# EDGAR Filing Document

**Accession Number:** 0001649227
**File Stem:** 0001398344-25-017851
**Filing Date:** 2025-9
**Character Count:** 106627
**Document Hash:** c8ff328736e0b3cae4b6183aeb7927f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017851.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001398344-25-017851

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Community Development Fund
- **CENTRAL INDEX KEY:** 0001649227

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23080
- **FILM NUMBER:** 251300628

**BUSINESS ADDRESS:**
- **STREET 1:** 6255 CHAPMAN FIELD DRIVE
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33156
- **BUSINESS PHONE:** (305) 663-0100

**MAIL ADDRESS:**
- **STREET 1:** 6255 CHAPMAN FIELD DRIVE
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33156

## Series and Classes Contracts Data

### THE COMMUNITY DEVELOPMENT FUND (Series ID: S000051233)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000161514 | Class A Shares | CDCDX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

________

**FORM N-CSRS**

**________**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act file number 811-23080**

**The Community Development Fund**

(Exact name of registrant as specified in charter)

________

6255 Chapman Field Drive

Miami, Florida 33156

(Address of principal executive offices) (Zip code)

Kenneth H. Thomas, Ph.D.

Community Development Fund Advisors, LLC

6255 Chapman Field Drive

Miami, Florida 33156

(Name and address of agent for service)

Copy To:

John J. O'Brien, Esquire

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

**Registrant's telephone number, including area code: 1-844-445-4405**

**Date of fiscal year end: December 31, 2025**

**Date of reporting period: June 30, 2025**

**Item 1. Reports to Stockholders.**

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

**# The Community Development Fund
![Image](i47c69deb9945bc863ccf66c7.jpg)

## The Community Development Fund/Class A Shares - CDCDX

## Semi-Annual Shareholder Report: June 30, 2025
This semi-annual shareholder report contains important information about Class A Shares of the The Community Development Fund (the "Fund") for the period from January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.communitydevelopmentfund.com/the-fund/. You can also request this information by contacting us at 1-844-445-4405.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| The Community Development Fund, Class A Shares | $50 | 1.00% |

---

## Key Fund Statistics as of June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $305442441 | 181 | $385100 | 36% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Group By Sector Chart](i02b5ba609d994ed9bbd05ee8.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Futures Contracts | -0.3% |
| Asset-Backed Security | 0.0% |
| Mortgage-Backed Securities | 2.7% |
| U.S. Treasury Obligations | 3.6% |
| Municipal Bonds | 4.8% |
| U.S. Government & Agency Obligations | 88.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| U.S. Treasury Notes, 4.00%, 5/31/2030 | 3.5% |
| FHLMC Multifamily Structured Pass Through Certificates, 4.80%, 1/25/2032, Cl A2 | 3.4% |
| FHLMC Multifamily Structured Pass Through Certificates, 5.00%, 2/25/2035, Cl A2 | 3.0% |
| GNMA, 5.00%, 5/16/2056, Cl AB | 1.8% |
| FHLMC, 4.75%, 11/1/2040 | 1.7% |
| FHLMC Multifamily Structured Pass Through Certificates, 5.25%, 1/25/2044, Cl A | 1.7% |
| FHLMC Multifamily Structured Pass Through Certificates, 4.05%, 7/25/2033, Cl A2 | 1.7% |
| FNMA, 4.43%, 3/1/2030 | 1.7% |
| FHLMC Multifamily ML Certificates, 4.87%, 1/25/2043, Cl AUS | 1.6% |
| FNMA, 4.40%, 7/25/2033, Cl A2 | 1.6% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-844-445-4405 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 1-844-445-4405 

* https://www.communitydevelopmentfund.com/the-fund/ 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i96291d2d491f55b769c44b22.jpg)

#### The Community Development Fund

#### The Community Development Fund/Class A Shares - CDCDX
Semi-Annual Shareholder Report: June 30, 2025

![Image](i47c69deb9945bc863ccf66c7.jpg)**

(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

**Item 3. Audit Committee Financial Expert.**

Not applicable for semi-annual report.

**Item 4. Principal Accountant Fees and Services.**

Not applicable for semi-annual report.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable to open-end management investment companies.

**Item 6. Schedule of Investments.**

(a) The Schedule of Investments is included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Financial Statements and Financial Highlights are filed herein.

![](image_019.jpg)

**The Community Development Fund**

**Semi-Annual Financials and Other Information**

June 30, 2025

The Community Development Fund June 30, 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSRS Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 12 |
| &nbsp;&nbsp;&nbsp;Statement of Operations | 13 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 14 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 15 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 17 |
| Other Information (Form N-CSRS Items 8-11) | 31 |

---

The Community Development Fund June 30, 2025

SCHEDULE OF INVESTMENTS (UNAUDITED)

---

| | | |
|:---|:---|:---|
| **Description** | **Face**<br> **Amount** | **Market**<br> **Value** |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS - 88.3%** |  |  |
| **FHLMC Multifamily - 29.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-P009, 1.13%, 01/25/2031 | $281940 | $261384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSG1, 1.50%, 09/25/2030 | 3870000 | 3397547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K123, 1.62%, 12/25/2030 | 1500000 | 1314108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KG06, 1.78%, 10/25/2031 | 1200000 | 1038078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-P009, 1.88%, 01/25/2031 | 1000000 | 887987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K135, 1.91%, 10/25/2031 (a) | 3500000 | 3031932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSG2, 2.09%, 11/25/2031 (a) | 1000000 | 875878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K141, 2.25%, 02/25/2032 | 4800000 | 4233969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K145, 2.65%, 11/25/2031 | 1737707 | 1634424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSG3, 2.65%, 05/25/2032 (a) | 2000000 | 1793507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022-P013, 2.85%, 02/25/2032 (a) | 2000000 | 1791101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K1514, 2.86%, 10/25/2034 | 2300000 | 1995704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K092, 3.13%, 10/25/2028 | 2151168 | 2114017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K088, 3.69%, 01/25/2029 | 1000000 | 987449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K158, 4.05%, 07/25/2033 | 5200000 | 5054898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K760, 4.55%, 01/25/2032 (a) | 3000000 | 3033852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M071, 4.61%, SOFR30A + 0.300%, 08/15/2040 (a) | 3956100 | 3926423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q027, 4.66%, 08/25/2031 | 2000000 | 2020864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169, 4.66%, 12/25/2034 (a) | 4000000 | 4023202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KF136, 4.72%, SOFR30A + 0.410%, 04/25/2032 (a) | 497113 | 494471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024-P016, 4.76%, 09/25/2033 (a) | 1000000 | 1005916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K759, 4.80%, 01/25/2032 (a) | 10000000 | 10252361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K540, 4.83%, SOFR30A + 0.520%, 11/25/2029 (a) | 999814 | 1000201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K542, 4.84%, SOFR30A + 0.530%, 01/25/2030 (a) | 2000000 | 2000619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ML29, 4.87%, 01/25/2043 (a) | 4997440 | 4997440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KF141, 4.88%, SOFR30A + 0.570%, 07/25/2032 (a) | 4528089 | 4555963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K526, 4.91%, SOFR30A + 0.600%, 06/25/2029 (a) | 2999102 | 3001280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q032, 4.95%, 11/25/2054 (a) | 1989505 | 2012062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170, 5.00%, 02/25/2035 (a) | 9000000 | 9280494 |

