A3 Alternative Credit Fund (AAACX) NPORT-P Alpha Alternative Assets Fund (Dec 2023 report)

ALPHA ALTERNATIVE ASSETS FUND

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited)                

	Shares		Value
COMMON STOCK (6.44%)
FBF 2023-1 LLC Economic Interest(a)		1,200,000	$	1,200,000
TOTAL COMMON STOCK
(Cost $1,200,000)				1,200,000
PREFERRED STOCK (0.97%)
Financial (0.97%)
Annaly Capital 6.500%, Series G, Perp		88		2,174
Annaly Capital Management, Inc., Series F 6.95%(a)		2,000		50,280
Citigroup Capital XIII, 3M CME TERM SOFR + 6.63(b)		250		7,135
Citizens Financial Group, Inc.(b)		3,000		72,000
State Street Corp.(b)		2,000		50,060
Total Financial				181,649
TOTAL PREFERRED STOCK
(Cost $180,878)				181,649

	Principal Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS (5.42%)
Mortgage Securities  (5.42%)
Government National Mortgage Association
Series 2019-H12, 0.008%, 06/20/2069(b)(c)		1,907,368		65,715
Series 2017-H10, 0.020%, 04/20/2067(b)(c)		722,507		22,929
Series 2015-H09, 0.023%, 04/20/2065(b)(c)		495,807		16,766
Series 2017-H02, 0.032%, 01/20/2067(b)(c)		394,102		12,104
Series 2019-H15, 0.033%, 09/20/2069(b)(c)		1,779,636		83,570
Series 2019-H15, 0.034%, 07/20/2069(b)(c)		1,825,381		79,664
Series 2019-H18, 0.045%, 11/20/2069(b)(c)		1,308,717		62,099
Series 2017-H16, 0.066%, 08/20/2067(b)(c)		1,133,972		36,138
Series 2016-H13, 0.116%, 04/20/2066(b)(c)		551,062		29,229

	Principal Amount		Value
Mortgage Securities (continued)
Series 2018-H01, 0.221%, 01/20/2068(b)(c)	$	1,049,828	$	65,880
Series 2018-H04, 0.459%, 02/20/2068(b)(c)		1,501,219		59,566
Series 2017-H20, 0.460%, 10/20/2067(b)(c)		1,107,026		62,513
Series 2017-H16, 0.478%, 08/20/2067(b)(c)		490,004		25,338
Series 2015-H16, 0.514%, 07/20/2065(b)(c)		287,551		14,064
Series 2017-H22, 0.518%, 10/20/2067(b)(c)		387,623		28,120
Series 2016-H16, 0.693%, 06/20/2066(b)(c)		681,159		23,971
Series 2016-H22, 0.782%, 10/20/2066(b)(c)		789,068		31,546
Series 2017-H25, 0.846%, 11/20/2067(b)(c)		1,076,774		38,084
Series 2013-H25, 1.102%, 08/20/2063(b)(c)		509,845		9,309
Series 2013-H13, 1.298%, 06/20/2063(b)(c)		1,142,733		39,083
Series 2014-H07, 1.458%, 05/20/2064(b)(c)		1,187,835		32,936
Series 2014-H21, 1.524%, 10/20/2064(b)(c)		819,774		23,787
Series 2015-H25, 1.576%, 09/20/2065(b)(c)		504,991		12,837
Series 2013-H13, 1.587%, 05/20/2063(b)(c)		1,262,471		37,414
Series 2016-H20, 1.617%, 09/20/2066(b)(c)		844,427		26,963
Series 2018-H07, 1.639%, 03/20/2068(b)(c)		291,443		9,051
Series 2012-H27, 1.719%, 10/20/2062(b)(c)		203,221		6,030
Series 2016-H22, 1.813%, 10/20/2066(b)(c)		956,905		29,664
Series 2015-H23, 1.917%, 09/20/2065(b)(c)		656,323		25,682
Total Mortgage Securities				1,010,052
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $2,811,720)				1,010,052
CORPORATE BOND (11.17%)
Basic Materials  (0.53%)
Freeport-McMoRan, Inc., Senior Unsecured
4.550%, 11/14/2024		100,000		98,997
Communications  (0.43%)
AT&T, Inc., Senior Unsecured
3M CME TERM SOFR + 1.44161%, 06/12/2024(b)		24,000		24,085
Charter Communications Operating LLC / Charter Communications Operating Capital, Senior Secured First Lien
3M CME TERM SOFR + 1.91161%, 02/01/2024(b)		56,000		56,000
Total Communications				80,085

