# EDGAR Filing Document

**Accession Number:** 0001582138
**File Stem:** 0001193125-25-292366
**Filing Date:** 2025-11
**Character Count:** 27373
**Document Hash:** a63d91f56ca7277af87724aa9a96a6b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-292366.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001193125-25-292366

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Equalize Community Development Fund
- **CENTRAL INDEX KEY:** 0001582138

**ORGANIZATION NAME:**
- **EIN:** 464014640
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22875
- **FILM NUMBER:** 251509966

**BUSINESS ADDRESS:**
- **STREET 1:** 37 WEST AVENUE
- **STREET 2:** SUITE 301
- **CITY:** WAYNE
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 610-337-6500

**MAIL ADDRESS:**
- **STREET 1:** 37 WEST AVENUE
- **STREET 2:** SUITE 301
- **CITY:** WAYNE
- **STATE:** PA
- **ZIP:** 19087

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bluestone Community Development Fund
- **DATE OF NAME CHANGE:** 20190506

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 504 FUND
- **DATE OF NAME CHANGE:** 20141028

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PENNANT 504 FUND
- **DATE OF NAME CHANGE:** 20130723

## Nport-Ex

**Equalize Community Development Fund**

**SCHEDULE OF INVESTMENTS**

September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description, State<sup>(a),</sup>**<br> **Acquisition Date** | **Stated<br> Interest Rate** | **Effective<br> Interest Rate** | **Maturity** | **Maturity** | **Cost** | **Principal** | **Fair Value** |
| **Community Development Loans — 107.75%** | **Community Development Loans — 107.75%** | | | | | | |
| **504 First Lien Loans<sup>(b)</sup> — 93.26%** | **504 First Lien Loans<sup>(b)</sup> — 93.26%** | | | | | | |
| **Hospitality Properties — 9.16%** | **Hospitality Properties — 9.16%** | **Hospitality Properties — 9.16%** | **Hospitality Properties — 9.16%** |  |  |  |  |
| 537 Maple Hotel LLC, New Jersey, 10/15/2021  | 5 Year U.S. Treasury + 4.500% (6.000% Floor) | 6.000% |  | 10/1/2031 | $1988166 | $1921062 | $1941579 |
| Moses Lake Investors, LLC, Washington, 9/18/2014<sup>(c)</sup>  | Prime + 2.250% (5.500% Floor) | 9.750% |  | 10/1/2039 | 826542 | 801085 | 814335 |
| **Total Hospitality Properties** | **Total Hospitality Properties** | **Total Hospitality Properties** | **Total Hospitality Properties** |  |  |  | 2755914 |
| **Multi-Purpose Properties — 84.10%** | **Multi-Purpose Properties — 84.10%** | **Multi-Purpose Properties — 84.10%** | **Multi-Purpose Properties — 84.10%** |  |  |  |  |
| 5205 Orange LLC, Florida, 6/23/2022  | 5 Year U.S. Treasury + 4.500% (5.880% Floor) | 5.880% |  | 6/1/2031 | 1422186 | 1380727 | 1320679 |
| Acworth Recycling, LLC, Georgia, 1/14/2021  | 6.750% (6.750% Fixed) | 6.750% |  | 12/15/2029 | 288858 | 279026 | 270683 |
| Budva Properties, LLC, Arizona, 8/6/2021  | 5 Year Swap + 5.000% (6.250% Floor) | 6.250% |  | 7/1/2046 | 1226149 | 1173013 | 1190209 |
| Ceeport Group LLC, Florida, 6/10/2021  | 6.500% (6.500% Fixed) | 6.500% |  | 3/19/2030 | 534779 | 520182 | 467690 |
| 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 | 905352 | 869828 | 893835 |
| Dorris Fitness, LLC, Georgia, 6/3/2021  | 6.750% (6.750% Fixed) | 6.750% |  | 1/28/2030 | 510453 | 493958 | 459638 |
| Duane Auto Sale LLC, California, 5/14/2021  | 5 Year Swap + 5.000% (6.250% Floor)<br>| 6.250% |  | 5/1/2046 | 672989 | 640874 | 655697 |
| EUG Properties LLC, 12/22/2023  | Prime + 0.500% (9.000% Floor) | 9.000% |  | 10/15/2033 | 2059178 | 1969179 | 2064645 |
| Fred Hairabidian, California, 5/3/2022  | 5 Year Swap + 4.750% (5.850% Floor)  | 5.850% |  | 9/1/2046 | 500363 | 474478 | 491070 |
| Grigorian Investments, LLC, California, 9/2/2014  | 5 Year SOFR+ 4.500% (6.330% Floor)  | 7.643% |  | 9/15/2039 | 450715 | 438419 | 440988 |
| Jereme Lee James, California, 4/7/2021  | 5 Year Swap + 5.000%<br> (6.500% Floor) | 6.500% |  | 2/1/2046 | 210921 | 198833 | 204756 |
| JPEG, Inc., Florida, 12/11/2020  | 5 Year Prime + 0.500% (6.500% Floor) | 6.500% |  | 8/1/2030 | 152921 | 146824 | 148862 |

