https://www.sec.gov/Archives/edgar/data/1843499/000199937126014454/afa-ncsr_043026.htm | accession 0001999371-26-014454 | subsequent-events note, the May 8, 2026 quarterly repurchase offer, dated 2026-05-08 | shares tendered 2,231,996 / shares outstanding, where outstanding is fixed by the same sentence printing the repurchase of 1,892,643 shares as 7.00% of the Fund's Shares = 7.00 * 2,231,996 / 1,892,643 = 8.255108% | shares basis throughout; no net-assets figure participates | the offer date falls after the April 30, 2026 period end and is dated on its own completion date, never on the report period end

“e of issuance of the financial statements and has identified the following for disclosure in the Fund’s subsequent events: On May 8, 2026, the Fund completed a quarterly Repurchase Offer resulting in the repurchase of 7.00% or 1,892,643 of the Fund’s Shares. Shareholders actually tendered 2,231,996 total shares for repurchase. Shares were accepted on a pro rata basis, such that each shareholder had a portion of their tendered shares repurchased proportionately. For the May 8, 2026, offer, approximately 84.80% of tendered shares were accepted. The remaining shares tendered but not accepted were returned to shareholders. 24 AFA ASSET BASED LENDING FUND Report of Independent Registered Public Accounting Firm April 30, 202”

extracted 2026-09-12T12:34:29 · confidence 1.0

requested equals repurchased: offer not oversubscribed (Rule 23c-3(b)(5)); printed repurchased 1.57% of outstanding | https://www.sec.gov/Archives/edgar/data/1843499/000199937126014454/afa-ncsr_043026.htm | repurchase results note, notice_deadline shape (redemptions_requested_pct); 1.57 percent of outstanding shares repurchased against a printed offer amount of 5 percent, an offer that was not oversubscribed and so repurchased every share tendered

“Repurchase Offer Notice Repurchase Request Deadline Repurchase Offer Amount % of Shares Repurchased Number of Shares Repurchased July 8, 2025 August 7, 2025 5% 1.57% 433,865”

extracted 2026-09-13T15:20:19 · confidence 0.9

requested equals repurchased: offer not oversubscribed (Rule 23c-3(b)(5)); printed repurchased 1.24% of outstanding | https://www.sec.gov/Archives/edgar/data/1843499/000199937126014454/afa-ncsr_043026.htm | repurchase results note, notice_deadline shape (redemptions_requested_pct); 1.24 percent of outstanding shares repurchased against a printed offer amount of 5 percent, an offer that was not oversubscribed and so repurchased every share tendered

“Repurchase Offer Notice Repurchase Request Deadline Repurchase Offer Amount % of Shares Repurchased Number of Shares Repurchased April 4, 2025 May 5, 2025 5% 1.24% 328,851”

extracted 2026-09-13T15:20:19 · confidence 0.9

requested equals repurchased: offer not oversubscribed (Rule 23c-3(b)(5)); printed repurchased 2.75% of outstanding | https://www.sec.gov/Archives/edgar/data/1843499/000199937125008844/afa-ncsr_043025.htm | repurchase results note, notice_deadline shape (redemptions_requested_pct); 2.75 percent of outstanding shares repurchased against a printed offer amount of 5 percent, an offer that was not oversubscribed and so repurchased every share tendered

“Repurchase Offer Notice Repurchase Request Deadline Repurchase Offer Amount % of Shares Repurchased Number of Shares Repurchased January 13, 2025 February 13, 2025 5% 2.75% 710,243”

extracted 2026-09-13T15:20:19 · confidence 0.9

requested equals repurchased: offer not oversubscribed (Rule 23c-3(b)(5)); printed repurchased 1.12% of outstanding | https://www.sec.gov/Archives/edgar/data/1843499/000199937125008844/afa-ncsr_043025.htm | repurchase results note, notice_deadline shape (redemptions_requested_pct); 1.12 percent of outstanding shares repurchased against a printed offer amount of 5 percent, an offer that was not oversubscribed and so repurchased every share tendered