	Principal Amount		Value
Consumer, Cyclical  (1.81%)
Delta Air Lines, Inc., Senior Unsecured
2.900%, 10/28/2024	$	100,000	$	97,412
Ford Motor Credit Co. LLC, Senior Unsecured
5.584%, 03/18/2024		200,000		199,755
General Motors Financial Co., Inc., Senior Unsecured
1D US SOFR + 0.62%, 10/15/2024(b)		9,000		8,986
1D US SOFR + 0.76%, 03/08/2024(b)		31,000		31,002
Total Consumer, Cyclical				337,155
Consumer, Non-cyclical  (1.07%)
Teva Pharmaceutical Finance Netherlands III BV, Senior Unsecured
6.000%, 04/15/2024		200,000		199,512
Energy  (0.78%)
Enbridge, Inc., Senior Unsecured
SOFRINDX + 0.63%, 02/16/2024(b)		15,000		15,004
Occidental Petroleum Corp., Senior Unsecured
3.450%, 07/15/2024		30,000		29,620
6.950%, 07/01/2024		100,000		100,482
Total Energy				145,106
Financial Service Company  (4.02%)
PCS Fund 1, L.P.,
10.000%, 08/25/2028(d)		750,000		749,588
Financials  (1.21%)
Fifth Third Bancorp, Senior Unsecured
3.650%, 01/25/2024		100,000		99,840
Morgan Stanley, Senior Unsecured
1D US SOFR + 0.625%, 01/24/2025(b)		1,000		999
Wells Fargo & Co., Unsecured
4.480%, 01/16/2024		125,000		124,934
Total Financials				225,773
Technology  (0.52%)
VMware LLC, Senior Unsecured
1.000%, 08/15/2024		100,000		97,160

	Principal Amount		Value
Utilities  (0.80%)
Southern California Edison Co., Senior Secured First Lien
SOFRINDX + 0.83%, 04/01/2024(b)	$	150,000	$	150,047
TOTAL CORPORATE BOND
(Cost $2,084,709)				2,083,423

	7 Day Yield			Shares		Value
SHORT TERM SECURITY (79.92%)
Money Market Funds
Fidelity Government Portfolio(e)		5.250	%		14,901,517		14,901,517
							14,901,517
TOTAL SHORT TERM SECURITY
(Cost $14,901,517)							14,901,517
TOTAL INVESTMENTS (103.92%)
(Cost $21,178,824)						$	19,376,641
LIABILITIES IN EXCESS OF OTHER ASSETS (-3.92%)							(731,632	)
NET ASSETS (100.00%)						$	18,645,009

Investment Abbreviations:

SOFR- Secured Overnight Financing Rate

LIBOR Rate:

3M US SOFR - 3 Month SOFR as of December 31, 2023 was 5.33

(a) Non-income producing security.

(b) Floating or variable rate security.  The reference rate is described above.  The rate in effect as of December 31, 2023 is based on the reference rate plus the displayed spread as of the securities last reset date.

(c) Interest-only security.

(d) As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets. Level 3 securities have been fair valued under procedures established by the Board of Trustees. The total value of these securities is $749,588, which represents 4.02% of total net assets of the Fund. Additional information on Level 3 assets can be found in Note 2.  Significant Accounting Policies in the Notes to Portfolio of Investments section.

(e) Represents 7 day effective yield at December 31, 2023.