Opportunistic Credit Interval Fund

06/05/2025 | Press release | Distributed by Public on 06/05/2025 13:07

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-23783

(Investment Company Act file number)

Opportunistic Credit Interval Fund

(Exact name of Registrant as specified in charter)

650 Madison Avenue, 3rd Floor

New York, NY 10022

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

Corporation Trust Center, 1209 Orange Street

Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 891-2880

Date of fiscal year end: September 30

Date of reporting period: October 1, 2024- March 31, 2025

Item 1. Reports to Stockholders.

(a)

Table of Contents

Shareholder Letter 1
Portfolio Update 13
Consolidated Schedule of Investments 15
Consolidated Statement of Assets and Liabilities 21
Consolidated Statement of Operations 22
Consolidated Statements of Changes in Net Assets 23
Consolidated Statement of Cash Flows 24
Financial Highlights
Class I 25
Notes to Consolidated Financial Statements 26
Additional Information 40
Consolidated Privacy Notice 42
Opportunistic Credit Interval Fund Shareholder Letter

March 31, 2025 (Unaudited)

Dear Shareholders:

We are pleased to share this semi-annual letter for the Opportunistic Credit Interval Fund (ticker: SOFIX) for six months ended March 31, 2025.

The Fund posted a total net return of 4.17% in the periodi, compared with the Morningstar LSTA Leveraged Loan Index of 2.76%.1

The fund's cumulative performance handily outpaces fixed income benchmarks:

Cumulative returns SOFIX vs. Fixed Income Benchmarks

Opportunistic Credit Income Fund (SOFIX) ii 45.9%
Morningstar / LSTA Loan Total Return Index iii 29.3%

Source: Bloomberg. Total return from 7/5/2022 through March 31, 2025

Before diving deeper into the Fund, however, we wanted to level-set our partners on how we view the broader macro environment. As always, we begin with our investment "Concerns".

Macro Backdrop: The Concerning

Uncertainty Reigns

Investors have confronted near tragicomic uncertainty in early 2025 as policy shifts have threatened to unwind global trading patterns and security alliances. The resulting market selloff has witnessed a nuanced, but nevertheless potentially seismic, event-the decline of the U.S. dollar.

We believe, historically (and logically) the U.S. dollar should rise from tariffs as fewer purchases of overseas goods lowers demand for foreign currency. Additionally, the U.S. dollars has historically served as a haven during market turmoil as investors seek shelter. After the announcement of sweeping levies against Canada, China and Mexico in early March-prompting a selloff in risk-assets-the U.S. dollar, ominously, fell to the lowest level since early December.

One abnormal market response does not make a trend. However, one could surmise the unexpected dollar decline reflects dented confidence in the United States' continued market leadership, broadly, and the U.S. dollar, in particular-both cornerstone of the world economy since Bretton Woods.

1 Bloomberg, Morningstar LSTA US Leveraged Loan TR USD Index (SPBDALB), 09/30/2024 - 03/31/2025, Total Return of 2.76%.

All performance data is annualized unless otherwise noted and is reported net of the Fund's fees and expenses. You cannot invest directly in an index. The Fund's performance may differ substantially from the performance of an index. Because of these differences, the indices shown are not benchmarks, should not be relied upon as an accurate measure of comparison, and are shown only to present a comparison. Past performance does not guarantee future results and investment returns and principal value of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted above. Past performance is not indicative of future results. Current performance may be higher or lower than the performance data quoted above. For performance information current to the most recent month- end, please call toll-free (833) 404-4103 or visit www.opportunisticcreditintervalfund.com. The Fund's Class I commenced operations on July 5, 2022. Past performance benefited from an advantageous inception date for the Fund's strategy, as well as an outsized allocation to deeply discounted assets purchased from distressed sellers. There is no guarantee that such investment or market opportunities will repeat themselves in the future.

Semi-Annual Report | March 31, 2025 1
Opportunistic Credit Interval Fund Shareholder Letter

March 31, 2025 (Unaudited)

This is not to suggest the potential emerging changes are unilaterally bad. As suggested by the chart below, U.S. manufacturing has been crushed by global trade:

The dollar's haven-status has amplified the U.S. industrial demise by increasing the cost of exports.

Nevertheless, the era of free trade, dollar dominance and global security has yielded tremendous economic growth-much to the benefit of U.S. markets and investors, as highlighted in the following chart:

These benefits have broadly lifted U.S. prosperity but have yielded clear "winners" (e.g. investors) and "losers" (e.g. U.S. blue-collar workers). Trying to readdress this imbalance by re-ordering global trade could benefit U.S. manufacturing (in time), but it will likely be costly.

2 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Shareholder Letter

March 31, 2025 (Unaudited)

Lower margins from trade friction will weigh on valuations for many U.S. businesses-threatening the wealth effects our economy has become reliant. Plus, ending the era of "cheap stuff" will reduce discretionary spending by effectively taxing household income.

Beyond the big picture, the recent global unease will likely hinder near-term GDP.

At its core, doubt foments inactivity. Businesses will remain reluctant to make any meaningful capital spending if its source of raw materials and/or export markets remain unsettled. If the U.S. implement clear and specific tariffs, we believe businesses would plan accordingly. Publicly declaring levies, only to shortly thereafter announce their delay, has only prolonged the unknown.

Similarly, household consumption is fundamentally premised on confidence; choosing to spend today is based on optimism about tomorrow. Uncertainty can chill consumption, as reflected by the collapse of consumer sentiment data in recent weeks.

Adding to growth concerns, the potential for tariffs likely pulled forward purchases in the closing days of 2024, robbing GDP from early 2025.

With that backdrop and amid the current haze of uncertainty, we believe the U.S. will be lucky to escape 1H 2025 without a dramatic decline in GDP growth.

Growth engine reversing gears

While headline numbers remain strong, the U.S. job market continues to reflect fractures.

As reflected below, 85% of recent payroll gains have stemmed from just three segments-government, education and healthcare:

Government and 'education & health' as % of payroll growth

Source: BofA Global Investment Strategy, Bloomberg (03/03/2025)

With government workers getting DOGE'd, the U.S. Department of Education threatened with closure and Medicaid in the crosshairs, the sectors that once drove job growth, will likely now drive job losses. Further, data from placement firm Challenger, Gray & Christmas showed that planned layoffs increased 245% in February 2025, levels not seen since the last two recessions.2

Relatedly, many U.S. businesses have begun clamping down on remote work, with Amazon, Dell and Washington Post (among others) having announced stricter office mandates;3 JP Morgan's Jamie Dimon captured frontpage news for his strident anti-WFH commentary.

2 Challenger Job -Cut Announcement, Reuters and LSEG Datastream (03/06/2025)
3 "An Update on Return to Office Policies As We Enter 2025," Forbes, (12/12/2024)
Semi-Annual Report | March 31, 2025 3
Opportunistic Credit Interval Fund Shareholder Letter

March 31, 2025 (Unaudited)

We believe back-to-office provide businesses a backdoor for shrinking their workforce (though "elective attrition") and therefore further reflects labor market deterioration.

Shifting fiscal landscape

The U.S. economy/markets have catapulted past global peers in recent years, in part, due to the (astonishing) $5.6T of tax cuts and spending programs unleashed in the pandemic. However, with debt-to-GDP ratios now at precarious levels (despite a heretofore strong economy) and the administration promising belt tightening, the U.S. fiscal impulse appears to be fading.

The mantle may be tilting to Europe.

The forces that have driven the post-war German economy (cheap Russian natural gas, Chinese demand for goods and U.S. military security) have simultaneously vanished. The resulting economic malaise (with consecutive years of negative GDP) and increased security concerns (amid the United State wavering commitment to Ukraine), may prompt dramatic change.

In recent weeks, Germany has taken steps to lift its constitutional "debt brake" (implemented under Angela Merkel, but whose psychological roots trace to the Weimar Republic), which limits structural deficit to 0.35% of GDP.4 Friedrich Merz, Germany's next chancellor, announced plans for as much as €500bn of deficit spending for rearmament and infrastructure.

In a world of large numbers, perspective can sometimes be challenging. To frame the capital significance of Merz' proposal, €500bn represents roughly 11% of normal German GDP.5 The prospect of greater growth and greater debt issuance saw German bonds suffer their greatest sell-off since the 1990s.

Germany's high savings rate (roughly 20.5% vs. 4.6% in the U.S.) could amplify the fiscal impact if optimism loosens household purse strings.6 Several other Euro nations have pledged greater defense spending as well. Plus, at some point, Ukraine will need to be rebuilt, likely on the back of other European balance sheets.

These changes across the pond could profoundly impact U.S. markets.

As starkly demonstrated below, amid otherwise languid global growth, the United States decade-to-date has enjoyed a wave of overseas capital into our equity markets:

4 Euro Strategy: Germany's Major Fiscal Pivot, CreditSights (03/04/2025)
5 "Shifting Sands," Alpine Macro (03/07/2025)
6 Euro Strategy: Germany's Major Fiscal Pivot, CreditSights (03/04/2025
4 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Shareholder Letter

March 31, 2025 (Unaudited)

These foreign inflows had helped lift the S&P 500 to multi-year highs:7

This international capital has amplified U.S. GDP through the flywheel of wealth effects.

A fiscal tilt to Europe could jeopardize this dynamic if economic growth prompts capital to flee U.S. markets (beset by uncertainty and high valuations) into lower priced overseas markets. Nationalist instincts could amplify this dynamic. Further, last year, a record number of European firms eschewed domestic exchanges to list on U.S. markets.8 We would envision this dynamic may reverse if (what we have previously characterized as) T.I.N.A. U. of A. unwinds.

Macro Backdrop: The Uncertain

Inflation and Rates: The $64,000 Question

Last quarter we noted that tariffs do not necessarily cause broad-based inflation due to changes in consumption, import substitution and FX response. However, we were remiss not to note that tariffs can (as we have seen in recent weeks) change inflation expectations.

Buffeted by tariff headlines (despite modest implementation), higher prices have seeped into the consciousness of U.S. consumers. Increasing egg prices, though wholly unrelated to tariffs, has contributed to this dynamic as grocery items are particularly salient; shoppers confront those prices daily (unlike a new car, for example).

7 We noted that investors cannot invest direct in the S&P 500 Index. Additionally, PE Ratios refers to the ratio of price to earnings for the constituency of the S&P Index
8 PitchBook (02/02/2025)
Semi-Annual Report | March 31, 2025 5
Opportunistic Credit Interval Fund Shareholder Letter

March 31, 2025 (Unaudited)

As shown below, inflation expectations have rocketed:

On-again, off-again tariffs further risks anchoring inflation by keeping the topic front of the news cycle.

The risk is clear. Whether real or perceived, inflation can mute economic activity by eroding consumer confidence. Tangentially, it can also provoke distrust of government institutions writ large, as evidenced by the global electorate punishing incumbents in recent year (i.e. Biden/Harris, Sunak, Trudeau).

Elevated inflation concerns and potential for sluggish GDP has surfaced the risk of Stagflation (the phenomena of higher prices and slower economic growth) as well.

Inflation can undermine GDP, but it nevertheless represents a solvable problem (albeit painfully). As Paul Volker demonstrated, higher rates can arrest higher prices, in time, by sacrificing aggregate demand.

Stagflation, however, is more pernicious because it can immobilize policy makers. Lowering rates (or fiscal stimulus) to jumpstart a lagging economy would only inflame higher prices, while rising rates (or tightening fiscal policy) would further drag GDP.

This backdrop decidedly complicates the interest rate outlook.

Nascent signs that the U.S. economy is losing steam, would seem to suggest the potential for rate cuts.9 Interestingly, the CME is pricing just 0.8% chance the Fed Fund's rate remains at 4.25%-4.50% in December 2025.10

However, in our view, the bar for lowering rates will be high due to inflation expectations. Additionally, the diminished growth outlook has arguably been self-induced-driven by policy versus fundamental degradation. The Fed therefore may be reticent to respond to potentially transitory factors.

Arguably, 1Q 2025 may represent peak uncertainty as the market adjusts to the new administration and therefore recession and inflation concerns may soon fade. For now, we expect the Fed will be stuck in place.

9 Bloomberg, U.S. Generic Government 10 Year Index
10 CME Group FedWatch Tool (03/10/2025)
6 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Shareholder Letter

March 31, 2025 (Unaudited)

Macro Backdrop: The Good

CAPEX Bacchanal

As well documented and evidenced below, U.S. mega-caps plan to ramp capex significantly in 2025, largely related to all things-AI:

History demonstrates that emerging technologies represent a thin reed for markets to attach its hopes. That said, however long the current mania lasts, we believe AI will boost our economy through outsized capital investments and by lifting market values.

Further, even after the bubble pops, these AI enterprises will have built infrastructure that will hopefully accrue to the long-term benefit of our economy.

For instance, the U.S. overallocated to housing in the run-up to 2008. Much of the equity and some of debt got wiped out in the downturn, but the housing stock remained. Imagine how much worse the U.S. housing situation would be without the pre-GFC overbuild.

Any potential AI overinvestment will hopefully follow a similar path. Most companies will likely go bust, but, in time, the data centers, power generation and computing power will find productive uses.

As a final (tangential) thought on AI, Big Tech has gained spectacular wealth and influence in recent decades-perhaps broadly stifling competition. We would highlight that the U.S. government dismantled AT&T in 1984 on anti-competition ground. At its peak, AT&T commanded a $60bn market cap, or roughly $150bn in today's dollars.11 Meanwhile, Apple eclipsed a once unfathomable $4T market cap in 2024.

An unintended consequence of Big Tech dominance, however, may have yielded the U.S. an edge in the artificial intelligence race. U.S. Mega tech's monopoly-esque rents now provide a seemingly bottomless war-chest for private-sector AI investment, which, given the industry's potential winner-take-all dynamics and the (purported) gains of DeepSeek, motivates them to spend.

11 Parmy Olson, Supremacy: AI, ChatGPT and the Race That Will Change the World, St. Martin Press, New York (2024)
Semi-Annual Report | March 31, 2025 7
Opportunistic Credit Interval Fund Shareholder Letter

March 31, 2025 (Unaudited)

Productivity Boost

The uptick in U.S. productivity represents another clear economic positive.

U.S. Labor Productivity increased for the ninth consecutive quarter in 4Q 2024 and annual productivity increased at that highest pace in 14 years (ex. COVID) in 2024:

It would be too early to attribute this leap to AI and more likely reflect two other COVID-related phenomena.

