XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| COLLATERALIZED LOAN OBLIGATIONS DEBT - 27.56%(a)(b) | ||||||||||||
| Anchorage Capital CLO 6 Ltd. | 3M SOFR + 6.15% | 07/22/2038 | $ | 1,765,000 | $ | 1,745,270 | ||||||
| Anchorage Capital CLO 15 Ltd. | 3M SOFR + 6.05% | 07/20/2038 | 2,000,000 | 2,001,137 | ||||||||
| Anchorage Capital CLO 20 Ltd. | 3M SOFR + 7.00% | 01/20/2035 | 1,500,000 | 1,341,402 | ||||||||
| Anchorage Capital CLO 21 Ltd. | 3M SOFR + 6.25% | 10/20/2034 | 2,000,000 | 1,855,384 | ||||||||
| Anchorage Capital CLO 37 Ltd. | 3M SOFR + 5.90% | 04/20/2039 | 975,000 | 978,834 | ||||||||
| Apidos CLO XLV Ltd. | 3M SOFR + 5.15% | 07/26/2038 | 500,000 | 500,233 | ||||||||
| Apidos CLO XXXV | 3M SOFR + 5.00% | 07/20/2039 | 1,000,000 | 999,994 | ||||||||
| Apidos Loan Fund 2024-1 Ltd. | 3M SOFR + 4.75% | 10/25/2038 | 750,000 | 749,994 | ||||||||
| Ares XLIV CLO Ltd. | 3M SOFR + 6.25% | 04/15/2034 | 1,000,000 | 943,701 | ||||||||
| Barings CLO Ltd. 2025-IV | 3M SOFR + 5.00% | 10/15/2040 | 1,600,000 | 1,587,795 | ||||||||
| Benefit Street Partners CLO Ltd. | 3M SOFR + 4.75% | 04/20/2038 | 1,288,000 | 1,260,116 | ||||||||
| Benefit Street Partners CLO XVII Ltd. | 3M SOFR + 6.15% | 10/15/2037 | 2,100,000 | 2,093,461 | ||||||||
| Benefit Street Partners CLO XXIX Ltd. | 3M SOFR + 4.60% | 01/25/2038 | 1,750,000 | 1,703,497 | ||||||||
| Benefit Street Partners CLO XXV Ltd. | 3M SOFR + 4.60% | 01/15/2035 | 480,000 | 469,628 | ||||||||
| Benefit Street Partners CLO XXVIII Ltd. | 3M SOFR + 5.40% | 10/20/2037 | 2,250,000 | 2,200,315 | ||||||||
| Benefit Street Partners CLO XXXII Ltd. | 3M SOFR + 4.70% | 10/25/2038 | 2,400,000 | 2,338,764 | ||||||||
| Birch Grove CLO 14 Ltd. | 3M SOFR + 5.35% | 07/22/2039 | 1,250,000 | 1,250,000 | ||||||||
| Canyon CLO 2020-2 Ltd. | 3M SOFR + 5.75% | 10/15/2034 | 1,500,000 | 1,298,319 | ||||||||
| Canyon CLO 2025-2 Ltd. | 3M SOFR + 5.25% | 10/15/2038 | 2,000,000 | 1,985,072 | ||||||||
| Carlyle US CLO 2023-2 Ltd. | 3M SOFR + 5.75% | 07/20/2038 | 2,000,000 | 1,940,567 | ||||||||
| Carlyle US CLO 2024-5 Ltd. | 3M SOFR + 5.65% | 10/25/2036 | 1,500,000 | 1,501,200 | ||||||||
| Carlyle US CLO 2025-2 Ltd. | 3M SOFR + 6.75% | 07/25/2038 | 845,000 | 859,219 | ||||||||
| Carlyle US CLO 2026-3 Ltd. | 3M SOFR + 6.00% | 04/15/2039 | 1,500,000 | 1,531,636 | ||||||||
| CBAM 2018-8 Ltd. | 3M SOFR + 6.37% | 07/15/2037 | 1,000,000 | 990,086 | ||||||||
| CIFC Funding 2019-III Ltd. | 3M SOFR + 5.00% | 01/16/2038 | 2,750,000 | 2,726,431 | ||||||||
| CIFC Funding 2019-V Ltd. | 3M SOFR + 4.90% | 10/15/2038 | 1,000,000 | 983,779 | ||||||||
| CIFC Funding 2019-VI Ltd. | 3M SOFR + 6.25% | 07/16/2037 | 700,000 | 679,097 | ||||||||
| CIFC Funding 2022-I Ltd. | 3M SOFR + 5.35% | 07/17/2041 | 1,985,000 | 1,985,000 | ||||||||
| CIFC Funding 2022-I Ltd. | 3M SOFR + 6.40% | 04/17/2035 | 2,000,000 | 1,975,925 | ||||||||
| CIFC Funding 2022-III Ltd. | 3M SOFR + 6.50% | 04/21/2035 | 850,000 | 841,765 | ||||||||
| CIFC Funding 2025-VI Ltd. | 3M SOFR + 4.75% | 10/23/2038 | 625,000 | 620,360 | ||||||||
| Clover CLO 2021-3 LLC | 3M SOFR + 4.90% | 01/25/2035 | 2,000,000 | 1,929,616 | ||||||||
| Diameter Capital CLO 4 Ltd. | 3M SOFR + 4.55% | 01/15/2039 | 600,000 | 589,177 | ||||||||
| Diameter Capital CLO 5 Ltd. | 3M SOFR + 4.85% | 01/15/2039 | 1,500,000 | 1,472,092 | ||||||||
| Diameter Capital CLO 6 Ltd. | 3M SOFR + 6.00% | 04/15/2039 | 1,250,000 | 1,270,098 | ||||||||
| Dryden 87 CLO Ltd. | 3M SOFR + 6.35% | 08/20/2038 | 1,000,000 | 991,905 | ||||||||
| Elmwood CLO 25 Ltd. | 3M SOFR + 5.25% | 04/17/2037 | 2,000,000 | 1,956,295 | ||||||||
| Elmwood CLO 46 Ltd. | 3M SOFR + 5.00% | 01/17/2039 | 2,000,000 | 2,002,485 | ||||||||
| Garnet CLO 2 Ltd. | 3M SOFR + 5.25% | 10/20/2038 | 730,000 | 726,150 | ||||||||
| Garnet CLO 3 Ltd. | 3M SOFR + 4.95% | 10/20/2038 | 1,500,000 | 1,484,872 | ||||||||
| Garnet CLO 4 Ltd. | 3M SOFR + 5.00% | 01/20/2039 | 1,500,000 | 1,485,331 | ||||||||
| Goldentree Loan Management US CLO 12 Ltd. | 3M SOFR + 5.70% | 07/20/2037 | 1,200,000 | 1,197,827 | ||||||||
| KKR CLO 60 Ltd. | 3M SOFR + 6.10% | 01/15/2038 | 1,325,000 | 1,327,024 | ||||||||
| Madison Park Funding LX Ltd. | 3M SOFR + 6.50% | 10/25/2037 | 1,250,000 | 1,095,571 | ||||||||
| Madison Park Funding XXXIX Ltd. | 3M SOFR + 6.25% | 10/22/2034 | 1,500,000 | 1,190,242 | ||||||||
| Madison Park Funding XXXVII Ltd. | 3M SOFR + 6.60% | 04/15/2037 | 750,000 | 670,063 | ||||||||
| Magnetite XXIV Ltd. | 3M SOFR + 6.40% | 04/15/2035 | 500,000 | 497,603 | ||||||||
| Neuberger Berman CLO 32R Ltd. | 3M SOFR + 5.15% | 07/20/2039 | 1,500,000 | 1,491,815 | ||||||||
| Neuberger Berman Loan Advisers CLO 27 Ltd. | 3M SOFR + 6.75% | 07/15/2038 | 2,000,000 | 1,954,672 | ||||||||
| Neuberger Berman Loan Advisers CLO 40 Ltd. | 3M SOFR + 5.15% | 10/16/2037 | 2,170,000 | 2,131,623 | ||||||||
| Neuberger Berman Loan Advisers CLO 41 Ltd. | 3M SOFR + 5.75% | 04/15/2034 | 1,250,000 | 1,181,237 | ||||||||
| Neuberger Berman Loan Advisers CLO 57 Ltd. | 3M SOFR + 5.50% | 10/24/2038 | 1,875,000 | 1,870,075 | ||||||||
| Neuberger Berman Loan Advisers CLO 61 Ltd. | 3M SOFR + 4.90% | 07/17/2039 | 720,000 | 718,971 | ||||||||
| Oaktree CLO 2019-3 Ltd. | 3M SOFR + 6.75% | 01/20/2038 | 750,000 | 739,410 | ||||||||
| Oaktree CLO 2022-3 Ltd. | 3M SOFR + 6.50% | 10/15/2037 | 2,000,000 | 1,984,765 | ||||||||
| Oaktree CLO 2023-1 Ltd. | 3M SOFR + 7.50% | 04/15/2038 | 500,000 | 501,225 | ||||||||
| Oaktree CLO 2024-26 Ltd. | 3M SOFR + 6.34% | 04/20/2039 | 666,000 | 665,936 | ||||||||
| OHA Credit Funding 5 Ltd. | 3M SOFR + 5.40% | 10/18/2037 | 1,000,000 | 966,263 | ||||||||
| OHA Credit Funding 9 Ltd. | 3M SOFR + 5.50% | 10/19/2037 | 1,000,000 | 960,865 | ||||||||
| Rad CLO 10 Ltd. | 3M SOFR + 5.85% | 04/23/2034 | 2,000,000 | 1,908,206 | ||||||||
| Rad CLO 11 Ltd. | 3M SOFR + 6.25% | 04/15/2034 | 1,300,000 | 1,272,002 | ||||||||
| Regatta 33 Funding Ltd. | 3M SOFR + 6.65% | 07/25/2038 | 770,000 | 782,088 | ||||||||
1
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| COLLATERALIZED LOAN OBLIGATIONS DEBT - 27.56%(a)(b)(Continued) | ||||||||||||
| Regatta 34 Funding Ltd. | 3M SOFR + 6.50% | 07/20/2038 | $ | 2,000,000 | $ | 2,044,797 | ||||||
| Regatta XII Funding Ltd. | 3M SOFR + 6.90% | 10/15/2037 | 1,500,000 | 1,456,293 | ||||||||
| Regatta XIX Funding Ltd. | 3M SOFR + 5.25% | 10/20/2038 | 750,000 | 723,799 | ||||||||
| Regatta XXIV Funding Ltd. | 3M SOFR + 5.15% | 01/20/2038 | 1,000,000 | 934,997 | ||||||||
| Regatta XXIX Funding Ltd. | 3M SOFR + 5.85% | 09/06/2037 | 375,000 | 366,316 | ||||||||
| RR 19 Ltd. | 3M SOFR + 4.70% | 04/15/2040 | 500,000 | 497,124 | ||||||||
| Shackleton 2019-XIV CLO Ltd. | 3M SOFR + 5.90% | 07/20/2034 | 1,000,000 | 964,998 | ||||||||
| Sound Point CLO XVIII Ltd. | 3M SOFR + 5.50% | 01/21/2031 | 500,000 | 272,758 | ||||||||
| Symphony CLO XXI Ltd. | 3M SOFR + 6.60% | 07/15/2032 | 1,000,000 | 928,302 | ||||||||
| Texas Debt Capital CLO 2024-I Ltd. | 3M SOFR + 5.40% | 07/22/2039 | 1,250,000 | 1,250,000 | ||||||||
| Trestles CLO II, Ltd. | 3M SOFR + 5.25% | 07/15/2039 | 1,500,000 | 1,499,750 | ||||||||
