XAI Octagon Floating Rate & Alternative Income Trust*

 

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited)

 

 

   Reference Rate &
Spread		  Maturity Date  Principal Amount   Value 
COLLATERALIZED LOAN OBLIGATIONS DEBT - 26.91%(a)(b)             
Anchorage Capital CLO 13 LLC  3M SOFR + 6.96%  04/15/2034  $1,500,000   $1,443,881 
Anchorage Capital CLO 16 Ltd.  3M SOFR + 7.61%  01/19/2035   2,000,000    1,920,429 
Anchorage Capital CLO 17 Ltd.  3M SOFR + 7.12%  07/15/2034   1,250,000    1,154,718 
Anchorage Capital CLO 19 Ltd.  3M SOFR + 7.51%  10/15/2034   1,000,000    776,629 
Anchorage Capital CLO 21 Ltd.  3M SOFR + 7.61%  10/20/2034   500,000    479,786 
Anchorage Capital CLO 4-R Ltd.  3M SOFR + 5.76%  01/28/2031   2,000,000    1,867,178 
Anchorage Capital CLO 9 Ltd.  3M SOFR + 7.08%  07/15/2032   2,000,000    1,887,229 
Apidos CLO XLV Ltd.  3M SOFR + 8.40%  04/26/2036   500,000    512,126 
Apidos CLO XXVII  3M SOFR + 6.66%  07/17/2030   375,000    362,625 
Apidos CLO XXXII  3M SOFR + 7.01%  01/20/2033   250,000    248,147 
ARES LI CLO Ltd.  3M SOFR + 7.11%  07/15/2034   250,000    238,555 
Ares LV CLO Ltd.  3M SOFR + 6.61%  07/15/2034   1,525,000    1,522,549 
Atrium IX LLC  3M SOFR + 6.71%  05/28/2030   900,000    869,867 
Atrium XIV LLC  3M SOFR + 5.91%  08/23/2030   500,000    490,362 
Ballyrock CLO 20 Ltd.  3M SOFR + 7.25%  07/15/2034   4,000,000    3,999,400 
Battalion CLO XXI Ltd.  3M SOFR + 6.72%  07/15/2034   1,000,000    884,266 
Benefit Street Partners CLO XVII Ltd.  3M SOFR + 6.61%  07/15/2032   1,100,000    1,048,272 
Benefit Street Partners CLO XXIV Ltd.  3M SOFR + 6.87%  10/20/2034   1,000,000    990,168 
Benefit Street Partners CLO XXIX Ltd.  3M SOFR + 7.81%  01/25/2036   1,750,000    1,730,066 
Benefit Street Partners CLO XXVIII Ltd.  3M SOFR + 7.59%  10/20/2035   2,000,000    1,979,861 
Benefit Street Partners CLO XXXII Ltd.  3M SOFR + 7.35%  10/25/2036   2,400,000    2,373,754 
Carlyle US CLO 2022-5 Ltd.  3M SOFR + 8.46%  10/15/2035   2,000,000    2,004,512 
CIFC Funding 2015-I Ltd.  3M SOFR + 6.26%  01/22/2031   500,000    473,913 
CIFC Funding 2018-I Ltd.  3M SOFR + 5.26%  04/18/2031   1,750,000    1,628,436 
CIFC Funding 2019-III Ltd.  3M SOFR + 7.06%  10/16/2034   2,750,000    2,753,618 
CIFC Funding 2019-V Ltd.  3M SOFR + 7.04%  01/15/2035   1,000,000    994,209 
CIFC Funding 2019-VI Ltd.  3M SOFR + 7.66%  01/16/2033   500,000    501,787 
CIFC Funding 2022-I Ltd.  3M SOFR + 6.40%  04/17/2035   2,000,000    1,959,200 
CIFC Funding 2022-III Ltd.  3M SOFR + 7.27%  04/21/2035   850,000    848,274 
Clover CLO 2021-3 LLC  3M SOFR + 6.72%  01/25/2035   1,000,000    989,129 
Elmwood CLO VI Ltd.  3M SOFR + 6.76%  10/20/2034   1,750,000    1,760,009 
Elmwood CLO VII Ltd.  3M SOFR + 7.50%  01/17/2034   2,000,000    1,931,806 
Elmwood CLO XI Ltd.  3M SOFR + 6.26%  10/20/2034   750,000    736,033 
HPS Loan Management 11-2017 Ltd.  3M SOFR + 8.11%  05/06/2030   1,000,000    500,567 
Madison Park Funding LX Ltd.  3M SOFR + 8.95%  10/25/2035   1,250,000    1,280,426 
Madison Park Funding LXIII Ltd.  3M SOFR + 8.57%  04/21/2035   1,250,000    1,254,112 
Madison Park Funding XLVI Ltd.  3M SOFR + 6.51%  10/15/2034   550,000    548,667 
Madison Park Funding XLVIII Ltd.  3M SOFR + 6.51%  04/19/2033   1,500,000    1,485,055 
Madison Park Funding XVII Ltd.  3M SOFR + 7.74%  07/21/2030   1,000,000    782,922 
Madison Park Funding XXVII Ltd.  3M SOFR + 5.26%  04/20/2030   1,500,000    1,431,750 
Madison Park Funding XXXVII Ltd.  3M SOFR + 6.41%  07/15/2033   750,000    740,460 
Magnetite XXIV Ltd.  3M SOFR + 6.40%  04/15/2035   500,000    483,324 
Neuberger Berman Loan Advisers CLO 24 Ltd.  3M SOFR + 6.28%  04/19/2030   1,000,000    968,733 
Neuberger Berman Loan Advisers CLO 32 Ltd.  3M SOFR + 6.36%  01/20/2032   1,500,000    1,460,124 
Neuberger Berman Loan Advisers CLO 40 Ltd.  3M SOFR + 6.11%  04/16/2033   1,670,000    1,626,391 
Neuberger Berman Loan Advisers CLO 47 Ltd.  3M SOFR + 6.25%  04/14/2035   1,000,000    967,865 
OHA Credit Funding 12 Ltd.  3M SOFR + 8.00%  07/20/2036   2,000,000    2,005,126 
OHA Credit Funding 2 Ltd.  3M SOFR + 6.62%  04/21/2034   1,000,000    1,000,049 
OHA Credit Funding 5 Ltd.  3M SOFR + 6.51%  04/18/2033   1,000,000    995,134 
OHA Credit Funding 7 Ltd.  3M SOFR + 6.25%  02/24/2037   900,000    887,443 
OHA Credit Funding 9 Ltd.  3M SOFR + 6.51%  07/19/2035   1,000,000    1,003,643 
Rad CLO 10 Ltd.  3M SOFR + 6.11%  04/23/2034   2,000,000    1,930,812 
Rad CLO 11 Ltd.  3M SOFR + 6.51%  04/15/2034   1,300,000    1,267,375 
Rad CLO 12 Ltd.  3M SOFR + 6.61%  10/30/2034   2,000,000    1,908,224 
Rad CLO 4 Ltd.  3M SOFR + 7.01%  04/25/2032   2,328,764    2,271,017 
Regatta VII Funding Ltd.  3M SOFR + 6.66%  06/20/2034   1,000,000    971,333 
Regatta VIII Funding Ltd.  3M SOFR + 6.36%  10/17/2030   500,000    496,009 
Regatta XII Funding Ltd.  3M SOFR + 6.61%  10/15/2032   500,000    499,458 
Regatta XIV Funding Ltd.  3M SOFR + 6.21%  10/25/2031   750,000    711,027 
Regatta XIX Funding Ltd.  3M SOFR + 6.88%  04/20/2035   750,000    753,918 
Regatta XVI Funding Ltd.  3M SOFR + 7.26%  01/15/2033   1,400,000    1,387,392 
Regatta XVIII Funding Ltd.  3M SOFR + 6.21%  01/15/2034   2,000,000    1,962,226 

