Annual Report by Investment Company (Form N-CSR)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22923

Infinity Core Alternative Fund

(Exact name of registrant as specified in charter)

c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

(Address of principal executive offices) (Zip code)

Ann Maurer

235 West Galena Street

Milwaukee, WI 53212

(Name and address of agent for service)

registrant's telephone number, including area code: (414) 299-2270

Date of fiscal year end: March 31

Date of reporting period: March 31, 2026

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

(a)

The Report to shareholders is attached herewith.

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Annual Report

For the Year Ended March 31, 2026

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

For the Year Ended March 31, 2026

Table of Contents

Management's Discussion of Fund Performance (unaudited)	1
Fund Performance (unaudited)	2-3
Report of Independent Registered Public Accounting Firm	4
Schedule of Investments	5
Statement of Assets, Liabilities and Shareholders' Equity	6
Statement of Operations	7
Statements of Changes in Shareholders' Equity	8
Statement of Cash Flows	9
Financial Highlights	10
Notes to Financial Statements	11-17
Fund Management (unaudited)	18-21
Other Information (unaudited)	22-24

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a prospectus for the Fund. Please read it carefully before investing.

INFINITY CORE ALTERNATIVE FUND

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

(unaudited)

Through the fiscal year ended March 31, 2026, the Infinity Core Alternative Fund ("ICAF" or the "Fund") produced a cumulative return of +9.79%, while its blended benchmark index (60% MSCI ACWI/40% ICE BofA GBMI) returned +12.27% and the HFRX Global Hedge Fund Index returned +5.97%, each over the same period. ICAF's portfolio is designed to be uncorrelated to broader markets and hedged to provide a measure of downside protection in environments of heightened volatility.

Ten of the eleven underlying managers in the Fund's portfolio contributed positively during the fiscal year. The Fund's long/short equity and quantitative strategies were the most significant positive contributors, showcasing the advantages that multi-strategy firms have through their ability to allocate capital to the highest risk/reward opportunities and strategies. Long/short equity benefited from elevated dispersion amid constant risk on and off swings. The continuation of geopolitical events, such as Liberation Day and the Israel-Iran conflict, enabled global macro strategies to deliver strong performance as well.

From an asset class perspective, global equities continued to outperform other asset classes, but leadership shifted decisively, with international equities significantly outpacing U.S. equities in a sharp reversal of the prior calendar year's dynamic. The rotation was catalyzed at the start of the fiscal year by the Trump Administration's "Liberation Day" tariff announcement and sustained throughout the fiscal year by a weakening U.S. dollar, broadening AI enthusiasm across Asia, and significant fiscal stimulus commitments in Europe. ICAF performed well throughout the fiscal year, delivering positive returns in all but the final month.

The final month of the fiscal year saw a sharp spike in market volatility as the outbreak of conflict between the U.S./Israel and Iran in late February 2026 drove a surge in oil prices and forced a re-pricing of inflation expectations and central bank rate path forecasts. Many of the managers of the underlying funds in the Fund's portfolio were able to adapt quickly to this shifting landscape and reduce exposure or reposition themselves, but ultimately, the moves across markets left few places to hide.

All but one of the eleven underlying funds in ICAF's portfolio contributed positively to its performance for the fiscal year. Point72 and D.E. Shaw once again led in performance by a wide margin. The remaining underlying funds returned modest to strong returns, with the exception of King Street, the only detractor over the period. Performance was primarily driven by long/short equity followed by quantitative strategies.

INFINITY CORE ALTERNATIVE FUND

Fund Performance

March 31, 2026 (Unaudited)

Performance of a $25,000 Investment

This graph compares a hypothetical $25,000 investment in the Fund with a similar investment in the HFRX Global Hedge Fund Index, the MSCI All Country World Index, the ICE Bank of America Global Broad Market Index, and the blended benchmark index of 60% MSCI All Country World Index and 40% ICE Bank of America Global Broad Market Index. Results include the reinvestment of all dividends and capital gains. The indices do not reflect expenses, fees, or sales charges, which would lower performance.

INFINITY CORE ALTERNATIVE FUND

Fund Performance

March 31, 2026 (Unaudited)

The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage.

The MSCI All Country World Index is designed to provide a broad measure of global equity market performance.

The ICE Bank of America Global Broad Market Index tracks the performance of investment grade debt publicly issued in the major domestic and Eurobond markets, including sovereign, quasi-government, corporate, securitized and collateralized securities.

Average Annual Total Returns as of March 31, 2026		1 Year				5 Year				10 Year
Infinity Core Alternative Fund (Inception Date 10/1/2013)			9.79	%			9.17	%			7.50	%
HFRX Global Hedge Fund Index			5.97	%			2.49	%			3.22	%
MSCI All Country World Index			18.35	%			7.77	%			9.41	%
ICE Bank of America Global Broad Market Index			3.43	%			0.29	%			1.77	%
60% MSCI All Country World Index/40% ICE Bank of America Global Broad Market Index			12.27	%			4.87	%			6.51	%

The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling 1 (877) 779-1999.

For the Fund's current expense ratios, please refer to the Financial Highlights Section of this report.

Performance results include the effect of expense reduction arrangements for some or all of the periods shown. If those arrangements had not been in place, the performance results for those periods would have been lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Infinity Core Alternative Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets, liabilities and shareholders' equity of Infinity Core Alternative Fund (the "Fund"), including the schedule of investments, as of March 31, 2026, and the related statements of operations and cash flows for the year then ended, the statements of changes in shareholders' equity and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at March 31, 2026, the results of its operations and its cash flows for the year then ended, the changes in its shareholders' equity and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the years ended March 31, 2024, March 31, 2023 and March 31, 2022 were audited by another independent registered public accounting firm whose report, dated May 31, 2024, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian and underlying managers or administrators of the investment funds; when replies were not received from an underlying manager or administrator, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more First Trust Capital Management L.P. investment companies since 2025.