| Trestles CLO IV, Ltd. | 3M SOFR + 5.25% | 10/30/2038 | 1,500,000 | 1,483,742 | ||||||||
| Voya CLO 2024-1 Ltd. | 3M SOFR + 5.25% | 07/15/2039 | 795,000 | 795,000 | ||||||||
| TOTAL COLLATERALIZED LOAN OBLIGATIONS DEBT (Cost $98,561,233) | 96,171,361 | |||||||||||
| Estimated Yield | Maturity Date | Principal Amount | Value | |||||||||
| COLLATERALIZED LOAN OBLIGATIONS EQUITY - 63.12%(a)(c) | ||||||||||||
| AIMCO CLO 16 Ltd. | 9.00% | 07/17/2037 | $ | 2,146,551 | $ | 1,180,603 | ||||||
| ALM 2020 Ltd.(d) | N/A | 10/15/2029 | 5,000,000 | 500 | ||||||||
| Anchorage Capital CLO 7 Ltd. | 23.13% | 01/28/2031 | 1,750,000 | 360,535 | ||||||||
| Anchorage Capital CLO 13 LLC | 7.14% | 04/15/2034 | 7,000,000 | 2,136,330 | ||||||||
| Anchorage Capital CLO 16 Ltd. | 8.32% | 01/19/2038 | 3,305,720 | 1,077,797 | ||||||||
| Anchorage Capital CLO 1-R Ltd.(d) | N/A | 04/13/2031 | 4,150,000 | 19,084 | ||||||||
| Anchorage Capital CLO 3-R Ltd.(d) | N/A | 01/28/2031 | 1,400,000 | 2,982 | ||||||||
| Apidos CLO XLIX Ltd | 14.66% | 10/24/2037 | 10,000,000 | 5,169,900 | ||||||||
| Apidos CLO XLVIII Ltd. | 6.42% | 07/25/2037 | 9,000,000 | 5,376,780 | ||||||||
| Apidos CLO XXVII(d) | N/A | 07/17/2030 | 1,300,000 | 6,383 | ||||||||
| Ares LIX CLO Ltd. | 8.90% | 04/25/2034 | 3,500,000 | 857,640 | ||||||||
| Ares LVIII CLO Ltd. | 9.02% | 04/15/2038 | 12,425,000 | 4,098,138 | ||||||||
| Ares XLIV CLO Ltd. | 7.93% | 04/15/2034 | 6,288,428 | 752,158 | ||||||||
| Ballyrock CLO 19 Ltd. | 6.48% | 04/20/2035 | 4,200,000 | 1,153,320 | ||||||||
| Benefit Street Partners CLO XII-B Ltd. | 10.84% | 10/15/2030 | 4,500,000 | 2,702,385 | ||||||||
| Benefit Street Partners CLO XXV Ltd. | 18.05% | 01/15/2035 | 5,250,000 | 2,717,925 | ||||||||
| Benefit Street Partners CLO XXVII Ltd. | 12.34% | 10/20/2037 | 2,250,000 | 1,647,787 | ||||||||
| Benefit Street Partners CLO XXXIV Ltd. | 7.95% | 07/25/2037 | 4,700,000 | 2,683,888 | ||||||||
| Benefit Street Partners CLO XXXVI Ltd. | 9.87% | 01/25/2038 | 2,560,000 | 1,525,069 | ||||||||
| Benefit Street Partners CLO XXXVIII Ltd. | 19.31% | 01/25/2038 | 6,400,000 | 4,265,984 | ||||||||
| Carlyle US CLO 2019-4, Ltd. | 16.10% | 04/15/2035 | 9,556,500 | 6,116,160 | ||||||||
| Carlyle US CLO 2021-10 Ltd. | 16.15% | 01/20/2038 | 14,549,815 | 4,253,202 | ||||||||
| Carlyle US CLO 2021-2 Ltd. | 14.06% | 04/20/2038 | 2,530,000 | 1,112,972 | ||||||||
| Carlyle US CLO 2021-4 Ltd.(d) | N/A | 04/20/2034 | 1,000,000 | 15,000 | ||||||||
| Carlyle US CLO 2022-2 Ltd. | 13.57% | 01/20/2038 | 4,391,000 | 1,560,913 | ||||||||
| Carlyle US CLO 2023-2 Ltd. | 13.89% | 07/20/2036 | 4,534,341 | 2,161,294 | ||||||||
| CIFC Funding 2017-III Ltd. | 2.72% | 07/20/2030 | 1,400,000 | 316,008 | ||||||||
| CIFC Funding 2017-V Ltd. | 5.50% | 07/17/2037 | 6,500,000 | 1,741,805 | ||||||||
| CIFC Funding 2018-I Ltd. | 8.29% | 04/18/2031 | 10,250,000 | 2,603,397 | ||||||||
| CIFC Funding 2018-II Ltd. | 13.52% | 10/20/2037 | 5,100,000 | 1,577,379 | ||||||||
| CIFC Funding 2018-V Ltd. | 6.61% | 07/15/2038 | 5,298,000 | 1,800,790 | ||||||||
| CIFC Funding 2019-III Ltd. | 10.60% | 01/16/2038 | 840,000 | 484,680 | ||||||||
| CIFC Funding 2019-V Ltd. | 15.37% | 10/15/2038 | 8,279,438 | 4,358,379 | ||||||||
| CIFC Funding 2019-V Ltd. | 9.45% | 10/15/2038 | 2,500,000 | 1,316,025 | ||||||||
| CIFC Funding 2020-II Ltd. | 13.07% | 04/16/2039 | 1,806,500 | 795,420 | ||||||||
| CIFC Funding 2021-II Ltd. | 11.24% | 04/15/2034 | 7,705,900 | 3,292,731 | ||||||||
| CIFC Funding 2021-V Ltd. | 14.73% | 01/15/2038 | 10,086,431 | 5,069,440 | ||||||||
| CIFC Funding 2022-IV Ltd. | 9.29% | 07/16/2035 | 2,500,000 | 1,257,750 | ||||||||
| CIFC Funding 2023-III Ltd. | 19.12% | 01/20/2039 | 3,500,000 | 2,276,785 | ||||||||
| Clover CLO 2019-1 Ltd. | 12.24% | 04/18/2035 | 8,339,200 | 2,854,842 | ||||||||
| Clover CLO 2021-3 LLC | 12.08% | 01/25/2035 | 5,500,000 | 1,826,055 | ||||||||
| Diameter Capital CLO 4 Ltd. | 17.42% | 01/15/2039 | 840,000 | 541,439 | ||||||||
| Diameter Capital CLO 8 Ltd. | 21.24% | 10/20/2037 | 3,760,000 | 2,454,641 | ||||||||
| Diameter Capital CLO 10 Ltd. | 18.79% | 04/20/2038 | 3,355,000 | 2,329,041 | ||||||||
| Dryden 87 CLO Ltd. | 6.52% | 08/20/2038 | 2,831,400 | 849,760 | ||||||||
| Dryden 123 CLO Ltd. | 19.35% | 04/15/2038 | 2,000,000 | 1,344,220 | ||||||||
2
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued) (Unaudited)
| Estimated Yield | Maturity Date | Principal Amount | Value | |||||||||
| COLLATERALIZED LOAN OBLIGATIONS EQUITY - 63.12%(a)(c)(Continued) | ||||||||||||
| Galaxy 33 CLO Ltd. | 4.05% | 04/20/2037 | $ | 2,000,000 | $ | 939,740 | ||||||
| Generate CLO 3 Ltd. | 8.47% | 10/20/2036 | 7,008,000 | 1,998,121 | ||||||||
| Generate CLO 12 Ltd. | 12.26% | 07/20/2036 | 8,000,000 | 3,832,000 | ||||||||
| Generate CLO 14 Ltd. | 3.83% | 04/22/2037 | 8,000,000 | 3,423,520 | ||||||||
| Harmony-Peace Park CLO, Ltd. | 10.38% | 10/20/2037 | 5,275,000 | 2,485,949 | ||||||||
| Kennedy Lewis CLO 13 Ltd. | 25.39% | 01/20/2038 | 6,000,000 | 3,148,920 | ||||||||
| Madison Park Funding XXIX Ltd. | 10.34% | 10/18/2047 | 4,330,700 | 898,554 | ||||||||
| Madison Park Funding XXVIII Ltd. | 8.52% | 07/15/2030 | 5,949,336 | 1,293,981 | ||||||||
| Madison Park Funding XXXVII Ltd. | 5.67% | 04/15/2037 | 4,648,815 | 1,220,779 | ||||||||
| Neuberger Berman CLO XXI Ltd. | 10.84% | 01/20/2039 | 4,425,109 | 2,029,665 | ||||||||
| Neuberger Berman Loan Advisers CLO 47 Ltd. | 10.28% | 04/14/2035 | 15,000,000 | 5,163,600 | ||||||||
| Neuberger Berman Loan Advisers CLO 50 Ltd. | 10.22% | 07/23/2036 | 6,500,000 | 2,897,050 | ||||||||
| Neuberger Berman Loan Advisers CLO 53 Ltd. | 9.92% | 10/24/2037 | 7,325,000 | 3,862,253 | ||||||||
| Neuberger Berman Loan Advisers CLO 54 Ltd. | 6.60% | 04/23/2038 | 3,465,000 | 1,786,519 | ||||||||
| Neuberger Berman Loan Advisers CLO 55 Ltd. | 7.19% | 04/22/2038 | 5,200,000 | 2,916,888 | ||||||||
| Niagara Park CLO Ltd. | 12.80% | 07/17/2032 | 2,648,000 | 713,821 | ||||||||
| NYACK Park CLO Ltd. | 10.29% | 10/20/2038 | 1,358,700 | 424,156 | ||||||||
| Oak Hill Credit Partners X-R Ltd. | 12.17% | 04/20/2038 | 9,091,692 | 3,078,447 | ||||||||
| Oaktree CLO 2019-3, Ltd. | 9.79% | 01/20/2038 | 4,000,000 | 1,667,320 | ||||||||
| Oaktree CLO 2022-3 Ltd. | 7.94% | 10/15/2037 | 13,250,000 | 5,601,172 | ||||||||
| OCP CLO 2018-15 Ltd. | 11.85% | 07/20/2031 | 6,000,000 | 1,899,660 | ||||||||
| OCP CLO 2020-8R Ltd. | 16.42% | 10/17/2038 | 9,296,000 | 2,442,431 | ||||||||
| OCP CLO 2022-24 Ltd. | 6.46% | 10/20/2037 | 7,445,299 | 3,196,341 | ||||||||
| OCP CLO 2024-36, Ltd. | 6.76% | 10/16/2037 | 11,000,000 | 6,047,910 | ||||||||
| OCP CLO 2024-38 Ltd. | 7.40% | 01/21/2038 | 5,000,000 | 2,787,600 | ||||||||
| OHA Credit Partners XI Ltd. | 8.29% | 04/20/2037 | 4,003,000 | 1,770,247 | ||||||||
| OHA Credit Partners XII Ltd. | 5.47% | 04/23/2037 | 17,269,000 | 6,660,481 | ||||||||
| OHA Credit Partners XIII Ltd. | 9.43% | 10/21/2034 | 1,600,000 | 777,216 | ||||||||
| Palmer Square CLO 2024-2 Ltd. | 7.04% | 07/20/2037 | 4,000,000 | 2,215,680 | ||||||||
| Rad CLO 12 Ltd. | 8.58% | 10/30/2034 | 6,000,000 | 2,011,320 | ||||||||