As noted earlier, the normalization of remote work has expanded the size the U.S. workforce. Additionally, difficulties in hiring during the pandemic prompted investment in labor-saving technologies (e.g. plant automation, kiosks at fast food), which have bolstered efficiency.

The recent productivity lift echoes the dot.com era where economic efficiency helped forestall inflation even as the economy roared, enabling Chairman Greenspan to keep interest rates flat.

If the current market regains its footing, this post-pandemic uplift would combat inflation and potentially contribute to the reemergence of the "higher for longer" rate outlook.

The Opportunity: Seek Shelter

Darkening equity outlook

We believe the shifting macro backdrop paints an ominous tableau for equity returns.

Again, reorienting supply chains will come at a cost: either businesses or households will be burdened with added expense. We believe that either path hurts markets.

Further, pulling apart NATO would undermine the stability that has enabled post-war growth. Stability is indispensable for economic gains.

In the near-term, a muted U.S. fiscal outlook, waning consumer confidence and (potentially) resurgent Europe could reverse key factors that have propelled the United States post-COVID economy/markets.

Additionally, money plowed into equities immediately post-election ($140bn in January 2024 alone). Should the administration further signal that "growth" is not paramount, these dollars could cascade out of the market.

8 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Shareholder Letter

March 31, 2025 (Unaudited)

Finally, post-Great Financial Crisis ( or "GFC"), the Fed has seemed to step-in to quell market turmoil despite largely healthy economic conditions- with 2019 providing the most poignant example. After a sudden equity selloff in 4Q 2018, the Fed cut interest rates three times despite little sign of economic deterioration.

Low inflation has been the lodestone for this "Fed put." However, the days of slashing rates with impunity may have died in COVID, limiting the Fed's ability to intervene in the next downturn, which could accelerate a future selloff.

The Fed put is lower than the market believes, in our view.

Compelling Relative Value

After consecutive years of +20% returns, the earnings yield of the Standard and Poor's 500 Index (or "S&P 500") is hovering around 3.45%;12 this yield would further compress should earnings falter.

Stretched valuation amid an unsettled environment screams for investors to crystalize equity gains to increase their credit allocation. Credit will, in our view, provide greater absolute returns for investors while also muting future volatility.

High Yield spreads have backed up roughly ~150 basis points in 2025, but at roughly 454 basis points over Treasuries, remain only modestly wide to historical median and far from compelling value, in our view.13 We concede that all-in yield of 8.2% (helped by high risk-free rates) can be alluring, but believe investors risk downside-volatility if slowing growth ratchets defaults. Plus, High Yield can get mauled in risk-off markets and our investors recognized the structural flaws of many traditional credit vehicles.

We feel the opportunity remains titled towards private markets.

Candidly, heading into 2025, we had a modicum of concern that deregulation would awaken small- and-medium sized banks. However, as the chart below shows, banks have continued to tighten:

Growth risk will likely keep banks pinned to the sidelines.

We have said it before, and we will say it again: not all private credit solutions are the same. Much as there are growth and value equities that provide different attributes, there are different types of private credit.

12 S&P Returns, Bloomberg. Earnings yield for 4Q 2024, Bloomberg as of (04/09/2025)
13 Bank of America High Yield Index Spread (H0A0), as of (04/22/2025) and Median U.S. High Yield Spread 412bps "Spreads Stock and Vol Lower IG>HY," Morgan Stanley (04/21/2025)
Semi-Annual Report | March 31, 2025 9
Opportunistic Credit Interval Fund Shareholder Letter

March 31, 2025 (Unaudited)

As we've shared with our partners for years, the structure of the U.S. credit markets hinders potential returns. Unlike the equity markets, the credit space is dominated by monster firms and monster funds. There are limited returns to scale within fixed income. After a certain point, size can limit returns by hindering dexterity and shrinking the available universe.

This dynamic has recreated itself within private credit. The preponderance of capital in recent years has flowed to a handful of funds, whose size forces them to chase large opportunities. The backdrop will provide tough sledding for these strategies, in our view.

First, tight credits spreads enable fierce competition from the public market. Plus, private credit is no longer a new phenomenon and therefore the public markets have likely been picked over for "easy" private refinancing; adverse selection likely remains. Lastly, large and sponsor-based transactions require just that: transactions. Volatility and shifting macro dynamics will almost certainly chill deal activity, providing fewer opportunities for large cap private credit.

The Opportunistic Credit Interval Fund continues to see a wealth of opportunity in our wheelhouse of non-sponsor direct lending and specialty finance.

Within specialty finance, the Fund recently provided financing to online content producer Pocket.Watch. The company repackages YouTube videos from its creators into 22 minute "shows" for broadcast on streaming platforms Prime and Hulu. Our facility contemplates a low-teen return for assuming Amazon and Hulu (majority owned by Disney) credit risk-arguably among the highest quality non-Sovereign counterparties in the world.

Equipment-leasing and asset-backed lending remain a focus for the Opportunistic Credit Interval Fund, as well. Within this private credit segment, active management and deal pipeline may unlock equity-like returns from 1st-dollar risk, we believe.

Further, these credits do not bear direct earnings risk. Even if a company "misses," our investors collect our monthly lease payments. Should the company and/or the market collapse (due to recession, trade war, etc.), equipment payments are typically the first-priority payment. Term Loan lenders may grant a forbearance, but a company needs to pay for critical equipment to keep its lights on. These payments are rarely interrupted in bankruptcy (to maintain estate value) and hard assets protect investors in the rare case of liquidation.

We believe these are the risk/rewards investors should perhaps consider.

SOFIX recently purchased 60 Day vendor financing for Fulcrum U.S. Holdings, a Value Added Reseller (VAR) platform. This paper is both insured and enjoys "put rights," or the ability to sell back to Fulcrum's equity owners. Potential returns on this investment pencil to the context of 18-19% IRR-noteworthy in any market.

The last growth segment we would highlight is venture lending-also negatively correlated with the economy.

VC firms have been chasing all things AI, to the exclusion to nearly every segment, cooling valuations and capital availability for many growth businesses. Issuing equity in this backdrop has become punitively expensive, leading many firms to seek venture debt solutions.

These venture loans enjoy full collateralization and loan-to-values frequently 30% or lower from the last funding round. Yields typically begin in the mid-teens and with structured upside, total returns push into the high teens.

During the six-month period, the Fund invested in VertexOne, a software provider serving water, gas and electric utility companies; finding a more recession-resistant and trade-immune business would be challenging. Roughly 80% of revenue is recurring and VertexOne has greater than 100% net retention rates.

Finally, our deal benefits from tight covenants (requiring debt paydown sweeps), Board representation and significant equity cushion; we anticipate mid-teens returns with potential upside.

We anticipate the potential for a deluge of opportunities if the economy slows.

Fund Specific Thoughts: Rocketing into 2025 and opportunity abounds

Again, the Fund produced a total return of 4.17% for the six-months ended 3/31/2025 compared to the Morningstar US Levered Loan Index of 2.76%.14

Perhaps more notably, in the first three months of 2025-a period of notable market and geopolitical flux-SOFIX gained 2.53% compared to a negative 4.27% by the SPX Index.15 We caution our partners from measuring us versus equity benchmarks, but highlight this performance to underscore the Fund meeting its core objective: delivering outsized gains while muting volatility.

SOFIX's preferred holding in Care Connectors (reflected as Epilog Partners SPV III, LLC in our Holdings), a healthcare software provider, gained 22% during the half-year period ended 3/31/2025. The company has posted notable growth since our initial underwrite (revenue +27% since 2Q 2024) and further benefited from an acquisition in October 2024.

14 Bloomberg, Morningstar LSTA US Leveraged Loan TR USD Index (SPBDALB), 09/30/2024 - 03/31/2025, Total Return of 2.76%.
15 Bloomberg, SPX Index Total return (12/31/2024 - 03/31/2025)
10 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Shareholder Letter

March 31, 2025 (Unaudited)

Relatedly, we note that healthcare and software represent sectors of focus for BC Partners given their relative isolation from tariffs and trade friction.

The Fund's preferred holding in helmet manufacture Riddell gained 21.1% in the six-month period. We love this business' monopolistic characteristics and (somewhat) jokingly refer to Riddell as a strategically important U.S. asset. Without Riddell, there is no football. Without football, life as we know it in the United States ceases to exist.

Kidding aside, we are in touch with management regarding the impact of tariffs. While levies remain a moving target, the company believes it has pricing power to offset potential higher raw material costs.

A detractor for the Fund in late 2024 / early 2025, had been loans of security software provider, Ivanti. The company's loans slumped after suffering a cyberattack that temporarily disrupted its operations. Ivanti recently structured a capital solution (in which BC Partners participated) that will provide the company runway for recovery. We remain bullish on Ivanti and believe the recent "hack" will prove temporary.

SOFIX's ownership in Princeton MedSpa also provided a performance drag during the period after losing staffing at one of its clinic locations. We maintain an active dialog with management and the company's private equity owners and the operating issue has been reconciled. We are clearly displeased by Princeton MedSpa's execution misstep, we remain extremely constructive on the business given structural trends on health & wellness and experiential spending.

Wrap-up: Amid the haze, the path is clear

Investors should never extrapolate long-term trends from a small amount of information. That said, the first several months of 2025 signal potential for dramatic shifts that could impact the U.S. economy. Markets are typically slow to react to big changes and then, often dramatically over-correct. Investors therefore have an incentive to move early.

Sluggish GDP and tempered equity gains seem increasingly like the base-case for 2025. Fortunately, this backdrop provides a straightforward path for investors: crystalize returns from the furious post-COVID equity rally and expand allocation to private solutions that will thrive amid a slowdown.

Should the market reaccelerate, "higher for longer" would return as market narrative, supporting continued high yield-based returns for our investors.

We are mindful that market turmoil often causes stress-and therefore we are mindful not to cheer the demise of others. Nevertheless, we have been anxiously awaiting a market reset that we believe may be long overdue.

Regards,

Matthias Ederer

Portfolio Manager

Opportunistic Credit Interval Fund

i) Fund performance refers to that of Class I. Reflects six-month returns through 03/31/2025. Past performance is not indicative of future results. The investment return and principal value of an investment will fluctuate. An investor's shares when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Performance figures for periods less than one year are not annualized. For performance information current to the most recent month-end, please call toll-free 1-833-404-4103. The Adviser and the Fund have entered into an Expense Limitation Agreement under which the Adviser has agreed, until at least February 1, 2026 to waive its management fees (excluding any incentive fee) and to pay or absorb the ordinary annual operating expenses of the Fund (excluding incentive fees, all borrowing costs, dividends, amortization/accretion and interest on securities sold short, brokerage commissions, acquired fund fees and expenses and extraordinary expenses), to the extent that its management fees plus the Fund's ordinary annual operating expenses exceed 2.50% per annum of the Fund's average daily net assets attributable to Class I shares. Such Expense Limitation Agreement may not be terminated by the Adviser, but it may be terminated by the Board of Trustees, upon 60 days written notice to the Adviser. Any waiver or reimbursement by the Adviser is subject to repayment by the Fund within the three (3) years from the date the Adviser (or the previous investment adviser) waived any payment or reimbursed any expense, if the Fund is able to make the repayment without exceeding the lesser of the expense limitation in place at the time of the waiver or the current expense limitation and the repayment is approved by the Board of Trustees. See "Management of the Fund."
ii) Fund performance refers to that of Class I. Reflects cumulative returns 7/5/2022 through 03/31/2025. Past performance is not indicative future results. The investment return and principal value of an investment will fluctuate. An investor's shares when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Performance figures for periods less than one year are not annualized. For performance information current to the most recent month-end, please call toll-free 1-833-404-4103.
iii) Morningstar LSTA US Leveraged Loan TR USD Index - The Morningstar LSTA US Leveraged Loan TR USD Index is a market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments. Investors cannot invest directly in an index. Reflects cumulative return 7/5/2022 through 03/31/2025.
Semi-Annual Report | March 31, 2025 11
Opportunistic Credit Interval Fund Shareholder Letter

March 31, 2025 (Unaudited)

Important Information:

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. To obtain a copy of the prospectus containing this and other information, please call (833) 404-4103 or download the file from www.opportunisticcreditintervalfund.com. Read the prospectus carefully before you invest. Past performance is not indicative of future results.

The Fund is distributed by ALPS Distributors, Inc. (ALPS Distributors, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203). Mount Logan Management LLC (the Fund's investment adviser), its affiliates, ALPS Distributors, Inc., and U.S. Bank, N.A. are not affiliated. Investing involves risk. Investment return and the principal value of an investment will fluctuate, and an Investor's shares, when redeemed, may be worth more or less than their original cost.

The Fund is subject to the general risks associated with investing in debt and loan instruments, including market, credit, liquidity, and interest rate risk. The Fund is subject to management and other expenses, which will be paid by the Fund. Because of the risks associated with the Fund's ability to use leverage, an investment in the Fund should be considered speculative and involving a high degree of risk, including the risk of a substantial loss of investment.

There currently is no secondary market for the Fund's shares and the Fund expects that no secondary market will develop. Shares of the Fund will not be listed on any securities exchange, which makes them inherently illiquid. An investment in the Fund's shares is not suitable for investors who cannot tolerate risk of loss or who require liquidity, other than the liquidity provided through the Fund's repurchase policy. Limited liquidity is provided to shareholders only through the Fund's quarterly repurchase offers, regardless of how the Fund performs.

The Fund's distributions policy may, under certain circumstances, have certain adverse consequences to the Fund and its shareholders because it may result in a return of capital, resulting in less of a shareholder's assets being invested in the Fund, and, over time, increase the Fund's expense ratio. Any invested capital that is returned to the shareholder will be reduced by the Fund's fees and expenses, as well as the applicable sales load. Investments in lesser-known, small and medium capitalization companies may be more vulnerable than larger, more established organizations. The sales of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund's NAV.

12 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Portfolio Update

March 31, 2025 (Unaudited)

The Fund's performance figures for the period ended March 31, 2025, compared to its benchmark:

Opportunistic Credit Interval Fund 1 Month Quarter 6 Month YTD 1 Year

Since

Inception

Inception
Opportunistic Credit Interval Fund - NAV 1.13% 2.54% 4.17% 2.54% 7.60% 15.16% 7/1/2022
Morningstar LSTA US Leveraged Loan TR USD Index -0.31% 0.48% 2.76% 0.48% 6.86% 9.74% 7/1/2022

The Morningstar LSTA US Leveraged Loan TR USD Index is a market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments. Investors cannot invest directly in an index.

