Alternative Credit Income Fund NPORTP Monthly portfolio investment report

Alternative Credit Income Fund

PORTFOLIO OF INVESTMENTS

December 31, 2023 (Unaudited)

	Coupon			Reference Rate & Spread	Maturity		Principal		Value
BANK LOANS (54.29%)^(a)

Communication Services (4.97%)
Neptune Bidco US Inc., First Lien Term Loan^(b)		10.51	%	3M SOFR + 5.00%, 0.50% Floor		04/11/2029	$	4,825,750	$	4,420,918
Next Flight Ventures, Delayed Draw Term Loan^(b)(f)		–%		3M SOFR + 10.00%		12/26/2025		–		–
Next Flight Ventures, First Lien Term Loan^(b)		15.61	%	3M SOFR + 10.00%		12/26/2025		5,159,375		5,018,397
Synamedia Americas Holdings, Inc., First Lien Term Loan^(b)		13.10	%	1M SOFR + 7.75%, 1.00% Floor		12/05/2028		2,758,621		2,662,069
										12,101,384
Consumer Discretionary (1.78%)
Arrow Purchaser, Inc., First Lien Initial Term Loan^(b)		12.39	%	1M SOFR + 6.75%, 1.00% Floor		04/15/2026		2,125,000		2,100,563
Jo-Ann Stores LLC, First Lien Term Loan^(b)		10.39	%	3M SOFR + 4.75%, 0.75% Floor		06/30/2028		3,939,547		272,951
Lucky Bucks Holdings LLC, Subordinated Note^(b)(d)(e)		–%		N/A		05/29/2028		10,226,174		1,949,109
										4,322,623
Consumer Staples (5.52%)
8th Avenue Food & Provisions, Inc., Second Lien Senior Secured Term Loan^(b)		13.21	%	1M SOFR + 7.75%		10/01/2026		2,500,000		2,000,013
BrightPet, First Lien Term Loan^(b)(c)		12.50	%	3M SOFR + 6.25%, 0.75% PIK, 1.00% Floor		10/06/2026		1,952,677		1,911,281
BrightPet, Revolver^(b)(f)		12.52	%	3M SOFR + 7.00%, 1.00% Floor		10/06/2026		325,508		314,897
Florida Food Products LLC, Second Lien Term Loan^(b)		13.47	%	1M SOFR + 8.00%, 0.75% Floor		10/18/2029		5,000,000		4,200,000
Phillips Feed Service, Inc., First Lien Term Loan^(b)		12.47	%	1M SOFR + 7.00%		05/30/2025		5,250,000		5,000,100
										13,426,291
Financials (7.36%)
AIS Holdco, LLC, Second Lien Term Loan^(b)		14.39	%	3M SOFR + 8.75%		08/15/2026		1,000,000		935,000
BetaNXT, Inc., First Lien Term Loan^(b)		11.10	%	3M SOFR + 5.75%		07/01/2029		2,364,015		2,269,455
Cor Leonis Limited, Revolver^(b)(f)		12.85	%	3M SOFR + 7.50%, 1.50% Floor		05/15/2028		1,481,231		1,481,231
H-CA II, LLC, First Lien Term Loan^(b)(d)		16.00	%	N/A		04/01/2024		1,868,671		1,868,671
Hunter Point Capital Structured Notes Issuer, LLC, Subordinated Delayed Draw Notes^(b)(f)		N/A		N/A		07/15/2052		1,136,426		1,136,426
Irradiant Intermediate Holdings, L.P., Delayed Draw Term Loan^(b)(f)		–%		3M SOFR + 6.50%, 1.50% Floor		06/08/2028		–		(27,115	)
Irradiant Intermediate Holdings, L.P., First Lien Term Loan^(b)		11.95	%	3M SOFR + 6.50%, 1.50% Floor		06/08/2028		1,450,000		1,422,885
Money Transfer Acquisition Inc., First Lien Term Loan^(b)		13.70	%	1M SOFR + 8.25%, 1.00% Floor		12/14/2027		6,825,000		6,654,375
SouthStreet Securities Holdings, Inc., First Lien Term Loan^(b)(d)		9.00	%	N/A		09/20/2027		2,700,000		2,166,750
										17,907,678
Health Care (8.64%)
American Academy Holdings, LLC, First Lien Term Loan^(b)(c)		16.47	%	1M SOFR + 5.75%, 5.25% PIK, 1.00% Floor		01/01/2025		2,320,561		2,335,181
American Academy Holdings, LLC, Second Lien Term Loan^(b)(c)(d)		14.50	%	PIK		03/01/2028		3,676,380		3,258,376
PhyNet Dermatology LLC, Delayed Draw Term Loan^(b)(f)		–%		6M SOFR + 6.50%, 1.00% Floor		10/20/2029		–		5,172