| Regatta XIX Funding Ltd. | 14.79% | 04/20/2035 | 12,102,000 | 5,677,290 | ||||||||
| Regatta XVIII Funding Ltd. | 12.66% | 01/15/2034 | 7,175,322 | 3,217,486 | ||||||||
| Regatta XXIV Funding Ltd. | 10.30% | 01/20/2035 | 5,000,000 | 1,888,750 | ||||||||
| Regatta XXVII Funding Ltd. | 8.09% | 04/26/2037 | 6,737,000 | 3,213,549 | ||||||||
| RR 19 Ltd. | 13.32% | 10/15/2035 | 13,108,000 | 8,113,459 | ||||||||
| RR 25 Ltd. | 7.61% | 10/15/2037 | 9,780,000 | 4,683,349 | ||||||||
| Sixth Street CLO XVI Ltd. | 16.29% | 10/20/2032 | 9,170,000 | 4,921,997 | ||||||||
| Sixth Street CLO XVII Ltd. | 10.83% | 01/20/2034 | 1,100,000 | 523,479 | ||||||||
| Sixth Street CLO XXIV Ltd. | 5.50% | 04/23/2037 | 7,500,000 | 3,777,075 | ||||||||
| Sixth Street CLO XXV Ltd. | 6.24% | 07/24/2037 | 7,000,000 | 3,447,500 | ||||||||
| THL Credit Wind River 2018-2 CLO Ltd.(d) | N/A | 07/15/2030 | 3,031,000 | 58,347 | ||||||||
| THL Credit Wind River 2018-3 CLO Ltd.(d) | N/A | 01/20/2031 | 3,000,000 | 139,500 | ||||||||
| Thompson Park CLO Ltd. | 10.37% | 04/15/2034 | 4,000,000 | 1,100,796 | ||||||||
| TICP CLO XV Ltd. | 9.81% | 04/20/2033 | 21,000,000 | 7,523,250 | ||||||||
| Unity-Peace Park CLO Ltd. | 9.24% | 04/20/2035 | 4,000,000 | 740,760 | ||||||||
| TOTAL COLLATERALIZED LOAN OBLIGATIONS
EQUITY (Cost $331,679,245) | 220,263,244 | |||||||||||
| Coupon | Maturity Date | Principal Amount | Value | |||||||||
| CORPORATE BONDS - 1.15%(a) | ||||||||||||
| Chemicals - 0.11% | ||||||||||||
| Herens Holdco S.a.r.l., Senior Secured Bond | 4.75% | 05/15/2028 | $ | 444,000 | $ | 388,926 | ||||||
| Diversified Telecommunication Services - 0.14% | ||||||||||||
| Altice France SA, Senior Secured Bond | 6.88% | 07/15/2032 | 508,385 | 493,085 | ||||||||
| Health Care Providers & Services - 0.05% | ||||||||||||
| LifePoint Health, Inc., Senior Secured Bond | 7.00% | 05/01/2034 | 200,000 | 191,577 | ||||||||
| Independent Power/Renewable Electricity Producers - 0.04% | ||||||||||||
| NRG Energy, Inc., Senior Unsecured Bond | 5.88% | 05/15/2034 | 143,000 | 142,214 | ||||||||
| Industrial Conglomerates - 0.13% | ||||||||||||
| MajorDrive Holdings IV, LLC, Senior Unsecured Bond | 6.38% | 06/01/2029 | 545,000 | 453,297 | ||||||||
3
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued) (Unaudited)
| Coupon | Maturity Date | Principal Amount | Value | |||||||||
| CORPORATE BONDS - 1.15%(a)(Continued) | ||||||||||||
| Insurance - 0.08% | ||||||||||||
| Asurion LLC and Asurion Co-Issuer, Inc., Senior Unsecured Bond | 8.38% | 02/01/2034 | $ | 309,000 | $ | 285,960 | ||||||
| Media - 0.20% | ||||||||||||
| Gray Media, Inc., Senior Secured Bond | 7.25% | 08/15/2033 | 722,000 | 709,697 | ||||||||
| Oil, Gas & Consumable Fuels - 0.03% | ||||||||||||
| Venture Global LNG, Inc., Senior Secured Bond | 6.38% | 12/15/2034 | 96,000 | 94,338 | ||||||||
| Software - 0.24% | ||||||||||||
| Playtika Holding Corp., Senior Unsecured Bond | 4.25% | 03/15/2029 | 381,000 | 341,183 | ||||||||
| UKG, Inc., Senior Secured Bond | 6.88% | 02/01/2031 | 500,000 | 485,715 | ||||||||
| 826,898 | ||||||||||||
| Technology Hardware, Storage & Peripherals - 0.01% | ||||||||||||
| CoreWeave, Inc. | 9.63% | 07/15/2032 | 27,000 | 26,639 | ||||||||
| Wireless Telecommunication Services - 0.12% | ||||||||||||
| Digicel International Finance Ltd., Senior Secured Bond | 8.63% | 08/01/2032 | 404,000 | 416,711 | ||||||||
| TOTAL CORPORATE BONDS (Cost $4,224,016) | 4,029,342 | |||||||||||
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SECURED SECOND LIEN LOANS - 0.58%(b) | ||||||||||||
| Diversified Consumer Services - 0.03% | ||||||||||||
| TruGreen LP, Initial | 3M SOFR + 8.76% | 11/02/2028 | $ | 125,392 | $ | 110,972 | ||||||
| Electronic Equipment, Instruments & Components - 0.02% | ||||||||||||
| Infinite Bidco LLC, Initial | 3M SOFR + 7.26% | 03/02/2029 | 69,869 | 68,516 | ||||||||
| Insurance - 0.38% | ||||||||||||
| Alera Group, Inc., Second Lien Initial | 1M SOFR + 5.50% | 05/30/2033 | 750,000 | 711,878 | ||||||||
| Asurion, LLC, New B-4 | 3M SOFR + 5.51% | 01/20/2029 | 629,844 | 621,656 | ||||||||
| 1,333,534 | ||||||||||||
| Pharmaceuticals - 0.04% | ||||||||||||
| Alvogen Pharma US, Inc., TL | 3M SOFR + 2.50% | 03/01/2029 | 248,472 | 136,659 | ||||||||
| Software - 0.11% | ||||||||||||
| Kaseya, TL | 3M SOFR + 5.00% | 03/21/2033 | 644,172 | 387,308 | ||||||||
| TOTAL SECURED SECOND LIEN LOANS (Cost $2,444,670) | 2,036,989 | |||||||||||
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 71.19%(b) | ||||||||||||
| Aerospace & Defense - 1.70% | ||||||||||||
| Arcline FM Holdings, LLC, 2025-1 New | 6M SOFR + 2.75% | 06/23/2030 | $ | 857,027 | $ | 859,290 | ||||||
| Modern Aviation FBO Holdings LLC, Initial | 1M SOFR + 3.00% | 05/16/2033 | 156,762 | 156,762 | ||||||||
| PennAero, Initial | 3M SOFR + 3.25% | 03/16/2033 | 339,888 | 341,376 | ||||||||
| Propulsion (BC) Newco LLC, Initial | 3M SOFR + 2.50% | 12/01/2032 | 386,596 | 387,442 | ||||||||
| Signia Aerospace, 2026 Delayed Draw(e) | 3M SOFR + 2.50% | 12/11/2031 | 28,643 | 28,579 | ||||||||
| Signia Aerospace, 2026 Initial | 3M SOFR + 2.50% | 12/11/2031 | 2,104,570 | 2,103,265 | ||||||||
| Smiths Detection Group, Facility B | 1M SOFR + 2.50% | 06/02/2033 | 136,365 | 136,195 | ||||||||
| Transdigm, Inc., Tranche J | 1M SOFR + 2.50% | 02/28/2031 | 1,063,859 | 1,063,986 | ||||||||
| Transdigm, Inc., Tranche M | 1M SOFR + 2.50% | 08/19/2032 | 169,456 | 169,477 | ||||||||
| Transdigm, Inc., Tranche N | 1M SOFR + 2.50% | 02/13/2033 | 689,378 | 689,268 | ||||||||
| 5,935,640 | ||||||||||||
| Air Freight & Logistics - 0.18% | ||||||||||||
| Brown Group Holding, LLC, 2022 Incremental B-2 | 3M SOFR + 2.50% | 07/01/2031 | 466,842 | 467,734 | ||||||||
| Lasership, Inc., Tranche B | 3M SOFR + 4.76% | 08/10/2029 | 186,820 | 107,702 | ||||||||
| Lasership, Inc., Tranche E | 3M SOFR + 7.76% | 08/10/2029 | 512,712 | 46,785 | ||||||||
| 622,221 | ||||||||||||
4
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 71.19%(b)(Continued) | ||||||||||||
| Airlines - 0.10% | ||||||||||||
| American Airlines, Inc., 2026 Incremental | 3M SOFR + 3.00% | 05/29/2033 | $ | 362,591 | $ | 357,758 | ||||||
| Auto Components - 0.65% | ||||||||||||
| Clarios Global LP, Amendment No. 7 | 1M SOFR + 2.50% | 01/28/2032 | 1,243,429 | 1,243,429 | ||||||||
| Eagle Recycling Bidco, Inc., Closing Date Initial | 1M SOFR + 3.75% | 12/17/2032 | 540,176 | 540,041 | ||||||||
| Holley, Inc., TL | 1M SOFR + 3.86% | 11/17/2028 | 493,860 | 490,526 | ||||||||
| 2,273,996 | ||||||||||||
| Automobiles - 1.64% | ||||||||||||
| American Axle & Manufacturing, Inc., Tranche C | 1M SOFR + 3.25% | 02/03/2033 | 992,487 | 992,070 | ||||||||
| Mavis Tire Express Services Topco, Corp., 2026-1 First Lien Incremental | 6M SOFR + 3.25% | 05/06/2033 | 578,997 | 577,995 | ||||||||
| RealTruck Group, Inc., First Out | 3M SOFR + 5.75% | 01/31/2031 | 65,820 | 67,183 | ||||||||
| RVR Dealership Holdings, LLC, 2026 Term B | 3M SOFR + 4.50% | 02/26/2033 | 615,632 | 593,777 | ||||||||
| Tenneco, Inc., Term A | 3M SOFR + 4.85% | 11/17/2028 | 1,227,758 | 1,220,723 | ||||||||
| Tenneco, Inc., Term B | 3M SOFR + 5.10% | 11/17/2028 | 576,970 | 574,085 | ||||||||
