Lee Calfo

Lee Calfo

Lee Calfo

President & CEO

Lee A. Calfo is the Chief Executive Officer of the Adviser and has served as President of the Fund since 2019.

He is also the Chief Executive Officer of Alden Investment Group, which consists of a broker dealer, Alden Securities, and Alden Capital Management, an asset management firm and a founder and President of Bluestone Capital Management.

Prior to founding Bluestone, Mr. Calfo served as a portfolio manager at Boenning & Scattergood, Inc. Prior to that he was Director of Research at Cohen & Company Securities, LLC and was a research analyst at several firms since 2000. Mr. Calfo earned a Bachelor of Science in finance at Penn State University and holds the series 7, 24, 63, 65, 79, 86 and 87 securities licenses.

An investor should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. This and other important information about the investment company can be found in the Fund’s prospectus. To obtain a prospectus call (855) 386-3504 or click here.

The Fund’s name changed from “The 504 Fund” to “Bluestone Community Development Fund” effective May 1st, 2019.


The Bluestone Community Development Fund is distributed by Foreside Fund Services, LLC which is not affiliated with Bluestone Capital Partners or any affiliate.

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