Chicago, Illinois

May 30, 2026

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Schedule of Investments

March 31, 2026

Investment Funds (98.56%)		Percentage of Shareholders' Equity				Redemptions Permitted		Redemption Notice Period		Cost				Fair Value				Original Acquisition Date
Event Driven Credit
Anchorage Capital Partners, L.P., Series K a,b			0.67	%		Annually d		90 Days		$	729,441			$	1,071,186			3/1/2015
Total Event Driven Credit			0.67	%
Quantitative Equities and Futures
Voloridge Fund, LP a,b			4.31	%		Monthly		30 Days			4,669,080				6,902,336			12/1/2020
Total Quantitative Equities and Futures			4.31	%
Global Long/Short Credit and Event Driven
King Street Capital, L.P. a,b			4.70	%		Quarterly c		65 Days			5,615,267				7,515,105			10/1/2013
Total Global Long/Short Credit and Event Driven			4.70	%
Multi-Strategy
Atlas Enhanced Fund, L.P. a,b			12.05	%		Monthly		45 Days			11,346,679				19,286,985			5/1/2014
D.E. Shaw Composite International Fund, Collective Liquidity Class a,b			10.83	%		Quarterly		75 Days			4,636,757				17,330,310			10/1/2013
Elliott Associates, L.P., Class B a,b			17.67	%		Semi-annually c,d		60 Days			15,482,660				28,269,569			10/1/2013
GoldenTree Select Partners, L.P., Class B a,b			1.87	%		Quarterly e		90 days			3,000,000				2,993,939			2/1/2026
Millennium USA LP, Class EE a,b			15.86	%		Quarterly c		90 Days			15,112,611				25,380,168			10/1/2013
Point72 Capital, L.P., Class A-n a,b			18.19	%		Quarterly c,d		45 Days			12,942,752				29,099,446			1/1/2019
Schonfeld Strategic Partners Offshore Fund Ltd., Class B a,b			11.16	%		Quarterly d		45 Days			12,362,316				17,857,327			5/1/2020
Walleye Opportunities Fund L.P., Class C a,b			1.25	%		Quarterly d		45 Days			2,000,000				2,007,099			9/1/2025
Total Multi-Strategy			88.88	%
Total Investment Funds (cost $87,897,563) (98.56%)															157,713,470
Total Investments (cost $87,897,563) (98.56%)														$	157,713,470
Other assets less liabilities (1.44%)															2,296,342
Shareholders' Equity - (100.00%)														$	160,009,812

a

Non-income producing.

b

Investment Funds are issued in private placement transactions and as such are restricted as to resale.

c

The Investment Fund can institute a gate provision on redemptions at the investor level of 25% of the total net assets of the investment in the Investment Fund.

d

The Investment Fund can institute a gate provision on redemptions at the fund level of 10 - 20% of the total net assets of the investment in the Investment Fund.

e

The Investment Fund can institute a gate provision on redemptions at the investor level of 12.5% of the total net assets of the investment in the Investment Fund.

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Statement of Assets, Liabilities and Shareholders' Equity

March 31, 2026

Assets
Investments, at fair value (cost $87,897,563)		$	157,713,470
Cash			1,040,891
Receivable for Investment Funds sold			3,500,509
Investments in Investment Funds paid in advance			774,900
Other assets			1,503
Total Assets			163,031,273
Liabilities
Proceeds from sale of fund shares received in advance			1,077,700
Line of credit payable			1,055,119
Payable for fund shares repurchased			621,985
Due to Investment Manager			131,998
Professional fees payable			109,833
Accounting and administration fees payable			13,199
Commitment fee payable			8,081
Interest expense payable			3,095
Insurance fees payable			451
Total Liabilities			3,021,461
Commitments and contingencies (Note 3)
Shareholders' Equity		$	160,009,812
Shareholders' Equity consists of:
Shareholders' Equity paid-in capital (par value of $0.001 per share with a $250,000,000 authorized)		$	152,029,639
Total distributable earnings			7,980,173
Total Shareholders' Equity		$	160,009,812
Number of Shares Outstanding			1,427,879
Shareholders' Equity per Share		$	112.06

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Statement of Operations

For the Year Ended March 31, 2026

Investment Income
Interest		$	21
Total Investment Income			21
Expenses
Investment Management fee			1,886,428
Professional fees			247,128
Accounting and administration fees			146,623
Line of credit fees			98,215
Trustees' fees			64,937
Chief Compliance Officer fees			34,738
Interest expense			24,838
Registration fees			14,495
Insurance fees			4,821
Custody fees			1,053
Other expenses			29,262
Total Expenses			2,552,538
Fee waivers and expense reimbursements			(182,034	)
Net Expenses			2,370,504
Net Investment Loss			(2,370,483	)
Realized and Unrealized Gain on Investments
Net realized gain on investments			2,520,863
Net change in unrealized appreciation/depreciation on investments			13,680,820
Net Realized and Unrealized Gain on Investments			16,201,683
Net Increase in Shareholders' Equity from Operations		$	13,831,200

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Statements of Changes in Shareholders' Equity

		Year Ended				Year Ended
		March 31, 2026				March 31, 2025
Operations
Net investment loss		$	(2,370,483	)		$	(2,163,987	)
Net realized gain on investments			2,520,863				2,957,926
Net change in unrealized appreciation/depreciation on investments			13,680,820				12,293,517
Net change in shareholders' equity from operations			13,831,200				13,087,456
Distributions to Shareholders
Distributions			(17,847,452	)			(13,382,793	)
Net change in shareholders' equity from distributions to shareholders			(17,847,452	)			(13,382,793	)
Capital Share Transactions
Sale of fund shares			16,928,500				9,071,000
Reinvested distributions			15,865,899				11,963,836
Fund shares repurchased			(6,800,486	)			(5,618,112	)
Net change in shareholders' equity from capital transactions			25,993,913				15,416,724
Total Increase in Shareholders' Equity			21,977,661				15,121,387
Shareholders' Equity
Beginning of period			138,032,151				122,910,764
End of period		$	160,009,812			$	138,032,151

