Alternative Credit Income Fund (RCIAX) NPORT-P Alternative Credit Income Fund (Dec 2021 report)

Alternative Credit Income Fund

PORTFOLIO OF INVESTMENTS

December 31, 2021 (Unaudited)

	Coupon	Reference Rate & Spread	Maturity	Principal		Value
BANK LOANS (35.46%)(a)
Consumer Discretionary (1.22%)
Arrow Purchaser, Inc., First Lien Initial Term Loan	7.75%	1M US L + 6.75%, 1.00% Floor	04/19/2026	$	3,125,000	$	3,125,000
Consumer Staples (3.76%)
8th Avenue Food & Provisions, Inc., Second Lien Term Loan	7.84%	3M US L + 7.75%	10/01/2026		2,500,000		2,387,500
BrightPet, First Lien Term Loan(b)(c)	7.25%	3M US L + 6.25%, 1.00% Floor	10/05/2026		1,985,000		1,985,000
BrightPet, Delayed Draw Term Loan(b)(c)(d)	7.25%	3M US L + 6.25%, 1.00% Floor	10/05/2026		–		–
BrightPet, Revolver(b)(c)(d)	7.25%	3M US L + 6.25%, 1.00% Floor	10/05/2026		337,500		337,500
Florida Food Products LLC, Second Lien Term Loan(b)(c)	8.75%	1M US L + 8.00%, 0.75% Floor	10/08/2029		5,000,000		4,880,000
							9,590,000
Financials (3.13%)
H-CA II, LLC, First Lien Term Loan(b)(c)(e)	14% Cash, 5% PIK	N/A	02/17/2024		2,000,000		2,000,000
Marble Point A&R, First Lien Term Loan(b)(c)	7.00%	3M US L + 6.00%, 1.00% Floor	08/11/2028		3,950,000		3,851,250
Marble Point A&R, Delayed Draw Term Loan(b)(c)(d)	7.00%	3M US L + 6.00%, 1.00% Floor	08/11/2028		166,667		162,500
South Street Securities Holdings, Inc., First Lien Term Loan(b)(c)	9.00%	3M US L + 8.00%, 1.00% Floor	03/24/2026		2,000,000		1,962,800
							7,976,550
Health Care (5.09%)
Outcomes Group Holdings, Inc., Second Lien Term Loan	7.85%	3M US L + 7.50%	10/26/2026		769,231		753,204
Upstream Rehabilitation, Inc., Second Lien Term Loan	8.60%	1M US L + 8.50%	11/20/2027		7,500,000		7,425,000
Viant Medical Holdings, Inc., Second Lien Initial Term Loan	7.85%	1M US L + 7.75%	07/02/2026		5,000,000		4,785,000
							12,963,204
Industrials (5.86%)
Accordion Partners, LLC, First Lien Term Loan(b)(c)	6.50%	3M US L + 5.50%, 1.00% Floor	09/24/2027		4,000,000		3,945,200
Accordion Partners, LLC, Delayed Draw Term Loan(b)(c)(d)	6.50%	3M US L + 5.50%, 1.00% Floor	09/24/2027		–		–
Accurate Background, LLC, First Lien Term Loan(b)(c)	7.00%	3M US L + 6.00%, 1.00% Floor	03/26/2027		3,000,000		2,760,000
Jazz Acquisition, Inc., Second Lien Term Loan	8.10%	1M US L + 8.00%	06/18/2027		4,000,000		3,732,520
Restaurant Technologies, Inc., Second Lien Initial Term Loan	6.60%	1M US L + 6.50%	10/01/2026		4,500,000		4,492,485
							14,930,205
Information Technology (14.45%)
Ancile Solutions, Inc., First Lien Term Loan(b)(c)(e)	8% Cash, 3% PIK	N/A	06/30/2026		4,000,000		3,916,000
DCert Buyer, Inc. Second Lien First Amendment Term Loan Refinancing	7.10%	1M US L + 7.00%	02/19/2029		3,600,000		3,614,994
EagleView Technology Corp., Second Lien Term Loan	8.50%	3M US L + 7.50%, 1.00% Floor	08/14/2026		1,495,652		1,476,957
LANDesk Software, Second Lien Term Loan	7.75%	3M US L + 7.25%, 0.50% Floor	12/01/2028		4,000,000		4,010,020

