Equalize Community Development Fund
SCHEDULE OF INVESTMENTS
March 31, 2023 (Unaudited)
Description, State(a),
Acquisition Date | | Stated
Interest Rate | | Effective
Interest Rate | | | Maturity | | Cost | | | Principal | | | Fair Value | |
| 504 First Lien Loans(b) — 88.85% | | | | | | | | | | | | | | |
| Hospitality Properties — 20.36% | | | | | | | | | | | | | | | | | | | |
537 Maple Hotel LLC, New
Jersey, 10/15/2021 | | 5 Year U.S. Treasury + 4.500%
(6.000% Floor) | | 6.000 | % | | 10/1/2031 | | $ | 2,085,001 | | | $ | 1,992,788 | | | $ | 1,918,517 | |
McDonough Hospitality
Plaza, LLC, Georgia,
12/1/2016 | | 6.500%
(6.500% Fixed) | | 5.250 | %(c) | | 9/5/2024 | | | 4,501,505 | | | | 4,500,000 | | | | 4,498,965 | |
Moses Lake Investors, LLC,
Washington, 9/18/2014(d) | | Prime + 2.250%
(5.500% Floor) | | 9.750 | % | | 10/1/2039 | | | 883,364 | | | | 854,173 | | | | 853,242 | |
U.S. Retail Ventures LLC,
Texas, 7/30/2021 | | Prime + 2.000%
(6.000% Floor) | | 9.500 | % | | 12/27/2038 | | | 2,375,539 | | | | 2,370,548 | | | | 2,264,608 | |
| Total Hospitality Properties | | | | | | | | | | | | | | | | | | 9,535,332 | |
| Multi-Purpose Properties — 68.49% | | | | | | | | | | | | | | | | | |
413 East 53rd Street, LLC,
New York, 2/4/2014 | | 3 Year Libor + 4.170%
(4.950% Floor) | | 7.845 | % | | 2/1/2044 | | | 1,526,483 | | | | 1,504,193 | | | | 1,530,140 | |
5205 Orange LLC, Florida,
6/23/2022 | | 5 Year U.S. Treasury + 4.500%
(5.880% Floor) | | 5.880 | % | | 6/1/2031 | | | 1,490,573 | | | | 1,432,592 | | | | 1,444,784 | |
7410-7428 Bellaire, LLC,
California, 8/22/2014 | | 5 Year Libor + 4.000%
(5.780% Floor) | | 5.780 | % | | 9/15/2039 | | | 2,037,128 | | | | 1,973,692 | | | | 1,812,066 | |
Acworth Recycling, LLC,
Georgia, 1/14/2021 | | 6.750%
(6.750% Fixed) | | 6.750 | % | | 12/15/2029 | | | 303,463 | | | | 288,339 | | | | 275,344 | |
Budva Properties, LLC,
Arizona, 8/6/2021 | | 5 Year Swap +
5.000%
(6.250% Floor) | | 6.250 | % | | 7/1/2046 | | | 1,294,375 | | | | 1,235,289 | | | | 1,182,184 | |
Ceeport Group LLC, Florida,
6/10/2021 | | 6.500%
(6.500% Fixed) | | 6.500 | % | | 3/19/2030 | | | 561,303 | | | | 539,260 | | | | 432,142 | |
Cookson Holdings LLC,
Lloyd's Hardware LLC,
Wisconsin, 6/28/2022 | | 5 Year U.S. Treasury + 5.000%
(6.500% Floor) | | 6.560 | % | | 4/1/2032 | | | 958,337 | | | | 910,415 | | | | 932,147 | |
Dorris Fitness, LLC, Georgia,
6/3/2021 | | 6.750%
(6.750% Fixed) | | 6.750 | % | | 1/28/2030 | | | 549,870 | | | | 524,112 | | | | 487,503 | |
Duane Auto Sale LLC,
California, 5/14/2021 | | 5 Year Swap +
5.000%
(6.250% Floor) | | 6.250 | % | | 5/1/2046 | | | 707,522 | | | | 671,929 | | | | 652,275 | |
Fred Hairabidian, California,
5/3/2022 | | 5 Year Swap +
4.750%
(5.850% Floor) | | 5.850 | % | | 9/1/2046 | | | 529,686 | | | | 500,762 | | | | 521,304 | |
Grigorian Investments, LLC,
California, 9/2/2014 | | 5 Year Libor + 4.500%
(6.330% Floor) | | 6.330 | % | | 9/15/2039 | | | 494,896 | | | | 480,768 | | | | 471,369 | |
Equalize Community Development Fund
SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2023 (Unaudited)
Description, State(a),
Acquisition Date (continued) | | Stated
Interest Rate | | Effective
Interest Rate | | | Maturity | | Cost | | | Principal | | | Fair Value | |
| Multi-Purpose Properties (continued) | |
Jereme Lee James,
California, 4/7/2021 | | 5 Year Swap +
5.000%
(6.500% Floor) | | 6.500 | % | | 2/1/2046 | | $ | 222,872 | | | $ | 209,415 | | | $ | 204,282 | |
JPEG, Inc., Florida,
12/11/2020 | | 5 Year Prime +
0.500%
(6.500% Floor) | | 6.500 | % | | 8/1/2030 | | | 160,840 | | | | 151,925 | | | | 144,666 | |
KES, Inc., Georgia,