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Statement of Cash Flows

For the Year Ended March 31, 2026

CASH FLOWS FROM OPERATING ACTIVITIES
Net Increase in Shareholders' Equity from Operations		$	13,831,200
Adjustments to reconcile Net Increase in Shareholders' Equity from
Operations to net cash used in operating activities:
Net realized gain on investments			(2,520,863	)
Net change in unrealized appreciation/depreciation on investments			(13,680,820	)
Purchases of Investment Funds			(13,155,206	)
Proceeds from sales of Investment Funds			6,300,514
Changes in operating assets and liabilities:
Increase in other assets			(510	)
Increase in due to Investment Manager			19,633
Decrease in professional fees payable			(44,590	)
Decrease in accounting and administration fees payable			(9,602	)
Decrease in commitment fees payable			(162	)
Decrease in custody fees payable			(1,661	)
Increase in interest expense payable			3,095
Decrease in insurance fees payable			(33	)
Decrease in other fees payable			(74,537	)
Net Cash Used in Operating Activities			(9,333,542	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of fund shares, including sale of fund shares received in advance			17,826,200
Payments for fund shares repurchased			(6,885,040	)
Distributions to shareholders, net of reinvestments			(1,981,553	)
Draws on line of credit			11,215,572
Repayments on line of credit			(10,160,453	)
Net Cash Provided by Financing Activities			10,014,726
Net change in cash			681,184
Cash at beginning of period			359,707
Cash at end of period		$	1,040,891
Supplemental disclosure of interest paid		$	21,743
Supplemental disclosure of reinvested distributions		$	15,865,899

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Financial Highlights

Per share operating performance. For a capital share outstanding throughout each period.		Year Ended March 31, 2026				Year Ended March 31, 2025				Year Ended March 31, 2024				Year Ended March 31, 2023				Year Ended March 31, 2022
Shareholders' Equity Per Share, Beginning of Period		$	115.23			$	115.55			$	106.90			$	112.93			$	108.52
Income/(loss) from investment operations:
Net investment loss (1)			(1.87	)			(1.93	)			(1.99	)			(1.89	)			(1.83	)
Net realized and unrealized gain/(loss) on investments			13.00				13.66				10.64				7.53				15.14
Total from investment operations			11.13				11.73				8.65				5.64				13.31
Distributions to shareholders:
From net investment income			(11.38	)			(9.84	)			-				(6.48	)			(6.63	)
From net realized gains			(2.92	)			(2.21	)			-				(5.19	)			(2.27	)
Total distributions to shareholders			(14.30	)			(12.05	)			-				(11.67	)			(8.90	)
Shareholders' Equity Per Share, End of Period		$	112.06			$	115.23			$	115.55			$	106.90			$	112.93
Total Return (2)			9.78	%			10.51	%			8.09	%			5.07	%			12.54	%
Shareholders' Equity, end of period (in thousands)		$	160,010			$	138,032			$	122,911			$	108,851			$	94,670
Ratio of net investment loss to average shareholders' equity (7)			(1.60	)%			(1.67	)%			(1.80	)%			(1.69	)%			(1.64	)%
Ratio of gross expenses to average shareholders' equity (3)(6)			1.72	%			1.92	%			2.06	%			2.02	%			1.99	%
Ratio of expense waiver to average shareholders' equity			(0.12	)%			(0.25	)%			(0.26	)%			(0.33	)%			(0.35	)%
Ratio of net expenses to average shareholders' equity (6)			1.60	%(4)			1.67	%(4)			1.80	% (4)			1.69	%(4)			1.64	%(4)
Portfolio Turnover			6.57	%			2.91	%			2.37	%			10.14	%			12.99	%
Senior Securities
Total borrowings (000's omitted)		$	1,055			$	-			$	1,608			$	3,370			$	2,100
Asset coverage per $1,000 unit of senior indebtedness (5)		$	152,651			$	-			$	77,434			$	33,300			$	46,081

	(1)	Based on average shares outstanding for the period.
	(2)	Total Return based on shareholders' equity is the combination of changes in shareholders' equity and reinvested distributions in shareholders' equity, if any. Total Return does not reflect the impact of any applicable sales charges.
	(3)	Represents the ratio of expenses to average shareholders' equity absent fee waivers and/or expense reimbursement by First Trust Capital Management L.P. and Infinity Capital Advisers, LLC.
	(4)	The Fund's operating expenses include fees and interest expense associated with the Line of Credit, which are excluded from the Expense Limitation calculation. If the interest expense associated with the Line of Credit was excluded from operating expenses, the net expense ratio would be 1.51%.
	(5)	Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.
	(6)	Ratios do not reflect the Fund's proportionate share of the expenses of the Investment Funds.
	(7)	Ratios do not reflect the Fund's proportionate share of the income and expenses of the Investment Funds.

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Notes to Financial Statements - March 31, 2026

1. ORGANIZATION

Infinity Core Alternative Fund (the "Fund") is a Maryland statutory trust that operates under an Agreement and Declaration of Trust dated August 15, 2013 and commenced operations on October 1, 2013. Effective December 20, 2013, the Fund registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end management investment company. Effective April 18, 2014, the Fund also registered its shares of beneficial interest ("Shares") under the Securities Act of 1933, as amended. First Trust Capital Management L.P. serves as the investment adviser (the "Investment Manager") of the Fund. Infinity Capital Advisors, LLC serves as sub-adviser to the Fund (the "Sub-Adviser" and, together with the Investment Manager, the "Advisers"). Each of the Advisers is an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended.

The investment objective of the Fund is to seek long-term capital growth. The Fund invests primarily in limited partnerships, funds, corporations, trusts or other investment vehicles (collectively, "Investment Funds") based primarily in the United States that invest or trade in a wide range of securities, and, to a lesser extent, other property and currency interests. The Fund may also make investments outside of Investment Funds to hedge exposures deemed too risky or to invest in strategies not employed by the Fund's Investment Funds. Such investments could also be used to hedge a position in an Investment Fund that is locked up or difficult to sell. Direct investments could include U.S. and foreign equity securities, debt securities, exchange-traded funds ("ETFs") and derivatives related to such instruments, including futures and options thereon.

The Board of Trustees of the Fund (the "Board," and the members thereof, the "Trustees") has overall responsibility for the management and supervision of the business operations of the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates. The Fund is an investment company and follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, Financial Services - Investment Companies.

a. Valuation of Investments

UMB Fund Services, Inc. ("UMBFS"), the Fund's administrator, calculates the Fund's net asset value ("NAV") as of the close of business on the last day of each month and at such other times as the Board may determine, including in connection with repurchases of Shares, in accordance with the procedures described below or as may be determined from time to time in accordance with policies established by the Board.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated the Investment Manager as the valuation designee (in such capacity, the "Valuation Designee") for the Fund to perform in good faith the fair value determination relating to all Fund investments, under the Board's oversight. The Investment Manager carries out its designated responsibilities as Valuation Designee through its Valuation Committee. The fair values of one or more assets may not be the prices at which those assets are ultimately sold, and the differences may be significant.

The Valuation Designee may value the Fund's portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources.