Past performance is not indicative of future results. The investment return and principal value of an investment will fluctuate. An investor's shares when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Performance figures for periods less than one year are not annualized. As of the Fund's most recent prospectus dated January 28, 2025, the Fund's total annual operating expenses, including acquired fund fees and expenses, before fee waivers is 5.77% for Class I. After fee waivers, the Fund's total annual operating expense is 4.93% for Class I. For performance information current to the most recent month-end, please call toll-free 1-833-404-4103.

Semi-Annual Report | March 31, 2025 13
Opportunistic Credit Interval Fund Portfolio Update

March 31, 2025 (Unaudited)

Comparison of the Change in Value of a $10,000 Investment

Consolidated Portfolio Composition as of March 31, 2025

Asset Type Percent of Net Assets
Bank Loan 87.05%
Preferred Stock 11.04%
Corporate Bond 4.22%
Joint Venture 4.08%
Short-Term Investments 2.17%
Common Equity 1.61%
Equipment Financing 1.51%
Asset Backed Securities 0.19%
Warrants 0.09%
Derivatives 0.00%
Total Investments 111.96%
Liabilities In Excess of Other Assets -11.96%
Net Assets 100.00%

Please see the Consolidated Schedule of Investments for a detailed listing of the Fund's holdings.

14 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Consolidated Schedule of Investments

March 31, 2025 (Unaudited)

Coupon Reference Rate & Spread Maturity Principal Value
BANK LOANS (87.05%)(a)(b)
Communication Services (7.95%)
Neptune Bidco US Inc., First Lien Term Loan A(c) 9.14% 3M SOFR + 4.75%, 0.50% Floor 10/11/2028 $ 2,476,074 $ 2,136,010
Neptune Bidco US Inc., First Lien Term Loan(c) 9.39% 3M SOFR + 5.00%, 0.50% Floor 04/11/2029 2,620,125 2,266,002
Neptune Bidco US Inc., Second Lien Term Loan(c) 14.14% 3M SOFR + 9.75%, 0.75% Floor 10/11/2029 2,000,000 1,872,000
Next Flight Ventures, Delayed Draw Term Loan(c)(d)(e) 14.57% 3M SOFR + 10.00% 12/26/2025 257,817 252,098
Next Flight Ventures, First Lien Term Loan(c)(d) 14.56% 14.56% PIK 12/26/2025 1,208,500 1,184,814
Synamedia Americas Holdings, Inc., First Lien Term Loan(c) 10.80% 1M SOFR + 6.50%, 1.00% Floor 12/05/2028 4,631,466 4,610,168
12,321,092
Consumer Discretionary (1.71%)
PMP OPCO, LLC, Delayed Draw Term Loan(c)(e)(f) -% 1M SOFR + 8.50%, 2.00% Floor 05/31/2029 - (60,769 )
PMP OPCO, LLC, First Lien Term Loan(c)(f) 12.82% 1M SOFR + 8.50%, 2.00% Floor 05/31/2029 1,953,984 1,843,975
PMP OPCO, LLC, Revolver(c)(e)(f) -% 1M SOFR + 8.50%, 2.00% Floor 05/31/2029 - (12,316 )
Riddell Inc., Delayed Draw Term Loan(c)(e)(f) -% 1M SOFR + 6.00%, 1.00% Floor 03/29/2029 - -
Riddell Inc., First Lien Term Loan(c)(f) 10.32% 1M SOFR + 6.00%, 1.00% Floor 03/29/2029 886,364 886,364
2,657,254
Consumer Staples (8.65%)
Alphia, Inc., First Lien Term Loan(c) 9.31% 3M SOFR + 5.00% 10/03/2030 2,970,000 2,922,866
Florida Food Products LLC, First Lien Term Loan(c) 9.56% 3M SOFR + 5.00%, 0.75% Floor 10/18/2028 4,050,709 3,439,315
Global Integrated Flooring Systems Inc., First Lien Term Loan(c)(d) 13.67% 3M SOFR + 8.36%, 1.00% PIK 06/30/2025 1,180,757 669,371
Global Integrated Flooring Systems Inc., Revolver(c)(d) 13.69% 1M SOFR + 8.36%, 1.00% PIK 06/30/2025 12,225 6,930
Jackson Ranch LLC, First Lien Term Loan(c)(d) 13.00% 13.00% PIK 09/20/2027 1,418,617 1,436,350
SPB C-2024, LLC, First Lien Term Loan(c)(d) 13.00% 13.00% PIK 08/19/2027 4,873,418 4,934,336
13,409,168
Financials (29.69%)
AIS Holdco, LLC, First Lien Term Loan(c) 10.30% 3M SOFR + 6.00%, 1.25% Floor 05/21/2029 2,093,480 2,068,568
AIS Holdco, LLC, Revolver(c)(e) -% 3M SOFR + 6.00%, 1.25% Floor 05/21/2029 - (1,190 )
BetaNXT, Inc., First Lien Term Loan(c) 10.05% 3M SOFR + 5.75% 07/01/2029 5,336,225 5,131,314
Broadway Strategic Return Fund LP, Delayed Draw Term Loan(c)(e) 18.00% N/A 03/13/2029 2,450,000 2,440,954
Cor Leonis Limited, Revolver(c)(e) 11.55% 3M SOFR + 7.25%, 1.50% Floor 05/15/2028 5,551,717 5,551,717
Expert Experience Credit Motors, LLC, Revolver(c)(e) 14.82% 1M SOFR + 10.50% 03/29/2026 4,886,757 4,886,757
Lion FIV Debtco Limited, Revolver(c)(e) 15.32% 3M SOFR + 11.00% 10/18/2025 1,221,513 1,217,034
Meridian Venture Partners II LP, First Lien Term Loan(c)(d) 15.50% 15.50% PIK 04/15/2027 2,315,256 2,268,951
OCCAMS Advisory Inc, First Lien Term Loan(c)(d) -% N/A 12/23/2027 2,623,768 2,168,020
PMA Parent Holdings LLC, First Lien Term Loan(c) 9.55% 3M SOFR + 5.25%, 0.75% Floor 01/31/2031 2,802,632 2,764,236
PMA Parent Holdings LLC, Revolver(c)(e) -% 3M SOFR + 5.25%, 0.75% Floor 01/31/2031 - (2,704 )
PocketWatch, Inc., First Lien Term Loan(c) 16.00% N/A 07/15/2027 1,372,649 1,386,513
Resolute Investment Managers Inc, First Lien Term Loan(c) 11.06% 3M SOFR + 6.50% 04/30/2027 4,957,337 4,938,747
RHF VIII Holdings LLC, Revolver(c)(e) 11.69% 1M SOFR + 7.13%, 2.50% Floor 07/02/2026 3,750,000 3,740,000
Royal Palm Equity Partners I L.P., Delayed Draw Term Loan(c)(d)(e) 11.30% 3M SOFR + 7.00%, 11.30% PIK, 2.50% Floor 10/24/2033 56,266 58,635
Royal Palm Equity Partners I L.P., First Lien Term Loan(c)(d)(e) 11.30% 3M SOFR + 7.00%, 11.30% PIK, 2.50% Floor 10/24/2033 3,335 3,335
Royal Palm Equity Partners I L.P., Initial First Lien Term Loan(c)(d) 11.30% 3M SOFR + 7.00%, 11.30% PIK, 2.50% Floor 10/24/2033 602,063 602,063
Royal Palm Equity Partners II L.P., First Lien Term Loan(c)(d) 12.30% 3M SOFR + 7.00%, 12.30% PIK, 2.50% Floor 10/24/2028 43,523 43,275
Russell Investments US Institutional Holdco, Inc., First Lien Term Loan(c)(d) 10.79% 1M SOFR + 5.00%, 1.50% PIK, 1.00% Floor 05/31/2027 4,609,303 4,476,784
TA/WEG HOLDINGS, LLC, 2024 Delayed Draw Term Loan(c)(e) 9.31% 3M SOFR + 5.00% 10/02/2028 2,284,704 2,286,294
TA/WEG HOLDINGS, LLC, Revolver(c)(e) -% 3M SOFR + 5.00% 10/02/2028 - -
46,029,303

See Notes to Consolidated Financial Statements.

Semi-Annual Report | March 31, 2025 15
Opportunistic Credit Interval Fund Consolidated Schedule of Investments

March 31, 2025 (Unaudited)

Coupon Reference Rate & Spread Maturity Principal Value
Health Care (8.30%)
CCMG Buyer, LLC, First Lien Term Loan(c) 9.82% 1M SOFR + 5.50%, 1.00% Floor 05/08/2030 $ 1,571,458 $ 1,571,458
CCMG Buyer, LLC, Revolver(c)(e) -% 1M SOFR + 5.50%, 1.00% Floor 05/08/2030 - -
Dentive LLC, Delayed Draw Term Loan(c)(e) 11.05% 3M SOFR + 6.75%, 0.75% Floor 12/26/2028 1,739,646 1,709,812
Dentive LLC, First Lien Term Loan(c) 11.05% 3M SOFR + 6.75%, 0.75% Floor 12/26/2028 236,412 233,103
IDC Infusion Services, Inc., Delayed Draw Term Loan(c)(e) 10.80% 3M SOFR + 6.50%, 1.00% Floor 07/07/2028 116,591 117,460
IDC Infusion Services, Inc., First Lien Term Loan(c) 10.80% 3M SOFR + 6.50%, 1.00% Floor 07/07/2028 361,380 362,862
IDC Infusion Services, Second Amendment First Lien Term Loan(c) 10.30% 3M SOFR + 6.00%, 1.00% Floor 07/07/2028 3,482,500 3,453,595
PhyNet Dermatology LLC, Delayed Draw Term Loan(c)(e) -% 3M SOFR + 6.50%, 1.00% Floor 10/20/2029 - 6,385
PhyNet Dermatology LLC, First Lien Term Loan(c) 10.79% 3M SOFR + 6.50%, 1.00% Floor 10/20/2029 480,454 478,677
Radiology Partners, Inc, First Lien Term Loan(c)(d) 9.59% 3M SOFR + 3.50%, 1.50% PIK, 1.00% Floor 01/31/2029 2,008,227 1,940,760
South Florida ENT Associates, Delayed Draw Term Loan(c)(e) 10.66% 1M SOFR + 6.25% 12/31/2025 124,158 123,337
South Florida ENT Associates, First Lien Term Loan(c) 11.41% 3M SOFR + 7.00%, 1.00% Floor 12/31/2025 389,507 388,689
USN Opco, LLC, First Lien Term Loan(c) 10.20% 3M SOFR + 5.75%, 1.00% Floor 12/21/2026 2,475,000 2,475,000
12,861,138
Industrials (7.28%)
Astro Acquisition, LLC, First Lien Term Loan(c) 9.72% 6M SOFR + 5.50%, 1.00% Floor 12/13/2027 3,960,000 3,940,992
Marvel APS, Delayed Draw Term Loan(c)(d)(g) 10.00% 10.00% PIK 12/21/2027 3,449,768 4,072,681
Material Handling Systems, Inc., First Lien Term Loan(c) 9.76% 3M SOFR + 5.50%, 0.50% Floor 06/08/2029 1,563,942 1,330,915
Tactical Air Support, Inc., Delayed Draw Term Loan(c) 12.94% 3M SOFR + 8.50%, 1.00% Floor 12/22/2028 278,571 276,816
Tactical Air Support, Inc., First Lien Term Loan(c) 12.94% 3M SOFR + 8.50%, 1.00% Floor 12/22/2028 1,671,429 1,660,899
11,282,303
Information Technology (20.25%)
Athos Merger Sub LLC, Second Lien Term Loan(c) 12.82% 3M SOFR + 8.25% 07/30/2027 160,771 147,636
DCert Buyer, Inc., First Amendment Term Loan Refinancing, Second Lien Term Loan(c) 11.32% 1M SOFR + 7.00% 02/16/2029 3,532,961 2,888,196
DRI HOLDING INC., First Lien Term Loan(c) 9.67% 1M SOFR + 5.25%, 0.50% Floor 12/15/2028 496,901 494,262
Enverus Holdings, Inc., Initial First Lien Term Loan(c) 9.82% 1M SOFR + 5.50%, 0.75% Floor 12/12/2029 805,950 801,839
Enverus Holdings, Inc., Revolver(c)(e) -% 1M SOFR + 5.50%, 0.75% Floor 12/12/2029 - (379 )
Fulcrum US Holdings, Inc., First Lien Term Loan(c) 13.50% PRIME + 6.00% 05/20/2025 4,000,000 4,000,000
HDC / HW Intermediate Holdings, LLC, First Lien Term Loan A(c)(d) 8.75% 3M SOFR + 1.00%, 2.50% PIK, 5.25% Floor 06/21/2026 932,717 743,842
HDC / HW Intermediate Holdings, LLC, First Lien Term Loan B(c)(d)(h) -% 3M SOFR + 1.00%, 2.50% PIK, 5.25% Floor 06/21/2026 654,283 -
Help Systems Holdings, Inc., First Lien Term Loan(c) 8.39% 3M SOFR + 4.00%, 0.75% Floor 11/19/2026 2,470,103 2,267,554
Ivanti Software, Inc., First Lien Term Loan(c) 8.82% 3M SOFR + 4.25%, 0.75% Floor 12/01/2027 2,437,671 1,886,203
Kofax, Inc., First Lien Term Loan(c) 9.64% 3M SOFR + 5.25%, 0.50% Floor 07/20/2029 2,562,311 2,227,212
Morae Global Corporation, First Lien Term Loan(c) 12.45% 3M SOFR + 8.00%, 2.00% Floor 10/26/2026 1,271,875 1,263,099
Morae Global Corporation, Revolver(c)(e) -% 3M SOFR + 8.00%, 2.00% Floor 10/26/2026 - (863 )
PEAK Technology Partners, Inc., First Lien Term Loan(c) 9.82% 1M SOFR + 5.50%, 1.00% Floor 07/22/2027 612,160 604,997
Riskonnect Parent LLC, Delayed Draw Term Loan(c)(e) -% 3M SOFR + 4.75%, 0.75% Floor 12/07/2028 - 9,000
Riskonnect Parent LLC, First Lien Term Loan(c) 9.05% 3M SOFR + 4.75%, 0.75% Floor 12/07/2028 1,212,874 1,202,929
Tank Holding Corp., First Lien Term Loan(c) 10.17% 6M SOFR + 5.75%, 0.75% Floor 03/31/2028 1,824,797 1,764,122
Tank Holding Corp., Revolver(c)(e) -% 3M SOFR + 4.75%, 0.75% Floor 03/31/2028 - (227 )
Taoglas Group Holdings Limited, First Lien Term Loan(c) 11.55% 3M SOFR + 7.25%, 1.00% Floor 02/28/2029 307,723 295,938
Taoglas Group Holdings Limited, Revolver(c)(e) 11.54% 3M SOFR + 7.25%, 1.00% Floor 02/28/2029 69,727 66,166
VTX Intermediate Holdings, Inc., First Lien Term Loan(c)(d) 11.56% 1M SOFR + 6.00%, 1.00% PIK, 2.00% Floor 12/12/2029 3,059,965 3,033,344
VTX Intermediate Holdings, Inc., Second Lien Term Loan(c)(d) 12.50% 12.50% PIK 12/12/2030 4,948,093 4,818,453
Zywave, Inc., First Lien Term Loan(c) 8.95% 3M SOFR + 4.50%, 0.75% Floor 11/12/2027 2,951,328 2,880,776
31,394,099

See Notes to Consolidated Financial Statements.