---

*The accompanying notes are an integral part of the financial statements.*

The Community Development Fund June 30, 2025

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

---

| | | |
|:---|:---|:---|
| **Description**  | **Face**<br> **Amount** | **Market**<br> **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KJ53, 5.01%, SOFR30A + 0.700%, 10/25/2034 (a) | $2998445 | $3011182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q030, 5.25%, SOFR30A + 0.940%, 01/25/2044(a) | 5174266 | 5164637 |
|  |  | 90192950 |
| **FHLMC Single Family - 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RA5346, 2.00%, 05/01/2051 | 920091 | 739399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Q41874, 3.00%, 07/01/2046 | 938828 | 835486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RA1853, 3.00%, 12/01/2049 | 733346 | 643817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WA4823, 3.08%, 02/01/2050 | 5593903 | 4207948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WA0500, 3.48%, 03/01/2047 | 2242777 | 1917578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WA4844, 3.80%, 10/01/2042 | 2987573 | 2558921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WA3194, 3.90%, 07/01/2037 | 1451539 | 1340600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WN2253, 4.00%, 09/01/2032 | 1000000 | 964583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WA4839, 4.00%, 01/01/2054 | 1630871 | 1359769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WA3283, 4.09%, 06/01/2039 | 2477344 | 2281005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WN5065, 4.20%, 08/01/2029 | 2000000 | 1990679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WN5231, 4.25%, 02/01/2030 | 3000000 | 2991949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WN5213, 4.75%, 01/01/2030 | 1000000 | 1006790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WA2241, 4.75%, 11/01/2040 | 5446118 | 5329319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WS4030, 4.75%, 08/01/2041 | 1137297 | 1094356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WN0179, 4.75%, 01/01/2045 | 4000000 | 3744944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool WS4017, 4.95%, 07/01/2040 | 1477886 | 1445797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RJ0241, 6.00%, 10/01/2053 | 563478 | 580493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool RJ2692, 6.00%, 09/01/2054 | 657594 | 673808 |
|  |  | 35707241 |
| **FNMA Multifamily - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023-M5, 4.40%, 07/25/2033 (a) | 5000000 | 4935335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024-M1, 4.50%, 01/25/2034(a) | 1000000 | 994756 |
|  |  | 5930091 |
| **FNMA Single Family - 17.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BS0345, 1.61%, 01/01/2036 | 901522 | 707478 |

---

*The accompanying notes are an integral part of the financial statements.*

The Community Development Fund June 30, 2025

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

---

| | | |
|:---|:---|:---|
| **Description** | **Face**<br> **Amount** | **Market**<br> **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CA7479, 2.00%, 10/01/2050 | $518578 | $412571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CA7480, 2.00%, 10/01/2050 | 1030100 | 827821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CA8444, 2.00%, 12/01/2050 | 792359 | 636778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB0268, 2.00%, 04/01/2051 (b) | 3028282 | 2433618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BT0120, 2.00%, 05/01/2051 | 1037291 | 833563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB1441, 2.00%, 08/01/2051 | 2698627 | 2141992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2317, 2.00%, 12/01/2051 | 1320471 | 1050244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2738, 2.50%, 01/01/2052 | 4763171 | 3966782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2739, 2.50%, 01/01/2052 | 602238 | 505935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB2830, 2.50%, 02/01/2052 | 948337 | 793734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AS7484, 3.00%, 06/01/2046 | 345872 | 307937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BC0962, 3.00%, 06/01/2046 | 230597 | 208173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AS7476, 3.00%, 07/01/2046 | 338337 | 301379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AS7647, 3.00%, 07/01/2046 | 574476 | 514696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AS7653, 3.00%, 07/01/2046 | 847579 | 750766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AS8262, 3.00%, 10/01/2046 | 520422 | 459906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CA4927, 3.00%, 01/01/2050 | 314574 | 276664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AN5657, 3.30%, 07/01/2032 | 335060 | 315116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AN7888, 3.30%, 12/01/2034 | 3189647 | 2903866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AS8734, 3.50%, 01/01/2047 | 538238 | 496761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool AS9360, 3.50%, 04/01/2047 | 333222 | 312610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CA1158, 3.50%, 02/01/2048 | 241884 | 221186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CA1985, 4.00%, 06/01/2048 | 228363 | 215580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BS8180, 4.08%, 04/01/2028 | 998294 | 997108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ3372, 4.43%, 03/01/2030 | 5000000 | 5041016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ2242, 4.50%, 11/01/2034 | 4974010 | 4935110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ3304, 4.55%, 03/01/2030 | 3000000 | 3043839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ1150, 4.55%, 06/01/2031 | 400000 | 403899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ3471, 4.71%, 04/01/2032 | 1000000 | 1013167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BS7108, 4.83%, 12/01/2032 | 2669758 | 2727257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ0567, 4.94%, 05/01/2034 | 1000000 | 1013890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ0271, 5.05%, 01/01/2040 | 1983119 | 2004329 |

---

*The accompanying notes are an integral part of the financial statements.*

The Community Development Fund June 30, 2025

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

---

| | | |
|:---|:---|:---|
| **Description** | **Face**<br> **Amount** | **Market**<br> **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BZ0597, 5.10%, 03/01/2040 | $1986407 | $2019508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool BS8987, 5.15%, 07/01/2040 | 1083000 | 1080425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB7021, 5.50%, 09/01/2053 | 1261034 | 1268346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB7245, 5.50%, 09/01/2053 | 758246 | 765455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB8111, 5.50%, 03/01/2054 | 1299705 | 1309765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB7935, 6.00%, 01/01/2054 | 1016398 | 1043523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB8085, 6.00%, 02/01/2054 | 1027678 | 1054367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool CB9112, 6.00%, 08/01/2054 | 1055169 | 1083391 |
|  |  | 52399551 |
| **FRESB Multifamily - 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020-SB80, 0.83%, 09/25/2040 (a) | 1736348 | 1723590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020-SB77, 1.12%, 06/25/2040 (a) | 1466098 | 1373738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-SB84, 1.49%, 01/25/2031 (a) | 1626220 | 1420048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-SB93, 1.50%, 09/25/2041 (a) | 894040 | 861707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-SB93, 1.60%, 10/25/2028 (a) | 819923 | 757753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020-SB71, 2.21%, 12/25/2029 (a) | 1180393 | 1085157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020-SB71, 2.25%, 12/25/2039 (a) | 773939 | 697953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019-SB68, 2.42%, 09/25/2029 (a) | 1759325 | 1629401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019-SB59, 3.19%, 12/25/2025 (a) | 160086 | 158796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020-SB76, 3.63%, SOFR30A + 0.814%, 04/25/2040 (a) | 1131903 | 1123321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018-SB57, 3.87%, 08/25/2038 (a) | 1165297 | 1130950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SB120, 4.42%, 01/25/2030 (a) | 2999016 | 3013819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023-SB111, 4.44%, 09/25/2030 (a) | 2000000 | 1982137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SB116, 4.55%, 09/25/2029 (a) | 1598586 | 1614003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SB116, 4.68%, 09/25/2031 (a) | 1858634 | 1871653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KF164, 4.88%, SOFR30A + 0.570%, 10/25/2034 (a) | 972991 | 972989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KF167, 4.91%, SOFR30A + 0.600%, 05/25/2035 (a) | 3000000 | 2998054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020-SB71, 4.99%, SOFR30A + 0.814%, 11/25/2039(a) | 930705 | 922515 |
|  |  | 25337584 |

