# EDGAR Filing Document

**Accession Number:** 0001944664
**File Stem:** 0001580642-25-007640
**Filing Date:** 2025-12
**Character Count:** 117670
**Document Hash:** 32aca0a9f323a343dbcd7926fa6350e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-007640.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001580642-25-007640

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**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:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23826
- **FILM NUMBER:** 251553226

**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

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23826</u>

<u>Nomura Alternative Income Fund</u> <br> (Exact name of registrant as specified in charter)

<u>c/o Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>Timothy Burdick, Ultimus Fund Solutions, LLC</u> <br> <u>4221 North 203<sup>rd</sup> Street, Suite 100 Elkhorn, NE 68022</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>212-667-9000</u>

Date of fiscal year end: <u>3/31</u> <br>Date of reporting period: <u>9/30/25</u>

**ITEM 1. REPORTS TO STOCKHOLDERS.** 

(a) ![(LOGO)](no001_v1.jpg)

**Nomura Alternative Income Fund**

Class I Shares (NAIFX)

Semi-Annual Report

September 30, 2025

(Unaudited)

This report and the consolidated financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which contains information about the Fund's investment objective, risks, fees and expenses. Investors are reminded to read the prospectus carefully before investing in the Fund.

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| Letter to Shareholders (Unaudited) | Page 1 |
| Portfolio Review (Unaudited) | Page 3 |
| Consolidated Schedule of Investments | Page 4 |
| Consolidated Statement of Assets and Liabilities | Page 9 |
| Consolidated Statement of Operations | Page 10 |
| Consolidated Statements of Changes in Net Assets | Page 11 |
| Consolidated Statement of Cash Flows | Page 12 |
| Consolidated Financial Highlights | Page 14 |
| Notes to Consolidated Financial Statements | Page 15 |
| Supplemental Information (Unaudited) | Page 27 |
| Privacy Notice (Unaudited) | Page 29 |
| Proxy Voting Policy & Portfolio Holdings (Unaudited) | Page 31 |

---

---

| |
|:---|
| **NOMURA ALTERNATIVE INCOME FUND** |
| **LETTER TO SHAREHOLDERS (Unaudited)** |
| **September 30, 2025** |

---

Dear Shareholder,

Nomura Capital Management LLC is pleased to present the unaudited semiannual consolidated financial statements for the Nomura Alternative Income Fund (the "Fund") for the fiscal period beginning April 1<sup>st</sup>, 2025 through September 30<sup>th</sup>, 2025.

The market environment throughout the period was defined by a powerful rally in equities despite rising geopolitical tensions, new trade policy headwinds, and high-profile bankruptcies. The boost was primarily fueled by sustained enthusiasm for AI-linked technology stocks and a shift in monetary policy, as the Federal Reserve initiated its first rate cut of the cycle in Q3 amid signs of a softening labor market. Stubbornly elevated inflation and the specter of future tariffs created an undercurrent of uncertainty. Consequently, investors are closely watching the delicate balance between slowing economic growth and the Fed's policy response.

Despite this complex backdrop, the Fund adhered to its disciplined strategy of deploying capital into private credit opportunities, with a focus on diversification across sub-asset classes and origination partners. For the six-month period, the Fund's institutional share class (NAIFX) delivered a net total return of +4.66%. Performance was driven by contractual interest and dividend income from our private credit portfolio, with no material detractors.

The Fund experienced significant asset growth during the period, driven by approximately $115 million in new subscriptions and minimal repurchases of $2.6 million. Further, approximately 51% of distributed income was reinvested through the Fund's dividend reinvestment program, underscoring strong investor conviction. The Fund has maintained its targeted distribution of 10% annualized, accrued daily and paid quarterly.

As of September 30, 2025, the Fund was substantially invested, with $275.7 million (approximately 94% of net assets) committed to private credit. This exposure spans 82 distinct opportunities sourced through 32 different origination partners, providing diversified exposure across sectors such as real estate, asset-based lending, specialty finance, and corporate direct lending. For liquidity management, the Fund maintained an allocation to public assets, including 2% to collateralized loan obligations (CLOs), and 4% to government-guaranteed securities. A complete listing of the Fund's holdings can be found in the Consolidated Schedule of Investments.

On behalf of the entire Nomura Capital Management team, we thank you for your interest and investment in the Fund. We believe that market dislocations may continue and provide opportunities, and we are excited and honored to be making investments as your guide in private credit markets.

Sincerely,

Matthew Pallai

Chief Investment Officer

Nomura Capital Management LLC

---

| |
|:---|
| **NOMURA ALTERNATIVE INCOME FUND** |
| **LETTER TO SHAREHOLDERS (Unaudited) (Continued)** |
| **September 30, 2025** |

---

**Past performance does not guarantee future results.** 

The Fund is a continuously-offered, non-diversified, registered closed-end management investment company with limited liquidity.

This report is intended only for the information of shareholders or those who have received the Fund's prospectus which contains information about the Fund's management fee and expenses. Please read the prospectus carefully before investing.

*The Fund's investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment objectives will be achieved or that its investment program will be successful. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved. Investors could lose some or all of their investment.*

● *The Fund's shares (the "Shares") are not listed on any stock exchange, and we do not expect a secondary market in the Shares to develop.* 

● *You should generally not expect to be able to sell your Shares (other than through the limited repurchase process), regardless of how we perform.* 

● *Although we are required to and have implemented a Share repurchase program, only a limited number of Shares will be eligible for repurchase by us.* 

● *You should consider that you may not have access to the money you invest for an indefinite period of time.* 

● *An investment in the Shares is not suitable for you if you have foreseeable need to access the money you invest.* 

● *Because you will be unable to sell your Shares or have them repurchased immediately, you will find it difficult to reduce your exposure on a timely basis during a market downturn.* 

● *The Fund has limited operating history and the Shares have no history of public trading.* 

*An investment in the Fund involves risk. The Fund may leverage its investments by borrowing. The use of leverage increases both risk of loss and profit potential. Alternative investments provide limited liquidity and include, among other things, the risks inherent in investing in securities, futures, commodities and derivatives, using leverage and engaging in short sales. The Fund's investment performance depends, at least in part, on how its assets are allocated and reallocated among asset classes and strategies. Such allocation could result in the Fund holding asset classes or investments that perform poorly or underperform.*

*The Nomura Alternative Income Fund is distributed by Foreside Financial Services, LLC.*

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **September 30, 2025** |

---

The Fund's performance figures for the periods ended September 30, 2025, compared to its benchmark are below:

---

| | | | |
|:---|:---|:---|:---|
|  | | | &nbsp;&nbsp;Annualized |
| | &nbsp;&nbsp;<br>&nbsp;&nbsp;<br>&nbsp;&nbsp;Six Months | &nbsp;&nbsp;<br>&nbsp;&nbsp;<br>&nbsp;&nbsp;One Year | &nbsp;&nbsp;Since Inception\*<br>&nbsp;&nbsp;(3/23/2023) |
| Nomura Alternative Income Fund - Class I^ | &nbsp;&nbsp;4.66% | &nbsp;&nbsp;9.34% | &nbsp;&nbsp;7.64% |
| S&P LSTA U.S. Leveraged Loan 100 Index (Total Return) \*\* | &nbsp;&nbsp;4.84% | &nbsp;&nbsp;7.93% | &nbsp;&nbsp;8.89% |

---

<sup>\*</sup> Effective date of Fund. The Fund commenced operations on February 13, 2023.

---

| | |
|:---|:---|
| <sup>^</sup> | The Fund's total returns assume reinvestment of dividends and capital gains, and do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Fund returns would have been lower if a portion of the fees had not been waived. The performance shown represents past performance and does not guarantee future results. |

---

---

| | |
|:---|:---|
| <sup>\*\*</sup> | The S&P LSTA U.S. Leveraged Loan 100 Index (Total Return) is a market value-weighted index designed to measure the performance of the U.S. leveraged loan market. It is designed to reflect the largest facilities in the leveraged loan market. It mirrors the market-weighted performance of the largest institutional leveraged loans based upon market weightings, spreads and interest payments. The index consists of 100 loan facilities drawn from a larger benchmark – the S&P/LSTA (Loan Syndications and Trading Association) Leveraged Loan Index (LLI). Investors cannot invest directly into an index. |

---

---

| | |
|:---|:---|
| **Consolidated Holdings by Type of Investment** | **% of Net Assets** |
| Loans | 24.6 |
| Collateralized Loan Obligations | 2.1 |
| Collateralized Mortgage Obligations | 0.7 |
| Private Investment & Co-Investment Vehicles | 5.0 |
| Investment Partnerships | 58.7 |
| Business Development Company | 3.4 |
| Warrants | 0.0 |
| Short Term Investment Money Market Fund | 3.7 |
| Other Assets in Excess of Liabilities | 1.8 |
|  | 100.0 |

---

---

| | |
|:---|:---|
| ^ | Amount represents less than 0.05%. |

---

Please refer to the Consolidated Schedule of Investments that follows in this semi-annual report for a detailed list of the Fund's holdings.

