XAI CLO & Income Opportunities Fund
Schedule of Investments
(Unaudited)
June 30, 2026
*Effective June 8, 2026, the Fund changed its name from Octagon XAI CLO Income Fund.
XAI CLO & Income Opportunities Fund
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| COLLATERALIZED LOAN OBLIGATIONS DEBT - 95.73%(a)(b) | ||||||||||||
| Anchorage Capital CLO 6 Ltd. | 3M SOFR + 6.15% | 07/22/2038 | $ | 880,000 | $ | 870,163 | ||||||
| Anchorage Capital CLO 16 Ltd. | 3M SOFR + 5.70% | 01/19/2038 | 500,000 | 473,703 | ||||||||
| Anchorage Capital CLO 21 Ltd. | 3M SOFR + 6.25% | 10/20/2034 | 500,000 | 463,846 | ||||||||
| Anchorage Capital CLO 31 Ltd. | 3M SOFR + 5.70% | 10/20/2038 | 1,000,000 | 999,034 | ||||||||
| Apidos CLO XL Ltd. | 3M SOFR + 5.60% | 07/15/2037 | 500,000 | 498,873 | ||||||||
| Apidos CLO XLI Ltd. | 3M SOFR + 5.65% | 10/20/2037 | 685,000 | 683,305 | ||||||||
| Apidos CLO XLVII Ltd. | 3M SOFR + 5.40% | 04/26/2039 | 500,000 | 499,936 | ||||||||
| Apidos CLO XLVIII Ltd. | 3M SOFR + 5.75% | 07/25/2037 | 500,000 | 501,223 | ||||||||
| Apidos CLO XXXV | 3M SOFR + 5.00% | 07/20/2039 | 500,000 | 499,997 | ||||||||
| Ares XLIV CLO Ltd. | 3M SOFR + 6.25% | 04/15/2034 | 1,000,000 | 943,701 | ||||||||
| Bain Capital Credit CLO 2022-3 Ltd. | 3M SOFR + 7.35% | 07/17/2035 | 619,357 | 536,889 | ||||||||
| Barings CLO Ltd. 2021-II | 3M SOFR + 6.30% | 07/15/2034 | 500,000 | 473,373 | ||||||||
| Barings CLO Ltd. 2024-II | 3M SOFR + 5.90% | 07/15/2039 | 1,000,000 | 977,125 | ||||||||
| Benefit Street Partners CLO XVII Ltd. | 3M SOFR + 6.15% | 10/15/2037 | 750,000 | 747,665 | ||||||||
| Benefit Street Partners CLO XXIX Ltd. | 3M SOFR + 4.60% | 01/25/2038 | 1,150,000 | 1,119,440 | ||||||||
| Canyon CLO 2021-3 Ltd. | 3M SOFR + 6.00% | 07/15/2034 | 500,000 | 429,948 | ||||||||
| Carlyle US CLO 2019-3 Ltd. | 3M SOFR + 4.95% | 04/20/2039 | 1,250,000 | 1,210,777 | ||||||||
| Carlyle US CLO 2021-10 Ltd. | 3M SOFR + 6.75% | 01/20/2038 | 700,000 | 687,508 | ||||||||
| Carlyle US CLO 2024-5 Ltd. | 3M SOFR + 5.65% | 10/25/2036 | 500,000 | 500,400 | ||||||||
| CBAM 2018-8 Ltd. | 3M SOFR + 6.37% | 07/15/2037 | 750,000 | 742,565 | ||||||||
| CIFC Funding 2019-I Ltd. | 3M SOFR + 5.75% | 10/20/2037 | 1,250,000 | 1,223,492 | ||||||||
| CIFC Funding 2021-II | 3M SOFR + 5.00% | 01/15/2039 | 500,000 | 498,655 | ||||||||
| CIFC Funding 2021-V Ltd. | 3M SOFR + 5.10% | 01/15/2038 | 450,000 | 450,183 | ||||||||
| CIFC Funding 2025-IX Ltd. | 3M SOFR + 4.75% | 01/21/2039 | 1,000,000 | 998,541 | ||||||||
| Dryden 87 CLO Ltd. | 3M SOFR + 6.35% | 08/20/2038 | 1,000,000 | 991,905 | ||||||||
