XAI Octagon Floating Rate & Alternative Income Trust

 

SCHEDULE OF INVESTMENTS

June 30, 2024 (Unaudited)

 

 

   Reference Rate &
Spread		  Maturity Date  Principal Amount   Value 
COLLATERALIZED LOAN OBLIGATIONS DEBT - 23.20%(a)(b)           
Anchorage Capital CLO 13 LLC   3M SOFR + 7.00%   04/15/2034   $1,500,000   $1,500,127 
Anchorage Capital CLO 16 Ltd.   3M SOFR + 7.61%   01/19/2035    2,000,000    1,966,289 
Anchorage Capital CLO 17 Ltd.   3M SOFR + 7.12%   07/15/2034    1,250,000    1,227,237 
Anchorage Capital CLO 19 Ltd.   3M SOFR + 7.51%   10/15/2034    1,000,000    878,571 
Anchorage Capital CLO 21 Ltd.   3M SOFR + 7.61%   10/20/2034    500,000    497,082 
Anchorage Capital CLO 9 Ltd.   3M SOFR + 7.08%   07/15/2032    2,000,000    1,969,040 
Apidos CLO XLV Ltd.   3M SOFR + 8.40%   04/26/2036    500,000    523,793 
Apidos CLO XXVII   3M SOFR + 6.66%   07/17/2030    375,000    375,023 
ARES LI CLO Ltd.   3M SOFR + 7.11%   07/15/2034    4,250,000    4,291,523 
Ares LV CLO Ltd.   3M SOFR + 6.61%   07/15/2034    1,525,000    1,531,352 
Atrium XIV LLC   3M SOFR + 5.91%   08/23/2030    500,000    501,101 
Ballyrock CLO 20 Ltd.   3M SOFR + 7.25%   07/15/2034    4,000,000    4,030,720 
Battalion CLO XXI Ltd.   3M SOFR + 6.72%   07/15/2034    1,000,000    904,683 
Benefit Street Partners CLO XVII Ltd.   3M SOFR + 6.61%   07/15/2032    1,100,000    1,099,441 
Benefit Street Partners CLO XXIII Ltd.   3M SOFR + 7.07%   04/25/2034    1,500,000    1,506,360 
Benefit Street Partners CLO XXIV Ltd.   3M SOFR + 6.87%   10/20/2034    1,000,000    999,560 
Benefit Street Partners CLO XXIX Ltd.   3M SOFR + 7.81%   01/25/2036    1,750,000    1,811,711 
Benefit Street Partners CLO XXVIII Ltd.   3M SOFR + 7.59%   10/20/2035    2,000,000    2,026,871 
Benefit Street Partners CLO XXXII Ltd.   3M SOFR + 7.35%   10/25/2036    2,400,000    2,472,326 
CIFC Funding 2015-I Ltd.   3M SOFR + 6.26%   01/22/2031    500,000    499,202 
CIFC Funding 2018-I Ltd.   3M SOFR + 5.26%   04/18/2031    1,750,000    1,734,433 
CIFC Funding 2019-II Ltd.   3M SOFR + 6.85%   04/17/2034    1,500,000    1,507,760 
CIFC Funding 2019-III Ltd.   3M SOFR + 7.06%   10/16/2034    2,750,000    2,758,249 
CIFC Funding 2019-V Ltd.   3M SOFR + 7.04%   01/15/2035    1,000,000    1,003,717 
CIFC Funding 2019-VI Ltd.   3M SOFR + 6.25%   07/16/2037    700,000    700,473 
CIFC Funding 2022-I Ltd.   3M SOFR + 6.40%   04/17/2035    2,000,000    2,006,801 
CIFC Funding 2022-III Ltd.   3M SOFR + 7.27%   04/21/2035    850,000    854,187 
Clover CLO 2019-1 Ltd.   3M SOFR + 6.70%   04/18/2035    2,000,000    2,009,215 
Clover CLO 2021-3 LLC   3M SOFR + 6.72%   01/25/2035    1,000,000    999,998 
Elmwood CLO VI Ltd.   3M SOFR + 6.76%   10/20/2034    1,750,000    1,758,570 
Elmwood CLO VI Ltd.   3M SOFR + 5.90%   07/18/2037    1,750,000    1,750,000 
Elmwood CLO VII Ltd.   3M SOFR + 7.50%   01/17/2034    2,000,000    1,950,182 
Elmwood CLO XI Ltd.   3M SOFR + 6.26%   10/20/2034    750,000    752,172 
HPS Loan Management 11-2017 Ltd.   3M SOFR + 8.11%   05/06/2030    1,000,000    500,300 
Madison Park Funding LX Ltd.   3M SOFR + 8.95%   10/25/2035    1,250,000    1,280,616 
Madison Park Funding LXIII Ltd.   3M SOFR + 8.57%   04/21/2035    1,250,000    1,307,972 
Madison Park Funding XLVI Ltd.   3M SOFR + 6.51%   10/15/2034    550,000    552,774 
Madison Park Funding XLVIII Ltd.   3M SOFR + 6.51%   04/19/2033    1,500,000    1,504,295 
Madison Park Funding XVII Ltd.   3M SOFR + 7.74%   07/21/2030    1,000,000    935,034 
Madison Park Funding XXVII Ltd.   3M SOFR + 5.26%   04/20/2030    1,500,000    1,489,090 
Madison Park Funding XXXVII Ltd.   3M SOFR + 6.60%   04/15/2037    750,000    772,867 
Magnetite XXIV Ltd.   3M SOFR + 6.40%   04/15/2035    500,000    501,942 
Neuberger Berman Loan Advisers CLO 24 Ltd.   3M SOFR + 6.28%   04/19/2030    1,000,000    1,001,753 
Neuberger Berman Loan Advisers CLO 27 Ltd.   3M SOFR + 6.75%   07/15/2038    2,000,000    2,000,000 
Neuberger Berman Loan Advisers CLO 32 Ltd.   3M SOFR + 6.36%   01/20/2032    1,500,000    1,503,098 
Neuberger Berman Loan Advisers CLO 40 Ltd.   3M SOFR + 6.11%   04/16/2033    1,670,000    1,671,438 
Neuberger Berman Loan Advisers CLO 47 Ltd.   3M SOFR + 6.25%   04/14/2035    1,000,000    1,002,787 
OHA Credit Funding 12 Ltd.   3M SOFR + 8.00%   07/20/2036    2,000,000    2,071,684 
OHA Credit Funding 2 Ltd.   3M SOFR + 6.62%   04/21/2034    1,000,000    1,004,870 
OHA Credit Funding 5 Ltd.   3M SOFR + 6.51%   04/18/2033    1,000,000    1,005,128 
OHA Credit Funding 7 Ltd.   3M SOFR + 6.25%   02/24/2037    900,000    902,578 
OHA Credit Funding 9 Ltd.   3M SOFR + 6.51%   07/19/2035    1,000,000    1,001,896 
Rad CLO 10 Ltd.   3M SOFR + 6.11%   04/23/2034    2,000,000    1,982,982 
Rad CLO 11 Ltd.   3M SOFR + 6.51%   04/15/2034    1,300,000    1,299,207 
Rad CLO 12 Ltd.   3M SOFR + 6.61%   10/30/2034    2,000,000    2,009,590 
Rad CLO 4 Ltd.   3M SOFR + 6.50%   04/25/2032    2,300,000    2,295,682 
Regatta VII Funding Ltd.   3M SOFR + 6.66%   06/20/2034    1,000,000    983,975 
Regatta VIII Funding Ltd.   3M SOFR + 7.00%   04/17/2037    500,000    499,936 
Regatta XII Funding Ltd.   3M SOFR + 6.61%   10/15/2032    500,000    502,117 
Regatta XIV Funding Ltd.   3M SOFR + 6.21%   10/25/2031    750,000    745,274 
Regatta XIX Funding Ltd.   3M SOFR + 6.88%   04/20/2035    750,000    756,449 
Regatta XVI Funding Ltd.   3M SOFR + 7.26%   01/15/2033    1,400,000    1,406,228 

 

1

 

 

XAI Octagon Floating Rate & Alternative Income Trust
 
SCHEDULE OF INVESTMENTS
June 30, 2024 (Continued) (Unaudited)

 

   Reference Rate &
Spread		  Maturity Date  Principal Amount   Value 
COLLATERALIZED LOAN OBLIGATIONS DEBT - 23.20%(a)(b)(Continued)           
Regatta XVIII Funding Ltd.  3M SOFR + 6.21%  01/15/2034  $2,375,000  $2,375,832 
Regatta XXII Funding Ltd.  3M SOFR + 7.19%  07/20/2035   1,350,000    1,358,946 
Regatta XXIII Funding Ltd.  3M SOFR + 6.96%  01/20/2035   2,750,000    2,759,708 
Regatta XXIV Funding Ltd.  3M SOFR + 7.06%  01/20/2035   250,000    251,024 
RR 19 Ltd.  3M SOFR + 6.76%  10/15/2035   500,000    502,388 
Sound Point CLO II Ltd.  3M SOFR + 5.76%  01/26/2031   250,000    215,869 
Sound Point CLO XVIII Ltd.  3M SOFR + 5.76%  01/21/2031   500,000    351,160 
Symphony CLO XXI Ltd.  3M SOFR + 6.86%  07/15/2032   1,000,000    997,718 
Symphony CLO XXIV Ltd.  3M SOFR + 7.26%  01/23/2032   1,000,000    1,011,149 
THL Credit Wind River 2017-1 CLO Ltd.  3M SOFR + 7.32%  04/18/2036   1,500,000    1,420,307 
Voya CLO 2020-2 Ltd.  3M SOFR + 6.66%  07/19/2034   1,125,000    1,128,400 
Wind River 2021-3 CLO Ltd.  3M SOFR + 6.86%  07/20/2033   1,000,000    960,721 
TOTAL COLLATERALIZED LOAN OBLIGATIONS DEBT
(Cost $96,643,206)		              98,222,553 

