# EDGAR Filing Document

**Accession Number:** 0001628040
**File Stem:** 0001752724-23-049624
**Filing Date:** 2023-3
**Character Count:** 61435
**Document Hash:** 4e9ed1cfe85d8e6a136af50420f68451
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049624.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049624

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Alternative Credit Income Fund
- **CENTRAL INDEX KEY:** 0001628040
- **IRS NUMBER:** 472522233
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23016
- **FILM NUMBER:** 23691306

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

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

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

## Nport-Ex

**Alternative Credit Income Fund**

**PORTFOLIO OF INVESTMENTS**

**December 31, 2022 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Coupon** | **Reference Rate & Spread** | **Maturity** | **Principal** | **Value** |
| **BANK LOANS (45.54%)<sup>(a)</sup>** |  |  |  |  |  |
| **Consumer Discretionary (4.39%)** |  |  |  |  |  |
| Arrow Purchaser, Inc., First Lien Initial Term Loan<sup>(b)</sup> | 11.45% | 3M US L + 6.75%, 1.00% Floor | 04/15/2026 | $2416667 | $2392500 |
| Jo-Ann Stores LLC, First Lien Term Loan | 9.08% | 3M US L + 4.75%, 0.75% Floor | 06/30/2028 | 3979849 | 2729520 |
| Lucky Bucks Holdings LLC, Subordinated Note<sup>(b)(g)</sup> | 12.50% | PIK | 05/29/2028 | 8771496 | 6205833 |
|  |  |  |  |  | 11327853 |
| **Consumer Staples (3.31%)** |  |  |  |  |  |
| 8th Avenue Food & Provisions, Inc., Second Lien Term Loan | 12.13% | 1M US L + 7.75% | 10/01/2026 | 2500000 | 1405000 |
| BrightPet, First Lien Term Loan<sup>(b)</sup> | 10.98% | 3M US L + 6.25%, 1.00% Floor | 10/05/2026 | 1965000 | 1901138 |
| BrightPet, Revolver<sup>(b)</sup> | 10.88% | 3M US L + 6.25%, 1.00% Floor | 10/05/2026 | 500000 | 483750 |
| Florida Food Products LLC, Second Lien Term Loan<sup>(b)</sup> | 12.38% | 1M US L + 8.00%, 0.75% Floor | 10/08/2029 | 5000000 | 4762500 |
|  |  |  |  |  | 8552388 |
| **Financials (7.32%)** |  |  |  |  |  |
| Money Transfer Acquisition Inc., First Lien Term Loan<sup>(b)</sup> | 12.67% | 1M SOFR + 8.25%, 1.00% Floor | 12/14/2027 | 7000000 | 6860000 |
| Beta Plus Technologies, First Lien Term Loan<sup>(b)</sup> | 8.87% | 1M SOFR + 5.25% | 07/01/2029 | 3000000 | 2925600 |
| H-CA II, LLC, First Lien Term Loan<sup>(b)</sup> | 19.00% | PIK | 02/17/2024 | 2000000 | 2000000 |
| Hunter Point Capital Structured Notes Issuer, LLC, Subordinated Delayed Draw Notes<sup>(b)(i)</sup> | N/A | N/A | 07/15/2052 | 224117 | 224117 |
| Marble Point A&R, Delayed Draw Term Loan<sup>(b)</sup> | 10.75% | 3M US L + 6.00%, 1.00% Floor | 08/11/2028 | 957917 | 957917 |
| Marble Point A&R, First Lien Term Loan<sup>(b)</sup> | 10.75% | 3M US L + 6.00%, 1.00% Floor | 08/11/2028 | 3700000 | 3700000 |
| SouthStreet Securities Holdings, Inc., First Lien Term Loan<sup>(b)</sup> | 9.00% | N/A | 09/20/2027 | 2700000 | 2231010 |
|  |  |  |  |  | 18898644 |
| **Health Care (6.04%)** |  |  |  |  |  |
| American Academy Holdings, LLC, First Lien Term Loan<sup>(b)(c)</sup> | 15.38% | 1M US L + 4.75%, 6.25% PIK | 01/01/2025 | 1860441 | 1816191 |
| American Academy Holdings, LLC, Second Lien Term Loan<sup>(b)(c)</sup> | 14.50% | PIK | 03/01/2028 | 3188323 | 2499173 |
| AmericanAcademy Holdings, LLC, Delayed Draw Term Loan<sup>(b)(c)</sup> | 15.38% | 1M US L + 4.75%, 6.25% PIK | 01/01/2025 | 369135 | 360079 |
| Upstream Rehabilitation, Inc., Second Lien Term Loan | 13.23% | 3M US L + 8.50% | 11/20/2027 | 7500000 | 6637500 |
| Viant Medical Holdings, Inc., Second Lien Initial Term Loan | 12.13% | 1M US L + 7.75% | 07/02/2026 | 5000000 | 4296875 |
|  |  |  |  |  | 15609818 |
| **Industrials (6.60%)** |  |  |  |  |  |
| Accordion Partners, LLC, Delayed Draw Term Loan A<sup>(b)(i)</sup> | -% | 3M SOFR + 6.25%, 0.75% Floor | 08/29/2029 |  | (5325) |
| Accordion Partners, LLC, Delayed Draw Term Loan B<sup>(b)(i)</sup> | -% | 3M SOFR + 6.25%, 0.75% Floor | 08/29/2029 |  | (6656) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Coupon** | **Reference Rate & Spread** | **Maturity** | **Principal** | **Value** |
| Accordion Partners, LLC, First Lien Term Loan A<sup>(b)</sup> | 10.83% | 3M US L + 6.25%, 0.75% Floor | 08/29/2029 | $3260560 | $3199588 |
| Accurate Background, LLC, First Lien Term Loan<sup>(b)</sup> | 10.03% | 3M US L + 6.00%, 1.00% Floor | 03/26/2027 | 4469543 | 4313109 |
| Epic Staffing Group, Delayed Draw Term Loan<sup>(b)(i)</sup> | -% | 3M SOFR + 5.75%, 1.00% Floor | 06/28/2029 |  | (17581) |
| Epic Staffing Group, First Lien Term Loan<sup>(b)</sup> | 10.15% | 3M SOFR + 5.75%, 1.00% Floor | 06/28/2029 | 1647035 | 1564024 |
