https://www.sec.gov/Archives/edgar/data/1843499/000199937126014454/afa-ncsr_043026.htm | Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)

“Statement of Assets and Liabilities April 30, 2026 Assets: Investments, at value (cost $239,403,705) $ 262,008,073 Receivables: Tax reclaim 100,735 Interest 9,586 Distributions from investment funds 867,720 Investments sold 7,227,513 Prepaid expenses 484,283 Total assets 270,697,910 Liabilities: Credit facility (see note 11 ) 24,817,206 Payables: Investment management fee (see note 5) 194,710 Professional fees 120,097 Deferred loan revenue 114,383 Accounting and administrative fees 50,250 Shareholder servicing fee (Institutional Class) (see note 5) 16,747 Interest payable 11,846 Transfer agent fees and expenses 11,497 Custody fees 2,776 Accrued other expenses 20,546 Total liabilities 25,360,058 Commitments and contingencies (Note 4) Net assets 245,337,852”

extracted 2026-09-12T02:18:18 · confidence 0.9

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000119312526287002/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000119312526133654/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

https://www.sec.gov/Archives/edgar/data/1843499/000199937126000576/afa-ncsrs_103125.htm | Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)

“Statement of Assets and Liabilities October 31, 2025 (unaudited) Assets: Investments, at value (cost $250,839,754) $ 270,732,337 Cash 7,424,349 Receivables: Interest 29,612 Fund shares sold 108,000 Prepaid expenses 155,661 Total assets 278,449,959 Liabilities: Credit facility (see note 11) 15,700,000 Payables: Investment management fee (see note 5) 222,259 Deferred loan revenue 168,932 Interest payable 109,937 Accounting and administrative fees 56,559 Professional fees 48,300 Shareholder servicing fee (Institutional Class) (see note 5) 19,511 Transfer agent fees and expenses 7,910 Custody fees 4,708 Accrued other expenses 12,097 Total liabilities 16,350,213 Commitments and contingencies (see note 4) Net assets $ 262,099,746”

extracted 2026-09-12T02:18:18 · confidence 0.9

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000119312525330034/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000119312525217178/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

https://www.sec.gov/Archives/edgar/data/1843499/000199937125008844/afa-ncsr_043025.htm | Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)

“Statement of Assets and Liabilities April 30, 2025 Assets: Investments, at value (cost $239,695,163) $ 254,515,809 Cash 7,103,156 Receivables: Interest 30,195 Distributions from investment funds 2,126,864 Fund shares sold 190,026 Prepaid expenses 360,048 Total assets 264,326,098 Liabilities: Credit facility (see note 11) 18,300,000 Payables: Investment management fee (see note 5) 150,218 Professional fees 120,500 Interest payable 108,543 Deferred loan revenue 95,342 Accounting and administrative fees 50,417 Shareholder servicing fee (Institutional Class) (see note 5) 16,682 Transfer agent fees and expenses 9,040 Custody fees 7,128 Accrued other expenses 31,940 Total liabilities 18,889,810 Commitments and contingencies (Note 4) Net assets $ 245,436,288”

extracted 2026-09-12T02:18:19 · confidence 0.9

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554925043252/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554925021273/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

https://www.sec.gov/Archives/edgar/data/1843499/000199937125000215/afa-ncsrs_103124.htm | Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)

“Statement of Assets and Liabilities October 31, 2024 (unaudited) Assets: Investments, at value (cost $214,550,287) $ 224,820,908 Cash 6,752,885 Receivables: Interest 38,326 Fund shares sold 5,304 Investments sold 2,788,205 Prepaid expenses 418,464 Other assets 407,171 Total assets 235,231,263 Liabilities: Credit facility (see note 12) 12,700,000 Payables: Investment management fee (see note 5) 171,045 Professional fees 48,293 Accounting and administrative fees 37,083 Interest payable 29,989 Shareholder servicing fees (Institutional Class)(see note 5) 15,423 Transfer agent fees and expenses 6,927 Custody fees 5,445 Chief compliance officer fees 193 Total liabilities 13,014,398 Commitments and contingencies (Note 4) Net assets $ 222,216,865”

extracted 2026-09-12T02:18:19 · confidence 0.9

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554924079130/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554924058155/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

https://www.sec.gov/Archives/edgar/data/1843499/000199937124008417/afa-ncsr_043024.htm | Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)