 

   Estimated Yield  Maturity Date  Principal Amount   Value 
COLLATERALIZED LOAN OBLIGATIONS EQUITY - 61.33%(a)(c)           
AIMCO CLO 16 Ltd.   18.57%  01/17/2035   1,812,000    1,395,240 
ALM 2020 Ltd.   7.57%  10/15/2029   5,000,000    581,800 
Anchorage Capital CLO 13 LLC   14.79%  04/15/2034   7,000,000    3,798,900 
Anchorage Capital CLO 15 Ltd.   26.37%  07/20/2034   1,783,000    1,103,142 
Anchorage Capital CLO 16 Ltd.   11.46%  01/19/2035   2,500,000    1,175,750 
Anchorage Capital CLO 18 Ltd.   14.04%  04/15/2034   850,000    437,835 
Anchorage Capital CLO 19 Ltd.   11.97%  10/15/2034   7,000,000    2,928,800 
Anchorage Capital CLO 1-R Ltd.   10.50%  04/13/2031   4,150,000    291,745 
Anchorage Capital CLO 20 Ltd.   10.75%  01/20/2035   1,750,000    802,375 
Anchorage Capital CLO 3-R Ltd.   8.45%  01/28/2031   1,400,000    413,196 
Anchorage Capital CLO 7 Ltd.   18.89%  01/28/2031   1,750,000    490,525 
Apidos CLO XLVIII Ltd.(d)   15.36%  07/25/2037   9,000,000    8,325,000 
Apidos CLO XXVII   4.20%  07/17/2030   1,300,000    233,727 
ARES LI CLO Ltd.   14.35%  07/15/2034   1,699,959    810,370 
ARES LI CLO Ltd.   14.00%  07/15/2034   2,646,041    1,261,368 
Ares LIX CLO Ltd.   28.05%  04/25/2034   3,500,000    2,331,350 
Ares LVIII CLO Ltd.(d)   22.98%  01/15/2035   8,600,000    5,633,000 
Ares XLI CLO Ltd.   14.26%  04/15/2034   2,343,500    880,453 
ARES XLIV CLO Ltd.   22.41%  04/15/2034   6,288,428    1,888,415 
Ballyrock CLO 19 Ltd.(d)   22.48%  04/20/2035   4,200,000    2,626,680 
Battalion CLO XV Ltd.   14.96%  01/17/2033   4,500,000    2,036,700 
Battalion CLO XVI Ltd.   11.49%  12/19/2032   3,500,000    1,483,650 
Benefit Street Partners CLO XXIII Ltd.   20.68%  04/25/2034   5,000,000    3,955,000 
Benefit Street Partners CLO XXV Ltd.   22.12%  01/15/2035   5,250,000    4,095,000 
Benefit Street Partners CLO XXVII Ltd.(d)   14.11%  07/20/2035   2,000,000    2,179,800 
Benefit Street Partners CLO XXXIV Ltd.   16.01%  07/25/2037   4,700,000    4,434,450 
Carbone CLO Ltd.   12.91%  01/20/2031   7,850,000    1,952,411 
CARLYLE US CLO 2019-4 Ltd.   19.45%  04/15/2035   8,740,000    6,411,664 
CARLYLE US CLO 2021-4 Ltd.   21.62%  04/20/2034   1,000,000    699,700 
CARLYLE US CLO 2021-5 Ltd.   14.58%  07/20/2034   4,000,000    2,449,600 
CIFC Funding 2017-III Ltd.   6.48%  07/20/2030   1,400,000    577,360 
CIFC Funding 2017-V Ltd.   7.55%  11/16/2030   4,500,000    1,587,690 
CIFC Funding 2018-I Ltd.   11.98%  04/18/2031   3,250,000    1,188,406 
CIFC Funding 2018-III Ltd.   16.33%  07/18/2031   3,000,000    1,040,541 
CIFC Funding 2019-III Ltd.   19.59%  10/16/2034   750,000    571,575 
CIFC Funding 2019-V Ltd.   20.03%  01/15/2035   2,500,000    1,873,000 
CIFC Funding 2019-V Ltd.   21.37%  01/15/2035   1,000,000    749,200 
CIFC Funding 2020-II Ltd.   27.07%  10/20/2034   1,000,000    738,400 
CIFC Funding 2020-III Ltd.   20.73%  10/20/2034   150,000    114,285 
CIFC Funding 2021-II Ltd.   18.76%  04/15/2034   4,750,000    3,470,825 
CIFC Funding 2021-VII Ltd.   19.09%  01/23/2035   1,000,000    739,000 
CIFC Funding 2022-IV Ltd.   20.23%  07/16/2035   2,500,000    2,005,000 
Clover CLO 2019-1 Ltd.   21.24%  04/18/2035   8,339,200    6,177,679 
Clover CLO 2021-3 LLC   21.39%  01/25/2035   5,500,000    4,177,800 
Dryden 43 Senior Loan Fund   13.40%  04/20/2034   3,000,000    1,154,100 

 

2

 

 

XAI Octagon Floating Rate & Alternative Income Trust
 
SCHEDULE OF INVESTMENTS
June 30, 2024 (Continued) (Unaudited)

 

   Estimated Yield  Maturity Date  Principal Amount   Value 
COLLATERALIZED LOAN OBLIGATIONS EQUITY - 61.33%(a)(c)(Continued)          
Dryden 87 CLO Ltd.   14.99%  05/20/2034  $2,000,000   $1,105,600 
Dryden 95 CLO Ltd.   15.59%  08/20/2034   1,750,000    915,600 
Elmwood CLO 14 Ltd.   22.66%  04/20/2035   10,000,000    7,371,000 
Elmwood CLO I Ltd.   22.03%  10/20/2033   6,000,000    4,963,200 
Elmwood CLO II Ltd.   18.53%  04/20/2034   6,500,000    4,815,850 
Elmwood CLO III Ltd.   18.26%  10/20/2034   5,250,000    3,649,275 
Elmwood CLO VII Ltd.   19.02%  01/17/2034   8,350,000    4,959,900 
Galaxy 33 CLO Ltd.(d)   19.06%  04/20/2037   2,000,000    1,726,600 
Generate CLO 12 Ltd.   16.75%  07/20/2036   8,000,000    6,356,800 
Generate CLO 3 Ltd.   18.48%  10/20/2029   7,008,000    4,073,050 
Invesco CLO 2021-1 Ltd.   18.77%  04/15/2034   3,000,000    1,733,100 
Invesco CLO Ltd.   15.61%  07/15/2034   5,000,000    2,493,500 
Invesco CLO Ltd.(d)(e)   N/A  07/15/2034   500,000    109,138 
Madison Park Funding XVIII Ltd.   13.63%  10/21/2030   4,000,000    1,346,240 
Madison Park Funding XX Ltd.   16.71%  07/27/2030   1,740,000    451,950 
Madison Park Funding XXIX Ltd.   13.51%  10/18/2047   3,750,000    1,524,441 
Madison Park Funding XXVIII Ltd.   15.09%  07/15/2030   5,000,000    2,090,041 
Madison Park Funding XXXVII Ltd.   18.93%  04/15/2037   6,148,815    4,678,018 
Neuberger Berman Loan Advisers CLO 54 Ltd.   16.40%  04/23/2038   3,465,000    3,331,944 
Neuberger Berman Loan Advisers CLO 55 Ltd.   15.51%  04/22/2038   4,600,000    4,226,020 
Niagara Park CLO Ltd.   17.98%  07/17/2032   2,648,000    1,486,322 
NYACK Park CLO Ltd.   17.97%  10/20/2034   1,000,000    730,400 
Oak Hill Credit Partners X-R Ltd.   18.58%  04/20/2034   9,091,692    4,088,534 
OHA Credit Partners XI Ltd.   20.23%  04/20/2037   4,003,000    2,589,140 
OHA Credit Partners XII Ltd.   11.45%  04/23/2037   13,537,295    8,294,301 
OHA Credit Partners XIII Ltd.   23.22%  10/21/2034   1,600,000    1,152,000 
Palmer Square CLO 2024-2 Ltd.(d)   14.82%  07/20/2037   4,000,000    3,632,380 
Palmer Square CLO 2024-2 Ltd. Warehouse(d)(f)   N/A  09/30/2024   3,632,381    3,632,381 
Point Au Roche Park CLO Ltd.   15.49%  07/20/2034   5,000,000    3,156,000 
Rad CLO 12 Ltd.   24.69%  10/30/2034   4,500,000    2,912,400 
Recette CLO Ltd.   11.24%  04/20/2034   10,400,000    2,760,160 
Recette CLO Ltd.(d)(e)   N/A  04/20/2034   10,400,000    84,293 
Regatta XIX Funding Ltd.   22.25%  04/20/2035   6,017,000    5,610,251 
Regatta XVIII Funding Ltd.   16.45%  01/15/2034   7,175,322    5,211,436 
Regatta XXIV Funding Ltd.   14.55%  01/20/2035   5,000,000    3,362,500 
Regatta XXVII Funding Ltd.   17.38%  04/26/2037   6,000,000    5,284,200 
Rockland Park CLO Ltd.(d)   138.86%  04/20/2034   9,750,000    27,653 
Rockland Park CLO Ltd.(d)   570.36%  04/20/2034   9,750,000    171,147 
Rockland Park CLO Ltd.   16.78%  04/20/2034   9,750,000    6,039,150 
RR 19 Ltd.(d)   17.98%  10/15/2035   7,500,000    6,001,500 
RR 2 Ltd.   22.62%  10/15/2117   9,358,000    5,123,505 
RR 25 Ltd.(d)   16.94%  10/15/2037   9,780,000    8,089,038 
Sixth Street CLO XVI Ltd.(d)   17.33%  10/20/2032   8,000,000    4,557,600 
Sixth Street CLO XVII Ltd.   14.34%  01/20/2034   1,100,000    760,980 
Sixth Street CLO XXIV Ltd.   14.01%  04/23/2037   7,500,000    6,132,000 
Sixth Street CLO XXV Ltd.(d)   15.96%  07/24/2037   7,000,000    5,887,000 
THL Credit Wind River 2018-2 CLO Ltd.   6.23%  07/15/2030   3,031,000    558,564 
THL Credit Wind River 2018-3 CLO Ltd.   12.80%  01/20/2031   3,000,000    1,216,200 
Thompson Park CLO Ltd.   23.88%  04/15/2034   4,000,000    3,195,200 
Unity-Peace Park CLO Ltd.   19.05%  04/20/2035   4,000,000    2,736,400 
TOTAL COLLATERALIZED LOAN OBLIGATIONS EQUITY
(Cost $292,880,865)		           259,676,409 

