# EDGAR Filing Document

**Accession Number:** 0001968178
**File Stem:** 0001752724-25-182768
**Filing Date:** 2025-7
**Character Count:** 38059
**Document Hash:** 82c454f9795b5b98459c8ec6c8beea51
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182768.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182768

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEI Alternative Income Fund
- **CENTRAL INDEX KEY:** 0001968178

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23861
- **FILM NUMBER:** 251163199

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** 610-676-9400

**MAIL ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEI Structured Credit Interval Fund
- **DATE OF NAME CHANGE:** 20230303

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**SEI Alternative Income Fund** 

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **ASSET-BACKED SECURITIES — 100.0%** | **ASSET-BACKED SECURITIES — 100.0%** | **ASSET-BACKED SECURITIES — 100.0%** |
| **Other Asset-Backed Securities — 100.0%** | **Other Asset-Backed Securities — 100.0%** |  |
| &nbsp;&nbsp;&nbsp;Apex Credit CLO 12, Ser 2025-12A, Cl D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.029%, TSFR3M + 3.750%, 04/20/2038(A)(B) | $500 | $502 |
| &nbsp;&nbsp;&nbsp;Apex Credit CLO, Ser 2019-1A, Cl D1RR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.120%, TSFR3M + 3.850%, 07/18/2037(A)(B) | 1000 | 971 |
| &nbsp;&nbsp;&nbsp;Apex Credit CLO, Ser 2020-1A, Cl CRR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.920%, TSFR3M + 2.650%, 04/20/2035(A)(B) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;Apex Credit CLO, Ser 2024-2A, Cl D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.032%, TSFR3M + 3.750%, 07/25/2037(A)(B) | 750 | 753 |
| &nbsp;&nbsp;&nbsp;Apidos CLO XXXVIII, Ser 2021-38A, Cl E2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.281%, TSFR3M + 8.012%, 01/21/2034(A)(B) | 1100 | 1097 |
| &nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund VII, Ser 2016-7A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.991%, TSFR3M + 6.662%, 11/27/2031(A)(B) | 2000 | 1980 |
| &nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund XX, Ser 2022-20A, Cl D1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.120%, TSFR3M + 3.850%, 10/19/2037(A)(B) | 1300 | 1308 |
| &nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund XXIII, Ser 2024-23A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.670%, TSFR3M + 2.400%, 07/20/2037(A)(B) | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund XXV, Ser 2025-25A, Cl D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/20/2038(A)(B)(C) | 200 |  |
| &nbsp;&nbsp;&nbsp;Battalion CLO XVI, Ser 2024-16A, Cl ER2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.360%, TSFR3M + 7.090%, 01/20/2038(A)(B) | 800 | 792 |
| &nbsp;&nbsp;&nbsp;Battalion CLO XXVIII, Ser 2025-28A, Cl F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.363%, TSFR3M + 9.040%, 01/20/2038(A)(B) | 250 | 230 |
| &nbsp;&nbsp;&nbsp;Battalion CLO XXVIII, Ser 2025-28A, Cl SUB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/20/2038(A)(B)(C)(D) | 1640 | 1525 |
| &nbsp;&nbsp;&nbsp;Battery Park CLO, Ser 2019-1A, Cl DR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.006%, TSFR3M + 3.750%, 07/15/2036(A)(B) | 500 | 499 |