---

**Equalize Community Development Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

September 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description, State<sup>(a),</sup>**<br> **Acquisition Date (continued)** | **Stated<br> Interest Rate** | **Effective<br> Interest Rate** | **Maturity** | **Cost** | **Principal** | **Fair Value** |
| **Multi-Purpose Properties (continued)** |  |  |  |  |  |  |
| KES, Inc., Georgia, 12/9/2020  | 6.750% (6.750% Fixed) | 6.750% | 12/2/2029 | $451432 | $438175 | $433473 |
| Kiva Holdings and Kiran Fitness LLC, South Carolina, 6/17/2021  | 6.750% (6.750% Fixed) | 6.750% | 2/21/2030 | 751329 | 728048 | 706920 |
| Limitless Sun LLC, California, 3/7/2022  | 5 Year Constant Maturity Treasury + 4.450% (5.950% Floor) | 5.950% | 2/1/2047 | 657379 | 623677 | 638589 |
| Nexelm LLC, California, 5/4/2022  | 5 Year Constant Maturity Treasury + 4.450% (5.950% Floor)  | 5.950% | 1/1/2047 | 474570 | 449833 | 460216 |
| Nicholas Holdings, LLC, Georgia, 11/8/2022  | Prime + 0.500% (5.500% Floor) | 5.500% | 10/22/2031 | 2599657 | 2522068 | 2299092 |
| Nowlin Properties LLC, California, 3/16/2022  | 5 Year Constant Maturity Treasury + 4.000% (5.780% Floor) | 5.780% | 3/1/2047 | 1104195 | 1059648 | 1072597 |
| Oaks at Pooler, LLC, Georgia, 6/30/2021  | 5 Year U.S. Treasury + 5.250% (6.250% Floor) | 6.250% | 4/1/2031 | 5333311 | 5198270 | 5295166 |
| Pinar Truck Inc., Florida, 8/23/2021  | 5 Year Prime + 0.500%<br> (5.500% Floor) | 6.000% | 4/23/2031 | 635504 | 621161 | 596563 |
| Royal Foods Mendota, LLC, California, 5/6/2022  | 5 Year Constant Maturity Treasury + 4.290% (6.000% Floor) | 6.000% | 4/1/2047 | 807047 | 767081 | 729494 |
| Shiv Shakti Investments, LLC, Georgia, 6/20/2017  | Prime + 2.250% (10.000% Floor) | 10.000 %<sup>(d)</sup> | 3/15/2026 | 1750000 | 1750000 | 1750000 |
| Stanley Avenue Realty, LLC, New York, 9/17/2014  | 4 Year SOFR+ 3.720%<br> (5.370% Floor)  | 7.300 %<sup>(d)</sup> | 9/15/2044 | 1606451 | 1606403 | 1622146 |
| STMX Partners, LLC, Georgia, 12/16/2020  | 5 Year Prime + 0.500% (6.000% Floor) | 6.000% | 10/15/2030 | 479997 | 464629 | 447122 |