 

   Coupon  Maturity Date  Principal Amount   Value 

CORPORATE BONDS - 4.18%

Chemicals - 0.27%

              
Herens Holdco S.a.r.l., Senior Secured Bond(a)   4.75%  05/15/2028   444,000    384,758 
Illuminate Buyer LLC, Senior Unsecured Bond(a)   9.00%  07/01/2028   750,000    756,960 
                1,141,718 
Diversified Consumer Services - 0.11%                 
Sabre GLBL, Inc., Senior Secured Bond(a)   11.25%  12/15/2027   461,000    449,079 

 

3

 

 

XAI Octagon Floating Rate & Alternative Income Trust
 
SCHEDULE OF INVESTMENTS
June 30, 2024 (Continued) (Unaudited)

 

   Coupon  Maturity Date  Principal Amount  Value

CORPORATE BONDS - 4.18%(Continued)

Diversified Telecommunication Services - 0.53%

            
Altice Financing S.A., Senior Secured Bond(a)   5.75%  08/15/2029  $1,197,000  $869,321 
Altice France S.A., Senior Secured Bond(a)   5.50%  10/15/2029   667,000    439,440 
Consolidated Communications, Inc., Senior Secured Bond(a)   5.00%  10/01/2028   1,125,000    933,148 
                2,241,909 
Electric Utilities - 0.23%                 

PG&E Corp., Senior Secured Bond

   5.00% 

07/01/2028

   1,000,000    962,100 
Electronic Equipment, Instruments & Components - 0.03%                 
Coherent Corp., Senior Unsecured Bond(a)   5.00%  12/15/2029   146,000    138,203 
Health Care Equipment & Supplies - 0.17%                 
Medline Borrower, LP, Senior Secured Bond(a)   3.88%  04/01/2029   727,000    668,840 
Medline Borrower, LP, Senior Unsecured Bond(a)   5.25%  10/01/2029   62,000    59,112 
                727,952 
Health Care Providers & Services - 0.14%   
LifePoint Health, Inc., Senior Secured Bond(a)   9.88%  08/15/2030   552,000    588,305 
Health Care Technology - 0.31%                 
AthenaHealth Group, Inc., Senior Unsecured Bond(a)   6.50%  02/15/2030   1,411,000    1,297,725 
Hotels, Restaurants & Leisure - 0.47%                 

CEC Entertainment, LLC, Senior Secured Bond(a)

   6.75%   05/01/2026   470,000    466,508 
Fertitta Entertainment LLC, Senior Unsecured Bond(a)   6.75%  01/15/2030   328,000    287,379 
Hilton Grand Vacations Borrower Escrow LLC, Senior Unsecured Bond(a)   5.00%  06/01/2029   529,000    494,128 
Scientific Games Holdings LP, Senior Unsecured Bond(a)   6.63%  03/01/2030   205,000    199,875 
SeaWorld Parks & Entertainment, Inc., Senior Unsecured Bond(a)   5.25%  08/15/2029   600,000    567,000 
                2,014,890 
Industrial Conglomerates - 0.35%                 

APi Group DE, Inc., Senior Unsecured Bond(a)

   4.75%   10/15/2029   1,034,000    966,335 
MajorDrive Holdings IV, LLC, Senior Unsecured Bond(a)   6.38%  06/01/2029   545,000    512,845 
                1,479,180 
Insurance - 0.26%                 

Acrisure LLC, Senior Unsecured Bond(a)

   8.50%  06/15/2029   400,000    404,120 
Alliant Holdings Intermediate, LLC, Senior Secured Bond(a)   4.25%  10/15/2027   750,000    702,895 
                1,107,015 
Machinery - 0.11%                 

Chart Industries, Inc., Senior Secured Bond(a)

   7.50%   01/01/2030   472,000    488,260 
Oil, Gas & Consumable Fuels - 0.03%                 

New Fortress Energy, Inc., Senior Secured Bond(a)

   8.75%   03/15/2029   123,000    112,540 
Professional Services - 0.48%                 

Conduent Business Services LLC, Senior Secured Bond(a)

   6.00%   11/01/2029   2,176,000    2,028,126 
Software - 0.24%                 

McAfee Corp., Senior Unsecured Bond(a)

   7.38%   02/15/2030   1,102,000    1,020,728 
Transportation Infrastructure - 0.45%                 
Uber Technologies, Inc., Senior Unsecured Bond(a)   4.50%  08/15/2029   2,000,000    1,909,066 
TOTAL CORPORATE BONDS
(Cost $18,703,410)		               17,706,796 

 

   Reference Rate &
Spread		  Maturity Date  Principal Amount  Value
SECURED SECOND LIEN LOANS - 1.51%(b)            
Aerospace & Defense - 0.47%            
Amentum Government Services Holdings, LLC, Tranche 2  1M SOFR + 7.50%  02/15/2030   2,016,807    2,011,765 
Air Freight & Logistics - 0.13%                

Lasership, Inc. (ASP LS Acquisition Corp.), Initial

  3M SOFR + 7.50%  05/07/2029   745,852    533,903 
Building Products - 0.11%                
Icebox Holdco III, Inc., Initial  3M SOFR + 6.75%  12/21/2029   468,750    473,437 
Commercial Services & Supplies - 0.19%                

AVSC Holding Corp., Initial

  1M SOFR + 7.25%  09/01/2025   805,556    789,952 
Communications Equipment - 0.08%                

Global Tel*Link Corp., TL

  1M SOFR + 10.00%  11/29/2026   347,222    331,424 
MLN US Holdco LLC, Term B-1  3M SOFR + 6.70%  10/18/2027   128,761    19,314 
               350,738 

 

4

 

 

XAI Octagon Floating Rate & Alternative Income Trust
 
SCHEDULE OF INVESTMENTS
June 30, 2024 (Continued) (Unaudited)

 

  

Reference Rate &

Spread

  Maturity Date  Principal Amount 

Value 

SECURED SECOND LIEN LOANS - 1.51%(b)(Continued)            
Construction & Engineering - 0.07%            
DG Investment Intermediate Holdings 2, Inc., Initial  1M SOFR + 6.75%  03/30/2029  $292,804   $285,484 
Diversified Consumer Services - 0.02%                
TruGreen LP, Initial  3M SOFR + 8.50%  11/02/2028   125,392    95,925 
Diversified Financial Services - 0.06%                

Nexus Buyer LLC, Initial

 

1M SOFR + 6.25%

 

11/05/2029

   245,536    244,124 
Electronic Equipment, Instruments & Components - 0.01%
Infinite Bidco LLC., Initial  3M SOFR + 7.00%  03/02/2029   69,869    58,573 
Insurance - 0.24%                

Asurion, LLC, New B-4

 

1M SOFR + 5.25%

 

01/20/2029

   1,104,603    1,015,892 
Software - 0.13%                
Ascend Learning, LLC, Initial  1M SOFR + 5.75%  12/10/2029   231,482    225,810 
DCert Buyer, Inc., First Amendment Refinancing  1M SOFR + 7.00%  02/19/2029   156,627    138,849 
EagleView Technology Corp., TL  3M SOFR + 7.50%  08/14/2026   198,167    172,406 
               537,065 
TOTAL SECURED SECOND LIEN LOANS
(Cost $6,868,637)		              6,396,858 

 