16 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Consolidated Schedule of Investments

March 31, 2025 (Unaudited)

Coupon Reference Rate & Spread Maturity Principal Value
Real Estate (3.22%)
RHF VI Funding LLC, Revolver(c) 12.06% 3M SOFR + 7.50% 08/19/2025 $ 5,000,000 $ 5,000,000
TOTAL BANK LOANS
(Cost $135,655,193) 134,954,357
Shares Value
COMMON EQUITY (1.61%)(b)
Communication Services (-%)
Next Flight Ventures(c)(i) 23 -
NFV Co-Pilot, Inc.(c)(i) 114 -
-
Consumer Discretionary (0.08%)
IFRG Investor III, L.P.(c)(i) 1,281,011 122,205
Diversified (1.40%)
Franklin BSP Capital Corp(c) 154,206 2,178,444
Financials (0.08%)
AQ Phoenix Parent, L.P.(c)(i)(j) 53,470 128,862
Information Technology (0.05%)
HDC / HW Intermediate Holdings, LLC(c)(i) 24,803 -
VTX Holdings, LLC(c)(i) 2,486,597 72,461
72,461
TOTAL COMMON EQUITY
(Cost $3,145,470) 2,501,972
ASSET BACKED SECURITIES (0.19%)(a)(b)
Financials (0.19%)
Mount Logan Funding 2018-1 LP(a)(c)(f) 22.14% N/A 01/22/2033 479,858 288,635
TOTAL ASSET BACKED SECURITIES
(Cost $430,120) 288,635
CORPORATE BONDS (4.22%)(a)(b)
Financials (4.22%)
EJF CRT 2024-R1 LLC, Class R1(a)(c) 12.12% N/A 12/17/2055 6,545,420 6,545,420
TOTAL CORPORATE BONDS
(Cost $6,545,420) 6,545,420
EQUIPMENT FINANCING (1.51%)
Financials (1.51%)
White Oak Equipment Finance 1, LLC(a)(b)(c)(j) 10.75% N/A 01/01/2027 2,348,160 2,348,160
TOTAL EQUIPMENT FINANCING
(Cost $2,348,160) 2,348,160

See Notes to Consolidated Financial Statements.

Semi-Annual Report | March 31, 2025 17
Opportunistic Credit Interval Fund Consolidated Schedule of Investments

March 31, 2025 (Unaudited)

Shares Value
JOINT VENTURE (4.08%)(b)
Joint Venture (4.08%)
Great Lakes Funding II LLC, Series A(e)(f)(k)(l) 7,998,948 $ 6,323,288
TOTAL JOINT VENTURE
(Cost $6,597,389) 6,323,288
Shares Value
PREFERRED STOCK (11.04%)(b)
Communication Services (2.30%)
Highmount DP SPV, LLC, Class A, Preferred(c)(e)(i)(j) 3,571,429 3,571,429
Consumer Discretionary (5.90%)
EBSC Holdings LLC (Riddell, Inc.), Preferred(a)(c)(d)(f) 10.00% PIK 5,517,589 6,345,227
Princeton Medspa Partners, LLC(a)(c)(d)(f)(j) 12.50% PIK 3,837,529 2,798,156
9,143,383
Health Care (2.84%)
Epilog Partners SPV III, LLC(c)(e)(i)(j) 3,538,399 4,399,518
TOTAL PREFERRED STOCK
(Cost $16,401,677) 17,114,330
WARRANTS (0.09%)(b)
Consumer Discretionary (0.05%)
Princeton Medspa Partners, LLC(c)(f)(i)(j) 0.09 72,803
Information Technology (0.04%)
Morae Global Holdings Inc.(c)(i) 1 70,595
TOTAL WARRANTS
(Cost $52,195) 143,398
SHORT-TERM INVESTMENT (2.17%)
Money Market Funds (2.17%)
US BANK MMDA - USBGFS 9, 4.20%(b)(m) 3,365,328 3,365,328
TOTAL SHORT-TERM INVESTMENT
(Cost $3,365,328) 3,365,328
Number of
Contracts 		Value
DERIVATIVES (-%)(b)
Consumer Discretionary (-%)
Princeton Medspa Partners, LLC, Put Option(c)(f)(i)(j) 3,500,000 -
Health Care (-%)
Epilog Partners SPV III, LLC, Put Option(c)(i)(j) 3,500,000 -
TOTAL DERIVATIVES
(Cost $-) -

See Notes to Consolidated Financial Statements.

18 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Consolidated Schedule of Investments

March 31, 2025 (Unaudited)

INVESTMENTS, AT VALUE (111.96%)
(Cost $174,540,952) $ 173,584,888
Liabilities In Excess of Other Assets (-11.96%) (18,546,344 )
NET ASSETS (100.00%) $ 155,038,544

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

PIK - Payment in-kind

Libor Rates:

1M US SOFR - 1 Month US SOFR as of March 31, 2025 was 4.32%

3M US SOFR - 3 Month US SOFR as of March 31, 2025 was 4.28%

6M US SOFR - 6 Month US SOFR as of March 31, 2025 was 4.22%

PRIME - PRIME Rate as of March 31, 2025 was 7.50%

(a) Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2025. 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) These investments are pledged to secure the Fund's debt obligations.
(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) Payment in-kind security which may pay interest in additional par.
(e) All or a portion of this commitment was unfunded as of March 31, 2025.
(f) Affiliated company.
(g) Principal balance denominated in euros.
(h) Non-accrual investment.
(i) Non-income producing security.
(j) Investment is held through SOFIX Master Blocker, LLC, wholly owned subsidiary.
(k) Restricted security.
(l) During the period ended March 31, 2025, the Fund invested $578,989 in Great Lakes Funding II, LLC - Series A units, received a return of capital distribution of $176,818, and reported change in unrealized depreciation of $428,981 on Great Lakes Funding II, LLC - Series A units. Additionally, Great Lakes Funding II LLC - Series A declared distributions of $464,126 during the period ended March 31, 2025.
(m) Money market fund; interest rate reflects seven-day effective yield on March 31, 2025.

See Notes to Consolidated Financial Statements.

Semi-Annual Report | March 31, 2025 19
Opportunistic Credit Interval Fund Consolidated Schedule of Investments

March 31, 2025 (Unaudited)

Additional information on investments in private investment funds:

Security Value Redemption
Frequency 		Redemption
Notice(Days) 		Unfunded
Commitments
as of
March 31, 2025
Great Lakes Funding II LLC, Series A(a) $ 6,323,288 N/A N/A $ 1,401,559
Total $ 6,323,288 $ 1,401,559
Unfunded Commitments:
Security Value Maturity Date Unfunded Balance
AIS Holdco, LLC, Revolver $ (1,190 ) 05/21/2029 $ 100,000
Broadway Strategic Return Fund LP, Delayed Draw Term Loan 2,440,954 03/13/2029 2,800,000
CCMG Buyer, LLC, Revolver - 05/08/2030 250,000
Cor Leonis Limited, Revolver 5,551,717 05/15/2028 1,448,283
Dentive LLC, Delayed Draw Term Loan 1,709,812 12/26/2028 1,369,500
Enverus Holdings, Inc., Revolver (379 ) 12/12/2029 74,324
Epilog Partners SPV III, LLC 4,399,518 N/A 241,601
Expert Experience Credit Motors, LLC, Revolver 4,886,757 03/29/2026 363,243
Highmount DP SPV, LLC, Class A, Preferred 3,571,429 N/A 1,428,571
IDC Infusion Services, Inc., Delayed Draw Term Loan 117,460 07/07/2028 16,234
Lion FIV Debtco Limited, Revolver 1,217,034 10/18/2025 58,333
Morae Global Corporation, Revolver (863 ) 10/26/2026 125,000
Next Flight Ventures, Delayed Draw Term Loan 252,098 12/26/2025 69,300
PhyNet Dermatology LLC, Delayed Draw Term Loan 6,385 10/20/2029 1,013,464
PMA Parent Holdings LLC, Revolver (2,704 ) 01/31/2031 197,368
PMP OPCO, LLC, Delayed Draw Term Loan (60,769 ) 05/31/2029 1,312,500
PMP OPCO, LLC, Revolver (12,316 ) 05/31/2029 218,750
RHF VIII Holdings LLC, Revolver 3,740,000 07/02/2026 1,250,000
Riddell Inc., Delayed Draw Term Loan - 03/29/2029 90,909
Riskonnect Parent LLC, Delayed Draw Term Loan 9,000 12/07/2028 5,000,000
Royal Palm Equity Partners I L.P., Delayed Draw Term Loan 58,635 10/24/2033 315,879
Royal Palm Equity Partners I L.P., First Lien Term Loan 3,335 10/24/2033 70,963
South Florida ENT Associates, Delayed Draw Term Loan 123,337 12/31/2025 44,415
TA/WEG HOLDINGS, LLC, 2024 Delayed Draw Term Loan 2,286,294 10/02/2028 158,982
TA/WEG HOLDINGS, LLC, Revolver - 10/02/2028 207,900
Tank Holding Corp., Revolver (227 ) 03/31/2028 6,848
Taoglas Group Holdings Limited, Revolver 66,166 02/28/2029 16,270
Total $ 30,361,483 $ 18,248,637
Total Unfunded Commitments $ 19,650,196
(a) A voluntary withdrawal may be permitted at the General Partner's discretion with the General Partner's consent.

See Notes to Consolidated Financial Statements.

20 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Consolidated Statement of Assets and Liabilities

March 31, 2025 (Unaudited)

ASSETS
Investments, at value (Cost $155,428,835) $ 155,099,525
Affiliated investments, at value (Cost $19,112,117) 18,485,363
Cash -
Interest and distributions receivable 2,631,939
Receivable for fund shares sold 116,952
Prepaid expenses and other assets 87,137
Total assets $ 176,420,916
LIABILITIES
USB Credit Facility (Cost $20,454,567) 20,460,170
Interest on line of credit payable 104,681
Due to Adviser 151,478
Administration fees payable 204,753
Incentive fees payable 298,530
Accrued expenses and other liabilities 162,760
Total liabilities 21,382,372
NET ASSETS $ 155,038,544
NET ASSETS CONSISTS OF
Paid-in capital $ 156,270,269
Total accumulated deficit (1,231,725 )
NET ASSETS $ 155,038,544
Common Shares:
Institutional
Net assets $ 155,038,544
Shares of beneficial interest outstanding (no par value; unlimited shares) 13,456,009
Net asset value $ 11.52

See Notes to Consolidated Financial Statements.

Semi-Annual Report | March 31, 2025 21
Opportunistic Credit Interval Fund Consolidated Statement of Operations

For the Six Months Ended March 31, 2025 (Unaudited)

INVESTMENT INCOME
Interest $ 7,425,990
Interest from affiliated investments 236,945
Dividends 79,963
Dividends from affiliated investments 464,126
Payment-in-kind interest - Non-Affiliates 1,011,800
Payment-in-kind interest - Affiliates 492,421
Other income 360,129
Total investment income 10,071,374
EXPENSES
Investment advisory fees (Note 4) 1,013,921
Incentive fees (Note 4) 1,092,637
Administrative fees (Note 4) 290,114
Sub-administrative fees (Note 4) 172,257
Transfer agent fees (Note 4) 61,212
Interest expense and borrowing costs (Note 7) 487,514
Professional fees 268,416
Printing expense 23,004
Registration fees 23,656
Custody fees 7,345
Insurance expense 75,961
Trustee fees and expenses 20,203
Other expenses 78,674
Total expenses 3,614,914
Fees waived by Adviser net of recoupment (Note 4) (179,312 )
Incentive fees voluntarily waived by Adviser (250,000 )
Total net expenses 3,185,602
NET INVESTMENT INCOME 6,885,772
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain on non-affiliated investments 103,955
Net realized loss on foreign currency transactions (2,603 )
Total net realized gain 101,352
Net change in unrealized depreciation on non-affiliated investments (262,794 )
Net change in unrealized depreciation on affiliated investments (773,900 )
Net change in unrealized depreciation on debt denominated in foreign currency 101,916
Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies (330 )
Total net change in unrealized depreciation (935,108 )
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS (833,756 )
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 6,052,016

See Notes to Consolidated Financial Statements.

22 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Consolidated Statements of
Changes in Net Assets
For the Six Months
Ended
March 31, 2025
(Unaudited) 		For the
Year Ended
September 30, 2024
OPERATIONS
Net investment income $ 6,885,772 $ 8,760,338
Net realized gain/(loss) on investments 103,955 (837,251 )
Net realized gain/(loss) on foreign currency transactions (2,603 ) 18,869
Net change in unrealized depreciation on investments (1,036,694 ) (625,560 )
Net change in unrealized (appreciation)/depreciation on debt denominated in foreign currency 101,916 (107,519 )
Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies (330 ) (31 )
Net increase in net assets resulting from operations 6,052,016 7,208,846
DISTRIBUTIONS TO SHAREHOLDERS
Total Distributable Earnings
Institutional (6,556,323 ) (8,708,286 )
From return of capital:
Institutional - (1,379,220 )
Total distributions to shareholders (6,556,323 ) (10,087,506 )
COMMON SHARE TRANSACTIONS
Institutional
Proceeds from sales of shares 21,350,754 118,846,338
Distributions reinvested 648,644 984,406
Cost of shares redeemed (12,170,561 ) (9,133,342 )
Net increase from share transactions 9,828,837 110,697,402
Total net increase from net assets 9,324,530 107,818,742
NET ASSETS
Beginning of period 145,714,014 37,895,272
End of period $ 155,038,544 $ 145,714,014
OTHER INFORMATION
Common Shares Transactions
Institutional
Issued 1,844,879 10,108,535
Distributions reinvested 56,723 84,977
Redeemed (1,058,643 ) (786,520 )
Net increase in shares 842,959 9,406,992

See Notes to Consolidated Financial Statements.

