# EDGAR Filing Document

**Accession Number:** 0001843499
**File Stem:** 0001193125-25-217178
**Filing Date:** 2025-9
**Character Count:** 20293
**Document Hash:** 132d3d83c603679f774527d036cd8d0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-217178.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001193125-25-217178

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AFA ASSET BASED LENDING FUND
- **CENTRAL INDEX KEY:** 0001843499

**ORGANIZATION NAME:**
- **EIN:** 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:** 251342789

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AFA Multi-Manager Credit Fund
- **DATE OF NAME CHANGE:** 20250219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AFA Asset Based Lending Fund
- **DATE OF NAME CHANGE:** 20250219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AFA Private Credit Fund
- **DATE OF NAME CHANGE:** 20230919

## Nport-Ex

**AFA ASSET BASED LENDING FUND**

**Schedule of Investments**

**July 31, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Geographic<br> Region** | **Acquisition Date** | **Cost/Principal** | **Fair Value** | **Percent of<br> Net Assets** |
| **Investments in Asset Based Lending** |  |  |  |  |  |
| **Commercial Real Estate Bridge Lending (4.81%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NCP APN LLC, 1-month SOFR +10.0%, 6/17/2027<sup>(a)(b)</sup> | North America | June, 2025 | $4000000 | $4059601 | 1.60% |
| &nbsp;&nbsp;&nbsp;NCP Mural Park LLC, 1-month SOFR +10.5%, 5% PIK, 3/21/2027<sup>(a)(b)(c)</sup> | North America | March, 2025 | 5000000 | 5209399 | 2.05% |
| &nbsp;&nbsp;&nbsp;Limerick Logistics Center 12.6% 6/4/2025<sup>(a)(b)</sup> | North America | February, 2024 | 3000000 | 2942719 | 1.16% |
| **Physical Asset Based Lending (0.32%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AF Funding XII LLC, Prime +3%, 10/5/2025<sup>(a)(b)(c)</sup> | North America | October, 2023 | 939909 | 799056 | 0.32% |
| **Specialty Finance Credit Facilities (0.71%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CH SPV A Holding LLC, 3-month SOFR+11.25%, 2/14/2027<sup>(a)(b)</sup> | North America | August, 2024 | 1800000 | 1804789 | 0.71% |
| **Working Capital Bridge Lending (0.54%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sports Illistrated Tickets Partners LLC, 3.00% / 90, 8/15/2025<sup>(a)(b)</sup> | North America | July, 2025 | 1250000 | 1375148 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Based Lending (Cost $15,989,909) (6.38%)** |  |  | 15989909 | 16190712 |  |
| **Investments in Underlying Funds** |  |  |  |  |  |
| **Primary Underlying Funds** |  |  |  |  |  |
| **Commercial Asset Based Lending (12.34%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Callodine Asset Based Loan Fund II, LP<sup>(a)</sup> | North America | September, 2022 | 3970906 | 3914663 | 1.54% |
| &nbsp;&nbsp;&nbsp;Callodine Perpetual ABL Fund LP<sup>(a)</sup> | North America | July, 2023 | 11400000 | 11688987 | 4.61% |
| &nbsp;&nbsp;&nbsp;WhiteHawk Evergreen Fund, LP<sup>(a)</sup> | North America | October, 2024 | 15000000 | 15700063 | 6.19% |
| **Commercial Real Estate Bridge Lending (9.69%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1543 Oceania Credit Opportunities Fund<sup>(a)</sup> | North America | February, 2024 | 13000000 | 14772603 | 5.82% |
| &nbsp;&nbsp;&nbsp;Alcova Capital Yield Premium Fund, L.P.<sup>(a)</sup> | North America | August, 2021 | 8900000 | 9819951 | 3.87% |
| **Diversified Asset-Based Lending (9.72%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Matterhorn Partners LP<sup>(a)(d)</sup> | North America | December, 2023 | 6000000 | 7000253 | 2.76% |
