# EDGAR Filing Document

**Accession Number:** 0001843499
**File Stem:** 0001145549-23-017837
**Filing Date:** 2023-3
**Character Count:** 10747
**Document Hash:** 407f6662529c121937f830db7599e5d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017837.hdr.sgml**: 20230324

**ACCESSION NUMBER**: 0001145549-23-017837

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230324

**DATE AS OF CHANGE**: 20230324

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AFA Multi-Manager Credit Fund
- **CENTRAL INDEX KEY:** 0001843499
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23636
- **FILM NUMBER:** 23758462

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.,
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MLWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 4142992200

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.,
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MLWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Nport-Ex

**AFA MULTI-MANAGER CREDIT FUND**

**Schedule of Investments**

**January 31, 2023**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Geographic**<br> **Region** | **Acquisition Date** | **Redemption**<br> **Frequency** | **Notice**<br> **Period (Days)** | **Cost** | **Fair Value** | **Percent of** <br> **Net Assets** |
| **Investments in Investment Funds** |  |  |  |  |  |  |  |
| **Primary Investment Funds** |  |  |  |  |  |  |  |
| **Commercial Asset Based Lending (8.36%)** |  |  |  |  |  |  |  |
| Callodine Asset Based Loan Fund II, LP<sup>(a)(b)</sup> | North America | September, 2022 | N/A | N/A | $4663931 | $4084584 | 8.36% |
| **Commercial Real Estate Bridge Lending (18.35%)** |  |  |  |  |  |  |  |
| Alcova Capital Yield Premium Fund, L.P.<sup>(a)</sup> | North America | August, 2021 | N/A | 90 | 8900000 | 8970905 | 18.35% |
| **Diversified Asset-Based Lending (19.65%)** |  |  |  |  |  |  |  |
| OHPC LP<sup>(a)(b)</sup> | North America | April, 2022 | Quarterly | 90 | 9500000 | 9607912 | 19.65% |
| **Financial Asset Based Lending (3.56%)** |  |  |  |  |  |  |  |
| CoVenture Credit Opportunities Partners Fund LP<sup>(a)(b)</sup> | North America | July, 2022 | Quarterly | 90 | 1737323 | 1742470 | 3.56% |
| **Ginnie Mae Early Buyout (3.72%)** |  |  |  |  |  |  |  |
| Lynx EBO Fund II(B) SP<sup>(a)(b)</sup> | North America | October, 2021 | N/A | N/A | 2100000 | 1816450 | 3.72% |
| **Opportunistic Real Estate Lending (7.37%)** |  |  |  |  |  |  |  |
| Mavik Real Estate Special Opportunities Fund, LP<sup>(a)(b)</sup> | North America | July, 2022 | N/A | N/A | 3986473 | 3601663 | 7.37% |
| **Other Specialty Finance (2.07%)** |  |  |  |  |  |  |  |
| Pier Special Opportunities Fund LP<sup>(a)(b)</sup> | North America | December, 2022 | Quarterly | 60 | 1000000 | 1011270 | 2.07% |
| **Portfolio Finance (10.29%)** |  |  |  |  |  |  |  |
| HCM U.S. Feeder, LP<sup>(a)(b)</sup> | North America | July, 2022 | Semi-Annual | 90 | 5000000 | 5031139 | 10.29% |
| **Residential Real Estate Development Lending (14.80%)** |  |  |  |  |  |  |  |
| 1 Sharpe Income ADV LP<sup>(a)(b)</sup> | North America | July, 2021 | Semi-Annual | 90 | 6700000 | 7234396 | 14.80% |
| **Structured Credit (7.41%)** |  |  |  |  |  |  |  |
| Brigade Structured Credit Fund LP<sup>(a)(b)</sup> | North America | July, 2021 | Quarterly | 60 | 800400 | 782488 | 1.60% |
| Serone Multi-Strategy Credit U.S. Feeder LP<sup>(a)(b)</sup> | North America | September, 2021 | Monthly | 60 | 2925000 | 2841492 | 5.81% |
| &nbsp;&nbsp;&nbsp;**Total Primary Investments (Cost $47,313,127) (95.58%)** |  |  |  |  | 47313127 | 46724769 |  |
| &nbsp;&nbsp;&nbsp;**Total Investments in Investment Funds (Cost $47,313,127) (95.58%)** |  |  |  |  | 47313127 | 46724769 |  |
| **Short-Term Investments** |  |  |  |  |  |  |  |
| **Money Market Fund (2.07%)** |  |  |  |  |  |  |  |
| Fidelity Colchester Street Trust - Treasury Portfolio - Class I, 4.20%, 1,013,001 Shares<sup>(c)</sup> |  |  |  |  | 1013001 | 1013001 | 2.07% |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $1,013,001) (2.07%)** |  |  |  |  | 1013001 | 1013001 |  |
| **Total Investments (Cost $48,326,128) (97.65%)** |  |  |  |  |  | $**47737770** |  |
| Assets less other liabilities (2.35%) |  |  |  |  |  | 1149170 |  |
| **Net Assets - 100.00%** |  |  |  |  |  | $**48886940** |  |