| The Hertz Corp., 2023 Incremental | 3M SOFR + 3.75% | 06/30/2028 | 24,691 | 17,212 | ||||||||
| The Hertz Corp., Initial Term B | 3M SOFR + 3.76% | 06/30/2028 | 901,027 | 634,818 | ||||||||
| The Hertz Corp., Initial Term C | 3M SOFR + 3.76% | 06/30/2028 | 178,277 | 125,605 | ||||||||
| Wand NewCo 3, Inc., Tranche B-2 | 1M SOFR + 2.50% | 01/30/2031 | 906,774 | 905,260 | ||||||||
| 5,708,728 | ||||||||||||
| Building Products - 3.80% | ||||||||||||
| ADI Global Distribution, Initial | 1M SOFR + 2.75% | 06/17/2033 | 152,913 | 153,104 | ||||||||
| AI Aqua Merger Sub, Inc., 2026 Refinancing Term B | 1M SOFR + 2.50% | 07/31/2028 | 2,144,653 | 2,141,779 | ||||||||
| AI Aqua Merger Sub, Inc., Initial Term B | 1M SOFR + 2.50% | 07/24/2033 | 877,500 | 876,517 | ||||||||
| American Residential Services, 2025 Refinancing | 3M SOFR + 2.75% | 02/02/2032 | 396,000 | 396,990 | ||||||||
| Chariot Buyer LLC, Amendment No. 5 Incremental | 1M SOFR + 3.00% | 09/08/2032 | 1,323,952 | 1,323,647 | ||||||||
| Cornerstone Building Brands, Inc., Initial | 3M SOFR + 5.63% | 08/01/2028 | 491,094 | 279,924 | ||||||||
| Cornerstone Building Brands, Inc., Tranche B | 3M SOFR + 3.35% | 04/12/2028 | 1,238,684 | 751,881 | ||||||||
| Cornerstone Building Brands, Inc., Tranche C | 3M SOFR + 4.50% | 05/15/2031 | 294,197 | 149,452 | ||||||||
| Groundworks, LLC, Initial | 1M SOFR + 3.00% | 03/14/2031 | 1,511,368 | 1,503,176 | ||||||||
| Hobbs & Associates, LLC, Closing Date | 1M SOFR + 2.75% | 07/23/2031 | 922,965 | 920,658 | ||||||||
| Icebox Holdco III, Inc., Initial | 3M SOFR + 3.25% | 12/22/2031 | 952,940 | 954,827 | ||||||||
| MI Windows and Doors, LLC, 2024 Incremental | 1M SOFR + 2.75% | 03/28/2031 | 92,836 | 91,505 | ||||||||
| TAMKO Building Products, LLC, 2026 Incremental | 1M SOFR + 3.00% | 09/20/2030 | 109,391 | 109,254 | ||||||||
| White Cap Buyer, LLC, Tranche C | 1M SOFR + 3.25% | 10/19/2029 | 2,881,238 | 2,874,525 | ||||||||
| Wilsonart International, Initial | 3M SOFR + 4.25% | 08/05/2031 | 800,610 | 721,750 | ||||||||
| 13,248,989 | ||||||||||||
| Capital Markets - 0.36% | ||||||||||||
| Hudson River Trading LLC, Term B-2 | 1M SOFR + 2.50% | 03/18/2030 | 1,267,900 | 1,258,175 | ||||||||
| Chemicals - 2.43% | ||||||||||||
| Bond US Bidco, Inc., Initial | 1M SOFR + 3.50% | 05/06/2033 | 412,590 | 413,724 | ||||||||
| CP Iris Holdco I, Inc. and CP Iris Holdco II, Inc., Delayed Draw(e) | 1M SOFR + 4.00% | 10/27/2032 | 65,468 | 60,874 | ||||||||
| CP Iris Holdco I, Inc. and CP Iris Holdco II, Inc., Initial | 1M SOFR + 4.00% | 10/27/2032 | 758,501 | 719,438 | ||||||||
| Discovery Purchaser Corp., Initial | 3M SOFR + 3.75% | 10/04/2029 | 1,033,492 | 1,028,325 | ||||||||
| Herens Holdco S.a.r.l., Facility B | 3M SOFR + 4.03% | 07/03/2028 | 1,373,544 | 1,298,260 | ||||||||
| Ineos Quattro Holdings UK Ltd., 2029 Tranche B | 1M SOFR + 4.35% | 04/02/2029 | 337,789 | 296,832 | ||||||||
| Ineos US Finance LLC, 2028 TL | 1M SOFR + 2.50% | 11/08/2028 | 501,972 | 500,717 | ||||||||
| Ineos US Finance LLC, 2031 Repriced | 1M SOFR + 3.00% | 02/07/2031 | 945,851 | 836,369 | ||||||||
| Ineos US Petrochem LLC, 2030 Tranche B | 1M SOFR + 3.85% | 03/14/2030 | 249,357 | 210,395 | ||||||||
| Ineos US Petrochem LLC, 2031 Tranche B | 1M SOFR + 4.25% | 10/07/2031 | 93,731 | 78,442 | ||||||||
| Lummus Technology Holdings V LLC, Amendment No. 4 Existing Term B | 1M SOFR + 2.50% | 12/31/2029 | 1,058,987 | 1,043,674 | ||||||||
| MSOF Beacon, LLC, Initial | 3M SOFR + 2.50% | 12/23/2032 | 125,137 | 125,294 | ||||||||
| Nouryon USA LLC, Repriced 2024 B-1 | 6M SOFR + 3.25% | 04/03/2028 | 512,733 | 512,307 | ||||||||
| Nouryon USA LLC, Repriced 2024 B-2 | 6M SOFR + 3.25% | 04/03/2028 | 593,551 | 592,625 | ||||||||
| Wesco Group LLC, Initial Term B | 3M SOFR + 3.00% | 10/09/2031 | 188,785 | 189,140 | ||||||||
| Windsor Holdings III, LLC., 2025 Term B | 1M SOFR + 2.75% | 08/01/2030 | 566,073 | 565,365 | ||||||||
| 8,471,781 | ||||||||||||
5
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 71.19%(b)(Continued) | ||||||||||||
| Commercial Services & Supplies - 2.57% | ||||||||||||
| Allied Universal Holdco LLC, Amendment No. 7 Replacement | 1M SOFR + 3.25% | 08/20/2032 | $ | 1,914,271 | $ | 1,914,023 | ||||||
| AmSpec Parent, LLC, Amendment No. 2 TL | 3M SOFR + 3.00% | 12/22/2031 | 1,203,529 | 1,204,130 | ||||||||
| Ankura Consulting Group LLC, 2024-2 Repricing | 3M SOFR + 3.50% | 12/29/2031 | 1,591,599 | 1,501,674 | ||||||||
| Belfor USA Group, Inc., Tranche B-5 | 1M SOFR + 2.75% | 11/01/2030 | 1,192,114 | 1,187,143 | ||||||||
| Emerald Expositions Holdings, Inc., Closing Date Term B | 1M SOFR + 3.50% | 06/17/2033 | 217,738 | 216,921 | ||||||||
| First Advantage Holdings, LLC, Term B-3 | 3M SOFR + 2.75% | 10/31/2031 | 111,035 | 109,468 | ||||||||
| Garda World Security Corp., Fifteenth Additional TL | 3M SOFR + 2.75% | 02/01/2029 | 1,405,749 | 1,401,883 | ||||||||
| Genuine Financial Holdings, LLC, 2025 Replacement | 1M SOFR + 3.25% | 09/27/2030 | 1,489,437 | 1,439,481 | ||||||||
| 8,974,723 | ||||||||||||
| Communications Equipment - 0.27% | ||||||||||||
| Global Tel Link Corp., Initial | 1M SOFR + 7.50% | 08/06/2029 | 118,085 | 119,266 | ||||||||
| Gogo Intermediate Holdings LLC, Initial | 1M SOFR + 3.86% | 04/30/2028 | 902,764 | 830,452 | ||||||||
| 949,718 | ||||||||||||
| Construction & Engineering - 0.53% | ||||||||||||
| DG Investment Intermediate Holdings 2, Inc., Closing Date Initial | 1M SOFR + 3.25% | 07/09/2032 | 1,843,264 | 1,845,568 | ||||||||
| Construction Materials - 0.59% | ||||||||||||
| Artera Services, LLC, Tranche C | 1M SOFR + 4.50% | 02/15/2031 | 243,647 | 214,831 | ||||||||
| LSF12 Crown US Commercial Bidco LLC, 2026 Refinancing | 1M SOFR + 3.00% | 12/02/2031 | 1,498,603 | 1,501,286 | ||||||||
| Tiger Acquisition LLC, Initial | 1M SOFR + 2.50% | 08/23/2032 | 344,645 | 345,434 | ||||||||
| 2,061,551 | ||||||||||||
| Containers & Packaging - 1.98% | ||||||||||||
| Berlin Packaging LLC, 2025 Replacement | 3M SOFR + 3.25% | 06/07/2031 | 747,566 | 743,178 | ||||||||
| Clydesdale Acquisition Holdings, Inc., 2025 Incremental Closing Date Term B | 1M SOFR + 3.25% | 04/01/2032 | 1,125,511 | 1,080,254 | ||||||||
| Clydesdale Acquisition Holdings, Inc., Term B | 1M SOFR + 3.18% | 04/13/2029 | 500,000 | 490,565 | ||||||||
| Pelican Products, Inc., Initial | 3M SOFR + 4.51% | 12/29/2028 | 469,159 | 448,192 | ||||||||
| Pregis TopCo LLC, Tenth Amendment | 1M SOFR + 3.75% | 02/01/2029 | 217,404 | 217,908 | ||||||||
| Proampac PG Borrower LLC, Initial | 3M SOFR + 4.00% | 03/07/2033 | 580,914 | 570,231 | ||||||||
| RLG Holdings, LLC, Closing Date Initial | 3M SOFR + 4.51% | 07/07/2028 | 1,308,727 | 500,588 | ||||||||
| Sabert Corp., 2026 Refinancing | 1M SOFR + 3.25% | 12/10/2028 | 952,978 | 955,761 | ||||||||
| Sword Purchaser, LLC, Initial | 1M SOFR + 4.00% | 04/09/2033 | 1,158,106 | 1,127,891 | ||||||||
| Tricorbraun Holdings, Inc., Closing Date Initial | 1M SOFR + 3.25% | 03/03/2031 | 843,694 | 787,538 | ||||||||
| 6,922,106 | ||||||||||||
| Distributors - 0.94% | ||||||||||||
