# EDGAR Filing Document

**Accession Number:** 0001628040
**File Stem:** 0001049169-26-000710
**Filing Date:** 2026-3
**Character Count:** 79588
**Document Hash:** a25a9b301498847a86445a1b9c3a639a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-000710.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001049169-26-000710

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Alternative Credit Income Fund
- **CENTRAL INDEX KEY:** 0001628040

**ORGANIZATION NAME:**
- **EIN:** 472522233
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23016
- **FILM NUMBER:** 26704751

**BUSINESS ADDRESS:**
- **STREET 1:** C/O SIERRA CREST INVESTMENT MANAGEMENT L
- **STREET 2:** 650 MADISON AVENUE, 23RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-891-2880

**MAIL ADDRESS:**
- **STREET 1:** 650 MADISON AVENUE
- **STREET 2:** 23RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Resource Credit Income Fund
- **DATE OF NAME CHANGE:** 20141215

## Nport-Ex

Alternative Credit Income Fund Consolidated Schedule of Investments

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Coupon** | **Reference Rate & Spread** | **Maturity** | **Principal** | **Value** |
| ***BANK LOANS (67.16%)<sup>(a)(n)</sup>**<br> ***Communication Services (3.11%)****  |  |  |  |  |  |
| Next Flight Ventures, Delayed Draw Term Loan<sup>(b)(c)(d)</sup> | 14.02% | 3M SOFR + 10.00% | 12/26/2026 | $1105829 | $1067594 |
| Next Flight Ventures, First Lien Term Loan<sup>(b)(d)</sup> | 13.95% | 13.95% PIK | 12/26/2026 | 4911188 | 4764835 |
|  |  |  |  |  | 5832429 |
| ***Consumer Discretionary (4.62%)*** |  |  |  |  |  |
| Arrow Purchaser, Inc., First Lien Initial Term Loan<sup>(b)</sup> | 10.42% | 3M SOFR + 6.75%, 1.00% Floor | 04/15/2026 | 1958333 | 1956767 |
| Lucky Bucks Holdings LLC, Subordinated Note<sup>(b)(e)</sup> | –% | 3M SOFR + 4.75%, 0.75% Floor | 05/29/2028 | 10013460 | 1938606 |
| Needle Holdings LLC, First Lien Term Loan<sup>(b)(e)</sup> | –% | 1M SOFR + 9.50% | 06/22/2027 | 171384 |  |
| PMP OPCO, LLC, Delayed Draw Term Loan<sup>(b)(c)(f)</sup> | 12.28% | 1M SOFR + 8.50%, 2.00% Floor | 05/31/2029 | 383660 | 349281 |
| PMP OPCO, LLC, First Lien Term Loan<sup>(b)(f)</sup> | 12.70% | 1M SOFR + 8.50%, 2.00% Floor | 05/31/2029 | 1120078 | 1043129 |
| PMP OPCO, LLC, Revolver<sup>(b)(c)(f)</sup> | –% | 1M SOFR + 8.50%, 2.00% Floor | 05/31/2029 |  | (9661) |
| Riddell Inc., First Lien Term Loan<sup>(b)(f)</sup> | 9.74% | 1M SOFR + 6.00%, 1.00% Floor | 03/29/2029 | 3384124 | 3384123 |
|  |  |  |  |  | 8662245 |
| ***Consumer Staples (6.85%)*** |  |  |  |  |  |
| BrightPet, First Lien Term Loan<sup>(b)(d)</sup> | 10.99% | 3M SOFR + 4.00%, 3.00% PIK, 1.00% Floor | 01/04/2028 | 1920851 | 1685547 |
| BrightPet, Revolver<sup>(b)(d)</sup> | 11.00% | 3M SOFR + 4.00%, 3.00% PIK, 1.00% Floor | 01/04/2028 | 522777 | 458737 |
| Florida Food Products, LLC, Second Lien Term Loan C<sup>(b)(d)</sup> | 9.05% | 3M SOFR + 3.00%, 2.00% PIK | 10/15/2030 | 890217 | 578641 |
| Florida Food Products, LLC, Third Lien Term Loan<sup>(b)(d)</sup> | 12.49% | 8.00% PIK | 04/15/2031 | 4761956 | 3214321 |
| Middle West Spirits Holdings, LLC, First Lien Term Loan<sup>(b)</sup> | 10.11% | 3M SOFR + 6.25% | 04/23/2030 | 1871528 | 1835033 |
| Middle West Spirits Holdings, LLC, Revolver<sup>(b)(c)</sup> | –% | 3M SOFR + 6.25% | 04/23/2030 |  | (10834) |
| Phillips Feed Service, Inc., First Lien Term Loan<sup>(b)</sup> | 10.82% | 1M SOFR + 7.00% | 12/31/2026 | 5250000 | 5079375 |
|  |  |  |  |  | 12840820 |
| ***Financials (13.72%)*** |  |  |  |  |  |
| BetaNXT, Inc., First Lien Term Loan<sup>(b)</sup> | 9.42% | 3M SOFR + 5.75% | 07/01/2029 | 2026796 | 1966843 |
| Cor Leonis Limited, Revolver<sup>(b)(c)</sup> | 10.92% | 3M SOFR + 7.25%, 1.50% Floor | 05/15/2028 | 2807863 | 2807863 |
| DeltaDx Limited, LP - Barri/Dolex<sup>(b)(d)</sup> | 15.00% | 15.00% PIK | 06/14/2028 | 412124 | 410064 |
| Hunter Point Capital Structured Notes Issuer, LLC, Subordinated Delayed Draw Notes<sup>(b)(c)</sup> | –% | N/A | 07/15/2052 | 4056505 | 6072993 |
| Money Transfer Acquisition Inc., First Lien Term Loan<sup>(b)</sup> | 12.07% | 1M SOFR + 8.25%, 1.00% Floor | 12/14/2027 | 5851039 | 5821784 |
| PMA Parent Holdings LLC, First Lien Term Loan<sup>(b)</sup> | 8.42% | 3M SOFR + 4.75%, 0.75% Floor | 01/31/2031 | 2742918 | 2717409 |
| PMA Parent Holdings LLC, Revolver<sup>(b)(c)</sup> | –% | 3M SOFR + 4.75%, 0.75% Floor | 01/31/2031 |  | (2326) |
| PocketWatch, Inc., First Lien Term Loan<sup>(b)</sup> | 14.99% | N/A | 07/15/2027 | 1428351 | 1428351 |
| SouthStreet Securities Holdings, Inc., First Lien Term Loan<sup>(b)</sup> | 9.00% | N/A | 09/20/2027 | 2700000 | 2484000 |
| TA/WEG HOLDINGS, LLC, Delayed Draw Term Loan<sup>(b)</sup> | 8.49% | 3M SOFR + 4.50%, 5.50% Floor | 10/02/2028 | 1994893 | 1994893 |
| TA/WEG HOLDINGS, LLC, Revolver<sup>(b)(c)</sup> | 10.75% | 3M SOFR + 4.50%, 5.50% Floor | 10/02/2028 |  | – |
|  |  |  |  |  | 25701874 |
| ***Health Care (10.61%)*** |  |  |  |  |  |
| American Academy Holdings, LLC, Delayed Draw Term Loan<sup>(b)(d)</sup> | 13.58% | 3M SOFR + 4.50%, 5.25% PIK, 1.00% Floor | 06/30/2027 | 420204 | 444912 |
| American Academy Holdings, LLC, First Lien Term Loan<sup>(b)(d)</sup> | 13.58% | 3M SOFR + 4.50%, 5.25% PIK, 1.00% Floor | 06/30/2027 | 2117829 | 2242358 |
| American Academy Holdings, LLC, Second Lien Term Loan<sup>(b)(d)</sup> | 14.50% | 14.50% PIK | 03/01/2028 | 4888061 | 4814740 |
| PhyNet Dermatology LLC, First Lien Term Loan<sup>(b)</sup> | 10.38% | 3M SOFR + 6.50%, 1.00% Floor | 10/20/2029 | 2046977 | 2000919 |
| Upstream Newco, Inc., Amended Second Lien Term Loan<sup>(b)(d)</sup> | 12.70% | 3M SOFR + 9.00% PIK | 05/20/2030 | 2312583 | 2312583 |
| Upstream Rehabilitation, Inc., Second Lien Term Loan<sup>(b)(d)</sup> | 12.44% | 3M SOFR + 8.50% | 05/20/2030 | 7500000 | 4687500 |
| VBC Spine Opco LLC (DxTX Pain and Spine LLC), Delayed Draw Term Loan<sup>(b)</sup> | 10.43% | 1M SOFR + 6.50%, 2.00% Floor | 06/14/2028 | 1088588 | 1088588 |
| VBC Spine Opco LLC (DxTX Pain and Spine LLC), First Lien Term Loan<sup>(b)</sup> | 10.52% | 1M SOFR + 6.50%, 2.00% Floor | 06/14/2028 | 1875122 | 1875122 |
| VBC Spine Opco LLC (DxTX Pain and Spine LLC), Revolver<sup>(b)</sup> | 10.46% | 1M SOFR + 6.50%, 2.00% Floor | 06/14/2028 | 403226 | 403226 |
|  |  |  |  |  | 19869948 |