---

 

<sup>a</sup> Investment Funds are restricted as to resale.

<sup>b</sup> Non-income producing.

<sup>c</sup> The rate quoted is the annualized seven-day yield of the fund at the period end.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** AFA Multi-Manager Credit Fund

- **b. Investment Company Act file number:** 811-23636

- **c. CIK number of Registrant:** 0001843499

- **d. LEI of Registrant:** 5493009DDN2GWTVIL575

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 West Galena Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 4142992270

**Item A.2. Information about the Series.**

- **a. Name of Series:** AFA Multi-Manager Credit Fund

- **c. LEI of Series:** 5493009DDN2GWTVIL575

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $49853265.98

**Total Liabilities:** $966325.72

**Net Assets:** $48886940.26

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.04%                | 0.62%                | 0.86%                |
| Class ID N/A | 1.04%                | 0.50%                | 0.86%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-430786.28                                |
| Month 2  | $0.00                    | $209382.20                                 |
| Month 3  | $-74924.05               | $-301872.84                                |

### Schedule of Portfolio Investments

| Name                                      | Title                                     | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Callodine Asset Based LoanFund II LP   /  | Callodine Asset Based LoanFund II LP   /  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $4084583.50   | 8.36%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MAVIK REAL ESTATE SPEC OPPOR FUND LP   /  | MAVIK REAL ESTATE SPEC OPPOR FUND LP   /  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $3601663.06   | 7.37%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Pier Special OpportunitiesFund LP   /     | Pier Special OpportunitiesFund LP   /     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $1011269.61   | 2.07%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ALCOVA CAPITAL YIELD PREMIUM FUND LP   /  | ALCOVA CAPITAL YIELD PREMIUM FUND LP   /  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $8970904.44   | 18.35%            |  |  |  | Yes           | N/A                | On Loan: No      |
| BRIGADE STRUCTURED CREDIT FUND LP   /     | BRIGADE STRUCTURED CREDIT FUND LP   /     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $782488.13    | 1.60%             |  |  |  | Yes           | N/A                | On Loan: No      |
| COVENTURE CREDIT OPP PARTNERS FUND LP   / | COVENTURE CREDIT OPP PARTNERS FUND LP   / | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $1742470.38   | 3.56%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Fidelity Treasury Portfolio               | Fidelity Treasury Portfolio, Class I      | CUSIP: 316175504<br>LEI: N/A | Long             | STIV             | RF                | US        |   2713001 | PA      | $2713000.78   | 5.55%             |  |  |  | No            | 1                  | On Loan: No      |
| HCM U.S. Feeder LP LP   /                 | HCM U.S. Feeder LP LP   /                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $5031139.50   | 10.29%            |  |  |  | Yes           | N/A                | On Loan: No      |
| LYNX EBO OFFSHORE FUND II(B) SP   /       | LYNX EBO OFFSHORE FUND II(B) SP   /       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $1816450.35   | 3.72%             |  |  |  | Yes           | N/A                | On Loan: No      |
| OHPC LP OHPC LP   /                       | OHPC LP OHPC LP   /                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $9607911.58   | 19.65%            |  |  |  | Yes           | N/A                | On Loan: No      |
| 1SHARPE INCOME ADVLP    /                 | 1SHARPE INCOME ADVLP    /                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $7234396.48   | 14.80%            |  |  |  | Yes           | N/A                | On Loan: No      |
| SERONE MULTI-STRATEG CREDIT LP   /        | SERONE MULTI-STRATEG CREDIT LP   /        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $2841492.21   | 5.81%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2023-02-07

**Name of Applicant:** AFA Multi-Manager Credit Fund

**Signature:** /s/ Rafi Labourdette

**Name of Signer:** Rafi Labourdette

**Title:** Chief Financial Officer