---

| |
|:---|
| **NOMURA ALTERNATIVE INCOME FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | | <br>**Index + Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **LOANS — 24.6%** (a)(b) |  |  |  |  |
|  | ***ASSET-BASED - 2.7%*** |  |  |  |  |
| 3000000 | PFF, LLC, Promissory Note |  | 12.00 | 12/20/27 | $2992500 |
| 3000000 | PFF, LLC, Promissory Note |  | 12.00 | 01/15/28 | 3000000 |
| 2000000 | PFF, LLC, Promissory Note |  | 14.50 | 05/23/29 | 2000000 |
|  |  |  |  |  | 7992500 |
|  | ***CORPORATE — 3.4%*** |  |  |  |  |
| 1094500 | A. Stucki Company (c) | 1M SOFR + 4.75% | 9.18 | 03/31/30 | 1086250 |
|  | A. Stucki Company - First Lien Delay Draw (c)(d) |  |  | 09/30/26 | (3578) |
| 3032522 | ABC Technologies, Inc. (c)(e) | 1M SOFR + 8.25% | PIK 12.39 | 08/30/31 | 2942522 |
| 2516771 | Cirkul, Inc. (c)(e) | 3M SOFR + 7.50% | 15.39, PIK 3.50 | 04/23/28 | 2434976 |
| 1000000 | Fullsteam Holdco, L.P. (e) |  | PIK 13.00 | 08/08/32 | 985000 |
| 1000000 | LEARN Midco, LLC (e) |  | PIK 15.50 | 01/10/32 | 975000 |
| 1500000 | OD Intermediate SUBI Holdco VII LLC |  | 12.50 | 11/01/27 | 1518750 |
|  |  |  |  |  | 9938920 |
|  | ***REAL ESTATE — 9.4%*** |  |  |  |  |
| 500000 | 2 Hopmeadow Street Realty Company, LLC (c) | 1M SOFR + 6.19% | 11.00 | 10/06/25 | 500450 |
| 1000000 | 28 Pearl Street Development LLC (c) | 1M SOFR + 6.23% | 10.50 | 12/05/25 | 1000000 |
| 400000 | 40 Connecticut Ave Associates LLC (c) | 1M SOFR + 6.66% | 11.00 | 10/16/26 | 400000 |
| 700000 | 61 West Street Associates LLC (c) | 1M SOFR + 6.50% | 11.00 | 12/16/25 | 700770 |
| 2000000 | 7023 Broward LLC (c) | 1M SOFR + 6.70% | 11.05 | 01/25/27 | 2000000 |
| 969231 | Almeda Holdings TX, LLC |  | 13.00 | 02/28/26 | 969231 |
| 2000000 | Armory Market SS LLC |  | 16.00 | 05/01/26 | 2000000 |
| 800000 | BDP Bloomfield Avenue, LLC (c) | WSJ Prime + 4.50% | 13.75 | 07/01/26 | 800000 |
| 750000 | Beezle Azul LLC (c) | 1M SOFR + 6.20% | 10.50 | 01/10/26 | 750000 |
| 800000 | Blueberry Hill II, LLC |  | 12.00 | 01/12/26 | 800000 |
| 540000 | Bojadzic Construction LLC (c) | 1M SOFR + 6.50% | 10.76 | 10/07/25 | 540000 |
| 1250000 | Bristol Industrial Senior Loan |  | 15.00 | 01/01/26 | 1270875 |
| 1500000 | Butler Creek Owner, LLC (c) | 1M SOFR + 6.90% | 11.25 | 08/01/26 | 1500000 |
| 2000000 | Carlsbad 2525, LLC |  | 10.75 | 09/01/27 | 1990000 |
| 1500000 | Coastal Island Developments, LLC (c) | 1M SOFR + 6.08% | 10.40 | 04/07/26 | 1500000 |
| 1071429 | Columbia Holdings SC, LLC |  | 13.00 | 11/30/25 | 1071428 |
| 625000 | Dorset Crossing, LLC (c) | 1M SOFR + 5.86% | 13.00 | 11/04/25 | 625250 |
| 907692 | Fillmore Holdings UT, LLC |  | 13.00 | 02/25/26 | 907692 |
| 1215385 | Huntington Holdings OR, LLC |  | 13.00 | 03/10/26 | 1215385 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **NOMURA ALTERNATIVE INCOME FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | | <br>**Index + Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **LOANS — 24.6% (Continued)** (a)(b) |  |  |  |  |
|  | ***REAL ESTATE — 9.4% (Continued)*** |  |  |  |  |
| 500000 | R&R Clinton Ventures III (c) | 1M SOFR + 6.20% | 11.46 | 10/06/26 | $500450 |
| 1500000 | Redd, LLC (c) | 1M SOFR + 6.65% | 11.00 | 08/28/26 | 1500000 |
| 907692 | Rock Springs Holdings WY, LLC |  | 13.00 | 02/25/26 | 907692 |
| 1400000 | Royersford Industrial Senior Loan |  | 14.00 | 12/23/25 | 1417500 |
| 700000 | Silver Birch Realty LLC (c) | 1M SOFR + 6.20% | 10.50 | 01/30/26 | 700000 |
| 250000 | Tampa Industrial Senior Loan |  | 13.00 | 02/28/26 | 252225 |
| 2000000 | Windsor Street Associates, LLC, et al. (c) | 1M SOFR + 7.19% | 11.44 | 03/20/26 | 2000000 |
|  |  |  |  |  | 27818948 |
|  | ***SPECIALTY FINANCE — 9.1%*** |  |  |  |  |
| 1500000 | Cashco Financial, Inc. (c) | 1M SOFR + 10.25% | 14.25 | 04/16/27 | 1521000 |
| 1500000 | CH SPV A Holding LLC (c) | 1M SOFR + 11.25% | 14.91 | 02/14/27 | 1513400 |
| 750000 | Cliffhanger 2 Productions, LLC (n)(q)(r) |  |  |  | 928125 |
| 697500 | CR Steak LV LLC |  | 12.00 | 08/04/26 | 693943 |
| 2000000 | EZ PAY SPE, LLC (c) | 1M SOFR + 10.55% | 14.95 | 03/24/27 | 2000000 |
| 649709 | Future Family Loan Portfolio, Class A |  | 12.00 | 05/16/30 | 664327 |
| 297239 | IHC California LLC & Iron Horse Credit LLC (c) | 1M SOFR + 9.50% | 13.82 | 06/30/27 | 302143 |
| 2000000 | Leasepoint Funding Group, LLC (c) | 1M SOFR + 7.75% | 11.34 | 09/17/26 | 2000000 |
| 2500000 | Neo Finance SPV LLC (c) | 1M SOFR + 9.50% | 13.78 | 02/11/29 | 2500000 |
| 1500000 | Nexgen Financial (c) | 1M SOFR + 12.25% | 16.41 | 03/28/28 | 1525950 |
| 1500000 | OnRamp Funding (c) | 1M SOFR + 12.50% | 16.16 | 02/28/27 | 1511250 |
| 2000000 | Opus Trust I/II (c) | 1M SOFR + 10.50% | 13.92 | 02/23/26 | 2013200 |
| 2471943 | Raistone Purchasing LLC - Series XXVIII (g) |  | 16.00 | Perpetual |  |
| 2120134 | Raistone Purchasing LLC - Series XXXI (f) |  | 10.06 | 11/24/25 | 2101705 |
| 750000 | Riddick 4 Production LLC (n)(q)(r) |  |  |  | 868125 |
| 1500000 | Sezzle, Inc. (c) | 1M SOFR + 10.19% | 14.35 | 04/19/27 | 1521000 |
| 2500000 | Steno Agency Funding I, LLC (c) | 1M SOFR + 9.50% | 13.78 | 05/08/28 | 2500000 |
| 675000 | Ultra Padel Club |  | 13.00 | 11/27/27 | 675000 |
| 1500000 | Vernance Originations, LLC (c) | 1M SOFR + 11.00% | 15.17 | 07/06/27 | 1507500 |
| 739571 | Yacht Management Services (o)(q) |  | 12.00 |  | 385316 |
|  |  |  |  |  | 26731984 |
|  | **TOTAL LOANS (Cost $75,195,757)** |  |  |  | 72482352 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **NOMURA ALTERNATIVE INCOME FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** | | <br>**Index + Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **COLLATERALIZED LOAN OBLIGATIONS — 2.1%** (c)(h) |  |  |  |  |
| 400000 | Allegro Clo VIII-S Ltd. Series 3A E1 | TSFR3M + 6.60% | 10.86 | 10/15/37 | $402659 |
| 600000 | Allegro Clo VIII-S Ltd. Series 3A E2 | TSFR3M + 8.00% | 12.26 | 10/15/37 | 606401 |
| 750000 | Babson CLO Ltd. Series 4A ER | TSFR3M + 6.75% | 11.08 | 10/20/37 | 761369 |
| 1000000 | Dryden 123 CLO Ltd. Series 123A E | TSFR3M + 4.85% | 9.14 | 04/15/38 | 1007041 |
| 1500000 | Maranon Loan Funding Ltd. Series 2A D | TSFR3M + 6.75% | 11.07 | 01/15/36 | 1515463 |
| 500000 | Maranon Loan Funding Ltd. Series 2A E | TSFR3M + 10.00% | 14.32 | 01/15/36 | 509429 |
| 1000000 | OHA Credit Partners XVII Ltd. Series 17A E | TSFR3M + 5.00% | 9.33 | 01/18/38 | 1010677 |
| 500000 | Vibrant CLO XIII Ltd. Series 13A ER | TSFR3M + 7.59% | 11.91 | 01/15/38 | 510981 |
|  | **TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $6,222,590)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $6,222,590)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $6,222,590)** |  | 6324020 |
|  | **COLLATERALIZED MORTGAGE OBLIGATIONS — 0.7%** |  |  |  |  |
| 1658594 | Fannie Mae REMICS Series 23-17 JA |  | 5.50 | 06/25/50 | 1672863 |
| 4655951 | Government National Mortgage Association Series 2021-49 IP |  | 2.50 | 01/20/51 | 434904 |
|  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,095,175)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,095,175)** | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,095,175)** |  | 2107767 |
|  | **PRIVATE INVESTMENT & CO-INVESTMENT VEHICLES - 5.0%** (a) |  |  |  |  |
|  | Cedar Holdings (Offshore) LP - Senior Preferred (b)(d) |  |  |  | 2456137 |
|  | Cedar Holdings (Offshore) LP - Subordinate Common (b)(d) |  |  |  | 1182484 |
|  | Eagle Point Co-Invest II LP (b)(d) |  |  |  | 250000 |
|  | Fair State Mortgage Holdings, LLC (b)(d) |  |  |  | 2600000 |
|  | Lake Summit Alternative Loan Trust 2025-1 (b)(d) |  |  |  | 4712864 |
|  | SP Technology Payments II, LLC (i) |  |  |  | 1578297 |
|  | Wolfe Pond Park CLO Ltd. (b)(d)(j) |  |  |  | 2000000 |
|  | **TOTAL PRIVATE INVESTMENT & CO-INVESTMENT VEHICLES (Cost $14,701,485)** | **TOTAL PRIVATE INVESTMENT & CO-INVESTMENT VEHICLES (Cost $14,701,485)** | **TOTAL PRIVATE INVESTMENT & CO-INVESTMENT VEHICLES (Cost $14,701,485)** |  | 14779782 |
|  | **INVESTMENT PARTNERSHIPS - 58.7%** (a) |  |  |  |  |
|  | ACORE Credit Partners II, L.P. (d)(i) |  |  |  | 9032710 |
|  | AG Asset Based Credit Fund, L.P. (d)(i) |  |  |  | 19598528 |
|  | Alcova Capital Yield Premium Fund, L.P. (i) |  |  |  | 6048240 |
|  | Altriarch Specialty Finance Fund, LP (i) |  |  |  | 9506199 |
|  | Bastion Funding V L.P. (i) |  |  |  | 2991197 |
|  | Blue Owl A4 Evergreen (Cayman) L.P. (d)(i) |  |  |  | 11874790 |
|  | Callodine Perpetual ABL Fund, LP (d)(i) |  |  |  | 4743861 |
|  | Crestline Opportunity Fund V Offshore TE/SWF, L.P. (d)(i) |  |  |  | 2729276 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **NOMURA ALTERNATIVE INCOME FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Fair Value** |
|  | **INVESTMENT PARTNERSHIPS - 58.7% (Continued)** (a) |  |
| 7289 | Dawson Portfolio Finance Evergreen LP (b) | $7500000 |
|  | Eagle Point Enhanced Income Fund LP (b)(d) | 4000000 |
|  | Eldridge Senior Credit Strategies Fund XIV, L.P. (i) | 19618623 |
|  | Evolution Credit Partners Trade Finance Offshore (i) | 11937757 |
|  | Fairbridge Partners L.P. (i) | 2487843 |
|  | HarbourView Royalties Parallel Fund I, LP (b) | 8403186 |
|  | Kennedy Lewis Residential Property Income Company LP (d)(i) | 7896188 |
|  | Medalist Partners Asset Based Private Credit Fund III LP Onshore Feeder, L.P., Class B (i)(k) | 19560101 |
| 796 | Rivers Investments, LLC (b)(d) | 839483 |
|  | Rivonia Road Fund LP (i) | 7038438 |
|  | Saluda Grade Income Fund L.P. (i) | 7059224 |
|  | Sound Point Discovery Fund LLC (i) | 1509981 |
|  | The Varde CRE Lending Fund, L.P. (i) | 8858945 |
|  | **TOTAL INVESTMENT PARTNERSHIPS (Cost $172,782,333)** | 173234570 |
|  | **BUSINESS DEVELOPMENT COMPANY - 3.4%** |  |
| 399389 | Stone Point Credit Income Fund (a)(i) | 10000299 |
|  | **TOTAL BUSINESS DEVELOPMENT COMPANY (Cost $10,000,000)** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | **Expiration Date** | **Exercise Price** | |
|  | **WARRANTS — 0.0%**(b)(p) |  |  |  |
| 6878 | Cirkul, Inc. Warrant Equity Value Strike | 04/23/35 | $100.00 | 138 |
| 6706 | Cirkul, Inc. Warrant Share Strike | 04/23/35 | 100.00 | 75777 |
|  | **TOTAL WARRANTS (Cost $124,537)** | **TOTAL WARRANTS (Cost $124,537)** |  | 75915 |
|  | **SHORT-TERM INVESTMENTS — 3.7%** | **SHORT-TERM INVESTMENTS — 3.7%** |  |  |
|  | **MONEY MARKET FUNDS - 3.7%** | **MONEY MARKET FUNDS - 3.7%** |  |  |
| 10796879 | First American Treasury Obligations Fund, Class X, 4.02% (l) |  |  | 10796879 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $10,796,879)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $10,796,879)** |  |  |
|  | **TOTAL INVESTMENTS - 98.2% (Cost $291,918,756)** | **TOTAL INVESTMENTS - 98.2% (Cost $291,918,756)** |  | $289801584 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8%** (m) |  |  | 5271706 |
|  | **NET ASSETS - 100.0%** |  |  | $295073290 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **NOMURA ALTERNATIVE INCOME FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