| Jazz Acquisition, Inc., Second Lien Term Loan | 12.38% | 1M US L + 8.00% | 06/18/2027 | 4000000 | 3658340 |
| Material Handling Systems, Inc., First Lien Term Loan<sup>(b)</sup> | 10.08% | 3M SOFR + 5.50% | 06/08/2029 | 5000000 | 4350000 |
|  |  |  |  |  | 17055499 |
| **Information Technology (17.88%)** |  |  |  |  |  |
| Ancile Solutions, Inc., First Lien Term Loan<sup>(b)(c)</sup> | 14.75% | 3M US L + 7.00%, 3.00% PIK, 1.00% Floor | 06/11/2026 | 3848327 | 3771360 |
| DCert Buyer, Inc. First Amendment Term Loan Refinancing, Second Lien Term Loan | 11.70% | 1M US L + 7.00% | 02/19/2029 | 3600000 | 3301200 |
| Diamanti, Inc., Subordinated Note<sup>(b)(c)</sup> | 12.50% | PIK | 05/01/2024 | 3190959 | 3133841 |
| EagleView Technology Corp., Second Lien Term Loan | 12.23% | 3M US L + 7.50%, 1.00% Floor | 08/14/2026 | 1495652 | 1316174 |
| Ivanti Software, Inc., Second Lien Initial Term Loan | 12.01% | 3M US L + 7.25%, 0.50% Floor | 12/01/2028 | 4000000 | 2340000 |
| Kofax, Inc., First Lien Term Loan | 9.80% | 6M SOFR + 5.25%, 1.00% Floor | 06/15/2029 | 4000000 | 3663000 |
| Kofax, Inc., Second Lien Term Loan<sup>(b)</sup> | 12.20% | 3M SOFR + 7.75%, 0.50% Floor | 07/19/2030 | 4000000 | 3850000 |
| Monotype Imaging Holdings, Inc., First Lien Term Loan<sup>(b)</sup> | 9.68% | 3M SOFR + 5.00%, 0.75% Floor | 10/09/2026 | 2914313 | 2844952 |
| Naviga Inc., First Lien Term Loan<sup>(b)</sup> | 11.68% | 3M SOFR + 7.00%, 1.00% Floor | 12/29/2023 | 3062734 | 2982491 |
| Neptune Bidco US Inc., First Lien Term Loan | 8.82% | 3M SOFR + 5.00% | 04/11/2029 | 1850000 | 1658072 |
| Precisely Software Incorporated, Second Lien Term Loan<sup>(b)</sup> | 11.61% | 3M US L + 7.25% | 04/23/2029 | 3000000 | 2237820 |
| Redstone HoldCo 2 LP, Second Lien Term Loan | 12.11% | 3M US L + 7.75%, 0.75% Floor | 04/27/2029 | 5000000 | 2534400 |
| Secure Acquisition, Inc., Second LienTerm Loan <sup>(b)</sup> | 12.48% | 6M US L + 7.75%, 0.75% Floor | 12/14/2029 | 5000000 | 4804500 |
| Spectrio, First Lien Term Loan<sup>(b)</sup> | 10.75% | 3M US L + 6.00%, 1.00% Floor | 12/09/2026 | 2774294 | 2701608 |
| Spectrio, First Lien Delayed Draw Term Loan<sup>(b)</sup> | 10.75% | 3M US L + 6.00%, 1.00% Floor | 06/09/2026 | 1157335 | 1127013 |
| Virgin Pulse, Inc., Second Lien Initial Term Loan<sup>(b)</sup> | 11.63% | 1M US L + 7.25%, 0.75% Floor | 04/06/2029 | 4500000 | 3898350 |
|  |  |  |  |  | 46164781 |
| **TOTAL BANK LOANS** |  |  |  |  |  |
| **(Cost $129,631,717)** |  |  |  |  | 117608983 |
| **ASSET BACKED SECURITIES AND CORPORATE BONDS (8.21%)** |  |  |  |  |  |
| **ASSET BACKED SECURITIES (3.79%)** |  |  |  |  |  |
| Canyon Capital CLO 2014-1, Ltd., Class ER<sup>(a)(c)</sup> | 12.25% | 3M US L + 7.70% | 01/30/2031 | 1000000 | 772731 |
| Jamestown CLO V, Ltd., Class F<sup>(a)(c)</sup> | 9.93% | 3M US L + 5.85% | 01/17/2027 | 535734 | 253938 |
| JMP Credit Advisors CLO IV, Ltd., Class JSUB<sup>(a)</sup> | 17.42% | N/A | 07/17/2029 | 4836540 | 1056300 |
| JMP Credit Advisors CLO V, Ltd., Class JSUB<sup>(a)</sup> | 20.70% | N/A | 07/17/2030 | 4486426 | 1991524 |
| OCP CLO 2013-4, Ltd., Class DR<sup>(a)(c)</sup> | 11.09% | 3M US L + 6.77% | 04/24/2029 | 1000000 | 948643 |
| Octagon Investment Partners 36, Ltd., Class F<sup>(a)(c)</sup> | 11.83% | 3M US L + 7.75% | 04/15/2031 | 1000000 | 823307 |
| Octagon Investment Partners XIV, Ltd., Class ER<sup>(a)(c)</sup> | 12.43% | 3M US L + 8.35% | 07/15/2029 | 2132000 | 1725313 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Coupon** | &nbsp;&nbsp;&nbsp;&nbsp;**Reference Rate & Spread** | **Maturity** | **Principal/Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value**  |
| **ASSET BACKED SECURITIES (continued)** |  |  |  |  |  |
| Saranac CLO VII, Ltd., Class ER<sup>(a)(c)</sup> | 11.40% | 3M US L + 6.72% | 11/20/2029 | $500000 | $247890 |
| Tralee CLO II, Ltd., Class ER<sup>(a)(c)</sup> | 12.15% | 3M US L + 7.85% | 07/20/2029 | 1000000 | 927109 |
| Tralee CLO II, Ltd., Class FR<sup>(a)(c)</sup> | 12.36% | 3M US L + 8.85% | 07/20/2029 | 1000000 | 655419 |
| Voya CLO 2014-2, Ltd., Class ER<sup>(a)(c)</sup> | 11.78% | 3M US L + 7.70% | 04/17/2030 | 1000000 | 389279 |
|  |  |  |  |  | 9791453 |
| **CORPORATE BONDS (4.42%)** |  |  |  |  |  |
| **Communications (0.67%)** |  |  |  |  |  |
| Spanish Broadcasting System, Inc.<sup>(c)</sup> | 9.75% | N/A | 03/01/2026 | 3000000 | 1728750 |
| **Consumer Discretionary (0.13%)** |  |  |  |  |  |
| Monitronics - Escrow<sup>(b)(c)</sup> | -% | N/A | 12/31/2049 | 2650000 |  |
| Real Hero Merger Sub 2, Inc.<sup>(c)</sup> | 6.25% | N/A | 02/01/2029 | 500000 | 343400 |
|  |  |  |  |  | 343400 |
| **Consumer Staples (1.80%)** |  |  |  |  |  |