| &nbsp;&nbsp;&nbsp;Battery Park CLO, Ser 2019-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.506%, TSFR3M + 7.250%, 07/15/2036(A)(B) | 350 | 351 |
| &nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XV, Ser 2018-15A, Cl SUB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/18/2031(A)(B)(C)(D) | 1895 | 1004 |
| &nbsp;&nbsp;&nbsp;BlueMountain CLO, Ser 2016-3A, Cl CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.788%, TSFR3M + 2.462%, 11/15/2030(A)(B) | 300 | 301 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;Bridge Street CLO II, Ser 2021-1A, Cl B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.881%, TSFR3M + 2.612%, 07/20/2034(A)(B) | $175 | $175 |
| &nbsp;&nbsp;&nbsp;Cedar Funding VIII CLO, Ser 2017-8A, Cl DRR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.230%, TSFR3M + 2.950%, 01/17/2038(A)(B) | 1225 | 1206 |
| &nbsp;&nbsp;&nbsp;Crown Point CLO 7, Ser 2024-7A, Cl AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, TSFR3M + 1.230%, 10/20/2031(A)(B) | 344 | 344 |
| &nbsp;&nbsp;&nbsp;Galaxy XXVIII CLO, Ser 2018-28A, Cl A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.818%, TSFR3M + 1.562%, 07/15/2031(A)(B) | 42 | 41 |
| &nbsp;&nbsp;&nbsp;Gallatin CLO XI, Ser 2024-1A, Cl D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.270%, TSFR3M + 4.000%, 10/20/2037(A)(B) | 1250 | 1254 |
| &nbsp;&nbsp;&nbsp;Ivy Hill Middle Market Credit Fund XX, Ser 2025-20A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/19/2037(A)(B)(C) | 500 | 500 |
| &nbsp;&nbsp;&nbsp;Jefferies Credit Partners Direct Lending CLO, Ser 2024-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.532%, TSFR3M + 8.250%, 07/25/2036(A)(B) | 250 | 244 |
| &nbsp;&nbsp;&nbsp;Jefferies Credit Partners Direct Lending CLO, Ser 2024-1A, Cl SUB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/25/2036(A)(B)(C)(D) | 400 | 348 |
| &nbsp;&nbsp;&nbsp;Jefferies Credit Partners Direct Lending CLO, Ser 2024-2A, Cl D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.720%, TSFR3M + 4.450%, 01/20/2037(A)(B) | 1250 | 1253 |
| &nbsp;&nbsp;&nbsp;LCM 31, Ser 2024-31A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.520%, TSFR3M + 7.250%, 07/20/2034(A)(B) | 500 | 441 |
| &nbsp;&nbsp;&nbsp;LCM 39, Ser 2024-39A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.256%, TSFR3M + 7.000%, 10/15/2034(A)(B) | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;LCM 40, Ser 2024-40A, Cl D1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.006%, TSFR3M + 3.750%, 01/15/2038(A)(B) | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;Magnetite XXV, Ser 2020-25A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.843%, TSFR3M + 3.562%, 01/25/2032(A)(B) | 250 | 251 |
| &nbsp;&nbsp;&nbsp;MidOcean Credit CLO XVI, Ser 2024-16A, Cl SUB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 10/20/2037(A)(B)(C)(D) | 1000 | 755 |
| &nbsp;&nbsp;&nbsp;Mountain View CLO XV, Ser 2019-2A, Cl CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.156%, TSFR3M + 2.900%, 07/15/2037(A)(B) | 1250 | 1258 |
| &nbsp;&nbsp;&nbsp;Mountain View CLO XVIII, Ser 2024-1A, Cl D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.911%, TSFR3M + 3.650%, 10/16/2037(A)(B) | 1200 | 1209 |
| &nbsp;&nbsp;&nbsp;Mountain View CLO XVIII, Ser 2024-1A, Cl E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.851%, TSFR3M + 7.590%, 10/16/2037(A)(B) | 788 | 795 |