| Elmwood CLO 27 Ltd. | 3M SOFR + 5.80% | 04/18/2039 | 660,000 | 662,736 | ||||||||
| Elmwood CLO 35 Ltd. | 3M SOFR + 5.25% | 10/18/2037 | 1,500,000 | 1,496,658 | ||||||||
| Elmwood CLO 46 Ltd. | 3M SOFR + 5.00% | 01/17/2039 | 1,250,000 | 1,251,553 | ||||||||
| Garnet CLO 2 Ltd. | 3M SOFR + 5.25% | 10/20/2038 | 415,000 | 412,811 | ||||||||
| Garnet CLO 4 Ltd. | 3M SOFR + 5.00% | 01/20/2039 | 500,000 | 495,110 | ||||||||
| Generate CLO 6 Ltd. | 3M SOFR + 7.25% | 10/22/2037 | 1,000,000 | 971,396 | ||||||||
| Generate CLO 19 Ltd. | 3M SOFR + 6.00% | 04/22/2036 | 1,200,000 | 1,199,479 | ||||||||
| GoldenTree Loan Management US CLO 25 Ltd. | 3M SOFR + 5.75% | 04/20/2038 | 750,000 | 753,133 | ||||||||
| Lodi Park CLO Ltd. | 3M SOFR + 5.65% | 07/21/2037 | 1,000,000 | 925,371 | ||||||||
| Madison Park Funding XXVIII Ltd. | 3M SOFR + 6.35% | 01/15/2038 | 1,000,000 | 900,125 | ||||||||
| Magnetite XXIV Ltd. | 3M SOFR + 6.40% | 04/15/2035 | 1,000,000 | 995,207 | ||||||||
| Neuberger Berman Loan Advisers CLO 46 Ltd. | 3M SOFR + 5.15% | 01/20/2037 | 1,250,000 | 1,191,414 | ||||||||
| Oaktree CLO 2020-1 Ltd. | 3M SOFR + 5.00% | 01/15/2038 | 500,000 | 481,529 | ||||||||
| Oaktree CLO 2024-27 Ltd. | 3M SOFR + 5.60% | 10/22/2037 | 500,000 | 496,025 | ||||||||
| OCP CLO 2016-12 Ltd. | 3M SOFR + 6.00% | 10/18/2037 | 1,000,000 | 985,042 | ||||||||
| OCP CLO 2017-13 Ltd. | 3M SOFR + 5.90% | 11/26/2037 | 1,000,000 | 989,041 | ||||||||
| OCP CLO 2019-17 Ltd. | 3M SOFR + 6.25% | 07/20/2037 | 1,000,000 | 988,981 | ||||||||
| OCP CLO 2022-25 Ltd. | 3M SOFR + 5.85% | 07/20/2037 | 500,000 | 500,000 | ||||||||
| OCP CLO 2022-25 Ltd. | 3M SOFR + 5.25% | 07/22/2039 | 500,000 | 500,000 | ||||||||
| OHA Credit Funding 12-R Ltd. | 3M SOFR + 4.85% | 07/20/2037 | 750,000 | 730,488 | ||||||||
| OHA Loan Funding 2015-1 Ltd. | 3M SOFR + 4.80% | 10/19/2038 | 750,000 | 736,766 | ||||||||
| Rad CLO 3 Ltd. | 3M SOFR + 5.88% | 07/15/2037 | 500,000 | 444,656 | ||||||||
| Rad CLO 10 Ltd. | 3M SOFR + 6.11% | 04/23/2034 | 457,240 | 436,254 | ||||||||
| Regatta 33 Funding Ltd. | 3M SOFR + 6.65% | 07/25/2038 | 500,000 | 507,849 | ||||||||
| Regatta XII Funding Ltd. | 3M SOFR + 6.90% | 10/15/2037 | 500,000 | 485,431 | ||||||||
| RR 27 Ltd. | 3M SOFR + 4.85% | 10/15/2040 | 575,000 | 574,040 | ||||||||
| RR 29 Ltd. | 3M SOFR + 5.85% | 07/15/2039 | 250,000 | 250,330 | ||||||||
| Shackleton 2019-XIV CLO Ltd. | 3M SOFR + 5.90% | 07/20/2034 | 555,000 | 535,574 | ||||||||
| Sixth Street CLO 28 Ltd. | 3M SOFR + 5.45% | 04/21/2038 | 1,250,000 | 1,253,841 | ||||||||