---

| | |
|:---|:---|
| CLO | - Collateralized Loan Obligation |
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| Ltd. | - Limited Company |
| PIK | - Payment-in-kind |
| REMIC | - Real Estate Mortgage Investment Conduit |
| 1M SOFR | - 1 Month Secured Overnight Financing Rate |
| 3M SOFR | - 3 Month Secured Overnight Financing Rate |
| TSFR1M | - 1 Month Term Secured Overnight Financing Rate |
| TSFR3M | - 3 Month Term Secured Overnight Financing Rate |
| WSJ Prime | - Wall Street Journal Prime Rate |

---

<sup>(a)</sup> Restricted Security. See Note 2.

<sup>(b)</sup> Level 3 securities fair valued using significant unobservable inputs. See Note 2.

<sup>(c)</sup> Variable rate investment. Interest rate shown reflects the rate in effect at September 30, 2025 is based on the reference rate plus the displayed spread as of the security's last reset date. Interest rates reset periodically.

<sup>(d)</sup> This investment has an unfunded commitment as of September 30, 2025. See Note 3.

<sup>(e)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash.

<sup>(f)</sup> The interest rate presented is adjusted periodically based on the terms of the loan agreement. Rate shown is effective at period end.

<sup>(g)</sup> Contractual rate presented, but as of September 30, 2025, the Fund has ceased income accrual as the security is in default. For financial reporting purposes, the Consolidated Schedule of Investments and Consolidated Statement of Assets and Liabilities reflect an adjustment to the fair value of this investment to $0; the net asset value and returns based upon these adjustments may differ from the net asset values and returns for shareholder transactions.

<sup>(h)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of September 30, 2025, the total market value of 144A securities is $6,324,020 or 2.1% of net assets.

<sup>(i)</sup> Investment is valued using the Fund's pro rata net asset value (or its equivalent) as a practical expedient. Please see Note 2 in the Notes to the Consolidated Financial Statements for respective unfunded commitments and redemption restrictions.

<sup>(j)</sup> Investment is a Collateralized Loan Obligation Warehouse which is an entity organized for the purpose of holding syndicated bank loans, also known as leveraged loans, prior to the issuance of securities from that same vehicle.

<sup>(k)</sup> The Fund's interest in this investment is held through a wholly-owned subsidiary of the Fund, NAIF Splitter LLC.

<sup>(l)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

<sup>(m)</sup> Includes cash held as collateral for futures contracts.

<sup>(n)</sup> The interest rate and maturity date presented are adjusted periodically based on the terms set forth in the investment's offering documents. Maximum interest has been fully accrued prior to September 30, 2025 and has ceased accruing. Payment of principal and interest is pending following the conclusion of the investment period.

<sup>(o)</sup> Represents issuer in default as of September 30, 2025.

<sup>(p)</sup> Percentage rounds to less than 0.1%.

<sup>(q)</sup> This security is in wind-down with no specific maturity date.

<sup>(r)</sup> This security's accrual rate is set to zero as it is non-income producing. The rate disclosed as of September 30, 2025.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Unaudited)** |
| **September 30, 2025** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities, at cost | $291918756 |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value | 289801584 |
| &nbsp;&nbsp;&nbsp;Collateral Cash for derivative instruments | 5260 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 5215144 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 1428146 |
| &nbsp;&nbsp;&nbsp;Receivable for Fund shares sold | 1904264 |
| &nbsp;&nbsp;&nbsp;Prepaid registration expense | 13730 |
| &nbsp;&nbsp;&nbsp;Other prepaid expenses | 32601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 298400729 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees payable (Note 4) | 22559 |
| &nbsp;&nbsp;&nbsp;Distributions payable | 3207604 |
| &nbsp;&nbsp;&nbsp;Administrative services fees payable | 20536 |
| &nbsp;&nbsp;&nbsp;Audit fees payable | 56708 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 20032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 3327439 |
| **NET ASSETS** | $**295073290** |
| **CONTINGENCIES AND COMMITMENTS (NOTE 3)** |  |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $295750392 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (677102) |
| **NET ASSETS** | $**295073290** |
| **PRICING OF CLASS I SHARES:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets applicable to Class I Shares | $**295073290** |
| &nbsp;&nbsp;&nbsp;Class I Shares outstanding ($0 par value, unlimited shares authorized) | **30208403** |
| &nbsp;&nbsp;&nbsp;Net asset value, offering price and redemption price per share | $**9.77** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)** |
| **For the Six Months Ended September 30, 2025** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $7756844 |
| &nbsp;&nbsp;&nbsp;Interest | 4786113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 12542957 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment management fees (Note 4) | 1102644 |
| &nbsp;&nbsp;&nbsp;Legal fees | 396831 |
| &nbsp;&nbsp;&nbsp;Third party valuation expense | 163886 |
| &nbsp;&nbsp;&nbsp;Administrative services fees (Note 4) | 123533 |
| &nbsp;&nbsp;&nbsp;Professional fees (Note 4) | 78226 |
| &nbsp;&nbsp;&nbsp;Audit and tax fees | 81418 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 51716 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 19234 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 24792 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 12597 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 8792 |
| &nbsp;&nbsp;&nbsp;Federal excise tax expense | 909 |
| &nbsp;&nbsp;&nbsp;Line of credit expenses | 46288 |
| &nbsp;&nbsp;&nbsp;Other expenses | 14466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 2125332 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived by the Adviser (Note 4) | (681349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 1443983 |
| **NET INVESTMENT INCOME** | 11098974 |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 54861 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2895755) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (2840894) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**8258080** |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**September 30, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**March 31, 2025** |
| **INCREASE IN NET ASSETS FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $11098974 | $11523762 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments and futures contracts | 54861 | 84363 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (2895755) | (55115) |
| Net increase in net assets resulting from operations | 8258080 | 11553010 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (10231865) | (13449245) |
| &nbsp;&nbsp;&nbsp;From return of capital | (1407771) |  |
| From distributions to shareholders | (11639636) | (13449245) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: | 119900300 | 54228747 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: | 6413118 | 11494219 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: | (2577707) | (361327) |
| Net increase in Class I net assets from capital share transactions | 123735711 | 65361639 |
| **TOTAL INCREASE IN NET ASSETS** | 120354155 | 63465404 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 174719135 | 111253731 |
| &nbsp;&nbsp;&nbsp;End of year/period | $**295073290** | $**174719135** |
| **SHARE ACTIVITY** |  |  |
| Class I: |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | 17667792 | 11113389 |
| &nbsp;&nbsp;&nbsp;Shares sold | 12151232 | 5436298 |
| &nbsp;&nbsp;&nbsp;Shares reinvested | 650444 | 1154259 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (261065) | (36154) |
| &nbsp;&nbsp;&nbsp;End of year/period | 30208403 | 17667792 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)** |
| **For the Six Months Ended September 30, 2025** |