---

*The accompanying notes are an integral part of the financial statements.*

The Community Development Fund June 30, 2025

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

---

| | | |
|:---|:---|:---|
| **Description**  | **Face**<br> **Amount** | **Market**<br> **Value** |
| **GNMA Multifamily - 19.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021-183, 1.75%, 01/16/2063 | $1389113 | $1062960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023-145, 2.50%, 09/16/2065 | 3838675 | 3141915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017-135, 2.60%, 08/16/2058 | 502490 | 432870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017-74, 2.60%, 09/16/2058 | 391231 | 331723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023-92, 3.50%, 10/16/2062 (a) | 3853247 | 3631521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74, 4.00%, 10/16/2055 | 1668090 | 1592260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023-44, 4.00%, 08/16/2056 | 2876836 | 2727514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023-16, 4.00%, 07/16/2063 (a) | 1930879 | 1872930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023-191, 4.00%, 05/16/2064 (a) | 2359345 | 2244432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024-12, 4.25%, 11/16/2036 | 1828620 | 1768241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158, 4.50%, 09/16/2057 | 1975975 | 1892904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166, 4.50%, 04/16/2058 (a) | 2480119 | 2434833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153, 4.50%, 03/16/2065 | 2484524 | 2446857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024-12, 4.50%, 05/16/2065 (a) | 3032638 | 2923127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54, 4.65%, 06/16/2040 (a) | 1777903 | 1760390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18, 4.65%, 01/16/2057 | 994604 | 972995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17, 4.75%, 05/16/2058 (a) | 1991209 | 1966254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16, 4.85%, 10/01/2037 | 3415903 | 3420162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36, 5.00%, 05/16/2056 | 5578591 | 5565855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40, 5.00%, 08/16/2057 | 1096878 | 1086434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193, 5.00%, 04/16/2062 | 3720961 | 3688603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023-162, 5.00%, 03/16/2064 (a) | 2382123 | 2473759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54, 5.00%, 02/15/2065 (a) | 1780121 | 1738468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72, 5.00%, 05/16/2065 (a) | 989328 | 959809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122, 5.00%, 05/16/2065 (a) | 1982823 | 1936218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16, 5.00%, 06/01/2065 | 2787459 | 2766762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109, 5.00%, 08/16/2066 | 3000000 | 2844727 |
|  |  | 59684523 |

---

*The accompanying notes are an integral part of the financial statements.*

The Community Development Fund June 30, 2025

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

---

| | | |
|:---|:---|:---|
| <br>**Description** | **Face**<br>**Amount** | **Market**<br>**Value** |
| **GNMA Single Family - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool G2 AU1835, 3.00%, 08/20/2046 | $313812 | $276173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool G2 AU1762, 3.50%, 07/20/2046 | 204504 | 187171 |
|  |  | 463344 |
| **TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS** |  |  |
| **(COST $277,043,566)** |  | 269715284 |
| **MUNICIPAL BONDS - 4.8%** |  |  |
| **Colorado - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado, Housing and Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%, 11/01/2030 | 1000000 | 1076481 |
| **Florida - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida, Housing Finance, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64%, 01/01/2028 | 565000 | 571041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84%, 01/01/2029 | 95000 | 96815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97%, 01/01/2030 | 245000 | 250656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, 07/01/2030 | 95000 | 97373 |
|  |  | 1015885 |
| **Maryland - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland, Department of Housing & Community Development, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34%, 03/01/2027 | 300000 | 300623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34%, 09/01/2027 | 250000 | 250849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 03/01/2026 | 200000 | 200004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 09/01/2026 | 200000 | 200176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.36%, 03/01/2028 | 350000 | 351113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2055 | 3000000 | 3116143 |
|  |  | 4418908 |

---

*The accompanying notes are an integral part of the financial statements.*

The Community Development Fund June 30, 2025

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

---

| | | |
|:---|:---|:---|
| <br>**Description** | **Face**<br>**Amount** | **Market**<br>**Value** |
| **Massachusetts - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts State, Housing Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33%, 12/01/2025 | $70000 | $69121 |
| **Nebraska - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%, 03/01/2029 | 100000 | 101771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94%, 09/01/2029 | 100000 | 101997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/01/2030 | 100000 | 102598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 09/01/2030 | 100000 | 102702 |
|  |  | 409068 |
| **New Jersey - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey, Housing & Mortgage Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%, 05/01/2030 | 435000 | 448290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26%, 11/01/2030 | 445000 | 458920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/01/2031 | 320000 | 329835 |
|  |  | 1237045 |
| **New York - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, Housing Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%, 05/01/2030 | 1585000 | 1428976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29%, 11/01/2030 | 415000 | 370239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43%, 01/01/2027 | 1000000 | 987408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%, 02/01/2031 | 250000 | 257703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31%, 02/01/2033 | 250000 | 253672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33%, 08/01/2033 | 330000 | 333394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 08/01/2031 | 250000 | 257597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 02/01/2033 | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36%, 08/01/2033 | 330000 | 330000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 08/01/2030 | 250000 | 259126 |

---

*The accompanying notes are an integral part of the financial statements.*

The Community Development Fund June 30, 2025

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

---

| | | |
|:---|:---|:---|
| <br>**Description** | **Face**<br>**Amount** | **Market**<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/01/2032 | $250000 | $256926 |
|  |  | 4985041 |
| **Virginia - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia State, Housing Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11%, 11/01/2029 | 500000 | 457521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31%, 11/01/2031 | 500000 | 436089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46%, 11/01/2032 | 500000 | 427511 |
|  |  | 1321121 |
| **TOTAL MUNICIPAL BONDS** |  |  |
| **(COST $14,720,485)** |  | 14532670 |
| **MORTGAGE-BACKED SECURITIES - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, TSFR1M + 1.490%, 01/17/2039 (a)(c) | 2155000 | 2149612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, TSFR1M + 1.840%, 01/17/2039 (a)(c) | 3000000 | 2990625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STWD Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28%, TSFR1M + 0.972%, 11/15/2036 (a)(c) | 3000000 | 2988750 |
| **TOTAL MORTGAGE-BACKED SECURITIES** |  |  |
| **(COST $8,048,212)** |  | 8128987 |
| **ASSET-BACKED SECURITY - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Small Business Administration |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97%, 03/01/2049 | 48629 | 48968 |
| **TOTAL ASSET-BACKED SECURITY** |  |  |
| **(COST $48,629)** |  | 48968 |