---

**Equalize Community Development Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

September 30, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description, State<sup>(a),</sup>**<br> **Acquisition Date (continued)** | **Stated<br> Interest Rate** | **Effective<br> Interest Rate** | **Maturity** | **Maturity** | **Cost** | **Principal** | **Fair Value** |
| **Multi-Purpose Properties (continued)** | **Multi-Purpose Properties (continued)** | **Multi-Purpose Properties (continued)** | **Multi-Purpose Properties (continued)** |  |  |  |  |
| Uncle Pops LLC, California, 4/23/2021  | 5 Year Swap + 5.000% (6.180% Floor) | 6.180% |  | 3/1/2046 | $661260 | $629753 | $647223 |
| **Total Multi-Purpose Properties** | **Total Multi-Purpose Properties** | **Total Multi-Purpose Properties** | **Total Multi-Purpose Properties** |  |  |  | 25307353 |
| **Total 504 First Lien Loans (identified cost of $29,061,704)** | **Total 504 First Lien Loans (identified cost of $29,061,704)** | **Total 504 First Lien Loans (identified cost of $29,061,704)** | **Total 504 First Lien Loans (identified cost of $29,061,704)** |  |  |  | $28063267 |
| **USDA Rural Development Loans<sup>(b)</sup> — 14.49%** | **USDA Rural Development Loans<sup>(b)</sup> — 14.49%** | **USDA Rural Development Loans<sup>(b)</sup> — 14.49%** | **USDA Rural Development Loans<sup>(b)</sup> — 14.49%** |  |  |  |  |
| **USDA Guaranteed — 4.75%** | **USDA Guaranteed — 4.75%** | **USDA Guaranteed — 4.75%** | **USDA Guaranteed — 4.75%** |  |  |  |  |
| Bonumose, Inc., Virginia, 11/8/2022<sup>(c)</sup>  | 8.700% (7.700% Fixed) | 7.700 %<sup>(d)</sup> |  | 11/7/2028 | 535487 | 513241 | 528202 |
| Roebuck Fire District, South Carolina, 2/25/2022<sup>(c)</sup>  | 4.410% (4.410% Fixed) | 3.410 %<sup>(d)</sup> |  | 5/6/2041 | 1017367 | 1003286 | 901172 |
| **Total USDA Guaranteed** | **Total USDA Guaranteed** | **Total USDA Guaranteed** | **Total USDA Guaranteed** |  |  |  | 1429374 |
| **USDA Non-Guaranteed — 9.74%** | **USDA Non-Guaranteed — 9.74%** | **USDA Non-Guaranteed — 9.74%** | **USDA Non-Guaranteed — 9.74%** |  |  |  |  |
| Bonumose, Inc., Virginia, 11/8/2022<sup>(c)</sup>  | 8.700% (8.700% Fixed) | 8.700% |  | 11/7/2028 | 332826 | 331600 | 297074 |
| Clarke Avenue Realty LLC, Delaware, 4/4/2022<sup>(c)(e)</sup>  | 5 Year Constant Maturity Treasury + 3.000% (5.340% Floor) | 5.340% |  | 4/1/2048 | 2921873 | 2918237 | 2498449 |
| Roebuck Fire District, South Carolina, 1/26/2022<sup>(c)</sup>  | 4.410% (4.410% Fixed) | 4.410% |  | 5/6/2041 | 159177 | 156763 | 134062 |
| **Total USDA Non-Guaranteed** | **Total USDA Non-Guaranteed** | **Total USDA Non-Guaranteed** | **Total USDA Non-Guaranteed** |  |  |  | 2929585 |
| **Total USDA Rural Development Loans (identified cost of $4,966,730)** | **Total USDA Rural Development Loans (identified cost of $4,966,730)** | **Total USDA Rural Development Loans (identified cost of $4,966,730)** | **Total USDA Rural Development Loans (identified cost of $4,966,730)** |  |  |  | $4358959 |
| **Total Community Development Loans (identified cost of $34,028,434)** | **Total Community Development Loans (identified cost of $34,028,434)** | **Total Community Development Loans (identified cost of $34,028,434)** | **Total Community Development Loans (identified cost of $34,028,434)** |  |  |  | $32422226 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **Short-Term Investments — 0.04%** | | |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Liquidity Fund - Institutional Class, 3.99%<sup>(f)</sup> | 13020 | $13020 |
| **Total Short-Term Investments (Cost $13,020)** |  | 13020 |
| **Total Investments\* — 107.79% (Cost $34,041,454)** |  | 32435246 |
| Liabilities in Excess of Other Assets — (7.79)% |  | (2343765) |
| **TOTAL NET ASSETS — 100.00%** |  | $30091481 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Community
Development Loans are restricted as to resale. The cost and fair value as of September 30, 2025 was $34,028,434 and $32,422,226,
respectively. Fair value is determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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.

**Equalize Community Development Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

September 30, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;(e) In
default due to failure to meet minimum debt covenant requirements for debt service coverage ratio (DSCR).

&nbsp;&nbsp;&nbsp;&nbsp;(f) The
rate shown is the annualized 7-day yield as of September 30, 2025.

\* All investments and other assets are pledged as collateral on the credit facility.