---

------

SEI Alternative Income Fund

**SCHEDULE OF INVESTMENTS (Unaudited)** 

May 31, 2025

**SEI Alternative Income Fund** (Concluded)

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;Mountain View CLO, Ser 2016-1A, Cl CR2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.592%, TSFR3M + 2.350%, 04/14/2033(A)(B) | $350 | $351 |
| &nbsp;&nbsp;&nbsp;Navesink CLO 1, Ser 2025-1A, Cl D1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.182%, TSFR3M + 3.900%, 07/25/2033(A)(B) | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;NewStar Fairfield Fund CLO, Ser 2015-2A, Cl B1N |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.781%, TSFR3M + 2.512%, 04/20/2030(A)(B) | 2000 | 1990 |
| &nbsp;&nbsp;&nbsp;NGC, Ser 2024-1A, Cl D1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.470%, TSFR3M + 4.200%, 07/20/2037(A)(B) | 500 | 503 |
| &nbsp;&nbsp;&nbsp;Ocean Trails CLO 8, Ser 2020-8A, Cl ERR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.756%, TSFR3M + 7.500%, 07/15/2034(A)(B) | 1000 | 945 |
| &nbsp;&nbsp;&nbsp;Ocean Trails CLO IX, Ser 2025-9A, Cl D1RA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.468%, TSFR3M + 3.150%, 01/15/2038(A)(B) | 1250 | 1244 |
| &nbsp;&nbsp;&nbsp;OCP CLO, Ser 2024-38A, Cl SUB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 01/21/2038(A)(B)(C)(D) | 1000 | 855 |
| &nbsp;&nbsp;&nbsp;Owl Rock Technology Financing, Ser 2020-1A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.306%, TSFR3M + 3.050%, 10/15/2035(A)(B) | 1250 | 1255 |
| &nbsp;&nbsp;&nbsp;Rad CLO 18, Ser 2025-18A, Cl ER |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 07/15/2037(A)(B)(C) | 500 | 501 |
| &nbsp;&nbsp;&nbsp;Saranac CLO VII, Ser 2017-2A, Cl DR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.954%, TSFR3M + 3.632%, 11/20/2029(A)(B) | 250 | 244 |
| &nbsp;&nbsp;&nbsp;Steele Creek CLO, Ser 2018-1X, Cl A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.528%, TSFR3M + 1.272%, 04/15/2031(B) | 259 | 259 |
| &nbsp;&nbsp;&nbsp;TCW CLO, Ser 2017-1A, Cl D1R3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.980%, TSFR3M + 3.700%, 10/29/2034(A)(B) | 500 | 498 |
| &nbsp;&nbsp;&nbsp;TCW CLO, Ser 2020-1A, Cl DR3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.670%, TSFR3M + 3.400%, 04/20/2034(A)(B) | 1000 | 981 |
| &nbsp;&nbsp;&nbsp;TCW CLO, Ser 2021-2A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.793%, TSFR3M + 3.512%, 07/25/2034(A)(B) | 550 | 549 |
| &nbsp;&nbsp;&nbsp;THL Credit Lake Shore MM CLO I, Ser 2019-1A, Cl A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.218%, TSFR3M + 1.962%, 04/15/2033(A)(B) | 1160 | 1161 |
| &nbsp;&nbsp;&nbsp;THL Credit Wind River CLO, Ser 2017-3A, Cl CR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.018%, TSFR3M + 2.762%, 04/15/2035(A)(B) | 240 | 241 |
| &nbsp;&nbsp;&nbsp;Venture CLO, Ser 2017-28AA, Cl DR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.151%, TSFR3M + 3.882%, 10/20/2034(A)(B) | 850 | 831 |

---

---

| | | |
|:---|:---|:---|
| Description | Face Amount <br> (Thousands) | Market Value<br> ($ Thousands) |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;Venture XXVIII CLO, Ser 2021-28A, Cl A2R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.521%, TSFR3M + 1.252%, 07/20/2030(A)(B) | $78 | $78 |
| &nbsp;&nbsp;&nbsp;Voya CLO, Ser 2017-1A, Cl D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.641%, TSFR3M + 6.362%, 04/17/2030(A)(B) | 750 | 742 |
| &nbsp;&nbsp;&nbsp;Wellfleet CLO, Ser 2020-2A, Cl BR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.268%, TSFR3M + 2.012%, 07/15/2034(A)(B) | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;Wellfleet CLO, Ser 2021-2A, Cl C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.868%, TSFR3M + 2.612%, 07/15/2034(A)(B) | 630 | 631 |
| &nbsp;&nbsp;&nbsp;Wellfleet CLO, Ser 2024-2A, Cl SUB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/25/2038(A)(B)(C)(D) | 1014 | 791 |
| Total Asset-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $42,045) ($ Thousands) |  | 42056 |
| Total Investments in Securities — 100.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $42,045) ($ Thousands)  | &nbsp;&nbsp;&nbsp;(Cost $42,045) ($ Thousands)  | $42056 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $42,060 ($ Thousands). |
| (A) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On May 31, 2025, the value of these securities amounted to $41,797 ($ Thousands), representing 99.4% of the Net Assets of the Fund. |
| (B) | Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates. |
| (C) | No interest rate available. |
| (D) | Level 3 security in accordance with fair value hierarchy. |

