AFA MULTI-MANAGER CREDIT FUND
Schedule of Investments
July 31, 2022
(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 Real Estate Bridge Lending (21.77%) | ||||||||||||||||||||||
| Alcova Capital Yield Premium Fund, L.P.(a) | North America | August, 2021 | N/A | 90 | $ | 8,900,000 | $ | 8,952,665 | 21.77 | % | ||||||||||||
| Diversified Asset-Based Lending (23.31%) | ||||||||||||||||||||||
| OHPC LP(a)(b) | North America | April, 2022 | Quarterly | 90 | 9,500,000 | 9,589,206 | 23.31 | % | ||||||||||||||
| Financial Asset Based Lending (1.38%) | ||||||||||||||||||||||
| CoVenture Credit Opportunities Partners Fund LP(a)(b) | North America | July, 2022 | Quarterly | 90 | 569,138 | 569,327 | 1.38 | % | ||||||||||||||
| Ginnie Mae Early Buyout (4.87%) | ||||||||||||||||||||||
| Lynx EBO Fund II(B) SP(a)(b) | North America | October, 2021 | N/A | N/A | 2,100,000 | 2,003,193 | 4.87 | % | ||||||||||||||
| Opportunistic Real Estate Lending (9.73%) | ||||||||||||||||||||||
| Mavik Real Estate Special Opportunities Fund, LP(a)(b) | North America | July, 2022 | Quarterly | 60 | 3,986,473 | 4,001,559 | 9.73 | % | ||||||||||||||
| Portfolio Finance (12.20%) | ||||||||||||||||||||||
| HCM U.S. Feeder, LP(a)(b) | North America | July, 2022 | Quarterly | 60 | 5,000,000 | 5,017,489 | 12.20 | % | ||||||||||||||
| Residential Real Estate Development Lending (17.00%) | ||||||||||||||||||||||
| 1 Sharpe Income ADV LP(a)(b) | North America | July, 2021 | Semi-Annual | 90 | 6,700,000 | 6,991,314 | 17.00 | % | ||||||||||||||
| Structured Credit (14.38%) | ||||||||||||||||||||||
| Brigade Structured Credit Fund LP(a)(b) | North America | July, 2021 | Quarterly | 60 | 2,400,000 | 2,291,842 | 5.57 | % | ||||||||||||||
| Serone Multi-Strategy Credit U.S. Feeder LP(a)(b) | North America | September, 2021 | Monthly | 60 | 3,900,000 | 3,623,686 | 8.81 | % | ||||||||||||||
| Total Primary Investments (Cost $43,055,611) (104.64%) | 43,055,611 | 43,040,281 | ||||||||||||||||||||
| Total Investments in Investment Funds (Cost $43,055,611) (104.64%) | 43,055,611 | 43,040,281 | ||||||||||||||||||||
| Short-Term Investments | ||||||||||||||||||||||
| Money Market Fund (3.77%) | ||||||||||||||||||||||
| Fidelity Colchester Street Trust - Treasury Portfolio - Class I, 0.91%, 1,549,888 Shares(c) | 1,549,888 | 1,549,888 | 3.77 | % | ||||||||||||||||||
| Total Short-Term Investments (Cost $1,549,888) (3.77%) | 1,549,888 | 1,549,888 | ||||||||||||||||||||
| Total Investments (Cost $44,605,499) (108.41%) | $ | 44,590,169 | ||||||||||||||||||||
| Liabilities less other assets (-8.41%) | (3,458,141 | ) | ||||||||||||||||||||
| Net Assets - 100.00% | $ | 41,132,028 | ||||||||||||||||||||
| 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. |