	Coupon	Reference Rate & Spread	Maturity	Principal		Value
Monotype Imaging Holdings, Inc., First Lien Incremental Term Loan	7.00%	3M US L + 6.00%, 1.00% Floor	10/09/2026	$	2,962,500	$	2,969,906
Newscycle Solutions, First Lien Term Loan(b)(c)	8.00%	3M US L + 7.00%, 1.00% Floor	12/29/2022		1,431,494		1,409,449
Newscycle Solutions, Delayed Draw Term Loan(b)(c)	8.00%	3M US L + 7.00%, 1.00% Floor	12/29/2022		1,519,486		1,496,086
Redstone HoldCo 2 LP, Second Lien Initial Term Loan(b)(c)	8.50%	3M US L + 7.75%, 0.75% Floor	04/27/2029		5,000,000		4,637,500
Secure Acquisition, Inc., Second Lien Term Loan(b)(c)	8.50%	3M US L + 7.75%, 0.75% Floor	12/14/2029		5,000,000		4,875,000
Spectrio, First Lien Term Loan(b)(c)	7.00%	1M US L + 6.00%, 1.00% Floor	12/09/2026		2,802,388		2,802,388
Spectrio, First Lien Delayed Draw Term Loan(b)(c)	7.00%	1M US L + 6.00%, 1.00% Floor	12/09/2026		1,166,159		1,166,159
Virgin Pulse, Inc., First Lien Initial Term Loan(b)(c)	8.00%	6M US L + 7.25%, 0.75% Floor	04/06/2029		4,500,000		4,455,000
							36,829,459
Materials (1.95%)
Ball Metalpack Finco LLC, Second Lien Initial Term Loan	9.75%	3M US L + 8.75%, 1.00% Floor	07/31/2026		5,000,000		4,977,075
TOTAL BANK LOANS
(Cost $90,542,307)							90,391,493
BONDS & NOTES (16.19%)
ASSET BACKED SECURITIES (5.03%)(a)
Collateralized Loan Obligations (5.03%)
Canyon Capital CLO 2014-1, Ltd., Class ER(g)	7.83%	3M US L + 7.70%	01/30/2031		1,000,000		844,343
Jamestown CLO V, Ltd., Class F(g)(h)	5.97%	3M US L + 5.85%	01/17/2027		1,567,840		279,748
JMP Credit Advisors CLO IV, Ltd.(b)(c)	N/A	N/A(f)	07/17/2029		4,836,540		2,129,529
JMP Credit Advisors CLO V, Ltd.(b)(c)	N/A	N/A(f)	07/17/2030		4,486,426		2,600,781
OCP CLO 2013-4, Ltd., Class DR(g)(h)	6.89%	3M US L + 6.77%	04/24/2029		1,000,000		1,000,700
Octagon Investment Partners 36, Ltd., Class F(g)	7.87%	3M US L + 7.75%	04/15/2031		1,000,000		909,181
Octagon Investment Partners XIV, Ltd., Class ER(g)(h)	8.47%	3M US L + 8.35%	07/15/2029		2,132,000		1,870,809
Saranac CLO VII, Ltd., Class ER(g)	6.88%	3M US L + 6.72%	11/20/2029		500,000		417,690
Tralee CLO II, Ltd., Class ER(g)(h)	7.98%	3M US L + 7.85%	07/20/2029		1,000,000		993,880
Tralee CLO II, Ltd., Class FR(g)(h)	8.98%	3M US L + 8.85%	07/20/2029		1,000,000		942,656
Voya CLO 2014-2, Ltd., Class ER(g)	7.82%	3M US L + 7.70%	04/17/2030		1,000,000		835,514
							12,824,831
CONVERTIBLE CORPORATE BONDS (1.19%)
Industrials (1.19%)
Scorpio Tankers, Inc.(h)	3.000%	N/A	05/15/2022		3,025,000		3,032,793
CORPORATE BONDS (9.97%)
Consumer Discretionary (1.75%)
Michaels Cos., Inc.(g)(h)	7.875%	N/A	05/01/2029		4,000,000		3,946,820
Real Hero Merger Sub 2, Inc.(g)(h)	6.250%	N/A	02/01/2029		500,000		499,922
							4,446,742
Consumer Staples (5.54%)
Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc.(g)(h)	8.500%	N/A	12/15/2022		6,011,000		6,122,775
H-Food Holdings LLC / Hearthside Finance Co., Inc.(g)(h)	8.500%	N/A	06/01/2026		7,978,000		7,986,297
							14,109,072
Industrials (2.68%)
New Enterprise Stone & Lime Co., Inc.(g)(h)	9.750%	N/A	07/15/2028		1,000,000		1,071,415
Wolverine Escrow LLC(g)(h)	13.125%	N/A	11/15/2027		4,736,000		3,037,197

	Coupon	Reference Rate & Spread	Maturity	Principal		Value
CORPORATE BONDS (continued)
Wolverine Escrow LLC(g)(h)	8.500%	N/A	11/15/2024	$	2,943,000	$	2,732,693
							6,841,305
TOTAL BONDS & NOTES
(Cost $43,911,131)							41,254,743

