XAI Madison Equity Premium Income Fund
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
| Shares | Value | |||||||
| COMMON STOCKS - 95.12% | ||||||||
| Consumer Discretionary Products - 1.27% | ||||||||
| NIKE, Inc., Class B(a) | 39,200 | $ | 1,609,160 | |||||
| Consumer Discretionary Services - 3.20% | ||||||||
| Las Vegas Sands Corp.(a) | 88,000 | 4,064,720 | ||||||
| Consumer Staple Products - 10.02% | ||||||||
| Colgate-Palmolive Co.(a) | 33,000 | 3,025,440 | ||||||
| Constellation Brands, Inc., Class A(a) | 21,000 | 2,920,890 | ||||||
| PepsiCo, Inc.(a) | 33,900 | 4,590,060 | ||||||
| Procter & Gamble Co.(a) | 15,000 | 2,199,600 | ||||||
| 12,735,990 | ||||||||
| Financial Services - 3.19% | ||||||||
| CME Group, Inc.(a) | 18,400 | 4,063,272 | ||||||
| Health Care - 17.89% | ||||||||
| Agilent Technologies, Inc.(a) | 29,000 | 3,852,070 | ||||||
| CVS Health Corp.(a) | 48,500 | 5,017,325 | ||||||
| Danaher Corp.(a) | 24,200 | 4,609,616 | ||||||
| Labcorp Holdings, Inc.(a) | 10,000 | 2,800,000 | ||||||
| Medtronic PLC(a) | 47,000 | 3,676,810 | ||||||
| Pfizer, Inc. | 116,000 | 2,793,280 | ||||||
| 22,749,101 | ||||||||
| Industrial Products - 5.83% | ||||||||
| Emerson Electric Co.(a) | 18,000 | 2,576,700 | ||||||
| Honeywell Aerospace, Inc.(b) | 6,000 | 1,326,480 | ||||||
| Honeywell Intl., Inc.(a) | 6,000 | 1,343,400 | ||||||
| Illinois Tool Works, Inc.(a) | 8,000 | 2,163,760 | ||||||
| 7,410,340 | ||||||||
| Insurance - 2.27% | ||||||||
| Marsh(a) | 17,300 | 2,883,391 | ||||||
| Materials - 2.42% | ||||||||
| Newmont Corp.(a) | 33,000 | 3,082,200 | ||||||
| Media - 3.77% | ||||||||
| Comcast Corp., Class A(a) | 90,000 | 2,209,500 | ||||||
| Meta Platforms, Inc., Class A(a) | 4,600 | 2,591,134 | ||||||
| 4,800,634 | ||||||||
| Shares | Value | |||||||
| COMMON STOCKS - 95.12% (Continued) | ||||||||
| Oil & Gas - 11.84% | ||||||||
| APA Corp.(a) | 133,700 | 4,354,609 | ||||||
| Matador Resources Co.(a) | 103,000 | 5,127,340 | ||||||
| Transocean Ltd.(b) | 1,140,000 | 5,574,600 | ||||||
| 15,056,549 | ||||||||
| Real Estate Investment Trusts (REITs) - 4.44% | ||||||||
| American Tower Corp.(a) | 22,500 | 3,680,325 | ||||||
| Weyerhaeuser Co.(a) | 82,000 | 1,963,080 | ||||||
| 5,643,405 | ||||||||
| Retail & Wholesale - Discretionary - 2.06% | ||||||||
| Amazon.com, Inc.(a)(b) | 11,000 | 2,621,740 | ||||||
| Retail & Wholesale - Staples - 3.33% | ||||||||
| Archer-Daniels-Midland Co.(a) | 55,500 | 4,240,200 | ||||||
| Software & Tech Services - 14.99% | ||||||||
| Accenture PLC, Class A(a) | 12,500 | 1,555,500 | ||||||
| Adobe, Inc.(a)(b) | 11,600 | 2,378,232 | ||||||
| Fiserv, Inc.(a)(b) | 60,100 | 2,947,905 | ||||||
| Microsoft Corp.(a) | 8,600 | 3,207,972 | ||||||
| PayPal Holdings, Inc.(a) | 51,300 | 2,215,134 | ||||||
| Synopsys, Inc.(a)(b) | 7,000 | 3,122,490 | ||||||
| Visa, Inc., Class A(a) | 10,600 | 3,636,754 | ||||||
| 19,063,987 | ||||||||
| Tech Hardware & Semiconductors - 1.63% | ||||||||
| Broadcom, Inc.(a) | 5,500 | 2,077,625 | ||||||
| Telecommunications - 2.65% | ||||||||
| Lumen Technologies, Inc.(b) | 124,000 | 952,320 | ||||||
| T-Mobile US, Inc.(a) | 14,400 | 2,415,312 | ||||||
| 3,367,632 | ||||||||
| Utilities - 4.32% | ||||||||
| AES Corp. | 195,000 | 2,858,700 | ||||||