---

*The accompanying notes are an integral part of the financial statements.*

The Community Development Fund June 30, 2025

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

---

| | | |
|:---|:---|:---|
| **Description** | **Face <br> Amount** | **Market <br> Value** |
| **U.S. TREASURY OBLIGATIONS - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2055 | $430000 | $419250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/31/2030 | 10600000 | 10701031 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| **(COST $11,041,030)** |  | 11120281 |
| **TOTAL INVESTMENTS (COST $310,901,922) - 99.4%** |  | 303546190 |
| **OTHER ASSETS AND LIABILITIES - 0.6%** |  | 1896251 |
| **NET ASSETS - 100.0%** |  | $305442441 |

---

A list of the open futures contracts held by the Fund at June 30, 2025, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional Amount** | **Value** | **Unrealized<br> (Depreciation)** |
| Short Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Long Treasury Bonds | (80) | Sep-2025 | $(8892520) | $(9237500) | $(344980) |
| &nbsp;&nbsp;&nbsp;Ultra 10-Year U.S. Treasury Notes | (168) | Sep-2025 | (18742706) | (19196625) | (453919) |
|  |  |  | $(27635226) | $(28434125) | $(798899) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security, or portion thereof, has been pledged as collateral
 on open futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(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 June 30, 2025 was $8,128,987 and represents 2.7% of Net
 Assets.

Cl — Class

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

*The accompanying notes are an integral part of the financial statements.*

The Community Development Fund June 30, 2025

SCHEDULE OF INVESTMENTS (UNAUDITED) (Continued)

FREMF — Freddie Mac Multifamily Mortgage Trust

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 accompanying notes are an integral part of the financial statements.*

The Community Development Fund June 30, 2025

SCHEDULE OF INVESTMENTS (UNAUDITED) (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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | $— | $14532670 | $— | $14532670 |
| &nbsp;&nbsp;&nbsp;U.S. Government & Agency Obligations |  | 269715284 |  | 269715284 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Security |  | 48968 |  | 48968 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities |  | 8128987 |  | 8128987 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 11120281 |  | 11120281 |
| Total Investments in Securities | $— | $303546190 | $— | $303546190 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (798899) | – | – | (798899) |
| Total Other Financial Instruments | $(798899) | $– | $– | $(798899) |

---

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

Amounts designated as "—" are $0.

*The accompanying notes are an integral part of the financial statements.*

The Community Development Fund June 30, 2025

STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)

---

| | |
|:---|:---|
| **Assets:** | |
| Investments (Cost $310,901,922) | $303546190 |
| Cash and cash equivalents | 1834783 |
| Interest and dividends receivable | 1137126 |
| Prepaid expenses | 518 |
| &nbsp;&nbsp;&nbsp;**Total assets** | 306518617 |
| **Liabilities:** |  |
| Distributions payable | 644691 |
| Variation margin payable | 161375 |
| Payable due to Investment Adviser (Note 5) | 70673 |
| Distribution fees payable (Note 4) | 61239 |
| CRA servicing fees payable (Note 4) | 49584 |
| Payable due to Administrator (Note 4) | 23714 |
| Chief Compliance Officer fees payable (Note 3) | 12845 |
| Trustees fees payable | 2147 |
| Other accrued expenses | 49908 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | 1076176 |
| **Net assets** | $305442441 |
| **Net assets consist of:** |  |
| Paid-in capital | $313757696 |
| Total Distributable Loss | (8315255) |
| **Net assets** | $305442441 |
| **Net Asset Value,** Offering and Redemption Price Per Share – Class A shares (unlimited authorization - no par value) ($305,442,441 ÷ 34,096,766 shares) | $8.96 |

---

*The accompanying notes are an integral part of the financial statements.*

The Community Development Fund For the six months ended June 30, 2025

STATEMENT OF OPERATIONS (UNAUDITED)

---

| | |
|:---|:---|
| **Investment income** | |
| Interest | $5856117 |
| &nbsp;&nbsp;&nbsp;Total investment income | 5856117 |
| **Expenses** |  |
| Investment advisory fees (Note 5) | 402801 |
| Distribution fees (Note 4) | 335666 |
| CRA servicing fees (Note 4) | 268536 |
| Accounting and administration fees (Note 4) | 131793 |
| Chief Compliance Officer fees (Note 3) | 40951 |
| Trustees' fees | 6241 |
| Legal fees | 36242 |
| Custodian fees | 27219 |
| Transfer Agent fees | 18199 |
| Audit fees | 7771 |
| Printing fees | 4986 |
| Registration fees | 4441 |
| Other | 76677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 1361523 |
| **Less:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees waived (Note 5) | (17701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | 1343822 |
| **Net investment income** | 4512295 |
| **Net realized gain/(loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 512394 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 600338 |
| **Net change in unrealized appreciation/(depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 4111155 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (1039293) |
| **Net realized and unrealized gain** | 4184594 |
| **Net increase in net assets resulting from operations** | $8696889 |

---

*The accompanying notes are an integral part of the financial statements.*

The Community Development Fund

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Six-month period<br> ended June 30, 2025<br> (Unaudited) | Year ended<br> December 31, 2024 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4512295 | $4670777 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 1112732 | (442862) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 3071862 | (562693) |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 8696889 | 3665222 |
| **Distributions** | (4489364) | (4681730) |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 98504356 | 77001001 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 1643963 | 1250868 |
| &nbsp;&nbsp;&nbsp;Redeemed | (5000000) | (5054795) |
| &nbsp;&nbsp;&nbsp;**Increase from capital share transactions** | 95148319 | 73197074 |
| &nbsp;&nbsp;&nbsp;**Total increase in net assets** | 99355844 | 72180566 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 206086597 | 133906031 |
| &nbsp;&nbsp;&nbsp;End of year/period | $305442441 | $206086597 |
| **Shares transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 11107397 | 8669348 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 184169 | 141138 |
| &nbsp;&nbsp;&nbsp;Redeemed | (563063) | (570776) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 10728503 | 8239710 |

---

*The accompanying notes are an integral part of the financial statements.*

The Community Development Fund

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Year/Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six-month<br> period ended<br> June 30, 2025<br> (Unaudited) | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2023 | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 | Year Ended<br> December 31,<br> 2020 |
| Net asset value, beginning of year/period | $8.82 | $8.85 | $8.83 | $9.75 | $10.03 | $9.75 |
| **Income/(loss) from operations:** |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.15 | 0.27 | 0.22 | 0.13 | 0.09 | 0.13 |
| Net realized and unrealized gain/(loss) on investments | 0.13 | (0.04) | 0.13 | (0.75) | (0.27 | 0.30 |
| Total gain/(loss) from operations | 0.28 | 0.23 | 0.35 | (0.62) | (0.18 | 0.43 |
| **Dividends and distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.14) | (0.26) | (0.22) | (0.14) | (0.10) | (0.15) |
| Net realized gains |  |  | (0.11) | (0.16) |  |  |
| Return of capital |  |  |  |  |  |  |
| Total dividends and distributions | (0.14) | (0.26) | (0.33) | (0.30) | (0.10 | (0.15 |
| Net asset value, end of year/period | $8.96 | $8.82 | $8.85 | $8.83 | $9.75 | $10.03 |
| **Total return\*** | 3.22% | 2.67% | 4.11% | (6.36)% | (1.76) | 4.39 |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of year/period ($Thousands) | $305442 | $206087 | $133906 | $113547 | $107260 | $76394 |
| Ratio of expenses to average net assets (including waivers and reimbursements) | 1.00 | 1.00% | 1.00% | 1.00% | 1.00 | 1.00 |
| Ratio of expenses to average net assets (excluding waivers and reimbursements) | 1.01 | 1.00% | 1.02% | 1.00% | 1.11 | 1.23 |
| Ratio of net investment income to average net assets | 3.36 | 3.03% | 2.51% | 1.42% | 0.93 | 1.35 |
| Portfolio turnover rate | 36 | 23% | 61% | 30% | 12 | 29 |