	Coupon			Reference Rate & Spread	Maturity		Principal		Value
PhyNet Dermatology LLC, First Lien Term Loan^(b)		11.99	%	6M SOFR + 6.50%, 1.00% Floor		10/20/2029	$	1,960,603	$	1,940,997
Upstream Rehabilitation, Inc., Second Lien Term Loan^(b)		13.98	%	3M SOFR + 8.50%, 2.00% Floor		11/22/2027		7,500,000		6,375,000
VBC Spine Opco LLC (DxTX Pain and Spine LLC), Delayed Draw Term Loan^(b)(f)		–%		3M SOFR + 8.00%, 2.00% Floor		06/14/2028		–		8,913
VBC Spine Opco LLC (DxTX Pain and Spine LLC), First Lien Term Loan^(b)		13.54	%	3M SOFR + 8.00%, 2.00% Floor		06/14/2028		2,193,145		2,165,731
VBC Spine Opco LLC (DxTX Pain and Spine LLC), Revolver^(b)(f)		13.52	%	1M SOFR + 8.00%, 2.00% Floor		06/14/2028		80,645		77,621
Viant Medical Holdings, Inc., Second Lien Initial Term Loan^(b)		13.22	%	1M SOFR + 7.75%		07/02/2026		5,000,000		4,840,650
										21,007,641
Industrials (9.79%)
Accordion Partners, LLC, Delayed Draw Term Loan A^(b)		11.60	%	3M SOFR + 6.25%, 0.75% Floor		08/29/2029		284,053		286,553
Accordion Partners, LLC, Delayed Draw Term Loan B^(b)		11.38	%	3M SOFR + 6.25%, 0.75% Floor		08/29/2029		355,956		355,529
Accordion Partners, LLC, First Lien Term Loan A^(b)		11.35	%	3M SOFR + 6.25%, 0.75% Floor		08/29/2029		3,236,106		3,232,223
Epic Staffing Group, First Lien Term Loan^(b)		11.36	%	1M SOFR + 6.00%, 0.50% Floor		06/28/2029		1,974,185		1,890,282
Marvel APS, Delayed Draw Term Loan^(b)(c)(d)		10.00	%	PIK		12/21/2027		3,041,667		3,357,841
Material Handling Systems, Inc., First Lien Term Loan^(b)		10.89	%	3M SOFR + 5.50%, 0.50% Floor		06/08/2029		4,937,500		4,386,475
PECF USS Intermediate Holding III Corporation, First Lien Term Loan^(b)		9.89	%	3M SOFR + 4.25%, 0.50% Floor		12/15/2028		2,000,000		1,571,140
Qualtek LLC, First Lien Term Loan^(b)(c)		15.39	%	3M SOFR + 1.00%, 9.00% PIK, 1.00% Floor		07/14/2025		3,337,458		3,337,458
Qualtek LLC, Second Lien Term Loan^(b)(c)		15.39	%	3M SOFR + 1.00%, 9.00% PIK, 1.00% Floor		01/14/2027		525,669		525,669
Secure Acquisition, Inc., Second Lien Term Loan^(b)		13.25	%	3M SOFR + 7.75%, 0.75% Floor		12/14/2029		5,000,000		4,878,000
										23,821,170
Information Technology (16.23%)
Accurate Background, LLC, First Lien Term Loan^(b)		11.65	%	3M SOFR + 6.00%, 1.00% Floor		03/26/2027		4,424,086		4,252,874
Ancile Solutions, Inc., First Lien Term Loan^(b)		15.65	%	3M SOFR + 10.00%, 1.00% Floor		06/11/2026		3,585,144		3,603,070
DCert Buyer, Inc. First Amendment Term Loan Refinancing, Second Lien Term Loan^(b)		12.36	%	1M SOFR + 7.00%		02/16/2029		3,600,000		3,294,000
Diamanti, Inc., Subordinated Note^(b)(c)(d)		12.50	%	PIK		05/01/2024		3,608,918		3,719,712
EagleView Technology Corp., Second Lien Term Loan^(b)		13.04	%	3M SOFR + 7.50%		08/14/2026		1,495,652		1,338,609
Ivanti Software, Inc., Second Lien Initial Term Loan^(b)		12.91	%	3M SOFR + 7.25%, 0.50% Floor		12/01/2028		4,000,000		3,246,660
Kofax, Inc., First Lien Term Loan^(b)		10.73	%	3M SOFR + 5.25%, 0.50% Floor		07/20/2029		3,960,000		3,600,313
Kofax, Inc., Second Lien Term Loan^(b)		13.13	%	3M SOFR + 7.75%, 0.50% Floor		07/20/2030		4,000,000		3,775,200
Naviga, Inc., First Lien Term Loan^(b)		12.45	%	3M SOFR + 7.00%, 1.00% Floor		02/27/2024		3,031,616		3,011,001
Precisely Software Incorporated, Second Lien Term Loan^(b)		12.89	%	3M SOFR + 7.25%, 0.75% Floor		04/23/2029		3,000,000		2,763,135
Redstone HoldCo 2 LP, Second Lien Term Loan^(b)		13.21	%	1M SOFR + 7.75%, 0.75% Floor		04/16/2029		5,000,000		3,100,000

