# EDGAR Filing Document

**Accession Number:** 0001944664
**File Stem:** 0001752724-25-138574
**Filing Date:** 2025-6
**Character Count:** 23303
**Document Hash:** b037036911b7646bb985f320aa31f1f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-138574.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001752724-25-138574

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**EFFECTIVENESS DATE**: 20250613

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nomura Alternative Income Fund
- **CENTRAL INDEX KEY:** 0001944664

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23826
- **FILM NUMBER:** 251047125

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 2126679131

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Item

```

Item 405  - Amy Siefer

Based solely on its
review of the copies of
such forms received by
it, or written
representations from
certain reporting
persons, the Fund
believes that, during the
fiscal year ended March
31, 2025, all such
filing requirements were
met with respect to the
Fund, with the exception
of statement of changes
of beneficial
ownership on Form 4 for
Amy Siefer, which was
filed late due to an
administrative
oversight.

```

## Internal

```

REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING
FIRM

To the Shareholders and Board of
Trustees of
Nomura Alternative Income Fund

In planning and performing our
audit of the financial statements of
Nomura Alternative Income Fund
(the "Fund") as of and for the year
ended March 31, 2025, in
accordance with the standards of
the Public Company Accounting
Oversight Board (United States)
(PCAOB), we considered the Fund's
internal control over financial
reporting, including controls over
safeguarding securities, as a basis
for designing our auditing
procedures for the purpose of
expressing our opinion on the
financial statements and to comply
with the requirements of Form N-
CEN, but not for the purpose of
expressing an opinion on the
effectiveness of the Fund's internal
control over financial reporting.
Accordingly, we express no such
opinion.

The management of the Fund is
responsible for establishing and
maintaining effective internal
control over financial reporting.  In
fulfilling this responsibility,
estimates and judgments by
management are required to assess
the expected benefits and related
costs of controls.  A fund's internal
control over financial reporting is a
process designed to provide
reasonable assurance regarding the
reliability of financial reporting and
the preparation of financial
statements for external purposes in
accordance with generally accepted
accounting principles (GAAP).  A
fund's internal control over financial
reporting includes those policies
and procedures that (1) pertain to
the maintenance of records that, in
reasonable detail, accurately and
fairly reflect the transactions and
dispositions of the assets of the
fund; (2) provide reasonable
assurance that transactions are
recorded as necessary to permit
preparation of financial statements
in accordance with GAAP, and that
receipts and expenditures of the
fund are being made only in
accordance with authorizations of
management and trustees of the
fund; and (3) provide reasonable
assurance regarding prevention or
timely detection of unauthorized
acquisition, use or disposition of a
fund's assets that could have a
material effect on the financial
statements.

Because of its inherent limitations,
internal control over financial
reporting may not prevent or detect
misstatements.  Also, projections of
any evaluation of effectiveness to
future periods are subject to the risk
that controls may become
inadequate because of changes in
conditions, or that the degree of
compliance with the policies or
procedures may deteriorate.

A deficiency in internal control over
financial reporting exists when the
design or operation of a control
does not allow management or
employees, in the normal course of
performing their assigned functions,
to prevent or detect misstatements
on a timely basis.  A material
weakness is a deficiency, or
combination of deficiencies, in
internal control over financial
reporting, such that there is a
reasonable possibility that a
material misstatement of the Fund's
annual or interim financial
statements will not be prevented or
detected on a timely basis.

Our consideration of the Fund's
internal control over financial
reporting was for the limited
purpose described in the first
paragraph and would not
necessarily disclose all deficiencies
in internal control that might be
material weaknesses under
standards established by the
PCAOB.  However, we noted no
deficiencies in the Fund's internal
control over financial reporting and
its operation, including controls
over safeguarding securities, that
we consider to be a material
weakness as defined above as of
March 31, 2025.

This report is intended solely for the
information and use of
management and the Board of
Trustees of the Fund and the
Securities and Exchange
Commission and is not intended to
be and should not be used by
anyone other than these specified
parties.

/s/ Cohen & Company, LTD.
COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
May 30, 2025

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001944664

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-03-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Nomura Alternative Income Fund

- **Item B.1.b - Investment Company Act file number:** 811-23826

- **Item B.1.c - CIK:** 0001944664

- **Item B.1.d - LEI:** 549300A59FYTUHL9TJ86

- **Item B.2.a - Street 1:** 225 Pictoria Drive

- **Item B.2.a - Street 2:** Suite 450

- **Item B.2.b - City:** CINCINNATI

- **Item B.2.c - State:** OH

- **Item B.2.e - Zip Code:** 45246

- **Item B.2.f - Telephone:** 212-6679131

- **Item B.2.g - Public Website:** funds.nomuracapitalmanagement.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Ultimus Fund Solutions, LLC

- **b. Street 1:** 225 Pictoria Drive

- **Street 2:** Suite 450

- **c. City:** Cincinnati

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 45246

- **g. Telephone number:** 513-587-3400

- **h. Briefly describe the books and records kept at this location:** Books and records related to transfer agent, fund accounting and fund administration services