   Reference Rate &
Spread		  Maturity Date  Principal Amount  Value
SENIOR SECURED FIRST LIEN LOANS - 76.32%(b)            
Aerospace & Defense - 1.57%            
Amentum Government Services Holdings, LLC, Tranche 3  1M SOFR + 4.00%  02/15/2029   1,379,588    1,384,182 
Chromalloy Corp., Initial  1M SOFR + 3.75%  03/27/2031   1,974,521    1,976,989 
Dynasty Acquisition Co., Inc., 2024 Specified Refinancing Term B-1  1M SOFR + 3.50%  08/24/2028   562,693    564,387 
Dynasty Acquisition Co., Inc., 2024 Specified Refinancing Term B-2  1M SOFR + 3.50%  08/24/2028   216,996    217,650 
Peraton Corp., Term B  1M SOFR + 3.75%  02/01/2028   1,322,802    1,322,247 
Spirit AeroSystems, Inc., Initial  3M SOFR + 4.25%  01/15/2027   112,650    113,241 
Transdigm, Inc., Tranche J  3M SOFR + 3.25%  02/28/2031   1,085,570    1,087,741 
               6,666,437 
Air Freight & Logistics - 0.77%            
Apple Bidco, LLC, Amendment No.1  1M SOFR + 3.50%  09/22/2028   527,408    528,267 
Brown Group Holding, LLC, 2022 Incremental B-2  3M SOFR + 3.00%  07/02/2029   137,442    137,270 
Brown Group Holding, LLC, Initial  1M SOFR + 2.75%  06/07/2028   782,207    781,135 
Lasership, Inc. (ASP LS Acquisition Corp.), 2023 Incremental  6M SOFR + 7.00%  09/29/2027   497,500    482,575 
Lasership, Inc. (ASP LS Acquisition Corp.), Initial  3M SOFR + 4.50%  05/07/2028   1,550,533    1,312,790 
               3,242,037 
Airlines - 0.33%            
United Air Lines, Inc., Class B  1M SOFR + 2.75%  02/22/2031   1,394,469    1,395,710 
Auto Components - 1.18%                
Clarios Global LP, 2024  1M SOFR + 2.50%  06/05/2030   117,526    117,672 
Dealer Tire, LLC, Term B-4  1M SOFR + 3.50%  06/25/2031   2,016,973    2,011,931 
First Brands Group LLC, 2022-II Incremental  3M SOFR + 5.00%  03/30/2027   1,499,466    1,487,755 
First Brands Group LLC, Refinanced  3M SOFR + 5.00%  03/30/2027   14,897    14,781 
IXS Holdings, Inc., Initial  3M SOFR + 4.25%  03/05/2027   858,033    832,154 
LS Group OpCo Acquisition LLC, Term B  1M SOFR + 3.00%  04/23/2031   182,721    182,645 
LTR Intermediate Holdings, Inc., Initial  1M SOFR + 4.50%  05/05/2028   361,705    354,847 
               5,001,785 
Automobiles - 0.84%            
RVR Dealership Holdings, LLC, TL  1M SOFR + 3.75%  02/08/2028   989,606    914,564 
Tenneco, Inc., Term A  3M SOFR + 4.75%  11/17/2028   498,734    477,124 
Tenneco, Inc., Term B  3M SOFR + 5.00%  11/17/2028   1,076,970    1,031,586 
Truck Hero, Inc., Incremental  1M SOFR + 5.00%  01/31/2028   172,872    172,117 
Wand NewCo 3, Inc., Initial  1M SOFR + 3.75%  01/30/2031   970,716    976,609 
               3,572,000 
Beverages - 0.17%              
Triton Water Holdings, Inc., 2024 Incremental  3M SOFR + 4.00%  03/31/2028   598,158    599,527 
Triton Water Holdings, Inc., Initial  3M SOFR + 3.25%  03/31/2028   120,434    120,435 
               719,962 

 

5

 

 

XAI Octagon Floating Rate & Alternative Income Trust
 
SCHEDULE OF INVESTMENTS
June 30, 2024 (Continued) (Unaudited)

 

  

Reference Rate &

Spread

  Maturity Date  Principal Amount   Value 
SENIOR SECURED FIRST LIEN LOANS - 76.32%(b)(Continued)              
Building Products - 3.20%              
AI Aqua Merger Sub, Inc., 2023 Incremental Term B  1M SOFR + 4.25%  07/31/2028  $949,830   $950,542 
AI Aqua Merger Sub, Inc., Initial Term B  1M SOFR + 4.00%  07/31/2028   1,482,610    1,484,375 
Chariot Buyer LLC, Amendment No. 2  1M SOFR + 3.50%  11/03/2028   1,044,797    1,046,970 
Cornerstone Building Brands, Inc., Tranche B  1M SOFR + 3.25%  04/12/2028   1,366,406    1,330,961 
Cornerstone Building Brands, Inc., Tranche C  1M SOFR + 4.50%  05/15/2031   299,437    296,943 
Foundation Building Materials, Inc., Initial  3M SOFR + 3.25%  01/31/2028   219,386    216,694 
Groundworks, LLC, Delayed Draw(g)  1M SOFR + 3.50%  03/14/2031   44,112    43,852 
Groundworks, LLC, Initial  1M SOFR + 3.50%  03/14/2031   1,497,955    1,496,547 
Gulfside Supply, Inc., TL  1M SOFR + 3.00%  05/29/2031   789,123    789,123 
Icebox Holdco III, Inc., Initial  3M SOFR + 3.75%  12/22/2028   1,065,733    1,067,512 
LHS Borrower, LLC, Initial  1M SOFR + 4.75%  02/16/2029   463,143    437,207 
Park River Holdings, Inc., Initial  3M SOFR + 3.25%  12/28/2027   1,333,825    1,301,960 
Quikrete Holdings, Inc., B-1 Term  1M SOFR + 2.50%  04/14/2031   251,387    251,779 
Tamko Building Products, LLC, 2023 Specified Refinancing  1M SOFR + 3.25%  09/20/2030   890,392    889,280 
VC GB Holdings I Corp., Initial  3M SOFR + 3.00%  07/21/2028   1,757,855    1,750,437 
White Cap Buyer, LLC, Tranche C  1M SOFR + 3.25%  06/13/2029   214,837    215,118 
               13,569,300 
Capital Markets - 0.89%                
Citadel Securities LP, 2024  1M SOFR + 2.25%  07/29/2030   2,269,534    2,275,208 
Hudson River Trading LLC, TL  1M SOFR + 3.00%  03/20/2028   1,477,368    1,476,083 
               3,751,291 
Chemicals - 3.55%                
CP Iris Holdco I, Inc., Initial  1M SOFR + 3.50%  10/02/2028   430,492    428,877 
Derby Buyer LLC, First Amendment TL  1M SOFR + 3.50%  11/01/2030   677,938    680,691 
Discovery Purchaser Corp., Initial  3M SOFR + 4.38%  10/04/2029   1,233,469    1,230,213 
Herens Holdco S.a.r.l., Facility B  3M SOFR + 3.92%  07/03/2028   1,577,646    1,527,082 
Hexion Holdings Corp., Initial  3M SOFR + 4.50%  03/15/2029   2,086,066    2,075,260 
Ineos Quattro Holdings UK Ltd., 2029 Tranche B TL  1M SOFR + 4.25%  04/02/2029   660,107    657,631 
Ineos US Finance LLC, 2031 Dollar TL  1M SOFR + 3.75%  02/07/2031   1,091,092    1,092,794 
Ineos US Finance LLC, New 2030 Dollar TL  3M SOFR + 3.25%  02/18/2030   875,288    869,380 
LSF11 A5 Holdco LLC, 2024 Refinancing  1M SOFR + 3.50%  10/15/2028   268,012    267,342 
Lummus Technology Holdings V LLC, 2024 Term B  1M SOFR + 3.50%  12/31/2029   2,015,621    2,022,091 
New Arclin U.S. Holding Corp., TL  1M SOFR + 3.75%  09/30/2028   376,461    374,913 
Nouryon USA LLC, 2024 B-1  3M SOFR + 3.50%  04/03/2028   274,919    275,331 
Nouryon USA LLC, 2024 B-2  1M SOFR + 6.50%  04/03/2028   393,646    394,631 
Olympus Water US Holding Corp., Term B-4  3M SOFR + 4.25%  11/09/2028   889,012    891,608 
Olympus Water US Holding Corp., Term B-5  3M SOFR + 3.50%  06/20/2031   732,479    733,292 
PMHC II, Inc., Initial  3M SOFR + 4.25%  04/23/2029   1,421,186    1,385,656 
Windsor Holdings III, LLC, 2024 Refinancing Term B  1M SOFR + 4.00%  08/01/2030   107,745    108,311 
               15,015,103 
Commercial Services & Supplies - 2.04%                
Allied Universal Holdco LLC, Initial  1M SOFR + 3.75%  05/12/2028   1,655,304    1,648,219 
Ankura Consulting Group LLC, 2024 Repricing Term Facility  6M SOFR + 4.25%  03/17/2028   797,596    798,593 
Belfor USA Group, Inc., Initial Tranche B-1  1M SOFR + 3.75%  11/01/2030   1,295,451    1,301,928 
Garda World Security Corp., Fourth Additional  3M SOFR + 4.25%  02/01/2029   933,071    937,736 
Genuine Financial Holdings, LLC, 2023 Incremental  1M SOFR + 4.00%  09/27/2030   1,658,442    1,650,980 
GFL Environmental, Inc., 2024 Refinancing  1M SOFR + 2.00%  06/27/2031   123,165    123,165 
The Action Environmental Group, Inc., 2024-1 Incremental  1M SOFR + 4.00%  10/24/2030   201,418    202,425 
The Action Environmental Group, Inc., Initial  3M SOFR + 4.00%  10/24/2030   775,421    779,298 
Viad Corp., Initial   1M SOFR + 4.25%   07/30/2028   1,196,250    1,197,004 
               8,639,348 
Communications Equipment - 0.34%                
Casa Systems, Inc., Superpriority(h)  6M SOFR + 6.50%  12/20/2027   517,015    847 
Global Tel*Link Corp., TL  1M SOFR + 4.25%  11/29/2025   438,512    434,539 
Gogo Intermediate Holdings LLC, Initial  1M SOFR + 3.75%  04/30/2028   994,027    990,160 
               1,425,546 
Construction & Engineering - 1.47%                
Brand Industrial Services, Inc., Tranche C  3M SOFR + 4.50%  08/01/2030   1,902,908    1,908,199 
DG Investment Intermediate Holdings 2, Inc., Closing Date Initial  1M SOFR + 3.75%  03/31/2028   83,771    83,457 
DG Investment Intermediate Holdings 2, Inc., Incremental  1M SOFR + 4.75%  03/31/2028   2,104,280    2,106,911 

 

6

 

 

 

XAI Octagon Floating Rate & Alternative Income Trust
 
SCHEDULE OF INVESTMENTS
June 30, 2024 (Continued) (Unaudited)

 

  