SOFR Secured Overnight Financing Rate.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Equalize Community Development Fund

- **b. Investment Company Act file number:** 811-22875

- **c. CIK number of Registrant:** 0001582138

- **d. LEI of Registrant:** 549300G10P3XIEETOE66

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 37 West Avenue

  - **City:** Wayne

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19087

  - **Telephone number:** 6103376500

**Item A.2. Information about the Series.**

- **a. Name of Series:** Equalize Community Development Fund

- **c. LEI of Series:** 549300G10P3XIEETOE66

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $32875147.98

**Total Liabilities:** $2783666.64

**Net Assets:** $30091481.34

**Cash Not Reported:** $156.47

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 172.053695303772 | **5-Year:** 3847.541132719786 | **10-Year:** 2761.028686314128 | **30-Year:** 2176.230667482825

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.21%                | 0.63%                | 0.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1456.75                | $-10524.97                                 |
| Month 2  | $-1517.86                | $143591.88                                 |
| Month 3  | $-1408.63                | $46800.09                                  |

### Schedule of Portfolio Investments

| Name                                       | Title                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Moses Lake Investors, LLC                  | Moses Lake Investors, LLC                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    801085 | PA      | $814335.29    | 2.71%             | 2039-10-01      | Variable      | 9.75%                 | Yes           |                  3 | On Loan: No      |
| Grigorian Investments, LLC                 | Grigorian Investments, LLC                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    438419 | PA      | $440987.93    | 1.47%             | 2039-09-15      | Variable      | 7.64%                 | Yes           |                  3 | On Loan: No      |
| Digital Pavilion Electronics, LLC          | Digital Pavilion Electronics, LLC             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1606403 | PA      | $1622145.72   | 5.39%             | 2044-09-15      | Variable      | 7.30%                 | Yes           |                  3 | On Loan: No      |
| Shiv Shakti Investments, LLC               | Shiv Shakti Investments, LLC                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1750000 | PA      | $1750000.00   | 5.82%             | 2025-11-15      | Variable      | 9.00%                 | Yes           |                  3 | On Loan: No      |
| KES, Inc.                                  | KES, Inc.                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    438175 | PA      | $433472.98    | 1.44%             | 2029-12-02      | Fixed         | 6.75%                 | Yes           |                  3 | On Loan: No      |
| JPEG, Inc.                                 | JPEG, Inc.                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    146824 | PA      | $148862.03    | 0.49%             | 2030-08-01      | Variable      | 6.50%                 | Yes           |                  3 | On Loan: No      |
| STMX Partners, LLC                         | STMX Partners, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    464629 | PA      | $447122.06    | 1.49%             | 2030-10-15      | Variable      | 6.00%                 | Yes           |                  3 | On Loan: No      |
| Jereme Lee James                           | Jereme Lee James                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    198833 | PA      | $204756.17    | 0.68%             | 2046-02-01      | Variable      | 6.50%                 | Yes           |                  3 | On Loan: No      |
| Uncle Pops LLC                             | Uncle Pops LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    629753 | PA      | $647222.73    | 2.15%             | 2046-03-01      | Variable      | 6.18%                 | Yes           |                  3 | On Loan: No      |
| Budva Properties, LLC                      | Budva Properties, LLC                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1173013 | PA      | $1190209.52   | 3.96%             | 2046-07-01      | Variable      | 6.25%                 | Yes           |                  3 | On Loan: No      |
| Pinar Truck, Inc. and Export Track, Inc.   | Pinar Truck, Inc. and Export Track, Inc.      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    621161 | PA      | $596563.00    | 1.98%             | 2031-04-23      | Variable      | 6.00%                 | Yes           |                  3 | On Loan: No      |
| Acworth Recycling, LLC                     | Acworth Recycling, LLC                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    279026 | PA      | $270683.16    | 0.90%             | 2029-12-15      | Fixed         | 6.75%                 | Yes           |                  3 | On Loan: No      |
| Dorris Fitness, LLC                        | Dorris Fitness, LLC                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    493958 | PA      | $459637.63    | 1.53%             | 2030-01-28      | Fixed         | 6.75%                 | Yes           |                  3 | On Loan: No      |
| Ceeport Group LLC                          | Ceeport Group LLC                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    520182 | PA      | $467690.11    | 1.55%             | 2030-03-19      | Fixed         | 6.50%                 | Yes           |                  3 | On Loan: No      |