---

Alternative Credit Income Fund Consolidated Schedule of Investments

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Coupon** | **Reference Rate & Spread** | **Maturity** | **Principal** | **Value** |
| ***BANK LOANS (67.16%)<sup>(a)(n)</sup>** <br> ***Industrials (8.12%)****  |  |  |  |  |  |
| Accordion Partners LLC, Delayed Draw Term Loan<sup>(b)</sup> | 8.70% | 3M SOFR + 5.00%, 0.75% Floor | 11/17/2031 | $335195 | $333787 |
| Accordion Partners LLC, First Lien Term Loan<sup>(b)</sup> | 8.70% | 3M SOFR + 5.00%, 0.75% Floor | 11/17/2031 | 1664805 | 1664805 |
| Accordion Partners LLC, Revolver<sup>(b)(c)</sup> | –% | 3M SOFR + 5.00%, 0.75% Floor | 11/17/2031 |  |  |
| Epic Staffing Group, First Lien Term Loan<sup>(b)</sup> | 9.73% | 3M SOFR + 6.00%, 0.50% Floor | 06/28/2029 | 1934185 | 1648893 |
| Marvel APS, (Autorola Group Holding A/S), Delayed Draw Term Loan<sup>(b)(d)(g)</sup> | 10.00% | 10.00% PIK | 12/21/2027 | 3719051 | 5020972 |
| Material Handling Systems, Inc., First Lien Term Loan<sup>(b)</sup> | 9.36% | 3M SOFR + 5.50%, 0.50% Floor | 06/08/2029 | 1867956 | 1215339 |
| Newbury Franklin Industrials, LLC, Delayed Draw Term Loan<sup>(b)(c)</sup> | 10.97% | 6M SOFR + 7.00%, 2.00% Floor | 12/11/2029 | 452813 | 442716 |
| Newbury Franklin Industrials, LLC, First Lien Term Loan<sup>(b)</sup> | 10.86% | 3M SOFR + 7.00%, 2.00% Floor | 12/11/2029 | 3973026 | 3905485 |
| VORTEX OPCO, LLC, First Lien Term Loan (First Out)<sup>(b)</sup> | 9.92% | 3M SOFR + 6.25%, 0.50% Floor | 04/30/2030 | 720000 | 730800 |
| VORTEX OPCO, LLC, First Lien Term Loan (Second Out)<sup>(b)(e)</sup> | –% | 3M SOFR + 4.25%, 0.50% Floor | 12/15/2028 | 1575926 | 230085 |
|  |  |  |  |  | 15192882 |
| ***Information Technology (20.13%)*** |  |  |  |  |  |
| Accurate Background, LLC, First Lien Term Loan<sup>(b)</sup> | 19.86% | 3M SOFR + 6.00%, 1.00% Floor | 03/26/2029 | 4321809 | 4321808 |
| Ancile Solutions, Inc., First Lien Term Loan<sup>(b)</sup> | 13.97% | 3M SOFR + 10.00%, 1.00% Floor | 06/11/2026 | 3279735 | 3279735 |
| Colonnade Intermediate, LLC, Delayed Draw Term Loan<sup>(b)(e)</sup> | –% | 1M SOFR + 7.00%, 1.00% Floor | 09/30/2026 | 1698897 | 1180564 |
| Colonnade Intermediate, LLC, First Lien Term Loan<sup>(b)(e)</sup> | –% | 1M SOFR + 7.00%, 1.00% Floor | 09/30/2026 | 1777572 | 1235235 |
| DCert Buyer, Inc. First Amendment Term Loan Refinancing, Second Lien Term Loan<sup>(b)</sup> | 10.72% | 1M SOFR + 7.00% | 02/16/2029 | 3600000 | 3258018 |
| Diamanti, Inc., Subordinated Note<sup>(b)(d)</sup> | 17.50% | 17.50% PIK | 04/01/2026 | 4829279 | 5122416 |
| Dun & Bradstreet Holdings, Inc., First Lien Term Loan<sup>(b)</sup> | 9.23% | 1M SOFR + 5.50%, 0.75% Floor | 08/26/2032 | 1696690 | 1680232 |
| Dun & Bradstreet Holdings, Inc., Revolver<sup>(b)(c)</sup> | –% | 1M SOFR + 5.50%, 0.75% Floor | 08/26/2032 |  | (1629) |
| Ivanti Security Holdings LLC, NewCo First Lien Term Loan<sup>(b)</sup> | 9.64% | 3M SOFR + 5.75%, 2.00% Floor | 06/01/2029 | 295320 | 305596 |
| Ivanti Software, Inc., Second Lien Initial Term Loan<sup>(b)</sup> | 11.40% | 3M SOFR + 7.25%, 1.00% Floor | 06/01/2029 | 4040000 | 1688720 |
| Kofax, Inc., Second Lien Term Loan<sup>(b)</sup> | 11.59% | 3M SOFR + 7.75%, 0.50% Floor | 07/20/2030 | 4000000 | 3580000 |
| Metrc Inc., Delayed Draw Term Loan<sup>(b)(c)</sup> | –% | 3M SOFR + 5.50%, 1.00% Floor | 09/30/2031 |  | 44 |
| Metrc Inc., First Lien Term Loan<sup>(b)</sup> | 9.17% | 3M SOFR + 5.50%, 1.00% Floor | 09/30/2031 | 294975 | 281082 |
| Metrc Inc., Revolver<sup>(b)(c)</sup> | –% | 3M SOFR + 5.50%, 1.00% Floor | 09/30/2031 |  | (7301) |
| Phoenix Finance, Inc., First Lien Term Loan<sup>(b)</sup> | 12.67% | 12.67% PIK, 1.00% Floor | 08/14/2028 | 916755 | 895212 |
| Phoenix Finance, Inc., Second Lien Term Loan<sup>(b)</sup> | 11.32% | 11.32% PIK, 1.00% Floor | 08/14/2028 | 1637269 | 1502031 |
| Precisely Software Incorporated, Second Lien Term Loan<sup>(b)</sup> | 11.35% | 3M SOFR + 7.25%, 0.75% Floor | 04/23/2029 | 3000000 | 2840625 |
| Spectrio, Delayed Draw Term Loan<sup>(b)(d)</sup> | 9.82% | 3M SOFR + 6.00%, 1.00% Floor | 12/09/2026 | 1180667 | 1008054 |
| Spectrio, First Lien Term Loan<sup>(b)(d)</sup> | 9.82% | 3M SOFR + 6.00%, 1.00% Floor | 12/09/2026 | 2830556 | 2416729 |
| VTX Intermediate Holdings, Inc., First Lien Term Loan<sup>(b)(d)</sup> | 10.98% | 1M SOFR + 6.00%, 1.00% PIK, 2.00% Floor | 12/12/2029 | 1156218 | 1141765 |
| VTX Intermediate Holdings, Inc., Second Lien Term Loan<sup>(b)(d)</sup> | 12.50% | 12.50% PIK | 12/12/2030 | 2050757 | 1994361 |
|  |  |  |  |  | 37723297 |
| **TOTAL BANK LOANS** |  |  |  |  |  |
| **(Cost $139,166,239)** |  |  |  |  | **125823495** |
| **CORPORATE BONDS (2.12%)<sup>(a)</sup>** |  |  |  |  |  |
| ***Communications (1.05%)*** |  |  |  |  |  |
| Spanish Broadcasting System, Inc.<sup>(h)</sup> | 9.75% | 9.75% | 03/01/2026 | 3000000 | 1987500 |
| ***Consumer Discretionary (–%)*** |  |  |  |  |  |
| Monitronics - Escrow<sup>(b)</sup> | –% | N/A | 12/31/2049 | 2650000 |  |
| ***Financials (1.04%)*** |  |  |  |  |  |
| EJF CRT 2024-R1 LLC, Class R1<sup>(b)</sup> | 11.52% | 1M CMTR + 7.75%, 7.75% Floor | 12/17/2055 | 1941803 | 1941803 |
| ***Industrials (0.03%)*** |  |  |  |  |  |
| VORTEX OPCO, LLC<sup>(e)(h)</sup> | –% | 8.00% | 04/30/2030 | 3135000 | 47025 |
| **TOTAL CORPORATE BONDS** |  |  |  |  |  |
| **(Cost $6,151,783)** |  |  |  |  | **3976328** |