	Coupon			Reference Rate & Spread	Maturity		Principal		Value
Spectrio, First Lien Term Loan^(b)		11.50	%	6M SOFR + 6.00%, 1.00% Floor		12/09/2026	$	3,940,958	$	3,778,591
										39,483,165
TOTAL BANK LOANS
(Cost $148,901,349)										132,069,952

ASSET BACKED SECURITIES AND CORPOATE BONDS (7.39%)
ASSET BACKED SECURITIES (5.22%)^(a)
Canyon Capital CLO 2014-1, Ltd., Class ER^(g)		13.33	%	3M SOFR + 7.70%		01/30/2031		1,000,000		738,775
Jamestown CLO V, Ltd., Class F^(e)(g)		–%		3M SOFR + 5.85%		01/17/2027		536,203		11,153
JMP Credit Advisors CLO IV, Ltd.^(b)		25.29	%	N/A		07/17/2029		4,836,540		319,212
JMP Credit Advisors CLO V, Ltd.^(b)		29.11	%	N/A		07/17/2030		4,486,426		1,096,034
Mount Logan Funding 2018-1 LP^(b)(g)(h)		25.47	%	N/A		01/22/2033		7,798,575		6,789,439
Octagon Investment Partners 36, Ltd., Class F^(g)		13.47	%	3M SOFR + 7.75%		04/15/2031		1,000,000		644,404
Octagon Investment Partners XIV, Ltd., Class ER^(g)		13.92	%	3M SOFR + 8.35%		07/15/2029		2,132,000		1,206,693
Saranac CLO VII, Ltd., Class ER^(g)		12.23	%	3M SOFR + 6.72%		11/20/2029		500,000		266,542
Tralee CLO II, Ltd., Class ER^(g)		13.44	%	3M SOFR + 7.85%		07/20/2029		1,000,000		919,716
Tralee CLO II, Ltd., Class FR^(e)(g)		–%		3M SOFR + 8.85%		07/20/2029		1,000,000		385,137
Voya CLO 2014-2, Ltd., Class ER^(g)		12.96	%	3M SOFR + 7.70%		04/17/2030		1,000,000		312,667
										12,689,772
CORPORATE BONDS (2.17%)
Communications (0.72%)
Spanish Broadcasting System, Inc.^(d)(g)		9.75	%	N/A		03/01/2026		3,000,000		1,758,555

Consumer Discretionary (0.00%)
Monitronics - Escrow^(b)		–%		N/A		12/31/2049		2,650,000		–

Consumer Staples (0.33%)
H-Food Holdings LLC / Hearthside Finance Co., Inc.^(d)(g)		8.50	%	N/A		06/01/2026		7,978,000		797,800

Industrials (1.12%)
PECF USS Intermediate Holding III Corp.^(d)(g)		8.00	%	N/A		11/15/2029		5,000,000		2,554,925
Wesco Aircraft Holdings, Inc.^(d)(e)(g)		–%		N/A		11/15/2027		4,636,000		162,260
										2,717,185
TOTAL ASSET BACKED SECURITIES AND CORPOATE BONDS
(Cost $34,237,859)										17,963,312

	Dividend Rate			Shares		Value
PREFERRED STOCK (2.13%)
Consumer Discretionary (2.00%)
Pennfoster^(a)(b)(i)		16.13	%		5,133,089		4,876,435

Health Care (0.05%)
American Academy Holdings. Inc., Preferred Units^(b)(i)					90,970		120,990

Industrials (0.08%)
GreenPark Infrastructure, LLC Series A^(b)(f)(h)(i)					400		200,000