| H-Food Holdings LLC / Hearthside Finance Co., Inc.<sup>(c)</sup> | 8.50% | N/A | 06/01/2026 | 7978000 | 4639845 |
| **Industrials (1.82%)**  |  |  |  |  |  |
| New Enterprise Stone & Lime Co., Inc.<sup>(c)</sup> | 9.75% | N/A | 07/15/2028 | 1000000 | 927215 |
| PECF USS Intermediate Holding III Corp.<sup>(c)</sup> | 8.00% | N/A | 11/15/2029 | 4000000 | 2603960 |
| Wesco Aircraft Holdings, Inc.<sup>(c)</sup> | 13.13% | N/A | 11/15/2027 | 4636000 | 1170590 |
|  |  |  |  |  | 4701765 |
| **TOTAL ASSET BACKED SECURITIES AND CORPOATE BONDS** |  |  |  |  |  |
| **(Cost $32,597,798)** |  |  |  |  | 21205213 |
| **COMMON EQUITY (13.11%)** |  |  |  |  |  |
| **Consumer Discretionary (0.63%)** |  |  |  |  |  |
| CEC Entertainment, Inc.<sup>(e)</sup> |  |  |  | 79564 | 1631062 |
| **Diversified (8.74%)** |  |  |  |  |  |
| Ares Capital Corp. |  |  |  | 242223 | 4473859 |
| CION Investment Corp. |  |  |  | 120800 | 1177800 |
| FS KKR Capital Corp. |  |  |  | 178346 | 3121055 |
| MidCap Financial Investment Corp. |  |  |  | 106332 | 1212185 |
| PennantPark Floating Rate Capital Ltd. |  |  |  | 303163 | 3328730 |
| Portman Ridge Finance Corp. |  |  |  | 25504 | 586592 |
| SLR Investment Corp. |  |  |  | 265211 | 3689085 |
| WhiteHorse Finance, Inc. |  |  |  | 382328 | 4989380 |
|  |  |  |  |  | 22578686 |
| **Energy (1.19%)** |  |  |  |  |  |
| Chord Energy Corp. |  |  |  | 22373 | 3060850 |
| **Financials (2.46%)** |  |  |  |  |  |
| Aperture Dodge 18 LLC<sup>(b)(e)</sup> |  |  |  | 2033247 | 2033247 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Coupon** | **Reference Rate & Spread** | **Maturity** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **COMMON EQUITY (13.11%) (continued)** |  |  |  |  |  |
| **Financials (2.46%) (continued)** |  |  |  |  |  |
| Copper Property CTL Pass Through Trust<sup>(e)</sup> |  |  |  | 319520 | $4313520 |
|  |  |  |  |  | 6346767 |
| **Health Care (0.07%)** |  |  |  |  |  |
| American Academy Holdings. Inc., Common Units<sup>(b)(e)(f)</sup> |  |  |  | 0.05 | 174297 |
| **Industrials (0.03%)** |  |  |  |  |  |
| GreenPark Infrastructure Series M-1<sup>(b)(d)(e)(f)(i)</sup> |  |  |  | 200 | 68500 |
| **TOTAL COMMON EQUITY** |  |  |  |  |  |
| **(Cost $31,781,686)** |  |  |  |  | 33860162 |
| **JOINT VENTURE (0.16%)** |  |  |  |  |  |
| **Joint Venture (0.16%)** |  |  |  |  |  |
| Great Lakes Funding II LLC, Series A<sup>(d)(i)(k)(l)</sup> |  |  |  | 414354 | 402870 |
| **TOTAL JOINT VENTURE** |  |  |  |  |  |
| **(Cost $414,354)** |  |  |  |  | 402870 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Dividend Rate** | **Shares** | **Value** |
| **PREFERRED STOCK (2.67%)** |  |  |  |
| **Consumer Discretionary (1.96%)** |  |  |  |
| Pennfoster<sup>(a)(b)(g)</sup> | 14.52% | 5133089 | $5061226 |
| **Financials (0.59%)** |  |  |  |
| Maiden Holdings North America, Ltd. | 7.75% | 81794 | 1526276 |
| **Health Care (0.04%)** |  |  |  |
| American Academy Holdings. Inc., Preferred Units<sup>(b)(e)</sup> | 18.00% | 90970 | 104654 |
| **Industrials (0.08%)** |  |  |  |
| GreenPark Infrastructure Series A<sup>(b)(d)(f)</sup> |  | 400 | 200000 |
| **TOTAL PREFERRED STOCK** |  |  |  |
| **(Cost $7,096,008)** |  |  | 6892156 |
| **PRIVATE INVESTMENT FUNDS (24.08%)** |  |  |  |
| BlackRock Global Credit Opportunities Fund, LP<sup>(e)(h)(i)(k)</sup> |  |  | 14073571 |
| CVC European Mid-Market Solutions Fund<sup>(e)(h)(i)(k)</sup> |  |  | 11908652 |
| GSO Credit Alpha Fund II LP<sup>(e)(h)(i)(k)</sup> |  |  | 7766380 |
| Monroe Capital Private Credit Fund III LP<sup>(e)(h)(i)(k)</sup> |  |  | 8640752 |
| Tree Line Credit Strategies LP<sup>(e)(h)(k)</sup> |  |  | 19652390 |
| Pelham S2K SBIC II, L.P.<sup>(e)(i)(k)</sup> |  |  | 142000 |
| **TOTAL PRIVATE INVESTMENT FUNDS** |  |  |  |
| **(Cost $60,390,853)** |  |  | 62183745 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **WARRANTS (0.36%)** |  |  |
| CEC Entertainment, Inc. | 237941 | $535367 |
| Diamanti, Inc.. Class A<sup>(b)</sup> | 146413 |  |
| SouthStreet Securities Holdings, Inc.<sup>(b)</sup> | 3400 | 390490 |
| **TOTAL WARRANTS** |  |  |
| **(Cost $390,456)** |  | 925857 |
| **SHORT-TERM INVESTMENT (4.19%)** |  |  |
| **Money Market Funds (4.19%)** |  |  |
| First American Government Obligations Fund, 4.09%<sup>(j)</sup> | 10810566 | 10810566 |
| **TOTAL SHORT-TERM INVESTMENT** |  |  |
| **(Cost $10,810,566)** |  | 10810566 |
| **INVESTMENTS, AT VALUE (98.32%)** |  |  |
| **(Cost $273,113,439)** |  | $253889552 |
| **SECURITIES SOLD SHORT (-1.64%)** |  |  |
| **(Proceeds $4,468,576)** |  | (4245390) |
| **Other Assets In Excess Of Liabilities (3.32%)** |  | 8610854 |
| **NET ASSETS (100.00%)** |  | $258255016 |