---

Alternative Credit Income Fund Consolidated Schedule of Investments

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Coupon** | **Reference Rate & Spread** | **Maturity** | **Principal/Shares** | **Value** |
| ***ASSET-BACKED SECURITIES (3.79%)<sup>(a)</sup>**<br> ***Financials (3.79%)****  |  |  |  |  |  |
| Canyon Capital CLO 2014-1, Ltd., Class ER<sup>(e)(h)</sup> | –% | 3M SOFR + 7.70% | 01/30/2031 | $1000000 | $523739 |
| JMP Credit Advisors CLO IV, Ltd.<sup>(b)(e)</sup> | –% | N/A | 07/17/2029 | 4836540 | 22248 |
| JMP Credit Advisors CLO V, Ltd.<sup>(b)(e)</sup> | –% | N/A | 07/17/2030 | 4486426 | 286234 |
| Mount Logan Funding 2018-1 LP<sup>(b)(f)(h)</sup> | 22.14% | N/A | 01/22/2033 | 7798575 | 4868650 |
| Octagon Investment Partners 36, Ltd., Class F<sup>(h)</sup> | 11.92% | 3M SOFR + 7.75% | 04/15/2031 | 1000000 | 605452 |
| Saranac CLO VII, Ltd., Class ER<sup>(e)(h)</sup> | –% | 3M SOFR + 6.72% | 11/20/2029 | 508648 | 60695 |
| Tralee CLO II, Ltd., Class ER, Class ER<sup>(h)</sup> | 12.00% | 3M SOFR + 7.85% | 07/20/2029 | 1000000 | 736843 |
| Tralee CLO II, Ltd., Class FR, Class FR<sup>(e)(h)</sup> | –% | 3M SOFR + 8.85% | 07/20/2029 | 1000000 | 139 |
|  |  |  |  |  | 7104000 |
| **TOTAL ASSET-BACKED SECURITIES** |  |  |  |  |  |
| **(Cost $13,076,746)** |  |  |  |  | **7104000** |
| **EQUIPMENT FINANCING (0.39%)<sup>(a)</sup>** |  |  |  |  |  |
| ***Financials (0.39%)*** |  |  |  |  |  |
| White Oak Equipment Finance 1, LLC<sup>(b)(i)</sup> | 10.75% | N/A | 01/01/2027 | 721431 | 721431 |
| **TOTAL EQUIPMENT FINANCING** |  |  |  |  |  |
| **(Cost $721,431)** |  |  |  |  | **721431** |
| **PREFERRED STOCK (3.10%)<sup>(a)</sup>** |  |  |  |  |  |
| ***Communication Services (1.60%)*** |  |  |  |  |  |
| Invisible Narratives, LLC, Preferred<sup>(b)(j)</sup> |  |  |  | 8733625 | 3000000 |
| ***Consumer Discretionary (0.80%)*** |  |  |  |  |  |
| EBSC Holdings LLC (Riddell, Inc.), Preferred<sup>(b)(d)(f)</sup> | 10.00% PIK | N/A |  | 1188765 | 1337361 |
| Princeton Medspa Partners, LLC, Preferred<sup>(b)(d)(f)(i)</sup> | 12.50% PIK | N/A |  | 300743 | 169039 |
|  |  |  |  |  | 1506400 |
| ***Consumer Staples (0.29%)*** |  |  |  |  |  |
| Middle West Spirits Holdings, LLC, Preferred<sup>(b)(d)</sup> | 10.00% PIK | N/A |  | 467768 | 536764 |
| ***Health Care (0.10%)*** |  |  |  |  |  |
| American Academy Holdings. Inc., Preferred Units<sup>(b)(d)(i)</sup> | 18.00% | N/A |  | 90970 | 178540 |
| ***Industrials (0.31%)*** |  |  |  |  |  |
| GreenPark Infrastructure, LLC Series A<sup>(b)(f)(i)(j)</sup> |  |  |  | 400 | 200000 |
| Phoenix Aviation Capital LLC, Preferred<sup>(b)(d)</sup> | 7.00% PIK | N/A |  | 454729 | 400752 |
|  |  |  |  |  | 600752 |
| **TOTAL PREFERRED STOCK** |  |  |  |  |  |
| **(Cost $5,523,092)** |  |  |  |  | **5822456** |

---

**COMMON EQUITY (9.00%)<sup>(a)</sup>**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***Communication Services (0.07%)*** |  |  |
| Next Flight Ventures<sup>(b)(j)</sup> | 88 | 98109 |
| NFV Co-Pilot, Inc.<sup>(b)(j)</sup> | 441 | 32149 |
|  |  | 130258 |
| ***Consumer Discretionary (0.57%)*** |  |  |
| CEC Entertainment, Inc.<sup>(j)</sup> | 79564 | 1074114 |
| JoAnn Inc.<sup>(b)(j)</sup> | 1570371 | – |
|  |  | 1074114 |
| ***Consumer Staples (2.73%)*** |  |  |
| Cooper OH Originations, LLC SPV<sup>(b)(i)(j)</sup> | 40000 | 5076800 |
| Middle West Spirits Holdings, LLC, Common Stock<sup>(b)(j)</sup> | 46 | 29185 |
|  |  | 5105985 |
| ***Diversified (1.66%)*** |  |  |
| BCP Investment Corporation<sup>(f)</sup> | 31482 | 372432 |
| CION Investment Corp. | 120800 | 1168136 |
| Franklin BSP Capital Corp.<sup>(b)</sup> | 60385 | 825949 |
| WhiteHorse Finance, Inc. | 107328 | 745930 |
|  |  | 3112447 |
| ***Financials (0.70%)*** |  |  |
| AIP Capital, LLC<sup>(b)(f)(i)(j)</sup> | 30 | 12368 |