TOTAL PREFERRED STOCK
(Cost $5,236,830)							5,197,425

	Shares		Value
COMMON EQUITY (7.38%)
Communication Services (0.01%)
Next Flight Ventures^(b)(i)		88	$	13,526
NFV Co-Pilot, Inc.^(b)(i)		441		24,264
				37,790

Consumer Discretionary (0.59%)
CEC Entertainment, Inc.⁽ⁱ⁾		79,564		1,432,152

Diversified (4.34%)
Ares Capital Corp.⁽ⁿ⁾		117,223		2,347,977
CION Investment Corp.⁽ⁿ⁾		120,800		1,366,248
FS KKR Capital Corp.⁽ⁿ⁾		105,137		2,099,586
Portman Ridge Finance Corp.^(h)		25,504		463,918
SLR Investment Corp.⁽ⁿ⁾		115,211		1,731,621
WhiteHorse Finance, Inc.		207,328		2,550,134
				10,559,484

Financials (0.89%)
Aperture Dodge 18 LLC^(b)(i)		2,045,271		2,158,576

Health Care (0.19%)
American Academy Holdings. Inc., Common Units^(b)(i)		0.05		307,019
DxTx Pain and Spine LLC, Common Units^(b)(i)		98,854		161,132
				468,151

Industrials (0.03%)
GreenPark Infrastructure, LLC Series M-1^(b)(h)(i)		200		68,500
Qualtek LLC^(b)(i)		287,540		–
				68,500

Real Estate (1.33%)
Copper Property CTL Pass Through Trust⁽ⁱ⁾		319,520		3,227,152

TOTAL COMMON EQUITY
(Cost $18,549,006)				17,951,805

INTERVAL FUND (3.21%)
Opportunistic Credit Interval Fund^(h)		664,452		7,807,309

TOTAL INTERVAL FUND
(Cost $8,000,000)				7,807,309

	Shares		Value
JOINT VENTURE (0.18%)
Joint Venture (0.18%)
Great Lakes Funding II LLC, Series A^(f)(h)(j)(m)		440,004	$	450,324
				450,324

TOTAL JOINT VENTURE
(Cost $440,004)				450,324

PRIVATE INVESTMENT FUNDS (21.98%)
BlackRock Global Credit Opportunities Fund, LP^(f)(j)(k)				12,550,798
CVC European Mid-Market Solutions Fund^(f)(j)(k)				8,927,214
GSO Credit Alpha Fund II LP^(f)(j)(k)				4,550,775
Monroe Capital Private Credit Fund III LP^(f)(j)(k)				8,691,324
Pelham S2K SBIC II, L.P.^(f)(j)(k)				296,552
Tree Line Credit Strategies LP^(f)(j)(k)				18,453,781
				53,470,444

TOTAL PRIVATE INVESTMENT FUNDS
(Cost $53,360,302)				53,470,444

Warrants (0.34%)
CEC Entertainment, Inc., Warrants		237,941		475,882
Diamanti, Inc., Class A^(b)		146,413		–
SouthStreet Securities Holdings, Inc., Warrants^(b)		3,400		345,338

TOTAL Warrants
(Cost $390,456)				821,220

SHORT- TERM INVESTMENTS (3.55%)
Money Market Funds (3.55%)
US BANK MMDA – USBGFS 9, 5.27%^(l)		8,623,713		8,623,713

TOTAL SHORT- TERM INVESTMENTS
(Cost $8,623,713)				8,623,713

SCHEDULE OF SECURITIES SOLD SHORT (-0.61%)

	Interest Rate			Maturity		Principal			Value
CORPORATE BONDS (-0.61%)
Enviva Partners LP^(d)		6.50	%		01/15/2026		(3,000,000	)	$	(1,480,833	)


TOTAL SCHEDULE OF SECURITIES SOLD SHORT
(Proceeds $2,924,409)									$	(1,480,833	)


INVESTMENTS, AT VALUE (99.84%)
(Cost $274,815,110)									$	242,874,672

Other Assets In Excess Of Liabilities (0.16%)										383,514

NET ASSETS (100.00%)									$	243,258,186

Investment Abbreviations:

SOFR – Secured Overnight Financing Rate

PIK - Payment in-Kind

Reference Rates:

1M US SOFR - 1 Month SOFR as of December 31, 2023 was 5.35%

3M US SOFR - 3 Month SOFR as of December 31, 2023 was 5.33%

6M US SOFR - 6 Month SOFR as of December 31, 2023 was 5.16%

^(a)	Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
^(b)	As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.
^(c)	Payment in kind security which may pay interest in additional par.
^(d)	Fixed rate investment.
^(e)	Non-accrual investment.
^(f)	All or a portion of this commitment was unfunded as of December 31, 2023.
^(g)	Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2023, the aggregate market value of those securities was $16,548,066, representing 6.80% of net assets.
^(h)	Affiliate company.
⁽ⁱ⁾	Non-income producing security.
^(j)	Restricted security. See chart below.
^(k)	Investment is held through CIF Investments LLC, a wholly-owned subsidiary.
^(l)	Money market fund; interest rate reflects seven-day effective yield on December 31, 2023.
^(m)	During the period ended December 31, 2023, the Fund invested $0 in Great Lakes Funding II, LLC - Series A units, received a return of capital distribution of $40,974, and reported change in unrealized appreciation of $20,783 on Great Lakes Funding II, LLC - Series A units. Additionally, Great Lakes Funding II LLC - Series A declared distributions of $20,866 during the period ended December 31, 2023.
⁽ⁿ⁾	All or a portion of each of these securities have been segregated as collateral for securities sold short. The aggregate market value of those securities was $7,545,432.

Securities determined to be restricted under the procedures approved by the Fund's Board of Trustees are as follows.

Date(s) of Purchase		Security	Cost		Value		% of Net Assets
	3/31/2018 - 6/30/2021	BlackRock Global Credit Opportunities Fund, LP	$	12,478,988	$	12,550,798		5.16	%
	09/30/2017 - 09/30/2021	CVC European Mid-Market Solutions Fund		10,003,216		8,927,214		3.67	%
	6/30/2018 - 3/31/2021	GSO Credit Alpha Fund II LP		3,080,286		4,550,775		1.87	%
	9/30/2018 - 12/31/2020	Monroe Capital Private Credit Fund III LP		8,501,260		8,691,324		3.57	%
	11/14/2022 - 12/31/2023	Pelham S2K SBIC II, L.P.		296,552		296,552		0.12	%
	12/31/2017 - 06/30/2019	Tree Line Credit Strategies LP		19,000,000		18,453,781		7.59	%
	08/05/2022 - 09/30/2023	Great Lakes Funding II LLC, Series A		440,004		450,324		0.18	%
		Total	$	53,800,306	$	53,920,768		22.16	%

Additional information on investments in private investment funds, including our joint venture Great Lakes Funding II LLC, and unfunded commitments:

Security		Value	Redemption Frequency	Redemption Notice(Days)	Unfunded Commitments as of December 31, 2023
BlackRock Global Credit Opportunities Fund, LP^(a)	$	12,550,798	N/A	N/A	$	4,488,839
CVC European Mid-Market Solutions Fund^(b)		8,927,214	N/A	N/A		206,342
Great Lakes Funding II LLC, Series A		450,324	N/A	N/A		54,734
GSO Credit Alpha Fund II LP^(a)		4,550,775	N/A	N/A		7,382,124
Monroe Capital Private Credit Fund III LP^(b)		8,691,324	N/A	N/A		1,498,740
Pelham S2K SBIC II, L.P.		296,552	N/A	N/A		1,703,448
Tree Line Credit Strategies LP		18,453,781	Quarterly	90		N/A
Total	$	53,920,768			$	15,334,227

Unfunded commitments:

Security				Maturity		Unfunded Commitment
BrightPet, Revolver	$	314,897		10/06/2026	$	175,000
Cor Leonis Limited, Revolver		1,481,231		05/15/2028		667,669
GreenPark Infrastructure, LLC Series M-1		68,500		12/31/2049		731,500
Hunter Point Capital Structured Notes Issuer, LLC, Subordinated Delayed Draw Notes		1,136,426		07/15/2052		4,738,574
Irradiant Intermediate Holdings, L.P, Delayed Draw Term Loan		(27,115	)	06/08/2028		1,450,000
VBC Spine Opco LLC (DxTX Pain and Spine LLC), Delayed Draw Term Loan		8,913		06/14/2028		1,188,455
VBC Spine Opco LLC (DxTX Pain and Spine LLC), Revolver		77,621		06/14/2028		161,290
Next Flight Ventures, Delayed Draw Term Loan		-		12/26/2025		1,190,625
PhyNet Dermatology LLC, Delayed Draw Term Loan		5,172		10/20/2029		1,034,483
Total	$	3,065,645			$	11,337,596

Total Unfunded Commitments					$	26,671,823

^(a)

A voluntary withdrawal may be permitted at the General Partner's discretion with the General Partner's consent.

^(b)

A voluntary withdrawal may be permitted with the General Partner's prior written consent.

Alternative Credit Income Fund (RCIAX) NPORT-PMonthly portfolio investment report