	Shares		Value
COMMON EQUITY (11.80%)
Consumer Discretionary (0.55%)
CEC Entertainment, Inc.(i)		79,564		1,412,261
Diversified (10.26%)
Apollo Investment Corp.(h)		106,332		1,359,986
Ares Capital Corp.(h)		214,423		4,543,623
FS KKR Capital Corp.(h)		165,246		3,460,251
PennantPark Floating Rate Capital Ltd.(h)		303,163		3,871,392
Portman Ridge Finance Corp.(h)		25,504		631,479
SLR Investment Corp.(h)		265,211		4,887,839
Trinity Capital, Inc.(h)		100,000		1,758,000
WhiteHorse Finance, Inc.(h)		363,028		5,626,934
				26,139,504
Energy (0.99%)
Whiting Petroleum Corp.(h)(i)		39,046		2,525,495
TOTAL COMMON EQUITY
(Cost $24,201,388)				30,077,260

	Dividend Rate			Shares		Value
PREFERRED STOCK (5.17%)
Consumer Discretionary (1.91%)
Pennfoster(b)(c)		10.750	%		4,959,647		4,860,454
Diversified (2.47%)
Trinity Capital, Inc.(g)(h)		7.000	%		240,000		6,300,000
Financials (0.79%)
Maiden Holdings North America, Ltd.(h)		7.750	%		88,000		2,024,000
TOTAL PREFERRED STOCK
(Cost $12,861,860)							13,184,454

	Shares	Value
PRIVATE INVESTMENT FUNDS (26.78%)
BlackRock Global Credit Opportunities Fund, LP(b)(c)(d)(j)			17,496,135
CVC European Mid-Market Solutions Fund(b)(c)(d)(j)			14,839,394
GSO Credit Alpha Fund II LP(b)(c(d)(j)			8,069,163
Monroe Capital Private Credit Fund III LP(b)(c)(d)(j)			8,789,509

	Shares		Value
PRIVATE INVESTMENT FUNDS (26.78%) (continued)
Tree Line Credit Strategies LP(b)(c)(j)			$	19,062,946
TOTAL PRIVATE INVESTMENT FUNDS
(Cost $66,107,279)				68,257,147
WARRANTS (0.33%)
CEC Entertainment, Inc.(h)(i)		237,941		832,794
TOTAL WARRANTS
(Cost $–)				832,794
SHORT TERM INVESTMENTS (3.49%)
Money Market Funds (3.49%)
First American Government Obligations Fund, 0.04%(k)		8,887,041		8,887,041
TOTAL SHORT TERM INVESTMENTS
(Cost $8,887,041)				8,887,041
INVESTMENTS, AT VALUE (99.22%)
(Cost $246,511,006)			$	252,884,932
Other Assets In Excess Of Liabilities (0.78%)				1,980,487
NET ASSETS (100.00%)			$	254,865,419

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

PIK - Payment in-kind

Reference Rates:

1M US L - 1 Month LIBOR as of December 31, 2021 was 0.10%

3M US L - 3 Month LIBOR as of December 31, 2021 was 0.21%

6M US L - 6 Month LIBOR as of December 31, 2021 was 0.34%

^(a) Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at December 31, 2021. 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.

^(b) Illiquid/restricted security. See chart below.

^(c) As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.

^(d) All or a portion of this commitment was unfunded as of December 31, 2021.

^(e) Payment in kind security which may pay interest in additional par.

^(f) This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses.

^(g) 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, 2021, the aggregate market value of those securities was $33,491,640, representing 13.14% of net assets.

^(h) All or a portion of each of these securities have been segregated as collateral for line of credit. The aggregate market value of those securities was $71,339,498.

⁽ⁱ⁾ Non-income producing security.

^(j) Investment is held through CIF Investments LLC, a wholly-owned subsidiary.

^(k) Money market fund; interest rate reflects seven-day effective yield on December 31, 2021.