---

---

| | |
|:---|:---|
| **Cash Flows From Operating Activities:** |  |
| &nbsp;&nbsp;&nbsp;Net increase in Net Assets resulting from operations | $8258080 |
| **Adjustments to Reconcile Net Increase in Net Assets Resulting From Operations to Net Cash Used for Operating Activities:** |  |
| &nbsp;&nbsp;&nbsp;Purchases of long-term portfolio investments | (135999414) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of long-term portfolio investments | 17638513 |
| &nbsp;&nbsp;&nbsp;Proceeds from paydowns of investments | (20971) |
| &nbsp;&nbsp;&nbsp;Return of capital from investments | 47456 |
| &nbsp;&nbsp;&nbsp;Net short term investment purchases (net of amortization) | (2862889) |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (54861) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation/(depreciation) on investments | 2895755 |
| &nbsp;&nbsp;&nbsp;Net accretion of discounts | (226696) |
| **Changes in Assets and Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Increase)/Decrease in Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | (2946585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid registration expense | 7699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other prepaid expenses | (32601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase/(Decrease) in Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees payable | 36708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative services fees payable | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued advisory fees payable | 194949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | (150453) |
| &nbsp;&nbsp;&nbsp;**Net Cash Used for Operating Activities** | (113215019) |
| **Cash Flows From Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares repurchased |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | 118564804 |
| &nbsp;&nbsp;&nbsp;Payment on shares redeemed | (2577707) |
| &nbsp;&nbsp;&nbsp;Cash distributions paid to shareholders, net of reinvestments | (3026990) |
| &nbsp;&nbsp;&nbsp;**Net Cash Provided by Financing Activities** | 112960107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash and restricted cash | (254912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and restricted cash at beginning of period | 260172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash and Restricted Cash at End of Period** | $5260 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)(Continued)** |
| **For the Six Months Ended September 30, 2025** |

---

---

| | |
|:---|:---|
| **Supplemental Disclosure of Non-Cash Activity:** |  |
| &nbsp;&nbsp;&nbsp;Non-cash financing activities not included above consists of reinvestment of distributions | $6413118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal excise tax expense | 909 |
| Total Non-Cash Activity | $6414027 |
| **Supplemental Disclosure of Cash Flow Information:** |  |
| **Reconciliation of Cash and Restricted Cash at the End of Period to the Consolidated Statement of Assets and Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Cash | $— |
| &nbsp;&nbsp;&nbsp;Restricted Cash | $5260 |
| Cash and Restricted Cash, ending balance | $5260 |

---

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Year/Period

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months Ended**<br>**September 30, 2025**<br>(Unaudited) | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** | **Period\* Ended**<br>**March 31, 2023** |
| Net asset value, beginning of year/period | $9.89 | $10.01 | $10.04 | $10.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(a)</sup> | 0.47 | 0.88 | 0.50 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.10) | 0.01 | 0.09 | (0.00) <sup>(b)</sup> |
| Total from investment operations | 0.37 | 0.89 | 0.59 | 0.04 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.44) | (1.01) | (0.52) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.10) |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.05) |  |  |  |
| Total distributions | (0.49) | (1.01) | (0.62) |  |
| Net asset value, end of year/period | $9.77 | $9.89 | $10.01 | $10.04 |
| Total return <sup>(c)</sup> | 3.83 % <sup>(d)(k)</sup> | 9.17 % <sup>(k)</sup> | 5.86 % <sup>(k)</sup> | 0.40 % <sup>(d)</sup> |
| Net assets, end of year/period (000's) | $295073 | $174719 | $111254 | $100412 |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Ratio of gross expenses to average net assets <sup>(e)(f)</sup> | 1.83 % <sup>(i)</sup> | 2.11% | 2.08 % <sup>(g)</sup> | 3.01 % <sup>(i)</sup> |
| Ratio of net expenses to average net assets <sup>(f)</sup> | 1.24 % <sup>(h)(i)</sup> | 1.21 % <sup>(h)</sup> | 1.21 % <sup>(g)</sup> | 1.20 % <sup>(i)</sup> |
| Ratio of net investment income to average net assets <sup>(f)(j)</sup> | 9.54 % <sup>(i)</sup> | 8.84% | 4.90% | 3.47 % <sup>(i)</sup> |
| Portfolio Turnover Rate | 8 % <sup>(d)</sup> | 15% | 11% | 0 % <sup>(d)</sup> |

---

\* The Nomura Alternative Income Fund commenced operations on February 13, 2023.

(a) Per
 share amounts calculated using the average daily shares method, which more appropriately
 presents the per share data for the year/period.

(b) Amount
 represents less than $0.005.

(c) Total
 return is a measure of the change in value of an investment in the Fund over the period covered,
 which assumes any dividends and capital gain distributions are reinvested in shares of the
 Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on
 Fund distributions, if any, or the redemption of Fund shares. The returns would have been
 lower if certain expenses had not been waived or reimbursed by the Adviser.

(d) Not
 Annualized.

(e) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements
 by the Adviser.

(f) The
 ratios of expenses and net investment income to average net assets do not reflect the Fund's
 proportionate share of income and expenses of underlying investment companies in which the
 Fund invests, including management and performance fees. As of September 30, 2025, the Fund's
 underlying investment companies included a range of management fee from 0.30% to 2.00% (unaudited)
 and performance fees from 10% to 20% (unaudited).

(g) Includes
 line of credit expenses. If this had been excluded, the ratio of gross expenses to average
 net assets and the ratio of net expenses to average net assets would have been 2.07% and
 1.20%, respectively.

(h) Includes
 federal tax and line of credit expenses. If this had been excluded, the ratio of gross expenses
 to average net assets for the period ended September 30, 2025 and the year ended March 31,
 2025 would have been 1.79% and 2.10%, respectively. For the period ended September 30, 2025
 and the year ended March 31, 2025 the ratio of net expenses to average net assets would have
 been 1.20% and 1.20%, respectively.

(i) Annualized.

(j) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends
 by underlying investment companies in which the Fund invests.

(k) Includes
 adjustments in accordance with accounting principles generally accepted in the United States
 and, consequently the net asset value for financial reporting purposes and the returns based
 upon those net asset values may differ from the net asset values and returns for shareholder
 transactions.

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)** |
| **September 30, 2025** |

---

**1.** **ORGANIZATION** 

Nomura Alternative Income Fund (the "Fund") was organized as a Delaware statutory trust on August 24, 2022 and is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as a non-diversified, closed-end management investment company that operates as an interval fund with a continuous offering of Fund shares. The primary investment objective of the Fund is to maximize risk-adjusted total return and the Fund will seek to provide current income as a secondary investment objective. The Fund is managed by Nomura Capital Management LLC (the "Adviser").

The Fund commenced operations on February 13, 2023. The Fund has been granted exemptive relief (the "Exemptive Relief") from the Securities and Exchange Commission (the "SEC") that permits the Fund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees. As of September 30, 2025, only Class I Shares were available for purchase. Pursuant to the Exemptive Relief, the Fund may offer Class D Shares and Class A Shares, and may offer additional classes of shares in the future. Please refer to the Fund's prospectus for additional information.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its consolidated financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update ("ASU") 2013-08.

*Adopted Accounting Standards –* In this reporting period, the Fund adopted FASB ASU 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires a public entity to make enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). The Fund's Vice President acts as the CODM. Adoption of the new standard impacted consolidated financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets resulting from operations, which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's consolidated financial statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

*Fund Valuation* – The Fund's net asset value ("NAV") per share is calculated, on a class-specific basis, by dividing the value of the Fund's total assets (the value of the securities the Fund holds plus cash or other assets, including interest accrued but not yet received), less accrued expenses and other liabilities of the Fund by the total number of shares outstanding. During the continuous offering, the price of the shares will increase or decrease on a daily basis according to the NAV of the shares.

*Security Valuation* – The Fund's Board of Trustees (the "Board") has designated the Adviser as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act, to perform the fair value determination relating to any and all Fund investments, subject to the conditions and oversight requirements described in the Fund's Fair Valuation of Investments Policy. In furtherance of its duties as valuation designee, the Adviser has formed a valuation committee (the "Valuation Committee"), to perform fair value determinations and oversee the day-to-day functions related to the fair valuation of the Fund's investments. The Valuation Committee may consult with representatives from the Fund's outside legal counsel or other third-party consultants in its discussions and deliberations.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

Investments in securities that are listed on the New York Stock Exchange ("NYSE") are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices for the day or, if no asked price is available, at the bid price. Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities.

The Fund invests in loans and other securities that are not publicly traded and for which no market-based price quotation is available. As a general matter, to value the Fund's investments, the Adviser uses current market values when available, and otherwise value the Fund's investments with fair value methodologies that the Adviser believes to be consistent with those used by the Fund for valuing its investments. These fair value calculations involve significant professional judgment by the Adviser in the application of both observable and unobservable attributes, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security. There is no single standard for determining fair value of an investment. Likewise, there can be no assurance that the Fund will be able to purchase or sell an investment at the fair value price used to calculate the Fund's NAV.

Securities that are not publicly traded or whose market prices are not readily available will initially be valued at acquisition cost until a fair value is determined by the Adviser in good faith pursuant to the valuation policies adopted by the Adviser and approved by the Board. An independent, third-party valuation firm may review the Fund's Level 3 investments. The Adviser and independent valuation firm(s) use a variety of approaches to establish the fair value of these investments in good faith. In the interim between third-party evaluations, the Adviser monitors these investments on a daily basis and the Valuation Committee reviews each Level 3 investment on a monthly basis as set forth in the procedures adopted by Adviser and approved by the Board.

Private investment companies in which the Fund invests its assets (collectively, "Private Investment Funds" and, together with mutual funds (including money market funds), business development companies, closed-end funds, exchange-traded funds ("ETFs"), and other registered investment companies, "Portfolio Funds") are generally valued based on the latest NAV reported by such Private Investment Fund's investment manager (the "Private Fund Manager"). New purchases of Private Investment Funds may be valued at acquisition cost initially until a NAV is provided by the Adviser. If the NAV of an investment in a Portfolio Fund is not available at the time the Fund is calculating its NAV, the Valuation Committee will consider any cash flows since the reference date of the last NAV reported by the Private Fund Manager by (i) adding the nominal amount of the investment related capital calls and (ii) deducting the nominal amount of investment related distributions from the last NAV reported by the Private Fund Manager.

