| Alternative Credit Income Fund | Consolidated Schedule of Investments |
December 31, 2024 (Unaudited)
Coupon | Reference Rate & Spread | Maturity | Principal | Value | ||||||||||||
| BANK LOANS (53.70%)(a)(b) | ||||||||||||||||
| Communication Services (3.65%) | ||||||||||||||||
| Next Flight Ventures, Delayed Draw Term Loan(c)(d)(e) | 14.70 | % | 3M SOFR + 10.00% | 12/26/2025 | $ | 956,669 | $ | 927,651 | ||||||||
| Next Flight Ventures, First Lien Term Loan(c)(d) | 14.59 | % | 3M SOFR + 10.00% | 12/26/2025 | 4,572,432 | 4,454,006 | ||||||||||
| Synamedia Americas Holdings, Inc., First Lien Term Loan(c) | 12.11 | % | 3M SOFR + 7.75%, 1.00% Floor | 12/05/2028 | 2,610,345 | 2,559,443 | ||||||||||
| 7,941,100 | ||||||||||||||||
| Consumer Discretionary (4.83%) | ||||||||||||||||
| Arrow Purchaser, Inc., First Lien Initial Term Loan(c) | 11.34 | % | 3M SOFR + 6.75%, 1.00% Floor | 04/15/2026 | 2,062,500 | 2,031,769 | ||||||||||
| Lucky Bucks Holdings LLC, Subordinated Note(c)(f) | – | % | 3M SOFR + 4.75%, 0.75% Floor | 05/29/2028 | 10,013,460 | 1,938,606 | ||||||||||
| Needle Holdings LLC, First Lien Term Loan(c) | 13.83 | % | 1M SOFR + 9.50% | 06/22/2027 | 2,354,542 | 1,824,770 | ||||||||||
| PMP OPCO, LLC, Delayed Draw Term Loan(c)(e)(g) | – | % | 1M SOFR + 8.50%, 2.00% Floor | 05/31/2029 | – | (36,872 | ) | |||||||||
| PMP OPCO, LLC, First Lien Term Loan(c)(g) | 12.86 | % | 1M SOFR + 8.50%, 2.00% Floor | 05/31/2029 | 1,259,297 | 1,191,673 | ||||||||||
| PMP OPCO, LLC, Revolver(c)(e)(g) | – | % | 1M SOFR + 8.50%, 2.00% Floor | 05/31/2029 | – | (7,552 | ) | |||||||||
| Riddell Inc., Delayed Draw Term Loan(c)(e)(g) | – | % | 1M SOFR + 6.00%, 1.00% Floor | 03/29/2029 | – | – | ||||||||||
| Riddell Inc., First Lien Term Loan(c)(g) | 10.48 | % | 1M SOFR + 6.00%, 1.00% Floor | 03/29/2029 | 3,568,182 | 3,568,182 | ||||||||||
| 10,510,576 | ||||||||||||||||
| Consumer Staples (6.11%) | ||||||||||||||||
| 8th Avenue Food & Provisions, Inc., Second Lien Term Loan(c) | 12.22 | % | 1M SOFR + 7.75% | 10/01/2026 | 2,500,000 | 2,262,050 | ||||||||||
| BrightPet, First Lien Term Loan(c)(d) | 9.49 | % | 3M SOFR + 6.25%, 0.75% PIK, 1.00% Floor | 10/06/2026 | 1,949,809 | 1,913,933 | ||||||||||
| BrightPet, Revolver(c)(d) | 11.04 | % | 3M SOFR + 4.00%, 3.00% PIK, 1.00% Floor | 10/06/2026 | 505,959 | 496,650 | ||||||||||
| Florida Food Products LLC, Second Lien Term Loan(c) | 12.59 | % | 3M SOFR + 8.00%, 0.75% Floor | 10/18/2029 | 5,652,174 | 4,303,000 | ||||||||||
| Phillips Feed Service, Inc., First Lien Term Loan(c) | 11.46 | % | 1M SOFR + 7.00% | 05/30/2025 | 5,250,000 | 4,305,000 | ||||||||||
| 13,280,633 | ||||||||||||||||
| Financials (9.83%) | ||||||||||||||||