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Notes to Financial Statements - March 31, 2026 (continued)

Fair value as of each month-end or other applicable accounting periods ordinarily will be the value determined as of such date by each Investment Fund in accordance with the Investment Fund's valuation policies and reported at the time of the Fund's valuation. As a general matter, the fair value of the Fund's interest in an Investment Fund will represent the amount that the Fund could reasonably expect to receive from the Investment Fund if the Fund's interest were redeemed at the time of valuation, based on information reasonably available at the time the valuation is made and that the Valuation Designee believes to be reliable. Generally, the fair value of an Investment Fund is its NAV. In the event that the Investment Fund does not report a month-end NAV to the Fund on a timely basis, the Fund will determine the fair value of such Investment Fund based on the most recent final or estimated value reported by the Investment Fund, as well as any other relevant information available at the time the Fund values its portfolio. A substantial amount of time may elapse between the occurrence of an event necessitating the pricing of the Fund's assets and the receipt of valuation information from the underlying manager of an Investment Fund.

The Valuation Designee will consider whether it is appropriate, in light of all relevant circumstances, to value such interests at the NAV as reported by the underlying manager of the Investment Fund at the time of valuation, or whether to adjust such value to reflect a premium or discount to NAV. In accordance with GAAP and industry practice, the Fund may not always apply a discount in cases where there is no contemporaneous redemption activity in a particular Investment Fund. In other cases, such as when an Investment Fund imposes extraordinary restrictions on redemptions, when other extraordinary circumstances exist, or when there have been no recent transactions in Investment Fund interests, the Fund may determine that it is appropriate to apply a discount to the NAV of the Investment Fund. Any such decision will be made in good faith by the Valuation Designee, under oversight by the Board.

Investors should be aware that situations involving uncertainties as to the value of portfolio positions could have an adverse effect on the Fund's net assets if the judgments of the Valuation Designee (in reliance on the Investment Funds and/or their administrators) regarding appropriate valuations should prove incorrect.

The Fund classifies its assets and liabilities into three levels based on the lowest level of input that is significant to the fair value measurement. Estimated values may differ from the values that would have been used if a ready market existed or if the investments were liquidated at the valuation date.

The three-tier hierarchy distinguishes between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

● Level 1 - quoted prices (unadjusted) in active markets for identical assets and liabilities.

● Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Investments in Investment Funds valued at the NAV as practical expedient are not required under GAAP to be classified in the fair value hierarchy. Investment Funds with a fair value of $157,713,470 are excluded from the fair value hierarchy as of March 31, 2026.

The Advisers generally categorize the investment strategies of the Investment Funds into investment strategy categories. The investment objective of multi-strategy hedge funds is to deliver consistently positive returns regardless of the directional movement in equity, interest rates or currency markets by engaging in a variety of investment strategies. The investment objective of global long/short credit investing involves investing in instruments around the world related to any level of an issuer's capital structure. On the long side, this strategy focuses on companies, assets and instruments that are perceived to be trading below their inherent value. On the short side, the strategy involves securities of companies that are believed to have their credit quality deteriorate due to operating or financial challenges, become subject to a leveraging event or have a negative event in the future. Event driven investing involves the purchase or sale of securities of companies which are undergoing substantial changes. The investment objective of quantitative equities and futures investing seek to exploit trading opportunities in equity and global futures markets while seeking to achieve near zero correlation to markets over the long-term using quantitative analysis and/or systematic-based trading systems.

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Notes to Financial Statements - March 31, 2026 (continued)

The Investment Funds compensate their respective Investment Fund managers through management fees currently ranging from 0.0% to 3.0% of average net asset value of the Fund's investment annually and incentive allocations typically ranging between 10.0% and 35.0% of profits, subject to loss carryforward provisions, as defined in the respective Investment Funds' agreements.

As of March 31, 2026, the Fund has no outstanding investment commitments to Investment Funds.

b. Investment Transactions

Interest income is recorded on an accrual basis. Investment transactions are accounted for on a trade date basis. The Fund determines the gain or loss realized from investment transactions by comparing the original cost of the security lot sold with the net sale proceeds.

c. Fund Expenses

The Fund will pay all of its expenses, or reimburse the Advisers or their affiliates to the extent they have previously paid such expenses on behalf of the Fund. The expenses of the Fund include, but are not limited to, any fees and expenses in connection with the offering and issuance of Shares of the Fund; all fees and expenses directly related to portfolio transactions and positions for the Fund's account such as direct and indirect expenses associated with the Fund's investments, and enforcing the Fund's rights in respect of such investments; all fees and expenses reasonably incurred in connection with the operation of the Fund, such as investment management fee, legal fees, auditing fees, accounting, administration and tax preparation fees, custodial fees, costs of insurance, registration expenses, Trustees' fees and expenses of meetings of the Board.

d. Income Tax Information and Distributions to Shareholders

The Fund's policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its shareholders ("Shareholders"). Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund.

ASC 740, Income Taxes ("ASC 740") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing the Fund's tax returns 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 financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

ASC 740 requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, as defined by the IRS statute of limitation for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of March 31, 2026, and during the prior three open tax years, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The amount and timing of distributions are determined in accordance with federal income tax regulations. For financial reporting purposes, dividends and distributions to Shareholders are recorded on the ex-date.

The character of distributions made during the year from net investment income or net realized gain may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain/(loss) items for financial statement and tax purposes. Where appropriate, reclassifications between net asset accounts are made for such differences that are permanent in nature.

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Notes to Financial Statements - March 31, 2026 (continued)

Additionally, GAAP requires certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. Permanent differences between book and tax basis result from adjustments attributable to partnerships and passive foreign investment companies. These reclassifications have no effect on Shareholders' Equity or Shareholders' Equity per Share. For the tax year ended October 31, 2025, the following amounts were reclassified:

Shareholder's Equity paid-in capital		$	(7,524	)
Total distributable earnings			7,524

At March 31, 2026, the federal tax cost of investment securities and unrealized appreciation (depreciation) were as follows:

Cost of investments		$	141,218,355
Gross unrealized appreciation		$	71,699,004
Gross unrealized depreciation			(55,203,889	)
Net unrealized appreciation on investments		$	16,495,115

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.

The Fund's fiscal year for federal income tax purposes is October 31 which is different than the March 31 fiscal year used for financial reporting purposes. As a result, the information presented regarding tax reclassifications and distributable earnings for federal income tax purposes is as of October 31, 2025, the Fund's most recent tax year end. In addition, the tax character of distributions paid is also calculated on a tax basis and reflects the most recent information for the years ended October 31, 2025 and 2024.

