AFA PRIVATE CREDIT FUND | ||||||
Schedule of Investments | ||||||
January 31, 2024 (Unaudited) | ||||||
Geographic | Percent of | |||||
Region | Acquisition Date | Cost | Fair Value | Net Assets | ||
Investments in Asset Based Lending | ||||||
Funding Solution Asset Based Lending (1.17%) | ||||||
G2D Funding LLC – Co-Investment, 11%, 5/25/2024(a)(b) | North America | September, 2023 | $ 2,000,000 | $ 2,002,838 | 1.17% | |
Physical Asset Based Lending (0.85%) | ||||||
AF Funding XII LLC – Coinvestment, Prime +3%, 10/31/2025(a)(b) | North America | October, 2023 | 1,500,000 | 1,464,438 | 0.85% | |
Total Asset Based Lending (Cost $3,500,000) (2.02%) | 3,500,000 | 3,467,276 | ||||
Investments in Underlying Funds | ||||||
Primary Underlying Funds | ||||||
Commercial Asset Based Lending (5.70%) | ||||||
Callodine Asset Based Loan Fund II, LP(a)(c) | North America | September, 2022 | 2,984,555 | 3,134,550 | 1.82% | |
Callodine Perpetual ABL Fund LP(a)(c) | North America | July, 2023 | 6,544,050 | 6,675,059 | 3.88% | |
Commercial Real Estate Bridge Lending (5.26%) | ||||||
Alcova Capital Yield Premium Fund, L.P.(a)(c) | North America | August, 2021 | 8,900,000 | 9,025,582 | 5.26% | |
Diversified Asset-Based Lending (10.45%) | ||||||
Matterhorn Partners LP(a)(c) | North America | December, 2023 | 2,215,759 | 2,241,951 | 1.30% | |
OHPC LP(a)(c) | North America | April, 2022 | 15,500,000 | 15,732,633 | 9.15% | |
Ginnie Mae Early Buyout (0.37%) | ||||||
Lynx EBO Fund II(c) SP, 3,500 Shares(a)(c) | North America | October, 2021 | 2,100,000 | 642,441 | 0.37% | |
Opportunistic Real Estate Lending (1.88%) | ||||||
Mavik Real Estate Special Opportunities Fund, LP(a)(c) | North America | July, 2022 | 2,786,121 | 3,237,597 | 1.88% | |
Litigation Financing (12.86%) | ||||||
EAJF ESQ Fund LP(a)(c) | North America | November, 2023 | 10,000,000 | 10,451,300 | 6.08% | |
Rocade Capital Fund IV LP(a)(c) | North America | May, 2023 | 11,900,000 | 11,657,759 | 6.78% | |
Other Specialty Finance (8.17%) | ||||||
Pier Special Opportunities Fund LP(a)(c) | North America | December, 2022 | 13,424,493 | 14,034,134 | 8.17% | |
Portfolio Finance (3.09%) | ||||||
HCM U.S. Feeder, LP(a)(c) | North America | July, 2022 | 5,000,000 | 5,318,442 | 3.09% | |
Real Asset Lending (0.58%) | ||||||
Nebari Natural Resources Credit Fund II SPC(a)(c) | Cayman Islands | February, 2023 | 1,135,021 | 983,819 | 0.58% | |
Residential Real Estate Development Lending (4.55%) | ||||||
1 Sharpe Income ADV LP(a)(c) | North America | July, 2021 | 6,700,000 | 7,827,341 | 4.55% | |
Small Business Lending (7.21%) | ||||||
FVP Opportunity Fund IV LP(a)(c) | North America | June, 2023 | 12,000,000 | 12,388,235 | 7.21% | |
Specialty Finance Asset Based Lending (24.98%) | ||||||
CoVenture Credit Opportunities Partners Fund LP(a)(c) | North America | July, 2022 | 8,000,000 | 8,076,054 | 4.70% | |
Bastion Funding V LP(a)(c) | North America | October, 2023 | 14,000,000 | 14,485,533 | 8.43% | |
Medalist Asset-Based Credit Fund III LP(a)(c) | North America | July, 2023 | 7,687,081 | 7,590,786 | 4.42% | |
Rivonia Road Fund LP(a)(c) | North America | June, 2023 | 12,000,000 | 12,769,434 | 7.43% | |
Total Primary Investments (Cost $142,877,080) (85.10%) | 142,877,080 | 146,272,650 | ||||
Total Investments in Underlying Funds (Cost $146,377,080) (87.12%) | 146,377,080 | 149,739,926 | ||||
Short-Term Investments | ||||||
Money Market Fund (9.33%) | ||||||
Fidelity Colchester Street Trust - Treasury Portfolio - Class I, 5.20%, 16,042,725 Shares(d) | 16,042,725 | 16,042,725 | 9.33% | |||
Total Short-Term Investments (Cost $16,042,725) (9.33%) | 16,042,725 | 16,042,725 | ||||
Total Investments (Cost $162,419,805) (96.45%) | $ 165,782,651 | |||||
Assets less other liabilities (3.55%) | 6,091,371 | |||||
Net Assets - 100.00% | $ 171,874,022 |
a Underlying Funds are restricted as to resale.
b Level 3 securities fair valued using significant unobservable inputs.
c Non-income producing.
d The rate quoted is the annualized seven-day yield of the fund at the period end.