| BetaNXT, Inc., First Lien Term Loan(c) | 10.08 | % | 3M SOFR + 5.75% | 07/01/2029 | 2,340,076 | 2,249,515 | ||||||||||
| Cor Leonis Limited, Revolver(c)(e) | 11.58 | % | 1M SOFR + 7.25%, 1.50% Floor | 05/15/2028 | 2,145,224 | 2,145,224 | ||||||||||
| DeltaDx Limited, LP - Barri/Dolex(c)(d) | 15.00 | % | 15.00% PIK | 06/30/2028 | 322,457 | 316,814 | ||||||||||
| H-CA II, LLC, First Lien Term Loan(c) | 16.00 | % | N/A | 09/01/2025 | 1,724,075 | 1,560,288 | ||||||||||
| Hunter Point Capital Structured Notes Issuer, LLC, Subordinated Delayed Draw Notes(c)(e) | N/A | N/A | 07/15/2052 | 2,499,805 | 3,171,752 | |||||||||||
| Irradiant Intermediate Holdings, LP. Delayed Draw Term Loan(c)(e) | 10.93 | % | 3M SOFR + 6.50%, 1.50% Floor | 06/08/2028 | 870,000 | 879,135 | ||||||||||
| Irradiant Intermediate Holdings, LP. First Lien Term Loan(c) | 10.93 | % | 3M SOFR + 6.50%, 1.50% Floor | 06/08/2028 | 1,450,000 | 1,459,135 | ||||||||||
| Money Transfer Acquisition Inc., First Lien Term Loan(c) | 12.71 | % | 1M SOFR + 8.25%, 1.00% Floor | 12/14/2027 | 6,001,471 | 5,874,239 | ||||||||||
| PocketWatch, Inc., First Lien Term Loan(c) | – | % | N/A | 07/15/2027 | 1,408,823 | 1,408,623 | ||||||||||
| SouthStreet Securities Holdings, Inc., First Lien Term Loan(c) | 9.00 | % | N/A | 09/20/2027 | 2,700,000 | 2,301,750 | ||||||||||
| 21,366,475 | ||||||||||||||||
| Alternative Credit Income Fund | Consolidated Schedule of Investments |
December 31, 2024 (Unaudited)
Coupon | Reference Rate & Spread | Maturity | Principal | Value | ||||||||||||
| Health Care (7.93%) | ||||||||||||||||
| American Academy Holdings, LLC, Delayed Draw Term Loan(c)(d) | 14.22 | % | 3M SOFR + 4.50%, 5.25% PIK, 1.00% Floor | 01/01/2025 | $ | 405,256 | $ | 407,282 | ||||||||
| American Academy Holdings, LLC, First Lien Term Loan(c)(d) | 14.22 | % | 1M SOFR + 4.50%, 5.25% PIK, 1.00% Floor | 01/01/2025 | 2,042,487 | 2,052,700 | ||||||||||
| American Academy Holdings, LLC, Second Lien Term Loan(c)(d) | 14.50 | % | 14.50% PIK | 03/01/2028 | 4,239,148 | 3,979,712 | ||||||||||
| PhyNet Dermatology LLC, Delayed Draw Term Loan(c)(e) | – | % | 3M SOFR + 6.50%, 1.00% Floor | 10/20/2029 | – | 7,759 | ||||||||||
| PhyNet Dermatology LLC, First Lien Term Loan(c) | 11.12 | % | 3M SOFR + 6.50%, 1.00% Floor | 10/20/2029 | 1,940,997 | 1,926,440 | ||||||||||
| Upstream Rehabilitation, Inc., Second Lien Term Loan(c) | 13.19 | % | 3M SOFR + 8.50% | 11/22/2027 | 7,500,000 | 5,859,375 | ||||||||||
| VBC Spine Opco LLC (DxTX Pain and Spine LLC), Delayed Draw Term Loan(c)(e) | 12.73 | % | 3M SOFR + 8.00%, 2.00% Floor | 06/14/2028 | 709,508 | 709,773 | ||||||||||
| VBC Spine Opco LLC (DxTX Pain and Spine LLC), First Lien Term Loan(c) | 12.81 | % | 3M SOFR + 8.00%, 2.00% Floor | 06/14/2028 | 2,165,662 | 2,148,770 | ||||||||||