As of October 31, 2025, the components of accumulated earnings on a tax basis were as follows:

Undistributed ordinary income		$	7,197,105
Undistributed long-term capital gains			1,241,879
Unrealized appreciation (depreciation)			12,611,502
Other temporary differences			(21,017	)
Distributable net earnings (deficit)		$	21,029,469

The tax character of distributions paid during the tax years ended October 31, 2025 and 2024 was as follows:

Distributions paid from:		2025				2024
Ordinary income		$	8,487,000			$	4,592,051
Net long-term capital gains			303,750				-
Total distributions paid		$	8,790,750			$	4,592,051

As of October 31, 2025, the Fund has no capital loss carryovers.

As of October 31, 2025, the Fund has no qualified late-year ordinary losses, which are deferred until fiscal year 2026 for tax purposes.

e. Cash

Cash includes amounts held in interest bearing money market accounts. Such deposits, at times, may exceed federally insured limits. The Fund has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such accounts.

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Notes to Financial Statements - March 31, 2026 (continued)

f. Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Fund's 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 increases and decreases from operations during the reporting period. Actual results could differ from those estimates.

g. Segments

An operating segment, as defined in ASC 280, Segment Reporting, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance and has discrete financial information available. The Fund's President acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of the Fund's single investment objective which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets, which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. The total return and performance is reflected within the accompanying Financial Highlights. Segment assets are reflected on the accompanying Statement of Assets, Liabilities and Shareholders' Equity as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

3. INVESTMENT MANAGEMENT AND OTHER AGREEMENTS

The Fund pays the Investment Manager a management fee ("Investment Management Fee") at an annual rate of 1.25%, payable monthly in arrears, based upon the Fund's net assets as of month-end. The Investment Management Fee is paid to the Investment Manager before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. The Investment Manager pays the Sub-Adviser 50% of the Investment Management Fee it receives from the Fund.

The Investment Manager and the Sub-Adviser have entered into an expense limitation and reimbursement agreement (as amended and restated, the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Manager and the Sub-Adviser have jointly agreed to waive fees that they would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding taxes, interest, brokerage commissions, other transaction-related expenses, extraordinary expenses, commitment or non-use fees related to the Fund's line of credit and any acquired fund fees and expenses) do not exceed 1.50% of the net assets of the Fund on an annualized basis (the "Expense Limit").

For a period not to exceed three years from the date on which a Waiver is made, the Investment Manager and/or Sub-Adviser may recoup amounts waived or assumed, provided they are able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (i) the Expense Limit in effect at the time of the Waiver, during which time the Expense Limitation and Reimbursement Agreement may not be terminated by the Fund, the Investment Manager or the Sub-Adviser, and (ii) the Expense Limit in effect at the time of recoupment. The Expense Limitation and Reimbursement Agreement is in effect until July 31, 2026. Thereafter, the Expense Limitation and Reimbursement Agreement will automatically renew for consecutive one-year terms unless terminated by the Fund, the Investment Manager or the Sub-Adviser upon 30 days advanced written notice. The potential recoverable amount is noted as "Commitments and contingencies" as reported on the Statement of Assets, Liabilities, and Shareholders' Equity. For the year ended March 31, 2026, the Advisers waived fees and reimbursed expenses of $182,034. At March 31, 2026, $301,974 is subject to recoupment through March 31, 2027, $326,078 is subject to recoupment through March 31, 2028, and $182,034 is currently subject to recoupment through March 31, 2029.

UMBFS serves as the administrator to the Fund and provides certain accounting, administrative, recordkeeping and investor related services.

UMBFS acts as the Fund's platform manager pursuant to a Platform Manager Agreement with the Fund. UMBFS does not receive a fee pursuant to the Platform Manager Agreement.

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Notes to Financial Statements - March 31, 2026 (continued)

First Trust Portfolios L.P., an affiliate of the Investment Manager, acts as distributor to the Fund; UMBFS serves as the Fund's fund accountant, transfer agent and administrator; UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund's custodian (the "Custodian"). The Custodian serves as the primary custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. sub-custodians, securities depositories and clearing agencies.

A Trustee is an affiliate, and an officer of the Fund is an employee, of UMBFS. The Fund does not compensate Trustees or officers affiliated with UMBFS or the Investment Manager. For the year ended March 31, 2026, the Fund's fees incurred for Trustees are reported on the Statement of Operations.

Vigilant Compliance Services, LLC provides Chief Compliance Officer ("CCO") services to the Fund. The Fund's fees incurred for CCO services for the year ended March 31, 2026 are reported on the Statement of Operations.

4. RELATED PARTY TRANSACTIONS

At March 31, 2026, Shareholders who are affiliated with the Investment Manager or the Sub-Adviser owned approximately $3,137,064 (or 1.96% of Shareholders' Equity) of the Fund.

5. INVESTMENT TRANSACTIONS

For the year ended March 31, 2026, the purchases and sales of investments were $13,889,459 and $9,801,023, respectively.

6. CAPITAL SHARE TRANSACTIONS

Shares are generally offered for purchase as of the first day of each calendar month at the Fund's then-current NAV per Share (determined as of the close of the preceding month), except that Shares may be offered more or less frequently as determined by the Board in its sole discretion. Transactions in Shares were as follows:

Shares outstanding, March 31, 2024			1,063,688.762
Shares issued			78,195.723
Shares reinvested			104,889.973
Shares repurchased			(48,886.107	)
Shares outstanding, March 31, 2025			1,197,888.351
Shares issued			146,679.967
Shares reinvested			142,871.664
Shares repurchased			(59,561.243	)
Shares outstanding, March 31, 2026			1,427,878.739

7. REPURCHASE OF SHARES

At the discretion of the Board and provided that it is in the best interests of the Fund and Shareholders to do so, the Fund intends to provide a limited degree of liquidity to the Shareholders by conducting repurchase offers generally quarterly with a Valuation Date (as defined below) on or about March 31, June 30, September 30 and December 31 of each year. In each repurchase offer, the Fund may offer to repurchase its Shares at their NAV as determined as of approximately March 31, June 30, September 30 and December 31, of each year, as applicable (each, a "Valuation Date"). Each repurchase offer ordinarily will be limited to the repurchase of approximately 5% of the Shares outstanding, but if the value of Shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such event, Shareholders will have their Shares repurchased on a pro rata basis, and tendering Shareholders will not have all of their tendered Shares repurchased by the Fund. Shareholders tendering Shares for repurchase will be asked to give written notice of their intent to do so by the date specified in the notice describing the terms of the applicable repurchase offer.