---

---

| |
|:---|
| Cl — Class |
| CLO — Collateralized Loan Obligation |
| Ser — Series |
| TSFR3M — Term Secured Overnight Financing Rate 3 Months |

---

------

SEI Alternative Income Fund

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-23861

- **c. CIK number of Registrant:** 0001968178

- **d. LEI of Registrant:** 00000000000000000000

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

  - **Street Address 1:** 1 FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 6106769400

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

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

- **c. LEI of Series:** 00000000000000000000

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $43876827.41

**Total Liabilities:** $1624965.76

**Net Assets:** $42251861.65

**Cash Not Reported:** $1454685.87

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -27.31132780 | **1-Year:** -354.81237307 | **5-Year:** -820.62587274 | **10-Year:** -97.98840770 | **30-Year:** 0.00000000

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

- **3-Month:** -70.62095674 | **1-Year:** -1613.60908391 | **5-Year:** -6548.48114185 | **10-Year:** -7106.44378425 | **30-Year:** -10.68670472

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.12%                | -0.11%               | 0.06%                |
| Class ID N/A | 1.10%                | -0.13%               | 0.04%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $233877.34                                 |
| Month 2  | $9502.94                 | $-739757.58                                |
| Month 3  | $160631.86               | $40962.32                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| IVY HILL MIDDLE MARKET CREDIT FUND, LTD.         | IVY HILL MIDDLE MARKET CREDIT FUND XX LTD IVYH 20A ER                     | CUSIP: 46604JAE1<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $500000.00    | 1.18%             | 2037-07-19      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| BATTALION CLO LTD                                | BATTALION CLO XVI LTD BATLN 2019-16A ER2                                  | CUSIP: 07133NAF1<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $791990.40    | 1.87%             | 2038-01-20      | Floating      | 11.36%                | Yes           |                  2 | On Loan: No      |
| BATTERY PARK CDO, LIMITED                        | BATTERY PARK CLO LTD BATPK 2019-1A E                                      | CUSIP: 07133WAG9<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $350996.80    | 0.83%             | 2036-07-15      | Floating      | 11.51%                | Yes           |                  2 | On Loan: No      |
| BATTERY PARK CDO, LIMITED                        | BATTERY PARK CLO LTD BATPK 2019-1A DR                                     | CUSIP: 07133YAU4<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499074.50    | 1.18%             | 2036-07-15      | Floating      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| APEX CREDIT CLO LTD                              | APEX CREDIT CLO 2024-II LTD APEXC 2024-2A D1                              | CUSIP: 03753EAJ1<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $752929.50    | 1.78%             | 2037-07-25      | Floating      | 8.03%                 | Yes           |                  2 | On Loan: No      |
| ATLAS SENIOR LOAN FUND, LTD                      | ATLAS SENIOR LOAN FUND XX LTD ATCLO 2022-20A D1R                          | CUSIP: 049410AY9<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | JE        |   1300000 | PA      | $1307900.10   | 3.10%             | 2037-10-19      | Floating      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| BRIDGE STREET CLO LTD                            | BRIDGE STREET CLO II LTD BRDGS 2021-1A B                                  | CUSIP: 10806JAG8<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    175000 | PA      | $175505.75    | 0.42%             | 2034-07-20      | Floating      | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CEDAR FUNDING LTD                                | CEDAR FUNDING VIII CLO LTD CEDF 2017-8A DRR                               | CUSIP: 15032EBE8<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |   1225000 | PA      | $1206355.50   | 2.86%             | 2038-01-17      | Floating      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| NGC LTD                                          | NGC 2024-I LTD NGC 2024-1A D1                                             | CUSIP: 652927AN4<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $503161.00    | 1.19%             | 2037-07-20      | Floating      | 8.47%                 | Yes           |                  2 | On Loan: No      |