| VBC Spine Opco LLC (DxTX Pain and Spine LLC), Revolver(c)(e) | 12.69 | % | 3M SOFR + 8.00%, 2.00% Floor | 06/14/2028 | 161,290 | 159,403 | ||||||||||
| 17,251,214 | ||||||||||||||||
| Industrials (5.91%) | ||||||||||||||||
| Epic Staffing Group, First Lien Term Loan(c) | 10.51 | % | 1M SOFR + 6.00%, 0.50% Floor | 06/28/2029 | 1,959,185 | 1,753,471 | ||||||||||
| Marvel APS (Autorola Group Holding A/S), Delayed Draw Term Loan(c)(d)(h) | 10.00 | % | 10.00% PIK | 12/21/2027 | 3,364,715 | 3,777,414 | ||||||||||
| Material Handling Systems, Inc., First Lien Term Loan(c) | 9.76 | % | 3M SOFR + 5.50%, 0.50% Floor | 06/08/2029 | 1,887,263 | 1,655,602 | ||||||||||
| Newbury Franklin Industrials, LLC, Delayed Draw Term Loan(c)(e) | – | % | 3M SOFR + 7.00%, 2.00% Floor | 12/11/2029 | – | – | ||||||||||
| Newbury Franklin Industrials, LLC, First Lien Term Loan(c) | 11.40 | % | 3M SOFR + 7.00%, 2.00% Floor | 12/11/2029 | 4,013,158 | 3,912,829 | ||||||||||
| VORTEX OPCO, LLC, First Lien Term Loan (First Out)(c) | 10.58 | % | 3M SOFR + 6.25% | 04/30/2030 | 720,000 | 747,000 | ||||||||||
| VORTEX OPCO, LLC, First Lien Term Loan (Second Out)(c)(f) | – | % | 3M SOFR + 4.25%, 0.50% Floor | 12/15/2028 | 1,583,833 | 1,006,526 | ||||||||||
| 12,852,842 | ||||||||||||||||
| Information Technology (15.44%) | ||||||||||||||||
| Accurate Background, LLC, First Lien Term Loan(c) | 10.59 | % | 3M SOFR + 6.00%, 1.00% Floor | 03/26/2027 | 4,367,265 | 4,329,270 | ||||||||||
| Ancile Solutions, Inc., First Lien Term Loan(c) | 14.62 | % | 3M SOFR + 10.00%, 1.00% Floor | 06/11/2026 | 3,448,144 | 3,448,833 | ||||||||||
| Colonnade Intermediate, LLC, Delayed Draw Term Loan(c)(f) | – | % | 1M SOFR + 7.00%, 1.00% Floor | 04/27/2024 | 1,473,901 | 1,061,946 | ||||||||||
| Colonnade Intermediate, LLC, First Lien Term Loan(c)(f) | – | % | 1M SOFR + 7.00%, 1.00% Floor | 04/27/2024 | 1,542,157 | 1,111,123 | ||||||||||
| DCert Buyer, Inc. First Amendment Term Loan Refinancing, Second Lien Term Loan(c) | 11.36 | % | 1M SOFR + 7.00% | 02/16/2029 | 3,600,000 | 3,038,634 | ||||||||||
| Diamanti, Inc., Subordinated Note(c)(d) | 15.00 | % | 15.00% PIK | 02/28/2025 | 4,082,978 | 4,145,040 | ||||||||||
| EagleView Technology Corp., Second Lien Term Loan(c) | 11.98 | % | 3M SOFR + 7.50% | 08/14/2026 | 1,495,652 | 1,140,435 | ||||||||||
| Ivanti Software, Inc., Second Lien Initial Term Loan(c) | 12.12 | % | 3M SOFR + 7.25%, 0.50% Floor | 12/01/2028 | 4,000,000 | 2,305,000 | ||||||||||
| Kofax, Inc., Second Lien Term Loan(c) | 12.34 | % | 3M SOFR + 7.75%, 0.50% Floor | 07/20/2030 | 4,000,000 | 3,590,000 | ||||||||||