8. CREDIT FACILITY

The Fund maintains a credit facility (the "Facility") with Bank of America, N.A., with a maximum borrowing amount of $12,000,000, which is secured by certain interests in Investment Funds. A fee of 80 basis points per annum is payable monthly in arrears on the unused portion of the Facility, while the interest rate charged on borrowings is the 3-month Secured Overnight Financing Rate plus a spread of 180 basis points (5.468% at March 31, 2026). Interest and fees incurred for the year ended March 31, 2026 are disclosed in the accompanying Statement of Operations. At March 31, 2026 the Fund had $1,055,119 payable on the Facility and $3,095 of interest payable on the borrowings.

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Notes to Financial Statements - March 31, 2026 (continued)

For the year ended March 31, 2026, the average interest rate, the average daily loan balance and the maximum balance outstanding for the 279 days the Fund had outstanding borrowings under the Facility was 5.87%, $579,607 and $8,441,693, respectively. The Fund is subject to certain loan covenants, the most restrictive covenant being the maintenance of a loan to value ratio. The Fund was in compliance with these covenants at March 31, 2026.

9. INDEMNIFICATION

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these agreements cannot be known; however, the Fund expects any risk of loss from such claims to be remote.

10. RISK FACTORS

The Fund is subject to substantial risks - including market risks, strategy risks and Investment Fund underlying manager risks. Investment Funds generally will not be registered as investment companies under the Investment Company Act and, therefore, the Fund will not be entitled to the various protections afforded by the Investment Company Act with respect to its investments in Investment Funds. While the Advisers will attempt to moderate any risks of securities activities of the Investment Fund underlying managers, there can be no assurance that the Fund's investment activities will be successful or that the Shareholders will not suffer losses. The Advisers will not have any control over the Investment Fund underlying managers, thus there can be no assurances that an Investment Fund underlying manager will manage its Investment Funds in a manner consistent with the Investment Fund's investment objective.

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability, threatened or actual imposition of tariffs, recessions or other events may have a significant impact on a security or instrument. Tensions, war or open conflict between nations, such as recently between Russia and Ukraine, in the Middle East or in eastern Asia, could affect the economies of many nations, including the United States. These types of events and other like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the markets in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, bank failures, restrictions on investment and/or monetary movement including the forced selling of securities or the inability to participate in impacted markets. The United States has enacted or proposed to enact significant tariffs, (which the U.S. Supreme Court recently ruled were unconstitutional) and various federal agencies have been directed to further evaluate key aspects of U.S. trade policy, which could potentially lead to significant changes to current policies, treaties, and tariffs. Significant uncertainty remains about the United States's future relationships with other countries with respect to such trade policies, treaties, military conflicts, sanctions and potential tariffs. These developments, or the perception thereof, may have a material adverse effect on global trade, trade between the impacted nations and the United States, the stability of global financial markets and overall global economic conditions. These events could adversely affect the Fund's performance, the performance of the securities in which the Fund invests and may lead to losses. The ultimate impact of "Market Disruptions and Geopolitical Risks" on the financial performance of the Fund's investments is not reasonably estimable at this time. Management is actively monitoring these events.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued. There have been no subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the financial statements.

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Fund Management - March 31, 2026 (unaudited)

The Trustees and the Fund's officers and their brief biographical information, including their addresses, their year of birth and descriptions of their principal occupations during the past five years, is set forth below. The Fund's Statement of Additional Information includes additional information about the membership of the Board and is available without charge, upon request, by calling the Fund at (877) 779-1999.

INDEPENDENT TRUSTEES

Name, Address and YEAR OF BIRTH	Position(s) Held with the Fund	TERM OF OFFICE AND LENGTH OF TIME SERVED*	Principal Occupation(s) During Past 5 Years	NUMBER OF PORTFOLIOS IN FUND COMPLEX** OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEES***
David G. Lee Year of Birth: 1952 c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212	Chairman and Trustee	Since Inception	Retired (Since 2012); President and Director, Client Opinions, Inc. (2003 - 2012); Chief Operating Officer, Brandywine Global Investment Management (1998- 2002).	33	None
Robert Seyferth Year of Birth: 1952 c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212	Trustee	Since Inception	Retired (Since 2009); Chief Procurement Officer/Senior Managing Director, Bear Stearns/JP Morgan Chase (1993 -2009).	33	None
Gary E. Shugrue Year of Birth: 1954 c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212	Trustee	Since September 2021	Retired (Since 2023) Managing Director, Veritable LP (investment advisory firm) (2016-2023); Founder/ Chief Investment Officer, Ascendant Capital Partners, LP (private equity firm) (2003 - 2018).	33	Trustee, Quaker Investment Trust (1 portfolio) (registered investment company).

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Fund Management - March 31, 2026 (unaudited) (continued)

INTERESTED TRUSTEES AND OFFICERS

Name, Address and YEAR OF BIRTH	Position(s) Held with the Fund	TERM OF SERVICE AND LENGTH OF TIME SERVED*	Principal Occupation(s) During Past 5 Years	NUMBER OF PORTFOLIOS IN FUND COMPLEX** OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEES***
Terrance P. Gallagher***** Year of Birth: 1958 c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212	Trustee	Since June 2020	Retired (Since October 2025); Trustee, Investment Managers Series Trust II (registered investment company) (2013- Present); Executive Vice President and Trust Platform Director, UMB Fund Services, Inc. (2024-October 2025); President, Investment Managers Series Trust II (registered investment company) (2013-April 2025); Executive Vice President and Director of Fund Accounting, Administration and Tax, UMB Fund Services, Inc. (2007-2023).	33	Trustee, Investment Managers Series Trust II (262 portfolios) (registered investment company).
Michael Peck Year of Birth:1980 c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212	President	Since Inception	Chief Executive Officer and Co-CIO, First Trust Capital Management L.P. (formerly, Vivaldi Asset Management, LLC) (2012-Present); President and Co-CIO, Vivaldi Capital Management LP (formerly, Vivaldi Capital Management, LLC) (2012 - 2024); Portfolio Manager, Capital Management (2010 -2012); Senior Financial Analyst and Risk Manager, the Bond Companies (2006 - 2008).	N/A	N/A