---

**Investment Abbreviations:**

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

PIK - Payment in-kind

**Reference Rates:** 

1M US L - 1 Month LIBOR as of December 31, 2022 was 4.39%

3M US L - 3 Month LIBOR as of December 31, 2022 was 4.77%

6M US L - 6 Month LIBOR as of December 31, 2022 was 5.14%

1M SOFR - 1 Month SOFR as of December 31, 2022 was 4.36%

3M SOFR - 3 Month SOFR as of December 31, 2022 was 4.59%

6M SOFR - 6 Month SOFR as of December 31, 2022 was 4.78%

<sup>(a)</sup> *Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.*

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

<sup>(c)</sup> *Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2022, the aggregate market value of those securities was $29,738,033, representing 11.51% of net assets.*

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

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

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

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

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

<sup>(i)</sup> *All or a portion of this commitment was unfunded as of December 31, 2022.*

<sup>(j)</sup> *Money market fund; interest rate reflects seven-day effective yield on December 31, 2022.*

*<sup>(k)</sup>* *Restricted security. See chart below.*

<sup>(l)</sup> *During the period ended December 31, 2022, the Fund invested $137,110 in Great Lakes Funding II LLC, Series A and reported change in unrealized depreciation of $3,749 on Great Lakes Funding II LLC, Series A. During the period ended December 31, 2022, the Fund received dividend distributions of $13,512 from Great Lakes Funding II LLC, Series A.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date(s) of Purchase** | **Security** | **Cost** | **Value** | **% of Net Assets** |
| 03/31/2018 - 6/30/2021 | &nbsp;&nbsp;BlackRock Global Credit Opportunities Fund, LP | $13823784 | 14073571 | 5.5% |
| 09/30/2017 - 09/30/2021 | &nbsp;&nbsp;CVC European Mid-Market Solutions Fund | 12035073 | 11908652 | 4.6% |
| 06/30/2018 - 03/31/2021 | &nbsp;&nbsp;GSO Credit Alpha Fund II LP | 6888736 | 7766380 | 3.0% |
| 09/30/2018 - 12/31/2020 | &nbsp;&nbsp;Monroe Capital Private Credit Fund III LP | 8501260 | 8640752 | 3.4% |
| 12/31/2017 - 06/30/2019 | &nbsp;&nbsp;Tree Line Credit Strategies LP | 19000000 | 19652390 | 7.6% |
| 08/05/2022 – 12/31/2022 | &nbsp;&nbsp;Great Lakes Funding II LLC, Series A | 414354 | 402870 | 0.2% |
| 11/14/2022 – 12/31/2022 | &nbsp;&nbsp;Pelham S2K SBIC II, L.P. | 142000 | 142000 | 0.1% |
|  | &nbsp;&nbsp;**Total** | $**60805207** | **62586615** | **24.4%** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Value** | **Redemption Frequency** | **Redemption Notice(Days)** | **Unfunded Commitments as of December 31, 2022** |
| BlackRock Global Credit Opportunities Fund, LP<sup>(a)</sup> | $14073571 | N/A | N/A | $6085595 |
| CVC European Mid-Market Solutions Fund<sup>(b)</sup> | 11908652 | N/A | N/A | 206342 |
| Great Lakes Funding II LLC, Series A<sup>(a)</sup> | 402870 | N/A | N/A | 80383 |
| GSO Credit Alpha Fund II LP<sup>(a)</sup> | 7766380 | N/A | N/A | 7382124 |
| Monroe Capital Private Credit Fund III LP<sup>(b)</sup> | 8640752 | N/A | N/A | 1498740 |
| Tree Line Credit Strategies LP | 19652390 | Quarterly | 90 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Pelham S2K SBIC II, L.P. | 142000 | N/A | N\A | 1858000 |
| Total | $62183745 |  |  | $17111184 |

---

Unfunded commitments:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Value** | **Maturity** | **Unfunded Commitment** |
| Accordion Partners, LLC, Delayed Draw Term Loan A | $(5325) | 8/29/2029 | $284765 |
| Accordion Partners, LLC, Delayed Draw Term Loan B | (6656) | 8/29/2029 | 355956 |
| Epic Staffing Group, Delayed Draw Term Loan | (17581) | 6/28/2029 | 348837 |
| GreenPark Infrastructure Series M-1 | 68500 | N/A | 731500 |
| Hunter Point Capital Structured Notes Issuer, LLC, Subordinated Delayed Draw Notes | 18571 | 07/15/2052 | 5663308 |
| Total | $57509 |  | $7384366 |
| Total Unfunded Commitments |  |  | $24495550 |

---

*<sup>(a)</sup>* *A voluntary withdrawal may be permitted at the General Partner's discretion with the General Partner's consent.*