| Precisely Software Incorporated, Second Lien Term Loan(c) | 12.10 | % | 3M SOFR + 7.25%, 0.75% Floor | 04/23/2029 | 3,000,000 | 2,902,875 | ||||||||||
| Spectrio, Delayed Draw Term Loan(c) | 10.51 | % | 3M SOFR + 6.00%, 1.00% Floor | 12/09/2026 | 1,159,980 | 1,046,882 | ||||||||||
| Alternative Credit Income Fund | Consolidated Schedule of Investments |
December 31, 2024 (Unaudited)
Coupon | Reference Rate & Spread | Maturity | Principal | Value | ||||||||||||
| Spectrio, First Lien Term Loan(c) | 10.51 | % | 3M SOFR + 6.00%, 1.00% Floor | 12/09/2026 | $ | 2,780,878 | $ | 2,509,743 | ||||||||
| VTX Intermediate Holdings, Inc.(c)(d) | 11.65 | % | 1M SOFR + 6.00%, 1.00% PIK, 2.00% Floor | 12/12/2029 | 1,144,465 | 1,133,021 | ||||||||||
| VTX Intermediate Holdings, Inc.(c)(d) | 12.50 | % | 12.50% PIK | 12/12/2030 | 1,855,535 | 1,818,424 | ||||||||||
| 33,581,226 | ||||||||||||||||
| TOTAL BANK LOANS | ||||||||||||||||
| (Cost $132,024,657) | 116,784,066 | |||||||||||||||
| ASSET BACKED SECURITIES AND CORPOATE BONDS (6.76%) | ||||||||||||||||
| ASSET BACKED SECURITIES (4.13%)(a)(b) | ||||||||||||||||
| Canyon Capital CLO 2014-1, Ltd., Class ER(i) | 12.55 | % | 3M SOFR + 7.70% | 01/30/2031 | 1,000,000 | 770,844 | ||||||||||
| JMP Credit Advisors CLO IV, Ltd.(c) | – | % | N/A | 07/17/2029 | 4,836,540 | 122,848 | ||||||||||
| JMP Credit Advisors CLO V, Ltd.(c) | – | % | N/A | 07/17/2030 | 4,486,426 | 230,602 | ||||||||||
| Mount Logan Funding 2018-1 LP(c)(g)(i) | 22.14 | % | N/A | 01/22/2033 | 7,798,575 | 4,960,674 | ||||||||||
| Octagon Investment Partners 36, Ltd., Class F(i) | 12.67 | % | 3M SOFR + 7.75% | 04/15/2031 | 1,000,000 | 799,383 | ||||||||||
| Octagon Investment Partners XIV, Ltd., Class ER(i) | 13.27 | % | 3M SOFR + 8.35% | 07/15/2029 | 2,132,000 | 784,521 | ||||||||||
| Saranac CLO VII, Ltd., Class ER(i) | 11.50 | % | 3M SOFR + 6.72% | 11/20/2029 | 500,000 | 114,952 | ||||||||||
| Tralee CLO II, Ltd., Class ER(i) | 12.73 | % | 3M SOFR + 7.85% | 07/20/2029 | 1,000,000 | 829,922 | ||||||||||
| Tralee CLO II, Ltd., Class FR(f)(i) | – | % | 3M SOFR + 8.35% | 07/20/2029 | 1,000,000 | 139 | ||||||||||
| Voya CLO 2014-2, Ltd., Class ER(i) | 12.61 | % | 3M SOFR + 7.70% | 04/17/2030 | 1,000,000 | 357,086 | ||||||||||
| 8,970,971 | ||||||||||||||||
| CORPORATE BONDS (2.63%)(a)(b) | ||||||||||||||||
| Communications (0.92%) | ||||||||||||||||
| Spanish Broadcasting System, Inc.(i) | 9.75 | % | N/A | 03/01/2026 | 3,000,000 | 1,996,755 | ||||||||||
| Consumer Discretionary (0.00%) | ||||||||||||||||
| Monitronics - Escrow(c) | – | % | N/A | 12/31/2049 | 2,650,000 | – | ||||||||||
| Consumer Staples (0.12%) | ||||||||||||||||
| H-Food Holdings LLC / Hearthside Finance Co., Inc.(f)(i) | – | % | N/A | 06/01/2026 | 7,978,000 | 259,285 | ||||||||||