| Kiva Holdings, LLC                         | Kiva Holdings, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    728048 | PA      | $706920.20    | 2.35%             | 2030-02-21      | Fixed         | 6.75%                 | Yes           |                  3 | On Loan: No      |
| Oaks at Pooler, LLC                        | Oaks at Pooler, LLC                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5198270 | PA      | $5295165.66   | 17.60%            | 2031-04-01      | Variable      | 6.25%                 | Yes           |                  3 | On Loan: No      |
| Duane Auto Sale LLC                        | Duane Auto Sale LLC                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    640874 | PA      | $655697.16    | 2.18%             | 2046-05-01      | Variable      | 6.25%                 | Yes           |                  3 | On Loan: No      |
| 537 Maple Hotel LLC                        | 537 Maple Hotel LLC                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1921062 | PA      | $1941579.01   | 6.45%             | 2031-10-01      | Variable      | 6.00%                 | Yes           |                  3 | On Loan: No      |
| Clarke Avenue Realty, LLC                  | Clarke Avenue Realty, LLC                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   2918237 | PA      | $2498449.03   | 8.30%             | 2048-04-01      | Variable      | 5.34%                 | Yes           |                  3 | On Loan: No      |
| Roebuck Fire District                      | Roebuck Fire District                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |   1003286 | PA      | $901171.81    | 2.99%             | 2041-05-06      | Fixed         | 3.41%                 | Yes           |                  3 | On Loan: No      |
| Roebuck Fire District                      | Roebuck Fire District                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    156763 | PA      | $134062.55    | 0.45%             | 2041-05-06      | Fixed         | 4.41%                 | Yes           |                  3 | On Loan: No      |
| Rabits and Romano Architecture, Inc.       | Rabits and Romano Architecture, Inc.          | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1380727 | PA      | $1320679.15   | 4.39%             | 2031-06-01      | Variable      | 5.88%                 | Yes           |                  3 | On Loan: No      |
| Cookson Holdings LLC, Lloyd's Hardware LLC | Cookson Holdings LLC, Lloyd's Hardware LLC    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    869828 | PA      | $893834.76    | 2.97%             | 2032-04-01      | Variable      | 6.56%                 | Yes           |                  3 | On Loan: No      |
| Limitless Sun LLC                          | Limitless Sun LLC                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    623677 | PA      | $638589.13    | 2.12%             | 2047-02-01      | Variable      | 5.95%                 | Yes           |                  3 | On Loan: No      |
| Nowlin Properties LLC                      | Nowlin Properties LLC                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1059648 | PA      | $1072596.71   | 3.56%             | 2047-03-01      | Variable      | 5.78%                 | Yes           |                  3 | On Loan: No      |
| Panorama Hospice, Inc.                     | Panorama Hospice, Inc.                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    474478 | PA      | $491070.27    | 1.63%             | 2046-09-01      | Variable      | 5.85%                 | Yes           |                  3 | On Loan: No      |
| Nexelm LLC                                 | Nexelm LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    449833 | PA      | $460215.58    | 1.53%             | 2047-01-01      | Variable      | 5.95%                 | Yes           |                  3 | On Loan: No      |
| Royal Foods Mendota, LLC                   | Royal Foods Mendota, LLC                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    767081 | PA      | $729494.48    | 2.42%             | 2047-04-01      | Variable      | 6.00%                 | Yes           |                  3 | On Loan: No      |
| Nicholas Holdings, LLC                     | Nicholas Holdings, LLC                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2522068 | PA      | $2299091.97   | 7.64%             | 2031-10-22      | Variable      | 5.50%                 | Yes           |                  3 | On Loan: No      |
| Bonumose, Inc.                             | Bonumose, Inc.                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    331600 | PA      | $297073.80    | 0.99%             | 2028-11-07      | Fixed         | 8.70%                 | Yes           |                  3 | On Loan: No      |
| Bonumose, Inc.                             | Bonumose, Inc.                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    513241 | PA      | $528201.72    | 1.76%             | 2028-11-07      | Fixed         | 7.70%                 | Yes           |                  3 | On Loan: No      |
| EUG PROPERTIES LLC 9% 10/15/33   /         | EUG PROPERTIES LLC 9% 10/15/33   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1969179 | PA      | $2064644.66   | 6.86%             | 2033-10-15      | Variable      | 9.00%                 | No            |                  3 | On Loan: No      |
| MSILF Treasury Portfolio                   | MSILF Treasury Portfolio, Class Institutional | CUSIP: 61747C582<br>LEI: 549300D1XR6GP7EZ0T47 | Long             | STIV             | RF                | US        |     12900 | PA      | $12899.66     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-06

**Name of Applicant:** Equalize Community Development Fund

**Signature:** /s/ Joseph Gladue

**Name of Signer:** Joseph Gladue

**Title:** Principal Financial Officer