| Aramsco Parent, Inc., Closing Date Initial | 3M SOFR + 4.75% | 10/10/2030 | 383,605 | 214,819 | ||||||||
| BCPE Empire Holdings, Inc., Amendment No. 8 Refinancing | 1M SOFR + 3.25% | 12/11/2030 | 2,384,954 | 2,350,682 | ||||||||
| BCPE Empire Holdings, Inc., Amendment No. 10 | 1M SOFR + 3.50% | 12/29/2032 | 741,972 | 732,082 | ||||||||
| 3,297,583 | ||||||||||||
| Diversified Consumer Services - 2.10% | ||||||||||||
| AAdvantage Loyalty IP Ltd. and American Airlines, Inc., 2025 Incremental | 3M SOFR + 2.75% | 05/28/2032 | 1,070,713 | 1,070,714 | ||||||||
| Anticimex Global AB, Facility B8 | 3M SOFR + 2.90% | 11/17/2031 | 504,867 | 505,316 | ||||||||
| Sabre GLBL Inc, 2025 Other Term B-1 | 1M SOFR + 6.35% | 07/30/2029 | 246,741 | 219,353 | ||||||||
| Sabre GLBL Inc, 2025 Other Term B-2 | 1M SOFR + 6.35% | 07/30/2029 | 147,978 | 131,578 | ||||||||
| Spin Holdco Inc. and Air-Serv Canada, Inc., FL2O | 3M SOFR + 4.00% | 09/04/2030 | 2,111,943 | 1,581,719 | ||||||||
| Spin Holdco Inc. and Air-Serv Canada, Inc., Initial FL1O | 3M SOFR + 5.43% | 09/04/2030 | 332,590 | 340,851 | ||||||||
| Staples, Inc., Closing Date | 3M SOFR + 5.75% | 09/04/2029 | 163,710 | 151,857 | ||||||||
| Stubhub Holdings, Inc., Extended Term B | 1M SOFR + 4.75% | 03/15/2030 | 1,191,320 | 1,197,646 | ||||||||
| The Knot Worldwide, Inc., Amendment No. 5 | 1M SOFR + 3.75% | 01/31/2028 | 861,577 | 598,003 | ||||||||
| Wash Bidco, Inc., Initial | 1M SOFR + 3.00% | 09/10/2032 | 546,333 | 547,016 | ||||||||
| WestJet Loyalty LP, Initial | 3M SOFR + 2.75% | 02/14/2031 | 1,023,324 | 990,066 | ||||||||
| 7,334,119 | ||||||||||||
| Diversified Financial Services - 4.60% | ||||||||||||
| Ascensus Holdings, Inc., Amendment No. 4 Replacement | 1M SOFR + 3.00% | 11/25/2032 | 1,197,997 | 1,168,550 | ||||||||
| Blackhawk Network Holdings, Inc., Term B-3 | 1M SOFR + 3.50% | 03/12/2029 | 1,671,833 | 1,662,437 | ||||||||
| Citrin Cooperman Advisors LLC, Initial | 3M SOFR + 3.00% | 04/01/2032 | 282,519 | 274,044 | ||||||||
| CoreLogic, Inc., Initial | 1M SOFR + 3.61% | 06/02/2028 | 972,563 | 960,406 | ||||||||
| First Eagle Holdings, Inc., Initial | 3M SOFR + 3.50% | 08/16/2032 | 849,896 | 848,519 | ||||||||
6
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 71.19%(b)(Continued) | ||||||||||||
| Diversified Financial Services - 4.60% (Continued) | ||||||||||||
| FNZ USA FINCO, LLC, Initial | 3M SOFR + 5.00% | 11/05/2031 | $ | 1,301,515 | $ | 1,025,763 | ||||||
| Focus Financial Partners, LLC, Tranche B | 1M SOFR + 2.50% | 09/15/2031 | 1,970,396 | 1,920,151 | ||||||||
| Grant Thornton Advisors LLC, 2025 Incremental | 1M SOFR + 2.75% | 06/02/2031 | 1,758,401 | 1,670,305 | ||||||||
| Hightower Holdings, LLC, Amendment No. 10 Replacement | 3M SOFR + 2.75% | 02/03/2032 | 1,565,784 | 1,552,334 | ||||||||
| Janus Henderson, Inc., Fungible Initia | 1M SOFR + 2.75% | 03/25/2033 | 70,088 | 69,942 | ||||||||
| Nexus Buyer, LLC, Amendment No. 9 Refinancing | 1M SOFR + 3.50% | 07/31/2031 | 3,569,918 | 3,434,440 | ||||||||
| Nexus Buyer, LLC, Amendment No. 10 | 1M SOFR + 4.00% | 07/31/2031 | 514,398 | 496,672 | ||||||||
| Osmose Holdings, Initial | 1M SOFR + 3.36% | 06/23/2028 | 991,443 | 984,939 | ||||||||
| 16,068,502 | ||||||||||||
| Diversified Telecommunication Services - 1.71% | ||||||||||||
| Cogeco Financing 2 LP, Term B | 1M SOFR + 3.25% | 09/18/2030 | 293,935 | 262,337 | ||||||||
| DIRECTV Financing, LLC, 2024 TL | 3M SOFR + 5.51% | 08/02/2029 | 511,312 | 513,551 | ||||||||
| LCPR Loan Financing LLC, 2021 Additional | 3M SOFR + 4.01% | 10/16/2028 | 558,979 | 318,154 | ||||||||
| Numericable US LLC, USD TLB-14 | 3M SOFR + 6.88% | 05/31/2031 | 826,212 | 841,911 | ||||||||
| Syniverse Holdings, LLC, Initial | 3M SOFR + 7.00% | 05/13/2027 | 554,055 | 473,323 | ||||||||
| Viasat, Inc., Incremental | 1M SOFR + 4.61% | 05/30/2030 | 369,549 | 371,090 | ||||||||
| Viasat, Inc., Initial | 1M SOFR + 4.61% | 03/02/2029 | 642,352 | 645,243 | ||||||||
| Wide Open West Finance, LLC, First Out | 3M SOFR + 7.26% | 12/11/2028 | 791,236 | 799,481 | ||||||||
| Wide Open West Finance, LLC, Second Out | 3M SOFR + 3.26% | 12/11/2028 | 248,734 | 225,789 | ||||||||
| Zacapa S.a.r.l., Initial | 3M SOFR + 3.75% | 03/22/2029 | 1,522,342 | 1,518,064 | ||||||||
| 5,968,943 | ||||||||||||
| Electrical Equipment - 0.65% | ||||||||||||
| Pioneer Acquisitionco, LLC, Amendment No. 1 Initial | 3M SOFR + 2.50% | 10/27/2032 | 161,693 | 161,643 | ||||||||
| Resilience Parent, LLC, Initial | 3M SOFR + 2.50% | 02/28/2033 | 565,340 | 563,983 | ||||||||
| Spectris, Facility B2 | 3M SOFR + 2.75% | 12/06/2032 | 130,022 | 130,455 | ||||||||
| Trio Bidco, LLC, Closing Date Term B | 3M SOFR + 4.00% | 10/29/2032 | 1,226,005 | 1,201,865 | ||||||||
| Watlow Electric Manufacturing Co., 2026 Replacement Term Loans | 1M SOFR + 2.75% | 06/10/2033 | 201,987 | 201,609 | ||||||||
| 2,259,555 | ||||||||||||
| Electronic Equipment, Instruments & Components - 0.14% | ||||||||||||
| Infinite Bidco LLC., TL | 3M SOFR + 4.01% | 03/02/2028 | 494,984 | 490,446 | ||||||||
| Food & Staples Retailing - 0.82% | ||||||||||||
| BW Gas & Convenience Holdings, LLC, Initial | 1M SOFR + 3.61% | 03/31/2028 | 682,332 | 683,184 | ||||||||
| EG America, LLC, New Facility B4 | 3M SOFR + 3.25% | 02/10/2031 | 1,368,443 | 1,371,864 | ||||||||
| Upbound, 2025 TL | 3M SOFR + 2.75% | 08/13/2032 | 818,119 | 818,463 | ||||||||
| 2,873,511 | ||||||||||||
| Food Products - 0.33% | ||||||||||||
| Aspire Bakeries Holdings LLC, Initial Term B | 1M SOFR + 3.00% | 12/23/2030 | 43,395 | 43,522 | ||||||||
| Pacific Bells, LLC, Initial Term B-1 | 3M SOFR + 3.50% | 11/13/2028 | 493,371 | 494,066 | ||||||||
| Snacking Investments US LLC, 2026 U.S. TL | 1M SOFR + 3.00% | 10/29/2032 | 318,218 | 318,816 | ||||||||
| TreeHouse Foods, Inc., Initial | 1M SOFR + 4.25% | 02/11/2033 | 290,175 | 290,735 | ||||||||
| 1,147,139 | ||||||||||||
| Health Care Equipment & Supplies - 0.89% | ||||||||||||
| Bausch & Lomb Corp., Fourth Amendment | 1M SOFR + 3.75% | 01/15/2031 | 1,358,114 | 1,359,812 | ||||||||
| Hanger, Inc., Delayed Draw(e) | 1M SOFR + 3.50% | 10/23/2031 | 111,413 | 111,864 | ||||||||
| Hanger, Inc., Initial | 1M SOFR + 3.50% | 10/23/2031 | 1,215,301 | 1,218,777 | ||||||||
| Paradigm Parent, LLC, Initial | 3M SOFR + 4.50% | 04/16/2032 | 488,699 | 418,267 | ||||||||
| 3,108,720 | ||||||||||||
| Health Care Providers & Services - 4.83% | ||||||||||||
| ADMI Corp., TL-B2 | 1M SOFR + 3.49% | 12/23/2027 | 259,957 | 231,502 | ||||||||
| Charlotte Buyer, Inc., Third Refinancing | 1M SOFR + 4.50% | 06/11/2031 | 2,028,181 | 2,024,550 | ||||||||
| CHG Healthcare Services, Inc., Amendment No. 8 Refinancing | 3M SOFR + 3.00% | 09/29/2031 | 1,132,810 | 1,132,754 | ||||||||
| Cotiviti, Inc., Floating Rate TL | 1M SOFR + 2.75% | 05/01/2031 | 590,180 | 538,912 | ||||||||
| Covetrus, Inc., Initial | 3M SOFR + 5.00% | 10/13/2029 | 1,004,943 | 972,282 | ||||||||
| ExamWorks Group, Inc., 2025 Refinancing | 1M SOFR + 2.50% | 02/06/2033 | 682,045 | 682,331 | ||||||||
| Global Medical Response, Inc., Initial | 1M SOFR + 3.25% | 10/01/2032 | 1,418,944 | 1,422,108 | ||||||||