| Financials (0.98%) | ||||||||||||||||
| EJF CRT 2024-R1 LLC, Class R1(c) | 12.18 | % | N/A | 12/17/2055 | 2,141,504 | 2,141,504 | ||||||||||
| Industrials (0.61%) | ||||||||||||||||
| Vortex Opco LLC(f)(i) | – | % | 8.00% | 04/30/2030 | 3,135,000 | 1,159,950 | ||||||||||
| Wesco Aircraft Holdings, Inc.(f)(i) | – | % | N/A | 11/15/2027 | 4,636,000 | 162,260 | ||||||||||
| 1,322,210 | ||||||||||||||||
| TOTAL ASSET BACKED SECURITIES AND CORPOATE BONDS | ||||||||||||||||
| (Cost $32,913,375) | 14,690,725 | |||||||||||||||
| EQUIPMENT FINANCING (0.61%) | ||||||||||||||||
| Equipment Financing (0.61%) | ||||||||||||||||
| White Oak Equipment Finance 1, LLC(b)(c)(j) | 10.75 | % | N/A | 01/01/2027 | 1,317,068 | 1,317,068 | ||||||||||
| TOTAL EQUIPMENT FINANCING | ||||||||||||||||
| (Cost $1,317,068) | 1,317,068 | |||||||||||||||
| Dividend Rate | Shares | Value | ||||||||||||||
| PREFERRED STOCK (3.33%)(b) | ||||||||||||||||
| Consumer Discretionary (3.17%) | ||||||||||||||||
| EBSC Holdings LLC, Preferred(a)(c)(d)(g) | 10.00% PIK | 1,076,962 | 1,187,351 | |||||||||||||
| Pennfoster(a)(c)(d) | 14.49% | 5,518,867 | 5,518,867 | |||||||||||||
| Alternative Credit Income Fund | Consolidated Schedule of Investments |
December 31, 2024 (Unaudited)
| Shares | Value | |||||||||
| PREFERRED STOCK (3.33%)(b) (continued) | ||||||||||
| Consumer Discretionary (3.17%) (continued) | ||||||||||
| Princeton Medspa Partners, LLC(a)(c)(d)(g)(j) | 12.50% PIK | 265,913 | $ | 214,644 | ||||||
| 6,920,862 | ||||||||||
| Health Care (0.07%) | ||||||||||
| American Academy Holdings. Inc., Preferred(a)(c)(d)(j) | 18.00% | 90,970 | 151,011 | |||||||
| Industrials (0.09%) | ||||||||||
| GreenPark Infrastructure, LLC Series A, Preferred(c)(g)(j)(k) | 400 | 200,000 | ||||||||
| TOTAL PREFERRED STOCK | ||||||||||
| (Cost $6,952,736) | 7,271,873 | |||||||||
| COMMON EQUITY (9.81%)(b) | ||||||||||
| Communication Services (0.00%) | ||||||||||
| Next Flight Ventures(c)(k) | 88 | – | ||||||||
| NFV Co-Pilot, Inc.(c)(k) | 441 | – | ||||||||
| – | ||||||||||
| Consumer Discretionary (1.76%) | ||||||||||
| CEC ENTERTAINMENT, INC.(k) | 79,564 | 1,087,361 | ||||||||
| JoAnn Inc.(c)(k) | 1,570,371 | 2,730,650 | ||||||||
| 3,818,011 | ||||||||||
| Diversified (4.83%) | ||||||||||
| Ares Capital Corp. | 117,223 | 2,566,011 | ||||||||
| CION Investment Corp. | 120,800 | 1,377,120 | ||||||||
| FS KKR Capital Corp. | 105,137 | 2,283,576 | ||||||||
| Portman Ridge Finance Corp.(g) | 25,504 | 416,735 | ||||||||
| SLR Investment Corp. | 115,211 | 1,861,810 | ||||||||
| WhiteHorse Finance, Inc. | 207,328 | 2,006,935 | ||||||||
| 10,512,187 | ||||||||||
| Financials (0.82%) | ||||||||||
| Aperture Dodge 18 LLC(c)(k) | 2,051,573 | 1,774,850 | ||||||||