*<sup>(b)</sup>* *A voluntary withdrawal may be permitted with the General Partner's prior written consent.*

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** ALTERNATIVE CREDIT INCOME FUND

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

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

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

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

  - **Street Address 1:** 650 MADISON AVENUE 23RD FLOOR

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

  - **Telephone number:** 2128912880

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

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

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

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $280351493.44

**Total Liabilities:** $22290787.77

**Net Assets:** $258060705.67

**Delayed Delivery Securities:** $9085822.08

**Cash Not Reported:** $4307948.00

**Currency Risk Metrics (dv01):**

- 

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

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

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

- **3-Month:** 0.00000000 | **1-Year:** 754.75974300 | **5-Year:** 10195.63463800 | **10-Year:** 2575.84871600 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.69%                | 0.00%                | -0.73%               |
| Class ID N/A | 0.79%                | 0.10%                | -0.76%               |
| Class ID N/A | 0.69%                | 0.10%                | -0.73%               |
| Class ID N/A | 0.69%                | 0.00%                | -0.80%               |
| Class ID N/A | 0.69%                | 0.10%                | -0.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $33148.01                | $-400502.34                                |
| Month 2  | $2904.67                 | $-1045089.12                               |
| Month 3  | $1344.00                 | $-4149083.49                               |

### Schedule of Portfolio Investments

| Name                                       | Title                                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Midcap Financial Investment Corp           | MidCap Financial Investment Corp.                                                  | CUSIP: 03761U502<br>LEI: 5493005P14I7WFB3FW47 | Long             | EC               | RF                | US        |    106332 | NS      | $1212184.80   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                        | Great Lakes Funding II LLC, Series A                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    414354 | NS      | $402870.34    | 0.16%             |  |  |  | Yes           | N/A                | On Loan: No      |
| H-food Holdng/Hearthside                   | H-Food Holdings LLC / Hearthside Finance Co., Inc.                                 | CUSIP: 577088AA5<br>LEI: 549300JY2LK0EQ95YT44 | Long             | DBT              | CORP              | US        |   7978000 | PA      | $4639845.24   | 1.80%             | 2026-06-01      | Fixed         | 8.50%                 | No            | 2                  | On Loan: No      |
| Lucky Bucks Holdings LLC                   | Lucky Bucks Holdings LLC, Subordinated Note                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   8771496 | PA      | $6205833.16   | 2.40%             | 2028-05-29      | Fixed         | 12.50%                | No            | 3                  | On Loan: No      |
| Pecf Uss Intermediate Ho                   | PECF USS Intermediate Holding III Corp.                                            | CUSIP: 69291HAA3<br>LEI: 254900DIL842DEXPYJ91 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $2603960.00   | 1.01%             | 2029-11-15      | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| Accurate Background, LLC                   | Accurate Background, LLC, First Lien Term Loan                                     | CUSIP: 00444BAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2969543 | PA      | $2865609.13   | 1.11%             | 2027-03-26      | Floating      | 9.67%                 | No            | 3                  | On Loan: No      |
| N/A                                        | Accordion Partners, LLC, Delayed Draw Term Loan A                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |         0 | PA      | $-5325.11     | -0.00%            | 2029-08-29      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| Octagon Investment Partners XIV, Ltd.      | Octagon Investment Partners XIV, Ltd.                                              | CUSIP: 67590ABM3<br>LEI: 549300QEN35HTPJ3BX33 | Long             | ABS-CBDO         | CORP              | KY        |   2132000 | PA      | $1725312.47   | 0.67%             | 2029-07-15      | Floating      | 12.43%                | No            | 2                  | On Loan: No      |
| Newscycle                                  | Naviga Inc., Delayed Draw Term Loan                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1496693 | PA      | $1457480.03   | 0.56%             | 2023-12-29      | Floating      | 11.68%                | No            | 3                  | On Loan: No      |
| Spectrio                                   | Spectrio, First Lien Delayed Draw Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1157335 | PA      | $1127013.11   | 0.44%             | 2026-06-09      | Floating      | 10.75%                | No            | 3                  | On Loan: No      |
| Tralee CLO Ltd                             | Tralee CLO II, Ltd.                                                                | CUSIP: 89289UBA5<br>LEI: 549300KVMYUNBMVPNK19 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $655419.00    | 0.25%             | 2029-07-20      | Floating      | 12.36%                | No            | 2                  | On Loan: No      |
| N/A                                        | CVC European Mid-Market Solutions Fund                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |  14505605 | NS      | $11908652.25  | 4.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| H-CA II, LLC                               | H-CA II, LLC, First Lien Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.78%             | 2024-02-17      | Fixed         | 19.00%                | No            | 3                  | On Loan: No      |
| Octagon Investments Partners 36, Ltd.      | Octagon Investment Partners 36, Ltd.                                               | CUSIP: 67591QAC0<br>LEI: 549300S890TBOLY1D042 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $823307.00    | 0.32%             | 2031-04-15      | Floating      | 11.83%                | No            | 2                  | On Loan: No      |
| Canyon Capital CLO Ltd                     | Canyon Capital CLO 2014-1, Ltd.                                                    | CUSIP: 13875JAJ2<br>LEI: 549300W778MFSPI8C872 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $772731.00    | 0.30%             | 2031-01-30      | Floating      | 12.25%                | No            | 2                  | On Loan: No      |
| Jo-ann Stores Inc                          | Jo-Ann Stores LLC, First Lien Term Loan                                            | CUSIP: 47759DAE5<br>LEI: 549300GM65RR2EMGLI48 | Long             | LON              | CORP              | US        |   3979849 | PA      | $2729519.65   | 1.06%             | 2028-06-30      | Floating      | 9.08%                 | No            | 2                  | On Loan: No      |
| N/A                                        | SouthStreet Securities Holdings, Inc., Warrants                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              |  | CORP              | US        |      3400 | NC      | $390490.00    | 0.15%             |  |  |  | No            | 3                  | On Loan: No      |