---

Alternative Credit Income Fund Consolidated Schedule of Investments

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ***Financials (0.70%) (continued)*** |  |  |
| Aperture Dodge 18 LLC<sup>(b)(j)</sup> | 2065240 | $1293911 |
|  |  | 1306279 |
| ***Health Care (0.26%)*** |  |  |
| American Academy Holdings. Inc., Common Units<sup>(b)(i)(j)</sup> | 0.05 | 285626 |
| DxTx Pain and Spine LLC, Common Units<sup>(b)(i)(j)</sup> | 98854 | 195467 |
|  |  | 481093 |
| ***Industrials (0.51%)*** |  |  |
| GreenPark Infrastructure, LLC Series M-1<sup>(b)(f)(i)(j)</sup> | 2565 | 878444 |
| Incora Top Holdco LLC<sup>(b)(j)</sup> | 5350 |  |
| Phoenix Aviation Capital LLC, Common Stock<sup>(b)(i)(j)</sup> | 1 | 85998 |
|  |  | 964442 |
| ***Information Technology (0.59%)*** |  |  |
| BGPT Maverick, L.P.<sup>(b)(j)</sup> | 1000000 | 1090000 |
| VTX Holdings, LLC<sup>(b)(j)</sup> | 932474 | 6747 |
|  |  | 1096747 |
| ***Real Estate (1.91%)*** |  |  |
| Copper Property CTL Pass Through Trust<sup>(i)</sup> | 319520 | 3594600 |
| Rebound Investment LP<sup>(b)(c)</sup> |  | – |
|  |  | 3594600 |
| **TOTAL COMMON EQUITY** |  |  |
| **(Cost $21,721,010)** |  | **16865965** |
| **WARRANTS (0.26%)<sup>(a)</sup>** |  |  |
| ***Consumer Discretionary (0.01%)*** |  |  |
| CEC Entertainment, Inc., Warrants | 237941 | 13087 |
| Diamanti, Inc., Class A<sup>(b)</sup> | 146413 | – |
|  |  | 13087 |
| ***Financials (0.25%)*** |  |  |
| SouthStreet Securities Holdings, Inc., Warrants<sup>(b)</sup> | 3400 | 463828 |
| ***Information Technology (0.00%)*** |  |  |
| Princeton Medspa Partners, LLC, Warrants<sup>(b)(f)(i)</sup> | 0.01 | 3983 |
| **TOTAL WARRANTS** |  |  |
| **(Cost $390,456)** |  | **480898** |

---

---

| | |
|:---|:---|
|  | **Value** |
| **PRIVATE INVESTMENT FUNDS (16.77%)<sup>(a)</sup>** |  |
| BlackRock Global Credit Opportunities Fund, LP<sup>(c)(k)(l)</sup> | 6429972 |
| CVC European Mid-Market Solutions Fund<sup>(c)(k)(l)</sup> | 1128696 |
| EJF Financial Debt Strategies Fund LP<sup>(l)</sup> | 810378 |
| GSO Credit Alpha Fund II LP<sup>(c)(k)(l)</sup> | 1035968 |
| Monroe Capital Private Credit Fund III LP<sup>(c)(k)(l)</sup> | 3716460 |
| Pelham S2K SBIC II, L.P.<sup>(c)(k)(l)</sup> | 518596 |
| Tree Line Credit Strategies LP<sup>(k)(l)</sup> | 17777838 |
|  | 31417908 |
| **TOTAL PRIVATE INVESTMENT FUNDS** |  |
| **(Cost $35,672,624)** | **31417908** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INTERVAL FUND (2.27%)<sup>(a)</sup>** |  |  |
| ***Diversified (2.27%)*** |  |  |
| Opportunistic Credit Interval Fund<sup>(f)</sup> | 362837 | 4252446 |
| **TOTAL INTERVAL FUND** |  |  |
| **(Cost $4,368,554)** |  | **4252446** |

---

Alternative Credit Income Fund Consolidated Schedule of Investments

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **JOINT VENTURE (0.18%)<sup>(a)</sup>** |  |  |
| ***Joint Venture (0.18%)*** |  |  |
| Series B - Great Lakes Funding II LLC<sup>(c)(f)(j)(l)(m)</sup> | 362064 | $340729 |
| **TOTAL JOINT VENTURE** |  |  |
| **(Cost $362,064)** |  | **340729** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Contracts** |<br>**Value** |
| **DERIVATIVES (–%)<sup>(a)</sup>** |  |  |
| ***Consumer Discretionary (–%)*** |  |  |
| Princeton Medspa Partners, LLC, Put Option<sup>(b)(f)(i)</sup> | 250000 |  |
| **TOTAL DERIVATIVES** |  |  |
| **(Cost $–)** |  | **–** |
| **INVESTMENTS, AT VALUE (105.04%)** |  |  |
| **(COST $227,153,999)** |  | $**196805656** |
| **LIABILITIES IN EXCESS OF OTHER ASSETS (-5.04%)** |  | **(9449818)** |
| **NET ASSETS - (100.00%)** |  | $**187355838** |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

PIK - Payment in-Kind

**Reference Rates:**

1M SOFR - 1 Month US SOFR as of December 31, 2025 was 3.69%

3M SOFR - 3 Month US SOFR as of December 31, 2025 was 3.65%

6M SOFR - 6 Month US SOFR as of December 31, 2025 was 3.57%

1M CMTR - 1 Month Constant Maturity Treasury Rate was 3.69%

*<sup>(a)</sup>* *These investments are pledged to secure the Fund's debt obligations.*

*<sup>(b)</sup>* *As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.*

*<sup>(c)</sup>* *All or a portion of this commitment was unfunded as of December 31, 2025.*

*<sup>(d)</sup>* *Payment in kind security which may pay interest in additional par.*

*<sup>(e)</sup>* *Non-accrual investment. Beginning during the quarter ended December 31, 2025, the Company recognized interest income to the extent that it is received in cash on its loans to Colonnade Intermediate, LLC (cash basis income recognition).*

*<sup>(f)</sup>* *Affiliate company.*

*<sup>(g)</sup>* *Principal balance denominated in euros.*

*<sup>(h)</sup>* *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, 2025, the aggregate market value of those securities was $8,830,043, representing 4.71% of net assets.*

*<sup>(i)</sup>* *Investment is held through ACIF Master Blocker, LLC, wholly-owned subsidiary.*

*<sup>(j)</sup>* *Non-income producing security.*

*<sup>(k)</sup>* *Investment is held through CIF Investments LLC, a wholly-owned subsidiary.*

*<sup>(l)</sup>* *Restricted security.*

*<sup>(m)</sup>* *During the three-month period ended December 31, 2025, the Fund invested $27,429 in Series B – Great Lakes Funding II LLC units, received a return of capital distribution of $-, and reported change in unrealized depreciation of $5,395. Additionally, Series B – Great Lakes Funding II LLC declared distributions of $6,284 during the three-month period ended period ended December 31, 2025.*

*<sup>(n)</sup>* *Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at December 31, 2025. 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.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date(s) of Purchases** | **Security** | **Cost** | **Value** | **% of Net Assets** |
| 03/31/2018 - 06/30/2025 | BlackRock Global Credit Opportunities Fund, LP | $9158434 | $6429972 | 3.43% |
| 09/30/2017 - 09/30/2021 | CVC European Mid-Market Solutions Fund | 2911406 | 1128696 | 0.60% |
| 06/30/2024 - 09/30/2024 | EJF Financial Debt Strategies Fund LP | 750000 | 810378 | 0.43% |
| 06/30/2018 - 03/31/2021 | GSO Credit Alpha Fund II LP |  | 1035968 | 0.56% |
| 09/30/2018 - 12/31/2020 | Monroe Capital Private Credit Fund III LP | 3340113 | 3716460 | 1.98% |

