| The Community Development Fund | March 31, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS
| Description | Face
Amount | Market
Value | ||||||
| U.S. GOVERNMENT & AGENCY OBLIGATIONS - 92.4% | ||||||||
| FHLMC Multifamily - 27.1% | ||||||||
| 2021-P009, 1.13%, 01/25/2031 | $ | 248,942 | $ | 234,702 | ||||
| K123, 1.62%, 12/25/2030 | 1,500,000 | 1,337,241 | ||||||
| 2021-P009, 1.88%, 01/25/2031 | 1,000,000 | 901,755 | ||||||
| KSG2, 2.09%, 11/25/2031 (a) | 1,000,000 | 887,634 | ||||||
| K141, 2.25%, 02/25/2032 | 4,800,000 | 4,291,548 | ||||||
| K145, 2.65%, 11/25/2031 | 1,697,855 | 1,611,726 | ||||||
| KSG3, 2.65%, 05/25/2032 (a) | 2,000,000 | 1,812,669 | ||||||
| 2022-P013, 2.76%, 02/25/2032 (a) | 2,000,000 | 1,827,131 | ||||||
| M071, 3.97%, SOFR30A + 0.300%, 08/15/2040 (a) | 3,915,345 | 3,894,696 | ||||||
| K158, 4.05%, 07/25/2033 | 5,200,000 | 5,065,401 | ||||||
| K556, 4.16%, SOFR30A + 0.490%, 12/25/2030 (a) | 4,999,944 | 4,994,115 | ||||||
| K540, 4.19%, SOFR30A + 0.520%, 11/25/2029 (a) | 997,865 | 995,567 | ||||||
| K542, 4.20%, SOFR30A + 0.530%, 01/25/2030 (a) | 1,997,238 | 1,993,425 | ||||||
| KF169, 4.23%, SOFR30A + 0.560%, 11/25/2035 (a) | 1,500,000 | 1,508,708 | ||||||
| KF141, 4.24%, SOFR30A + 0.570%, 07/25/2032 (a) | 3,366,864 | 3,379,010 | ||||||
| KF164, 4.24%, SOFR30A + 0.570%, 10/25/2034 (a) | 859,059 | 857,938 | ||||||
| K526, 4.27%, SOFR30A + 0.600%, 06/25/2029 (a) | 2,991,965 | 2,990,616 | ||||||
| KF168, 4.28%, SOFR30A + 0.610%, 08/25/2035 (a) | 999,989 | 1,002,771 | ||||||
| 2025-ML31, 4.28%, 06/25/2042 (a) | 1,995,156 | 2,040,822 | ||||||
| 177, 4.30%, 01/25/2036 (a) | 3,000,000 | 2,924,108 | ||||||
| KJ53, 4.37%, SOFR30A + 0.700%, 10/25/2034 (a) | 2,902,877 | 2,899,730 | ||||||
| K761, 4.40%, 06/25/2032 (a) | 2,000,000 | 2,000,455 | ||||||
| K171, 4.40%, 06/25/2035 (a) | 3,300,000 | 3,250,912 | ||||||
| 2025-ML29, 4.40%, 01/25/2043 (a) | 1,988,148 | 2,068,500 | ||||||
| K547, 4.42%, 05/25/2030 (a) | 2,000,000 | 2,012,587 | ||||||
| 2025-ML30, 4.44%, 07/25/2042 (a) | 2,982,685 | 3,109,470 | ||||||
| K760, 4.55%, 01/25/2032 (a) | 1,000,000 | 1,009,447 | ||||||
| K172, 4.58%, 08/25/2035 (a) | 5,000,000 | 4,990,107 | ||||||
| Q030, 4.61%, SOFR30A + 0.940%, 01/25/2044 (a) | 2,913,662 | 2,907,308 | ||||||
| 2024-P016, 4.62%, 09/25/2033 (a) | 1,000,000 | 1,005,391 | ||||||
| Q027, 4.66%, 08/25/2031 | 2,000,000 | 2,006,866 | ||||||
| The Community Development Fund | March 31, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS (Continued)
| Description | Face Amount | Market Value | ||||||