| Health Care (0.19%) | ||||||||||
| American Academy Holdings. Inc., Common Units(c)(j)(k) | 0.05 | 276,604 | ||||||||
| DxTX Pain and Spine LLC, Common Units(c)(j)(k) | 98,854 | 139,385 | ||||||||
| 415,989 | ||||||||||
| Industrials (0.41%) | ||||||||||
| GreenPark Infrastructure, LLC Series M-1(c)(g)(j)(k) | 2,565 | 880,783 | ||||||||
| Information Technology (0.00%) | ||||||||||
| VTX Holdings LLC(c)(k) | 932,474 | – | ||||||||
| Real Estate (1.80%) | ||||||||||
| Copper Property CTL Pass Through Trust | 319,520 | 3,910,925 | ||||||||
| TOTAL COMMON EQUITY | ||||||||||
| (Cost $21,680,713) | 21,312,745 | |||||||||
| Alternative Credit Income Fund | Consolidated Schedule of Investments |
December 31, 2024 (Unaudited)
| Shares | Value | |||||||
| INTERVAL FUND (2.14%)(b) | ||||||||
| Interval Fund (2.14%) | ||||||||
| Opportunistic Credit Interval Fund(g) | 404,786 | $ | 4,646,947 | |||||
| TOTAL INTERVAL FUND | ||||||||
| (Cost $4,873,627) | 4,646,947 | |||||||
| JOINT VENTURE (0.19%)(b) | ||||||||
| Joint Venture (0.19%) | ||||||||
| Great Lakes Funding II LLC, Series A(e)(g)(l)(m) | 413,087 | 412,515 | ||||||
| TOTAL JOINT VENTURE | ||||||||
| (Cost $413,087) | 412,515 | |||||||
| PRIVATE INVESTMENT FUNDS (17.82%)(b) | ||||||||
| BlackRock Global Credit Opportunities Fund, LP(e)(l)(n) | 8,229,857 | |||||||
| CVC European Mid-Market Solutions Fund(e)(l)(n) | 1,554,551 | |||||||
| EJF Financial Debt Strategies Fund LP(l) | 778,785 | |||||||
| GSO Credit Alpha Fund II LP(e)(l)(n) | 2,129,954 | |||||||
| Monroe Capital Private Credit Fund III LP(e)(l)(n) | 7,085,535 | |||||||
| Pelham S2K SBIC II, L.P.(e)(l)(n) | 355,736 | |||||||
| Tree Line Credit Strategies LP(l)(n) | 18,625,120 | |||||||
| 38,759,538 | ||||||||
| TOTAL PRIVATE INVESTMENT FUNDS | ||||||||
| (Cost $40,615,778) | 38,759,538 | |||||||
| Warrants (0.31%)(b) | ||||||||
| CEC Entertainment, Inc. Warrants | 237,941 | 273,632 | ||||||
| Diamanti, Inc., Class A(c) | 146,413 | – | ||||||
| Princeton Medspa Partners, LLC, Warrants(c)(g)(j) | 0.09 | 11,349 | ||||||
| SouthStreet Securities Holdings, Inc., Warrants(c) | 3,400 | 384,948 | ||||||
| TOTAL Warrants | ||||||||
| (Cost $390,456) | 669,929 | |||||||
| Number
of Contracts | Value | |||||||
| DERIVATIVES (0.00%) | ||||||||
| Princeton Medspa Partners, LLC, Put(c)(g)(j) | 250,000 | – | ||||||
| TOTAL DERIVATIVES | ||||||||
| (Cost $–) | – | |||||||
| SHORT-TERM INVESTMENT (5.22%) | ||||||||
| Money Market Funds (5.22%) | ||||||||
| US BANK MMDA - USBGFS 9, 4.20%(b)(o) | 11,341,827 | 11,341,827 | ||||||
| TOTAL SHORT-TERM INVESTMENT | ||||||||
| (Cost $11,341,827) | 11,341,827 | |||||||
| Alternative Credit Income Fund | Consolidated Schedule of Investments |