| SLR Investment Corp.                       | SLR Investment Corp.                                                               | CUSIP: 83413U100<br>LEI: BJOT6DX9ML6BR3Z0O636 | Long             | EC               | RF                | US        |    265211 | NS      | $3689085.01   | 1.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Upstream Rehabilitation, Inc.              | Upstream Rehabilitation, Inc., Second Lien Term Loan                               | CUSIP: 91678HAE2<br>LEI: 549300Q4K2W4R1EBTH48 | Long             | LON              | CORP              | US        |   7500000 | PA      | $6637500.00   | 2.57%             | 2027-11-20      | Floating      | 13.23%                | No            | 2                  | On Loan: No      |
| Diamanti                                   | Diamanti, Inc., Subordinated Note                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        |   3190959 | NC      | $3133841.20   | 1.21%             | 2024-05-01      | Fixed         | 12.50%                | No            | 3                  | On Loan: No      |
| Redstone HoldCo 2 LP                       | Redstone HoldCo 2 LP, Second Lien Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5000000 | PA      | $2534400.00   | 0.98%             | 2029-04-27      | Floating      | 12.11%                | No            | 2                  | On Loan: No      |
| Jmp Credit Advisors Clo Ltd                | JMP Credit Advisors CLO V, Ltd.                                                    | CUSIP: 466271AD5<br>LEI: 2549000IZRZZJ8TS9W23 | Long             | ABS-O            | CORP              | US        |   4486426 | PA      | $1991524.38   | 0.77%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | Money Transfer Acquisition Inc., First Lien Term Loan                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7000000 | PA      | $6860000.00   | 2.66%             | 2027-12-14      | Floating      | 12.67%                | No            | 3                  | On Loan: No      |
| EagleView Technology Corp.                 | EagleView Technology Corp., Second Lien Term Loan                                  | CUSIP: N/A<br>LEI: 549300HLIL8HO4PPLG50       | Long             | LON              | CORP              | US        |   1495652 | PA      | $1316173.91   | 0.51%             | 2026-08-14      | Floating      | 12.23%                | No            | 2                  | On Loan: No      |
| Marble Point                               | Marble Point A&R, First Lien Term Loan                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3700000 | PA      | $3699999.99   | 1.43%             | 2028-08-11      | Floating      | 10.75%                | No            | 3                  | On Loan: No      |
| Voya CLO Ltd                               | Voya CLO 2014-2, Ltd.                                                              | CUSIP: 92913BAJ7<br>LEI: 549300L8S87K3SMP0R77 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $389278.90    | 0.15%             | 2030-04-17      | Floating      | 11.78%                | No            | 2                  | On Loan: No      |
| Copper Property Ctl Pass Through Trust     | Copper Property CTL Pass Through Trust                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |    319520 | NS      | $4313520.00   | 1.67%             |  |  |  | No            | 2                  | On Loan: No      |
| Cion Investment Corp                       | CION Investment Corp.                                                              | CUSIP: 17259U204<br>LEI: 549300XN70JLF94XKX80 | Long             | EC               | CORP              | US        |    120800 | NS      | $1177800.00   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Florida Food Products LLC                  | Florida Food Products LLC, Second Lien Term Loan                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5000000 | PA      | $4762500.00   | 1.85%             | 2029-10-08      | Floating      | 12.38%                | No            | 3                  | On Loan: No      |
| Jazz Acquisition, Inc.                     | Jazz Acquisition, Inc., Second Lien Senior Secured Term Loan                       | CUSIP: N/A<br>LEI: 549300L8N9LERNS63192       | Long             | LON              | CORP              | US        |   4000000 | PA      | $3658340.00   | 1.42%             | 2027-06-18      | Floating      | 12.38%                | No            | 2                  | On Loan: No      |
| Newscycle                                  | Naviga Inc., First Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1410004 | PA      | $1373061.91   | 0.53%             | 2023-12-29      | Floating      | 11.68%                | No            | 3                  | On Loan: No      |
| Epic Staffing                              | Epic Staffing Group, Delayed Draw Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |         0 | PA      | $-17581.40    | -0.01%            | 2029-06-28      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| American Academy Holdings                  | American Academy Holdings, LLC, Second Lien Term Loan                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3075905 | PA      | $2499172.95   | 0.97%             | 2028-03-01      | Fixed         | 14.50%                | No            | 3                  | On Loan: No      |
| BrightPet                                  | BrightPet, Revolver                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    500000 | PA      | $434750.00    | 0.17%             | 2026-10-05      | Floating      | 10.88%                | No            | 3                  | On Loan: No      |
| Spanish Broadcasting Sys                   | Spanish Broadcasting System, Inc.                                                  | CUSIP: 846425AQ9<br>LEI: 5493005DKYB1X4C9LH64 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $1728750.00   | 0.67%             | 2026-03-01      | Fixed         | 9.75%                 | No            | 2                  | On Loan: No      |
| N/A                                        | BlackRock Global Credit Opportunities Fund, LP                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |  29028385 | NS      | $14073570.52  | 5.45%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Project Leopard Holdings                   | Kofax, Inc., First Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4000000 | PA      | $3663000.00   | 1.42%             | 2029-06-15      | Floating      | 9.80%                 | No            | 2                  | On Loan: No      |
| New Enterprise Stone & Lime Co., Inc.      | New Enterprise Stone & Lime Co., Inc.                                              | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $927214.64    | 0.36%             | 2028-07-15      | Fixed         | 9.75%                 | No            | 2                  | On Loan: No      |
| N/A                                        | Kofax, Inc., Second Lien Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4000000 | PA      | $3850000.00   | 1.49%             | 2030-07-19      | Floating      | 12.20%                | No            | 3                  | On Loan: No      |
| Secure Acquisition, Inc                    | Secure Acquisition, Inc., Second Lien Term Loan                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5000000 | PA      | $4804500.00   | 1.86%             | 2029-12-14      | Floating      | 12.48%                | No            | 3                  | On Loan: No      |
| Diamanti                                   | Diamanti, Inc., Class A                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    146413 | PA      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| CEC Entertainment, Inc.                    | CEC Entertainment, Inc., Warrants                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              |  | CORP              | US        |    237941 | NC      | $535367.34    | 0.21%             |  |  |  | No            | 2                  | On Loan: No      |
| CEC Entertainment, Inc.                    | CEC Entertainment, Inc.                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     79564 | NS      | $1631062.00   | 0.63%             |  |  |  | No            | 2                  | On Loan: No      |