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Fund Management - March 31, 2026 (unaudited) (continued)

Name, Address and YEAR OF BIRTH	Position(s) Held with the Fund	TERM OF OFFICE AND LENGTH OF TIME SERVED*	Principal Occupation(s) During Past 5 Years	NUMBER OF PORTFOLIOS IN FUND COMPLEX** OVERSEEN BY TRUSTEE	OTHER DIRECTORSHIPS HELD BY TRUSTEES***
Chad Eisenberg Year of Birth:1982 c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212	Treasurer	Since June 2022	Chief Operating Officer, First Trust Capital Management L.P. (formerly, Vivaldi Asset Management, LLC) (2012-Present); Chief Operating Officer, Vivaldi Capital Management LP (2012 - 2024); Director, Coe Capital Management LLC (2010 - 2011).	N/A	N/A
Bernadette Murphy Year of Birth: 1964 c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212	Chief Compliance Officer	Since 2021	Director, Vigilant Compliance, LLC (investment management solutions firm) (2018-Present).	N/A	N/A
Ann Maurer Year of Birth: 1972 c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212	Secretary	Since September 2018	Senior Vice President, Registered Funds Product Manager (August 2025 - Present); Senior Vice President, Client Services (2017- 2025); Vice President, Senior Client Service Manager (2013-2017); Assistant Vice President, Client Relations Manager (2002-2013), UMB Fund Services, Inc.	N/A	N/A

* Trustees serve on the Board for terms of indefinite duration. A Trustee's position in that capacity will terminate if the Trustee is removed or resigns or, among other events, upon the Trustee's death, incapacity or retirement. Officers hold office until their successors are chosen and qualified and serve at the pleasure of the Trustee.

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Fund Management - March 31, 2026 (unaudited) (continued)

^** As of March 31, 2026, the fund complex consists of the AFA Asset Based Lending Fund, Agility Multi-Asset Income Fund, Aspiriant Capital Appreciation Fund, Aspiriant Real Assets Fund, Destiny Alternative Fund, Felicitas Private Markets Fund, Felicitas Income Fund, First Trust Alternative Opportunities Fund, First Trust Enhanced Private Credit Fund, First Trust Hedged Strategies Fund, First Trust Private Assets Fund, First Trust Private Credit Fund, First Trust Real Assets Fund, FT Vest Hedged Equity Income Fund: Series A2, FT Vest Hedged Equity Income Fund: Series A3, FT Vest Hedged Equity Income Fund: Series A4, FT Vest Hedged Equity Income Fund: Series B1, FT Vest Hedged Equity Income Fund: Series B2, FT Vest Hedged Equity Income Fund: Series B3, FT Vest Rising Dividend Achievers Total Return Fund, FT Vest Total Return Income Fund: Series A1, FT Vest Total Return Income Fund: Series A2, FT Vest Total Return Income Fund: Series A3, FT Vest Total Return Income Fund: Series A4, FT Vest Total Return Income Fund: Series B1, FT Vest Total Return Income Fund: Series B2, FT Vest Total Return Income Fund: Series B3, FT Vest Total Return Income Fund: Series B4, Infinity Core Alternative Fund, Pender Real Estate Credit Fund, Variant Alternative Income Fund, Variant Alternative Lending Fund and Variant Impact Fund.

^*** As of March 31, 2026.

^**** Mr. Gallagher is deemed an Interested Trustee because of his affiliation with the Fund's administrator, UMBFS.

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Other Information - March 31, 2026 (unaudited)

Proxy Voting

The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31. The Fund's Form N-PX filing and a description of the Fund's proxy voting policies and procedures are available: (i) without charge, upon request, by calling the Fund at (877) 779-1999 or (ii) by visiting the SEC's website at https://www.sec.gov.

Availability of Quarterly Portfolio Schedules

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT is available on the SEC's website at https://www.sec.gov.

Proxy Voting

The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31. The Fund's Form N-PX filing and a description of the Fund's proxy voting policies and procedures are available: (i) without charge, upon request, by calling the Fund at (877) 779-1999 or (ii) by visiting the SEC's website at https://www.sec.gov.

Availability of Quarterly Portfolio Schedules

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT is available on the SEC's website at https://www.sec.gov.

Corporate Dividends Received Deduction

For the year ended December 31, 2025, 2% of the dividends to be paid from net investment income, including short-term capital gains from the Fund (if any), are designated as dividends received deduction available to corporate shareholders.

Qualified Dividend Income

For the year ended December 31, 2025, 3% of the dividends to be paid from net investment income, including short-term capital gains from the Fund (if any), are designated as qualified dividend income.

Short-Term Capital Gains Designation

For the year ended December 31, 2025, the Fund designated $675,411 as short-term capital gain distributions.

Long-Term Capital Gains Designation

For the year ended December 31, 2025, the Fund designated $138,095 as long-term capital gain distributions.

Section 163(j) Interest Dividends

For the year ended December 31, 2025, the Fund designated approximately 0% of its taxable ordinary income dividends, (dividend income and short-term gains, if any), or up to the maximum amount allowable, as Section 163(j) Interest Dividends. The Fund intends to pass through Section 163(j) Interest Dividends as defined in Proposed Treasury Regulation Section 1.163(j)-1(b).

Section 199A Dividends

For the year ended December 31, 2025, the Fund designated approximately 0% of its taxable ordinary income dividends, (dividend income and short-term gains, if any), or up to the maximum amount allowable, as Section 199A dividends. Non-corporate shareholders of the Fund meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Fund as Section 199A dividends.

In early 2026, if applicable, shareholders of record received the above information on QDI and Section 199A for the distribution paid to them by the Fund during the calendar year 2025 via Form 1099.

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Other Information - March 31, 2026 (unaudited) (continued)

The Fund will notify shareholders in early 2027 of amounts paid to them by the Fund, if any, during the calendar year 2026.

PRIVACY POLICY

FACTS	WHAT DOES THE 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 ● account balances ● account transactions ● transaction history ● wire transfer instructions ● checking account information Even 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 funds choose to share; and whether you can limit this sharing.
Reasons we can share your personal information		Does the 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		Yes	No
For our affiliates' everyday business purposes - information about your creditworthiness		No	We don't share
For our affiliates to market to you		No	We don't share
For nonaffiliates to market to you		No	We don't share

Questions?