| Ingenovis Health, Inc., Initial | 3M SOFR + 5.25% | 05/27/2032 | 378,089 | 263,717 | ||||||||
| Lifepoint Health, Inc., 2024 Refinancing | 3M SOFR + 3.75% | 05/17/2031 | 2,345,807 | 2,307,688 | ||||||||
7
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 71.19%(b)(Continued) | ||||||||||||
| Health Care Providers & Services - 4.83% (Continued) | ||||||||||||
| National Mentor Holdings, Inc., Closing Date First Lien Term Loan Facility | 1M SOFR + 6.00% | 12/12/2030 | $ | 549,680 | $ | 552,912 | ||||||
| Outcomes Group Holdings, Inc., 2025 Replacement | 1M SOFR + 3.00% | 05/06/2031 | 588,177 | 589,653 | ||||||||
| Parexel International, Inc., Seventh Amendment | 1M SOFR + 2.50% | 12/12/2031 | 399,823 | 399,823 | ||||||||
| Select Medical Corp., Tranche B-3 | 1M SOFR + 3.00% | 12/31/2031 | 596,638 | 598,129 | ||||||||
| Sharp Services, LLC, Tranche E | 3M SOFR + 3.00% | 09/29/2032 | 732,818 | 734,343 | ||||||||
| Solaris US BidCo, LLC, Initial | 3M SOFR + 5.25% | 11/29/2030 | 1,730,751 | 1,705,880 | ||||||||
| Southern Veterinary Partners, LLC, 2025 New TL | 3M SOFR + 2.50% | 12/04/2031 | 1,213,495 | 1,211,407 | ||||||||
| Summit Behavioral Health, LLC, First Out | 3M SOFR + 5.75% | 12/31/2029 | 177,865 | 177,698 | ||||||||
| Summit Behavioral Health, LLC, Second Out | 3M SOFR + 4.25% | 12/31/2029 | 650,220 | 353,069 | ||||||||
| WCG Intermediate Corp., 2026 Refinancing | 1M SOFR + 2.75% | 02/25/2032 | 975,489 | 967,578 | ||||||||
| 16,866,336 | ||||||||||||
| Health Care Technology - 1.66% | ||||||||||||
| Athenahealth Group, Inc., Fourth Amendment | 1M SOFR + 3.25% | 02/16/2032 | 2,190,694 | 2,165,502 | ||||||||
| Gainwell Acquisition Corp., Term B | 3M SOFR + 4.10% | 10/01/2027 | 358,456 | 352,782 | ||||||||
| Hopper Merger Sub, Inc., Initial Term B | 3M SOFR + 2.25% | 04/07/2033 | 1,399,556 | 1,368,359 | ||||||||
| Raven Acquisition Holdings, LLC, Initial | 1M SOFR + 3.00% | 11/19/2031 | 1,167,397 | 1,151,019 | ||||||||
| Zelis Payments Buyer, Inc. & Zelis Cost Management Buyer, Inc., Amendment No. 5 | 1M SOFR + 3.25% | 11/26/2031 | 772,974 | 753,572 | ||||||||
| 5,791,234 | ||||||||||||
| Hotels, Restaurants & Leisure - 4.08% | ||||||||||||
| 19th Holdings Golf, LLC, Initial | 1M SOFR + 3.35% | 02/07/2029 | 992,248 | 994,421 | ||||||||
| Allwyn International A.S., New B Facility | 3M SOFR + 2.50% | 11/24/2032 | 897,615 | 885,272 | ||||||||
| Arcis Golf, LLC, Amendment No. 3 | 1M SOFR + 2.75% | 11/24/2028 | 255,104 | 255,423 | ||||||||
| Betclic Group, Facility B | 3M SOFR + 2.75% | 12/10/2031 | 283,241 | 283,329 | ||||||||
| Bulldog Purchaser, Inc., Initial | 3M SOFR + 3.25% | 02/04/2033 | 1,331,427 | 1,331,987 | ||||||||
| Catawba Nation Gaming Authority, Term B | 3M SOFR + 4.75% | 03/29/2032 | 1,207,867 | 1,205,922 | ||||||||
| Dave & Buster's, Inc., 2024 Incremental Term B | 3M SOFR + 3.25% | 11/01/2031 | 995,447 | 804,102 | ||||||||
| Dave & Buster's, Inc., 2024 Refinancing Term B | 3M SOFR + 3.25% | 06/29/2029 | 446,565 | 391,861 | ||||||||
| Fertitta Entertainment, LLC, Initial B | 1M SOFR + 3.25% | 01/27/2029 | 1,434,752 | 1,432,571 | ||||||||
| Fitness International, LLC, Term B | 1M SOFR + 4.50% | 02/12/2029 | 964,983 | 964,018 | ||||||||
| Flynn Restaurant Group LP, Series 2025 | 1M SOFR + 3.75% | 01/28/2032 | 1,326,918 | 1,311,937 | ||||||||
| Horizon Midco 2 Ltd., Term B | 3M SOFR + 4.75% | 10/31/2031 | 585,257 | 545,752 | ||||||||
| Kingpin Intermediate Holdings LLC, Amendment No. 15 | 1M SOFR + 3.25% | 09/22/2032 | 1,240,719 | 1,076,634 | ||||||||
| LC Ahab US Bidco LLC, Initial | 1M SOFR + 2.50% | 05/01/2031 | 1,014,571 | 1,012,035 | ||||||||
| MIC Glen LLC, 2025 TL | 1M SOFR + 3.25% | 07/21/2028 | 377,639 | 377,756 | ||||||||
| Motion Finco, LLC, Facility B3 | 3M SOFR + 3.50% | 11/12/2029 | 489,507 | 415,978 | ||||||||
| Pioneer OpCo, LLC, Term B | 1M SOFR + 3.25% | 05/15/2033 | 628,037 | 629,947 | ||||||||
| Tacala, LLC, Amendment No. 4 Replacement | 1M SOFR + 3.00% | 01/31/2031 | 308,532 | 308,597 | ||||||||
| 14,227,542 | ||||||||||||
| Household Durables - 0.54% | ||||||||||||
| Fender Musical Instruments Corp., Initial | 1M SOFR + 4.10% | 12/01/2028 | 182,101 | 172,814 | ||||||||
| Hunter Douglas, Inc., Tranche B-1 | 3M SOFR + 3.00% | 01/17/2032 | 1,703,481 | 1,699,938 | ||||||||
| 1,872,752 | ||||||||||||
| Independent Power/Renewable Electricity Producers - 0.72% | ||||||||||||
| Carroll County Energy LLC, TL | 3M SOFR + 2.75% | 06/30/2031 | 610,685 | 611,705 | ||||||||
| CPV Three Rivers, LLC, Term B | 3M SOFR + 2.75% | 04/15/2033 | 177,511 | 177,141 | ||||||||
| Hunterstown Generation, LLC, New TL | 3M SOFR + 1.75% | 11/06/2031 | 439,646 | 438,987 | ||||||||
| South Field Energy LLC, Term Loan B | 3M SOFR + 3.00% | 08/29/2031 | 1,223,803 | 1,223,289 | ||||||||
| South Field Energy LLC, Term Loan C Advances | 3M SOFR + 3.00% | 08/29/2031 | 80,220 | 80,186 | ||||||||
| 2,531,308 | ||||||||||||
| Industrial Conglomerates - 2.90% | ||||||||||||
| Astro Acquisition, LLC, 2026-1 New | 3M SOFR + 2.50% | 08/30/2032 | 371,675 | 371,675 | ||||||||
| BG MS US Holdings, LLC, Term B | 3M SOFR + 4.75% | 10/22/2032 | 1,180,312 | 1,168,013 | ||||||||
| Cube Industrials Buyer, Inc., 2025 TL | 3M SOFR + 3.00% | 10/17/2031 | 1,040,717 | 1,040,717 | ||||||||
| LSF12 Crown US Commercial Bidco, LLC, TL | 1M SOFR + 3.50% | 02/10/2033 | 455,935 | 446,981 | ||||||||
| MajorDrive Holdings IV, LLC, 2022 Incremental | 3M SOFR + 5.65% | 06/01/2029 | 284,827 | 272,009 | ||||||||
| MajorDrive Holdings IV, LLC, Initial | 3M SOFR + 4.26% | 06/01/2028 | 243,236 | 232,955 | ||||||||
| Merlin Buyer, Inc., Initial | 3M SOFR + 4.00% | 04/15/2033 | 1,075,327 | 1,076,671 | ||||||||
| Oak-Eagle Acquireco, Inc., Term B | 1M SOFR + 3.50% | 03/24/2033 | 948,067 | 950,105 | ||||||||
| SunSource Borrower, LLC, Initial | 1M SOFR + 4.10% | 03/25/2031 | 2,207,764 | 2,208,228 | ||||||||
8
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 71.19%(b)(Continued) | ||||||||||||
| Industrial Conglomerates - 2.90% (Continued) | ||||||||||||
| Tk Elevator Midco GmbH, Facility B2 | 3M SOFR + 2.75% | 04/30/2030 | $ | 19,026 | $ | 19,103 | ||||||
| TK Elevator Midco GmbH, New Facility B | 6M SOFR + 2.75% | 04/30/2030 | 2,327,430 | 2,336,205 | ||||||||
| 10,122,662 | ||||||||||||
| Insurance - 5.01% | ||||||||||||
| Acrisure LLC, 2024 Repricing Term B-6 | 1M SOFR + 3.00% | 11/06/2030 | 1,374,675 | 1,240,644 | ||||||||
| Alera Group, Inc., 2026-1 | 1M SOFR + 2.75% | 05/30/2032 | 1,181,085 | 1,120,413 | ||||||||
| Alliant Holdings Intermediate, LLC, 2025 Replacement | 1M SOFR + 2.50% | 09/19/2031 | 615,400 | 606,594 | ||||||||
| Ardonagh Group Finco Pty and Ardonagh Finco BV, Syndicated Facility B | 6M SOFR + 3.00% | 02/15/2031 | 859,751 | 830,202 | ||||||||
| Asurion, LLC, New B-12 | 3M SOFR + 4.25% | 09/19/2030 | 307,780 | 303,779 | ||||||||
| Asurion, LLC, New B-13 | 3M SOFR + 4.25% | 09/19/2030 | 477,726 | 472,055 | ||||||||
| Asurion, LLC, New B-14 | 3M SOFR + 3.75% | 02/23/2033 | 1,125,909 | 1,062,576 | ||||||||
| BroadStreet Partners, Inc., Term B-4 | 1M SOFR + 2.50% | 06/13/2031 | 2,345,397 | 2,259,907 | ||||||||