12/9/2020 | | 6.750%
(6.750% Fixed) | | 6.750 | % | | 12/2/2029 | | | 469,938 | | | | 449,648 | | | | 437,471 | |
Kiva Holdings and Kiran
Fitness LLC, South
Carolina, 6/17/2021 | | 6.750%
(6.750% Fixed) | | 6.750 | % | | 2/21/2030 | | | 794,840 | | | | 759,304 | | | | 721,923 | |
Limitless Sun LLC, California,
3/7/2022 | | 5 Year Constant
Maturity Treasury + 4.450%
(5.950% Floor) | | 5.950 | % | | 2/1/2047 | | | 694,062 | | | | 656,595 | | | | 653,502 | |
Mary Deno, California,
3/29/2022 | | 30 Day Libor +
5.800%
(6.800% Floor) | | 6.800 | % | | 1/1/2032 | | | 1,038,481 | | | | 989,495 | | | | 1,000,241 | |
Nexelm LLC, California,
5/4/2022 | | 5 Year Constant
Maturity Treasury + 4.450%
(5.950% Floor) | | 5.950 | % | | 1/1/2047 | | | 501,445 | | | | 473,913 | | | | 492,557 | |
Nicholas Holdings, LLC,
Georiga, 11/8/2022 | | Prime + 0.500%
(5.500% Floor) | | 5.500 | % | | 10/22/2031 | | | 2,778,844 | | | | 2,669,352 | | | | 2,449,424 | |
Nowlin Properties LLC,
California, 3/16/2022 | | 5 Year Constant
Maturity Treasury + 4.000%
(5.780% Floor) | | 5.780 | % | | 3/1/2047 | | | 1,175,610 | | | | 1,125,630 | | | | 1,177,499 | |
Oaks at Pooler, LLC, Georgia,
6/30/2021 | | 5 Year U.S. Treasury + 5.250%
(6.250% Floor) | | 6.250 | % | | 4/1/2031 | | | 5,572,480 | | | | 5,383,169 | | | | 5,157,614 | |
Pinar Truck Inc., Florida,
8/23/2021 | | 5 Year Prime +
0.500%
(5.500% Floor) | | 6.000 | % | | 4/23/2031 | | | 679,704 | | | | 658,920 | | | | 618,673 | |
Royal Foods Mendota, LLC,
California, 5/6/2022 | | 5 Year Constant
Maturity Treasury + 4.290%
(6.000% Floor) | | 6.000 | % | | 4/1/2047 | | | 851,050 | | | | 806,719 | | | | 819,804 | |
Sanchez Rodrigues, LLC,
California, 11/03/2021 | | 5 Year Swap +
5.000%
(5.850% Floor) | | 5.850 | % | | 9/1/2046 | | | 1,404,582 | | | | 1,335,172 | | | | 1,239,120 | |
Equalize Community Development Fund
SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2023 (Unaudited)
Description, State(a),
Acquisition Date (continued) | | Stated
Interest Rate | | Effective
Interest Rate | | | Maturity | | Cost | | | Principal | | | Fair Value | |
| Multi-Purpose Properties (continued) | |
Seabright Pacific LLC,
California, 2/14/2022 | | 5 Year Constant
Maturity Treasury + 4.250%
(5.750% Floor) | | 5.750 | % | | 1/1/2047 | | $ | 1,318,601 | | | $ | 1,252,807 | | | $ | 1,232,574 | |
SGLP Enterprises, LLC,
Smokin' Guns BBQ &
Catering, Inc., Missouri,
3/18/2016 | | 1 Month Libor
+ 4.500% | | 9.170 | % | | 9/12/2023 | | | 451,552 | | | | 450,736 | | | | 461,319 | |
Shiv Shakti Investments, LLC,
Georgia, 6/20/2017 | | 6.500%
(6.500% Fixed) | | 5.250 | %(c) | | 12/15/2024 | | | 1,750,970 | | | | 1,750,000 | | | | 1,735,090 | |
Stanley Avenue Realty, LLC,
New York, 9/17/2014 | | 4 Year Libor + 3.720%
(5.370% Floor) | | 6.700 | %(c) | | 9/15/2044 | | | 1,693,925 | | | | 1,693,870 | | | | 1,681,386 | |
STMX Partners, LLC,
Georgia, 12/16/2020 | | 5 Year Prime +
0.500%
(6.000% Floor) | | 6.000 | % | | 10/15/2030 | | | 514,223 | | | | 491,497 | | | | 462,312 | |
The DiNatale Firm, LLC,
Georgia, 12/10/2021 | | 5 Year Prime +
0.500%
(5.500% Floor) | | 5.500 | % | | 8/16/2031 | | | 613,990 | | | | 588,966 | | | | 556,531 | |
Uncle Pops LLC, California,
4/23/2021 | | 5 Year Swap +
5.000%
(6.180% Floor) | | 6.180 | % | | 3/1/2046 | | | 698,494 | | | | 663,368 | | | | 641,808 | |
Watson Osburn Property,
LLC, Idaho, 2/9/2015 | | Prime + 2.750%
(5.700% Floor) | | 10.250 | % | | 6/1/2040 | | | 456,383 | | | | 437,527 | | | | 452,258 | |
| Total Multi-Purpose Properties | | | | | | | | | | | | | | | | | | 32,081,312 | |
| Total 504 First Lien Loans (identified cost of $44,141,931) | | | | | | | | | | | | | $ | 41,616,644 | |