| N/A                                        | Beta Plus Technologies, First Lien Term Loan                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3000000 | PA      | $2925600.00   | 1.13%             | 2029-07-01      | Floating      | 8.87%                 | No            | 3                  | On Loan: No      |
| Real Hero Merger Sub 2                     | Real Hero Merger Sub 2, Inc.                                                       | CUSIP: 75602BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $343400.00    | 0.13%             | 2029-02-01      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| N/A                                        | Hunter Point Capital Structured Notes Issuer, LLC, Subordinated Delayed Draw Notes | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    224117 | NS      | $224117.26    | 0.09%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | Aperture Dodge 18 LLC                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   2033247 | NS      | $2033247.00   | 0.79%             |  |  |  | No            | 3                  | On Loan: No      |
| Epic Staffing                              | Epic Staffing Group, First Lien Term Loan                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1647035 | PA      | $1564024.32   | 0.61%             | 2029-06-28      | Floating      | 10.15%                | No            | 3                  | On Loan: No      |
| Viant Medical Holdings, Inc.               | Viant Medical Holdings, Inc., Second Lien Initial Term Loan                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5000000 | PA      | $4296875.00   | 1.67%             | 2026-07-02      | Floating      | 12.13%                | No            | 2                  | On Loan: No      |
| N/A                                        | Monroe Capital Private Credit Fund III LP                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   8646147 | NS      | $8640752.21   | 3.35%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                        | NEPTUNE BIDCO US INC., First Lien Term Loan                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1850000 | PA      | $1658071.75   | 0.64%             | 2029-04-11      | Floating      | 8.82%                 | No            | 1                  | On Loan: No      |
| N/A                                        | PELHAM S2K SBIC II, L.P.                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    142000 | NS      | $142000.00    | 0.06%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Maiden Holdings Na Ltd                     | Maiden Holdings North America, Ltd.                                                | CUSIP: 56029Q408<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     81794 | NS      | $1526276.04   | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Chord Energy Corp                          | Chord Energy Corp.                                                                 | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     22373 | NS      | $3060850.13   | 1.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Ancile Solutions, Inc.                     | Ancile Solutions, Inc., First Lien Term Loan                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3848327 | PA      | $3771360.13   | 1.46%             | 2026-06-11      | Floating      | 14.75%                | No            | 3                  | On Loan: No      |
| FS KKR Capital Corp                        | FS KKR Capital Corp.                                                               | CUSIP: 302635206<br>LEI: 549300TYRSI1T21B1360 | Long             | EC               | RF                | US        |    178346 | NS      | $3121055.00   | 1.21%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                        | Accordion Partners, LLC, Delayed Draw Term Loan B                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |         0 | PA      | $-6656.38     | -0.00%            | 2029-08-29      | Floating      | 0.00%                 | No            | 3                  | On Loan: No      |
| GreenPark Infrastructure                   | GreenPark Infrastructure Series M-1                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       200 | NS      | $68500.00     | 0.03%             |  |  |  | No            | 3                  | On Loan: No      |
| 8th Avenue Food & Provisions, Inc.         | 8th Avenue Food & Provisions, Inc., Second Lien Senior Secured Term Loan           | CUSIP: 28253PAD1<br>LEI: 549300PBCACU45IZ2V05 | Long             | LON              | CORP              | US        |   2500000 | PA      | $1405000.00   | 0.54%             | 2026-10-01      | Floating      | 12.13%                | No            | 2                  | On Loan: No      |
| OCP CLO Ltd                                | OCP CLO 2013-4, Ltd.                                                               | CUSIP: 67105KAE8<br>LEI: 254900OVGEI8FTD7PT85 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $948643.00    | 0.37%             | 2029-04-24      | Floating      | 11.09%                | No            | 2                  | On Loan: No      |
| Wolverine Escrow LLC                       | Wesco Aircraft Holdings, Inc.                                                      | CUSIP: 97789LAA4<br>LEI: 529900P5VTXZS191P208 | Long             | DBT              | CORP              | US        |   4636000 | PA      | $1170590.00   | 0.45%             | 2027-11-15      | Fixed         | 13.12%                | No            | 2                  | On Loan: No      |
| Arrow Purchaser Inc.                       | Arrow Purchaser, Inc., First Lien Initial Term Loan                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2416667 | PA      | $2392500.01   | 0.93%             | 2026-04-15      | Floating      | 11.45%                | No            | 3                  | On Loan: No      |
| Monitronics International Incorporated     | Monitronics - Escrow                                                               | CUSIP: 609ESCAB4<br>LEI: SCAKOG18M6QWWML8YF46 | Long             | DBT              | CORP              | US        |   2650000 | PA      | $0.00         | 0.00%             | 2049-12-31      | None          | 0.00%                 | No            | 3                  | On Loan: No      |
| DCert Buyer, Inc.                          | DCert Buyer, Inc. First Amendment Term Loan Refinancing, Second Lien Term Loan     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3600000 | PA      | $3301200.00   | 1.28%             | 2029-02-19      | Floating      | 11.70%                | No            | 2                  | On Loan: No      |
| Jmp Credit Advisors Clo Ltd                | JMP Credit Advisors CLO IV, Ltd.                                                   | CUSIP: 46647XAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4836540 | PA      | $1056300.32   | 0.41%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | Tree Line Credit Strategies LP                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |  19090685 | NS      | $19652389.99  | 7.62%             |  |  |  | Yes           | N/A                | On Loan: No      |
| N/A                                        | GSO Credit Alpha Fund II LP                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |  16807290 | NS      | $7766379.71   | 3.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Portman Ridge Finance Corp                 | Portman Ridge Finance Corp.                                                        | CUSIP: 73688F201<br>LEI: 254900YM5BVQKA01I468 | Long             | EC               | RF                | US        |     25504 | NS      | $586592.00    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                        | SouthStreet Securities Holdings, Inc., First Lien Term Loan                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2700000 | PA      | $2231010.00   | 0.86%             | 2027-09-20      | Fixed         | 9.00%                 | No            | 3                  | On Loan: No      |
| N/A                                        | Accordion Partners, LLC, First Lien Term Loan A                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3260560 | PA      | $3199587.57   | 1.24%             | 2029-08-29      | Floating      | 10.83%                | No            | 3                  | On Loan: No      |