| K169, 4.66%, 12/25/2034 (a) | $ | 1,000,000 | $ | 1,006,448 | ||||
| K759, 4.80%, 01/25/2032 (a) | 6,500,000 | 6,639,225 | ||||||
| K170, 5.00%, 02/25/2035 (a) | 7,800,000 | 8,031,000 | ||||||
| 87,489,029 | ||||||||
| FHLMC Single Family - 15.7% | ||||||||
| Pool RA5346, 2.00%, 05/01/2051 | 898,491 | 734,534 | ||||||
| Pool Q41874, 3.00%, 07/01/2046 | 901,952 | 819,184 | ||||||
| Pool RA1853, 3.00%, 12/01/2049 | 547,600 | 489,554 | ||||||
| Pool WA4823, 3.08%, 02/01/2050 | 5,531,751 | 4,217,642 | ||||||
| Pool WA0500, 3.48%, 03/01/2047 | 2,199,738 | 1,903,707 | ||||||
| Pool WN5283, 3.85%, 09/01/2029 | 2,000,000 | 1,975,671 | ||||||
| Pool WA3194, 3.90%, 07/01/2037 | 1,437,070 | 1,344,884 | ||||||
| Pool WN2253, 4.00%, 09/01/2032 | 1,000,000 | 972,216 | ||||||
| Pool WA4839, 4.00%, 01/01/2054 | 1,616,125 | 1,358,635 | ||||||
| Pool WA3283, 4.09%, 06/01/2039 | 2,455,977 | 2,295,546 | ||||||
| Pool WN5065, 4.20%, 08/01/2029 | 2,000,000 | 1,997,680 | ||||||
| Pool WN5231, 4.25%, 02/01/2030 | 3,000,000 | 2,999,129 | ||||||
| Pool WA1648, 4.50%, 04/01/2035 | 990,234 | 983,235 | ||||||
| Pool RJ5624, 4.50%, 12/01/2055 | 854,272 | 829,025 | ||||||
| Pool WN5213, 4.75%, 01/01/2030 | 998,485 | 1,002,386 | ||||||
| Pool WA2241, 4.75%, 11/01/2040 | 5,425,281 | 5,406,687 | ||||||
| Pool WN0179, 4.75%, 01/01/2045 | 4,000,000 | 3,789,642 | ||||||
| Pool WS4017, 4.95%, 07/01/2040 | 1,473,310 | 1,460,519 | ||||||
| Pool RJ5623, 5.00%, 12/01/2055 | 1,095,536 | 1,089,767 | ||||||
| Pool RJ5636, 5.00%, 12/01/2055 | 693,317 | 686,176 | ||||||
| Pool RJ5639, 5.00%, 12/01/2055 | 741,010 | 737,678 | ||||||
| Pool RJ5640, 5.00%, 12/01/2055 | 1,146,470 | 1,140,433 | ||||||
| Pool RJ5691, 5.00%, 01/01/2056 | 594,238 | 591,407 | ||||||
| Pool RJ5959, 5.00%, 01/01/2056 | 1,009,568 | 1,002,853 | ||||||
| Pool RJ5960, 5.00%, 01/01/2056 | 1,841,911 | 1,842,702 | ||||||
| Pool RJ5695, 5.00%, 02/01/2056 | 574,366 | 572,315 | ||||||
| Pool RJ5723, 5.00%, 03/01/2056 | 1,018,626 | 1,014,046 | ||||||
| The Community Development Fund | March 31, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS (Continued)
| Description | Face Amount | Market Value | ||||||
| Pool RJ6299, 5.00%, 03/01/2056 | $ | 1,062,552 | $ | 1,060,719 | ||||
| Pool WA4853, 5.25%, 05/01/2055 | 994,499 | 966,623 | ||||||
| Pool RJ5015, 5.50%, 10/01/2055 | 1,828,706 | 1,863,439 | ||||||
| Pool RJ5178, 5.50%, 11/01/2055 | 577,181 | 585,743 | ||||||
| Pool RJ5637, 5.50%, 12/01/2055 | 605,498 | 615,147 | ||||||
| Pool RJ5638, 5.50%, 12/01/2055 | 539,040 | 547,630 | ||||||
| Pool RJ5724, 5.50%, 02/01/2056 | 548,316 | 556,858 | ||||||