December 31, 2024 (Unaudited)
| INVESTMENTS, AT VALUE (99.89%) | ||||||||
| (Cost $252,523,324) | $ | 217,207,233 | ||||||
| Other Assets In Excess Of Liabilities (0.11%) | 238,524 | |||||||
| NET ASSETS (100.00%) | $ | 217,445,757 |
| Investment Abbreviations: |
| SOFR - Secured Overnight Financing Rate |
| PIK - Payment in-Kind |
| Reference Rates: |
| 1M SOFR - 1 Month US SOFR as of December 31, 2024 was 4.33%. |
| 3M SOFR - 3 Month US SOFR as of December 31, 2024 was 4.30%. |
| 6M SOFR - 6 Month US SOFR as of December 31, 2024 was 4.25%. |
| (a) | Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at December 31, 2024. 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) | These investments are pledged to secure the Fund’s debt obligations. |
| (c) | As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets. |
| (d) | Payment in-kind security which may pay interest in additional par. |
| (e) | All or a portion of this commitment was unfunded as of December 31, 2024. |
| (f) | Non-accrual investment. |
| (g) | Affiliate company. |
| (h) | Principal balance denominated in euros. |
| (i) | 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, 2024, the aggregate market value of those securities was $12,195,771, representing 5.61% of net assets. |
| (j) | Investment is held through ACIF Master Blocker, LLC, wholly-owned subsidiary. |
| (k) | Non-income producing security. |
| (l) | Restricted security. |
| (m) | During the period ended December 31, 2024, the Fund invested $29,910 in Great Lakes Funding II, LLC - Series A units, received a return of capital distribution of $-, and reported change in unrealized depreciation of $10,151 on Great Lakes Funding II, LLC - Series A units. Additionally, Great Lakes Funding II LLC - Series A declared distributions of $14,542 during the period ended December 31, 2024. |
| (n) | Investment is held through CIF Investments LLC, a wholly-owned subsidiary. |
| (o) | Money market fund; interest rate reflects seven-day effective yield on December 31, 2024. |
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 | ||||||||||
| 03/31/2018 - 09/30/2024 | BlackRock Global Credit Opportunities Fund, LP | $ | 9,797,727 | $ | 8,229,857 | 3.78 | % | |||||||
| 09/30/2017 - 09/30/2021 | CVC European Mid-Market Solutions Fund | 3,066,851 | 1,554,551 | 0.71 | % | |||||||||
| 06/30/2024 - 09/30/2024 | EJF Financial Debt Strategies Fund LP | 750,000 | 778,785 | 0.36 | % | |||||||||
| 08/05/2022 - 12/31/2024 | Great Lakes Funding II LLC, Series A | 413,087 | 412,515 | 0.19 | % | |||||||||
| 06/30/2018 - 03/31/2021 | GSO Credit Alpha Fund II LP | 875,997 | 2,129,954 | 0.98 | % | |||||||||
