AFA ASSET BASED LENDING FUND
Schedule of Investments
January 31, 2025 (Unaudited)
| Geographic Region | Acquisition Date | Cost/Principal | Fair Value | Percent of Net Assets | |||||||||||
| Investments in Asset Based Lending | |||||||||||||||
| Commercial Real Estate Bridge Lending (1.25%) | |||||||||||||||
| Limerick Logistics Center 12.6% 6/4/2025(a)(b) | North America | February, 2024 | $ | 3,000,000 | $ | 2,963,902 | 1.25% | ||||||||
| Physical Asset Based Lending (0.55%) | |||||||||||||||
| AF Funding XII LLC – Coinvestment, Prime +3%, 10/5/2025(a)(b) | North America | October, 2023 | 1,435,564 | 1,297,497 | 0.55% | ||||||||||
| Specialty Finance Credit Facilities (1.15%) | |||||||||||||||
| CH SPV A Holding LLC, 3-month SOFR+11.25%, 2/14/2027(a)(b) | North America | August, 2024 | 2,700,000 | 2,725,871 | 1.15% | ||||||||||
| Total Asset Based Lending (Cost $7,135,564) (2.95%) | 7,135,564 | 6,987,270 | |||||||||||||
| Investments in Underlying Funds | |||||||||||||||
| Primary Underlying Funds | |||||||||||||||
| Commercial Asset Based Lending (11.80%) | |||||||||||||||
| Callodine Asset Based Loan Fund II, LP(a) | North America | September, 2022 | 2,859,907 | 2,815,316 | 1.19% | ||||||||||
| Callodine Perpetual ABL Fund LP(a) | North America | July, 2023 | 9,411,228 | 9,595,579 | 4.05% | ||||||||||
| WhiteHawk Evergreen Fund, LP(a)(c) | North America | October, 2024 | 15,000,000 | 15,524,442 | 6.56% | ||||||||||
| Commercial Real Estate Bridge Lending (10.22%) | |||||||||||||||
| 1543 Oceania Credit Opportunities Fund(a)(c) | North America | February, 2024 | 13,780,000 | 14,983,790 | 6.33% | ||||||||||
| Alcova Capital Yield Premium Fund, L.P.(a) | North America | August, 2021 | 8,900,000 | 9,219,333 | 3.89% | ||||||||||
| Diversified Asset-Based Lending (9.90%) | |||||||||||||||
| Matterhorn Partners LP(a)(c) | North America | December, 2023 | 5,024,471 | 5,661,519 | 2.39% | ||||||||||
| OHPC LP(a) | North America | April, 2022 | 17,500,000 | 17,787,559 | 7.51% | ||||||||||
| Ginnie Mae Early Buyout (0.15%) | |||||||||||||||
| Lynx EBO Fund II(c) SP, 3,500 Shares(a)(c) | North America | October, 2021 | 570,446 | 333,319 | 0.15% | ||||||||||
| Government Contract Financing (4.48%) | |||||||||||||||
| Leonid Credit Income Fund LP(a) | North America | April, 2024 | 10,000,000 | 10,581,378 | 4.48% | ||||||||||
| Opportunistic Real Estate Lending (3.72%) | |||||||||||||||
| Mavik Real Estate Special Opportunities Fund, LP(a) | North America | July, 2022 | 8,008,310 | 8,795,086 | 3.72% | ||||||||||
| Litigation Financing (14.19%) | |||||||||||||||
| EAJF ESQ Fund LP(a) | North America | November, 2023 | 13,000,000 | 15,690,050 | 6.63% | ||||||||||
| Rocade Capital Fund IV LP(a)(c) | North America | May, 2023 | 15,870,348 | 17,888,906 | 7.56% | ||||||||||
| Other Specialty Finance (5.86%) | |||||||||||||||
| Pier Special Opportunities Fund LP(a) | North America | December, 2022 | 13,424,493 | 13,878,171 | 5.86% | ||||||||||
| Real Asset Lending (0.57%) | |||||||||||||||
| Nebari Natural Resources Credit Fund II SPC(a) | Cayman Islands | February, 2023 | 1,299,435 | 1,354,927 | 0.57% | ||||||||||
| Small Business Lending (6.68%) | |||||||||||||||
| Feenix High Income Strategies GP LLC(a) | North America | February, 2024 | 4,000,000 | 4,027,251 | 1.70% | ||||||||||
| FVP Opportunity Fund IV LP(a) | North America | June, 2023 | 11,703,947 | 11,789,907 | 4.98% | ||||||||||
| Specialty Finance Asset Based Lending (25.92%) | |||||||||||||||
| Coromandel Credit Income Evergreen Fund LP(a) | North America | July, 2024 | 10,000,000 | 10,584,963 | 4.47% | ||||||||||
| CoVenture Credit Opportunities Partners Fund LP(a) | North America | July, 2022 | 8,000,000 | 7,949,368 | 3.36% | ||||||||||
| Bastion Funding V LP(a) | North America | October, 2023 | 18,000,000 | 18,734,175 | 7.91% | ||||||||||
| Medalist Asset-Based Credit Fund III LP(a) | North America | July, 2023 | 9,832,479 | 9,872,639 | 4.17% | ||||||||||
| Rivonia Road Fund LP(a)(c) | North America | June, 2023 | 12,000,000 | 14,224,073 | 6.01% | ||||||||||
| Trade Finance (6.41%) | |||||||||||||||
| Evolution Credit Partners Trade Finance, L.P.(a)(c) | North America | January, 2025 | 15,000,000 | 15,173,528 | 6.41% | ||||||||||
| Total Primary Investments (Cost $223,185,064) (99.90%) | 223,185,064 | 236,465,279 | |||||||||||||
| Total Investments in Underlying Funds (Cost $230,320,628) (102.85%) | 230,320,628 | 243,452,549 | |||||||||||||
| Short-Term Investments | |||||||||||||||
| Money Market Fund (0.40%) | |||||||||||||||
| UMB Bank, Money Market Special II, 4.19% - 942,988 Shares(d) | 942,988 | 942,988 | 0.40% | ||||||||||||
| Total Short-Term Investments (Cost $942,988) (0.40%) | 942,988 | 942,988 | |||||||||||||
| Total Investments (Cost $231,263,616) (103.25%) | $ | 244,395,537 | |||||||||||||
| Liabilities in excess of other assets (-3.25%) | (7,696,221 | ) | |||||||||||||
| Net Assets - 100.00% | $ | 236,699,316 | |||||||||||||
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.