| Pool RJ0241, 6.00%, 10/01/2053 | 558,438 | 579,482 | ||||||
| Pool RJ2692, 6.00%, 09/01/2054 | 651,136 | 672,557 | ||||||
| 50,705,451 | ||||||||
| FNMA Multifamily - 1.5% | ||||||||
| 2023-M5, 4.40%, 07/25/2033 (a) | 5,000,000 | 4,957,488 | ||||||
| FNMA Single Family - 22.8% | ||||||||
| Pool BL7673, 1.57%, 08/01/2037 | 1,794,682 | 1,369,983 | ||||||
| Pool BS0345, 1.61%, 01/01/2036 | 883,497 | 705,540 | ||||||
| Pool BS4297, 1.99%, 08/01/2027 | 218,091 | 212,018 | ||||||
| Pool CA7479, 2.00%, 10/01/2050 | 330,247 | 268,195 | ||||||
| Pool CA8444, 2.00%, 12/01/2050 | 774,980 | 635,223 | ||||||
| Pool CB0268, 2.00%, 04/01/2051 (b) | 2,800,970 | 2,289,887 | ||||||
| Pool BT0120, 2.00%, 05/01/2051 | 1,017,040 | 831,430 | ||||||
| Pool CB2317, 2.00%, 12/01/2051 | 993,825 | 807,287 | ||||||
| Pool CB2738, 2.50%, 01/01/2052 | 4,297,781 | 3,636,493 | ||||||
| Pool CB2739, 2.50%, 01/01/2052 | 579,528 | 493,992 | ||||||
| Pool CB2830, 2.50%, 02/01/2052 | 928,970 | 792,698 | ||||||
| Pool BC0962, 3.00%, 06/01/2046 | 220,248 | 202,196 | ||||||
| Pool AS7476, 3.00%, 07/01/2046 | 328,282 | 298,365 | ||||||
| Pool AS7647, 3.00%, 07/01/2046 | 532,644 | 485,438 | ||||||
| Pool AS7653, 3.00%, 07/01/2046 | 822,208 | 741,916 | ||||||
| Pool AN5657, 3.30%, 07/01/2032 | 328,674 | 311,884 | ||||||
| Pool AN7888, 3.30%, 12/01/2034 | 3,150,292 | 2,894,145 | ||||||
| Pool AS8734, 3.50%, 01/01/2047 | 525,089 | 490,755 | ||||||
| The Community Development Fund | March 31, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS (Continued)
| Description | Face
Amount | Market
Value | ||||||
| Pool BS6491, 3.75%, 08/01/2032 | $ | 2,444,000 | $ | 2,363,122 | ||||
| Pool CA1985, 4.00%, 06/01/2048 | 224,135 | 214,285 | ||||||
| Pool BS8180, 4.08%, 04/01/2028 | 990,246 | 988,045 | ||||||
| Pool BZ4203, 4.26%, 06/01/2030 | 1,000,000 | 1,000,131 | ||||||
| Pool BZ5493, 4.35%, 11/01/2030 | 2,574,000 | 2,583,925 | ||||||
| Pool BZ4388, 4.41%, 07/01/2032 | 1,000,000 | 1,001,142 | ||||||
| Pool BZ3372, 4.43%, 03/01/2030 | 2,000,000 | 2,008,621 | ||||||
| Pool BZ2242, 4.50%, 11/01/2034 | 4,939,697 | 4,921,059 | ||||||
| Pool BS7623, 4.52%, 01/01/2033 | 5,000,000 | 5,017,652 | ||||||
| Pool BZ3883, 4.54%, 05/01/2032 | 1,300,000 | 1,307,709 | ||||||
| Pool BZ1150, 4.55%, 06/01/2031 | 400,000 | 403,896 | ||||||
| Pool BZ4222, 4.69%, 06/01/2030 | 1,981,300 | 2,007,608 | ||||||
| Pool BZ3471, 4.71%, 04/01/2032 | 1,000,000 | 1,010,871 | ||||||
| Pool BZ6128, 4.80%, 01/01/2036 | 1,346,823 | 1,355,704 | ||||||
| Pool BS7108, 4.83%, 12/01/2032 | 2,644,040 | 2,704,401 | ||||||