| GALAXY CLO, LTD                                  | GALAXY XXVIII CLO LTD GALXY 2018-28A A2                                   | CUSIP: 36321JAE4<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |     41556 | PA      | $41546.00     | 0.10%             | 2031-07-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO LTD                            | MOUNTAIN VIEW CLO XV LTD MVEW 2019-2A CR                                  | CUSIP: 62432PBA9<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1258250.00   | 2.98%             | 2037-07-15      | Floating      | 7.16%                 | Yes           |                  2 | On Loan: No      |
| WELLFLEET CLO LIMITED                            | WELLFLEET CLO 2020-2 LTD WELF 2020-2A BR                                  | CUSIP: 94950AAQ3<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002504.00   | 2.37%             | 2034-07-15      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| ATLAS SENIOR LOAN FUND, LTD                      | ATLAS SENIOR LOAN FUND VII LTD ATCLO 2016-7A ER                           | CUSIP: 04941UAE7<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1980218.00   | 4.69%             | 2031-11-27      | Floating      | 10.99%                | No            |                  2 | On Loan: No      |
| NEWSTAR FAIRFIELD FUNDING CLO LTD                | NEWSTAR FAIRFIELD FUND CLO LTD FSSLF 2015-2A B1N                          | CUSIP: 65252BAE3<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1989992.00   | 4.71%             | 2030-04-20      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| APEX CREDIT CLO LTD                              | APEX CREDIT CLO 2019 LTD APEXC 2019-1A D1RR                               | CUSIP: 03754AAY5<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $970833.00    | 2.30%             | 2037-07-18      | Floating      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| APEX CREDIT CLO LTD                              | APEX CREDIT CLO 2020 LTD APEXC 2020-1A CRR                                | CUSIP: 03756ABJ5<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | BM        |   1000000 | PA      | $1000036.00   | 2.37%             | 2035-04-20      | Floating      | 6.92%                 | Yes           |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO LTD                            | MOUNTAIN VIEW CLO XVIII LTD MVEW 2024-1A E                                | CUSIP: 623909AA6<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    787500 | PA      | $795078.90    | 1.88%             | 2037-10-16      | Floating      | 11.85%                | Yes           |                  2 | On Loan: No      |
| JEFFERIES CREDIT PARTNERS DIRECT LENDING CLO LTD | JEFFERIES CREDIT PARTNERS DIRECT LENDING CLO 2024- JCPDL 2024-2A D1       | CUSIP: 471912AL9<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1252923.75   | 2.97%             | 2037-01-20      | Floating      | 8.72%                 | Yes           |                  2 | On Loan: No      |
| VENTURE CLO LIMITED                              | VENTURE XXVIII CLO LTD VENTR 2017-28A A2R                                 | CUSIP: 92331AAW4<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |     77873 | PA      | $77886.90     | 0.18%             | 2030-07-20      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| LCM LTD.                                         | LCM 39 LTD LCM 39A ER                                                     | CUSIP: 50204QAG6<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1000972.00   | 2.37%             | 2034-10-15      | Floating      | 11.26%                | Yes           |                  2 | On Loan: No      |
| TCW CLO LTD                                      | TCW CLO 2017-1A LTD TCW 2017-1A D1R3                                      | CUSIP: 87240NBQ8<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $497814.00    | 1.18%             | 2034-10-29      | Floating      | 8.02%                 | Yes           |                  2 | On Loan: No      |
| NAVESINK CLO LIMITED                             | NAVESINK CLO 1 LTD NAVS 2023-1A D1R                                       | CUSIP: 98886CBA3<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1005000.00   | 2.38%             | 2033-07-25      | Floating      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| LCM LTD.                                         | LCM 40 LTD LCM 40A D1R                                                    | CUSIP: 50190KAW0<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1006498.00   | 2.38%             | 2038-01-15      | Floating      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| WELLFLEET CLO LIMITED                            | WELLFLEET CLO 2021-2 LTD WELF 2021-2A C                                   | CUSIP: 95023AAE0<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    630000 | PA      | $631550.43    | 1.49%             | 2034-07-15      | Floating      | 6.87%                 | Yes           |                  2 | On Loan: No      |
| OWL ROCK TECHNOLOGY FINANCING                    | OWL ROCK TECHNOLOGY FINANCING 2020-1 LLC ORTF 2020-1A A1R                 | CUSIP: 69120TAA4<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | US        |   1250000 | PA      | $1255042.50   | 2.97%             | 2035-10-15      | Floating      | 7.31%                 | Yes           |                  2 | On Loan: No      |