| USDA Rural Development Loans(b) — 19.46% | | | | | | | | | | | | | | | | | |
| USDA Guaranteed — 10.33% | | | | | | | | | | | | | | | | | | | |
Bonumose, Inc., Virginia,
11/8/2022(d) | | 7.700%
(7.700% Fixed) | | 7.700 | % | | 11/7/2028 | | | 651,699 | | | | 607,500 | | | | 654,502 | |
Clarke Avenue Realty LLC, Delaware, 4/8/2022(d) | | 5 Year Constant
Maturity Treasury + 3.000% (5.340% Floor) | | 4.340 | %(c) | | 4/1/2048 | | | 3,316,055 | | | | 3,072,734 | | | | 3,131,977 | |
Roebuck Fire District, South
Carolina, 2/25/2022(d) | | 20 Year U.S. Treasury + 2.500%
(4.410% Floor) | | 3.410 | %(c) | | 5/6/2041 | | | 1,143,445 | | | | 1,125,772 | | | | 1,054,297 | |
| Total USDA Guaranteed | | | | | | | | | | | | | | | | | | 4,840,776 | |
| USDA Non-Guaranteed — 9.13% | | | | | | | | | | | | | | | | | | | |
Bonumose, Inc., Virginia,
11/8/2022(d) | | 8.700%
(8.700% Fixed) | | 8.700 | % | | 11/7/2028 | | | 394,871 | | | | 392,500 | | | | 396,127 | |
Equalize Community Development Fund
SCHEDULE OF INVESTMENTS (CONTINUED)
March 31, 2023 (Unaudited)
Description, State,
Acquisition Date (continued) | | Stated
Interest Rate | | Effective
Interest Rate | | | Maturity | | Cost | | | Principal | | | Fair Value | |
| USDA Non-Guaranteed (continued) | |
Clarke Avenue Realty LLC,
Delaware, 4/4/2022(d) | | 5 Year Constant
Maturity Treasury + 3.000%
(5.340% Floor) | | 5.340 | % | | 4/1/2048 | | $ | 3,076,765 | | | $ | 3,072,734 | | | $ | 2,963,806 | |
Progressive Medical
Management of
Batesville, Inc.,
Mississippi, 12/15/2022(d) | | 7.161%
(7.161% Fixed) | | 7.161 | % | | 12/15/2036 | | | 755,450 | | | | 750,000 | | | | 751,912 | |
Roebuck Fire District, South
Carolina, 1/26/2022(d) | | 20 Year U.S. Treasury + 2.500%
(4.410% Floor) | | 4.410 | %(c) | | 5/6/2041 | | | 178,870 | | | | 175,902 | | | | 163,462 | |
| Total USDA Non-Guaranteed | | | | | | | | | | | | | | | | | | 4,275,307 | |
| Total USDA Rural Development Loans (identified cost of $9,517,155) | | | | | | | | | | | | | $ | 9,116,083 | |
| | | Shares | | | Fair Value | |
| Short-Term Investments — 5.32% | | | | | | |
| Morgan Stanley Liquidity Fund - Institutional Class, 4.648%(e) | | | 2,492,391 | | | $ | 2,490,891 | |
| Total Short-Term Investments (Cost $2,490,891) | | | | | | | 2,490,891 | |
| | | | | | | | | |
| Total Investments* — 113.63% Cost ($56,149,977) | | | | | | | 53,223,618 | |
| Liabilities in Excess of Other Assets — (13.63)% | | | | | | | (6,383,775 | ) |
| TOTAL NET ASSETS — 100.00% | | | | | | $ | 46,839,843 | |
| (a) | The states listed correspond to the location of the underlying collateral of the Community Development Loan, which may differ from the location of the borrower. |
| | |
| (b) | Community Development Loans are restricted as to resale. The cost and fair value as of March 31, 2023 was $53,659,086 and $50,732,727, respectively. Fair value is determined using significant unobservable inputs. |
| | |
| (c) | The effective rate is net of a sub-servicing fee collected on the Community Development Loan by the selling agent. As a result, the effective rate may be less than the Community Development Loan floor rate. |
| | |
| (d) | Represents an investment in the Community Development Loan through a participation agreement with a financial institution. A participation agreement typically results in a contractual relationship only with a financial institution, not with the borrower. |
| | |
| (e) | The rate shown is the annualized 7-day yield as of March 31, 2023. |
| | |
| * | All investments and other assets are pledged as collateral on the credit facility. |
