AFA MULTI-MANAGER CREDIT FUND
Schedule of Investments
January 31, 2023
(Unaudited)
Geographic Region | Acquisition Date | Redemption Frequency | Notice Period (Days) | Cost | Fair Value | Percent of Net Assets | ||||||||||||||
Investments in Investment Funds | ||||||||||||||||||||
Primary Investment Funds | ||||||||||||||||||||
Commercial Asset Based Lending (8.36%) | ||||||||||||||||||||
Callodine Asset Based Loan Fund II, LP(a)(b) | North America | September, 2022 | N/A | N/A | $ | 4,663,931 | $ | 4,084,584 | 8.36 | % | ||||||||||
Commercial Real Estate Bridge Lending (18.35%) | ||||||||||||||||||||
Alcova Capital Yield Premium Fund, L.P.(a) | North America | August, 2021 | N/A | 90 | 8,900,000 | 8,970,905 | 18.35 | % | ||||||||||||
Diversified Asset-Based Lending (19.65%) | ||||||||||||||||||||
OHPC LP(a)(b) | North America | April, 2022 | Quarterly | 90 | 9,500,000 | 9,607,912 | 19.65 | % | ||||||||||||
Financial Asset Based Lending (3.56%) | ||||||||||||||||||||
CoVenture Credit Opportunities Partners Fund LP(a)(b) | North America | July, 2022 | Quarterly | 90 | 1,737,323 | 1,742,470 | 3.56 | % | ||||||||||||
Ginnie Mae Early Buyout (3.72%) | ||||||||||||||||||||
Lynx EBO Fund II(B) SP(a)(b) | North America | October, 2021 | N/A | N/A | 2,100,000 | 1,816,450 | 3.72 | % | ||||||||||||
Opportunistic Real Estate Lending (7.37%) | ||||||||||||||||||||
Mavik Real Estate Special Opportunities Fund, LP(a)(b) | North America | July, 2022 | N/A | N/A | 3,986,473 | 3,601,663 | 7.37 | % | ||||||||||||
Other Specialty Finance (2.07%) | ||||||||||||||||||||
Pier Special Opportunities Fund LP(a)(b) | North America | December, 2022 | Quarterly | 60 | 1,000,000 | 1,011,270 | 2.07 | % | ||||||||||||
Portfolio Finance (10.29%) | ||||||||||||||||||||
HCM U.S. Feeder, LP(a)(b) | North America | July, 2022 | Semi-Annual | 90 | 5,000,000 | 5,031,139 | 10.29 | % | ||||||||||||
Residential Real Estate Development Lending (14.80%) | ||||||||||||||||||||
1 Sharpe Income ADV LP(a)(b) | North America | July, 2021 | Semi-Annual | 90 | 6,700,000 | 7,234,396 | 14.80 | % | ||||||||||||
Structured Credit (7.41%) | ||||||||||||||||||||
Brigade Structured Credit Fund LP(a)(b) | North America | July, 2021 | Quarterly | 60 | 800,400 | 782,488 | 1.60 | % | ||||||||||||
Serone Multi-Strategy Credit U.S. Feeder LP(a)(b) | North America | September, 2021 | Monthly | 60 | 2,925,000 | 2,841,492 | 5.81 | % | ||||||||||||
Total Primary Investments (Cost $47,313,127) (95.58%) | 47,313,127 | 46,724,769 | ||||||||||||||||||
Total Investments in Investment Funds (Cost $47,313,127) (95.58%) | 47,313,127 | 46,724,769 | ||||||||||||||||||
Short-Term Investments | ||||||||||||||||||||
Money Market Fund (2.07%) | ||||||||||||||||||||
Fidelity Colchester Street Trust - Treasury Portfolio - Class I, 4.20%, 1,013,001 Shares(c) | 1,013,001 | 1,013,001 | 2.07 | % | ||||||||||||||||
Total Short-Term Investments (Cost $1,013,001) (2.07%) | 1,013,001 | 1,013,001 | ||||||||||||||||||
Total Investments (Cost $48,326,128) (97.65%) | $ | 47,737,770 | ||||||||||||||||||
Assets less other liabilities (2.35%) | 1,149,170 | |||||||||||||||||||
Net Assets - 100.00% | $ | 48,886,940 |
a | Investment Funds are restricted as to resale. |
b | Non-income producing. |
c | The rate quoted is the annualized seven-day yield of the fund at the period end. |