| Sixth Street CLO XXII Ltd. | 3M SOFR + 4.75% | 04/21/2038 | 1,250,000 | 1,210,864 | ||||||||
| Sixth Street CLO XXIV Ltd. | 3M SOFR + 6.35% | 04/23/2037 | 800,000 | 809,436 | ||||||||
| Trestles CLO VI Ltd. | 3M SOFR + 4.75% | 04/25/2038 | 1,250,000 | 1,223,243 | ||||||||
| Voya CLO 2024-2 Ltd. | 3M SOFR + 6.05% | 07/20/2037 | 375,000 | 376,677 | ||||||||
| Voya CLO 2024-7 Ltd. | 3M SOFR + 5.25% | 01/20/2038 | 750,000 | 748,007 | ||||||||
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XAI CLO & Income Opportunities Fund
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| COLLATERALIZED LOAN OBLIGATIONS DEBT - 95.73%(a)(b)(Continued) | ||||||||||||
| Voya CLO 2025-3 Ltd. | 3M SOFR + 5.40% | 07/20/2038 | $ | 1,250,000 | $ | 1,246,754 | ||||||
| TOTAL COLLATERALIZED LOAN OBLIGATIONS DEBT (Cost $46,894,682) | $ | 45,788,068 | ||||||||||
| Estimated Yield | Maturity Date | Principal Amount | Value | |||||||||
| COLLATERALIZED LOAN OBLIGATIONS EQUITY - 2.59%(a)(c) | ||||||||||||
| Benefit Street Partners CLO XII-B Ltd. | 10.96% | 10/15/2037 | 500,000 | 300,265 | ||||||||
| CIFC Funding 2018-II Ltd. | 11.03% | 10/20/2037 | 1,250,000 | 386,612 | ||||||||
| OCP CLO 2024-36, Ltd. | 6.76% | 10/16/2037 | 1,000,000 | 549,810 | ||||||||
| TOTAL COLLATERALIZED LOAN OBLIGATIONS EQUITY (Cost $1,812,745) | $ | 1,236,687 | ||||||||||
| Shares | Value | |||||||
| EXCHANGE-TRADED FUNDS - 8.35% | ||||||||
| Janus Henderson B-BBB CLO ETF | 84,400 | 3,996,340 | ||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $3,998,028) | $ | 3,996,340 | ||||||
| Shares | Value | |||||||
| MONEY MARKET FUNDS - 1.36% | ||||||||
| Invesco Short Term Investments Trust Treasury Portfolio, Institutional Class, 3.56% (7-day yield) | 652,128 | 652,128 | ||||||
TOTAL MONEY MARKET FUNDS (Cost $652,128) | $ | 652,128 | ||||||
| TOTAL INVESTMENTS - 108.03% (Cost $53,357,583) | $ | 51,673,223 | ||||||
| Other Assets in Excess of Liabilities - 0.33% | 159,035 | |||||||
| Preferred Shares - (8.36)% | (4,000,000 | ) | ||||||
| NET ASSETS - 100.00% | $ | 47,832,258 | ||||||
| (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, 2026, these securities had an aggregate value of $47,024,755 or 98.32% of net assets. |
| (b) | Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at June 30, 2026. 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, 2026. |
| Investment Abbreviations: |
| Ltd. – Limited |
| SOFR – Secured Overnight Financing Rate |
| Reference Rates: |
| 3M SOFR as of June 30, 2026 was 3.63% |
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