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of September 30, 2025 for the Fund's assets measured at fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Assets** |<br><br>**Level 1** |<br><br>**Level 2** |<br><br>**Level 3** | **Investments**<br>**Valued Using**<br>**Practical**<br>**Expedient** |<br><br>**Total** |
| Loans | $— | $— | $72482352 | $— | $72482352 |
| Collateralized Loan Obligations |  | 6324020 |  |  | 6324020 |
| Collateralized Mortgage Obligations |  | 2107767 |  |  | 2107767 |
| Private Investment & Co-Investment Vehicles |  |  | 13201485 | 1578297 | 14779782 |
| Investment Partnerships |  |  | 20742669 | 152491901 | 173234570 |
| Business Development Company |  |  |  | 10000299 | 10000299 |
| Warrants |  |  | 75915 |  | 75915 |
| Short-Term Investment | 10796879 |  |  |  | 10796879 |
| Total | $10796879 | $8431787 | $106502421 | $164070497 | $289801584 |

---

The following is the fair value measurement of investments that are measured at fair value using the Fund's pro rata NAV (or its equivalent) as a practical expedient:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Fund** | **Fair Value** | **Unfunded<br> Commitments** | **Redemption<br> Frequency** | **Notice Period** |
| ACORE Credit Partners II, LP | $9032710 | $5946812 | N/A | N/A |
| AG Asset Based Credit Fund, L.P. | 19598528 | 2000000 | 3 Years | 3 Years |
| Alcova Capital Yield Premium Fund, L.P. | 6048240 |  | Quarterly | 90 Days |
| Altriarch Specialty Finance Fund, LP | 9506199 |  | Annually | 90 Days |
| Bastion Funding V L.P. | 2991197 |  | Quarterly | 90 Days |
| Blue Owl A4 Evergreen (Cayman) L.P. | 11874790 | 3562930 | N/A | N/A |
| Callodine Perpetual ABL Fund, LP | 4743861 | 250000 | Quarterly | N/A |
| Crestline Opportunity Fund V Offshore TE/SWF, L.P. | 2729276 | 2705204 | N/A | N/A |
| Eldridge Senior Credit Strategies Fund XIV. L.P. | 19618623 |  | Quarterly | 90 Days |
| Evolution Credit Partners Trade Finance Offshore | 11937757 |  | Quarterly | 90 Days |
| Fairbridge Partners L.P. | 2487843 |  | Quarterly | 90 Days |
| Kennedy Lewis Residential Property Income Company LP | 7896188 | 344371 | N/A | N/A |
| Medalist Partners Asset Based Private Credit Fund III LP Onshore Feeder, L.P., Class B | 19560101 |  | Annually | 180 Days |
| Rivonia Road Fund LP | 7038438 |  | Quarterly | 90 Days |
| Saluda Grade Income Fund L.P. | 7059224 |  | Quarterly | 60 Days |
| Sound Point Discovery Fund LLC | 1509981 |  | Quarterly | 60 Days |
| SP Technology Payments II, LLC | 1578297 |  | Quarterly | 90 Days |
| Stone Point Credit Income Fund | 10000299 |  | N/A | N/A |
| The Varde CRE Lending Fund, L.P. | 8858945 |  | Quarterly | 90 Days |
|  | $164070497 | $14809317 |  |  |

---

The organizational documents of the Private Investment Funds typically have set redemption schedules and notification requirements. As such, the Redemption Frequency column above reflects the frequency in which the Private Investment Fund accepts redemption requests and the Notice Period column reflects the number of days of advanced notice required. While redemptions can be requested at the frequency listed above, there is no guarantee the Fund will be paid all or any of the redemption amount at the time requested.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

The changes of fair value of investments for which the Fund has used Level 3 inputs to determine the fair value are as follows:

---

| | |
|:---|:---|
|  | **Loans, Private**<br>**Investment Vehicles,**<br>**and Warrants** |
| Beginning Balance as of March 31, 2025 | $49670054 |
| Total realized gain/(loss)/Paydowns | 2021211 |
| Change in Unrealized |  |
| Appreciation/(Depreciation) | (2296020) |
| Purchases or Contributions | 67086465 |
| Sales or Distributions | (10207361) |
| Amortization | 228072 |
| Transfers out of Level 3 during the period |  |
| Ending Balance as of September 30, 2025 | $106502421 |

---

Transfers out of Level 3 during the period represent investments that are being measured at fair value using the Fund's pro rata NAV (or its equivalent) as a practical expedient.

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 Fair Value Measurements for investments held as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3 Investments<sup>(a)</sup>** | **Fair Value as of<br> September 30, 2025** | **Valuation Technique** | **Unobeservable<br> Inputs** | **Range of<br> Inputs/Weighted<br> Average<sup>(b)</sup>** | **Impact to<br> Valuation from an<br> Increase in Input** |
| Loans | S 9,762,620 | Yield Analysis | Market Yield | 7.08%-25.00%/15.33% | Increase |
| Loans | 16382363 | Yield Analysis | Discount Margin | 5.67%-12.86%/9.11% | Decrease |
| Loans | 43517077 | Transaction Price | N/A | N/A | N/A |
| Loans | 385316 | Recovery Analysis | Net Proceeds | 1,785-2,916/2,350 | Increase |
| Loans | 2434976 | Yield Analysis | Rate | 17.79% | N/A |
| Private Investment & Co-Investment Vehicles | 13201485 | Transaction Price | N/A | N/A | N/A |
| Warrants | 75777 | Waterfall Analysis | Multiple | 12.50x - 13.50x/13.00x | Increase |
| Warrants | 138 | Option Pricing Model | Multiple | 12.50x - 13.50x/13.00x | Increase |
| Investment Partnerships | 20742669 | Transaction Price | N/A | N/A | N/A |
|  | $106502421 |  |  |  |  |

---

<sup>(a)</sup> A range is not prevented for categories with one investment.

<sup>(b)</sup> Certain Level 3 investments of the Fund, totaling fair value assets of $0 have been excluded from the preceeding table as they are insignificant to the Fund.

<sup>\*</sup> Refer to the Consolidated Schedule of Investments for classifications of individual securities.

*Restricted Securities* – Restricted securities are securities that may be resold only upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board. The restricted securities may be valued at the price provided by dealers in the secondary market or, if no market prices are available, the fair value as determined in good faith using methods approved by the Board. The Portfolio Funds generally are restricted securities that are subject to substantial holding periods and are not traded in public markets, so that the Fund may not be able to resell some of its investments for extended periods, which may be several years.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

Additional information on each restricted investment held by the Fund at September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Cost** | **Value** | **% of Net Assets** |
| ACORE Credit Partners II, LP | 3/21/2023 | $9064560 | $9032710 | 3.1% |
| AG Asset Based Credit Fund L.P. | 9/15/2023 | 18451603 | 19598528 | 6.6% |
| Alcova Capital Yield Premium Fund, L.P. | 3/18/2024 | 6000000 | 6048240 | 2.1% |
| Altriarch Specialty Finance Fund, LP | 6/11/2025 | 9500000 | 9506199 | 3.2% |
| Bastion Funding V L.P. | 10/15/2024 | 3000000 | 2991197 | 1.0% |
| Blue Owl A4 Evergreen (Cayman) LP | 4/4/2023 | 11495981 | 11874790 | 4.0% |
| Callodine Perpetual ABL Fund, LP | 5/1/2025 | 4750000 | 4743861 | 1.6% |
| Cedar Holdings (Offshore) LP - Senior Preferred | 9/30/2025 | 2456137 | 2456137 | 0.8% |
| Cedar Holdings (Offshore) LP - Subordinate Common | 9/30/2025 | 1182484 | 1182484 | 0.4% |
| Crestline Opportunity Fund V Offshore TE/SWF, L.P. | 9/21/2023 | 2332927 | 2729276 | 0.9% |
| Dawson Portfolio Finance Evergreen LP | 8/27/2025 | 7500000 | 7500000 | 2.5% |
| Eagle Point Co-Invest II LP | 9/2/2025 | 250000 | 250000 | 0.1% |
| Eagle Point Enhanced Income Fund LP | 9/30/2025 | 4000000 | 4000000 | 1.4% |
| Eldridge Senior Credit Strategies Fund XIV, L.P. | 4/1/2025 | 20257410 | 19618623 | 6.7% |
| Evolution Credit Partners Trade Finance Offshore | 8/1/2025 | 12000000 | 11937757 | 4.1% |
| Fair State Mortgage Holdings, LLC | 9/26/2025 | 2600000 | 2600000 | 0.9% |
| Fairbridge Partners L.P. | 3/3/2025 | 2500000 | 2487843 | 0.8% |
| HarbourView Royalties Parallel Fund I, LP | 8/14/2025 | 8403186 | 8403186 | 2.9% |
| Kennedy Lewis Residential Property Income Company LP | 5/1/2025 | 7905629 | 7896188 | 2.7% |
| Lake Summit Alternative Loan Trust 2025-1 | 3/14/2025 | 4712864 | 4712864 | 1.6% |
| Medalist Partners Asset Based Private Credit Fund III LP <br> Onshore Feeder, LP – Class B | 3/21/2023 | 20228944 | 19560101 | 6.6% |
| Rivers Investments, LLC | 8/28/2025 | 839483 | 839483 | 0.3% |
| Rivonia Road Fund LP | 5/1/2025 | 7000000 | 7038438 | 2.4% |
| Saluda Grade Income Fund L.P. | 2/3/2025 | 7052610 | 7059224 | 2.4% |
| Sound Point Discovery Fund LLC | 4/3/2024 | 1500000 | 1509981 | 0.5% |
| SP Technology Payments II, LLC | 4/4/2024 | 1500000 | 1578297 | 0.5% |
| The Varde CRE Lending Fund, L.P. | 1/6/2025 | 9000000 | 8858945 | 3.0% |
| Wolfe Pond Park CLO | 2/14/2025 | 2000000 | 2000000 | 0.7% |
| Stone Point Credit Income Fund | 4/30/2025 | 10000000 | 10000299 | 3.4% |
| 2 Hopmeadow Street Realty Company, LLC | 7/29/2024 | 500000 | 500450 | 0.2% |
| 28 Pearl Street Development LLC | 12/17/2024 | 1000000 | 1000000 | 0.3% |
| 40 Connecticut Ave Associates LLC | 10/15/2024 | 400000 | 400000 | 0.1% |
| 61 West Street Associates LLC | 7/29/2024 | 700000 | 700770 | 0.2% |
| 7023 Broward LLC | 7/23/2025 | 2000000 | 2000000 | 0.7% |
| A. Stucki Company | 3/27/2025 | 1086945 | 1086250 | 0.4% |
| A. Stucki Company - First Lien Delay Draw | 3/27/2025 | (3578) | (3578) | 0.0% |
| ABC Technologies, Inc. | 9/17/2025 | 2942895 | 2942522 | 1.0% |
| Almeda Holdings TX, LLC | 8/22/2025 | 969231 | 969231 | 0.3% |
| Armory Market SS LLC | 4/25/2025 | 2000000 | 2000000 | 0.7% |
| BDP Bloomfield Avenue, LLC | 1/8/2025 | 800000 | 800000 | 0.3% |
| Beezle Azul LLC | 12/19/2024 | 750000 | 750000 | 0.3% |
| Blueberry Hill II, LLC | 1/8/2025 | 800000 | 800000 | 0.3% |
| Bojadzic Construction LLC | 12/19/2024 | 540000 | 540000 | 0.2% |
| Bristol Industrial Senior Loan | 3/13/2024 | 1249684 | 1270875 | 0.4% |
| Butler Creek Owner, LLC | 8/6/2025 | 1500000 | 1500000 | 0.5% |
| Carlsbad 2525, LLC | 9/10/2025 | 1990257 | 1990000 | 0.7% |
| Cashco Financial, Inc. | 9/20/2024 | 1507514 | 1521000 | 0.5% |
| CH SPV A Holding LLC | 9/20/2024 | 1504813 | 1513400 | 0.5% |
| Cirkul, Inc. | 4/23/2025 | 2407037 | 2434976 | 0.8% |
| Cliffhanger 2 Productions, LLC | 7/29/2024 | 956250 | 928125 | 0.3% |
| Coastal Island Developments, LLC | 4/8/2025 | 1500000 | 1500000 | 0.5% |
| Columbia Holdings SC, LLC | 5/5/2025 | 1071429 | 1071428 | 0.4% |
| CR Steak LV LLC | 1/10/2024 | 694246 | 693943 | 0.2% |
| Dorset Crossing, LLC | 7/29/2024 | 625000 | 625250 | 0.2% |
| EZ PAY SPE, LLC | 4/30/2025 | 2000000 | 2000000 | 0.7% |
| Fillmore Holdings UT, LLC | 8/22/2025 | 907692 | 907692 | 0.3% |
| Fullsteam Holdco, L.P. | 8/7/2025 | 985320 | 985000 | 0.3% |
| Future Family Loan Portfolio, Class A | 5/16/2024 | 649709 | 664327 | 0.2% |
| Huntington Holdings OR, LLC | 8/22/2025 | 1215385 | 1215385 | 0.4% |
| IHC California LLC & Iron Horse Credit LLC | 8/9/2024 | 297239 | 302143 | 0.1% |
| LEARN Midco, LLC | 9/5/2025 | 975169 | 975000 | 0.3% |
| Leasepoint Funding Group, LLC | 2/3/2025 | 2000000 | 2000000 | 0.7% |
| Neo Finance SPV LLC | 5/1/2025 | 2500000 | 2500000 | 0.9% |