Reference Rate &

Spread

  Maturity Date  Principal Amount   Value 
SENIOR SECURED FIRST LIEN LOANS - 76.32%(b)(Continued)              
Construction & Engineering - 1.47% (continued)              
TRC Companies LLC, Initial  1M SOFR + 3.75%  12/08/2028  $2,114,880   $2,116,994 
               6,215,561 
Construction Materials - 0.14%                
Mativ Holdings, Inc., Term B  1M SOFR + 3.75%  04/20/2028   215,457    214,558 
Smyrna Ready Mix Concrete, LLC, 2023  1M SOFR + 3.50%  04/02/2029   361,779    363,136 
               577,694 
Containers & Packaging - 2.10%                
Anchor Packaging, LLC, Amendment No.4  1M SOFR + 3.75%  07/18/2029   540,209    539,825 
Berlin Packaging LLC, Tranche B-7  3M SOFR + 3.75%  05/06/2031   255,126    255,618 
Clydesdale Acquisition Holdings, Inc., Term B  1M SOFR + 3.68%  04/13/2029   3,252,978    3,258,053 
LABL, Inc., Initial  1M SOFR + 5.00%  10/29/2028   947,582    934,354 
Pelican Products, Inc., Initial  3M SOFR + 4.25%  12/29/2028   478,984    440,326 
Proampac PG Borrower LLC, 2024-1  3M SOFR + 3.00%  09/15/2028   921,072    922,453 
RLG Holdings, LLC, Closing Date Initial  1M SOFR + 4.25%  07/07/2028   1,631,537    1,600,652 
Sabert Corp., Term B  1M SOFR + 3.00%  12/10/2026   950,787    953,953 
               8,905,234 
Distributors - 0.77%                
Aramsco Parent, Inc., Closing Date Initial  3M SOFR + 4.75%  10/10/2030   693,403    692,536 
BCPE Empire Holdings, Inc., Amendment No. 5 Refinancing  1M SOFR + 4.00%  12/11/2028   2,555,417    2,554,140 
               3,246,676 
Diversified Consumer Services - 2.60%                
Cast & Crew Payroll, LLC, Incremental Facility No. 2 Incremental  1M SOFR + 3.75%  12/29/2028   453,233    453,192 
EP Purchaser, LLC, 2023 Incremental  3M SOFR + 4.50%  11/06/2028   316,026    316,026 
EP Purchaser, LLC, Closing Date TL  3M SOFR + 3.50%  11/06/2028   508,575    508,214 
KUEHG Corp., Initial  3M SOFR + 4.50%  06/12/2030   703,599    705,801 
Learning Care Group No. 2, Inc., 2024 Refinancing  3M SOFR + 4.00%  08/11/2028   1,691,438    1,700,961 
LifeMiles Ltd., Initial  3M SOFR + 5.25%  08/30/2026   61,074    61,265 
Sabre GLBL, Inc., 2021 Term B-1  1M SOFR + 3.50%  12/17/2027   177,932    159,439 
Sabre GLBL, Inc., 2021 Term B-2  1M SOFR + 3.50%  12/17/2027   278,853    249,872 
Sabre GLBL, Inc., 2022 Term B  1M SOFR + 4.25%  06/30/2028   62,206    55,959 
Sabre GLBL, Inc., 2022 Term B-2  1M SOFR + 5.00%  06/30/2028   58,182    53,055 
Seren BidCo AB, Facility B6  3M SOFR + 3.50%  11/16/2028   151,646    152,278 
Spin Holdco, Inc., Initial  3M SOFR + 4.00%  03/04/2028   2,145,202    1,818,059 
Staples, Inc., Closing Date  3M SOFR + 5.75%  08/22/2029   271,728    248,223 
Stubhub Holdings, Inc., Extended Term B  1M SOFR + 4.75%  03/15/2030   1,280,981    1,278,982 
The Knot Worldwide, Inc., Amendment No. 4  1M SOFR + 4.50%  01/31/2028   1,093,053    1,095,786 
TruGreen LP, Second Refinancing  1M SOFR + 4.00%  11/02/2027   177,317    170,579 
WestJet Loyalty LP, Initial  3M SOFR + 3.75%  02/14/2031   1,978,921    1,986,837 
               11,014,528 
Diversified Financial Services - 4.51%                
Ascensus Holdings, Inc., Initial  1M SOFR + 3.50%  08/02/2028   1,487,418    1,485,931 
Blackhawk Network Holdings, Inc., Term B-1  1M SOFR + 5.00%  03/12/2029   2,316,547    2,320,902 
Citco Funding LLC, 2024 TL  3M SOFR + 2.75%  04/27/2028   782,021    783,976 
CoreLogic, Inc., Initial  1M SOFR + 3.50%  06/02/2028   2,972,016    2,923,186 
First Eagle Holdings, Inc., Refinancing TL  1M SOFR + 3.00%  03/05/2029   1,285,876    1,279,048 
Franklin Square Holdings L.P., Term B  1M SOFR + 2.25%  04/25/2031   441,800    441,248 
Galaxy US Opco, Inc., Initial  3M SOFR + 4.75%  04/29/2029   295,000    238,212 
Grant Thornton Advisors LLC, Initial  3M SOFR + 3.25%  06/02/2031   1,878,654    1,883,369 
GTCR Everest Borrower, LLC, Initial  1M SOFR + 3.00%  06/03/2031   656,373    656,373 
GTCR W Merger Sub LLC, Initial  3M SOFR + 3.00%  01/31/2031   2,571,098    2,570,738 
Hightower Holding, LLC, Initial  3M SOFR + 4.00%  04/21/2028   1,346,268    1,347,534 
Nexus Buyer LLC, Initial  1M SOFR + 3.75%  11/09/2026   340,719    340,103 
Nexus Buyer, LLC, Amendment No. 5  1M SOFR + 4.50%  12/13/2028   2,603,888    2,603,237 
VeriFone Systems, Inc., Initial  3M SOFR + 4.00%  08/20/2025   249,144    203,244 
               19,077,101 
Diversified Telecommunication Services - 2.72%                
Altice France S.A., Term B-14 Refinancing  3M SOFR + 5.50%  08/15/2028   1,716,046    1,255,579 
Directv Financing, LLC, Closing Date  1M SOFR + 5.00%  08/02/2027   883,495    884,378 
LCPR Loan Financing LLC, 2021 Additional  1M SOFR + 3.75%  10/16/2028   58,979    56,752 
Syniverse Holdings, LLC, Initial  3M SOFR + 7.00%  05/13/2027   398,867    387,232 

 

7

 

 

XAI Octagon Floating Rate & Alternative Income Trust
 
SCHEDULE OF INVESTMENTS
June 30, 2024 (Continued) (Unaudited)

 

  

Reference Rate &
Spread

  Maturity Date  Principal Amount   Value 
SENIOR SECURED FIRST LIEN LOANS - 76.32%(b)(Continued)                
Diversified Telecommunication Services - 2.72% (continued)                
Viasat, Inc., Incremental  1M SOFR + 4.50%  05/30/2030  $377,149  $334,878 
Viasat, Inc., Initial  1M SOFR + 4.50%  03/02/2029   905,767    808,207 
Virgin Media Bristol LLC, Facility Y  6M SOFR + 3.25%  03/31/2031   2,109,170    1,987,513 
WideOpenWest Finance LLC, Term B  3M SOFR + 3.00%  12/20/2028   1,484,772    1,318,150 
Windstream Services II, LLC, Initial  1M SOFR + 6.25%  09/21/2027   1,411,303    1,408,946 
Xplornet Communications, Inc., Refinancing(h)  3M SOFR + 4.00%  10/02/2028   138,150    20,915 
Zacapa S.a.r.l., Initial  3M SOFR + 4.00%  03/22/2029   3,069,948    3,064,668 
               11,527,218 
Electric Utilities - 0.28%                
Talen Energy Supply, LLC, Initial Term B  3M SOFR + 3.50%  05/17/2030   775,857    783,336 
Talen Energy Supply, LLC, Initial Term C  3M SOFR + 3.50%  05/17/2030   419,880    423,928 
               1,207,264 
Electronic Equipment, Instruments & Components - 0.19%                
Mavenir Systems, Inc., Initial  3M SOFR + 4.75%  08/18/2028   478,964    355,032 
Natel Engineering Co., Inc., Initial  1M SOFR + 6.25%  04/30/2026   496,851    434,248 
               789,280 
Energy Equipment & Services - 0.35%                
Waterbridge Midstream Operating LLC, 2024 Initial  1M SOFR + 4.75%  06/21/2029   1,137,254    1,128,725 
WaterBridge Midstream Operating LLC, Initial  3M SOFR + 5.75%  06/22/2026   362,903    363,132 
               1,491,857 
Food & Staples Retailing - 0.36%                
Apro, LLC, 2024 Initial  1M SOFR + 3.75%  06/26/2031   713,267    712,376 
Upbound Group, Inc., Initial  1M SOFR + 2.75%  02/17/2028   833,340    834,732 
               1,547,108 
Food Products - 0.09%                
Pacific Bells, LLC, Initial  3M SOFR + 4.50%  11/10/2028   357,806    357,359 
Whole Earth Brands, Inc., TL  3M SOFR + 4.50%  02/05/2028   32,328    32,288 
               389,647 
Gas Utilities - 0.33%                
Prairie Acquiror LP, Initial Term B-2  1M SOFR + 4.75%  08/01/2029    1,396,548    1,395,682 
Health Care Equipment & Supplies - 1.45%                
Auris Luxembourg III S.a.r.l., Facility B4  6M SOFR + 4.25%  02/28/2029    952,554    954,145 
Bausch & Lomb Corp., First Incremental TL  1M SOFR + 4.00%  09/29/2028    1,382,411    1,378,098 
Bausch & Lomb Corp., Initial  1M SOFR + 3.25%  05/10/2027    2,157,778    2,132,963 
Curium BidCo S.a.r.l., 2024 Additional Term Facility  3M SOFR + 4.00%  07/31/2029    1,228,324    1,232,168 
Zest Acquisition Corp., Term B-1  3M SOFR + 5.50%  02/08/2028   436,705    438,889 
               6,136,263 
Health Care Providers & Services - 4.33%              
Accelerated Health Systems, LLC, Initial Term B  3M SOFR + 4.25%  02/15/2029   195,354    161,573 
AEA International Holdings, New TL  3M SOFR + 3.50%  09/07/2028   211,825    211,825 
Azalea Topco, Inc., Initial  1M SOFR + 3.50%  04/30/2031   2,065,100    2,062,518 
Cambrex Corp., Tranche B-2  1M SOFR + 3.50%  12/04/2026   247,758    243,888 
Charlotte Buyer, Inc., Initial Term B Loans  1M SOFR + 5.25%  02/11/2028   230,083    230,501 
Concentra Health Services, Inc., Initial  1M SOFR + 2.25%  06/26/2031   381,296    382,250 
Cotiviti, Inc., Floating Rate TL  1M SOFR + 3.25%  05/01/2031   1,216,417    1,208,815 
Covetrus, Inc., Initial  3M SOFR + 5.00%  10/13/2029   1,733,486    1,672,502 
EyeCare Partners, LLC, Tranche A  3M SOFR + 5.75%  08/31/2028   7,919    7,933 
EyeCare Partners, LLC, Tranche B  3M SOFR + 3.86%  11/30/2028   850,752    517,895 
Global Medical Response, Inc., 2024 Extended TL  3M SOFR + 5.50%  10/31/2028   1,632,975    1,578,678 
Hunter US Bidco, Inc., Initial  3M SOFR + 4.25%  08/19/2028   474,011    468,678 
Lifepoint Health, Inc., 2024 Incremental  3M SOFR + 4.00%  05/09/2031   1,336,780    1,338,037 
Midwest Veterinary Partners, LLC, 2024  1M SOFR + 3.75%  04/27/2028   1,522,083    1,521,322 
Organon & Co., 2024  1M SOFR + 2.50%  05/19/2031   549,913    549,913 
Outcomes Group Holdings, Inc., Initial  3M SOFR + 4.25%  05/06/2031   701,692    703,117 
Phoenix Guarantor, Inc., Tranche B-4  1M SOFR + 3.25%  02/21/2031   1,496,517    1,491,848 
Phoenix Newco, Inc., Initial  1M SOFR + 3.25%  11/15/2028   567,015    567,899 
Sharp Midco LLC, Tranche C  3M SOFR + 3.75%  12/31/2028   672,518    675,880 
Southern Veterinary Partners, LLC, 2024-2 New  1M SOFR + 3.75%  10/05/2027   946,615    947,211 
Summit Behavioral Health, LLC, Tranche B-1 Term Loans  3M SOFR + 4.25%  11/24/2028   1,271,702    1,275,937 