| Pool BZ0567, 4.94%, 05/01/2034 | 1,000,000 | 1,021,141 | ||||||
| Pool CC1630, 5.00%, 12/01/2055 | 1,899,644 | 1,898,998 | ||||||
| Pool CC2113, 5.00%, 02/01/2056 | 1,924,412 | 1,923,757 | ||||||
| Pool CC2114, 5.00%, 02/01/2056 | 1,062,384 | 1,055,318 | ||||||
| Pool CC2144, 5.00%, 03/01/2056 | 1,006,085 | 1,002,800 | ||||||
| Pool CC2146, 5.00%, 03/01/2056 | 1,086,542 | 1,077,977 | ||||||
| Pool CC2272, 5.00%, 03/01/2056 | 3,085,204 | 3,079,880 | ||||||
| Pool CC2299, 5.00%, 04/01/2056 | 1,364,315 | 1,353,560 | ||||||
| Pool BZ0271, 5.05%, 01/01/2040 | 1,973,393 | 2,017,972 | ||||||
| Pool BZ0597, 5.10%, 03/01/2040 | 1,977,356 | 2,024,274 | ||||||
| Pool BS8987, 5.15%, 07/01/2040 | 1,075,562 | 1,087,752 | ||||||
| Pool CB7245, 5.50%, 09/01/2053 | 750,638 | 764,939 | ||||||
| Pool CB8111, 5.50%, 03/01/2054 | 1,209,043 | 1,232,481 | ||||||
| Pool CC1382, 5.50%, 10/01/2055 | 1,236,662 | 1,259,394 | ||||||
| Pool CC2307, 5.50%, 03/01/2056 | 2,323,234 | 2,374,465 | ||||||
| Pool CB7935, 6.00%, 01/01/2054 | 824,526 | 854,801 | ||||||
| Pool CB8085, 6.00%, 02/01/2054 | 849,353 | 880,021 | ||||||
| The Community Development Fund | March 31, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS (Continued)
| Description | Face Amount | Market Value | ||||||
| Pool CB9112, 6.00%, 08/01/2054 | $ | 1,044,172 | $ | 1,082,514 | ||||
| Pool CC1359, 6.00%, 10/01/2055 | 1,198,853 | 1,245,778 | ||||||
| 73,593,438 | ||||||||
| FRESB Multifamily - 4.8% | ||||||||
| 2020-SB77, 1.12%, 06/25/2040 (a) | 1,360,126 | 1,306,736 | ||||||
| 2021-SB84, 1.49%, 01/25/2031 (a) | 1,572,307 | 1,385,372 | ||||||
| 2021-SB93, 1.50%, 09/25/2041 (a) | 829,152 | 817,209 | ||||||
| 2021-SB93, 1.60%, 10/25/2028 (a) | 775,920 | 727,773 | ||||||
| 2020-SB71, 2.21%, 12/25/2029 (a) | 1,161,411 | 1,075,876 | ||||||
| 2020-SB71, 2.25%, 12/25/2039 (a) | 727,816 | 663,212 | ||||||
| 2019-SB68, 2.42%, 09/25/2029 (a) | 1,472,115 | 1,371,764 | ||||||
| 2018-SB57, 3.88%, 08/25/2038 (a) | 1,145,113 | 1,119,554 | ||||||
| 2020-SB71, 4.48%, SOFR30A + 0.814%, 11/25/2039 (a) | 670,435 | 667,065 | ||||||
| 2020-SB76, 4.48%, SOFR30A + 0.814%, 04/25/2040 (a) | 966,047 | 960,949 | ||||||
| 2020-SB80, 4.48%, SOFR30A + 0.814%, 09/25/2040 (a) | 1,360,198 | 1,356,170 | ||||||
| 2026-SB126, 4.53%, 12/25/2035 (a) | 1,999,203 | 1,968,960 | ||||||
| 2024-SB116, 4.68%, 09/25/2031 (a) | 1,854,473 | 1,862,710 | ||||||
| 15,283,350 | ||||||||
| GNMA Multifamily - 20.3% | ||||||||
| 2021-183, 1.75%, 01/16/2063 | 1,364,663 | 1,047,355 | ||||||
| 2023-145, 2.50%, 09/16/2065 | 3,734,960 | 3,063,586 | ||||||
| 2017-135, 2.60%, 08/16/2058 | 476,475 | 410,924 | ||||||