| &nbsp;&nbsp;&nbsp;OHPC LP<sup>(a)</sup> | North America | April, 2022 | 17500000 | 17661064 | 6.96% |
| **Ginnie Mae Early Buyout (0.07%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lynx EBO Fund II(B) SP, 3,500 Shares<sup>(a)</sup> | North America | October, 2021 | 223086 | 182266 | 0.07% |
| **Government Contract Financing (4.20%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Leonid Credit Income Fund LP<sup>(a)</sup> | North America | April, 2024 | 10000000 | 10646933 | 4.20% |
| **Opportunistic Real Estate Lending (3.48%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mavik Real Estate Special Opportunities Fund, LP<sup>(a)</sup> | North America | July, 2022 | 7361444 | 8823008 | 3.48% |
| **Litigation Financing (14.02%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;EAJF ESQ Fund LP<sup>(a)</sup> | North America | November, 2023 | 13000000 | 16782658 | 6.61% |
| &nbsp;&nbsp;&nbsp;Rocade Capital Fund IV LP<sup>(a)</sup> | North America | May, 2023 | 15870348 | 18800208 | 7.41% |
| **Other Specialty Finance (5.53%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pier Special Opportunities Fund LP<sup>(a)</sup> | North America | December, 2022 | 13424493 | 14025679 | 5.53% |
| **Real Asset Lending (0.96%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Nebari Natural Resources Credit Fund II LP<sup>(a)(d)</sup> | North America | February, 2025 | 1280951 | 1449567 | 0.57% |
| &nbsp;&nbsp;&nbsp;Nebari Natural Resources Credit Fund II SPC<sup>(a)</sup> | Cayman Islands | February, 2023 | 892535 | 983544 | 0.39% |
| **Small Business Lending (6.39%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Feenix High Income Strategies GP LLC<sup>(a)</sup> | North America | February, 2024 | 4000000 | 4167003 | 1.64% |
| &nbsp;&nbsp;&nbsp;FVP Opportunity Fund IV LP<sup>(a)</sup> | North America | June, 2023 | 11703947 | 12039331 | 4.75% |
| **Specialty Finance Asset Based Lending (24.41%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Coromandel Credit Income Evergreen Fund LP<sup>(a)</sup> | North America | July, 2024 | 10000000 | 10556364 | 4.16% |
| &nbsp;&nbsp;&nbsp;Bastion Funding V LP<sup>(a)</sup> | North America | October, 2023 | 18000000 | 18686322 | 7.36% |
| &nbsp;&nbsp;&nbsp;Medalist Asset-Based Credit Fund III LP<sup>(a)</sup> | North America | July, 2023 | 10204397 | 10250844 | 4.04% |
| &nbsp;&nbsp;&nbsp;Treville Credit Fund LP<sup>(a)</sup> | North America | July, 2022 | 8000000 | 7765284 | 3.06% |
| &nbsp;&nbsp;&nbsp;Rivonia Road Fund LP<sup>(a)(d)</sup> | North America | June, 2023 | 12000000 | 14699968 | 5.79% |
| **Trade Finance (5.97%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Evolution Credit Partners Trade Finance, L.P.<sup>(a)</sup> | North America | January, 2025 | 15000000 | 15142359 | 5.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Underlying Funds (Cost $226,732,107) (96.78%)** |  |  | 226732107 | 245558922 |  |
| **Short-Term Investments** |  |  |  |  |  |
| **Money Market Fund (0.44%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;UMB Bank, Money Market Special II, 4.19% - 1,112,074 Shares<sup>(e)</sup> |  |  | 1112074 | 1112074 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments (Cost $1,112,074) (0.44%)** |  |  | 1112074 | 1112074 |  |
| **Total Investments (Cost $243,834,090) (103.60%)** |  |  |  | $**262861708** |  |
| Liabilities in excess of other assets (-3.60%) |  |  |  | (9123880) |  |
| **Net Assets - 100.00%** |  |  |  | $**253737828** |  |