---

*The accompanying notes are an integral part of the financial statements.*

The Community Development Fund

FINANCIAL HIGHLIGHTS

\* Total return is for the period indicated and has not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

---

| | |
|:---|:---|
| ^ | Amount represents less than $(0.005). |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Per share calculations were performed
 using average shares for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Ratio includes previously waived
 investment advisory fees recovered.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Portfolio turnover is for the period
 indicated and has not been annualized.

*Amounts designated as "—" are $0*

*The accompanying notes are an integral part of the financial statements.*

The Community Development Fund June 30, 2025

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

&nbsp;&nbsp;&nbsp;&nbsp;1. Organization

The Community Development Fund (the "Fund") is a diversified, open-end investment company that was established as a Delaware statutory trust pursuant to a Certificate of Trust dated August 12, 2011. The Trust's Agreement and Declaration of Trust permits the Trust to operate separate series ("portfolios") of units of beneficial interest ("shares") and separate classes of portfolios. Currently, the Trust offers one class of shares. The investment objectives of the Fund are to provide current income consistent with the preservation of capital and enable institutional investors, including those that are subject to regulatory examination under the Community Reinvestment Act of 1977, as amended, (the "CRA"), to claim favorable regulatory consideration of their investment. Community Development Fund Advisors, LLC (the "Adviser"), was organized under the laws of the State of Delaware as a limited liability company on July 25, 2011, and is also registered with the Securities and Exchange Commission ("SEC") as an investment adviser under the Investment Advisors Act of 1940 (the "1940 Act"). MetLife Investment Management, LLC (the "Sub-Adviser") manages the Fund's assets under the direction of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;2. Significant accounting policies

The following are significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund. The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB").

**Use of estimates** — The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the fair value of assets, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

**Security valuation** — Investments in securities traded on a national securities exchange are valued at the last reported bid price. Debt securities are valued by using market bid quotations or independent pricing services which use bid prices provided by market makers or estimates of values obtained from yield data relating to instruments or securities with similar characteristics.

Futures are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures are provided by an independent source. On days when there is excessive volume, market volatility or the future does not end trading by the time a Fund calculates its NAV, the settlement price may not be available at the time at which the Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund's futures position.

The Community Development Fund June 30, 2025

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The Fund may invest in money market funds, which are valued at fair value based on their respective daily net asset values in accordance with approved pricing procedures.

The Fund's board of trustees has adopted methods for valuing securities including in circumstances in which market quotes are not readily available, and has delegated authority to the Fund's investment adviser to apply those methods in making fair value determinations, subject to board oversight. The investment adviser has established a Valuation Committee (the "Valuation Committee") to administer, implement, and oversee the fair valuation process, and to make fair value decisions. The Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser. The Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of comparisons of fair value determinations with actual trade prices and address new or evolving issues. The Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The Fund's board and audit committee also regularly review reports that describe fair value determinations and methods.

The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3 — Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

The Community Development Fund June 30, 2025

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

For the period ended June 30, 2025, there have been no significant changes to the Fund's fair valuation methodology.

**Stripped Mortgage-Backed Securities** — The Fund may enter into Stripped Mortgage-Backed Securities ("SMBS"). SMBS are derivative multiclass mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

**Mortgage-Backed To-Be-Announced Securities** — The Fund may enter into mortgage-backed to-be-announced securities ("TBAs"). These derivative financial instruments are subject to varying degrees of market and credit risk. TBAs provide for the delayed delivery of the underlying instrument. The contractual or notional amounts related to these financial instruments adjusted for unrealized market valuation gains or losses are recorded on a trade date basis. The credit risk related to settlements is limited to the unrealized market valuation gains or losses recorded in the statement of operations. Market risk is substantially dependent upon the value of the underlying financial instruments and is affected by market forces such as volatility and changes in interest rates.

The Community Development Fund June 30, 2025

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

**Futures contracts** — The Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund's returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses (see Statement of Operations). Variation margin payments are paid or received (see Statement of Assets and Liabilities), depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Fund records a realized gain or loss (see Statement of Operations) equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to the Fund's Schedule of Investments for details regarding open futures contracts as of June 30, 2025.

The following table discloses the volume of the Fund's futures contracts activity during the period ended June 30, 2025:

---

| | |
|:---|:---|
| **Futures Contracts:** | |
| **Interest Contracts** | |
| &nbsp;&nbsp;&nbsp;Average Notional Balance Short | $(20240720) |
| &nbsp;&nbsp;&nbsp;Ending Notional Balance Short | (27635226) |

---

**Security transactions, dividend and investment income** — Security transactions are accounted for on the date the securities are purchased or sold. Realized gains and losses on sales of investments are determined on the basis of the identified cost for both financial statement and federal income tax purposes. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income is recognized on an accrual basis.

The Community Development Fund June 30, 2025

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

Amortization and accretion are calculated using the effective interest method. Amortization of premiums and discounts are included in interest income.

**Determination of Net Asset Value and calculation of expenses** — In calculating the net asset value ("NAV") per share of the Fund, investment income, realized and unrealized gains and losses, and expenses are allocated daily to each share based upon the proportion of net assets of each share.

**Federal income taxes** — It is the Fund's intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code (the "Code"). Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit in the current year. The Fund did not record any tax provision in the current period. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the initial open tax year end and current tax year end, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended June 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period ended June 30, 2025 the Fund did not incur any interest or penalties.

**Dividends and distributions to shareholders** — Dividends from net investment income are declared and paid monthly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP.

**Securities purchased on a delayed delivery basis** — The Fund may purchase securities on a delayed delivery basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of holding the securities, it may sell the securities before the settlement date. The Fund will set aside liquid assets, or engage in other appropriate measures, to cover its obligations with respect to these securities.

The Community Development Fund June 30, 2025

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;3. Transactions with affiliates

Certain officers of the Trust are also officers of SEI Investments Global Funds Services (the "Administrator"), a wholly owned subsidiary of SEI Investments Company, or Foreside Fund Officer Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer ("CCO") and Chief Financial Officer ("CFO"), as described below, for serving as officers of the Trust.