---

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition Date** | **Cost** | **Value** | **% of Net Assets** |
| Nexgen Financial | 9/20/2024 | $1508819 | $1525950 | 0.5% |
| OD Intermediate SUBI Holdco VII LLC | 2/21/2025 | 1515014 | 1518750 | 0.5% |
| OnRamp Funding | 11/27/2024 | 1507656 | 1511250 | 0.5% |
| Opus Trust I/II | 9/20/2024 | 2003645 | 2013200 | 0.7% |
| PFF, LLC, Promissory Note | 12/19/2024 | 3000000 | 2992500 | 1.0% |
| PFF, LLC, Promissory Note | 1/15/2025 | 3000000 | 3000000 | 1.0% |
| PFF, LLC, Promissory Note | 5/23/2025 | 2000000 | 2000000 | 0.7% |
| R&R Clinton Ventures III | 7/29/2024 | 500000 | 500450 | 0.2% |
| Raistone Purchasing LLC - Series XXVIII | 4/10/2025 | 2449372 |  | 0.0% |
| Raistone Purchasing LLC - Series XXXI | 8/6/2024 | 2101705 | 2101705 | 0.7% |
| Redd, LLC | 8/26/2025 | 1500000 | 1500000 | 0.5% |
| Riddick 4 Production LLC | 9/4/2024 | 908970 | 868125 | 0.3% |
| Rock Springs Holdings WY, LLC | 8/22/2025 | 907692 | 907692 | 0.3% |
| Royersford Industrial Senior Loan | 3/13/2024 | 1399417 | 1417500 | 0.5% |
| Sezzle, Inc. | 9/20/2024 | 1507533 | 1521000 | 0.5% |
| Silver Birch Realty LLC | 12/19/2024 | 700000 | 700000 | 0.2% |
| Steno Agency Funding I, LLC | 5/1/2025 | 2500000 | 2500000 | 0.9% |
| Tampa Industrial Senior Loan | 3/13/2024 | 249628 | 252225 | 0.1% |
| Ultra Padel Club | 1/10/2024 | 666890 | 675000 | 0.2% |
| Vernance Originations, LLC | 11/27/2024 | 1508199 | 1507500 | 0.5% |
| Windsor Street Associates, LLC, et al. | 2/20/2025 | 2000000 | 2000000 | 0.7% |
| Yacht Management Services | 1/10/2024 | 738980 | 385316 | 0.1% |
|  |  | $272679575 | $270497003 | 91.7% |

---

*Consolidation of Subsidiary –* The Fund has established a limited liability company, NAIF Splitter LLC (the "Subsidiary"), which is wholly owned and controlled by the Fund. The Subsidiary is a disregarded entity for tax purposes. The operations of the Subsidiary have been consolidated with the Fund's for financial reporting purposes. Accordingly, all inter-company transactions and balances have been eliminated.

*Futures –* The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. To manage equity price risk, the Fund may enter into futures contracts. Upon entering a futures contract with a broker, the Fund deposits a "cash deposit" with the broker as recorded in the accompanying Consolidated Statements of Assets and Liabilities. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Consolidated Statement of Assets and Liabilities. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. There were no futures contracts outstanding as of September 30, 2025 and the Fund did not transact in futures contracts during the six months ended September 30, 2025.

*Cash and Cash Equivalents* – The Fund places its cash with one banking institution, which is insured by the Federal Deposit Insurance Corporation (the "FDIC"). The FDIC limit is $250,000. At various times throughout the year, the amount on deposit may exceed the FDIC limit and subject the Fund to a credit risk. The Fund does not believe that such deposits are subject to any unusual risk associated with investment activities.

*Restricted Cash* – Restricted cash is subject to legal or contractual restriction by third parties as well as a restriction to withdrawal or use, including restrictions that require the funds to be used for a specified purpose and restrictions that limit the purpose for which the funds can be used.

The Fund held cash in the amount of $5,260 as of September 30, 2025 related to collateral requirements for futures contracts.

*Security Transactions and Investment Income* – Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

*Federal Income Taxes* – The Fund recognizes the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the Fund's September 30, 2023 and September 30, 2024 returns or expected to be taken in the Fund's September 30, 2025 year-end tax return. Generally, tax authorities can examine tax returns filed for the last three tax years. The Fund identifies its major tax jurisdictions as U.S. Federal, state, local and foreign, where applicable. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the tax year ended September 30, 2025, the Fund did not incur any interest or penalties.

*Distributions to Shareholders* – Distributions from investment income are declared and recorded on a daily basis and paid quarterly. Distributions from net realized capital gains, if any, are declared and paid annually and are recorded on the ex-dividend date. The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

*Indemnification* – The Fund indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

**3.** **CONTINGENCIES AND COMMITMENTS** 

As of September 30, 2025, the Fund had unfunded commitments and/or contingencies as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Fund** | **Fair Value** | **Unfunded<br> Commitments** |
| Investments valued at NAV as practical expedient\* | $164070497 | $14809317 |
| A. Stucki Company | 1086250 | 400000 |
| Cedar Holdings (Offshore) LP - Senior Preferred | 2456137 | 5493759 |
| Cedar Holdings (Offshore) LP - Subordinate Common | 1182484 | 837465 |
| Eagle Point Co-Invest II LP | 250000 | 4750000 |
| Eagle Point Enhanced Income Fund LP | 4000000 | 4000000 |
| Fair State Mortgage Holdings, LLC | 2600000 | 12400000 |
| Rivers Investments, LLC | 839483 | 4160517 |
|  | $176484851 | $46851058 |

---

\* See Note 2 for investments valued at NAV as a practical expedient.

Typically, when the Fund invests in a Private Investment Fund, it makes a binding commitment to invest a specified amount of capital in the applicable Private Investment Fund. The capital commitment may be drawn by the general partner of the Private Investment Fund either all at once, or over time through a series of capital calls at the discretion of the general partner. As such, the unfunded commitments column above reflects the remaining amount of the Fund's commitments to be called by the general partner of the Private Investment Fund. As of September 30, 2025, the Fund reasonably believes its assets will provide adequate cover to satisfy all its unfunded commitments.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

**4.** **INVESTMENT MANAGEMENT AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

*Investment Management Fees* – Pursuant to an investment management agreement with the Fund (the "Investment Management Agreement"), the Adviser, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for these services and the related expenses borne by the Adviser, the Fund has agreed to pay the Adviser as compensation under the Investment Management Agreement a fee consisting of two components — a base management fee (the "Management Fee") and, if earned, an incentive fee (the "Incentive Fee"). The Management Fee is calculated and payable monthly in arrears at the annual rate of 0.95% of the Fund's average daily net assets. During the six months ended September 30, 2025, the Fund allocated Management Fees are reported on the Consolidated Statement of Operations.

The Incentive Fee is calculated and payable quarterly in arrears based upon the Fund's "Pre-Incentive Fee Net Investment Income" (as defined below) for the immediately preceding quarter, and is calculated as follows:

● No incentive fee is payable in any fiscal quarter in which the Pre-Incentive Fee Net Investment Income attributable to the Class does not exceed a quarterly return of 1.50% per quarter based on the Class's average daily net assets (calculated in accordance with GAAP) (the "Quarterly Return").

● All Pre-Incentive Fee Net Investment Income attributable to the Class (if any) that exceeds the Quarterly Return, but is less than or equal to 1.765% of the average daily net assets of that Class (calculated in accordance with GAAP) for the fiscal quarter will be payable to the Adviser.

● For any fiscal quarter in which Pre-Incentive Fee Net Investment Income attributable to the Class exceeds 1.765% of the Class's average daily net assets (calculated in accordance with GAAP), the Incentive Fee with respect to that Class will equal 15% of Pre-Incentive Fee Net Investment Income attributable to the Class.

