# EDGAR Filing Document

**Accession Number:** 0001649227
**File Stem:** 0002048251-26-002349
**Filing Date:** 2026-3
**Character Count:** 24659
**Document Hash:** 6fb9c2ed981affd93a28ee0ca846f467
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-002349.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0002048251-26-002349

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**EFFECTIVENESS DATE**: 20260316

**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-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23080
- **FILM NUMBER:** 26756244

**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           |

## Internal

```

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees
The Community Development Fund

In planning and performing our audit of the
financial statements of The Community Development
Fund as of and for the year ended December 31, 2025,
in accordance with the standards of the Public
Company Accounting Oversight Board (United States),
we considered its internal control over financial
reporting, including control activities for
safeguarding securities, as a basis for designing
our auditing procedures for the purpose of
expressing our opinion on the financial statements
and to comply with the requirements of Form N-CEN,
but not for the purpose of expressing an opinion on
the effectiveness of the Trust's internal control
over financial reporting. Accordingly, we express no
such opinion.

The management of the Trust is responsible for
establishing and maintaining effective internal
control over financial reporting.  In fulfilling
this responsibility, estimates and judgments by
management are required to assess the expected
benefits and related costs of controls.   A
company's internal control over financial reporting
is a process designed to provide reasonable
assurance regarding the reliability of financial
reporting and the preparation of financial
statements for external purposes in accordance with
accounting principles generally accepted in the
United States of America.   Such internal control
includes policies and procedures that provide
reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or
disposition of a company's assets that could have a
material effect on the financial statements.

Because of inherent limitations, internal control
over financial reporting may not prevent or detect
misstatements.  Also, projections of any evaluation
of effectiveness to future periods are subject to
the risk that controls may become inadequate because
of changes in conditions, or that the degree of
compliance with the policies or procedures may
deteriorate.

A control deficiency exists when the design or
operation of a control does not allow management or
employees, in the normal course of performing their
assigned functions, to prevent or detect
misstatements on a timely basis.  A significant
deficiency is a control deficiency, or combination
of control deficiencies, that adversely affects the
company's ability to initiate, authorize, record,
process or report financial data reliably in
accordance with accounting principles generally
accepted in the United States of America such that
there is more than a remote likelihood that a
misstatement of the company's annual or interim
financial statements that is more than
inconsequential will not be prevented or detected. A
material weakness is a significant deficiency, or
combination of significant deficiencies, that
results in more than a remote likelihood that a
material misstatement of the annual or interim
financial statements will not be prevented or
detected.

Our consideration of the Trust's internal control
over financial reporting was for the limited purpose
described in the first paragraph and would not
necessarily disclose all deficiencies in internal
control that might be significant deficiencies or
material weaknesses under standards established by
the Public Company Accounting Oversight Board
(United States).  However, we noted no deficiencies
in the Trust's internal control over financial
reporting and its operation, including controls for
safeguarding securities, which we consider to be
material weaknesses, as defined above, as of
December 31, 2025.

This report is intended solely for the information
and use of management, Shareholders and Board of
Trustees of the Trust and the Securities and
Exchange Commission, and is not intended to be and
should not be used by anyone other than these
specified parties.

/s/ TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
February 24, 2026

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001649227

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Community Development Fund

- **Item B.1.b - Investment Company Act file number:** 811-23080

- **Item B.1.c - CIK:** 0001649227

- **Item B.1.d - LEI:** 549300CXF3UPFLVE4L42

- **Item B.2.a - Street 1:** 6255 CHAPMAN FIELD DRIVE

- **Item B.2.b - City:** MIAMI

- **Item B.2.c - State:** FL

- **Item B.2.e - Zip Code:** 33156

- **Item B.2.f - Telephone:** 305-663-0100

- **Item B.2.g - Public Website:** http://communitydevelopmentfund.com/

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** SEI INVESTMENTS FUND MANAGEMENT

- **b. Street 1:** 1 Freedom Valley Drive

- **c. City:** OAKS

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 19456

- **g. Telephone number:** 610-676-1000

- **h. Briefly describe the books and records kept at this location:** Records as Administator for Trust

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** UMB Bank, N.A.

- **b. Street 1:** 1010 Grand Avenue

- **c. City:** Kansas City

- **d. State, if applicable:** MI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 64106

- **g. Telephone number:** 816-860-7930

- **h. Briefly describe the books and records kept at this location:** Records as Custodian for Trust

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Community Development Fund Advisors, LLC

- **b. Street 1:** 6255 Chapman Field Drive

- **c. City:** Miami

- **d. State, if applicable:** FL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 33156

- **g. Telephone number:** 305-663-0100

- **h. Briefly describe the books and records kept at this location:** Records as Investment Advisor for Trust

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** MetLife Investment Management, LLC

- **b. Street 1:** One Metlife Way