Semi-Annual Report | March 31, 2025 23
Opportunistic Credit Interval Fund Consolidated Statement of Cash Flows

For the Six Months Ended March 31, 2025 (Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:
Net decrease in net assets from operations $ 6,052,016
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchase of investment securities (40,204,207 )
Proceeds from sale of investment securities 14,309,978
Proceeds from sale of short-term investment securities - net 1,393,614
Amortization of premium and accretion of discount on investments (791,204 )
Payment-in-kind income (1,504,221 )
Net realized (gain)/loss on:
Investments (101,352 )
Net change in unrealized (appreciation)/depreciation on:
Investments 1,037,024
Debt (101,916 )
(Increase)/Decrease in assets:
Interest and distributions receivable (997,752 )
Prepaid expenses and other assets 303,709
Increase/(Decrease) in liabilities:
Due to Adviser 103,958
Interest on line of credit payable 50,524
Administration fees payable 5,262
Due to Custodian (1,085 )
Transfer agency fees payable (79,269 )
Incentive fees payable (193,054 )
Accrued expenses and other liabilities (5,648 )
Net cash used in operating activities $ (20,723,623 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sales of shares 21,787,822
Cost of shares redeemed (12,170,561 )
Borrowings on US Bank Line of Credit 28,700,000
Repayment on US Bank Line of Credit (11,700,000 )
Cash distributions paid (5,907,679 )
Net cash provided by financing activities 20,709,582
Net change in cash & cash equivalents $ (14,041 )
Effect of exchange rate changes on cash $ (2,933 )
Restricted and unrestricted cash, beginning of period $ 16,974
Restricted and unrestricted cash, end of period $ -
Non-cash financing activities not included herein consist of reinvestment of distributions of: $ 648,644
Cash paid for interest on line of credit during the year was: $ 417,937

See Notes to Consolidated Financial Statements.

24 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

For the Six
Months
Ended
March 31, 2025
(Unaudited) 		Year Ended
September 30,
2024 		Year Ended
September 30,
2023 		For the Period
Ended
September 30,
2022(a)
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.55 $ 11.82 $ 10.12 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income(b) 0.54 1.04 1.49 0.05
Net realized and unrealized gain/(loss) on investments (0.07 ) (0.21 ) 1.48 (c) 0.07
Total income from investment operations 0.47 0.83 2.97 0.12
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (0.50 ) (0.94 ) (1.27 ) -
From return of capital - (0.16 ) - -
Total distributions (0.50 ) (1.10 ) (1.27 ) -
INCREASE/(DECREASE) IN NET ASSET VALUE (0.03 ) (0.27 ) 1.70 0.12
NET ASSET VALUE, END OF PERIOD $ 11.52 $ 11.55 $ 11.82 $ 10.12
TOTAL RETURN(d) 4.17 %(e)(f) 7.32 %(f) 30.31 %(f) 1.20 %
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s) $ 155,039 $ 145,714 $ 37,895 $ 2,324
RATIOS TO AVERAGE NET ASSETS(g)
Including incentive fees, interest expense and interest amortization/accretion on securities sold short:
Expenses, gross 4.87 %(h) 4.58 % 11.00 % 58.09 %(h)
Expenses, net of voluntary incentive waiver 4.53 %(h) 4.58 % 11.00 % 58.09 %(h)
Expenses, net of all fees waived/expenses reimbursed by Adviser 4.29 %(h) 3.74 % 2.80 % 2.50 %(h)
Excluding incentive fees, interest expense and interest amortization/accretion on securities sold short:
Expenses, gross 2.74 %(h) 3.34 % 10.70 % 58.09 %(h)
Expenses, net of voluntary incentive waiver 2.40 %(h) 3.34 % 10.70 % 58.09 %(h)
Expenses, net of all fees waived/expenses reimbursed by Adviser 2.16 %(h) 2.50 % 2.50 % 2.50 %(h)
Net investment income 9.28 %(h) 8.84 % 12.79 % 2.24 %(h)
PORTFOLIO TURNOVER RATE 10 %(i) 18 % 63 % 106 %(i)
BORROWINGS AT END OF YEAR
Aggregate amount outstanding (000s) $ 20,460 $ 3,562 $ - $ -
Asset coverage per $1,000 (000s) $ 8,578 $ 41,907 $ - $ -
(a) The Fund's Institutional Class commenced operations on July 5, 2022.
(b) Per share numbers have been calculated using the average shares method.
(c) The amount shown for a share outstanding throughout the period is not indicative of the aggregate net realized and unrealized gain on investments for that period because of the timing of sales and repurchases of the Fund shares in relation to fluctuating market value of the investments in the Fund.
(d) Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distribution, if any. Had the Adviser not absorbed a portion of Fund expenses, total returns would have been lower. Returns shown exclude applicable sales charges.
(e) 0.17% of the Fund's total return consists of a reimbursement by the Adviser for a voluntary incentive fee waiver. Excluding this item, total return would have been 4.00%.
(f) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from net asset values and returns for shareholder transactions.
(g) Ratios do not include expenses of underlying investment companies and private investment funds in which the Fund invests.
(h) Annualized.
(i) Not annualized.

See Notes to Consolidated Financial Statements.

Semi-Annual Report | March 31, 2025 25
Opportunistic Credit Interval Fund Notes to Consolidated Financial Statements

March 31, 2025 (Unaudited)

1. ORGANIZATION

Opportunistic Credit Interval Fund (the "Fund") is a closed-end, non-diversified management Investment Company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is structured as an interval fund and continuously offers its shares. The Fund was organized as a Delaware statutory trust on January 21, 2022. The Fund inception date was July 1, 2022 and commenced operations on July 5, 2022.

The Fund may issue an unlimited number of shares of beneficial interest. All shares of the Fund have equal rights and privileges. Each share of the Fund is entitled to one vote on all matters as to which shares are entitled to vote. In addition, each share of the Fund is entitled to participate, equally with other shares (i) in dividends and distributions declared by the Fund and (ii) upon liquidation, in the distribution of its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares of the Fund are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional shares have proportionately the same rights, including voting rights, as are provided for a full share. The Fund offers one class of shares: Class I shares.

The Fund's investment objectives are to produce current income and capital appreciation. The Fund will seek to meet its investment objectives by investing primarily in credit-related instruments of North American and European issuers. The Fund defines credit-related instruments as debt, loans, loan participations, credit facility commitments, asset and lease pool interests, mortgage servicing rights, preferred shares, and swaps linked to credit-related instruments. The Fund's investments will focus on privately originated credit investments as well as secondary credit investments. The Fund does not invest in instruments of emerging market issuers. The Fund will invest without restriction as to an instrument's maturity, structure, seniority, interest rate formula, currency, and without restriction as to issuer capitalization or credit quality. Lower credit quality debt instruments, such as leveraged loans and high yield bonds, are commonly referred to as "junk" bonds. The Fund defines junk bonds as those rated lower than Baa3 by Moody's Investors Services, Inc. ("Moody's") or lower than BBB by Standard and Poor's Rating Group ("S&P"), or, if unrated, determined by the Adviser to be of similar credit quality.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in credit-related instruments. The Fund defines credit-related instruments as debt, loans, loan participations, credit facility commitments, asset and lease pool interests, mortgage servicing rights, preferred shares, and swaps linked to credit-related instruments.

Mount Logan Management LLC (the "Adviser") serves as the Fund's investment adviser.

On January 16, 2024, the Fund formed a wholly-owned taxable subsidiary, SOFIX Master Blocker, LLC (the "Taxable Subsidiary"), a Delaware limited liability company, which is taxed as a corporation for U.S. federal income tax purposes. The Taxable Subsidiary allows the Fund to make equity investments in companies organized as pass-through entities while continuing to satisfy the requirements of a Regulated Investment Company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Fund in preparation of its consolidated financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"). The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services - Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of the Fund are necessary for the fair presentation of the financial position and results of operations as of and for the periods presented herein.

The Fund is considered an investment company for financial reporting purposes under U.S. GAAP and therefore applies the accounting and reporting guidance applicable to investment companies. The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the year. Actual results could differ from those estimates, and such difference could be material. In accordance with U.S. GAAP guidance on consolidation, the Fund will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund. Accordingly, the Fund consolidated the accounts of the Fund's wholly-owned subsidiary, the Taxable Subsidiary, in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. All references made to the "Fund" herein include Opportunistic Credit Interval Fund and its consolidated subsidiary, except as stated otherwise.

26 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Notes to Consolidated Financial Statements

March 31, 2025 (Unaudited)

Securities Transactions and Investment Income - Investment transactions are recorded on the trade date. Realized gains or losses on investments are calculated using the specific identification method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Premiums on securities are amortized to the earliest call date and purchase discounts are accreted over the life of the respective securities using the effective interest method.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. The Fund considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. Accrued interest is generally reversed when a loan is placed on non-accrual status. Payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability of the outstanding principal and interest. Generally non-accrual loans may be restored to accrual status when past due principal and interest is paid current and are likely to remain current based on management's judgment.

Securities Valuation - Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mid-price. Short-term investments that mature in 60 days or less may be valued at amortized cost, provided such valuations represent fair value. Investments in money market funds are valued at their respective net asset value ("NAV").

Structured credit and other similar debt securities including, but not limited to, collateralized loan obligations ("CLO") debt and equity securities, asset-backed securities ("ABS"), commercial mortgage-backed securities ("CMBS") and other securitized investments backed by certain debt or other receivables (collectively, "Structured Credit Securities"), are valued on the basis of valuations provided by dealers in those instruments and/or independent pricing services recommended by the Adviser and approved by the Fund's board of trustees (the "Board", "Trustees", or "Board of Trustees"). In determining fair value, dealers and pricing services will generally use information with respect to transactions in the securities being valued, quotations from other dealers, market transactions in comparable securities, analyses and evaluations of various relationships between securities and yield to maturity information. The Adviser will, based on its reasonable judgment, select the dealer or pricing service quotation that most accurately reflects the fair market value of the Structured Credit Security while taking into account the information utilized by the dealer or pricing service to formulate the quotation in addition to any other relevant factors. In the event that there is a material discrepancy between quotations received from third-party dealers or the pricing services, the Adviser may (i) use an average of the quotations received or (ii) select an individual quotation that the Adviser, based upon its reasonable judgment, determines to be reasonable.

When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by the Adviser, those securities will be valued at fair value as determined in good faith by the Adviser in its capacity as the Board of Trustees' valuation designee pursuant to Rule 2a-5 under the 1940 Act. As fair valuation involves subjective judgments, the Fund cannot ensure that fair values determined by the Board or persons acting in their direction would accurately reflect the price that the Fund could obtain for a security if the security was sold. As the valuation designee, the Adviser acts under the Board of Trustees' oversight. The Adviser's fair valuation policies and procedures are approved by the Board of Trustees.

Fair valuation procedures may be used to value a substantial portion of the assets of the Fund. The Fund may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Adviser determines that the quotation or price for a portfolio security provided by a broker-dealer or independent pricing service is inaccurate.

The fair value of securities may be difficult to determine and thus judgment plays a greater role in the valuation process. The fair valuation methodology may include or consider the following guidelines, as appropriate: (1) evaluation of all relevant factors, including but not limited to, pricing history, current market level and supply and demand of the respective security; (2) comparison to the values and current pricing of securities that have comparable characteristics; (3) knowledge of historical market information with respect to the security; and (4) other factors relevant to the security which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury yield curve and credit quality.

Valuation of Private Investment Funds - The Fund invests a portion of its assets in private investment funds ("Private Investment Funds"). Private Investment Funds, including an investment in Great Lakes Funding II LLC ("Great Lakes II Joint Venture"), value their investment assets at fair value and generally report a NAV or its equivalent in accordance with U.S. GAAP on a calendar quarter basis. The Fund has elected to apply the practical expedient and to value its investments in Private Investment Funds at their respective NAVs at each quarter-end in accordance with U.S. GAAP. For non-calendar quarter-end days, the Valuation Committee estimates the fair value of each Private Investment Fund by adjusting the most recent NAV for such Private Investment Fund, as necessary, by the change in a relevant benchmark that the Valuation Committee has deemed to be representative of the underlying securities in the Private Investment Fund.

Semi-Annual Report | March 31, 2025 27
Opportunistic Credit Interval Fund Notes to Consolidated Financial Statements

March 31, 2025 (Unaudited)

Loan Participation and Assignments - The Fund invests in debt instruments, which are interests in amounts owed to lenders (the "Lenders") by corporate, governmental or other borrowers. The Fund's investments in loans may be in the form of direct investments, loans originated by the Fund, participations in loans or assignments of all or a portion of the loans from third parties or exposure to investments in loans through investment in Private Investment Funds or other pooled investment vehicles. When the Fund purchases an interest in a loan in the form of an assignment, the Fund acquires all of the direct rights and obligations of a lender (as such term is defined in the related credit agreement), including the right to vote on amendments or waivers of such credit agreement. However, the Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. Instead, the administration of the loan agreement is often performed by a bank or other financial institution (the "Agent") that acts as agent for the Lenders. Circumstances may arise in connection with which the Agent takes action that contradicts the will of the Lenders. For example, under certain circumstances, an Agent may refuse to declare the borrower in default, despite having received a notice of default from the Lenders. When the Fund purchases an interest in a loan in the form of a participation, the Fund purchases such participation interest from another existing Lender, and consequently, the Fund does not obtain the rights and obligations of the Lenders under the credit agreement, such as the right to vote on amendments or waivers. The Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender from which the Fund has received that participation interest. In this instance, the Fund is subject to both the credit risk of the borrower and the credit risk of the Lender that sold the Fund such participation interest.

Unfunded Commitments - The Fund may enter into unfunded loan commitments, which are contractual obligations for future funding, such as delayed draw term loans or revolving credit arrangements. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan amounts may not be utilized by the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a floating rate loan.

Additionally, when the Fund invests in a Private Investment Fund, the Fund makes a commitment to invest a specified amount of capital in the applicable Private Investment Fund. The capital commitment may be drawn by the general partner of the Private Investment Fund either all at once or through a series of capital calls at the discretion of the general partner. The unfunded commitment represents the portion of the Fund's overall capital commitment to a particular Private Investment Fund that has not yet been called by the general partner of the Private Investment Fund.