| 2017-74, 2.60%, 09/16/2058 | 383,318 | 324,689 | ||||||
| 2023-92, 3.50%, 10/16/2062 (a) | 3,793,561 | 3,571,599 | ||||||
| 2023-74, 4.00%, 10/16/2055 | 1,646,688 | 1,588,291 | ||||||
| 2023-44, 4.00%, 08/16/2056 | 2,843,196 | 2,706,155 | ||||||
| 2023-16, 4.00%, 07/16/2063 (a) | 1,907,889 | 1,853,602 | ||||||
| 2023-191, 4.00%, 05/16/2064 (a) | 2,311,531 | 2,205,008 | ||||||
| 2024-12, 4.25%, 11/16/2036 | 1,733,632 | 1,672,979 | ||||||
| The Community Development Fund | March 31, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS (Continued)
| Description | Face
Amount | Market
Value | ||||||
| 2024-158, 4.50%, 09/16/2057 | $ | 1,922,548 | $ | 1,851,718 | ||||
| 2025-217, 4.50%, 01/16/2058 | 1,395,762 | 1,381,200 | ||||||
| 2024-153, 4.50%, 03/16/2065 | 2,403,923 | 2,383,534 | ||||||
| 2024-12, 4.50%, 05/16/2065 (a) | 2,992,111 | 2,893,787 | ||||||
| 16, 4.50%, 06/16/2067 (a) | 3,241,926 | 3,132,105 | ||||||
| 2025-153, 4.65%, 12/16/2039 | 341,444 | 337,835 | ||||||
| 2025-54, 4.65%, 06/16/2040 (a) | 1,567,439 | 1,565,576 | ||||||
| 2025-18, 4.65%, 01/16/2057 | 469,678 | 464,528 | ||||||
| 55, 4.75%, 04/16/2056 | 2,000,000 | 1,986,920 | ||||||
| 2025-213, 4.75%, 03/16/2057 | 1,993,844 | 1,986,949 | ||||||
| 2025-17, 4.75%, 05/16/2058 (a) | 493,496 | 489,841 | ||||||
| 2025-184, 4.75%, 06/16/2058 (a) | 995,455 | 989,513 | ||||||
| 2025-182, 4.75%, 05/16/2067 (a) | 4,992,211 | 4,870,141 | ||||||
| 2025-16, 4.85%, 10/01/2037 | 2,328,706 | 2,323,634 | ||||||
| 2025-40, 5.00%, 08/16/2057 | 1,087,170 | 1,087,204 | ||||||
| 2024-193, 5.00%, 04/16/2062 | 3,689,216 | 3,677,206 | ||||||
| 2023-162, 5.00%, 03/16/2064 (a) | 2,353,128 | 2,445,894 | ||||||
| 2024-54, 5.00%, 02/15/2065 (a) | 1,731,864 | 1,700,702 | ||||||
| 2024-122, 5.00%, 05/16/2065 (a) | 1,928,240 | 1,893,231 | ||||||
| 2024-72, 5.00%, 05/16/2065 (a) | 967,991 | 944,236 | ||||||
| 2025-16, 5.00%, 06/01/2065 | 2,769,223 | 2,758,804 | ||||||
| 2025-109, 5.00%, 08/16/2066 | 3,000,000 | 2,909,476 | ||||||
| 2025-126, 5.55%, 05/16/2067 (a) | 2,970,418 | 3,074,480 | ||||||
| 65,592,702 | ||||||||
| GNMA Single Family - 0.2% | ||||||||
| Pool G2 AU1835, 3.00%, 08/20/2046 | 300,804 | 268,695 | ||||||
| Pool G2 AU1762, 3.50%, 07/20/2046 | 198,344 | 183,281 | ||||||
| 451,976 | ||||||||
| TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS | ||||||||
| (COST $302,799,233) | 298,073,434 | |||||||
| The Community Development Fund | March 31, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS (Continued)
| Description | Face
Amount | Market
Value | ||||||