 

8

 

 

XAI Octagon Floating Rate & Alternative Income Trust
 
SCHEDULE OF INVESTMENTS
June 30, 2024 (Continued) (Unaudited)

 

  

Reference Rate &
Spread

  Maturity Date  Principal Amount   Value 
SENIOR SECURED FIRST LIEN LOANS - 76.32%(b)(Continued)              
Health Care Providers & Services - 4.33% (continued)              
WCG Purchaser Holdings Corp., 2024 Refinancing  1M SOFR + 3.50%  01/08/2027  $527,299   $527,167 
               18,345,387 
Health Care Technology - 1.92%                
AthenaHealth Group, Inc., Initial  1M SOFR + 3.25%  02/15/2029   3,352,749    3,338,098 
Ensemble RCM, LLC, Term B  1M SOFR + 3.00%  08/01/2029   1,248,908    1,243,775 
Gainwell Acquisition Corp., Term B  3M SOFR + 4.00%  10/01/2027   2,474,359    2,392,903 
R1 RCM Holdco, Inc., Initial Term B  1M SOFR + 3.00%  06/21/2029   643,946    645,157 
TTF Holdings, LLC, Initial  1M SOFR + 4.00%  03/31/2028   493,051    491,202 
               8,111,135 
Hotels, Restaurants & Leisure - 4.56%                
19th Holdings Golf, LLC, Initial  1M SOFR + 3.25%  02/07/2029   2,161,466    2,133,107 
Aimbridge Acquisition Co., Inc., Incremental  1M SOFR + 4.75%  02/02/2026   243,061    238,961 
Alterra Mountain Co., Additional TL  1M SOFR + 3.75%  05/31/2030   162,201    162,911 
Alterra Mountain Co., Series B-5  1M SOFR + 3.50%  05/31/2030   233,257    234,279 
Arcis Golf, LLC, Amendment No. 2  1M SOFR + 3.75%  11/24/2028   565,633    566,102 
BCPE Grill Parent, Inc., Initial  1M SOFR + 4.75%  09/30/2030   1,035,267    1,018,185 
Bulldog Purchaser, Inc., Initial  3M SOFR + 4.25%  06/13/2031   615,168    617,475 
ClubCorp Holdings, Inc., Term B-2  3M SOFR + 5.00%  09/18/2026   924,917    928,386 
Dave & Buster's, Inc., 2024 Refinancing Term B  1M SOFR + 3.25%  06/29/2029   578,715    578,836 
Entain PLC, Facility B3  6M SOFR + 2.75%  10/31/2029   903,227    904,031 
Fertitta Entertainment, LLC, Initial B TL  1M SOFR + 3.75%  01/27/2029   210,223    210,356 
Fitness International, LLC, Term B  1M SOFR + 5.25%  02/12/2029   984,727    988,420 
Kingpin Intermediate Holdings LLC, Amendment No. 8  1M SOFR + 3.50%  02/08/2028   601,514    599,824 
LC Ahab US Bidco LLC, Initial  1M SOFR + 3.50%  05/01/2031   518,715    519,042 
MIC Glen LLC, Incremental  1M SOFR + 4.25%  07/21/2028   385,302    385,302 
Motion Finco, LLC, Facility B3  3M SOFR + 3.50%  11/12/2029   2,554,645    2,554,006 
Ontario Gaming GTA LP, Term B  3M SOFR + 4.25%  08/01/2030   1,055,423    1,059,212 
PCI Gaming Authority, Term B Facility  1M SOFR + 2.50%  05/29/2026   1,384,172    1,380,712 
Playa Hotels & Resorts B.V., TLB, 2022  1M SOFR + 2.75%  01/05/2029   1,619,213    1,619,423 
SeaWorld Parks & Entertainment, Inc., Term B-2  1M SOFR + 2.50%  08/25/2028   229,472    229,185 
Tacala, LLC, Initial  1M SOFR + 4.00%  01/31/2031   207,674    208,280 
Topgolf Callaway Brands Corp., Initial  1M SOFR + 3.00%  03/15/2030   420,110    420,862 
Travel + Leisure Co., 2023 Incremental  1M SOFR + 3.25%  12/14/2029   756,772    758,664 
United PF Holdings, LLC, Initial  3M SOFR + 8.50%  12/30/2026   346,500    321,091 
Whatabrands LLC, 2024 Refinancing Term B  1M SOFR + 2.75%  08/03/2028   664,056    663,883 
               19,300,535 
Household Durables - 1.15%                
Fender Musical Instruments Corp., Initial  1M SOFR + 4.00%  12/01/2028   189,458    186,222 
HomeServe USA Holding Corp., 2024 Repriced  1M SOFR + 2.50%  10/21/2030   708,450    709,782 
Hunter Douglas, Inc., Tranche B-1  3M SOFR + 3.50%  02/26/2029   2,489,931    2,465,928 
Mattress Firm, Inc., TL  3M SOFR + 4.25%  09/25/2028   582,072    580,099 
TGP Holdings III LLC, Closing Date  1M SOFR + 3.25%  06/29/2028   386,857    365,890 
Weber-Stephen Products LLC, 2022 Incremental  1M SOFR + 4.25%  10/30/2027   134,292    124,555 
Weber-Stephen Products LLC, Initial Term B  1M SOFR + 3.25%  10/30/2027   484,642    449,234 
               4,881,710 
Household Products - 0.28%                
American Greetings Corp., Tranche C  1M SOFR + 5.75%  10/30/2029   1,174,271    1,179,415 
Independent Power/Renewable Electricity Producers - 0.51%
Carroll County Energy LLC, TL  1M SOFR + 4.00%  06/24/2031   643,704    642,095 
Generation Bridge Northeast LLC, Term B  1M SOFR + 3.50%  08/22/2029   762,752    766,566 
Hamilton Projects Acquiror, LLC, TL  3M SOFR + 3.75%  05/31/2031   764,063    768,158 
               2,176,819 
Industrial Conglomerates - 1.44%                
CD&R Hydra Buyer, Inc., Initial  3M SOFR + 4.00%  03/25/2031   747,873    749,039 
MajorDrive Holdings IV, LLC, 2022 Incremental  3M SOFR + 5.50%  06/01/2029   290,776    291,744 
MajorDrive Holdings IV, LLC, Initial  3M SOFR + 4.00%  06/01/2028   248,357    248,615 
SPX Flow, Inc., 2024 Refinancing  1M SOFR + 3.50%  04/05/2029   1,747,847    1,757,163 
Star US Bidco LLC, Initial  1M SOFR + 4.25%  03/17/2027   1,135,337    1,138,369 
TK Elevator Midco GmbH, Facility B2  3M SOFR + 3.50%  04/30/2030   1,911,824    1,920,389 
               6,105,319 

 

9

 

 

 

XAI Octagon Floating Rate & Alternative Income Trust
 
SCHEDULE OF INVESTMENTS
June 30, 2024 (Continued) (Unaudited)

 