- **c. City:** Whippany

- **d. State, if applicable:** NJ

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 07981

- **g. Telephone number:** 973-355-4000

- **h. Briefly describe the books and records kept at this location:** Records as Sub-Advisor for Trust

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** UMB Fund Services, Inc.

- **b. Street 1:** 235 West Galena Street

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53212

- **g. Telephone number:** 888-844-3350

- **h. Briefly describe the books and records kept at this location:** Records as Transfer Agent for Trust

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** Foreside Fund Services, LLC

- **b. Street 1:** Three Canal Plaza

- **Street 2:** Suite 100

- **c. City:** Portland

- **d. State, if applicable:** ME

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 04101

- **g. Telephone number:** 207-553-7110

- **h. Briefly describe the books and records kept at this location:** Records as Distributor for Trust

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 1

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name               | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Isabel Lacambra    | No                      | N/A                                     |
| Kenneth H. Thomas  | Yes                     | N/A                                     |
| Rodger D. Shay Jr. | No                      | N/A                                     |
| Judith Keyes       | No                      | N/A                                     |
| Alfio Leone        | No                      | N/A                                     |
| Gregory A. Thomas  | Yes                     | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Roger Papeo

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 685 3rd Ave

- **   Street Address 2:** Floor 31

- **d. City:** New York

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 10017

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-33817

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** FORESIDE FUND SERVICES LLC

- **ii. SEC file number:** 008-51293

- **iii. CRD number:** 000046106

- **iv. LEI, if any:** 254900I9MBNZITP8G247

- **v. State, if applicable:** ME

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** TAIT, WELLER & BAKER

- **b. PCAOB Number:** 445

- **c. LEI, if any:** N/A

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - THE COMMUNITY DEVELOPMENT FUND

**Item C.1. Background information.**

- **a. Full Name of the Fund:** THE COMMUNITY DEVELOPMENT FUND

- **b. Series identification number, if any:** S000051233

- **c. LEI:** 549300GYJMCCHY31QG05

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000161514                                | CDCDX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

- Rule 18f-4 (17 CFR 270.18f-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** Yes

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Community Development Fund Advisors, LLC

- **ii. SEC file number:** 801-106710

- **iii. CRD number:** 000281617

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** MetLife Investment Management, LLC

- **ii. SEC file number:** 801-67314

- **iii. CRD number:** 000142463

- **iv. LEI, if any:** EAUO72Q8FCR1S0XGYJ21

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** UMB Fund Services, Inc.

- **ii. SEC file number:** 084-05792

- **iii. LEI, if any:** 254900GFVO9NGQ21JC37

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Thomson Reuters Corporation

- **ii. LEI, if any, or provide and describe other identifying number:** 549300561UZND4C7B569

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Pricing Direct

- **ii. LEI, if any, or provide and describe other identifying number:** 549300WIC0TOJ7N7GD54

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg

- **ii. LEI, if any, or provide and describe other identifying number:** 254900BF4G8VMW8GG471

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB BANK, N.A.

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** UMB FUND SERVICES INC.

- **ii. LEI, if any:** 254900GFVO9NGQ21JC37

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** SEI INVESTMENTS GLOBAL FUNDS SERVICES

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** PA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** HSBC

- **ii. SEC file number:** 008-41562

- **iii. CRD number:** 000019585

- **iv. LEI, if any:** CYYGQCGNHMHPSMRL3R97

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,068.40

**Aggregate Commission:** $2,068.40

**Item C.17.a. Principal transaction counterparties.**

| Name                        | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| MIZUHO SECURITIES           | 008-37710         |    000019647 | 7TK5RJIZDFROZCA6XF66 | NY      | US        | $10,996,546.56            |
| PNC CAPITAL MARKETS         | 008-32493         |    000015647 | 7OGNSSLOQJ8U3B9Y5F18 | PA      | US        | $13,892,629.00            |
| WELLS FARGO                 | 008-65876         |    000126292 | VYVVCKR63DVZZN70PB21 | CA      | US        | $31,901,262.53            |
| GOLDMAN, SACHS & CO.        | 008-129           |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $47,403,880.49            |
| BARCLAY BANK PLC            | 008-41342         |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $11,918,856.67            |
| CITIGROUP                   | 008-08177         |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $10,397,961.56            |
| MORGAN STANLEY & CO, INC    | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $25,987,346.77            |
| STIFEL NICOLAUS & CO., INC. | 008-01447         |    000000793 | 5WUVMA08EYG4KEUPW589 | MO      | US        | $18,503,544.01            |
| J P MORGAN CHASE BANK       | 008-35008         |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $23,444,772.23            |
| BNP PARIBAS                 | 008-32682         |    000015794 | RCNB6OTYUAMMP879YW96 | NY      | US        | $11,361,968.13            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $254,516,968.45

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $295,642,888.80

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Community Development Fund

**Date:** 2026-03-16

**Signature:** Andrew Metzger

**Title:** Chief Financial Officer and Treasurer