| Hyperion Refinance S.a.r.l, 2025-3 Refinancing Term Loans | 1M SOFR + 2.75% | 04/18/2030 | 298,054 | 280,395 | ||||||||
| Hyperion Refinance S.a.r.l., 2025-2 Refinancing | 1M SOFR + 2.75% | 02/15/2031 | 2,774,959 | 2,599,443 | ||||||||
| IMA Financial Group, Inc., Initial | 1M SOFR + 3.00% | 11/01/2028 | 1,898,478 | 1,890,561 | ||||||||
| OneDigital Borrower LLC, 2025 Refinancing | 1M SOFR + 3.00% | 07/02/2031 | 1,304,330 | 1,261,613 | ||||||||
| Sedgwick Claims Management Services, Inc., 2023 TL | 1M SOFR + 2.50% | 07/31/2031 | 719,426 | 710,073 | ||||||||
| The Baldwin Insurance Group Holdings, LLC, Refinancing Term B-2 | 1M SOFR + 2.50% | 05/26/2031 | 1,162,287 | 1,136,867 | ||||||||
| TIH Insurance Holdings, LLC, Amendment No. 1 Replacement | 3M SOFR + 2.75% | 05/06/2031 | 1,223,713 | 1,193,426 | ||||||||
| Trucordia Insurance Holdings, LLC, Initial | 3M SOFR + 3.25% | 06/17/2032 | 563,673 | 501,669 | ||||||||
| 17,470,217 | ||||||||||||
| IT Services - 1.33% | ||||||||||||
| Ahead DB Holdings, LLC, Term B-3 | 3M SOFR + 2.50% | 02/01/2031 | 1,237,318 | 1,215,244 | ||||||||
| Avalara, Inc., New TL | 3M SOFR + 2.50% | 03/26/2032 | 1,064,266 | 1,017,173 | ||||||||
| Constant Contact, Inc., Initial | 3M SOFR + 4.26% | 02/10/2028 | 620,923 | 601,408 | ||||||||
| Disco Parent, Inc., TL | 3M SOFR + 3.00% | 08/06/2032 | 94,057 | 91,705 | ||||||||
| Ping Identity Holding Corp., Initial | 1M SOFR + 2.25% | 11/15/2032 | 523,012 | 508,629 | ||||||||
| Rackspace Technology Global, Inc., New Term B | 1M SOFR + 2.86% | 05/15/2028 | 226,585 | 205,032 | ||||||||
| Rackspace Technology Global, Inc., Super-Priority Term B | 1M SOFR + 6.36% | 05/15/2028 | 989,873 | 1,009,671 | ||||||||
| 4,648,862 | ||||||||||||
| Life Sciences Tools & Services - 0.29% | ||||||||||||
| Precision Medicine Group, LLC, Amendment No. 4 Refinancing | 3M SOFR + 3.50% | 08/20/2032 | 1,015,285 | 1,008,726 | ||||||||
| Machinery - 1.17% | ||||||||||||
| Element Materials Technology Group US Holdings, Inc., Initial Term B | 3M SOFR + 3.50% | 07/06/2029 | 1,097,965 | 1,101,621 | ||||||||
| Engineered Machinery Holdings, Inc., 2025 Refinancing | 3M SOFR + 3.25% | 11/26/2032 | 497,487 | 499,676 | ||||||||
| Indicor, LLC, Tranche E | 1M SOFR + 2.50% | 11/22/2029 | 1,520,972 | 1,519,147 | ||||||||
| Pro Mach Group, Inc., Amendment No 8. | 1M SOFR + 2.50% | 10/15/2032 | 787,226 | 787,422 | ||||||||
| Victory Buyer LLC, Initial | 3M SOFR + 3.00% | 02/13/2033 | 177,708 | 177,974 | ||||||||
| 4,085,840 | ||||||||||||
| Media - 3.41% | ||||||||||||
| Aragorn Parent Corp., 2026 Replacement | 1M SOFR + 3.50% | 12/16/2030 | 1,065,750 | 1,067,082 | ||||||||
| Arches Buyer, Inc., Initial | 1M SOFR + 3.35% | 12/06/2027 | 1,477,205 | 1,471,252 | ||||||||
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing | 1M SOFR + 4.11% | 08/21/2028 | 1,250,000 | 1,248,887 | ||||||||
| Creative Artists Agency, LLC, 2025 Refinancing | 1M SOFR + 2.50% | 10/01/2031 | 788,226 | 787,509 | ||||||||
| Discovery Global Holdings, Inc., Initial | 1M SOFR + 2.50% | 06/03/2033 | 641,280 | 641,222 | ||||||||
| Endeavor Group Holdings, Inc., Term Loan B | 1M SOFR + 2.75% | 03/24/2032 | 2,163,267 | 2,162,186 | ||||||||
| Red Planet Borrower, LLC, Initial | 1M SOFR + 3.75% | 09/08/2032 | 361,192 | 360,791 | ||||||||
| Summer (BC) Bidco B LLC, Extended Facility B1 | 3M SOFR + 5.26% | 02/15/2029 | 1,000,728 | 852,981 | ||||||||
| Terrier Media Buyer, Inc., Term B-2 | 3M SOFR + 3.60% | 06/18/2029 | 248,726 | 224,129 | ||||||||
| United Talent Agency, LLC, Term B | 1M SOFR + 3.00% | 06/10/2032 | 1,407,449 | 1,410,095 | ||||||||
| Univision Communications, Inc., 2024 Replacement | 1M SOFR + 3.61% | 01/31/2029 | 956,600 | 949,129 | ||||||||
| Wasserman Media Group, LLC, New Initial | 1M SOFR + 2.50% | 06/23/2032 | 719,457 | 718,112 | ||||||||
| 11,893,375 | ||||||||||||
| Oil, Gas & Consumable Fuels - 0.57% | ||||||||||||
| Fleet U.S. Bidco, Inc., Facilty B2 | 1M SOFR + 2.75% | 02/21/2031 | 99,502 | 99,502 | ||||||||
| Pelican Pipeline, LLC, Initial | 3M SOFR + 2.75% | 03/25/2033 | 509,974 | 509,974 | ||||||||
| Prairie Acquiror LP, Initial Term B-5 | 1M SOFR + 3.25% | 08/01/2029 | 1,368,809 | 1,371,889 | ||||||||
| 1,981,365 | ||||||||||||
9
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 71.19%(b)(Continued) | ||||||||||||
| Paper & Forest Products - 0.23% | ||||||||||||
| Closure Systems Intl. Group, Inc., Amendment No. 6 Repriced | 1M SOFR + 3.00% | 03/22/2029 | $ | 792,931 | $ | 792,931 | ||||||
| Pharmaceuticals - 1.22% | ||||||||||||
| Amneal Pharmaceuticals LLC, Amendment No. 2 | 1M SOFR + 3.00% | 08/01/2032 | 1,918,150 | 1,924,153 | ||||||||
| Endo Finance Holdings, Inc., 2024 Refinancing | 1M SOFR + 3.75% | 04/23/2031 | 512,548 | 512,548 | ||||||||
| Opal Bidco SA, Facility B6 | 3M SOFR + 2.50% | 04/28/2032 | 1,833,740 | 1,831,283 | ||||||||
| 4,267,984 | ||||||||||||
| Professional Services - 4.56% | ||||||||||||
| AQ Carver Buyer, Inc., 2023 Refinancing | 6M SOFR + 5.60% | 08/02/2029 | 852,932 | 693,715 | ||||||||
| Armor Holdco, Inc., 2025-1 Incremental | 6M SOFR + 3.75% | 12/10/2031 | 1,524,369 | 1,521,991 | ||||||||
| Berkeley Research Group, Initial | 3M SOFR + 3.25% | 05/01/2032 | 681,372 | 679,792 | ||||||||
| DS Admiral Bidco, LLC, Initial | 3M SOFR + 4.25% | 06/26/2031 | 2,312,405 | 2,198,427 | ||||||||
| Eisner Advisory Group, LLC, February 2024 Incremental | 1M SOFR + 4.00% | 02/28/2031 | 1,040,145 | 1,019,779 | ||||||||
| Omnia Partners, LLC, First Amendment Incremental | 3M SOFR + 5.00% | 05/31/2032 | 541,500 | 540,200 | ||||||||
| Omnia Partners, LLC, Initial | 3M SOFR + 2.75% | 12/31/2032 | 2,279,735 | 2,280,875 | ||||||||
| OPENLANE, Inc., 2025 Incremental | 3M SOFR + 2.50% | 10/08/2032 | 228,504 | 229,075 | ||||||||
| Orion Midco Ltd., Initial | 3M SOFR + 3.50% | 10/08/2032 | 222,542 | 222,493 | ||||||||
| OVG Business Services, LLC, Term B | 1M SOFR + 3.00% | 06/25/2031 | 1,652,648 | 1,651,623 | ||||||||
| PEX Holdings LLC, Initial | 3M SOFR + 2.75% | 11/26/2031 | 515,731 | 514,441 | ||||||||
| Pinnacle Buyer, LLC, Initial Term B | 3M SOFR + 2.50% | 10/01/2032 | 380,641 | 381,117 | ||||||||
| Pye-Barker Fire & Safety, LLC, Closing Date TL | 3M SOFR + 2.50% | 12/16/2032 | 571,533 | 572,247 | ||||||||
| Pye-Barker Fire & Safety, LLC, Initial Delayed Draw(e) | 3M SOFR + 2.50% | 12/16/2032 | 13,401 | 13,508 | ||||||||
| Relativity Intermediate Holdco LLC, TL | 1M SOFR + 2.75% | 01/30/2033 | 539,312 | 525,829 | ||||||||
| Ryan, LLC, New Initial | 1M SOFR + 3.50% | 11/05/2032 | 1,319,194 | 1,306,002 | ||||||||
| UST Global, Inc., Initial | 1M SOFR + 3.00% | 11/20/2028 | 438,813 | 415,775 | ||||||||
| Vaco Holdings, LLC, Initial | 3M SOFR + 5.15% | 01/22/2029 | 995,002 | 810,797 | ||||||||
| Wood Mackenzie, TL | 3M SOFR + 3.00% | 02/07/2031 | 339,504 | 340,513 | ||||||||
| 15,918,199 | ||||||||||||
| Real Estate Management & Development - 0.39% | ||||||||||||
| BIFM US Finance LLC, 2025 TL | 1M SOFR + 3.25% | 05/31/2028 | 512,846 | 514,128 | ||||||||
| Brookfield Retail Holdings VII Sub 3 LLC, 2026 Replacement | 1M SOFR + 3.00% | 05/28/2030 | 835,543 | 834,499 | ||||||||
| 1,348,627 | ||||||||||||