---

Alternative Credit Income Fund Consolidated Schedule of Investments

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date(s) of Purchases** | | **Cost** | **Value** | **% of Net Assets** |
| 11/14/2022 - 06/30/2025 | Pelham S2K SBIC II, L.P. | $512671 | $518596 | 0.28% |
| 08/05/2022 - 12/31/2025 | Series B - Great Lakes Funding II LLC | 362064 | 340729 | 0.18% |
| 12/31/2017 - 06/30/2025 | Tree Line Credit Strategies LP | 19000000 | 17777838 | 9.49% |
|  | **Total** | $36034688 | $31758637 | 16.95% |

---

Additional information on investments in private investment funds and unfunded commitments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Value** | **Redemption <br> Frequency** | **Redemption <br> Notice(Days)** | **Unfunded <br> Commitments as of <br> December 31, 2025** |
| BlackRock Global Credit Opportunities Fund, LP<sup>(a)</sup> | $6429972 | N/A | N/A | $3259801 |
| CVC European Mid-Market Solutions Fund | 1128696 | N/A | N/A | 206342 |
| EJF Financial Debt Strategies Fund LP | 810378 | N/A | N/A |  |
| GSO Credit Alpha Fund II LP<sup>(a)</sup> | 1035968 | N/A | N/A | 7382124 |
| Monroe Capital Private Credit Fund III LP | 3716460 | N/A | N/A | 1498740 |
| Pelham S2K SBIC II, L.P. | 518596 | N/A | N/A | 1487329 |
| Series B - Great Lakes Funding II LLC | 340729 | N/A | N/A | 114392 |
| Tree Line Credit Strategies LP | 17777838 | Quarterly | 90 | – |
| Total | $31758637 |  |  | $13948728 |

---

**Unfunded Commitments:**

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Value** | **Maturity** | **Unfunded<br> Commitments as of<br> December 31, 2025** |
| Accordion Partners LLC, Revolver | $– | 11/17/2031 | $196285 |
| Cor Leonis Limited, Revolver | 2807863 | 05/15/2028 | 289264 |
| Dun & Bradstreet Holdings, Inc., Revolver | (1629) | 08/26/2032 | 169669 |
| Hunter Point Capital Structured Notes Issuer, LLC, Subordinated Delayed Draw Notes | 6072993 | 07/15/2052 | 1638201 |
| Metrc Inc., Delayed Draw Term Loan | 44 | 09/30/2031 | 49286 |
| Metrc Inc., Revolver | (7301) | 09/30/2031 | 155000 |
| Middle West Spirits Holdings, LLC, Revolver | (10834) | 04/23/2030 | 555556 |
| Newbury Franklin Industrials, LLC, Delayed Draw Term Loan | 442716 | 12/11/2029 | 532895 |
| Next Flight Ventures, Delayed Draw Term Loan | 1067594 | 12/26/2026 | 266700 |
| PMA Parent Holdings LLC, Revolver | (2326) | 01/31/2031 | 250075 |
| PMP OPCO, LLC, Delayed Draw Term Loan | 349281 | 05/31/2029 | 136652 |
| PMP OPCO, LLC, Revolver | (9661) | 05/31/2029 | 140625 |
| Rebound Investment LP |  | N/A | 1000000 |
| TA/WEG HOLDINGS, LLC, Revolver | – | 10/02/2028 | 75248 |
| Total | $10708740 |  | $5455456 |
| **Total Unfunded Commitments** |  |  | $19404184 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Alternative Credit Income Fund

- **b. Investment Company Act file number:** 811-23016

- **c. CIK number of Registrant:** 0001628040

- **d. LEI of Registrant:** 5493009OLK7YNEV7J460

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 650 MADISON AVENUE 3RD FLOOR

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

  - **Telephone number:** 2128912880

**Item A.2. Information about the Series.**

- **a. Name of Series:** Alternative Credit Income Fund

- **c. LEI of Series:** 5493009OLK7YNEV7J460

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $211650014.67

**Total Liabilities:** $24294176.58

**Net Assets:** $187355838.09

**Delayed Delivery Securities:** $8058580.82

**Cash Not Reported:** $4076668.49

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 474.77111800 | **5-Year:** 1670.21912900 | **10-Year:** 28.84564100 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.33%                | 0.33%                | 1.27%                |
| Class ID N/A | 0.33%                | 0.33%                | 1.33%                |
| Class ID N/A | 0.33%                | 0.33%                | 1.27%                |
| Class ID N/A | 0.22%                | 0.32%                | 1.30%                |
| Class ID N/A | 0.22%                | 0.33%                | 1.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1696754.29             | $886688.82                                 |
| Month 2  | $138689.78               | $-742152.30                                |
| Month 3  | $190453.99               | $928305.84                                 |