      Reference Rate &
Spread		    Maturity Date    Principal Amount       Value   
SENIOR SECURED FIRST LIEN LOANS - 76.32%(b)(Continued)              
Insurance - 7.03%              
Acrisure, LLC, 2024 Refinancing TL  3M SOFR + 3.25%  11/06/2030  $1,971,237   $1,967,551 
Alliant Holdings Intermediate, LLC, Term B-6  1M SOFR + 3.50%  11/06/2030   24,476    24,529 
Ardonagh Group Finco Pty and Ardonagh Finco BV, Syndicated Facility B  1M SOFR + 3.75%  02/17/2031   2,383,881    2,371,961 
AssuredPartners, Inc., 2024  1M SOFR + 3.50%  02/14/2031   2,663,658    2,669,012 
Asurion, LLC, New B-9  1M SOFR + 3.25%  07/31/2027   1,247,897    1,225,285 
Baldwin Risk Partners, LLC, Initial  1M SOFR + 3.25%  05/26/2031   1,870,446    1,868,108 
BroadStreet Partners, Inc., Term B-4  1M SOFR + 3.25%  05/09/2031   2,390,465    2,382,696 
HIG Finance 2 Ltd., 2024 Dollar TL  1M SOFR + 3.50%  02/15/2031   3,031,957    3,036,050 
Hub International Ltd., 2024 Incremental  1M SOFR + 3.25%  06/20/2030   191,262    191,596 
Hyperion Refinance S.a.r.l., 2023  1M SOFR + 4.00%  04/18/2030   1,727,300    1,728,388 
IMA Financial Group, Inc., Initial  1M SOFR + 3.25%  11/01/2028   305,438    305,310 
OneDigital Borrower LLC, 2021 Refinancing  1M SOFR + 4.25%  11/16/2027   2,992,307    2,981,086 
OneDigital Borrower LLC, Initial  1M SOFR + 3.25%  06/13/2031   4,117,686    4,099,692 
Sedgwick Claims Management Services, Inc., 2023 TL  1M SOFR + 3.75%  02/24/2028   2,256,966    2,251,324 
Truist Insurance Holdings, LLC, Initial  3M SOFR + 3.25%  05/06/2031   2,662,112    2,664,481 
               29,767,069 
Internet and Catalog Retail - 0.13%                
Shutterfly Finance, LLC, Exchanged Term B  3M SOFR + 4.00%  10/01/2027   618,565    531,706 
IT Services - 1.02%                
Ahead DB Holdings, LLC, 2024 Incremental  3M SOFR + 4.25%  02/01/2031   963,088    964,898 
Constant Contact, Inc., Initial  3M SOFR + 4.00%  02/10/2028   1,649,264    1,620,055 
Escape Velocity Holdings, Inc, Initial  3M SOFR + 4.25%  10/08/2028   236,762    235,432 
iSolved, Inc., Term B-1  1M SOFR + 3.50%  10/15/2030   519,662    520,151 
Newfold Digital Holdings Group, Inc., Initial  1M SOFR + 3.50%  02/10/2028   762,561    705,178 
Titan US Finco, LLC, Initial  3M SOFR + 4.00%  10/18/2028   264,459    264,626 
               4,310,340 
Life Sciences Tools & Services - 0.23%                
Catalent Pharma Solutions, Inc., Term B-4  1M SOFR + 3.00%  02/22/2028   978,374    978,374 
Machinery - 2.66%                
Chart Industries, Inc., Amendment No. 5  1M SOFR + 3.25%  03/15/2030   639,250    640,848 
Crosby US Acquisition Corp., Amendment No. 3 Replacement  1M SOFR + 4.00%  08/16/2029   730,766    734,266 
Element Materials Technology Group US Holdings, Inc., Delayed Draw Term B Facility  3M SOFR + 4.25%  07/06/2029   317,952    318,880 
Element Materials Technology Group US Holdings, Inc., Initial Term B  3M SOFR + 4.25%  07/06/2029   688,896    690,907 
Emrld Borrower LP, Incremental  1M SOFR + 2.50%  06/18/2031   5,714,134    5,706,991 
Indicor, LLC, TL  1M SOFR + 3.25%  11/22/2029   1,429,283    1,434,643 
Johnstone Supply, LLC, Initial  1M SOFR + 3.00%  05/16/2031   470,299    470,741 
Pro Mach Group, Inc., Closing Date Initial  1M SOFR + 3.50%  08/31/2028   1,268,649    1,274,130 
               11,271,406 
Media - 1.60%              
AppLovin Corp., Initial  1M SOFR + 2.50%  08/16/2030   1,439,470    1,439,988 
Aragorn Parent Corp., 2023 Replacement  1M SOFR + 4.25%  12/15/2028   927,629    928,789 
Castle US Holding Corp., Initial  3M SOFR + 3.75%  01/29/2027   825,250    508,692 
Creative Artists Agency, LLC, Incremental Term B-2  1M SOFR + 3.25%  11/27/2028   1,907,208    1,914,513 
Cumulus Media New Holdings, Inc., Initial  3M SOFR + 5.00%  05/02/2029   699,859    304,438 
United Talent Agency, LLC, Term B  1M SOFR + 3.75%  07/07/2028   1,421,666    1,426,997 
Univision Communications, Inc., 2024 Replacement  1M SOFR + 3.50%  07/31/2029   261,813    258,651 
               6,782,068 
Oil, Gas & Consumable Fuels - 2.12%                
Bangl, LLC, Initial  3M SOFR + 4.50%  02/01/2029   2,042,735    2,055,503 
BCP Renaissance Parent LLC, Initial Term B-5  3M SOFR + 3.25%  10/31/2028   1,164,683    1,166,873 
BIP PipeCo Holdings, LLC, Initial  3M SOFR + 2.50%  12/06/2030   603,117    603,683 
CQP Holdco LP, Initial  3M SOFR + 2.25%  12/31/2030   55,559    55,538 
Fleet U.S. Bidco, Inc., Facility B  1M SOFR + 3.25%  02/21/2031   830,399    833,513 
New Fortress Energy, Inc., Initial  3M SOFR + 5.00%  10/30/2028   938,841    912,018 
Par Petroleum, LLC, Initial  3M SOFR + 3.75%  02/28/2030   1,146,900    1,149,527 
Permian Production Partners, LLC, Initial  1M SOFR + 6.00%  11/24/2025   35,501    35,146 
Rosen Group, Initial  3M SOFR + 3.50%  03/26/2031   1,519,813    1,528,050 

 

10

 

 

XAI Octagon Floating Rate & Alternative Income Trust
 
SCHEDULE OF INVESTMENTS
June 30, 2024 (Continued) (Unaudited)

 

     Reference Rate &
Spread		    Maturity Date    Principal Amount       Value   
SENIOR SECURED FIRST LIEN LOANS - 76.32%(b)(Continued)              
Oil, Gas & Consumable Fuels - 2.12% (continued)              
Waterbridge NDB Operating LLC, Initial  3M SOFR + 4.50%  05/10/2029  $627,155   $629,771 
               8,969,622 
Personal Products - 0.39%                
CNT Holdings I Corp., Initial Term B  3M SOFR + 3.50%  11/08/2027   921,383    922,922 
KDC US Holdings, Inc., 2024 Refinancing  1M SOFR + 4.50%  08/15/2028   719,624    720,674 
               1,643,596 
Pharmaceuticals - 1.51%                
Alvogen Pharma US, Inc., New Extended Loans  3M SOFR + 7.50%  06/30/2025   1,455,572    1,324,571 
Amneal Pharmaceuticals LLC, Initial  1M SOFR + 5.50%  05/04/2028   3,011,376    3,025,168 
Endo Pharmaceuticals Holdings Inc., Initial  3M SOFR + 4.50%  04/23/2031   2,000,000    1,996,260 
Fortrea Holdings, Inc., Initial Term B  1M SOFR + 3.75%  07/01/2030   65,065    64,999 
               6,410,998 
Professional Services - 3.74%                
AQ Carver Buyer, Inc., 2023 Refinancing  3M SOFR + 5.50%  08/02/2029   1,241,538    1,244,953 
Conduent Business Services, LLC, Initial Term B  1M SOFR + 4.25%  10/16/2028   23,030    23,030 
DS Admiral Bidco, LLC, Initial  1M SOFR + 4.25%  06/17/2031   2,187,776    2,165,898 
Eisner Advisory Group, LLC, February 2024 Incremental  1M SOFR + 4.00%  02/28/2031   955,829    963,399 
Equiniti Group PLC, Initial  6M SOFR + 4.50%  12/11/2028   328,263    329,494 
Indy US Holdco, LLC, 2023 Incremental  1M SOFR + 6.25%  03/06/2028   1,897,418    1,896,621 
Omnia Partners, LLC, Initial  3M SOFR + 3.25%  07/25/2030   2,608,350    2,607,933 
OVG Business Services, LLC, Term B  1M SOFR + 3.00%  06/14/2031   1,537,417    1,532,620 
Ryan, LLC, Initial  1M SOFR + 3.50%  11/14/2030   1,864,875    1,870,004 
UST Global, Inc., Initial  1M SOFR + 3.50%  11/20/2028   556,361    556,361 
Vaco Holdings, LLC, Initial  6M SOFR + 5.00%  01/21/2029   1,062,517    1,052,773 
Wood Mackenzie, TL  3M SOFR + 3.50%  02/07/2031   1,575,505    1,584,958 
               15,828,044 
Real Estate Investment Trusts (REITs) - 0.11%                
Starwood Property Mortgage, LLC, Initial  1M SOFR + 2.75%  11/18/2027   470,967    472,144 
Real Estate Management & Development - 0.60%                
BIFM CA Buyer, Inc., 2024  1M SOFR + 4.25%  05/31/2028   574,031    576,184 
Cushman & Wakefield U.S. Borrower, LLC, 2024-1  1M SOFR + 3.75%  01/31/2030   398,133    400,123 
Cushman & Wakefield U.S. Borrower, LLC, 2024-2 TL  1M SOFR + 3.00%  01/31/2030   30,309    30,272 
Forest City Enterprises, L.P., Replacement  1M SOFR + 3.50%  12/08/2025   1,068,045    989,448 
Greystar Real Estate Partners, LLC, Replacement Term B-1  3M SOFR + 3.25%  08/21/2030   546,304    548,353 
               2,544,380 
Road & Rail - 0.48%                
Clue Opco LLC, Term B Loans  3M SOFR + 4.50%  12/19/2030   2,167,616    2,015,883 
Semiconductors & Semiconductor Equipment - 0.20%                
MKS Instruments, Inc., 2023-1 Term B  1M SOFR + 2.50%  08/17/2029   860,434    860,254 
Software - 5.82%                
Apex Group Treasury LLC, 2022 Incremental  3M SOFR + 5.00%  07/27/2028   74,883    75,070 
Apex Group Treasury LLC, TL  3M SOFR + 3.75%  07/27/2028   1,011,390    1,011,390 
Ascend Learning, LLC, Initial  1M SOFR + 3.50%  12/11/2028   558,515    557,716 
Cardinal Parent, Inc., Initial  3M SOFR + 4.50%  11/12/2027   234,183    219,079 
Central Parent, Inc., 2024 Refinancing  3M SOFR + 3.25%  07/06/2029   1,147,671    1,130,319 
CommerceHub, Inc., Initial  3M SOFR + 4.00%  12/29/2027   804,546    737,367 
Conservice Midco, LLC, Initial  1M SOFR + 4.00%  05/13/2027   1,350,327    1,350,327 
Cornerstone OnDemand, Inc., Initial  1M SOFR + 3.75%  10/16/2028   384,713    362,431 
CT Technologies Intermediate Holdings, Inc., New  1M SOFR + 4.25%  12/16/2025   255,348    255,269 
Delta Topco, Inc., Second Amendment Refinancing  3M SOFR + 3.50%  11/30/2029   1,123,674    1,122,742 
EagleView Technology Corp., Initial  3M SOFR + 3.50%  08/14/2025   777,609    745,206 
Epicor Software Corp., Term E  3M SOFR + 3.25%  05/23/2031   344,498    345,741 
Fiserv Investment Solutions, Inc., Initial  3M SOFR + 4.00%  02/18/2027   429,670    410,606 
Flash Charm, Inc., Incremental TL  1M SOFR + 3.50%  03/02/2028   1,092,596    1,083,582 
Flexera Software LLC, Term B-2  3M SOFR + 3.50%  03/03/2028   750,300    752,296 
Genesys Cloud Services, Inc., 2024 Incremental  1M SOFR + 3.75%  12/01/2027   388,678    391,107 
Greeneden U.S. Holdings I, LLC, 2024 Incremental No. 2 TL  1M SOFR + 3.50%  12/01/2027   1,401,178    1,407,189 
Magenta Buyer LLC, Initial  3M SOFR + 5.00%  07/27/2028   1,174,647    648,017 
McAfee Corp., Tranche B-1  3M SOFR + 3.25%  03/01/2029   2,915,615    2,908,792 
Planview Parent, Inc., 2024-A Incremental TL  3M SOFR + 3.75%  12/17/2027   1,429,591    1,426,017 