A portion of the services provided by the CCO and his staff, who are employees of Foreside Fund Officer Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's advisors and service providers, as required by SEC regulations. The CCO's services and fees have been approved by and are reviewed by the Board.

Fees for CFO services is included in fees charged to the Fund under the Accounting and administration fees on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;4. Administration, CRA Servicing, Distribution,
 Custodian and Transfer Agent Agreements

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides administrative services to the Fund. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Fund, subject to a minimum. For the period ended June 30, 2025, the Fund paid $131,793 for these services.

The Fund has adopted a CRA servicing plan (the "CRA Servicing Plan") with respect to Class A Shares that allows such shares to pay the Adviser a fee in connection with the ongoing CRA recordkeeping and compliance services provided to shareholders at an annual rate of up to 0.20% of average daily net assets of the Class A Shares. For the period ended June 30, 2025, the Class A Shares incurred $268,536 of CRA servicing fees, an effective rate of 0.20%.

The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act, with respect to its Class A Shares. The Distribution Plan allows the Fund to pay fees for the sale and distribution of Class A Shares and for shareholder services provided to the holders of Class A Shares. Under the Distribution Plan, the Fund may pay its distributor up to 0.25% per year of the Fund's average daily net assets attributable to certain of its Class A Shares which have been sold in accordance with a selling dealer agreement. For the period ended June 30, 2025, the Class A Shares incurred Distribution fees of $335,666.

The Community Development Fund June 30, 2025

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

UMB Bank, N.A., (the "Custodian"), serves as the Fund's Custodian pursuant to a custody agreement. UMB Fund Services, Inc. (the "Transfer Agent"), serves as the Fund's Transfer Agent pursuant to a transfer agency agreement.

&nbsp;&nbsp;&nbsp;&nbsp;5. Investment Advisory & Subadvisory Agreements

Under the terms of an investment advisory agreement, the Adviser provides or arranges for a third-party sub-adviser to provide investment advisory services to the Fund. For its advisory services, the Adviser receives a fee, which is calculated daily and paid monthly, at an annual rate of 0.30% of the Fund's average daily net assets. For the period ended June 30, 2025, the Fund paid $402,801 for these services. The Adviser has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, and other non-routine expenses not incurred in the ordinary course of such Fund's business (collectively, "excluded expenses")) from exceeding 1.00% of the Fund's average daily net assets until April 30, 2026 (the "expense cap"). In addition, if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap, the Adviser may recover all or a portion of its fee reductions or expense reimbursements within a three-year period from the year in which the Adviser reduced its fee or reimbursed expenses if the Fund's Total Annual Fund Operating Expenses are below the expense cap that was in place at the time of such fee reductions or expense reimbursements. This agreement may be terminated: (i) by the Board for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on April 30, 2026. As of June 30, 2025, fees which were previously waived and/or reimbursed by the Adviser which may be subject to possible future recapture, up to the expense cap in place at the time the expenses were waived and/or reimbursed to the Adviser were $8,811, $0, and $108,311 expiring in 2026, 2027, and 2028 respectively.

For its services provided pursuant to the subadvisory agreement, the Sub- Adviser receives a fee from the Adviser at an annual rate of 0.15% of the Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;6. Investment Transactions

The aggregate purchases and sales and maturities of investments, excluding short-term investments, by the Fund for the period ended June 30, 2025, were as follows:

The Community Development Fund June 30, 2025

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Purchases:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government | $189587722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 6569056 |
| &nbsp;&nbsp;&nbsp;**Sales and Maturities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government | $93667330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 1099276 |

---

&nbsp;&nbsp;&nbsp;&nbsp;7. Federal Tax Information

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income/(loss) and net realized gain/(loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings or paid-in capital, as appropriate, in the period that the differences arise. The permanent differences primarily consist of paydowns. There is no permanent difference in current year that would require a charge or credit to distributable earnings or paid in capital.

The tax character of dividends and distributions declared during the last two fiscal years were as follows:

---

| | | |
|:---|:---|:---|
|  | Ordinary Income | Total |
| 2024.0 | $4681730 | $4681730 |
| 2023.0 | $4748310 | $4748310 |

---

As of December 31, 2024, the components of distributable loss on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed Ordinary Income | $6191 |
| Capital Loss Carryforwards | (986575) |
| Unrealized Depreciation | (11542393) |
| Other Temporary Differences | (3) |
| Total Distributable Loss | $(12522780) |

---

For Federal income tax purposes, capital loss carryforwards may be carried forward indefinitely and applied against all future gains. Losses carried forward are as follows:

---

| | | |
|:---|:---|:---|
| **Short-Term Loss** | **Long-Term Loss** | **Total** |
| $7502 | $979073 | $986575 |

---

The Community Development Fund June 30, 2025

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at June 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Federal<br> Tax<br> Cost** | **Aggregate<br> Gross<br> Unrealized<br> Appreciation** | **Aggregate<br> Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Depreciation** |
| $310901922 | $2059015 | $(9414747) | $(7355732) |

---

&nbsp;&nbsp;&nbsp;&nbsp;8. Concentration of Risks

As with investing in all mutual funds, investing in the Fund involves risk, and there is no guarantee that the Fund will achieve the Fund's investment goals. An investor could lose money on its investment in the Fund, just as it could with other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value and ability to meet the Fund's investment objective:

*Interest Rate Risk* — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government Securities, in which the Fund invests. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund.

*Mortgage-Backed Securities Risk* — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described above, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund's actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund's expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

*CRA-Qualified Investments Risk* — The Adviser believes that shares of the Fund will be deemed qualified investments under the CRA and will cause financial institutions to receive CRA credit with respect to shares of the Fund owned by them; however, there is no guarantee that an investor will receive CRA credit for an investment in the Fund. The Fund's goals of holding debt securities and other debt instruments that will allow shares of the Fund to be deemed qualified under the CRA will cause the Adviser (or the Fund's sub-adviser, MetLife Investment Management, LLC (the "Sub-Adviser")) to take this factor into account in determining which debt securities or other debt instruments the Fund will purchase and sell. Accordingly, portfolio decisions will not be exclusively based on the investment characteristics of the securities or instruments, which may or may not have an adverse effect on the Fund's investment performance. For example, the Fund may hold short-term investments that produce relatively low yields pending the selection of longer-term investments believed to be CRA-qualified. Also, CRA-qualified investments in geographic areas sought by the Fund may not provide as favorable return as CRA-qualified investments in other geographic areas. In addition, the Fund may sell investments for CRA purposes at times when such sales may not be desirable for investment purposes. Such sales could occur, for example, if a financial institution redeems its shares of the Fund, or if investments that have been explicitly earmarked for CRA-qualifying and similar purposes to specific financial institution shareholders are ultimately determined not to be, or to have ceased to be, CRA-qualifying.

The Community Development Fund June 30, 2025

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

*Regional Focus Risk* — To the extent that it focuses its investments in a particular geographic region for CRA accreditation purposes, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and states or municipalities within that region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

*U.S. Government Securities Risk* — Although U.S. Government Securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency's own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

*Derivatives Risk* — The Fund's use of derivatives is subject to market risk, leverage risk, correlation risk, credit risk, valuation risk and liquidity risk. Credit risk, liquidity risk and market risk are described above. Leverage risk is described below. Many over-the-counter ("OTC") derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund's initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and implemented regulations governing derivatives markets, the ultimate impact of which remains unclear.