As of March 31, 2025, the Fund had unfunded commitments of $19,650,196.

Short Sales - The Fund may sell securities short. To do this the Fund will borrow and then sell (take short positions in) securities. To complete such a transaction, the Fund must borrow the security to deliver to the buyer. The Fund is then obligated to replace, or cover, the security borrowed by purchasing it in the open market at some later date. The Fund will generally have to pay a fee or premium to borrow a security and be obligated to repay the lender any dividend or interest that accrues on those securities during the period of the loan. The Fund bears the risk of a loss, unlimited in size, if the market price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will realize a gain, limited to the price that the Fund sold the security short, if the security declines in value between those dates. There can be no assurance that securities necessary to cover a short position will be available for purchase. To mitigate leverage risk, the Fund will segregate liquid assets (which may include its long positions) at least equal to its short position exposure, marked-to-market daily.

Foreign Currency-Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

Fair Value Measurements - A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. In accordance with U.S. GAAP guidance on fair value measurements and disclosure, the Fund discloses the fair value of its investments in a hierarchy that categorizes the inputs to valuation techniques used to measure the fair value.

28 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Notes to Consolidated Financial Statements

March 31, 2025 (Unaudited)

Various inputs are used in determining the fair value of the Fund's investments. These inputs are categorized in the following hierarchy under applicable accounting guidance:

Level 1 - Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;
Level 2 - Quoted prices in markets that are not active, or quoted prices for similar assets or liabilities in active markets, or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability at the measurement date; and
Level 3 - Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

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

An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. The valuation techniques used by the Fund to measure fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs.

Semi-Annual Report | March 31, 2025 29
Opportunistic Credit Interval Fund Notes to Consolidated Financial Statements

March 31, 2025 (Unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the fair values according to the inputs used in valuing the Fund's investments as of March 31, 2025:

Investments in Securities at Value Level 1 Level 2 Level 3 Total
Bank Loans(a)
Communication Services $ - $ - $ 12,321,092 $ 12,321,092
Consumer Discretionary - - 2,657,254 2,657,254
Consumer Staples - - 13,409,168 13,409,168
Financials - - 46,029,303 46,029,303
Health Care - - 12,861,138 12,861,138
Industrials - - 11,282,303 11,282,303
Information Technology - - 31,394,099 31,394,099
Real Estate - - 5,000,000 5,000,000
Common Equity(a)
Communication Services - - - -
Consumer Discretionary - - 122,205 122,205
Diversified - - 2,178,444 2,178,444
Financials - - 128,862 128,862
Information Technology - - 72,461 72,461
Asset Backed Securities(a)
Financials - - 288,635 288,635
Corporate Bonds(a)
Financials - - 6,545,420 6,545,420
Equipment Financing(a)
Financials - - 2,348,160 2,348,160
Preferred Stock(a)
Communication Services - - 3,571,429 3,571,429
Consumer Discretionary - - 9,143,383 9,143,383
Health Care - - 4,399,518 4,399,518
Warrants(a)
Consumer Discretionary - - 72,803 72,803
Information Technology - - 70,595 70,595
Short-Term Investment 3,365,328 - - 3,365,328
Derivatives(a)
Consumer Discretionary - - - -
Health Care - - - -
TOTAL $ 3,365,328 $ - $ 163,896,272 $ 167,261,600
Investments measured at net asset value(a) $ 6,323,288
Total Investments, at fair value $ 173,584,888
(a) For detailed descriptions, see the accompanying Consolidated Schedule of Investments.
30 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Notes to Consolidated Financial Statements

March 31, 2025 (Unaudited)

The following table provides a reconciliation of the beginning and ending balances of investments for which the Fund has used Level 3 inputs to determine the fair value:

Investments in

Securities at Value

Fair Value
as of
September 30,
2024

Purchases

Sales

Accretion

of original

issue

discount

Realized

Gain (Loss)

Change in

Unrealized

Appreciation/

(Depreciation)

Fair Value
as of

March 31,
2025

Net change in unrealized

appreciation/
(depreciation)

included in earnings

related to Level 3

investments still held at

reporting date

Bank Loans
Communication Services $ 9,653,748 $ 3,233,695 $ (70,173 ) $ 45,543 $ - $ (541,721 ) $ 12,321,092 $ (541,721 )
Consumer Discretionary 2,803,079 - (26,129 ) 4,743 - (124,439 ) 2,657,254 (124,439 )
Consumer Staples 13,013,365 400,458 (108,797 ) 54,732 63,159 (13,749 ) 13,409,168 (13,749 )
Financials 34,448,748 18,773,426 (8,058,131 ) 374,416 12,302 478,542 46,029,303 505,386
Health Care 12,446,560 471,776 (61,613 ) 23,222 - (18,807 ) 12,861,138 (18,807 )
Industrials 12,367,833 178,194 (1,413,695 ) 30,626 - 119,345 11,282,303 131,297
Information Technology 23,501,624 11,918,760 (3,554,812 ) 213,796 28,494 (713,763 ) 31,394,099 (687,738 )
Real Estate 4,750,000 250,000 - - - - 5,000,000 -
Common Equity
Communication Services 5,593 - - - - (5,593 ) - (5,593 )
Consumer Discretionary 975,000 31,011 - - - (883,806 ) 122,205 (883,806 )
Diversified - 1,737,019 - - - 441,425 2,178,444 441,425
Financials - 117,633 - - - 11,229 128,862 11,229
Information Technology - - - - - 72,461 72,461 72,461
Asset Backed Securities
Financials 340,651 - (14,075 ) 43,197 - (81,138 ) 288,635 (81,138 )
Corporate Bonds
Financials 6,806,755 - (261,335 ) - - - 6,545,420 -
Equipment Financing
Financials 2,912,560 - (564,400 ) - - - 2,348,160 -
Preferred Stock
Communication Services 2,321,429 1,250,000 - - - - 3,571,429 -
Consumer Discretionary 8,695,136 492,421 - 929 - (45,103 ) 9,143,383 (45,103 )
Health Care 3,580,632 19,046 - - - 799,840 4,399,518 799,840
Warrants
Consumer Discretionary 167,042 - - - - (94,239 ) 72,803 (94,239 )
Information Technology 78,792 - - - - (8,197 ) 70,595 (8,197 )
Derivatives
Consumer Discretionary - - - - - - - -
Health Care - - - - - - - -
Total $ 138,868,547 $ 38,873,439 $ (14,133,160 ) $ 791,204 $ 103,955 $ (607,713 ) $ 163,896,272 $ (542,892 )
Semi-Annual Report | March 31, 2025 31
Opportunistic Credit Interval Fund Notes to Consolidated Financial Statements

March 31, 2025 (Unaudited)

There are significant unobservable valuation inputs for material Level 3 investments, and a change to the unobservable input may result in a significant change to the value of the investment. Level 3 investment valuation techniques and inputs as of March 31, 2025 are as follows:

Quantitative Information about Level 3 Fair Value Measurements
Asset Category

Fair Value at

March 31, 2025

Valuation

Technique

Unobservable

Input(a)

Range of Input

(Weighted Average)(b)

Bank Loan
Communication Services 7,919,080 Discounted Cash Flows Market Yield 10.7% - 16.8% (12.6%)
Communication Services 4,402,012 Market Broker/Dealer Quotes N/A
Consumer Discretionary 2,657,254 Discounted Cash Flows Market Yield 9.8% - 15.2% (13.4%)
Consumer Staples 6,370,686 Discounted Cash Flows Market Yield 13.1% - 13.5% (13.2%)
Consumer Staples 6,362,181 Market Broker/Dealer Quotes N/A
Consumer Staples 676,301 Waterfall Analysis LTM / NCY Revenue Multiple 0.3x - 0.4x (0.4x)
Financials 34,172,818 Discounted Cash Flows Market Yield 7.1% - 27.3% (12.5%)
Financials 9,415,531 Market Broker/Dealer Quotes N/A
Financials 2,440,954 Recent Transaction Transaction Price $1.0 - $1.0 ($1.0)
Health Care 10,920,378 Discounted Cash Flows Market Yield 6.8% - 12.9% (9.6%)
Health Care 1,940,760 Market Broker/Dealer Quotes N/A
Industrials 9,951,388 Discounted Cash Flows Market Yield 9.7% - 17.6% (13.6%)
Industrials 1,330,915 Market Broker/Dealer Quotes N/A
Information Technology 12,242,159 Discounted Cash Flows Market Yield 8.2% - 17.5% (12.9%)
Information Technology 743,842 Enterprise Market Value Expected Sales Proceeds $90.3 - $90.3 ($90.3)
Information Technology 14,408,098 Market EBITDA Multiple
Broker/Dealer Quotes

9.0x - 9.0x (9.0x)

N/A

Information Technology 4,000,000 Recent Transaction Transaction Price $1.0 - $1.0 ($1.0)
Real Estate 5,000,000 Discounted Cash Flows Market Yield 10.3% - 10.3% (10.3%)
Asset Backed Securities
Financials 288,635 Discounted Cash Flows Market Yield 22.14% - 22.14% (22.14%)
Corporate Bonds
Financials 6,545,420 Discounted Cash Flows Market Yield 12.8% - 12.8% (12.8%)
Common Equity
Consumer Discretionary 122,205 Waterfall Analysis LTM / NCY Revenue Multiple 4.5x - 4.5x (4.5x)
Diversified 2,178,444 Market Broker/Dealer Quotes N/A
Financials 128,862 Enterprise Market Value EBITDA Multiple 14.5x - 14.5x (14.5x)
Information Technology 72,461 Waterfall Analysis LTM / NCY Revenue Multiple 2.7x - 2.7x (2.7x)
Equipment Financing
Financials 2,348,160 Discounted Cash Flows Market Yield 10.8% - 10.8% (10.8%)
Preferred Stock
Communication Services 3,571,429 Discounted Cash Flows Market Yield 8.2% - 8.2% (8.2%)
$1,840.0 - $43,280,000.0
Consumer Discretionary 9,143,383 Discounted Cash Flows Stock Price ($13,874,130.0)
Time 3.0 - 4.7 (3.5)
Volatility 54.5% - 58.6% (55.8%)
Health Care 4,399,518 Enterprise Market Value EBITDA Multiple 13.0x - 13.0x (13.0x)
Warrants
Consumer Discretionary 70,595 Discounted Cash Flows Stock Price $43,280,000
Time 4.7 - 4.7 (4.7)
Volatility 58.6% - 58.6% (58.6%)
Information Technology 72,803 Enterprise Market Value EBITDA Multiple 7.5x - 7.5x (7.5x)
Total Level 3 investments $ 163,896,272
(a) An increase in market yield would result in a decrease in fair value. A decrease in market yield would result in an increase in fair value. An increase in the transaction price would result in an increase in fair value. A decrease in the transaction price would result in a decrease in fair value. An increase in the EBITDA or Revenue multiple would result in an increase in fair value. A decrease in the EBITDA or Revenue multiple would result in a decrease in fair value.
(b) The weighted averages disclosed in the table above were weighted by their relative fair value
32 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Notes to Consolidated Financial Statements

March 31, 2025 (Unaudited)

Concentration of Credit Risk - The Fund places its cash with one banking institution, which is insured by the Federal Deposit Insurance Corporation ("FDIC"). The FDIC limit is $250,000. At various times throughout the year, the amount on deposit may exceed the FDIC limit and subject the Fund to a credit risk.

Federal and Other Taxes - No provision for income taxes, except for the Taxable Subsidiary, is included in the accompanying consolidated financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies.

The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund's tax provisions to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the consolidated financial statements.

As of and during the period ended March 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund and the Taxable Subsidiary file U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

The Taxable Subsidiary records deferred tax assets or liabilities related to temporary book versus tax differences on the income or loss generated by the underlying equity investments held by the Taxable Subsidiary.

Distributions to Shareholders - Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and paid annually and are recorded on the ex-dividend date. The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from U.S. GAAP.

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

Segment Reporting - In accordance with ASC Topic 280 - Segment Reporting ("ASC 280"), the Company has determined that it has a single operating and reporting segment, the "Investment Management Segment". As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales or transfers of assets.

Recent Accounting Pronouncements - In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures ("ASU 2024-03"), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning in the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

3. GREAT LAKES FUNDING II LLC

In August 2022, the Fund invested in Series A of Great Lakes Funding II LLC (the "Great Lakes II Joint Venture"), a joint venture with an investment strategy to underwrite and hold senior, secured unitranche loans made to middle-market companies. The Fund treats its investment in the Great Lakes II Joint Venture as a joint venture since an affiliate of the Adviser controls a 50% voting interest in the Great Lakes II Joint Venture.

The Great Lakes II Joint Venture is a Delaware series limited liability company, and pursuant to the terms of the Great Lakes Funding II LLC Limited Liability Company Agreement (the "Great Lakes II LLC Agreement"), prior to the end of the investment period with respect to each series established under the Great Lakes II LLC Agreement, each member of the predecessor series would be offered the opportunity to roll its interests into any subsequent series of the Great Lakes II Joint Venture. The Fund does not pay any advisory fees in connection with its investment in the Great Lakes II Joint Venture. Certain other funds managed by the Adviser or its affiliates have also invested in the Great Lakes II Joint Venture.

The fair value of the Fund's investment in the Great Lakes II Joint Venture as of March 31, 2025 was $6,323,288. Fair value has been determined utilizing the practical expedient in accordance with U.S. GAAP. Pursuant to the terms of the Great Lakes II LLC Agreement, the Fund generally may not affect any direct or indirect sale, transfer, assignment, hypothecation, pledge or other disposition of or encumbrance upon its interests in the Great Lakes II Joint Venture, except that the Fund may sell or otherwise transfer its interests with the consent of the managing members of the Great Lakes II Joint Venture or to an affiliate or a successor to substantially all of the assets of the Fund.

Semi-Annual Report | March 31, 2025 33
Opportunistic Credit Interval Fund Notes to Consolidated Financial Statements

March 31, 2025 (Unaudited)

As of March 31, 2025, the Fund had a $1,401,559 unfunded commitment to the Great Lakes II Joint Venture.

4. ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS

Advisory Fees - On May 14, 2022, the Fund entered into a management agreement (the "Management Agreement") with the Adviser. Under the terms of the Management Agreement, the Adviser provides certain investment advisory and administrative services to the Fund and in consideration of the advisory services provided, the Adviser is entitled to a fee consisting of two components - a base management fee and an incentive fee, or collectively "investment advisory fees".