| BENEFIT STREET PARTNERS CLO LTD                  | BATTALION CLO XXVIII LTD CLASS SUB NOTES (144A) SERIES: 25-28A CLASS: SUB | CUSIP: N/A<br>LEI: N/A       | Long             | ABS-CBDO         | CORP              | US        |   1639840 | PA      | $1525051.20   | 3.61%             | 2024-07-15      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| STEELE CREEK CLO                                 | STEELE CREEK CLO 2018-1 LTD STCR 2018-1X A                                | CUSIP: G8462CAA8<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    258580 | PA      | $258643.89    | 0.61%             | 2031-04-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| ATLAS SENIOR LOAN FUND, LTD                      | ATLAS SENIOR LOAN FUND XXIII LTD ATCLO 2024-23A C                         | CUSIP: 04942HAG0<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1004762.00   | 2.38%             | 2037-07-20      | Floating      | 6.67%                 | Yes           |                  2 | On Loan: No      |
| RAD CLO LTD.                                     | RAD CLO 18 LTD RAD 2023-18A ER                                            | CUSIP: 75009BAJ7<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500697.00    | 1.19%             | 2037-07-15      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| VENTURE CLO LIMITED                              | VENTURE 28A CLO LTD VENTR 2017-28AA DR                                    | CUSIP: 92331DBE7<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $830822.30    | 1.97%             | 2034-10-20      | Floating      | 8.15%                 | Yes           |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO LTD                            | MOUNTAIN VIEW CLO 2016-1 LLC MVEW 2016-1A CR2                             | CUSIP: 62432FAU8<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $350951.65    | 0.83%             | 2033-04-14      | Floating      | 6.59%                 | Yes           |                  2 | On Loan: No      |
| OCEAN TRAILS CLO                                 | OCEAN TRAILS CLO IX OCTR 2020-9A D1RA                                     | CUSIP: 67515XBE3<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1243597.50   | 2.94%             | 2038-01-15      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| APIDOS CLO                                       | APIDOS CLO XXXVIII APID 2021-38A E2                                       | CUSIP: 03768YAC5<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $1097224.70   | 2.60%             | 2034-01-21      | Floating      | 12.28%                | Yes           |                  2 | On Loan: No      |
| JEFFERIES CREDIT PARTNERS DIRECT LENDING CLO LTD | JCP DIRECT LENDING CLO SERIES: 24-1A CLASS: SUB                           | CUSIP: 47234UAC6<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | US        |    400000 | PA      | $348000.00    | 0.82%             | 2036-07-25      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| VOYA CLO                                         | VOYA CLO 2017-1 LTD VOYA 2017-1A D                                        | CUSIP: 92916NAA7<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $741747.00    | 1.76%             | 2030-04-17      | Floating      | 10.64%                | No            |                  2 | On Loan: No      |
| THL CREDIT LAKE SHORE MM CLO LTD.                | THL CREDIT LAKE SHORE MM CLO I LTD THLLS 2019-1A A1R                      | CUSIP: 510800AC9<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |   1159956 | PA      | $1160581.31   | 2.75%             | 2033-04-15      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| LCM LTD.                                         | LCM 31 LTD LCM 31A ER                                                     | CUSIP: 50200UAE6<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $440891.00    | 1.04%             | 2034-07-20      | Floating      | 11.52%                | Yes           |                  2 | On Loan: No      |
| MAGNETITE CLO, LIMITED                           | MAGNETITE XXV LTD MAGNE 2020-25A D                                        | CUSIP: 55955GAD5<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250669.00    | 0.59%             | 2032-01-25      | Floating      | 7.84%                 | Yes           |                  2 | On Loan: No      |
| GALLATIN CLO                                     | GALLATIN CLO XI 2024-1 LTD GALL 2024-1A D1                                | CUSIP: 36362HAJ7<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | BM        |   1250000 | PA      | $1254281.25   | 2.97%             | 2037-10-20      | Floating      | 8.27%                 | Yes           |                  2 | On Loan: No      |