"Pre-Incentive Fee Net Investment Income" for a Class means interest income, dividend income and any other income accrued (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from an investment) during the fiscal quarter and allocated to the Class, minus the Class's operating expenses for the quarter and the distribution and/or shareholder servicing fees (if any) applicable to the Class accrued during the quarter. For such purposes, the Fund's operating expenses will include the Management Fee but will exclude the Incentive Fee. Pre-Incentive Fee Net Investment Income does not include income earned on short-term investments or investments in underlying Private Investment Funds but does include income on investments in all other Portfolio Funds. For the six months ended September 30, 2025, the Fund has not accrued or paid an Incentive Fee.

The Adviser has entered into an expense limitation and reimbursement agreement with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding any taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), the Incentive Fee, expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as litigation expenses) do not exceed 1.20% of the average daily net assets of Class I Shares (the "Expense Limit") at least until July 28, 2026. For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver and any then-existing expense limit.

During the six months ended September 30, 2025, the Adviser waived fees in the amount of $681,349.

Cumulative waivers and expense reimbursements subject to the aforementioned recoupment will expire on March 31 of the following years:

---

| | |
|:---|:---|
| 2026 | $233524 |
| 2027 | $905952 |
| 2028 | $1180714 |

---

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

*PINE Advisors LLC ("PINE") –* PINE provides compliance and treasury services to the Fund pursuant to service agreements. In consideration for these services and as disclosed in the Consolidated Statement of Operations, PINE is paid a monthly fee out of the assets of the Fund. The Fund also reimburses PINE for certain out-of-pocket expenses.

*Ultimus Fund Solutions, LLC ("UFS") –* UFS provides administration, fund accounting, and transfer agent services to the Fund. Pursuant to separate servicing agreements with UFS and as disclosed in the Consolidated Statement of Operations, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Fund. Certain officers of the Fund are also officers of UFS and are not paid any fees directly by the Fund for servicing in such capacities.

*Blu Giant, LLC ("Blu Giant") –* Blu Giant, an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund.

*Foreside Financial Services, LLC ("Distributor") –*Under a distribution agreement with the Fund, the Distributor acts as the agent of the Fund in connection with the continuous offering of shares of the Fund. The Distributor continually distributes shares of the Fund on a best-efforts basis. The Distributor has no obligation to sell any specific quantity of Fund shares. The Distributor and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Fund.

The Distributor may enter into agreements with selected broker-dealers, banks or other financial intermediaries for distribution of shares of the Fund. With respect to certain financial intermediaries and related fund "supermarket" platform arrangements, the Fund and/or the Adviser typically enter into such agreements alongside the Distributor. These financial intermediaries may charge a fee for their services and may receive shareholder service or other fees from parties other than the Distributor. These financial intermediaries may otherwise act as processing agents and are responsible for promptly transmitting purchase, redemption and other requests to the Fund.

During the six months ended September 30, 2025, the Fund did not pay distribution related charges pursuant to the distribution agreement.

**5.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the six months ended September 30, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;Non-U.S. Government Securities | $135999414 | $15116368 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities |  | 2522145 |
| &nbsp;&nbsp;&nbsp;Total | $135999414 | $17638513 |

---

**6.** **RISK FACTORS** 

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. The following list is not intended to be a comprehensive listing of all the potential risks associated with the Fund. The Fund's prospectus provides further details regarding the Fund's risks and considerations.

*Liquidity Risk* – Although the Fund has a quarterly share repurchase program, there is no guarantee that an investor will be able to sell all of the shares he or she desires to sell. Accordingly, the Fund should be considered an illiquid investment.

*Investment and Market Risk* – An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund also represents an indirect investment in any Portfolio Funds. The value of the Fund or a Portfolio Fund, like other market investments, may move up or down, sometimes rapidly and unpredictably, and an investment in the Fund at any point in time may be worth less than the original investment, even after taking into account any reinvestment of dividends and distributions.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

*Limited Operating History* –The Fund is a non-diversified, closed-end interval fund with limited operating history.

*Portfolio Fund Risk* – The Fund will incur higher and duplicative expenses, including advisory fees, when it invests in shares of Portfolio Funds. There is also the risk that the Fund may suffer losses due to the investment practices of the Portfolio Funds (such as the use of derivatives). The ETFs in which the Fund may invest that attempt to track an index may not be able to replicate exactly the performance of the indices they track, due to transaction costs and other expenses of the ETFs. The existence of extreme market volatility or potential lack of an active trading market for an ETF's shares could result in such shares trading at a significant premium or discount to their NAV. The shares of listed closed-end funds may also frequently trade at a discount to their NAV. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease, and it is possible that the discount may increase.

*Private Investment Funds Risks* – The Fund may invest in private investment funds that are not registered as investment companies. As a result, the Fund as an investor in these funds would not have the benefit of certain protections afforded to investors in registered investment companies. The Fund may not have the same amount of information about the identity, value, or performance of the private investment funds' investments as such private investment funds' managers. Investments in private investment funds generally will be illiquid and generally may not be transferred without the consent of the fund. The Fund will bear its proportionate share of the management fees and other expenses that are charged by a private investment fund in addition to the management fees and other expenses paid by the Fund.

*Valuation Risk* –Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for many of the Fund's (or certain Portfolio Funds') investments to trade. Due to the lack of centralized information and trading, the valuation of loans or fixed-income instruments may result in more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. In addition, other market participants may value securities differently than the Fund (or Portfolio Fund). As a result, the Fund (or Portfolio Fund) may be subject to the risk that when an instrument is sold in the market, the amount received by the Fund (or Portfolio Fund) is less than the value of such loans or fixed-income instruments carried on the Fund's (or Portfolio Fund's) books.

Shareholders should recognize that valuations of illiquid assets involve various judgments and consideration of factors that may be subjective. As a result, the NAV of the Fund (or Portfolio Fund), as determined based on the fair value of its investments, may vary from the amount ultimately received by the Fund (or Portfolio Fund) from its investments. This could adversely affect shareholders whose shares are repurchased as well as new shareholders and remaining shareholders.

**7.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a portfolio creates a presumption of control of the Fund under section 2(a)(9) of the 1940 Act. As of September 30, 2025, Nomura Holding America Inc. held 40.8% of the Fund and Charles Schwab & Co. held 40.7% of the Fund, and both may be deemed to control the Fund.

**8.** **TAX BASIS INFORMATION** 

The Fund has selected a tax year end of September 30. The Fund has elected to be treated as a registered investment company ("RIC") for U.S. federal income tax purposes and expects each year to continue to qualify as a RIC for U.S. federal income tax purposes. As such, the Fund generally will not be subject to U.S. federal corporate income tax, provided that it distributes all of its net taxable income and gains each year.

To avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The Fund's tax year end is September 30, 2025, as such, the information in this section is as of the Fund's tax year end.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

The tax character of fund distributions paid for the tax years ended September 30, 2024 and September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 |
| Ordinary Income | $15946004 | $10866420 |
| Long-Term Capital Gain |  | 22624 |
| Return of Capital | 1407771 |  |
|  | $17353775 | $10889044 |

---

As of September 30, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $— | $— | $— | $(90843) | $(3207604) | $2621345 | $(677102) |

---

The difference between book basis and tax basis undistributed net investment income and unrealized appreciation(depreciation) from investments is primarily attributable to the tax adjustments for partnerships.

At September 30, 2025, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | |
|:---|:---|:---|
| Short-Term | Long-Term | Total |
| $90843 | $– $| 90843 |

---

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses, resulted in reclassifications for the Fund for the tax year ended September 30, 2025 as follows:

---

| | |
|:---|:---|
| Paid |  |
| In | Accumulated |
| Capital | Deficit |
| $(11481) | $11481 |

---

These reclassifications had no effects on net assets.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **September 30, 2025** |

---

The cost of investments for federal income tax purposes is adjusted for items of taxable income allocated to the Fund from the Investment Funds. The Consolidated Statement of Assets and Liabilities represents cost for financial reporting purposes. Aggregate cost for federal tax purposes as of September 30, 2025 and differs from fair value by net unrealized appreciation (depreciation) of securities as follows:

---

| | |
|:---|:---|
| Cost for Federal Tax purposes | $287180239 |
| Unrealized Appreciation | $4712564 |
| Unrealized Depreciation | (2091219) |
| Tax Net Unrealized Appreciation | 2621345 |

---

**9.** **REPURCHASE OFFERS** 

Pursuant to Rule 23c-3 under the 1940 Act, the Fund offers shareholders on a quarterly basis the option of redeeming shares, at NAV, of no less than 5% and no more than 25% of the shares outstanding. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer, although each shareholder will have the right to require the Fund to purchase up to and including 5% of such shareholder's shares in each quarterly repurchase. Limited liquidity will be provided to shareholders only through the Fund's quarterly repurchases.

During the six months ended September 30, 2025, the Fund completed two quarterly repurchase offers. In these offers, the Fund offered to repurchase up to 5% of its issued and outstanding Fund shares at a price equal to the NAV as of the Repurchase Pricing Date. The results of the completed repurchase offers were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commencement<br> Date** | **Repurchase Request <br> Deadline** | **Repurchase Pricing <br> Date** | **Net Asset <br> Value as of<br> Repurchase<br> Offer Date** | **Amount<br> Repurchased** | **Percentage of<br> Outstanding <br> Shares Repurchased** |
| **Repurchase Offer #1** | April 23, 2025 | May 23, 2025 | May 23, 2025 | $9.88 | $1780537 | 0.83% |
| **Repurchase Offer #2** | July 23, 2025 | August 22, 2025 | August 22, 2025 | $9.86 | $797170 | 0.30% |

---

**10.** **CREDIT FACILITY** 

On July 11, 2023, the Fund entered into a secured, revolving line of credit facility with U.S. Bank National Association (the "Credit Facility"). The Fund may borrow an amount up to the lesser of the Credit Facility maximum commitment financing of $10,000,000 or one-third of the gross market value of the unencumbered assets of the Fund. The interest rate on borrowings from the Credit Facility is calculated at a rate per annum equal to the prime rate and is payable monthly in arrears. During the six months ended September 30, 2025, the Fund did not borrow from the Credit Facility or pay any interest. The Fund has entered into an amendment to the Credit Facility to extend the term through July 7, 2026.

**11.** **NEW ACCOUNTING PRONOUNCEMENTS** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's consolidated financial statements.