“Repurchase Offer Notice Repurchase Request Deadline Repurchase Offer Amount % of Shares Repurchased Number of Shares Repurchased October 7, 2024 November 6, 2024 5% 1.12% 260,225”

extracted 2026-09-13T15:20:19 · confidence 0.9

requested equals repurchased: offer not oversubscribed (Rule 23c-3(b)(5)); printed repurchased 0.55% of outstanding | https://www.sec.gov/Archives/edgar/data/1843499/000199937125008844/afa-ncsr_043025.htm | repurchase results note, notice_deadline shape (redemptions_requested_pct); 0.55 percent of outstanding shares repurchased against a printed offer amount of 5 percent, an offer that was not oversubscribed and so repurchased every share tendered

“Repurchase Offer Notice Repurchase Request Deadline Repurchase Offer Amount % of Shares Repurchased Number of Shares Repurchased July 8, 2024 August 7, 2024 5% 0.55% 121,708”

extracted 2026-09-13T15:20:19 · confidence 0.9

requested equals repurchased: offer not oversubscribed (Rule 23c-3(b)(5)); printed repurchased 0.77% of outstanding | https://www.sec.gov/Archives/edgar/data/1843499/000199937125008844/afa-ncsr_043025.htm | repurchase results note, notice_deadline shape (redemptions_requested_pct); 0.77 percent of outstanding shares repurchased against a printed offer amount of 5 percent, an offer that was not oversubscribed and so repurchased every share tendered

“Repurchase Offer Notice Repurchase Request Deadline Repurchase Offer Amount % of Shares Repurchased Number of Shares Repurchased April 2, 2024 May 3, 2024 5% 0.77% 158,181”

extracted 2026-09-13T15:20:19 · confidence 0.9

requested equals repurchased: offer not oversubscribed (Rule 23c-3(b)(5)); printed repurchased 0.32% of outstanding | https://www.sec.gov/Archives/edgar/data/1843499/000199937124008417/afa-ncsr_043024.htm | repurchase results note, notice_deadline shape (redemptions_requested_pct); 0.32 percent of outstanding shares repurchased against a printed offer amount of 5 percent, an offer that was not oversubscribed and so repurchased every share tendered

“Repurchase Offer Notice Repurchase Request Deadline Repurchase Offer Amount % of Shares Repurchased Number of Shares Repurchased January 12, 2024 February 12, 2024 5% 0.32% 59,888”

extracted 2026-09-13T15:20:19 · confidence 0.9

requested equals repurchased: offer not oversubscribed (Rule 23c-3(b)(5)); printed repurchased 0.59% of outstanding | https://www.sec.gov/Archives/edgar/data/1843499/000199937124008417/afa-ncsr_043024.htm | repurchase results note, notice_deadline shape (redemptions_requested_pct); 0.59 percent of outstanding shares repurchased against a printed offer amount of 5 percent, an offer that was not oversubscribed and so repurchased every share tendered

“Repurchase Offer Notice Repurchase Request Deadline Repurchase Offer Amount % of Shares Repurchased Number of Shares Repurchased October 6, 2023 November 6, 2023 5% 0.59% 93,872”

extracted 2026-09-13T15:20:19 · confidence 0.9

requested equals repurchased: offer not oversubscribed (Rule 23c-3(b)(5)); printed repurchased 0.15% of outstanding | https://www.sec.gov/Archives/edgar/data/1843499/000199937124008417/afa-ncsr_043024.htm | repurchase results note, notice_deadline shape (redemptions_requested_pct); 0.15 percent of outstanding shares repurchased against a printed offer amount of 5 percent, an offer that was not oversubscribed and so repurchased every share tendered

“Repurchase Offer Notice Repurchase Request Deadline Repurchase Offer Amount % of Shares Repurchased Number of Shares Repurchased July 7, 2023 August 7, 2023 5% 0.15% 18,855”

extracted 2026-09-13T15:20:19 · confidence 0.9

requested equals repurchased: offer not oversubscribed (Rule 23c-3(b)(5)); printed repurchased 0.94% of outstanding | https://www.sec.gov/Archives/edgar/data/1843499/000199937124008417/afa-ncsr_043024.htm | repurchase results note, notice_deadline shape (redemptions_requested_pct); 0.94 percent of outstanding shares repurchased against a printed offer amount of 5 percent, an offer that was not oversubscribed and so repurchased every share tendered

“Repurchase Offer Notice Repurchase Request Deadline Repurchase Offer Amount % of Shares Repurchased Number of Shares Repurchased April 3, 2023 May 4, 2023 5% 0.94% 50,638”

extracted 2026-09-13T15:20:19 · confidence 0.9