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Nomura Capital Management LLC

- **b. Street 1:** 309 West 49th Street

- **Street 2:** 24th Floor

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10019

- **g. Telephone number:** 212-667-9000

- **h. Briefly describe the books and records kept at this location:** Books and records related to adviser services

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Foreside Financial Services, LLC

- **b. Street 1:** Three Canal Plaza

- **Street 2:** Suite 100

- **c. City:** Portland

- **d. State, if applicable:** ME

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 04101

- **g. Telephone number:** 207-533-7111

- **h. Briefly describe the books and records kept at this location:** Books and records related to distribution services

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** U.S. Bank, N.A.

- **b. Street 1:** 1555 N. Rivercenter Drive

- **Street 2:** Suite 302

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53212

- **g. Telephone number:** 215-761-9381

- **h. Briefly describe the books and records kept at this location:** Books and records related to custody services

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [ ] a. Open-end management investment company registered under the Act on Form N-1A

- [x] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** —

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name              | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Robert Stark      | Yes                     | N/A                                     |
| Katherine Q. Rosa | No                      | N/A                                     |
| David Brigstocke  | No                      | N/A                                     |
| Michael Falcon    | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Amy Siefer

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 501 S Cherry Street

- **   Street Address 2:** Suite 610

- **d. City:** Denver

- **e. State, if applicable:** CO

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 80246

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-35062
  - IC-34889

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Foreside Financial Services LLC

- **ii. SEC file number:** 8-68027

- **iii. CRD number:** 000148477

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** ME

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Cohen & Company,  LTD

- **b. PCAOB Number:** 925

- **c. LEI, if any:** N/A

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Nomura Alternative Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Nomura Alternative Income Fund

- **c. LEI:** 549300A59FYTUHL9TJ86

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | CLASS I SHARES          | C000000000                                | NAIFX                        |
|                           2 | CLASS D SHARES          | C000000000                                | NAIHX                        |
|                           3 | CLASS A SHARES          | C000000000                                | NAIPX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [x] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 23c-1 (17 CFR 270.23c-1)

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 18f-4(e) (17 CFR 270.18f-4(e))

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Nomura Capital Management LLC

- **ii. SEC file number:** 801-127179

- **iii. CRD number:** 000324417

- **iv. LEI, if any:** 254900AOIYNFOXSU2A77

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Investment Advisers Record: 2**

- **i. Full name:** Nomura Corporate Research and Asset Management Inc.

- **ii. SEC file number:** 801-38965

- **iii. CRD number:** 000110411

- **iv. LEI, if any:** KWEQRKOXHSILUL8AQG52

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions LLC

- **ii. SEC file number:** 084-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Lincoln International LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 42045

- **Description of other identifying number:** CRD

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** Yes

**Pricing Services Record: 2**

- **i. Full name:** INTERCONTINENTAL EXCHANGE, INC.

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000F4ZO33MV32P92

- **iii. State, if applicable:** GA

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank, N.A.

- **ii. LEI, if any:** 5493001WC5CQQI9L9G80

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions LLC

- **ii. LEI, if any:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions LLC

- **ii. LEI, if any, or other identifying number:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Nomura Securities International

- **b. SEC file number:** 8-15255

- **c. CRD number:** 000004297

- **d. LEI, if any:** OXTKY6Q8X53C9ILVV871

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Instinet, LLC

- **b. SEC file number:** 8-23669

- **c. CRD number:** 000007897

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                               | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Brean Capital LLC                                  | 8-40742           |    000023723 | 254900ZZA1UBVDCNQ378 | NY      | US        | $1,432,347.41             |
| Morgan Stanley                                     | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $4,219,291.46             |
| J.P. MORGAN SECURITIES LLC                         | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $1,524,541.52             |
| Bank of America Merrill Lynch                      | 8-7221            |    000007691 | 8NAV47T0Y26Q87Y0QP81 | NY      | US        | $980,800.00               |
| Natixis Securities Americas LLC                    | 8-719             |    000001101 | 549300L8G1E7ZHVEOG75 | NY      | US        | $3,037,500.00             |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | 8-07221           |    000007691 | 8NAV47T0Y26Q87Y0QP81 | DE      | US        | $2,101,729.58             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $13,296,209.97

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $131,634,404.65

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** —

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Nomura Alternative Income Fund

**Date:** 2025-06-13

**Signature:** Madeline Arment

**Title:** Treasurer