The Community Development Fund June 30, 2025

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

*Prepayment Risk* — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

*Asset-Backed Securities Risk* — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

*Investment Style Risk* - The risk that U.S. fixed income securities may underperform other segments of the fixed income markets or the fixed income markets as a whole.

*Market Risk* — The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. In response to these events, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

*Credit Risk* — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

The Community Development Fund June 30, 2025

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

*Extension Risk* — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security's value.

*Liquidity Risk* — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

*SOFR Risk* — Public and private sector actors have worked to establish alternative reference rates, like the Secured Overnight Financing Rate ("SOFR"), to be used in place of the London Interbank Offered Rate ("LIBOR"), the publication of which has ceased. Certain floating or variable rate obligations or investments of the Fund may reference SOFR. SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR differs fundamentally from LIBOR. LIBOR was intended to be an unsecured rate that represented interbank funding costs for different short-term maturities or tenors. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates during certain periods. SOFR has a limited history. There is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. The future performance of SOFR, and SOFR-based reference rates, is not known based on SOFR's history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

*Leverage Risk* — The Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and the Fund's investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of leverage may result in a heightened risk of investment loss.

*Repurchase Agreement Risk* — Although repurchase agreement transactions must be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund's recovery of collateral.

*Convertible Securities Risk* — Convertible securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks.

*Corporate Fixed Income Securities Risk* — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

The Community Development Fund June 30, 2025

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Continued)

*Exchange-Traded Funds Risk* — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF's expenses.

&nbsp;&nbsp;&nbsp;&nbsp;9. Indemnifications

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

&nbsp;&nbsp;&nbsp;&nbsp;10. Underlying Investments In Other
 Investment Companies

The Fund currently invests a portion of its assets in the Fidelity Institutional Government Portfolio, Class I (the "Fidelity Fund"). The Fidelity Fund invests at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements that are collateralized fully. The investment objective of the Fidelity Fund is current income with liquidity and stability of principal. The Fund may redeem its investment from the Fidelity Fund at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so.

The performance of the Fund may be directly affected by the performance of the Fidelity Fund. The financial statements of the Fidelity Fund, including the portfolio of investments, can be found at the Security and Exchange Commission's website www.sec.gov and should be read in conjunction with the Fund's financial statements. As of June 30, 2025, the percentage of the Funds' net assets invested in the Fidelity Fund was 0.0%.

&nbsp;&nbsp;&nbsp;&nbsp;11. Concentration of Shareholders

At June 30, 2025, 15% of total shares outstanding were held by 1 record shareholder owning 10% or greater of the aggregate total shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;12. Recent Accounting Pronouncement

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Fund's Adviser acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio managers. The financial information in the form of the Fund's schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

The Community Development Fund June 30, 2025

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (Concluded)

&nbsp;&nbsp;&nbsp;&nbsp;13. Subsequent Events

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financials were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements.

The Community Development Fund June 30, 2025 (Unaudited)

OTHER INFORMATION (FORM N-CSRS ITEMS 8-11)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not Applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

The proxy-voting results are as follows for the June 2, 2023 Community Development Fund Special Shareholder Meeting Shareholder Meeting to elect each of the following four individuals to serve on the Fund's Board of Trustees: Caroline Eisner, Esq., Ronald Lindhart, Rodger D. Shay, Jr. and Kenneth H. Thomas, Ph.D.:

---

| | |
|:---|:---|
| 33⅓% | Total percentage of votes necessary to achieve quorum |
| 39% | Total percentage of actual votes |
| 100% | Percentage of votes in favor |
| 0% | Percentage of votes against |
| 0% | Percentage of votes abstained |

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**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End **Management Investment Companies.**

Included within the Statement(s) of Operations of the financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Fund's advisory and sub-advisory agreements (the "Agreements") must be renewed at least annually after their initial two-year term: (i) by the vote of the Board of Trustees (the "Board" or the "Trustees") of The Community Development Fund (the "Trust") or by a vote of a majority of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on November 26, 2024 to decide whether to renew the Agreements for additional one-year terms (the "November Meeting"). The November Meeting was held via videoconference in reliance on relief provided in orders issued by the Securities and Exchange Commission on March 13, 2020, March 25, 2020 and June 19, 2020 from 1940 Act sections and rules requiring that certain votes of a company's board of trustees be cast in person due to circumstances related to the current or potential effects of the COVID-19 pandemic. In preparation for the November Meeting, the Trustees requested that the Adviser and the Sub-Adviser furnish information necessary to evaluate the terms of the Agreements. Prior to the November Meeting, the Independent Trustees of the Fund reviewed the information provided. The Trustees used this information, as well as other information that the Adviser, the Sub-Adviser and other service providers of the Fund presented or submitted to the Board at the November Meeting and other meetings held during the prior year, to help them decide whether to renew the Agreements for an additional year.

The Community Development Fund June 30, 2025 (Unaudited)

OTHER INFORMATION (FORM N-CSRS ITEMS 8-11)

Specifically, the Board requested and received written materials from the Adviser, the Sub-Adviser and other service providers of the Fund regarding: (i) the nature, extent and quality of the Adviser's and the Sub-Adviser's services; (ii) the Adviser's and the Sub-Adviser's investment management personnel; (iii) the Adviser's and the Sub-Adviser's operations and financial condition; (iv) the Adviser's and the Sub-Adviser's brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the advisory fees paid to the Adviser and the Sub-Adviser and the Fund's overall fees and operating expenses compared with a peer group of mutual funds; (vi) the level of the Adviser's and the Sub-Adviser's profitability from their relationships with the Fund, including both direct and indirect benefits accruing to the Adviser, the Sub-Adviser and their affiliates; (vii) the Adviser's and the Sub-Adviser's potential economies of scale; (viii) the Adviser's and the Sub-Adviser's compliance programs, including a description of material compliance matters and material compliance violations; (ix) the Adviser's and the Sub-Adviser's policies on and compliance procedures for personal securities transactions; and (x) the Fund's performance compared with a peer group of mutual funds and the Fund's benchmark index.

Representatives from the Adviser and the Sub-Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the November Meeting to help the Trustees evaluate the Adviser's and the Sub-Adviser's services, fees and other aspects of the Agreements. The Independent Trustees met in executive session outside the presence of the Adviser and the Sub-Adviser.

