696,640 | ||||||
1.03%, 04/25/2040 (a) | 1,191,150 | 1,155,234 | ||||||
1.12%, 06/25/2040 (a) | 1,515,527 | 1,350,081 | ||||||
1.49%, 01/25/2031 (a) | 1,671,330 | 1,446,150 | ||||||
1.50%, 09/25/2041 (a) | 950,059 | 900,717 | ||||||
1.60%, 10/25/2028 (a) | 873,234 | 796,157 | ||||||
2.13%, 11/25/2039 (a) | 984,997 | 976,846 | ||||||
2.21%, 12/25/2029 (a) | 1,221,884 | 1,112,991 | ||||||
2.25%, 12/25/2039 (a) | 800,063 | 713,965 | ||||||
2.42%, 09/25/2029 (a) | 1,861,058 | 1,714,388 | ||||||
3.19%, 12/25/2025 (a) | 303,851 | 299,113 | ||||||
3.88%, 08/25/2038 (a) | 1,179,565 | 1,137,381 | ||||||
4.44%, 09/25/2030 (a) | 2,000,000 | 1,989,870 | ||||||
GNMA | ||||||||
4.50%, 09/16/2057 | 2,000,000 | 1,979,682 | ||||||
5.00%, 05/16/2065 (a) | 996,376 | 1,000,263 | ||||||
STWD Mortgage Trust | ||||||||
6.07%, TSFR1M + 0.972%, 11/15/2036 (a)(b) | 3,000,000 | 2,975,625 | ||||||
TOTAL MORTGAGE-BACKED SECURITIES | ||||||||
(COST $38,470,189) | 37,569,244 | |||||||
The Community Development Fund | September 30, 2024 (Unaudited) |
SCHEDULE OF INVESTMENTS (Continued)
| Face | Market | |||||||
Description | Amount | Value | ||||||
MUNICIPAL BONDS - 6.0% | ||||||||
Colorado - 0.6% | ||||||||
Colorado, Housing and Finance Authority, RB | ||||||||
6.17%, 11/01/2030 | $ | 1,000,000 | $ | 1,094,679 | ||||
Florida - 0.6% | ||||||||
Florida, Housing Finance, RB | ||||||||
4.64%, 01/01/2028 | 570,000 | 579,633 | ||||||
4.84%, 01/01/2029 | 100,000 | 102,696 | ||||||
4.97%, 01/01/2030 | 245,000 | 253,380 | ||||||
5.03%, 07/01/2030 | 95,000 | 98,511 | ||||||
| 1,034,220 | ||||||||
Massachusetts - 0.0% | ||||||||
Massachusetts State, Housing Finance Agency, RB | ||||||||
1.18%, 12/01/2024 | 85,000 | 84,514 | ||||||
1.23%, 06/01/2025 | 80,000 | 78,396 | ||||||
1.33%, 12/01/2025 | 70,000 | 67,678 | ||||||
| 230,588 | ||||||||
Michigan - 0.3% | ||||||||
Michigan State, Housing Development Authority, RB | ||||||||
0.96%, 06/01/2025 | 500,000 | 489,104 | ||||||
Nebraska - 0.4% | ||||||||
Nebraska Investment Finance Authority, RB | ||||||||
4.89%, 03/01/2029 | 100,000 | 102,364 | ||||||
4.94%, 09/01/2029 | 100,000 | 102,628 | ||||||
5.10%, 03/01/2030 | 100,000 | 103,340 | ||||||
5.15%, 09/01/2030 | 100,000 | 103,546 | ||||||
| 411,878 | ||||||||
The Community Development Fund | September 30, 2024 (Unaudited) |
SCHEDULE OF INVESTMENTS (Continued)
| Face | Market | |||||||
Description | Amount | Value | ||||||
New Jersey - 0.8% | ||||||||
New Jersey, Housing & Mortgage Finance Agency, RB | ||||||||
5.21%, 05/01/2030 | $ | 435,000 | $ | 453,354 | ||||
5.26%, 11/01/2030 | 445,000 | 464,917 | ||||||
5.30%, 05/01/2031 | 320,000 | 334,885 | ||||||
| 1,253,156 | ||||||||
New York - 2.1% | ||||||||
New York City, Housing Development Authority, RB | ||||||||
2.24%, 05/01/2030 | 1,585,000 | 1,417,718 | ||||||
2.29%, 11/01/2030 | 415,000 | 367,592 | ||||||
3.43%, 01/01/2027 | 1,000,000 | 984,832 | ||||||
