AFA MULTI-MANAGER CREDIT FUND
Schedule of Investments
July 31, 2023 (Unaudited)
Geographic Region | Acquisition Date | Redemption Frequency | Notice Period | Cost | Fair Value | Percent of Net Assets | ||||||||||
Investments in Investment Funds | ||||||||||||||||
Primary Investment Funds | ||||||||||||||||
Commercial Asset Based Lending (7.73%) | ||||||||||||||||
Callodine Asset Based Loan Fund II, LP(a)(b) | North America | September, 2022 | N/A | N/A | $ | 2,984,556 | $ | 3,248,192 | 2.76% | |||||||
Callodine Perpetual ABL Fund LP(a)(b) | North America | July, 2023 | Quarterly | 90 | 4,674,321 | 4,696,335 | 3.99% | |||||||||
Nebari Natural Resources Credit Fund II SPC(a)(b) | Cayman Islands | February, 2023 | N/A | N/A | 1,135,021 | 1,154,214 | 0.98% | |||||||||
Commercial Real Estate Bridge Lending (7.61%) | ||||||||||||||||
Alcova Capital Yield Premium Fund, L.P.(a)(b) | North America | August, 2021 | N/A | N/A | 8,900,000 | 8,967,242 | 7.61% | |||||||||
Diversified Asset-Based Lending (11.62%) | ||||||||||||||||
OHPC LP(a)(b) | North America | April, 2022 | Quarterly | 90 | 13,500,000 | 13,686,159 | 11.62% | |||||||||
Financial Asset Based Lending (6.85%) | ||||||||||||||||
CoVenture Credit Opportunities Partners Fund LP(a)(b) | North America | July, 2022 | Quarterly | 90 | 8,000,000 | 8,069,680 | 6.85% | |||||||||
Ginnie Mae Early Buyout (0.97%) | ||||||||||||||||
Lynx EBO Fund II(B) SP, 3,500 Shares(a)(b) | North America | October, 2021 | N/A | N/A | 2,100,000 | 1,137,041 | 0.97% | |||||||||
Opportunistic Real Estate Lending (2.79%) | ||||||||||||||||
Mavik Real Estate Special Opportunities Fund, LP(a)(b) | North America | July, 2022 | N/A | N/A | 2,786,121 | 3,286,153 | 2.79% | |||||||||
Litigation Financing (9.21%) | ||||||||||||||||
Rocade Capital Fund IV LP(a)(b) | North America | May, 2023 | N/A | N/A | 11,200,000 | 10,850,946 | 9.21% | |||||||||
Other Specialty Finance (8.34%) | ||||||||||||||||
Pier Special Opportunities Fund LP(a)(b) | North America | December, 2022 | Quarterly | 60 | 9,424,493 | 9,821,692 | 8.34% | |||||||||
Portfolio Finance (4.38%) | ||||||||||||||||
HCM U.S. Feeder, LP(a)(b) | North America | July, 2022 | Semi-Annual | 90 | 5,000,000 | 5,163,720 | 4.38% | |||||||||
Residential Real Estate Development Lending (6.42%) | ||||||||||||||||
1 Sharpe Income ADV LP(a)(b) | North America | July, 2021 | Semi-Annual | 90 | 6,700,000 | 7,564,153 | 6.42% | |||||||||
Small Business Lending (5.65%) | ||||||||||||||||
FVP Opportunity Fund(a)(b) | North America | June, 2023 | N/A | N/A | 6,360,000 | 6,650,262 | 5.65% | |||||||||
Specialty Finance Asset Based Lending (4.75%) | ||||||||||||||||
Medalist Asset-Based Credit Fund III LP(a)(b) | North America | July, 2023 | N/A | N/A | 5,690,427 | 5,594,703 | 4.75% | |||||||||
Specialty Finance Credit Facilities (8.64%) | ||||||||||||||||
Rivonia Road Fund LP(a)(b) | North America | June, 2023 | Semi-Annual | 90 | 10,000,000 | 10,178,483 | 8.64% | |||||||||
Total Primary Investments (Cost $98,454,939) (84.96%) | 98,454,939 | 100,068,975 | ||||||||||||||
Total Investments in Investment Funds (Cost $98,454,939) (84.96%) | 98,454,939 | 100,068,975 | ||||||||||||||
Short-Term Investments | ||||||||||||||||
Money Market Fund (14.13%) | ||||||||||||||||
Fidelity Colchester Street Trust - Treasury Portfolio - Class I, 5.15%, 16,644,666 Shares(c) | 16,644,666 | 16,644,666 | 14.13% | |||||||||||||
Total Short-Term Investments (Cost $16,644,666) (14.13%) | 16,644,666 | 16,644,666 | ||||||||||||||
Total Investments (Cost $115,099,605) (99.09%) | $ | 116,713,641 | ||||||||||||||
Assets less other liabilities (0.91%) | 1,083,951 | |||||||||||||||
Net Assets - 100.00% | $ | 117,797,592 |
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. |