At the November Meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser, the Sub-Adviser and other service providers of the Fund, renewed the Agreements. In considering the renewal of the Agreements, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser; (ii) the investment performance of the Fund, the Adviser and the Sub-Adviser; (iii) the costs of the services provided and profits realized by the Adviser and the Sub-Adviser from their relationships with the Fund, including both direct and indirect benefits accruing to the Adviser, the Sub-Adviser and their affiliates; (iv) the extent to which economies of scale are being realized by the Adviser and the Sub-Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

The Community Development Fund June 30, 2025 (Unaudited)

OTHER INFORMATION (FORM N-CSRS ITEMS 8-11)

**Nature, Extent and Quality of Services Provided by the Adviser and the Sub-Adviser**

In considering the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser, the Board reviewed the portfolio management services provided by the Adviser and the Sub-Adviser to the Fund, including the quality and continuity of the Adviser's and the Sub-Adviser's portfolio management personnel, the resources of the Adviser and the Sub-Adviser, and the Adviser's and the Sub-Adviser's compliance histories and compliance programs. The Trustees reviewed the terms of the Agreements. The Trustees also reviewed the Adviser's and the Sub-Adviser's investment and risk management approaches for the Fund. The Trustees considered that the Adviser supervises and monitors the performance of the Sub-Adviser. The most recent investment adviser registration forms ("Form ADV") for the Adviser and the Sub-Adviser were available to the Board, as were the responses of the Adviser and the Sub-Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser and the Sub-Adviser to the Fund.

The Trustees also considered other services provided to the Fund by the Adviser and the Sub-Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund's investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Fund by the Adviser and the Sub-Adviser were sufficient to support renewal of the Agreements.

**Investment Performance of the Fund, the Adviser and the Sub-Adviser**

The Board was provided with regular reports regarding the Fund's performance over various time periods. The Trustees also reviewed reports prepared by both the Sub-Adviser and Broadridge comparing the Fund's performance to its benchmark index and a peer group of mutual funds over various periods of time. Dr. Thomas, the managing member of the Adviser, and representatives from the Sub-Adviser provided information regarding and led discussions of factors impacting the performance of the Fund, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Fund's performance was satisfactory, or, where the Fund's performance was materially below its benchmark and/or peer group, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser and the Sub-Adviser in an effort to improve the performance of the Fund. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser and the Sub-Adviser had been able to achieve for the Fund were sufficient to support renewal of the Agreements.

The Community Development Fund June 30, 2025 (Unaudited)

OTHER INFORMATION (FORM N-CSRS ITEMS 8-11)

**Costs of Advisory Services, Profitability and Economies of Scale**

In considering the advisory fee payable by the Fund to the Adviser, as well as the fee payable by the Adviser to the Sub-Adviser, the Trustees reviewed, among other things, a report of the advisory fees paid to the Adviser and the Sub-Adviser. The Trustees also reviewed a report prepared by Broadridge comparing the Fund's expense ratio and advisory fees to those paid by a peer group of mutual funds. The Trustees also considered that the Adviser, not the Fund, paid the Sub-Adviser pursuant to the sub-advisory agreement and that the fee payable to the Sub-Adviser reflected an arms-length negotiation between the Adviser and the Sub-Adviser. The Trustees evaluated both the fee under the sub-advisory agreement and the portion of the fee under the advisory agreement retained by the Adviser. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Adviser and the Sub-Adviser.

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser and the Sub-Adviser from their relationships with the Fund, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and the Sub-Adviser and their affiliates. The Trustees considered how the Adviser's and the Sub-Adviser's profitability was affected by factors such as their organizational structures and methods for allocating expenses. The Trustees concluded that the profit margins of the Adviser and the Sub-Adviser with respect to the management of the Fund were not unreasonable. The Board also considered the Adviser's and the Sub-Adviser's commitment to managing the Fund and the Adviser's willingness to continue its expense limitation and fee waiver arrangement with the Fund.

The Trustees considered the Adviser's and the Sub-Adviser's views relating to economies of scale in connection with the Fund as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Fund and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Fund's shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fees were reasonable in light of the information that was provided to the Trustees by the Adviser and the Sub-Adviser with respect to economies of scale.

The Community Development Fund June 30, 2025 (Unaudited)

OTHER INFORMATION (FORM N-CSRS ITEMS 8-11)

**Renewal of the Agreements**

Based on the Board's deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel, unanimously concluded that the terms of the Agreements, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreements for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

[This page is intentionally left blank.]

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FUND INFORMATION

---

| | |
|:---|:---|
| ***Investment Adviser*** | Community Development Fund Advisors, LLC<br> 6255 Chapman Field Drive <br> Miami, Florida 33156 |
| ***Distributor*** | Foreside Fund Services, LLC <br> Three Canal Plaza, Suite 100 <br> Portland, ME 04101 |
| ***Administrator*** | SEI Investments Global Funds Services <br> One Freedom Valley Drive<br> Oaks, PA 19456 |
| ***Legal Counsel*** | Morgan, Lewis & Bockius LLP <br> 2222 Market Street<br> Philadelphia, PA 19103 |
| ***Custodian*** | UMB Bank, N.A.<br> 1010 Grand Avenue<br> Kansas City, Missouri 64106 |
| ***Transfer Agent*** | UMB Fund Services, Inc.<br> 235 West Galena Street <br> Milwaukee, WI 53212 |
| ***Independent Registered<br> Public Accounting Firm*** | Tait, Weller & Baker LLP <br> Two Liberty Place<br> 50 South 16th Street, Suite 2900<br> Philadelphia, PA 19102 |

---

![](image_020.jpg)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included under Item 7.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.**

Not applicable to open-end management investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR § 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable for semi-annual report.

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](fp0095134-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](fp0095134-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | The Community Development Fund |
| By (Signature and Title) | /s/ Kenneth H. Thomas, Ph.D. |
|  | Kenneth H. Thomas, Ph.D. |
|  | Principal Executive Officer |

---

Date: September 4, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  | /s/ Kenneth H. Thomas, Ph.D. |
| By (Signature and Title) | Kenneth H. Thomas, Ph.D. |
|  | Principal Executive Officer |

---

Date: September 4, 2025

---

| | |
|:---|:---|
|  | /s/ Andrew Metzger |
| By (Signature and Title) | Andrew Metzger |
|  | Principal Financial Officer |

---

Date: September 4, 2025

## Ex-99.Cert

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Kenneth H. Thomas, certify that:

1. I have reviewed this report on Form N-CSRS of the Community Development Fund (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Registrant's internal control over financial reporting.

Date: September 4, 2025

---

| |
|:---|
| /s/ Kenneth H. Thomas |
| Kenneth H. Thomas |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Andrew Metzger, certify that:

1. I have reviewed this report on Form N-CSRS of the Community Development Fund (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Registrant's internal control over financial reporting.

Date: September 4, 2025

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Kenneth H. Thomas, the Principal Executive Officer of the Community Development Fund (the "Fund"), with respect to the Fund's Form N-CSRS for the period ended June 30, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSRS fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSRS fairly presents, in all material respects,
the financial condition and results of operations of the Fund.

Dated: September 4, 2025

---

| |
|:---|
| /s/ Kenneth H. Thomas |
| Kenneth H. Thomas |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Andrew Metzger, the Principal Financial Officer of the Community Development Fund (the "Fund"), with respect to the Fund's Form N-CSRS for the period ended June 30, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSRS fully complies with the requirements of Section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSRS fairly presents, in all material respects,
the financial condition and results of operations of the Fund.

Dated: September 4, 2025

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---