 

11

 

 

XAI Octagon Floating Rate & Alternative Income Trust
 
SCHEDULE OF INVESTMENTS
June 30, 2024 (Continued) (Unaudited)

 

     Reference Rate &
Spread		    Maturity Date    Principal Amount       Value   
SENIOR SECURED FIRST LIEN LOANS - 76.32%(b)(Continued)              
Software - 5.82% (continued)              
Plusgrade, Inc., Initial  3M SOFR + 4.50%  03/03/2031  $686,970   $689,546 
Quartz AcquireCo, LLC, Term B-1  3M SOFR + 2.75%  06/30/2028   1,989,975    1,989,975 
Skillsoft Finance II, Inc., Initial  1M SOFR + 5.25%  07/14/2028   351,573    270,838 
UKG, Inc., 2024 Refinancing  1M SOFR + 3.25%  02/10/2031   1,021,807    1,025,128 
Upland Software, Inc., Initial  1M SOFR + 3.75%  08/06/2026   887,685    842,875 
VS Buyer, LLC, 2024 Initial  1M SOFR + 3.25%  04/12/2031   1,232,908    1,234,449 
WebMD Health Corp. and MH SUB I, LLC, 2023  1M SOFR + 4.25%  05/03/2028   1,640,438    1,637,699 
               24,630,773 
Specialty Retail - 0.57%                
Franchise Group, Inc., Initial  6M SOFR + 4.75%  03/10/2026   616,957    464,260 
Franchise Group, Inc., Third Amendment  6M SOFR + 4.75%  03/10/2026   342,037    225,744 
Great Outdoors Group, LLC, Term B-2 Loans  1M SOFR + 3.75%  03/06/2028   788,051    786,822 
Needle Holdings LLC, Exchange TL  3M SOFR + 9.50%  04/30/2028   569,016    557,636 
Rising Tide Holdings, Inc., 2023  3M SOFR + 1.00%  09/12/2028   90,059    77,338 
Sweetwater Borrower, LLC, Initial  1M SOFR + 4.25%  08/07/2028   157,692    157,998 
Torrid LLC, Closing Date  6M SOFR + 5.50%  06/14/2028   178,538    159,346 
               2,429,144 
Technology Hardware, Storage & Peripherals - 0.23%                
Celestica, Inc., New Term B  1M SOFR + 1.75%  05/23/2031   961,432    960,230 
Textiles, Apparel & Luxury Goods - 1.09%                
ABG Intermediate Holdings 2 LLC, 2024 Refinancing  1M SOFR + 2.75%  12/21/2028   3,358,112    3,358,112 
Amer Sports Co., Initial  3M SOFR + 3.25%  02/17/2031   586,245    589,176 
Champ Acquisition Corp., Initial  3M SOFR + 5.50%  12/19/2025   420,912    421,754 
Elevate Textiles, Inc., First Out  3M SOFR + 8.50%  09/30/2027   243,845    238,156 
               4,607,198 
Wireless Telecommunication Services - 0.36%                
LSF9 Atlantis Holdings, LLC, Closing Date  3M SOFR + 6.50%  03/31/2029   1,492,279    1,507,201 
TOTAL SENIOR SECURED FIRST LIEN LOANS
(Cost $325,528,976)		              323,140,382 

 

   Shares   Value 
COMMON STOCKS - 0.18%(i)        
Jo-Ann, Inc.   379,111    497,583 
Carestream Health, Inc.   873    1,800 
CEC Brands, LLC   10,454    181,199 
Elevate Textiles, Inc.   20,088    32,653 
Marine One Holdco, LLC   6,326    27,677 
Permian Production Partners   18,995    12,347 
TOTAL COMMON STOCKS
(Cost $123,622)		        753,259 

 

   Subscription Price   Expiration Date  Shares   Value 
RIGHTS - 0.00%               
Casa Systems, Inc.(d)(i)  $      0.01   N/A   59,949    1 
TOTAL RIGHTS                  
(Cost $—)                1 

 

12

 

 

XAI Octagon Floating Rate & Alternative Income Trust
 
SCHEDULE OF INVESTMENTS
June 30, 2024 (Continued) (Unaudited)

 

   Shares   Value 
MONEY MARKET FUNDS - 2.19%        
Invesco Short Term Investments Trust Treasury Portfolio, Institutional Class, 5.21% (7-day yield)   9,273,294   $9,273,294 
           
TOTAL MONEY MARKET FUNDS
(Cost $9,273,294)		        9,273,294 
           
TOTAL INVESTMENTS - 168.91%
(Cost $750,022,010)		        715,169,552 
           
Liabilities in Excess of Other Assets - (5.35)%        (22,643,352)
Preferred Shares (Net of $4,828,674 Deferred Financing Costs) - (17.73)%        (75,071,326)
Leverage Facility (Net of $6,251 Deferred Leverage Costs) - (45.83)%        (194,043,749)
           
NET ASSETS - 100.00%       $423,411,125 

 

All securities held as of June 30, 2024 are pledged as collateral for the Trust’s credit facility.

 

Effective February 1, 2024, the name of the Trust was changed from XAI Octagon Floating Rate & Alternative Income Term Trust.

 

(a) All or a portion of the security is exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of June 30, 2024, these securities had an aggregate value of $374,643,658 or 88.48% of net assets.
(b) Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at June 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Leveraged loans and CLO debt securities typically have reference Rate Floors (“Rate Floors”) embedded in their loan agreements and organizational documents. Leveraged loans generally have Rate Floors of 0% or more, while CLO debt securities often set Rate Floors at 0%. Rate Floors serve to establish a minimum base rate to be paid by the borrower before the fixed spread. 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.
(c) CLO subordinated notes, income notes, Y notes and M notes are considered CLO equity positions. CLO equity positions are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses. The effective yield is estimated based upon the amount and timing of these recurring distributions in addition to the estimated amount of terminal principal payment. Effective yields for the CLO equity positions are updated generally once per quarter or on a transaction such as an add-on purchase, refinancing or reset. The estimated yield and investment cost may ultimately not be realized. Estimated yields shown are as of June 30, 2024.
(d) As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.
(e) When-issued or delivery-delayed security. All or a portion of this position has not settled as of June 30, 2024. The interest rate shown represents the stated spread over the applicable reference rate floor; the Trust will not accrue interest until the settlement date, at which point the reference rate floor will be established. The total value of securities purchased on a when-issued or delivery-delayed basis was $193,431 as of June 30, 2024.
(f) Represents an investment in a warehouse facility, which is a financing structure intended to aggregate loans that may be used to form the basis of a CLO security.
(g) This investment has an unfunded commitment as of June 30, 2024.
(h) Security is in default.
(i) Non-income producing security.

 

Investment Abbreviations:

B.V. – Besloten Vennootschap (Dutch: Private Limited Company)

GmbH – Gesellschaft mit beschränkter Haftung (German: Limited Liability Company)

LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

S.A. - Societe Anonyme (French: Public Limited Company)

S.a.r.l - Societe Anonyme a Responsabilite Limitee (French: Limited Liability Company)

SE - Societas Europea (Latin: European Company)

SOFR – Secured Overnight Financing Rate

 

Reference Rates:

1M SOFR as of June 30, 2024 was 5.34%

3M SOFR as of June 30, 2024 was 5.35%

6M SOFR as of June 30, 2024 was 5.36%

 

13

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