5.29%, 02/01/2031 | 250,000 | 261,610 | ||||||
5.34%, 08/01/2031 | 250,000 | 262,102 | ||||||
5.37%, 08/01/2030 | 250,000 | 262,623 | ||||||
5.38%, 02/01/2032 | 250,000 | 261,769 | ||||||
| 3,818,246 | ||||||||
Virginia - 1.2% | ||||||||
Fairfax County, Economic Development Authority, RB | ||||||||
5.59%, 10/01/2024 (c) | 500,000 | 500,000 | ||||||
Virginia State, Housing Development Authority, RB | ||||||||
2.11%, 11/01/2029 | 500,000 | 455,087 | ||||||
2.31%, 11/01/2031 | 500,000 | 438,631 | ||||||
2.46%, 11/01/2032 | 500,000 | 432,774 | ||||||
| 1,826,492 | ||||||||
TOTAL MUNICIPAL BONDS | ||||||||
(COST $10,345,000) | 10,158,363 | |||||||
The Community Development Fund | September 30, 2024 (Unaudited) |
SCHEDULE OF INVESTMENTS (Continued)
| Face | Market | |||||||
Description | Amount | Value | ||||||
ASSET-BACKED SECURITY - 0.0% | ||||||||
United States Small Business Administration | ||||||||
4.97%, 03/01/2049 | $ | 49,153 | $ | 50,476 | ||||
TOTAL ASSET-BACKED SECURITY | ||||||||
(COST $49,153) | 50,476 | |||||||
U.S. TREASURY OBLIGATIONS - 5.9% | ||||||||
U.S. Treasury Notes | ||||||||
3.50%, 09/30/2029 | 3,000,000 | 2,989,219 | ||||||
3.63%, 08/31/2029 | 4,690,000 | 4,701,359 | ||||||
3.88%, 08/15/2034 | 1,000,000 | 1,005,937 | ||||||
4.00%, 07/31/2029 | 1,000,000 | 1,018,359 | ||||||
4.63%, 02/28/2026 | 375,000 | 379,234 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS | ||||||||
(COST $10,050,087) | 10,094,108 | |||||||
SHORT-TERM INVESTMENT - 1.1% | ||||||||
| ||||||||
Short-Term Investment - 1.1% | ||||||||
Fidelity Institutional Government Portfolio, Cl I, 4.83% (d) | 1,907,249 | 1,907,249 | ||||||
TOTAL SHORT-TERM INVESTMENT | ||||||||
(COST $1,907,249) | 1,907,249 | |||||||
TOTAL INVESTMENTS (COST $175,836,740) - 99.9% | 170,049,157 | |||||||
OTHER ASSETS AND LIABILITIES - 0.1% | 133,071 | |||||||
NET ASSETS - 100.0% | $ | 170,182,228 | ||||||
The Community Development Fund | September 30, 2024 (Unaudited) |
SCHEDULE OF INVESTMENTS (Concluded)
A list of the open futures contracts held by the Fund at September 30, 2024, is as follows:
Type of Contract | Number of | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||||
Short Contracts | ||||||||||||||||||||
U.S. 10-Year Treasury Note | (77 | ) | Dec-2024 | $ | (8,785,078 | ) | $ | (8,799,656 | ) | $ | (14,578 | ) | ||||||||
U.S. Long Treasury Bond | (37 | ) | Dec-2024 | (4,587,323 | ) | (4,594,937 | ) | (7,614 | ) | |||||||||||
Ultra 10-Year U.S. Treasury Note | (67 | ) | Dec-2024 | (7,919,915 | ) | (7,925,891 | ) | (5,976 | ) | |||||||||||
| $ | (21,292,316 | ) | $ | (21,320,484 | ) | $ | (28,168 | ) | ||||||||||||
(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, 2024 was $8,039,237 and represents 4.7% of Net Assets. |
(c) | Escrowed to Maturity |
(d) | Rate shown is the 7-day effective yield as of September 30, 2024. |
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 |