The base management fee is payable monthly in arrears at an annual rate of 1.25% of the average daily gross assets of the Fund. For the six months ended March 31, 2025, the Fund incurred $1,013,921 in base management fees.

The incentive fee is calculated and payable quarterly in arrears based upon the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter and is subject to a hurdle rate, expressed as a rate of return on the Fund's "adjusted capital," equal to 1.50% per quarter (or an annualized hurdle rate of 6.0%), subject to a "catch-up" feature. For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income accrued during the calendar quarter, less the Fund's operating expenses for the quarter (including the management fee, expenses reimbursed to the Adviser and any interest expenses and distributions paid on any issued and outstanding preferred shares, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with paid-in-kind ("PIK") interest and zero coupon securities), accrued income that the Fund has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. "Adjusted capital" means the cumulative gross proceeds received by the Fund from the sale of shares (including pursuant to the Fund's distribution reinvestment plan), reduced by amounts paid in connection with purchases of shares pursuant to the Fund's share repurchase program.

No incentive fee is payable in any calendar quarter in which the Fund's pre-incentive fee net investment income does not exceed the quarterly hurdle rate of 1.50%. For any calendar quarter in which the Fund's pre-incentive fee net investment income is greater than the hurdle rate, but less than or equal to 1.7647%, the incentive fee will equal the amount of the Fund's pre-incentive fee net investment income in excess of the hurdle rate. This portion of the Fund's pre-incentive fee net investment income which exceeds the hurdle rate but is less than or equal to 1.7647% is referred to as the "catch-up." The "catch-up" provision is intended to provide the Adviser with an incentive fee of 15.0% on all of the Fund's pre-incentive fee net investment income when the Fund's pre-incentive fee net investment income reaches 1.7647% in any calendar quarter. For any calendar quarter in which the Fund's pre-incentive fee net investment income exceeds 1.7647% of adjusted capital, the incentive fee will equal 15.0% of pre-incentive fee net investment income. For the six months ended March 31, 2025, the Advisor earned an incentive fee of $1,092,637.

Under the Expense Limitation Agreement, dated May 14, 2022, the Adviser has contractually agreed to waive all or part of its management fees (excluding any incentive fee) and/or make payments to limit Fund expenses (excluding incentive fees, all borrowing costs, dividends, amortization/accretion and interest on securities sold short, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) at least until February 1, 2026, such that the total annual operating expenses of the Fund do not exceed 2.50% per annum of the Class I average daily net assets. Fee waivers and expense payments may be recovered by the Adviser from the Fund, for a period of up to three years following the date of waiver or expense payment, if the Fund is able to make the repayment without exceeding the expense limitation in place at the time of waiver and the current expense limitation and the repayment is approved by the Board. For the six months ended March 31, 2025, the Adviser waived fees of $179,312 in accordance with the expense limitation agreement.

As of March 31, 2025, the following amounts may be subject to reimbursement to the Adviser based upon their potential expiration dates:

2025 2026 2027 2028
Opportunistic Credit Interval Fund $ 192,183 $ 935,874 $ 647,702 $ 137,936

The Adviser voluntarily waived $250,000 during the period which is not subject to reimbursement to the Adviser.

Fund Administration and Accounting Fees and Expenses - BC Partners Management LLC (the "Administrator"), an affiliate of the Adviser, serves as administrator to the Fund. Pursuant to the Administration Agreement between the Administrator and the Fund, the Administrator furnishes the Fund with office facilities, equipment and clerical, bookkeeping and record keeping services at such facilities. Under the Administration Agreement, the Administrator also performs, or oversees the performance of, the Fund's required administrative services, which include, among other things, being responsible for the financial records that the Fund is required to maintain and preparing reports to our shareholders. In addition, the Administrator assists the Fund in determining and publishing its net asset value, oversees the preparation and filing of the Fund's tax returns and the printing and dissemination of reports to the Fund's shareholders, and generally oversees the payment of Fund expenses and the performance of administrative and professional services rendered to the Fund by others. Payments under the Administration Agreement are equal to an amount based upon the Fund's allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and the Fund's allocable portion of the compensation of the Fund's chief financial officer, chief compliance officer and the Fund's allocable portion of the compensation of their respective administrative support staff. The Administration Agreement may be terminated by either party without penalty upon 60 days' written notice to the other party. To the extent that the Administrator outsources any of its functions, the Fund will pay the fees associated with such functions on a direct basis without any incremental profit to the Administrator. During the six months ended March 31, 2025, the Fund accrued $290,114 for administration fees pursuant to the Administration Agreement.

34 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Notes to Consolidated Financial Statements

March 31, 2025 (Unaudited)

ALPS Fund Services, Inc. ("ALPS") serves as sub-administrator to the Fund. During the six months ended March 31, 2025, the Fund accrued $172,257 for sub-administration fees payable to ALPS.

Transfer Agent - SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS") (the "Transfer Agent"), an affiliate of ALPS, serves as transfer, dividend paying and shareholder servicing agent for the Fund.

Distributor - The Fund has entered into a distribution agreement with ALPS Distributors, Inc. (the "Distributor"), an affiliate of ALPS, to provide distribution services to the Fund. There are no fees paid to the Distributor pursuant to the distribution agreement. The Board has adopted, on behalf of the Fund, a shareholder servicing plan under which the Fund may compensate financial industry professionals for providing ongoing services in respect of clients with whom they have distributed shares of the Fund.

Trustees - Each Trustee who is not affiliated with the Fund or the Adviser receives an annual fee of $10,000, an additional $2,000 for attending the annual in-person meeting of the Board, and $500 for attending each of the remaining telephonic meetings, as well as reimbursement for any reasonable expenses incurred attending the meetings. None of the executive officers or interested Trustees receives compensation from the Fund.

5. INVESTMENT TRANSACTIONS

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the six months ended March 31, 2025 amounted to $37,948,207 and $14,309,978, respectively.

6. CAPITAL SHARES

The Fund commenced operations on July 5, 2022 and currently offers Class I at NAV.

Share Repurchase Program - As an interval fund, the Fund offers its shareholders the option of redeeming shares on a quarterly basis, at NAV, no less than 5% of the Fund's issued and outstanding shares as of the close of regular business hours on the New York Stock Exchange on the Repurchase Pricing Date. If shareholders tender for repurchase more than 5% of the outstanding shares of the Fund, the Fund may, but is not required to, repurchase up to an additional 2% of the outstanding shares of the Fund. If the Fund determines not to repurchase up to an additional 2% of the outstanding shares of the Fund, or if more than 7% of the outstanding shares of the Fund are tendered, then the Fund will repurchase shares on a pro rata basis based upon the number of shares tendered by each shareholder. There can be no assurance that the Fund will be able to repurchase all shares that each shareholder has tendered. In the event of an oversubscribed offer, shareholders may not be able to tender all shares that they wish to tender and may have to wait until the next quarterly repurchase offer to tender the remaining shares, subject to any proration. Subsequent repurchase requests will not be given priority over other shareholder requests.

For the six months ended March 31, 2025, the Fund completed two quarterly repurchase offers. In these repurchase offers, the Fund offered to repurchase up to 5% of the number of its outstanding shares (up to 7% at the discretion of the officers of the Fund) as of the Repurchase Pricing Dates. For the six months ended March 31, 2025, Repurchase Offer #2 was oversubscribed such that pro-ration was required.

Semi-Annual Report | March 31, 2025 35
Opportunistic Credit Interval Fund Notes to Consolidated Financial Statements

March 31, 2025 (Unaudited)

The result of those repurchase offers were as follows:

Repurchase Offer #1 Repurchase Offer #2
Commencement Date September 12, 2024 December 11, 2024
Repurchase Request Deadline October 10, 2024 January 10, 2025
Repurchase Pricing Date October 10, 2024 January 10, 2025
Amount Repurchased $ 4,604,563 $ 7,565,998
Shares Repurchased 399,009 659,634

7. BANK LINE OF CREDIT

On April 12, 2024, the Fund entered into a multi-currency revolving bank line of credit (the "Credit Facility") with U.S. Bank National Association ("USB"). The Credit Facility has a committed, original available facility size of $25 million with an uncommitted accordion feature with a maximum available facility size up to $100 million. On September 13, 2024, the Fund executed on the accordion feature and increased its available facility size to $50 million. The Credit Facility is an evergreen facility terminable by either party upon 364 days of receipt of written notice. The Credit Facility is secured by a first-priority perfected security interest in all the Fund's assets with a facility fee of 0.25% per annum, payable quarterly, pro-rated for the life of the Credit Facility if the Credit Facility is terminated, a commitment fee of 0.35% on the unused portion of the maximum facility size and the interest on the used portion is based on the Fund's option, either daily simple SOFR, 1 month SOFR plus the applicable margin of 1.80% or the USB Prime rate.

During the six months ended March 31, 2025, the Fund incurred $487,514 of interest and financing expenses related to the Credit Facility. Average borrowings during the six months ended March 31, 2025, and the average interest rate for the days the line of credit was outstanding during the six months ended March 31, 2025, were $12,066,731 and 5.75%, respectively. The largest outstanding borrowing during the six months ended March 31, 2025, was $24,153,449. As of March 31, 2025, the Fund had borrowings of $20,460,170 and an average stated interest rate of 5.81%. As of March 31, 2025, the Fund has borrowings denominated in a foreign currency of $3,460,170 (Cost: $3,454,567). As collateral for the Credit Facility, the Fund grants USB a first position security interest in and lien on substantially all securities of any kind or description held by the Fund in the pledge account.

Under the 1940 Act, the Fund is not permitted to incur indebtedness, including through the issuance of debt securities, unless immediately thereafter the Fund will have an asset coverage of at least 300%. In general, the term "asset coverage" for this purpose means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of the Fund. In addition, the Fund may be limited in its ability to declare any cash distribution on its capital stock or purchase its capital stock unless, at the time of such declaration or purchase, the Fund has an asset coverage (on its indebtedness) of at least 300% after deducting the amount of such distribution or purchase price, as applicable. As of March 31, 2025, our asset coverage ratio was 858%.

8. TAX BASIS INFORMATION

For the six months ended March 31, 2025, there were no permanent book- and tax-basis differences that resulted in reclassifications to paid-in capital.

The following information is computed on a tax basis for each item as of March 31, 2025:

Gross Appreciation

Gross Depreciation

(excess of tax cost

over value)

Net Appreciation

Cost of Investments

for Income Tax

Purposes

$ 5,343,111 $ (4,986,257 ) $ 356,854 $ 173,228,034

The difference between book basis and tax basis distributable earnings and unrealized appreciation/(depreciation) is primarily attributable to the tax deferral of losses, investments in partnerships and certain other investments.

The tax characteristics of distributions paid for the year ended March 31, 2025, were as follows:

Ordinary Income

Long-Term Capital

Gain

Return of Capital

$ 8,708,286 $ - $ 1,379,220
36 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Notes to Consolidated Financial Statements

March 31, 2025 (Unaudited)

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration.

As of the most recent fiscal year end, the following amounts are available as carry forwards to the next tax year:

Short-Term Capital

Losses

Long-Term Capital

Losses

$ 1,039,907 $ 375,331

The Fund has formed a Taxable Subsidiary, which is taxed as a corporation for income tax purposes. The Taxable Subsidiary allows the Fund to make equity investments in companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code. The Taxable Subsidiary is a wholly owned subsidiary and consolidated in these financial statement statements for financial reporting purposes.

Deferred U.S. federal income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and U.S. federal income tax purposes. Components of deferred tax assets (liabilities) as of March 31, 2025, were as follows:

As of March 31, 2025
Deferred tax assets:
Net operating loss carryforwards $ 2,119
Capital loss carryforwards -
Other deferred tax assets -
Less valuation allowance -
Total deferred tax assets $ 2,119
Deferred tax liabilities:
Net unrealized appreciation/(depreciation) on investments $ 11,820
Total deferred tax liabilities $ 11,820
Net deferred tax liability $ 9,701

The Fund's income tax provision consists of the following as of March 31, 2025:

As of March 31, 2025
Current:
Federal $ -
-
Deferred and other:
Federal and state $ 11,820
$ 11,820

9. RISK FACTORS

In the normal course of business, the Fund faces certain risks and uncertainties. Set forth below is a summary of certain principal risks associated with the Fund. The following is not intended to be a complete list of all the potential risks associated with the Fund. For a more comprehensive list of potential risks the Fund may be subject to, please refer to the Fund's Prospectus and Statement of Additional Information.

Co-Investment Transactions Risk - As a registered closed-end fund, the Fund is subject to certain regulatory restrictions in making investments. For example, registered closed-end funds generally are not permitted to co-invest with certain affiliated entities in transactions originated by the registered closed-end fund or its affiliates in the absence of an exemptive order from the SEC. However, registered closed-end funds are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. On October 23, 2018, the SEC issued an exemptive order to an affiliate of the Adviser that permits the Fund to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions, alongside other funds managed by affiliates, and any future funds that are advised by affiliated investment advisers. Under the terms of the exemptive order, in order for the Fund to participate in a co-investment transaction a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Fund's Independent Trustees must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Fund and its shareholders and do not involve overreaching with respect of the Fund or its shareholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Fund's shareholders and is consistent with the Fund's investment objectives and strategies and certain criteria established by the Fund's Board of Trustees.

Semi-Annual Report | March 31, 2025 37
Opportunistic Credit Interval Fund Notes to Consolidated Financial Statements

March 31, 2025 (Unaudited)

The Fund relies, in part, on affiliates to assist with identifying and executing upon investment opportunities and on the Fund's Board of Trustees to review and approve the terms of the Fund's participation in co-investment transactions with affiliates. Affiliates are not restricted from forming additional investment funds, entering into other investment advisory relationships or engaging in other business activities. These activities could be viewed as creating a conflict of interest in that the time and effort of the members of affiliates and their officers and employees will not be devoted exclusively to the Fund's business but will be allocated between the Fund and such other business activities of affiliates in a manner that deemed necessary and appropriate.

The Adviser and individuals employed by it are not generally prohibited from raising capital for and managing other investment entities that make the same types of investments that the Fund targets. As a result, the time and resources that these individuals may devote to the Fund may be diverted. In addition, the Fund may compete with any such investment entity for the same investors and investment opportunities. Affiliates of the Adviser, whose primary business includes the origination of investments, engage in investment advisory business with accounts that compete with the Fund.