| MUNICIPAL BONDS - 3.3% | ||||||||
| Colorado - 0.2% | ||||||||
| Colorado, Housing and Finance Authority, RB | ||||||||
| 6.17%, 11/01/2030 | $ | 440,000 | $ | 470,810 | ||||
| Florida - 0.5% | ||||||||
| Florida, Housing Finance, RB | ||||||||
| 4.64%, 01/01/2028 | 565,000 | 571,503 | ||||||
| 4.84%, 01/01/2029 | 95,000 | 96,936 | ||||||
| 5.03%, 07/01/2030 | 95,000 | 97,983 | ||||||
| Miami-Dade County, Housing Finance Authority, RB | ||||||||
| 2.90%, 08/01/2030 | 570,000 | 566,615 | ||||||
| 4.60%, 02/01/2042 | 500,000 | 491,350 | ||||||
| 1,824,387 | ||||||||
| Maryland - 0.9% | ||||||||
| Maryland, Department of Housing & Community | ||||||||
| Development, RB | ||||||||
| 4.34%, 03/01/2027 | 300,000 | 301,140 | ||||||
| 4.34%, 09/01/2027 | 250,000 | 251,284 | ||||||
| 4.35%, 09/01/2026 | 200,000 | 200,351 | ||||||
| 4.36%, 03/01/2028 | 350,000 | 352,179 | ||||||
| 6.00%, 03/01/2055 | 1,460,000 | 1,523,738 | ||||||
| 2,628,692 | ||||||||
| Nebraska - 0.0% | ||||||||
| Nebraska, Investment Finance Authority, RB | ||||||||
| 4.89%, 03/01/2029 | 100,000 | 102,111 | ||||||
| 4.94%, 09/01/2029 | 100,000 | 102,439 | ||||||
| 5.10%, 03/01/2030 | 100,000 | 103,134 | ||||||
| 5.15%, 09/01/2030 | 100,000 | 103,214 | ||||||
| 410,898 | ||||||||
| The Community Development Fund | March 31, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS (Continued)
| Description | Face
Amount | Market
Value | ||||||
| New Hampshire - 0.1% | ||||||||
| New Hampshire, Housing Finance Authority, RB | ||||||||
| 4.25%, 01/01/2031 | $ | 500,000 | $ | 500,719 | ||||
| New Jersey - 0.4% | ||||||||
| New Jersey, Housing & Mortgage Finance Agency, RB | ||||||||
| 5.21%, 05/01/2030 | 435,000 | 450,595 | ||||||
| 5.26%, 11/01/2030 | 445,000 | 462,292 | ||||||
| 5.30%, 05/01/2031 | 320,000 | 333,154 | ||||||
| 1,246,041 | ||||||||
| New York - 0.7% | ||||||||
| New York City, Housing Development Authority, RB | ||||||||
| 2.29%, 11/01/2030 | 415,000 | 382,135 | ||||||
| 5.29%, 02/01/2031 | 250,000 | 260,188 | ||||||
| 5.31%, 02/01/2033 | 250,000 | 259,128 | ||||||
| 5.33%, 08/01/2033 | 330,000 | 341,512 | ||||||
| 5.34%, 08/01/2031 | 250,000 | 260,590 | ||||||
| 5.37%, 08/01/2030 | 250,000 | 260,182 | ||||||
| 5.38%, 02/01/2032 | 250,000 | 259,815 | ||||||
| 2,023,550 | ||||||||
| Virginia - 0.5% | ||||||||
| Virginia State, Housing Development Authority, RB | ||||||||
| 2.11%, 11/01/2029 | 500,000 | 468,250 | ||||||
| 2.31%, 11/01/2031 | 500,000 | 452,449 | ||||||
| 2.46%, 11/01/2032 | 500,000 | 444,239 | ||||||
| 1,364,938 | ||||||||
| TOTAL MUNICIPAL BONDS | ||||||||