“Statement of Assets and Liabilities April 30, 2024 Assets: Investments, at value (cost $191,714,687) $ 198,592,388 Cash 6,601,281 Receivables: Interest 12,415 Distributions from investment funds 760,851 Fund shares sold 235,382 Prepaid expenses 553,313 Total assets 206,755,630 Liabilities: Credit facility (see note 12) 11,000,000 Payables: Investment management fee (see note 5) 104,812 Professional fees 75,177 Interest payable 65,746 Accounting and administrative fees 46,771 Shareholder servicing fee (Institutional Class) (see note 5) 11,923 Transfer agent fees and expenses 10,095 Custody fees 4,224 Accrued other expenses 6,100 Total liabilities 11,324,848 Net assets $ 195,430,782”

extracted 2026-09-12T02:18:19 · confidence 0.9

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554924040107/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554924016732/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

https://www.sec.gov/Archives/edgar/data/1843499/000199937124000126/afa-nscrs_103123.htm | Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)

“Statement of Assets and Liabilities October 31, 2023 (unaudited) Assets: Investments, at value (cost $144,682,141) $ 147,309,975 Receivables: Interest 61,081 Fund shares sold 2,576,005 Prepaid expenses 115,338 Other assets 37,626 Total assets 150,100,025 Liabilities: Payables: Investment management fee (see note 5) 75,844 Professional fees 8,923 Accounting and administrative fees 24,118 Shareholder servicing fee (Institutional Class) (see note 5) 10,046 Transfer agent fees and expenses 7,432 Custody fees 3,588 Chief compliance officer fees 89 Accrued other expenses 153 Total liabilities 130,193 Net assets $ 149,969,832”

extracted 2026-09-12T02:18:20 · confidence 0.9

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554923075654/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554923057699/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

https://www.sec.gov/Archives/edgar/data/1843499/000139834423012747/fp0083754-2_ncsr.htm | Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)

“Statement of Assets and Liabilities April 30, 2023 Assets: Investments, at value (cost $45,003,061) $ 46,672,888 Cash 3,500,000 Contributions paid in advance 4,000,000 Receivables: Interest 4,193 Fund shares sold 25,000 Distributions from investment funds 1,894,963 Investments sold 2,092,026 Due from investment manager (see note 5) 6,342 Prepaid expenses 38,581 Other assets 37,625 Total assets 58,271,618 Liabilities: Credit facility (see note 12) 3,500,000 Payables: Investments purchased 4,000,000 Professional fees 60,349 Accounting and administrative fees 26,612 Transfer agent fees and expenses 10,315 Custody fees 2,585 Distribution fees (Investor Class) (see note 5) 91 Accrued other expenses 4,981 Total liabilities 7,604,933 Net assets $ 50,666,685”

extracted 2026-09-12T02:18:20 · confidence 0.9

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554923039257/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554923017837/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

https://www.sec.gov/Archives/edgar/data/1843499/000139834423000291/fp0081209-2_ncsrs.htm | Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)

“Statement of Assets and Liabilities October 31, 2022 (unaudited) Assets: Investments, at value (cost $48,129,584) $ 48,064,503 Receivables: Interest 2,835 Fund shares sold 40,000 Prepaid expenses 87,542 Other assets 152,817 Total assets 48,347,697 Liabilities: Credit facility (see note 12) 4,875,000 Professional fees 47,993 Interest 28,684 Accounting and administrative fees 18,468 Transfer agent fees and expenses 10,335 Shareholder servicing fees 7,318 Custody fees 2,644 Management fees (see note 5) 692 Chief compliance officer fees 86 Distribution fees (Investor Class) (see note 5) 66 Accrued other expenses 694 Total liabilities 4,991,980 Net assets $ 43,355,717”

extracted 2026-09-12T02:18:20 · confidence 0.9

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554922075883/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554922057872/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

https://www.sec.gov/Archives/edgar/data/1843499/000139834422013080/fp0077272_ncsr.htm | Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)

“Statement of Assets and Liabilities April 30, 2022 Assets: Investments, at value (cost $42,251,898) $ 42,974,143 Receivables: Interest 45,198 Due from investment manager (see note 5) 762 Deferred offering costs (see note 2) 21,270 Prepaid expenses 110,976 Total assets 43,152,349 Liabilities: Payables: Credit facility (see note 12) 3,400,000 Professional fees 94,863 Accounting and administrative fees 20,918 Interest payable 11,293 Transfer agent fees and expenses 8,012 Trustee fees 7,500 Custody fees 1,444 Shareholder servicing fees (Investor Class) (see note 5) 41 Accrued other expenses 4,633 Total liabilities 3,548,704 Net assets $ 39,603,645”

extracted 2026-09-12T02:18:21 · confidence 0.9

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554922038700/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554922016466/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

https://www.sec.gov/Archives/edgar/data/1843499/000139834422000287/fp0071335_ncsrs.htm | Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)