| Road & Rail - 0.65% | ||||||||||||
| Echo Global Logistics, Inc., Fifth Amendment Incremental | 1M SOFR + 4.50% | 10/23/2028 | 487,678 | 477,924 | ||||||||
| GN Loanco, LLC, Term B | 3M SOFR + 4.50% | 12/19/2030 | 1,225,472 | 1,152,777 | ||||||||
| Odyssey Logistics & Technology, New TL | 1M SOFR + 4.50% | 10/12/2027 | 802,332 | 643,205 | ||||||||
| 2,273,906 | ||||||||||||
| Semiconductors & Semiconductor Equipment - 0.40% | ||||||||||||
| Altera Corp., TL | 3M SOFR + 2.75% | 09/10/2032 | 1,192,734 | 1,193,163 | ||||||||
| Coorstek, Inc., Amendment No. 1 Refinancing | 3M SOFR + 2.50% | 10/28/2032 | 218,045 | 218,183 | ||||||||
| 1,411,346 | ||||||||||||
| Software - 5.87% | ||||||||||||
| Apex Group Treasury LLC, 2025 Refinancing | 3M SOFR + 3.50% | 02/27/2032 | 410,888 | 388,034 | ||||||||
| Bending Spoons S.p.A, Amendment No. 3 Tranche B | 1M SOFR + 5.88% | 03/07/2031 | 242,453 | 237,847 | ||||||||
| Bending Spoons S.p.A, Amendment No. 4 | 1M SOFR + 5.88% | 03/07/2031 | 791,922 | 778,063 | ||||||||
| Cyberswift BV, TL | 3M SOFR + 3.75% | 10/08/2032 | 508,992 | 506,447 | ||||||||
| Dayforce, Inc., TL | 3M SOFR + 3.00% | 02/04/2033 | 500,487 | 454,748 | ||||||||
| Delta Topco, Inc., Fourth Amendment Refinancing | 3M SOFR + 2.75% | 11/30/2029 | 1,366,652 | 1,290,639 | ||||||||
| Entrata, Inc., TL | 1M SOFR + 2.75% | 09/30/2032 | 57,600 | 56,159 | ||||||||
| Genesys Cloud Services, Inc., 2025 TL | 1M SOFR + 2.50% | 01/30/2032 | 987,812 | 944,319 | ||||||||
| Icon Parent, Inc., 2025 TL | 3M SOFR + 2.75% | 11/13/2031 | 477,253 | 445,516 | ||||||||
| iSolved, Inc., Term B-3 | 1M SOFR + 2.75% | 10/15/2030 | 796,320 | 743,564 | ||||||||
| Javelin Buyer, Inc., First Amendment | 3M SOFR + 2.75% | 12/05/2031 | 1,543,891 | 1,445,468 | ||||||||
| Kaseya, Initial | 3M SOFR + 3.25% | 03/22/2032 | 1,448,711 | 1,114,697 | ||||||||
| Magenta Buyer LLC, Super Priority | 3M SOFR + 6.25% | 07/27/2028 | 142,199 | 139,071 | ||||||||
| McAfee Corp., Tranche B-2 | 1M SOFR + 3.00% | 03/01/2029 | 1,731,984 | 1,532,806 | ||||||||
| Planview Parent, Inc., 2024-B Incremental | 3M SOFR + 3.50% | 12/17/2027 | 1,263,578 | 1,080,006 | ||||||||
10
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 71.19%(b)(Continued) | ||||||||||||
| Software - 5.87% (Continued) | ||||||||||||
| Plusgrade, Inc., 2025 Replacement Initial | 3M SOFR + 3.50% | 03/03/2031 | $ | 505,395 | $ | 495,919 | ||||||
| Project Alpha Intermediate Holding, Inc., Second Amendment Refinancing | 3M SOFR + 3.25% | 10/26/2030 | 1,422,100 | 1,023,556 | ||||||||
| Project Boost Purchaser, LLC, Initial | 3M SOFR + 2.75% | 07/16/2031 | 2,952,845 | 2,870,638 | ||||||||
| RealPage, Inc., Initial | 3M SOFR + 3.26% | 04/24/2028 | 1,230,620 | 1,148,710 | ||||||||
| Skillsoft Finance II, Inc., Initial | 1M SOFR + 5.36% | 07/14/2028 | 343,980 | 171,006 | ||||||||
| Solarwinds Holdings, Inc., Initial | 3M SOFR + 4.00% | 04/16/2032 | 726,087 | 605,375 | ||||||||
| Storable, Inc., New Initial | 1M SOFR + 3.25% | 04/16/2031 | 1,178,740 | 1,048,100 | ||||||||
| UKG, Inc., 2024 Refinancing | 3M SOFR + 2.25% | 02/10/2031 | 954,766 | 897,260 | ||||||||
| WebMD Health Corp. and MH SUB I, LLC, 2023 | 1M SOFR + 4.25% | 05/03/2028 | 292,486 | 283,954 | ||||||||
| Zodiac Purchaser, LLC, Term B | 1M SOFR + 3.50% | 02/14/2032 | 858,751 | 785,757 | ||||||||
| 20,487,659 | ||||||||||||
| Specialty Retail - 0.23% | ||||||||||||
| Great Outdoors Group, LL, Term B-3 | 1M SOFR + 3.25% | 01/23/2032 | 460,586 | 461,738 | ||||||||
| Sweetwater Borrower, LLC, Initial | 1M SOFR + 4.00% | 02/17/2033 | 335,925 | 337,605 | ||||||||
| 799,343 | ||||||||||||
| Technology Hardware, Storage & Peripherals - 0.07% | ||||||||||||
| CoreWeave Financing DDTL V, LLC, Delayed Draw(e) | 1M SOFR + 4.50% | 11/15/2031 | 26,648 | 28,132 | ||||||||
| Network Connex, Initial | 1M SOFR + 4.25% | 06/13/2033 | 212,138 | 210,282 | ||||||||
| 238,414 | ||||||||||||
| Textiles, Apparel & Luxury Goods - 1.15% | ||||||||||||
| Beach Acquisition Co. Parent, LLC, Tranche B-1 | 1M SOFR + 2.75% | 09/12/2032 | 701,192 | 703,948 | ||||||||
| Champ Acquisition Corp., Initial | 1M SOFR + 3.25% | 11/25/2031 | 812,258 | 815,304 | ||||||||
| Varsity Brands Holding Co, Inc., 2025-2 Replacement | 3M SOFR + 2.75% | 08/26/2031 | 2,305,055 | 2,307,106 | ||||||||
| WHP Global, Initial | 1M SOFR + 4.75% | 02/20/2032 | 183,148 | 183,295 | ||||||||
| 4,009,653 | ||||||||||||
| Transportation Infrastructure - 0.09% | ||||||||||||
| GB AIT Buyer, Inc., Initial | 3M SOFR + 4.25% | 04/29/2033 | 304,384 | 304,311 | ||||||||
| Wireless Telecommunication Services - 0.84% | ||||||||||||
| DIFL US LLC, 2026 Refinancing | 3M SOFR + 4.50% | 08/06/2032 | 1,724,013 | 1,732,633 | ||||||||
| Sable Int'l Finance Ltd. and Coral-US-Co-Borrower LLC, Term B-7 | 3M SOFR + 3.25% | 01/31/2032 | 1,230,556 | 1,189,443 | ||||||||
| 2,922,076 | ||||||||||||
| TOTAL SENIOR SECURED FIRST LIEN LOANS (Cost $257,044,304) | 248,454,140 | |||||||||||
| Shares | Value | |||||||
| COMMON STOCKS - 0.07%(f) | ||||||||
| Altice France Lux 3 | $ | 10,709 | $ | 213,892 | ||||
| Elevate Textiles, Inc. | 20,088 | 25,241 | ||||||
| Marine One Holdco, LLC | 5,865 | – | ||||||
| Needle Holdings LLC(g) | 119,194 | – | ||||||
| TOTAL COMMON STOCKS (Cost $256,935) | 239,133 | |||||||
12
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
June 30, 2026 (Continued) (Unaudited)
| Shares | Value | |||||||
| MONEY MARKET FUNDS - 3.53% | ||||||||
| Invesco Short Term Investments Trust Treasury Portfolio, Institutional Class, 3.56% (7-day yield) | $ | 12,309,723 | $ | 12,309,723 | ||||
| TOTAL MONEY MARKET FUNDS (Cost $12,309,723) | 12,309,723 | |||||||
| TOTAL INVESTMENTS - 167.20% (Cost $706,520,126) | 583,503,932 | |||||||
| Liabilities in Excess of Other Assets - (1.93)% | (6,730,150 | ) | ||||||
| Preferred Shares (Net of $1,858,059 Deferred Financing Costs) - (20.39)% | (71,141,941 | ) | ||||||
| Leverage Facility (Net of $348,777 Deferred Leverage Costs) - (44.89)% | (156,651,223 | ) | ||||||
| NET ASSETS - 100.00% | $ | 348,980,618 |
All securities held as of June 30, 2026 are pledged as collateral for the Trust’s credit facility.
| (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 $320,463,947 or 91.83% 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. |
| (d) | As of June 30, 2026, the Trust accrued a 0% yield on this investment. |
| (e) | This investment has an unfunded commitment as of June 30, 2026. |
| (f) | Non-income producing security. |
| (g) | As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets. |
| Investment Abbreviations: |
| AB – Aktiebolag (Swedish: Limited Liability Company) |
| BV – Besloten Vennootschap (Dutch: Private Limited Company) |
| GmbH – Gesellschaft mit beschränkter Haftung (German: Limited Liability Company) |
| LLC – Limited Liability Company |
| LP – Limited Partnership |
| Ltd. – Limited |
| SA – Société Anonyme (French: Public Limited Company) |
| SOFR – Secured Overnight Financing Rate |
| Reference Rates: |
| 1M SOFR as of June 30, 2026 was 3.63% |
| 3M SOFR as of June 30, 2026 was 3.63% |
| 6M SOFR as of June 30, 2026 was 3.67% |
13