| Saranac CLO LTD                            | Saranac CLO VII, Ltd.                                                              | CUSIP: 80316QAA1<br>LEI: 5493000RC2FP2JRHW627 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $247890.00    | 0.10%             | 2029-11-20      | Floating      | 11.40%                | No            | 2                  | On Loan: No      |
| Monotype Imaging Holdings                  | Monotype Imaging Holdings, Inc., First Lien Term Loan                              | CUSIP: 61022YAG6<br>LEI: 5299007REVJB2Z6GIU09 | Long             | LON              | CORP              | US        |   2914312 | PA      | $2844951.86   | 1.10%             | 2026-10-09      | Floating      | 9.68%                 | No            | 3                  | On Loan: No      |
| First American Government Obligations Fund | First American Government Obligations Fund                                         | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  10810566 | NS      | $10810565.91  | 4.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Project Castle Inc                         | Material Handling Systems, Inc., First Lien Term Loan                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5000000 | PA      | $4350000.00   | 1.69%             | 2029-06-08      | Floating      | 10.08%                | No            | 3                  | On Loan: No      |
| GreenPark Infrastructure                   | GreenPark Infrastructure, LLC Series A                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |       400 | NS      | $200000.00    | 0.08%             |  |  |  | No            | 3                  | On Loan: No      |
| Virgin Pulse, Inc.                         | Virgin Pulse, Inc., Second Lien Initial Term Loan                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4500000 | PA      | $3898350.00   | 1.51%             | 2029-04-06      | Floating      | 11.63%                | No            | 3                  | On Loan: No      |
| Enviva Partners Lp/fin C                   | Enviva Partners LP                                                                 | CUSIP: 29413XAD9<br>LEI: 549300WH5VXDEFM5KR81 | Short            | DBT              | CORP              | US        |  -4500000 | PA      | $-4245390.00  | -1.65%            | 2026-01-15      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| Spectrio                                   | Spectrio, First Lien Term Loan                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2774294 | PA      | $2701607.60   | 1.05%             | 2026-12-09      | Floating      | 10.75%                | No            | 3                  | On Loan: No      |
| BrightPet                                  | BrightPet, First Lien Term Loan                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1965000 | PA      | $1901137.50   | 0.74%             | 2026-10-05      | Floating      | 10.98%                | No            | 3                  | On Loan: No      |
| PennantPark Floating Rate Capital Ltd.     | PennantPark Floating Rate Capital Ltd.                                             | CUSIP: 70806A106<br>LEI: 529900BH3IP6381K4L72 | Long             | EC               | RF                | US        |    303163 | NS      | $3328729.74   | 1.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Ares Capital Corp                          | Ares Capital Corp.                                                                 | CUSIP: 04010L103<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | EC               | RF                | US        |    242223 | NS      | $4473858.81   | 1.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Jamestown CLO Ltd                          | Jamestown CLO V, Ltd.                                                              | CUSIP: 47047VAB3<br>LEI: 549300J8XCULR2IX5L98 | Long             | ABS-CBDO         | CORP              | KY        |    535734 | PA      | $253938.02    | 0.10%             | 2027-01-17      | Floating      | 9.93%                 | No            | 3                  | On Loan: No      |
| American Academy Holdings                  | American Academy Holdings. Inc., Common Units                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         0 | NS      | $174297.47    | 0.07%             |  |  |  | No            | 3                  | On Loan: No      |
| Marble Point                               | Marble Point A&R, Delayed Draw Term Loan                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    957917 | PA      | $957916.66    | 0.37%             | 2028-08-11      | Floating      | 10.75%                | No            | 3                  | On Loan: No      |
| American Academy Holdings                  | American Academy Holdings, LLC, Delayed Draw Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    366941 | PA      | $360079.36    | 0.14%             | 2025-01-01      | Floating      | 15.38%                | No            | 3                  | On Loan: No      |
| American Academy Holdings                  | American Academy Holdings, LLC, First Lien Term Loan                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1850802 | PA      | $1816191.54   | 0.70%             | 2025-01-01      | Floating      | 15.38%                | No            | 3                  | On Loan: No      |
| Penn Foster                                | Pennfoster                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |   5133089 | NS      | $5061226.13   | 1.96%             |  |  |  | No            | 3                  | On Loan: No      |
| WhiteHorse Finance Inc                     | WhiteHorse Finance, Inc.                                                           | CUSIP: 96524V106<br>LEI: 5493006LP9COIV2ZIB05 | Long             | EC               | RF                | US        |    382328 | NS      | $4989380.40   | 1.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Newscycle                                  | Naviga Inc., First Lien Term Loan                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    156037 | PA      | $151948.58    | 0.06%             | 2023-12-29      | Floating      | 11.68%                | No            | 3                  | On Loan: No      |
| Ivanti Software, Inc.                      | Ivanti Software, Inc., Second Lien Initial Term Loan                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4000000 | PA      | $2340000.00   | 0.91%             | 2028-12-01      | Floating      | 12.01%                | No            | 2                  | On Loan: No      |
| Vision Solutions Inc.                      | Precisely Software Incorporated, Second Lien Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3000000 | PA      | $2237820.00   | 0.87%             | 2029-04-23      | Floating      | 11.61%                | No            | 3                  | On Loan: No      |
| Tralee CLO Ltd                             | Tralee CLO II, Ltd.                                                                | CUSIP: 89289UAY4<br>LEI: 549300KVMYUNBMVPNK19 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $927109.00    | 0.36%             | 2029-07-20      | Floating      | 12.15%                | No            | 2                  | On Loan: No      |
| N/A                                        | Accurate Background, LLC, First Lien Term Loan                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1500000 | PA      | $1447500.00   | 0.56%             | 2027-03-26      | Floating      | 10.73%                | No            | 3                  | On Loan: No      |
| American Academy Holdings                  | American Academy Holdings. Inc., Preferred Units                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     90970 | NS      | $104653.29    | 0.04%             |  |  |  | No            | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** ALTERNATIVE CREDIT INCOME FUND

**Signature:** Jason T. Roos

**Name of Signer:** Jason T. Roos

**Title:** Chief Financial Officer