“Statement of Assets and Liabilities 4 Statement of Operations 5 Statement of Changes in Net Assets 6 Statement of Cash Flows 7 Financial Highlights 8 Notes to Financial Statements 9 Additional Information 18 Privacy Notice 21 1 AFA MULTI-MANAGER CREDIT FUND Schedule of Investments October 31, 2021 (unaudited) Geographic Region Acquisition Date Redemption Frequency Notice Period (Days) Cost Fair Value Percent of Net Assets Investments in Investment Funds Exchange-Traded Funds Fixed Income (4.57%) Vanguard Short-Term Bond ETF, 20,000 Shares North America September, 2021 N/A N/A $ 1,643,798 $ 1,628,800 4.57 % Total Exchange Trade Funds (Cost $1,643,798) (4.57%) 1,643,798 1,628,800 Primary Investment Funds Residential Real Estate Development Lending (19.08%) 1 Sharpe Income ADV LP ab North America July, 2021 Semi-Annual 90 6,700,000 6,798,525 19.08 % Commercial Real Estate Bridge Lending (19.55%) Alcova Capital Yield Premium Fund, L.P. ab North America August, 2021 N/A 90 6,900,000 6,963,677 19.55 % Opportunistic Credit (9.20%) Brigade Credit Fund II LP ab North America July, 2021 Quarterly 60 3,200,000 3,276,205 9.20 % Structured Credit (17.99%) Brigade Structured Credit Fund LP ab North America July, 2021 Quarterly 60 3,200,000 3,283,399 9.22 % Serone Multi-Strategy Credit U.S. Feeder LP ab North America September, 2021 Monthly 60 3,100,000 3,123,415 8.77 % Total Primary Investments (Cost $23,100,000) (65.82%) 23,100,000 23,445,221 Total Investments in Investment Funds (Cost $24,743,798) (70.39%) 24,743,798 25,074,021 Investments in Preferred Partnerships Preferred Partnership Units Healthcare Financing (16.84%) CNH Finance LP, Preferred Unit, 9%, 6,000,000 Units bc North America September, 2021 N/A N/A 6,000,000 6,000,000 16.84 % Total Investment in Preferred Partnerships (Cost $6,000,000) (16.84%) 6,000,000 6,000,000 Total Investments (Cost $30,743,798) (87.23%) $ 31,074,021 Assets less other liabilities (12.77%) 4,549,269 Net Assets — 100.00% $ 35,623,290 a Non-income producing. b Investment Funds are restricted as to resale. c Fair value was determined using significant unobservable inputs. See accompanying Notes to Financial Statements. 2 AFA MULTI-MANAGER CREDIT FUND Schedule of Investments (continued) October 31, 2021 (unaudited) Summary by Investment Type Value % of Net Assets Fixed Income $ 1,628,800 4.57 Residential Real Estate Development Lending 6,798,525 19.08 Commercial Real Estate Bridge Lending 6,963,677 19.55 Opportunistic Credit 3,276,205 9.20 Structured Credit 6,406,814 17.99 Healthcare Financing 6,000,000 16.84 Total Investments 31,074,021 87.23 Assets less other liabilities 4,549,269 12.77 Total $ 35,623,290 100.00 See accompanying Notes to Financial Statements. 3 AFA MULTI-MANAGER CREDIT FUND Statement of Assets and Liabilities October 31, 2021 (unaudited) Assets: Investments, at value (cost $30,743,798) $ 31,074,021 Investments paid in advance 4,300,000 Cash 255,894 Receivables: Interest 48,000 Deferred offering costs (see note 2) 84,383 Total assets 35,762,298 Liabilities: Payables: Management Fee (see note 5) 76,905 Professional fees 27,782 Accounting and administrative fees 17,468 Custody fees 5,873 Trustee fees 4,031 Chief compliance officer fees 2,658 Shareholder servicing fees (Investor Class) 17 Accrued other expenses 4,274 Total liabilities 139,008 Net assets $ 35,623,290”

extracted 2026-09-12T02:18:21 · confidence 0.9

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554921075858/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0

NPORT-P netAssets | https://www.sec.gov/Archives/edgar/data/1843499/000114554921055462/xslFormNPORT-P_X01/primary_doc.xml

extracted 2026-09-11T21:11:35 · confidence 1.0