**12.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Consolidated Statement of Assets and Liabilities have been evaluated through the date the consolidated financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the consolidated financial statements.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **September 30, 2025** |

---

*Renewal of Advisory Agreement*

At a meeting of the Board of Trustees (the "Board" and members thereof, "Trustees") of Nomura Alternative Income Fund (the "Fund") held on September 22, 2025, the Board, including the Trustees of the Fund who are not "interested persons" (as that term is defined in the Investment Company Act of 1940) ("Independent Trustees"), unanimously approved the renewal of the Investment Management Agreement between the Fund and Nomura Capital Management LLC (the "Adviser") (the "Advisory Agreement") for an additional year. In connection with the meeting, the Independent Trustees requested and considered specific due diligence information related to the proposed renewal of the Advisory Agreement, and also considered information and materials they reviewed during the prior year, including at the quarterly Board and committee meetings. Each Independent Trustee exercised their own business judgment in evaluating the proposed renewal of the Advisory Agreement and the weight to be given to various factors considered. In considering the renewal of the Advisory Agreement, the Trustees' review and conclusions were based on the comprehensive consideration of all information presented to them and were not the result of any single determinative factor.

The following is a summary of the Independent Trustees' review and conclusions with regard to the renewal of the Advisory Agreement.

***Nature, Extent and Quality of Services*.** In considering the renewal of the Advisory Agreement with the Adviser, the Board considered the nature, extent, and quality of services that the Adviser provides to the Fund, including the Adviser's personnel and resources, and the Adviser's parent company's support. The Board reviewed the services the Adviser provided in serving as investment adviser, including the background of the personnel providing the investment management services and the Adviser's operational capabilities and compliance staff. The Trustees also reviewed information provided regarding compliance and regulatory matters. The Board concluded that the services the Adviser provides were satisfactory.

***Performance*.** The Board compared the performance of the Fund against the performance of a peer group of similarly-managed funds selected by FUSE Research Network LLC (the "Peer Group"). The Board noted that the Fund had outperformed the median and average of its Peer Group, and the Morningstar LSTA US LL TR benchmark, for the three-month and one year periods ended June 30, 2025. The Board further recognized that the Adviser was managing the Fund in line with its investment objective and strategy, was making favorable progress in achieving desired exposures and diversification, and toward its targeted return and distribution levels. The Board concluded that the overall performance of the Fund was consistent with its prospectus and noted the continued monitoring and review of the performance of the Fund.

***Fees and Expenses*.** The Board noted the Adviser charges an annual advisory fee of 0.95% of the average net assets of the Fund. The Board compared the contractual advisory fee to the fees and expenses of its Peer Group. The Board noted that the Fund's contractual management fee was lower than the median and average of the Peer Group. The Board further noted favorably that the Adviser had contractually agreed to limit the total expenses of the Fund and that the net expense ratio of the Fund, when excluding acquired fund fees and expenses, was below the median and average of its Peer Group. The Trustees concluded that the Fund's advisory fee, as well as its overall expense ratio, were reasonable in light of the services the Fund receives from the Adviser, and the level of fees paid by its Peer Group.

---

| |
|:---|
| **Nomura Alternative Income Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited)(Continued)** |
| **September 30, 2025** |

---

***Profitability and Economies of Scale.*** The Board reviewed information showing that, while the Adviser had not yet achieved profitability with respect to the Fund, its fund management business was supported by its parent organization through operating capital and seed money investment in the Fund. The Board viewed favorably the Nomura organization's commitment to the business of the Adviser and the Fund at a level sufficient to enable the Adviser to provide high quality services and facilitate competitive fund advisory fee and net expense levels. The Board also viewed favorably the Adviser's commitment to assess, as the Fund grows, whether economies of scale are achieved that might warrant adjustments to the fee levels.

***Conclusion.*** Based on all the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement for the Fund were fair and reasonable, and that the renewal of the Advisory Agreement for another year was in the best interests of the Fund and its shareholders.

**PRIVACY NOTICE**

● Name, Address, Social Security number

● Proprietary information regarding your beneficiaries

● Information regarding your earned wages and other sources of income

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;**Does the<br> Fund <br> share?** | &nbsp;&nbsp;**Can you<br> limit this<br> sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes** –<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**For our marketing purposes** –<br> to offer our products and services to you | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't<br> share |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't<br> share |
| &nbsp;&nbsp;**For our affiliates to support everyday business functions** –<br> information about your transactions supported by law | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes** –<br> Information about your creditworthiness | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't<br> share |
| &nbsp;&nbsp;**For non-affiliates to market to you** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't<br> share |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call us at: 833-836-0206 |

---

**PRIVACY NOTICE**

---

| | |
|:---|:---|
| &nbsp;&nbsp;*Who are we* | &nbsp;&nbsp;*Who are we* |
| &nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp;Nomura Alternative Income Fund |
| &nbsp;&nbsp;*What we do* | &nbsp;&nbsp;*What we do* |
| &nbsp;&nbsp;**How does Nomura Alternative Income Fund protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| &nbsp;&nbsp;**Why does Nomura Alternative Income Fund collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We collect your personal information, for example<br>&nbsp;&nbsp;&nbsp;&nbsp;● To know investors' identities and thereby prevent unauthorized access to confidential information;<br>&nbsp;&nbsp;&nbsp;&nbsp;● To design and improve the products and services we offer to investors;<br>&nbsp;&nbsp;&nbsp;&nbsp;● To comply with the laws and regulations that govern us. |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal law gives you the right to limit only<br>&nbsp;&nbsp;&nbsp;&nbsp;● sharing for affiliates' everyday business purposes – information about your creditworthiness<br>&nbsp;&nbsp;&nbsp;&nbsp;● affiliates from using your information to market to you<br>&nbsp;&nbsp;&nbsp;&nbsp;● sharing for non-affiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;*Definitions* |  |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and non-financial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;● Nomura Alternative Income Fund has affiliates. |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;● Nomura Alternative Income Fund does not share with nonaffiliates so they can market to you. |
| &nbsp;&nbsp;**Joint Marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;● Nomura Alternative Income Fund doesn't jointly market. |

---

**<u>PROXY VOTING POLICY</u>**

Information regarding how the Fund voted proxies for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-877-910-4232 or by referring to the SEC's website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to Form N-PORT. Form N-PORT are available on the SEC's website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-877-910-4232.

---

| |
|:---|
| **INVESTMENT MANAGER** |
| Nomura Capital Management LLC |
| Worldwide Plaza, 309 West 49<sup>th</sup> Street |
| New York, New York 10019-7316 |
| **ADMINISTRATOR, ACCOUNTING** |
| **AND TRANSFER AGENT** |
| Ultimus Fund Solutions, LLC |
| 4221 North 203rd Street, Suite 100 |
| Elkhorn, NE 68022 |
| **INDEPENDENT REGISTERED PUBLIC** |
| **ACCOUNTING FIRM** |
| Cohen & Company Ltd. |
| 1835 Market St., Suite 310 |
| Philadelphia, PA 19103 |
| **LEGAL COUNSEL** |
| Faegre Drinker Biddle & Reath LLP |
| One Logan Square, Suite 2000 |
| Philadelphia, PA 19103 |
| **CUSTODIAN** |
| U.S. Bank, N.A. |
| 1555 N. Rivercenter Drive, Suite 302 |
| Milwaukee, WI 53212 |
| **INDEPENDENT TRUSTEES** |
| Katherine Q. Rosa |
| Michael Falcon |
| David Brigstocke |
| **PRESIDENT AND INTERESTED TRUSTEE** |
| Robert Stark |
| **PRINCIPAL FINANCIAL OFFICER AND TREASURER** <br> Madeline Arment |
| **CHIEF COMPLIANCE OFFICER** |
| Amy Siefer |
| Nomura-SAR25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
applicable

**ITEM 2. CODE OF ETHICS.**

Not applicable for semi-annual reports.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

Not applicable for semi-annual reports.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

Not applicable for semi-annual reports.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable for semi-annual reports.

**ITEM 6. INVESTMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registrant's schedule of investments in unaffiliated issuers as of the close of the
 reporting period is included in the Financial Statements under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**

Included under Item 1.

**ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) There
 have been no material changes to the procedures by which the shareholders may recommend nominees
 to the registrant's board of trustees, where those changes were implemented after the registrant
 last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation
 S-K (17 CFR 229.407), or this Item.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 are no changes to the Portfolio Managers identified in response to paragraph (a)(1) of this
 Item in the registrant's most recent annual report on form N-CSR.

**ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable.

**ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

None.

**ITEM 16. CONTROLS AND PROCEDURES.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's principal executive officer and financial officers, or persons performing
 similar functions, have concluded that the registrant's disclosure controls and procedures
 (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940
 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing
 date of the report, based on their evaluation of these controls and procedures required by
 Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 were no changes in the registrant's internal control over financial reporting as defined
 in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) during the period covered by this
 report that have materially affected, or are reasonably likely to materially affect, the
 registrant's internal control over financial reporting.

**ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not
 applicable.

**ITEM 19. EXHIBITS.**

(a)(1) Code of Ethics filed herewith.

(a)(2) Not applicable.

(a)(3) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are attached hereto.](ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Nomura Alternative Income Fund</u>

By (Signature and Title)

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert Stark |
| Robert Stark, Principal Executive Officer/President |

---

Date <u>December 5, 2025</u> 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Madeline Arment |
| Madeline Arment, Principal Financial Officer/Treasurer |

---

Date <u>December 5, 2025</u>

## Ex-99.Cert

CERTIFICATIONS

I, Robert Stark, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Nomura Alternative Income Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | December 5, 2025 | /s/ Robert Stark |
|  |  | Robert Stark, Principal Executive Officer/President |

---

I, Madeline Arment, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Nomura Alternative Income Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | December 5, 2025 | /s/ Madeline Arment |
|  |  | Madeline Arment, Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**CERTIFICATION**

Robert Stark, President, and Madeline Arment, Treasurer, of the Nomura Alternative Income Fund (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer/President | Principal Financial Officer/Treasurer |
| Nomura Alternative Income Fund | Nomura Alternative Income Fund |
| /s/ Robert Stark | /s/ Madeline Arment |
| Robert Stark, Principal Executive Officer/President | Madeline Arment, Principal Financial Officer/Treasurer |

---

Date: <u> December 5, 2025</u> Date: <u> December 5, 2025</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Nomura Alternative Income Fund and will be retained by the Nomura Alternative Income Fund and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.