| NextEra Energy, Inc.(a) | 30,000 | 2,633,100 | ||||||
| 5,491,800 | ||||||||
| TOTAL COMMON STOCKS (Cost $154,080,304) | $ | 120,961,746 | ||||||
1
XAI Madison Equity Premium Income Fund
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued) (Unaudited)
| Shares | Value | |||||||
| MONEY MARKET FUNDS - 6.79% | ||||||||
| First American Government Obligations Fund, X Class, 3.57% (7-Day Yield) | 8,636,423 | 8,636,423 | ||||||
| TOTAL MONEY MARKET FUNDS (Cost $8,636,423) | $ | 8,636,423 | ||||||
| TOTAL INVESTMENTS - 101.91% (Cost $162,716,727) | $ | 129,598,169 | ||||||
| TOTAL CALL OPTIONS WRITTEN - (1.98)% | (2,514,689 | ) | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.07% | 80,839 | |||||||
| NET ASSETS - 100.00% | $ | 127,164,319 |
| (a) | Pledged security; a portion or all of the security is pledged as collateral for written options in the amounts of $102,304,577 as of June 30, 2026. |
| (b) | Non-income producing security. |
| Investment Abbreviations: |
| Intl. – International |
| Ltd. – Limited |
| PLC – Public Limited Company |
2
XAI Madison Equity Premium Income Fund
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued) (Unaudited)
Call Options Written
| Underlying Security | Expiration Date | Exercise Price | Number of Contracts | Notional Value | Market Value | Premiums Received | Unrealized Appreciation/(Depreciation) | |||||||||||||||||||
| Accenture PLC, Class A | 8/21/2026 | $ | 150.00 | (125 | ) | $ | (1,555,500 | ) | $ | (21,875 | ) | $ | (35,520 | ) | $ | 13,645 | ||||||||||
| Adobe, Inc. | 7/17/2026 | 320.00 | (54 | ) | (1,107,108 | ) | – | (48,004 | ) | 48,004 | ||||||||||||||||
| Adobe, Inc. | 8/21/2026 | 230.00 | (62 | ) | (1,271,124 | ) | (32,705 | ) | (26,906 | ) | (5,799 | ) | ||||||||||||||
| Agilent Technologies, Inc. | 8/21/2026 | 140.00 | (290 | ) | (3,852,070 | ) | (102,950 | ) | (73,327 | ) | (29,623 | ) | ||||||||||||||
| Amazon.com, Inc. | 8/21/2026 | 260.00 | (110 | ) | (2,621,740 | ) | (76,725 | ) | (51,586 | ) | (25,139 | ) | ||||||||||||||
| American Tower Corp. | 8/21/2026 | 190.00 | (225 | ) | (3,680,325 | ) | (28,125 | ) | (92,018 | ) | 63,893 | |||||||||||||||
| APA Corp. | 8/21/2026 | 37.50 | (670 | ) | (2,182,190 | ) | (50,250 | ) | (56,263 | ) | 6,013 | |||||||||||||||
| APA Corp. | 9/18/2026 | 40.00 | (50 | ) | (162,850 | ) | (3,350 | ) | (4,073 | ) | 723 | |||||||||||||||
| Archer-Daniels-Midland Co. | 8/21/2026 | 80.00 | (555 | ) | (4,240,200 | ) | (129,037 | ) | (118,553 | ) | (10,484 | ) | ||||||||||||||
| Broadcom, Inc. | 8/21/2026 | 400.00 | (55 | ) | (2,077,625 | ) | (103,675 | ) | (94,542 | ) | (9,133 | ) | ||||||||||||||
| CME Group, Inc. | 8/21/2026 | 280.00 | (94 | ) | (2,075,802 | ) | (5,170 | ) | (50,663 | ) | 45,493 | |||||||||||||||
| Colgate-Palmolive Co. | 8/21/2026 | 95.00 | (330 | ) | (3,025,440 | ) | (69,300 | ) | (67,872 | ) | (1,428 | ) | ||||||||||||||
| Comcast Corp., Class A | 9/18/2026 | 26.00 | (900 | ) | (2,209,500 | ) | (100,800 | ) | (44,204 | ) | (56,596 | ) | ||||||||||||||
| Constellation Brands, Inc., Class A | 8/21/2026 | 160.00 | (210 | ) | (2,920,890 | ) | (33,600 | ) | (50,184 | ) | 16,584 | |||||||||||||||
| CVS Health Corp. | 8/21/2026 | 105.00 | (485 | ) | (5,017,325 | ) | (213,400 | ) | (144,110 | ) | (69,290 | ) | ||||||||||||||