| 09/30/2018 - 12/31/2020 | Monroe Capital Private Credit Fund III LP | 6,765,573 | 7,085,535 | 3.26 | % | |||||||||
| 11/14/2022 - 12/31/2024 | Pelham S2K SBIC II, L.P. | 359,630 | 355,736 | 0.16 | % | |||||||||
| 12/31/2017 - 06/30/2019 | Tree Line Credit Strategies LP | 19,000,000 | 18,625,120 | 8.57 | % | |||||||||
| Total | $ | 41,028,865 | $ | 39,172,053 | 18.01 | % | ||||||||
| Alternative Credit Income Fund | Consolidated Schedule of Investments |
December 31, 2024 (Unaudited)
Additional information on investments in private investment funds and unfunded commitments:
| Security | Value | Redemption Frequency | Redemption Notice(Days) | Unfunded Commitments as of December 31, 2024 | ||||||||
| BlackRock Global Credit Opportunities Fund, LP(a) | $ | 8,229,857 | N/A | N/A | $ | 3,871,980 | ||||||
| CVC European Mid-Market Solutions Fund(b) | 1,554,551 | N/A | N/A | 206,342 | ||||||||
| EJF Financial Debt Strategies Fund LP | 778,785 | N/A | N/A | N/A | ||||||||
| Great Lakes Funding II LLC, Series A(a) | 412,515 | N/A | N/A | 81,651 | ||||||||
| GSO Credit Alpha Fund II LP(a) | 2,129,954 | N/A | N/A | 7,382,124 | ||||||||
| Monroe Capital Private Credit Fund III LP(b) | 7,085,535 | N/A | N/A | 1,498,740 | ||||||||
| Pelham S2K SBIC II, L.P. | 355,736 | N/A | N/A | 1,640,370 | ||||||||
| Tree Line Credit Strategies LP | 18,625,120 | Quarterly | 90 | N/A | ||||||||
| Total | $ | 39,172,053 | $ | 14,681,207 | ||||||||
Unfunded Commitments:
| Security | Value | Maturity | Unfunded Commitment | |||||||||
| Cor Leonis Limited, Revolver | $ | 2,145,224 | 05/15/2028 | $ | 951,897 | |||||||
| Hunter Point Capital Structured Notes Issuer, LLC, Subordinated Delayed Draw Notes | 3,171,752 | 07/15/2052 | 3,375,195 | |||||||||
| Irradiant Intermediate Holdings, LP. Delayed Draw Term Loan | 879,135 | 06/08/2028 | 580,000 | |||||||||
| Newbury Franklin Industrials, LLC, Delayed Draw Term Loan | – | 12/11/2029 | 986,842 | |||||||||
| Next Flight Ventures, Delayed Draw Term Loan | 927,651 | 12/26/2025 | 266,700 | |||||||||
| PhyNet Dermatology LLC, Delayed Draw Term Loan | 7,759 | 10/20/2029 | 1,034,483 | |||||||||
| PMP OPCO, LLC, Delayed Draw Term Loan | (36,872 | ) | 05/31/2029 | 843,750 | ||||||||
| PMP OPCO, LLC, Revolver | (7,552 | ) | 05/31/2029 | 140,625 | ||||||||
| Riddell Inc., Delayed Draw Term Loan | – | 03/29/2029 | 363,636 | |||||||||
| VBC Spine Opco LLC (DxTX Pain and Spine LLC), Delayed Draw Term Loan | 709,773 | 06/14/2028 | 475,382 | |||||||||
| VBC Spine Opco LLC (DxTX Pain and Spine LLC), Revolver | 159,403 | 06/14/2028 | 80,645 | |||||||||
| Total | $ | 7,956,273 | $ | 9,099,155 | ||||||||
| Total Unfunded Commitments | $ | 23,780,362 | ||||||||||
| (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. |