AFA MULTI-MANAGER CREDIT FUND | |||||||||||||||||||||||
Schedule of Investments | |||||||||||||||||||||||
January 31, 2022 (Unaudited) | |||||||||||||||||||||||
| Geographic Region | Acquisition Date | Redemption Frequency | Notice Period (Days) | Cost | Fair Value | Percent of Net Assets | ||||||||||||||||
Investments in Investment Funds | |||||||||||||||||||||||
Exchange-Traded Funds | |||||||||||||||||||||||
Fixed Income (4.40%) | |||||||||||||||||||||||
Vanguard Short-Term Bond ETF, 20,000 Shares | North America | September, 2021 | N/A | N/A | $ | 1,643,799 | $ | 1,600,000 | 4.40 | % | |||||||||||||
Total Exchange Trade Funds (Cost $1,643,799) (4.40%) | 1,643,799 | 1,600,000 | |||||||||||||||||||||
Primary Investment Funds | |||||||||||||||||||||||
Commercial Real Estate Bridge Lending (19.17%) | |||||||||||||||||||||||
Alcova Capital Yield Premium Fund, L.P.(a)(b) | North America | August, 2021 | N/A | 90 | 6,900,000 | 6,965,420 | 19.17 | % | |||||||||||||||
Ginnie Mae Early Buyout (9.78%) | |||||||||||||||||||||||
Lynx EBO Fund II(B) SPC(a)(b) | North America | October, 2021 | N/A | N/A | 3,500,000 | 3,554,967 | 9.78 | % | |||||||||||||||
Opportunistic Credit (9.07%) | |||||||||||||||||||||||
Brigade Credit Fund II LP(a)(b) | North America | July, 2021 | Quarterly | 60 | 3,200,000 | 3,294,188 | 9.07 | % | |||||||||||||||
Residential Real Estate Development Lending (18.97%) | |||||||||||||||||||||||
1 Sharpe Income ADV LP(a)(b) | North America | July, 2021 | Semi-Annual | 90 | 6,700,000 | 6,889,712 | 18.97 | % | |||||||||||||||
Structured Credit (19.97%) | |||||||||||||||||||||||
Brigade Structured Credit Fund LP(a)(b) | North America | July, 2021 | Quarterly | 60 | 3,200,000 | 3,279,540 | 9.03 | % | |||||||||||||||
Serone Multi-Strategy Credit U.S. Feeder LP(a)(b) | North America | September, 2021 | Monthly | 60 | 3,900,000 | 3,973,067 | 10.94 | % | |||||||||||||||
Total Primary Investments (Cost $27,400,000) (76.96%) | 27,400,000 | 27,956,894 | |||||||||||||||||||||
Total Investments in Investment Funds (Cost $15,443,799) (81.36%) | 29,043,799 | 29,556,894 | |||||||||||||||||||||
Investments in Preferred Partnerships | |||||||||||||||||||||||
Preferred Partnership Units | |||||||||||||||||||||||
Healthcare Financing (16.52%) | |||||||||||||||||||||||
CNH Finance LP, Preferred Unit, 9%, 6,000,000 Units(b)(c) | North America | September, 2021 | N/A | N/A | 6,000,000 | 6,000,000 | 16.52 | % | |||||||||||||||
Total Investment in Preferred Partnerships (Cost $6,000,000) (16.52%) | 6,000,000 | 6,000,000 | |||||||||||||||||||||
Total Investments (Cost $35,043,799) (97.88%) | $ | 35,556,894 | |||||||||||||||||||||
Assets less other liabilities (2.12%) | 768,477 | ||||||||||||||||||||||
Net Assets - 100.00% | $ | 36,325,371 |
a | Non-income producing. |
b | Investment Funds are restricted as to resale. |
c | Value was determined using significant unobservable inputs. |