| Danaher Corp. | 7/17/2026 | 175.00 | (242 | ) | (4,609,616 | ) | (406,560 | ) | (99,588 | ) | (306,972 | ) | ||||||||||||||
| Emerson Electric Co. | 9/18/2026 | 160.00 | (180 | ) | (2,576,700 | ) | (58,500 | ) | (69,204 | ) | 10,704 | |||||||||||||||
| Fiserv, Inc. | 8/21/2026 | 55.00 | (601 | ) | (2,947,905 | ) | (100,668 | ) | (101,553 | ) | 885 | |||||||||||||||
| Honeywell International, Inc. | 8/21/2026 | 250.00 | (120 | ) | (2,686,800 | ) | (35,400 | ) | (85,076 | ) | 49,676 | |||||||||||||||
| Illinois Tool Works, Inc. | 7/17/2026 | 260.00 | (80 | ) | (2,163,760 | ) | (103,200 | ) | (39,917 | ) | (63,283 | ) | ||||||||||||||
| Labcorp Holdings, Inc. | 8/21/2026 | 280.00 | (100 | ) | (2,800,000 | ) | (116,000 | ) | (66,901 | ) | (49,099 | ) | ||||||||||||||
| Las Vegas Sands Corp. | 7/17/2026 | 60.00 | (630 | ) | (2,909,970 | ) | – | (84,404 | ) | 84,404 | ||||||||||||||||
| Marsh | 10/16/2026 | 180.00 | (173 | ) | (2,883,391 | ) | (78,715 | ) | (67,997 | ) | (10,718 | ) | ||||||||||||||
| Matador Resources Co. | 8/21/2026 | 55.00 | (515 | ) | (2,563,670 | ) | (68,238 | ) | (74,157 | ) | 5,919 | |||||||||||||||
| Matador Resources Co. | 9/18/2026 | 60.00 | (515 | ) | (2,563,670 | ) | (55,362 | ) | (61,282 | ) | 5,920 | |||||||||||||||
| Medtronic PLC | 8/21/2026 | 85.00 | (470 | ) | (3,676,810 | ) | (45,120 | ) | (77,856 | ) | 32,736 | |||||||||||||||
| Meta Platforms, Inc., Class A | 7/17/2026 | 640.00 | (46 | ) | (2,591,134 | ) | (6,279 | ) | (92,411 | ) | 86,132 | |||||||||||||||
| Microsoft Corp. | 8/21/2026 | 425.00 | (86 | ) | (3,207,972 | ) | (64,715 | ) | (66,991 | ) | 2,276 | |||||||||||||||
| Newmont Corp. | 7/17/2026 | 120.00 | (330 | ) | (3,082,200 | ) | (1,815 | ) | (148,159 | ) | 146,344 | |||||||||||||||
| NextEra Energy, Inc. | 9/18/2026 | 92.50 | (300 | ) | (2,633,100 | ) | (62,550 | ) | (61,351 | ) | (1,199 | ) | ||||||||||||||
| NIKE, Inc., Class B | 8/21/2026 | 50.00 | (392 | ) | (1,609,160 | ) | (26,068 | ) | (39,582 | ) | 13,514 | |||||||||||||||
| PayPal Holdings, Inc. | 8/21/2026 | 47.50 | (513 | ) | (2,215,134 | ) | (69,768 | ) | (51,800 | ) | (17,968 | ) | ||||||||||||||
| PepsiCo, Inc. | 7/17/2026 | 165.00 | (339 | ) | (4,590,060 | ) | (2,034 | ) | (133,493 | ) | 131,459 | |||||||||||||||
| Procter & Gamble Co. | 8/21/2026 | 150.00 | (150 | ) | (2,199,600 | ) | (54,000 | ) | (53,845 | ) | (155 | ) | ||||||||||||||
| Synopsys, Inc. | 7/17/2026 | 490.00 | (70 | ) | (3,122,490 | ) | (33,600 | ) | (86,224 | ) | 52,624 | |||||||||||||||
| T-Mobile US, Inc. | 7/17/2026 | 200.00 | (144 | ) | (2,415,312 | ) | (2,880 | ) | (70,411 | ) | 67,531 | |||||||||||||||
| Visa, Inc., Class A | 7/17/2026 | 340.00 | (24 | ) | (823,416 | ) | (19,620 | ) | (22,415 | ) | 2,795 | |||||||||||||||
| Visa, Inc., Class A | 8/21/2026 | 340.00 | (82 | ) | (2,813,338 | ) | (119,310 | ) | (80,273 | ) | (39,037 | ) | ||||||||||||||
| Weyerhaeuser Co. | 8/21/2026 | 27.00 | (410 | ) | (981,540 | ) | (7,175 | ) | (22,130 | ) | 14,955 | |||||||||||||||
| Weyerhaeuser Co. | 7/17/2026 | 26.00 | (410 | ) | (981,540 | ) | (6,150 | ) | (20,081 | ) | 13,931 | |||||||||||||||
| $ | (103,647,977 | ) | $ | (2,514,689 | ) | $ | (2,734,926 | ) | $ | 220,237 | ||||||||||||||||
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