| TCW CLO LTD                                      | TCW CLO 2021-2 LTD TCW 2021-2A D                                          | CUSIP: 87190MAL2<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $549305.90    | 1.30%             | 2034-07-25      | Floating      | 7.79%                 | Yes           |                  2 | On Loan: No      |
| OCP CLO LTD                                      | OCP CLO 2024-38 SERIES: 2024-38A                                          | CUSIP: 67120JAC6<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $855000.00    | 2.02%             | 2038-01-21      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| OCEAN TRAILS CLO                                 | OCEAN TRAILS CLO 8 OCTR 2020-8A ERR                                       | CUSIP: 67514WAG2<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $944871.00    | 2.24%             | 2034-07-15      | Floating      | 11.76%                | Yes           |                  2 | On Loan: No      |
| WIND RIVER CLO LTD.                              | THL CREDIT WIND RIVER 2017-3 CLO LTD WINDR 2017-3A CR                     | CUSIP: 97316LAE8<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    240000 | PA      | $240634.56    | 0.57%             | 2035-04-15      | Floating      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| JEFFERIES CREDIT PARTNERS DIRECT LENDING CLO LTD | JEFFERIES CREDIT PARTNERS DIRECT LENDING CLO 2024- JCPDL 2024-1A E        | CUSIP: 47234UAA0<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $243814.25    | 0.58%             | 2036-07-25      | Floating      | 12.53%                | Yes           |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO LTD                            | MOUNTAIN VIEW CLO XVIII LTD MVEW 2024-1A D1                               | CUSIP: 623908AL4<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1209216.00   | 2.86%             | 2037-10-16      | Floating      | 7.91%                 | Yes           |                  2 | On Loan: No      |
| TCW CLO LTD                                      | TCW CLO 2020-1 LTD TCW 2020-1A DR3                                        | CUSIP: 87190CBQ2<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $981098.00    | 2.32%             | 2034-04-20      | Floating      | 7.67%                 | Yes           |                  2 | On Loan: No      |
| CROWN POINT CLO LTD                              | CROWN POINT CLO 7 LTD CRNPT 2018-7A AR                                    | CUSIP: 22846MAJ2<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    343652 | PA      | $343791.89    | 0.81%             | 2031-10-20      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SARANAC CLO LIMITED                              | SARANAC CLO VII LTD SRANC 2014-2A DR                                      | CUSIP: 80317EAL3<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $243846.25    | 0.58%             | 2029-11-20      | Floating      | 7.95%                 | No            |                  2 | On Loan: No      |
| APEX CREDIT CLO LTD                              | APEX CREDIT CLO 12 LTD APEXC 2025-12A D1                                  | CUSIP: 03753GAJ6<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501624.00    | 1.19%             | 2038-04-20      | Floating      | 8.03%                 | Yes           |                  2 | On Loan: No      |
| BLUEMOUNTAIN CLO LTD.                            | BLUEMOUNTAIN CLO 2016-3 LTD BLUEM 2016-3A CR                              | CUSIP: 09628VAS3<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $301094.10    | 0.71%             | 2030-11-15      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| MIDOCEAN CREDIT CLO                              | MIDOCEAN CREDIT CLO SERIES: 24-16A CLASS: SUB                             | CUSIP: 597922AC7<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $755000.00    | 1.79%             | 2037-10-20      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| WELLFLEET CLO LIMITED                            | WELLFLEET CLO LTD SERIES: 24-2A CLASS: SUB                                | CUSIP: 94951FAC2<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | US        |   1014200 | PA      | $791076.00    | 1.87%             | 2038-02-25      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| BENEFIT STREET PARTNERS CLO LTD                  | BENEFIT STREET PARTNERS CLO XV 7/18/2031                                  | CUSIP: 08179NAE7<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | US        |   1895349 | PA      | $1004534.97   | 2.38%             | 2031-07-18      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| BATTALION CLO LTD                                | BATTALION CLO XXVIII LTD BATLN 2025-28A F                                 | CUSIP: 07135BAC2<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $229577.00    | 0.54%             | 2038-01-20      | Floating      | 13.36%                | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-31

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

**Signature:** Glenn Kurdziel

**Name of Signer:** Glenn Kurdziel

**Title:** Controller and Chief Financial Officer