Securities determined to be illiquid/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
3/31/2018 - 6/30/2021	BlackRock Global Credit Opportunities Fund, LP	$	16,625,294		$	17,496,135		6.9	%
09/30/2017 - 09/30/2021	CVC European Mid-Market Solutions Fund		14,875,785			14,839,394		5.8	%
6/30/2018 - 3/31/2021	GSO Credit Alpha Fund II LP		7,104,940			8,069,163		3.2	%
9/30/2018 - 12/31/2020	Monroe Capital Private Credit Fund III LP		8,501,260			8,789,509		3.4	%
12/31/2017 - 06/30/2019	Tree Line Credit Strategies LP		19,000,000			19,062,946		7.5	%
6/30/2021 - 9/30/2021	Accordion Partners, LLC, First Lien Term Loan		3,942,143			3,945,200		1.5	%
6/30/2021 - 9/30/2021	Accordion Partners, LLC, Delayed Draw Term Loan		(7,500	)		–		–	%
9/30/21 - 12/31/2021	Accurate Background, LLC, First Lien Term Loan		2,742,000			2,760,000		1.1	%
3/31/2021 - 6/30/2021	Ancile Solutions, Inc., First Lien Term Loan		3,880,712			3,916,000		1.5	%
12/31/2020 - 3/31/2021	BrightPet, First Lien Term Loan		1,951,236			1,985,000		0.8	%
12/31/2020 - 3/31/2021	BrightPet, Delayed Draw Term Loan		92			–		–	%
12/31/2020 - 3/31/2021	BrightPet, Revolver		334,974			337,500		0.1	%
9/30/2021 - 12/31/2021	Florida Food Products LLC, Second Lien Term Loan		4,852,941			4,880,000		1.9	%
12/31/2020 - 3/31/2021	H-CA II, LLC, First Lien Term Loan		2,000,000			2,000,000		0.8	%
6/30/2021 - 9/30/2021	Marble Point A&R, First Lien Term Loan		3,846,930			3,851,250		1.5	%
6/30/2021 - 9/30/2021	Marble Point A&R, Delayed Draw Term Loan		151,056			162,500		0.1	%
12/31/2021 - 3/31/2021	Monotype Imaging Holdings, Inc., First Lien Term Loan		2,935,004			2,969,906		1.2	%
12/31/2020 - 3/31/2021	Newscycle Solutions, First Lien Term Loan		1,411,401			1,409,449		0.6	%
12/31/2020 - 3/31/2021	Newscycle Solutions, Delayed Draw Term Loan		1,508,858			1,496,086		0.6	%
09/30/2020 - 3/31/2021	Pennfoster		4,861,620			4,860,454		1.9	%
3/31/2021 - 6/30/2021	Redstone HoldCo 2 LP, Second Lien Initial Term Loan		4,916,950			4,637,500		1.8	%
9/30/2021 - 12/31/2021	Secure Acquisition, Inc., Second Lien Term Loan		4,875,430			4,875,000		1.9	%
12/31/2020 - 3/31/2021	South Street Securities Holdings, Inc., First Lien Term Loan		1,956,315			1,962,800		0.8	%
12/31/2020 - 3/31/2021	Spectrio, First Lien Term Loan		2,772,228			2,802,388		1.1	%
12/31/2020 - 3/31/2021	Spectrio, First Lien Delayed Draw Term Loan		1,748,511			1,166,159		0.5	%
12/31/2021 - 3/31/2021	Virgin Pulse, Inc., First Lien Initial Term Loan		4,464,695			4,455,000		1.7	%
9/30/2021 - 12/31/2021	JMP Credit Advisors CLO IV, Ltd.		2,318,966			2,129,529		0.8	%
9/30/2021 - 12/31/2021	JMP Credit Advisors CLO V, Ltd.		2,715,343			2,600,781		1.0	%
	Total	$	126,287,184		$	127,459,649		50.0	%

Additional information on investments in private investment funds:

Security	Value		Redemption Frequency	Redemption Notice(Days)	Unfunded Commitments as of December 31, 2021
BlackRock Global Credit Opportunities Fund, LP(a)	$	17,496,135	N/A	N/A	$	6,229,040
CVC European Mid-Market Solutions Fund(b)		14,839,394	N/A	N/A		206,342
GSO Credit Alpha Fund II LP(a)		8,069,163	N/A	N/A		7,895,060
Monroe Capital Private Credit Fund III LP(b)		8,789,509	N/A	N/A		1,498,740
Tree Line Credit Strategies LP		19,062,946	Quarterly	90		N/A
Total	$	68,257,147			$	15,829,182

Unfunded Debt Instruments

Security	Value		Maturity	Unfunded Commitments as of December 31, 2021
BrightPet, Delayed Draw Term Loan	$	–	10/05/2026	$	1,000,000
BrightPet, Revolver		337,500	10/05/2026		162,500
Accordion Partners, LLC, Delayed Draw Term Loan		–	09/24/2027		1,000,000
Marble Point A&R, Delayed Draw Term Loan		162,500	08/11/2028		1,000,000
Total	$	500,000		$	3,162,500
Total Unfunded Commitments				$	18,991,682

^(a) A voluntary withdrawal may be permitted at the General Partner's discretion with the General Partner's consent.

^(b) A voluntary withdrawal may be permitted with the General Partner's prior written consent.