Convertible Securities Risk - Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted into or exchanged for a specified amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles its holder to receive interest that is generally paid or accrued on debt or a dividend that is paid or accrued on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Convertible securities have unique investment characteristics in that they generally: (i) have higher yields than common stocks, but lower yields than comparable non-convertible securities; (ii) are less subject to fluctuation in value than the underlying common stock due to their fixed-income characteristics; and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases.

The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value.

Credit Risk - It is possible that the Fund's debt investments may not make scheduled interest and/or principal payments on their loans and/or debt securities, which may result in losses or reduced cash flow to the Fund, either or both of which may cause the Net Asset Value of, or the distributions by, the Fund to decrease. In addition, the credit quality of securities held by the Fund may fall if the underlying borrowers' financial condition deteriorates. This also may negatively impact the value of and the Fund's returns on its investment in such securities.

Debt Securities and Interest Rate Risks - Because the Fund invests in debt securities, the value of your investment in the Fund may fluctuate with changes in interest rates. Typically, a rise in market interest rates will cause a decline in the value of fixed rate or other debt instruments. If market interest rates increase, there is a significant risk that the value of the Fund's investment in fixed rate debt securities may fall, and that it may be more difficult for the Fund to raise capital. Related risks include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).

Foreign Investment Risk - Investing in foreign securities typically involves more risks than investing in U.S. securities. Investment in foreign securities carries risks associated with political and economic developments, government supervision and regulation of foreign securities and currency markets, less liquidity and more volatility, and currency exchange rate fluctuations.

Leverage Risk - The Fund is permitted to obtain leverage using any form or combination of financial leverage instruments, including through funds borrowed from banks or other financial institutions (i.e., a credit facility), margin facilities, the issuance of preferred shares or notes and leverage attributable to reverse repurchase agreements, dollar rolls or similar transactions. The Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund's assessment of market conditions and the investment environment. The use of leverage, such as borrowing money to purchase securities, will cause the Fund (or a Public Investment Fund or Private Investment Fund in which the Fund has invested) to incur additional expenses and significantly magnify the Fund's losses in the event of underperformance of the Fund's (or Public Investment Fund's or Private Investment Fund's) underlying investments.

Market Disruption Risk - Unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; climate-change and climate-related events; the spread of infectious illnesses or other public health issues; recessions and depressions; or other events may result in market volatility, may have long-term effects on the United States and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of such events in the future on the U.S. economy and securities markets.

38 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Notes to Consolidated Financial Statements

March 31, 2025 (Unaudited)

Structured Products Risk - The Fund may invest in CDOs and other structured products, consisting of CBOs, CLOs and credit-linked notes. Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product's administrative and other expenses.Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured products owned by the Fund. Certain structured products may be thinly traded or have a limited trading market. CLOs and credit- linked notes are typically privately offered and sold.

10. AFFILIATE TRANSACTIONS

The following investments represent affiliated investments transactions during the six months ended March 31, 2025, and the related positions as of March 31, 2025:

Security Name

Fair Value
as of
September 30,
2024

Purchases(a)

Sales(b)

Realized

Gain (Loss)

Change in

Unrealized

Appreciation/

(Depreciation)

Fair Value
as of
March 31,

2025

Share/ Balance

as of
March 31,

2025

Interest income/

Dividends /

Payment-in-kind

income

EBSC Holdings LLC (Riddell, Inc.), Preferred $ 5,239,292 $ 266,095 $ - $ - $ 839,840 $ 6,345,227 $ 5,517,589 $ 265,166
Great Lakes Funding II LLC, Series A 6,350,098 578,989 (176,818 ) - (428,981 ) 6,323,288 7,887,642 464,126
Mount Logan Funding 2018-1 LP 340,651 43,197 (14,075 ) - (81,138 ) 288,635 479,858 43,197
PMP OPCO, LLC, Delayed Draw Term Loan (11,419 ) - - - (49,350 ) (60,769 ) - 10,063
PMP OPCO, LLC, First Lien Term Loan 1,931,934 3,257 (14,766 ) - (76,450 ) 1,843,975 1,953,984 133,789
PMP OPCO, LLC, Revolver (4,091 ) - - - (8,225 ) (12,316 ) - 839
Princeton Medspa Partners, LLC, Preferred 3,455,844 227,255 - - (884,943 ) 2,798,156 3,837,529 227,255
Princeton Medspa Partners, LLC, Put Option - - - - - - 3,500,000 -
Princeton Medspa Partners, LLC, Warrants 167,042 - - - (94,239 ) 72,803 0.09 -
Riddell Inc., Delayed Draw Term Loan (1,018 ) - - - 1,018 - - -
Riddell Inc., First Lien Term Loan 887,673 1,487 (11,364 ) - 8,568 886,364 886,363 49,057
Total $ 18,356,006 $ 1,120,280 $ (217,023 ) $ - $ (773,900 ) $ 18,485,363 $ 1,193,492
(a) Purchases include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK and accretion of original issue discount. Purchases also include transfers into Affiliate classification.
(b) Sales include decreases in the cost basis of investments resulting from principal repayments and sales. Sales also include transfers out of Affiliate classification.

11. SUBSEQUENT EVENTS

The Fund has evaluated subsequent events through the date of issuance of the financial statements and has determined that there have been no events that have occurred that would require adjustments to our disclosures in the financial statements except as stated below.

Semi-Annual Report | March 31, 2025 39
Opportunistic Credit Interval Fund Additional Information

March 31, 2025 (Unaudited)

1. PROXY VOTING POLICIES AND VOTING RECORD

A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 833-404-4103, or on the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available without charge upon request by calling toll-free 833-404-4103, or on the SEC's website at http://www.sec.gov.

2. QUARTERLY PORTFOLIO HOLDINGS

The Fund files a complete listing of portfolio holdings for the Fund with the SEC as of the first and third quarters of each fiscal year on Form N-PORT. The filings are available upon request by calling 833-404-4103. Furthermore, you may obtain a copy of the filing on the SEC's website at http://www.sec.gov.

3. APPROVAL OF INVESTMENT ADVISORY AGREEMENT

At a meeting held on November 26, 2024 the Board, including a majority of the independent Trustees, considered the renewal of the Advisory Agreement between the Fund and the Adviser. In considering the renewal of the Advisory Agreement, the Trustees received materials specifically relating to the Adviser and the Advisory Agreement.

The Trustees considered the following material factors during their deliberations: (1) the nature, extent and quality of services to be provided by the Adviser; (2) the investment performance of the Fund and the Adviser; (3) the cost of services to be provided and the profits to be realized by the Adviser and its affiliates; (4) the extent to which economies of scale will be realized as the Fund grows; and (5) whether the fee levels reflect these economies of scale for the benefit of investors. The Trustees relied upon the advice of counsel and their own business judgment in determining the before-mentioned material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Advisory Agreement.

Nature, Extent and Quality of Services. The Board reviewed the Adviser's business and current staffing and organizational structure, and discussed the nature, extent and quality of the services provided by the Adviser under the Advisory Agreement. The Board discussed the nature of the Adviser's operations, the quality of the Adviser's compliance infrastructure and the experience and background of all key personnel of its fund management team. The Board noted that the Adviser was an affiliate of BC Partners, and the Adviser leveraged the established fund support and administration infrastructure of the broader BC Partners/Mt. Logan organization. The Board noted only one change to the key personnel serving the Fund since the last approval of the Advisory Agreement. The Board discussed the seasoned investment team and the oversight provided by the investment committee. The Board noted that the Adviser had reported no regulatory actions or material compliance matters that would adversely impact the Adviser's ability to serve as adviser to the Fund. The Board discussed cybersecurity initiatives undertaken by the Adviser to mitigate cybersecurity risks. The Trustees further considered the key risks associated with the Fund's investment strategy and the policies and procedures adopted by the Adviser to mitigate those risks. They also discussed the Adviser's practices for monitoring compliance with the Fund's investment limitations as well as the Adviser's broker-dealer selection practices. The Board concluded that the Adviser had provided high quality services under the Advisory Agreement.

Performance. The Board considered the performance of the Fund. Referring to the materials provided by the Adviser, the Board noted that the Fund's return of 7.23% for the 1-year period ended September 30, 2024, underperforming the peer funds selected by the Adviser. The Board also noted that the Fund's Class I shares underperformed the Morningstar LSTA Leveraged Loan Index over the 1-year period ended September 30, 2024, but was in line with the benchmark for the three-month period ended September 30, 2024, and outperformed the benchmark from Fund inception through September 30, 2024. They discussed the Adviser's commentary regarding the factors that contributed to Fund performance, including among other things, elevated cash balances, due to the timing of investment deployment, as a result of exponential growth during the period. The Board expressed its appreciation for the thoughtful and professional manner in which the Adviser implemented the strategy. They reasoned that the Adviser was managing the Fund's portfolio in accordance with prospectus guidelines and concluded that the Fund's performance was satisfactory.

Fees and Expenses. The Board noted that the Adviser charged an annual base advisory fee of 1.25% of the Fund's gross assets and was entitled to a performance fee if income exceeded certain hurdles. The Trustees noted that the base fee was in line with the Adviser selected peer group average of 1.26%, and the Adviser had agreed to waive its fees to limit total annual Fund operating expenses, exclusive of certain expenses, so as not to exceed 2.50%, per annum of the Fund's average daily net assets attributable to Class I Shares. The Board concluded that the advisory fee was not unreasonable.

40 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Additional Information

March 31, 2025 (Unaudited)

Economies of Scale. The Board considered whether the Adviser had realized material economies of scale with respect to the management of the Fund, observing that economies of scale are realized when a fund's assets increase significantly. It was noted that due to the size of the Fund, the Adviser had subsidized the Fund consistent with the expense limitation agreement, effectively waiving a portion of its management fee during the year ended September 30, 2024. Because the Fund has not yet reached meaningful asset levels the Trustees determined that they would revisit this issue after greater growth in the Fund's assets. After further discussion, the Trustees concluded that the absence of breakpoints at this time was acceptable.

Profitability. The Board reviewed the estimated profit analysis provided by the Adviser and noted that the Adviser made a profit related to the management of the Fund during the twelve months ended September 30, 2024. It was noted that investment professional compensation was not currently included in the analysis due to the subscale nature of the Fund. The Board discussed that if the investment professional compensation had been allocated to the Adviser, the profits would be substantially reduced. The Board concluded that excessive profitability of the Adviser was not a concern.

Conclusion. Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of counsel, the Board determined that renewal of the Advisory Agreement was in the best interests of the shareholders of the Fund.

Semi-Annual Report | March 31, 2025 41
Opportunistic Credit Interval Fund Consolidated Privacy Notice

March 31, 2025 (Unaudited)

FACTS WHAT DOES OPPORTUNISTIC CREDIT INTERVAL FUND DO WITH YOUR PERSONAL INFORMATION?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:
● Social Security number ● Purchase History
● Assets ● Account Balances
● Retirement Assets ● Account Transactions
● Transaction History ● Wire Transfer Instructions
● Checking Account Information
When you are no longer our customer, we continue to share your information as described in this notice.
How? All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Opportunistic Credit Interval Fund chooses to share; and whether you can limit this sharing.
REASONS WE CAN SHARE YOUR PERSONAL INFORMATION Does Alternative
Credit Income
Fund share? 		Can you limit
this sharing?
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Yes No
For our marketing purposes - to offer our products and services to you No We don't share
For joint marketing with other financial companies No We don't share
For our affiliates' everyday business purposes - information about your transactions and experiences No We don't share
For our affiliates' everyday business purposes - information about your creditworthiness No We don't share
For non-affiliates to market to you No We don't share
QUESTIONS? Call 1-833-404-4103
42 www.opportunisticcreditintervalfund.com
Opportunistic Credit Interval Fund Consolidated Privacy Notice

March 31, 2025 (Unaudited)

WHO WE ARE
Who is providing this notice? Opportunistic Credit Interval Fund
WHAT WE DO
How does Opportunistic Credit Interval Fund protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
We collect your personal information, for example, when you
How does Opportunistic Credit Interval Fund collect my personal information?

● Open an account

● Provide account information

● Give us your contact information

● Make deposits or withdrawals from your account

● Make a wire transfer

● Tell us where to send the money

● Tells us who receives the money

● Show your government-issued ID

● Show your driver's license

We also collect your personal information from other companies.
Federal law gives you the right to limit only
Why can't I limit all sharing?

● Sharing for affiliates' everyday business purposes - information about your creditworthiness

● Affiliates from using your information to market to you

● Sharing for non-affiliates to market to you

State laws and individual companies may give you additional rights to limit sharing.
DEFINITIONS
Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.
● Opportunistic Credit Interval Fund does not share with our affiliates.
Non-affiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
● Opportunistic Credit Interval Fund does not share with non-affiliates so they can market to you.
Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
● Opportunistic Credit Interval Fund doesn't jointly market.
Semi-Annual Report | March 31, 2025 43
(b) Not applicable.

Item 2. Code of Ethics.

Not applicable to this report.

Item 3. Audit Committee Financial Expert.

Not applicable to this report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Investments.

(a) The schedule of investments is included as part of the Reports to Shareholders filed under Item 1(a) of this report.
(b) Not applicable to the Registrant.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to the Registrant

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to the Registrant.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to the Registrant.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

A statement regarding the basis for approval of the Fund's investment advisory contract is included as part of the Report to Stockholders filed under Item 1 of this report.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this report.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

(a) Not applicable to this report.
(b) Not applicable to this report.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliates Purchasers.

None.

Item 15. Submission of Matters to a Vote of Security Holders.

None.

Item 16. Controls and Procedures.

(a) Based on an evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, the Registrant's principal executive officer and principal financial officer have concluded that the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no significant changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

None.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.
(b) Not applicable.

Item 19. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Not applicable.

(a)(3)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act are attached hereto as Exhibit 99.CERT.

(a)(4)

None.

(a)(5) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act are attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

OPPORTUNISTIC CREDIT INTERVAL FUND

By: /s/ Edward Goldthorpe
Edward Goldthorpe

President and Chief Executive Officer

(Principal Executive Officer)

Date: June 5, 2025

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

By: /s/ Edward Goldthorpe
Edward Goldthorpe

President and Chief Executive Officer

(Principal Executive Officer)

Date: June 5, 2025
By: /s/ Brandon Satoren
Brandon Satoren

Chief Financial Officer

(Principal Financial Officer)

Date: June 5, 2025
Opportunistic Credit Interval Fund published this content on June 05, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on June 05, 2025 at 19:08 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at support@pubt.io