### Schedule of Portfolio Investments

| Name                                   | Title                                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| N/A                                    | Colonnade Intermediate, LLC, Delayed Draw Term Loan                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1698897 | PA      | $1180563.73   | 0.63%             | 2026-09-30      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                    | JoAnn Inc.                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   1570371 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                    | Colonnade Intermediate, LLC, First Lien Term Loan                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1600434 | PA      | $1112141.79   | 0.59%             | 2026-09-30      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| Incora Top Holdco Llc                  | Incora Top Holdco LLC                                                              | CUSIP: 45338U101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5350 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                    | TA/WEG Holdings, LLC, Revolver                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2028-10-02      | Floating      | 10.75%                | No            | 3                  | On Loan: No      |
| N/A                                    | Middle West Spirits Holdings, LLC, Revolver                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |         0 | PA      | $-10833.00    | -0.01%            | 2030-04-23      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| Accurate Background, LLC               | Accurate Background, LLC, First Lien Term Loan                                     | CUSIP: 00444BAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2870558 | PA      | $2870558.35   | 1.53%             | 2029-03-26      | Floating      | 9.93%                 | No            | 3                  | On Loan: No      |
| N/A                                    | CEC Entertainment, Inc.                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     79564 | NS      | $1074114.00   | 0.57%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                    | Lucky Bucks Holdings LLC, Subordinated Note                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  10013460 | PA      | $1938605.79   | 1.03%             | 2028-05-29      | Fixed         | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                    | Dun & Bradstreet Holdings, Inc., Revolver                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |         0 | PA      | $-1629.00     | -0.00%            | 2032-08-26      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                    | AIP Capital, LLC                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        30 | NS      | $12367.69     | 0.01%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                    | Princeton Medspa Partners, LLC                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    300743 | NS      | $169039.23    | 0.09%             | 2049-12-31      | Fixed         | 12.50%                | No            | 3                  | On Loan: No      |
| Tralee CLO Ltd                         | Tralee CLO II, Ltd., Class FR                                                      | CUSIP: 89289UBA5<br>LEI: 549300KVMYUNBMVPNK19 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $139.00       | 0.00%             | 2029-07-20      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| N/A                                    | PMP OPCO, LLC, First Lien Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1120078 | PA      | $1043128.77   | 0.56%             | 2029-05-31      | Floating      | 12.70%                | No            | 3                  | On Loan: No      |
| N/A                                    | Upstream Newco, Inc., Amended Second Lien Term Loan                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2312583 | PA      | $2312583.20   | 1.23%             | 2030-05-20      | Floating      | 12.70%                | No            | 3                  | On Loan: No      |
| N/A                                    | CEC Entertainment, Inc.                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        |    237941 | NS      | $13086.76     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                    | CVC European Mid-Market Solutions Fund                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |  14505605 | NS      | $1128695.65   | 0.60%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                    | Next Flight Ventures, First Lien Term Loan                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4911188 | PA      | $4764834.68   | 2.54%             | 2026-12-26      | Floating      | 13.95%                | No            | 3                  | On Loan: No      |
| Octagon Investments Partners 36, Ltd.  | Octagon Investment Partners 36, Ltd.                                               | CUSIP: 67591QAC0<br>LEI: 549300S890TBOLY1D042 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $605452.00    | 0.32%             | 2031-04-15      | Floating      | 11.92%                | No            | 2                  | On Loan: No      |
| Canyon Capital CLO Ltd                 | Canyon Capital CLO 2014-1, Ltd.                                                    | CUSIP: 13875JAJ2<br>LEI: 549300W778MFSPI8C872 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $523739.00    | 0.28%             | 2031-01-30      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| N/A                                    | SouthStreet Securities Holdings, Inc., Warrants                                    | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        |      3400 | NC      | $463828.00    | 0.25%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                    | VBC Spine Opco LLC (DxTx Pain and Spine LLC), Delayed Draw Term Loan               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1088588 | PA      | $1088587.72   | 0.58%             | 2028-06-14      | Floating      | 10.43%                | No            | 3                  | On Loan: No      |
| N/A                                    | Phoenix Aviation Capital LLC, Common Stock                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         1 | NS      | $85997.78     | 0.05%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                    | Franklin BSP Capital Corporation                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     60385 | NS      | $825949.22    | 0.44%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                    | VBC Spine Opco LLC (DxTx Pain and Spine LLC), First Lien Term Loan                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1875122 | PA      | $1875122.05   | 1.00%             | 2028-06-14      | Floating      | 10.52%                | No            | 3                  | On Loan: No      |
| Diamanti                               | Diamanti, Inc., Subordinated Note                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4829279 | NC      | $5122415.79   | 2.73%             | 2026-04-01      | Fixed         | 17.50%                | No            | 3                  | On Loan: No      |
| Jmp Credit Advisors Clo Ltd            | JMP Credit Advisors CLO V, Ltd.                                                    | CUSIP: 466271AD5<br>LEI: 2549000IZRZZJ8TS9W23 | Long             | ABS-CBDO         | CORP              | US        |   4486426 | PA      | $286233.96    | 0.15%             | 2030-07-17      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                    | Upstream Newco, Inc., Second Lien Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7500000 | PA      | $4687500.00   | 2.50%             | 2030-05-20      | Floating      | 12.44%                | No            | 3                  | On Loan: No      |
| N/A                                    | Money Transfer Acquisition Inc., First Lien Term Loan                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5851039 | PA      | $5821784.03   | 3.11%             | 2027-12-14      | Floating      | 12.07%                | No            | 3                  | On Loan: No      |
| N/A                                    | Florida Food Products, LLC, Third Lien Term Loan                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4761957 | PA      | $3214320.65   | 1.72%             | 2031-04-15      | Floating      | 12.49%                | No            | 3                  | On Loan: No      |
| Bcp Investment Corp                    | BCP Investment Corp.                                                               | CUSIP: 73688F201<br>LEI: 254900YM5BVQKA01I468 | Long             | EC               | RF                | US        |     31482 | NS      | $372432.06    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Copper Property Ctl Pass Through Trust | Copper Property CTL Pass Through Trust                                             | CUSIP: 217519107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    319520 | NS      | $3594600.00   | 1.92%             |  |  |  | No            | 2                  | On Loan: No      |
| Cion Investment Corp                   | CION Investment Corp.                                                              | CUSIP: 17259U204<br>LEI: 549300XN70JLF94XKX80 | Long             | EC               | RF                | US        |    120800 | NS      | $1168136.00   | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                    | Newbury Franklin Industrials, LLC, Delayed Draw Term Loan                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    452813 | PA      | $442717.00    | 0.24%             | 2029-12-11      | Floating      | 10.97%                | No            | 3                  | On Loan: No      |
| N/A                                    | DxTx Pain and Spine LLC, Common Units                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     98854 | NS      | $195467.09    | 0.10%             |  |  |  | No            | 3                  | On Loan: No      |
| American Academy Holdings              | American Academy Holdings, LLC, Second Lien Term Loan                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4888061 | PA      | $4814740.47   | 2.57%             | 2028-03-01      | Fixed         | 14.50%                | No            | 3                  | On Loan: No      |
| BrightPet                              | BrightPet, Revolver                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    522777 | PA      | $458736.84    | 0.24%             | 2028-01-04      | Floating      | 11.00%                | No            | 3                  | On Loan: No      |
| N/A                                    | Phoenix Finance, Inc., Second Lien Term Loan                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1637269 | PA      | $1502030.53   | 0.80%             | 2028-08-14      | Floating      | 11.32%                | No            | 3                  | On Loan: No      |
| Spanish Broadcasting Sys               | Spanish Broadcasting System, Inc.                                                  | CUSIP: 846425AQ9<br>LEI: 5493005DKYB1X4C9LH64 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $1987500.00   | 1.06%             | 2026-03-01      | Fixed         | 9.75%                 | No            | 2                  | On Loan: No      |
| N/A                                    | Phoenix Aviation Capital LLC, Preferred                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    454729 | NS      | $400752.42    | 0.21%             | 2049-12-31      | Fixed         | 7.00%                 | No            | 3                  | On Loan: No      |
| N/A                                    | Ivanti Security Holdings LLC, NewCo First Lien Term Loan                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    295320 | PA      | $305595.91    | 0.16%             | 2029-06-01      | Floating      | 9.64%                 | No            | 3                  | On Loan: No      |