Call (877) 779-1999.

INFINITY CORE ALTERNATIVE FUND

(a Maryland Statutory Trust)

Other Information - March 31, 2026 (unaudited) (continued)

What we do
How does the 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.
How does the Fund collect my personal information?	We collect your personal information, for example, when you ▪ open an account ▪ provide account information ▪ give us your contact information ▪ make a wire transfer ▪ tell us where to send money We also collect your information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?	Federal law gives you the right to limit only ▪ sharing for affiliates' everyday business purposes - information about your creditworthiness ▪ sharing for affiliates from using your information to market to you ▪ sharing for nonaffiliates 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. ▪ Our affiliates include companies such as First Trust Capital Management L.P.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ▪ The Fund doesn't share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ▪ The Fund doesn't jointly market.

(b)

Registrant has included in its Rule 30e-3(c) notice only the disclosures specified by Rule 30e-3(c)(1) and (2). Therefore, the registrant has not included a copy of the notice herewith.

ITEM 2. CODE OF ETHICS.

(a)      The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)      Not applicable.

(c)      There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d)      The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e)      The registrant does not intend to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item by posting such information on its Internet website.

(f)      The registrant has included with this filing, pursuant to Item 19(a)(1), a copy of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR;

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)      As of the end of the period covered by the report, the registrant's board of trustees has determined that Mr. David G. Lee and Mr. Robert Seyferth are qualified to serve as the audit committee financial experts serving on its audit committee and that they are "independent," as defined by Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Audit Fees

(a)      The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements are $60,000 for 2025 and $60,000 for 2026.

Audit-Related Fees

(b)      The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2025 and $0 for 2026.

Tax Fees

(c)      The aggregate fees billed for professional services rendered by the principal accountant for the review and preparation of tax returns are $30,766 for 2025 and $30,000 for 2026.

All Other Fees

(d)      The aggregate fees billed for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item is $0 for 2025 and $0 for 2026.

(e)      (1) The Registrant's Audit Committee must pre-approve the audit and non-audit services of the Auditors prior to the Auditor's engagement.

           (2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) 0%

(c) 0%

(d) 0%

(f)      The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the fiscal period April 1, 2025 through March 31, 2026 that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g)      The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the fiscal year of the registrant was $0 for 2025 and $0 for 2026.

(h)      The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i)       Not Applicable.

(j)       Not Applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a)      Not applicable.

(b)      Not applicable

ITEM 6. INVESTMENTS.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

(b)

Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)

(1) The following table provides biographical information about the members of Infinity Capital Advisors, LLC, (the "Sub-Adviser"), who are primarily responsible for the day-to-day portfolio management of the Infinity Core Alternative Fund (the "Fund") as of the date of filing this report:

Name of Portfolio Management Team Member	Title	Length of Time of Service to the Fund	Business Experience During the Past 5 Years	Role of Portfolio Management Team Member
Jeffrey J. Vale	Partner & Chief Investment Officer	Since Inception	Partner and Chief Investment Officer, Infinity Capital Partners, LLC (2002-present).	Portfolio Management
John M. Champagne	Partner & Chief Investment Officer	December 2013	Partner and Chief Investment Officer, Infinity Capital Partners, LLC (2013-present).	Portfolio Management

(a) (2) The following table provides information about portfolios and accounts, other than the Fund, for which the members of the Portfolio Management team listed above are primarily responsible for the day-to-day portfolio management as of the end of the period covered by this report:

Name of Portfolio Management Team Member	Number of Accounts and Total Value of Assets for Which Advisory Fee is Performance-Based:			Number of Other Accounts Managed and Total Value of Assets by Account Type for Which There is No Performance-Based Fee:
Name	Registered investment companies	Other pooled investment vehicles	Other accounts	Registered investment companies	Other pooled investment vehicles	Other accounts
Jeffrey J. Vale	0 Accounts	13 Accounts $617M	0 Accounts	0 Accounts	42 Accounts $845M	0 Accounts
John M. Champagne	0 Accounts	13 Accounts $617M	0 Accounts	0 Accounts	42 Accounts $845M	0 Accounts

Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other account. More specifically, portfolio managers who manage multiple funds and/or other accounts may be presented with one or more of the following potential conflicts:

The management of multiple funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each fund and/or other account. The Sub-Adviser seeks to manage such competing interests for the time and attention of a portfolio manager by having the portfolio manager focus on a particular investment discipline. Most other accounts managed by a portfolio manager are managed using the same investment models that are used in connection with the management of the Fund.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one fund or other account, a fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible funds and other accounts. To deal with these situations, the Sub-Adviser has adopted procedures for allocating portfolio transactions across multiple accounts.

The Sub-Adviser has adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

(3) The below information is provided as of March 31, 2026.

The members of the Investment Committee are not directly compensated for their work with respect to the Fund; however, two members of the Investment Committee are equity owners of the parent company of the Sub-Adviser and therefore benefit indirectly from the revenue generated from the Sub-Advisory Agreement.

(4) The following is listing of the dollar range of shares beneficially owned by each Portfolio Management Team Member as of the end of the period covered by this report:

Name of Portfolio Management Team Member:	Dollar Range of Shares Beneficially Owned by Portfolio Management Team Member:
Jeffrey J. Vale	$100,001 - $500,000
John M. Champagne	None

(b)

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a)        Not applicable.

(b)       Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407), or this Item.

ITEM 16. CONTROLS AND PROCEDURES.

(a)

The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT COMPANIES.

(a)

Not applicable.

(b)

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a)

Not applicable.

(b)

Not applicable.

ITEM 19. EXHIBITS.

(a)(2) Not applicable.

(a)(4) There were no written solicitations.

(a)(5) There was no change to the registrant's independent public accountant.

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.

(registrant) Infinity Core Alternative Fund
By (Signature and Title)*	/s/ Michael Peck
	Michael Peck, President
	(Principal Executive Officer)

Date

June 9, 2026

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 (Signature and Title)*	/s/ Michael Peck
	Michael Peck, President
	(Principal Executive Officer)

Date

June 9, 2026

By (Signature and Title)*	/s/ Chad Eisenberg
	Chad Eisenberg, Treasurer
	(Principal Financial Officer)

Date

June 9, 2026

* Print the name and title of each signing officer under his or her signature.