| (COST $10,463,653) | 10,470,035 | |||||||
| The Community Development Fund | March 31, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS (Continued)
| Description | Face
Amount | Market
Value | ||||||
| MORTGAGE-BACKED SECURITIES - 2.5% | ||||||||
| BX Commercial Mortgage Trust | ||||||||
| 5.16%, TSFR1M + 1.490%, 01/17/2039 (a)(c) | $ | 2,120,339 | $ | 2,119,676 | ||||
| 5.51%, TSFR1M + 1.840%, 01/17/2039 (a)(c) | 2,951,748 | 2,950,826 | ||||||
| STWD Mortgage Trust | ||||||||
| 4.65%, TSFR1M + 0.972%, 11/15/2036 (a)(c) | 3,000,000 | 2,996,250 | ||||||
| TOTAL MORTGAGE-BACKED SECURITIES | ||||||||
| (COST $7,971,133) | 8,066,752 | |||||||
| U.S. TREASURY OBLIGATIONS - 1.1% | ||||||||
| U.S. Treasury Notes | ||||||||
| 3.50%, 12/15/2028 | 1,815,000 | 1,799,828 | ||||||
| 4.13%, 02/15/2036 | 1,800,000 | 1,773,281 | ||||||
| TOTAL U.S. TREASURY OBLIGATIONS | ||||||||
| (COST $3,570,130) | 3,573,109 | |||||||
| Description | Shares | Market
Value | ||||||
| SHORT-TERM INVESTMENT - 0.9% | ||||||||
| Fidelity Institutional Government Portfolio, Cl I, 3.53% (d) | 3,054,679 | 3,054,679 | ||||||
| TOTAL SHORT-TERM INVESTMENT | ||||||||
| (COST $3,054,679) | 3,054,679 | |||||||
| TOTAL INVESTMENTS (COST $327,858,828) - 100.2% | 323,238,009 | |||||||
| OTHER ASSETS AND LIABILITIES - (0.2)% | (652,959 | ) | ||||||
| NET ASSETS - 100.0% | $ | 322,585,050 | ||||||
| The Community Development Fund | March 31, 2026 (Unaudited) |
SCHEDULE OF INVESTMENTS (Concluded)
A list of the open futures contracts held by the Fund at March 31, 2026, is as follows:
| Type of Contract | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/ (Depreciation) | |||||||||||||
| Long Contracts | ||||||||||||||||||
| U.S. 2-Year Treasury Notes | 30 | Jun-2026 | $ | 6,240,373 | $ | 6,223,359 | $ | (17,014 | ) | |||||||||
| Short Contracts | ||||||||||||||||||
| U.S. Long Treasury Bonds | (111) | Jun-2026 | $ | (13,004,540 | ) | $ | (12,640,125 | ) | $ | 364,415 | ||||||||
| Ultra 10-Year U.S. Treasury Notes | (111) | Jun-2026 | (12,804,222 | ) | (12,600,234 | ) | 203,988 | |||||||||||
| (25,808,762 | ) | (25,240,359 | ) | 568,403 | ||||||||||||||
| $ | (19,568,389 | ) | $ | (19,017,000 | ) | $ | 551,389 | |||||||||||
| (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) | Security, or portion thereof, has been pledged as collateral on open futures contracts. |
| (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, 2026 was $8,066,752 and represents 2.5% of Net Assets. |
| (d) | Rate shown is the 7-day effective yield as of March 31, 2026. |
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