| N/A                                    | BlackRock Global Credit Opportunities Fund, LP                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |  31423660 | NS      | $6429972.23   | 3.43%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MOUNT LOGAN FUNDING 2018-1 LP          | Mount Logan Funding 2018-1 LP                                                      | CUSIP: 62188AAC5<br>LEI: 54930018JSRPYZJUUR90 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $1872900.00   | 1.00%             | 2033-01-22      | Variable      | 22.14%                | No            | 3                  | On Loan: No      |
| N/A                                    | Great Lakes Funding II LLC, Series B                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    366564 | NS      | $340729.35    | 0.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                    | TA/WEG Holdings, LLC, Delayed Draw Term Loan                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1994893 | PA      | $1994892.94   | 1.06%             | 2028-10-02      | Floating      | 8.49%                 | No            | 3                  | On Loan: No      |
| N/A                                    | Kofax, Inc., Second Lien Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4000000 | PA      | $3580000.00   | 1.91%             | 2030-07-20      | Floating      | 11.59%                | No            | 3                  | On Loan: No      |
| N/A                                    | Middle West Spirits Holdings, LLC, Preferred                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    467768 | NS      | $536763.64    | 0.29%             | 2049-12-31      | Fixed         | 10.00%                | No            | 3                  | On Loan: No      |
| Diamanti                               | Diamanti, Inc., Class A                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        |    146413 | NC      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                    | VTX Intermediate Holdings, Inc., First Lien Term Loan                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1156218 | PA      | $1141765.48   | 0.61%             | 2029-12-12      | Floating      | 10.98%                | No            | 3                  | On Loan: No      |
| N/A                                    | Middle West Spirits Holdings, LLC, First Lien Term Loan                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1871528 | PA      | $1835032.97   | 0.98%             | 2030-04-23      | Floating      | 10.11%                | No            | 3                  | On Loan: No      |
| N/A                                    | Princeton Medspa Partners, LLC                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        |         0 | NC      | $3983.68      | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Riddell Inc                            | Riddell Inc., First Lien Term Loan                                                 | CUSIP: 76566PAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3384124 | PA      | $3384123.66   | 1.81%             | 2029-03-29      | Floating      | 9.74%                 | No            | 3                  | On Loan: No      |
| N/A                                    | BetaNXT, Inc., First Lien Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2026796 | PA      | $1966843.14   | 1.05%             | 2029-07-01      | Floating      | 9.42%                 | No            | 3                  | On Loan: No      |
| N/A                                    | Accordion Partners LLC, Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1664805 | PA      | $1664805.37   | 0.89%             | 2031-11-17      | Floating      | 8.70%                 | No            | 3                  | On Loan: No      |
| N/A                                    | VTX Intermediate Holdings, Inc., Second Lien Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2050757 | PA      | $1994361.45   | 1.06%             | 2030-12-12      | Fixed         | 12.50%                | No            | 3                  | On Loan: No      |
| N/A                                    | Hunter Point Capital Structured Notes Issuer, LLC, Subordinated Delayed Draw Notes | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4056505 | PA      | $6072993.37   | 3.24%             | 2052-07-15      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                    | Phoenix Finance, Inc., First Lien Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    916755 | PA      | $895211.56    | 0.48%             | 2028-08-14      | Floating      | 12.67%                | No            | 3                  | On Loan: No      |
| N/A                                    | Aperture Dodge 18 LLC                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   2065240 | NS      | $1293911.42   | 0.69%             |  |  |  | No            | 3                  | On Loan: No      |
| Epic Staffing                          | Epic Staffing Group, First Lien Term Loan                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1934185 | PA      | $1648892.90   | 0.88%             | 2029-06-28      | Floating      | 9.73%                 | No            | 3                  | On Loan: No      |
| N/A                                    | Metrc Inc., Delayed Draw Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |         0 | PA      | $44.00        | 0.00%             | 2031-09-30      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                    | Monroe Capital Private Credit Fund III LP                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   8646147 | NS      | $3716460.00   | 1.98%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                    | Pelham S2K SBIC II, L.P.                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    512671 | NS      | $518596.45    | 0.28%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                    | Ivanti Software, Inc., Second Lien Initial Term Loan                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4040000 | PA      | $1688720.00   | 0.90%             | 2029-06-01      | Floating      | 11.40%                | No            | 3                  | On Loan: No      |
| Ancile Solutions, Inc.                 | Ancile Solutions, Inc., First Lien Term Loan                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3279735 | PA      | $3279735.29   | 1.75%             | 2026-06-11      | Floating      | 13.97%                | No            | 3                  | On Loan: No      |
| N/A                                    | Cooper OH Originations, LLC Common Units                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     40000 | NS      | $5076800.00   | 2.71%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                    | EJF Financial Debt Strategies Fund LP                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    750000 | NS      | $810378.00    | 0.43%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GreenPark Infrastructure               | GreenPark Infrastructure, LLC Series M-1                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2565 | NS      | $878444.00    | 0.47%             |  |  |  | No            | 3                  | On Loan: No      |
| Opportunistic Credit Interval Fund     | Opportunistic Credit Interval Fund                                                 | CUSIP: 68390R105<br>LEI: 549300NJWLK76QJGNF34 | Long             | EC               | RF                | US        |    362837 | NS      | $4252446.07   | 2.27%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                    | DeltaDx Limited, LP - Barri/Dolex                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    412124 | PA      | $410063.48    | 0.22%             | 2028-06-14      | Fixed         | 15.00%                | No            | 3                  | On Loan: No      |
| N/A                                    | Colonnade Intermediate, LLC, First Lien Term Loan                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    177138 | PA      | $123093.17    | 0.07%             | 2026-09-30      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| Ejf Crt 2024-r1 Llc                    | EJF CRT 2024-R1 LLC                                                                | CUSIP: 282930AA4<br>LEI: 254900Q5DC1FD685WY23 | Long             | ABS-MBS          | CORP              | US        |   1941803 | PA      | $1941803.44   | 1.04%             | 2055-12-17      | Floating      | 11.52%                | No            | 3                  | On Loan: No      |
| N/A                                    | Phillips Feed Service, Inc., First Lien Term Loan                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5250000 | PA      | $5079375.00   | 2.71%             | 2026-12-31      | Floating      | 10.82%                | No            | 3                  | On Loan: No      |
| Vortex Opco Llc                        | VORTEX OPCO, LLC, First Lien Term Loan (First Out)                                 | CUSIP: G9158TAC4<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    720000 | PA      | $730800.00    | 0.39%             | 2030-04-30      | Floating      | 9.92%                 | No            | 3                  | On Loan: No      |
| Arrow Purchaser Inc.                   | Arrow Purchaser, Inc., First Lien Initial Term Loan                                | CUSIP: 00160KAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1958333 | PA      | $1956766.72   | 1.04%             | 2026-04-15      | Floating      | 10.42%                | No            | 3                  | On Loan: No      |
| Monitronics International Incorporated | Monitronics - Escrow                                                               | CUSIP: 609ESCAB4<br>LEI: SCAKOG18M6QWWML8YF46 | Long             | DBT              | CORP              | US        |   2650000 | PA      | $0.00         | 0.00%             | 2049-12-31      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                    | Metrc Inc., Revolver                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |         0 | PA      | $-7301.00     | -0.00%            | 2031-09-30      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| DCert Buyer, Inc.                      | DCert Buyer, Inc. First Amendment Term Loan Refinancing, Second Lien Term Loan     | CUSIP: N/A<br>LEI: 549300EF826JEEUCHZ67       | Long             | LON              | CORP              | US        |   3600000 | PA      | $3258018.00   | 1.74%             | 2029-02-16      | Floating      | 10.72%                | No            | 3                  | On Loan: No      |
| Jmp Credit Advisors Clo Ltd            | JMP Credit Advisors CLO IV, Ltd.                                                   | CUSIP: 46647XAD1<br>LEI: 54930013XSXE4PJVBQ28 | Long             | ABS-CBDO         | CORP              | US        |   4836540 | PA      | $22248.08     | 0.01%             | 2029-07-17      | Variable      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                    | Tree Line Credit Strategies LP                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |  19090685 | NS      | $17777837.47  | 9.49%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                    | Invisible Narratives, Inc., Series A                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |   8733625 | NS      | $3000000.19   | 1.60%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                    | GSO Credit Alpha Fund II LP                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |  16807290 | NS      | $1035967.73   | 0.55%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                    | PMA Parent Holdings LLC, Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2742918 | PA      | $2717409.23   | 1.45%             | 2031-01-31      | Floating      | 8.42%                 | No            | 3                  | On Loan: No      |
| N/A                                    | Accordion Partners LLC, Revolver                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2031-11-17      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                    | Metrc Inc. Term Loan                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    294975 | PA      | $281081.68    | 0.15%             | 2031-09-30      | Floating      | 9.17%                 | No            | 3                  | On Loan: No      |