---

a Underlying Funds are restricted as to resale.

b Level 3 securities fair valued using significant unobservable inputs.

c This security has a component of paid-in-kind (PIK) interest.

d Non-income producing.

e 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 Asset Based Lending 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 Asset Based Lending Fund

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

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**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:** $271288969.53

**Total Liabilities:** $17649831.13

**Net Assets:** $253639138.40

**Cash Not Reported:** $214152.35

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.54%                | 0.80%                | 0.88%                |
| Class ID N/A | 0.54%                | 0.79%                | 0.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-576443.75                                |
| Month 2  | $0.00                    | $1179013.05                                |
| Month 3  | $0.00                    | $1477538.10                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| AF FUNDING XII LLC 10/05/2025   /             | AF FUNDING XII LLC 10/05/2025   /             | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |         1 | PA      | $799056.14    | 0.32%             | 2025-10-05      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| NCP APN LLC 06/16/27 - SOFR+10%   /           | NCP APN LLC 06/16/27 - SOFR+10%   /           | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |         1 | PA      | $4059601.39   | 1.60%             | 2027-06-16      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Bastion Funding V LP Bastion Funding V LP   / | Bastion Funding V LP Bastion Funding V LP   / | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $18686322.27  | 7.37%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Callodine Asset Based LoanFund II LP   /      | Callodine Asset Based LoanFund II LP   /      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $3914663.06   | 1.54%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Coromandel    /                               | Coromandel    /                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $10556363.78  | 4.16%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AFA WHITEHAWK    /                            | AFA WHITEHAWK    /                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $15700063.36  | 6.19%             |  |  |  | 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      | $9819950.84   | 3.87%             |  |  |  | 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      | $7765284.04   | 3.06%             |  |  |  | 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      | $182265.81    | 0.07%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Callodine Perpetual    /                      | Callodine Perpetual    /                      | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $11688987.10  | 4.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| EAFJ ESQ Fund LP    /                         | EAFJ ESQ Fund LP    /                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $16782657.57  | 6.62%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AFA Evolution    /                            | AFA Evolution    /                            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $15142358.86  | 5.97%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Feenix High, Inc.. LP    /                    | Feenix High, Inc.. LP    /                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $4167003.09   | 1.64%             |  |  |  | Yes           | N/A                | On Loan: No      |
| FVP Opportunity Fund    /                     | FVP Opportunity Fund    /                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $12039331.33  | 4.75%             |  |  |  | Yes           | N/A                | On Loan: No      |
| HFD - 02/14/2027 LOAN PARTICIPATION   /       | HFD - 02/14/2027 LOAN PARTICIPATION   /       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |         1 | PA      | $1804788.75   | 0.71%             | 2027-02-14      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Leonid Credit Income Fund LP   /              | Leonid Credit Income Fund LP   /              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $10646932.69  | 4.20%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MATTERHORN    /                               | MATTERHORN    /                               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $7000253.03   | 2.76%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Medalist Asset-Based Credit Fund III LP   /   | Medalist Asset-Based Credit Fund III LP   /   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $10250843.86  | 4.04%             |  |  |  | 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      | $8823008.03   | 3.48%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Nebari Cayman SPC ONSHORE   /                 | Nebari Cayman SPC ONSHORE   /                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $1449567.37   | 0.57%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Nebari Cayman SPC OFFSHORE   /                | Nebari Cayman SPC OFFSHORE   /                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $983543.59    | 0.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| 1543 Oceania Credit Opportunities Fund   /    | 1543 Oceania Credit Opportunities Fund   /    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $14772602.71  | 5.82%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MURAL PARK LOAN PARTICIPATION   /             | MURAL PARK LOAN PARTICIPATION   /             | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |         1 | PA      | $5209399.22   | 2.05%             | 2027-03-21      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Pier Special OpportunitiesFund LP   /         | Pier Special OpportunitiesFund LP   /         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $14025679.47  | 5.53%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ROCADE CAPITAL FUND IV LP   /                 | ROCADE CAPITAL FUND IV LP   /                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $18800207.85  | 7.41%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ROYERSFORD ALCOVA ORIGINATION   /             | ROYERSFORD ALCOVA ORIGINATION   /             | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |         1 | PA      | $2942718.66   | 1.16%             | 2025-09-23      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| Rivonia Road Fund LP    /                     | Rivonia Road Fund LP    /                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $14699968.17  | 5.80%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SI TIX BRIDGE    /                            | SI TIX BRIDGE    /                            | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |         1 | PA      | $1375147.49   | 0.54%             | 2025-08-08      | None          | 0.00%                 | Yes           | 3                  | On Loan: No      |
| OHPC LP OHPC LP   /                           | OHPC LP OHPC LP   /                           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $17661064.36  | 6.96%             |  |  |  | Yes           | N/A                | On Loan: No      |
| UMB MONEY MARKET II SPECIAL   /               | UMB MONEY MARKET II SPECIAL   /               | CUSIP: SF8888628<br>LEI: N/A | Long             | STIV             | CORP              | US        |    891853 | PA      | $891852.69    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| TRISTATE BANK AFA   /                         | TRISTATE BANK AFA   /                         | CUSIP: 999999999<br>LEI: N/A | Long             | STIV             | CORP              | US        |   7236329 | PA      | $7236328.68   | 2.85%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-08-12

**Name of Applicant:** AFA Asset Based Lending Fund

**Signature:** /s/ Rafi Labourdette

**Name of Signer:** Rafi Labourdette

**Title:** Chief Financial Officer