| N/A                                    | SouthStreet Securities Holdings, Inc., First Lien Term Loan                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2700000 | PA      | $2484000.00   | 1.33%             | 2027-09-20      | Fixed         | 9.00%                 | No            | 3                  | On Loan: No      |
| Saranac CLO LTD                        | Saranac CLO VII, Ltd.                                                              | CUSIP: 80316QAA1<br>LEI: 5493000RC2FP2JRHW627 | Long             | ABS-CBDO         | CORP              | JE        |    508648 | PA      | $60694.46     | 0.03%             | 2029-11-20      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| N/A                                    | Newbury Franklin Industrials, LLC, First Lien Term Loan                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3973026 | PA      | $3905484.88   | 2.08%             | 2029-12-11      | Floating      | 10.86%                | No            | 3                  | On Loan: No      |
| N/A                                    | Next Flight Ventures, Delayed Draw Term Loan                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1105829 | PA      | $1067594.00   | 0.57%             | 2026-12-26      | Floating      | 14.02%                | No            | 3                  | On Loan: No      |
| N/A                                    | Florida Food Products, LLC, Second Lien Term Loan C                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    890217 | PA      | $578641.30    | 0.31%             | 2030-10-15      | Floating      | 9.05%                 | No            | 3                  | On Loan: No      |
| Project Castle Inc                     | Material Handling Systems, Inc., First Lien Term Loan                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1867956 | PA      | $1215338.95   | 0.65%             | 2029-06-08      | Floating      | 9.36%                 | No            | 3                  | On Loan: No      |
| N/A                                    | Marvel APS, Delayed Draw Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |   3719051 | PA      | $5020972.12   | 2.68%             | 2027-12-21      | Fixed         | 10.00%                | No            | 3                  | On Loan: No      |
| N/A                                    | PMA Parent Holdings LLC, Revolver                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |         0 | PA      | $-2326.00     | -0.00%            | 2031-01-31      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| GreenPark Infrastructure               | GreenPark Infrastructure, LLC Series A                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       400 | NS      | $200000.00    | 0.11%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                    | PMP OPCO, LLC, Delayed Draw Term Loan                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    383660 | PA      | $349281.00    | 0.19%             | 2029-05-31      | Floating      | 12.28%                | No            | 3                  | On Loan: No      |
| N/A                                    | Princeton Medspa Partners, LLC                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    250000 | NC      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                    | PMP OPCO, LLC, Revolver                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |         0 | PA      | $-9661.00     | -0.01%            | 2029-05-31      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| Spectrio                               | Spectrio, First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2830556 | PA      | $2416728.54   | 1.29%             | 2026-12-09      | Floating      | 9.82%                 | No            | 3                  | On Loan: No      |
| BrightPet                              | BrightPet, First Lien Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1920851 | PA      | $1685546.78   | 0.90%             | 2028-01-04      | Floating      | 10.99%                | No            | 3                  | On Loan: No      |
| N/A                                    | Cor Leonis Limited, Revolver                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2807862 | PA      | $2807862.00   | 1.50%             | 2028-05-15      | Floating      | 10.92%                | No            | 3                  | On Loan: No      |
| N/A                                    | Rebound, LP                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Vortex Opco Llc                        | Vortex Opco, LLC                                                                   | CUSIP: 92905YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   3135000 | PA      | $47025.00     | 0.03%             | 2030-04-30      | Fixed         | 0.00%                 | No            | 2                  | On Loan: No      |
| N/A                                    | White Oak Equipment Finance 1, LLC                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        |    721431 | PA      | $721430.99    | 0.39%             | 2027-01-01      | Fixed         | 10.75%                | No            | 3                  | On Loan: No      |
| Vortex Opco Llc                        | VORTEX OPCO, LLC, First Lien Term Loan (Second Out)                                | CUSIP: G9158TAD2<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |   1575926 | PA      | $230085.14    | 0.12%             | 2028-12-15      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                    | EBSC Holdings LLC, Preferred                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |   1188765 | NS      | $1337360.57   | 0.71%             | 2039-03-29      | Fixed         | 10.00%                | No            | 3                  | On Loan: No      |
| N/A                                    | VBC Spine Opco LLC (DxTx Pain and Spine LLC), Revolver                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    403226 | PA      | $403225.52    | 0.22%             | 2028-06-14      | Floating      | 10.46%                | No            | 3                  | On Loan: No      |
| American Academy Holdings              | American Academy Holdings. Inc., Common Units                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         0 | NS      | $285625.32    | 0.15%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                    | BGPT Maverick, L.P.                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   1000000 | NS      | $1090000.00   | 0.58%             |  |  |  | No            | 3                  | On Loan: No      |
| Needle Holdings Llc                    | Needle Holdings LLC, First Lien Term Loan                                          | CUSIP: 63988HAH9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    171384 | PA      | $0.00         | 0.00%             | 2027-06-22      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| N/A                                    | American Academy Holdings, LLC, Delayed Draw Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    420204 | PA      | $444912.31    | 0.24%             | 2027-06-30      | Floating      | 13.58%                | No            | 3                  | On Loan: No      |
| N/A                                    | Next Flight Ventures                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        88 | NS      | $98109.44     | 0.05%             |  |  |  | No            | 3                  | On Loan: No      |
| Mount Logan Funding Lp                 | Mount Logan Funding 2018-1 LP                                                      | CUSIP: 62188AAC5<br>LEI: 54930018JSRPYZJUUR90 | Long             | ABS-CBDO         | CORP              | KY        |   4798575 | PA      | $2995750.37   | 1.60%             | 2033-01-22      | Variable      | 22.14%                | No            | 3                  | On Loan: No      |
| WhiteHorse Finance Inc                 | WhiteHorse Finance, Inc.                                                           | CUSIP: 96524V106<br>LEI: 5493006LP9COIV2ZIB05 | Long             | EC               | RF                | US        |    107328 | NS      | $745929.60    | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                    | VTX Holdings, LLC                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    932474 | NS      | $6747.38      | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                    | American Academy Holdings, LLC, First Lien Term Loan                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2117829 | PA      | $2242357.62   | 1.20%             | 2027-06-30      | Floating      | 13.58%                | No            | 3                  | On Loan: No      |
| N/A                                    | Spectrio, Delayed Draw Term Loan                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1180667 | PA      | $1008053.53   | 0.54%             | 2026-12-09      | Floating      | 9.82%                 | No            | 3                  | On Loan: No      |
| Vision Solutions Inc.                  | Precisely Software Incorporated, Second Lien Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3000000 | PA      | $2840625.00   | 1.52%             | 2029-04-23      | Floating      | 11.35%                | No            | 3                  | On Loan: No      |
| N/A                                    | Accordion Partners LLC, Delayed Draw Term Loan                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    335195 | PA      | $333786.48    | 0.18%             | 2031-11-17      | Floating      | 8.70%                 | No            | 3                  | On Loan: No      |
| Tralee CLO Ltd                         | Tralee CLO II, Ltd., Class ER                                                      | CUSIP: 89289UAY4<br>LEI: 549300KVMYUNBMVPNK19 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $736843.00    | 0.39%             | 2029-07-20      | Floating      | 12.00%                | No            | 2                  | On Loan: No      |
| N/A                                    | Accurate Background, LLC, First Lien Term Loan                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1451250 | PA      | $1451250.02   | 0.77%             | 2029-03-26      | Floating      | 9.93%                 | No            | 3                  | On Loan: No      |
| N/A                                    | Dun & Bradstreet Holdings, Inc., First Lien Term Loan                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1696690 | PA      | $1680231.73   | 0.90%             | 2032-08-26      | Floating      | 9.23%                 | No            | 3                  | On Loan: No      |
| American Academy Holdings              | American Academy Holdings. Inc., Preferred Units                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     90970 | NS      | $178539.72    | 0.10%             | 2049-12-31      | Fixed         | 18.00%                | No            | 3                  | On Loan: No      |
| N/A                                    | NFV Co-Pilot, Inc.                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       441 | NS      | $32148.90     | 0.02%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                    | PocketWatch, Inc., First Lien Term Loan                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1428351 | PA      | $1428350.51   | 0.76%             | 2027-07-15      | Fixed         | 14.99%                | No            | 3                  | On Loan: No      |
| N/A                                    | Middle West Spirits Holdings, LLC, Common Stock                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        45 | NS      | $29184.87     | 0.02%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                    | PhyNet Dermatology LLC, First Lien Term Loan                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2046977 | PA      | $2000919.58   | 1.07%             | 2029-10-20      | Floating      | 10.38%                | No            | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Alternative Credit Income Fund

**Signature:** Brandon Satoren

**Name of Signer:** Brandon Satoren

**Title:** Chief Financial Officer