 

1

XAI Octagon Floating Rate & Alternative Income Trust

 

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited) (Continued)

 

 

   Reference Rate &
Spread		  Maturity Date  Principal Amount   Value 
COLLATERALIZED LOAN OBLIGATIONS DEBT - 26.91%(a)(b)(Continued)             
Regatta XXII Funding Ltd.  3M SOFR + 7.19%  07/20/2035  $1,350,000   $1,309,402 
Regatta XXIII Funding Ltd.  3M SOFR + 6.96%  01/20/2035   2,750,000    2,749,946 
Regatta XXIV Funding Ltd.  3M SOFR + 7.06%  01/20/2035   250,000    245,542 
RR 19 Ltd.  3M SOFR + 6.76%  10/15/2035   500,000    504,280 
Sound Point CLO II Ltd.  3M SOFR + 5.76%  01/26/2031   250,000    164,445 
Sound Point CLO XVIII Ltd.  3M SOFR + 5.76%  01/21/2031   500,000    328,913 
Symphony CLO XXI Ltd.  3M SOFR + 6.86%  07/15/2032   1,000,000    938,536 
Symphony CLO XXIV Ltd.  3M SOFR + 7.26%  01/23/2032   1,000,000    983,926 
THL Credit Wind River 2017-1 CLO Ltd.  3M SOFR + 7.32%  04/18/2036   1,500,000    1,342,502 
THL Credit Wind River 2017-4 CLO Ltd.  3M SOFR + 6.06%  11/20/2030   500,000    474,644 
THL Credit Wind River 2019-1 CLO Ltd.  3M SOFR + 6.86%  07/20/2034   875,000    750,314 
Voya CLO 2020-2 Ltd.  3M SOFR + 6.66%  07/19/2034   1,125,000    1,123,957 
Wind River 2021-3 CLO Ltd.  3M SOFR + 6.86%  07/20/2033   1,000,000    946,033 
TOTAL COLLATERALIZED LOAN OBLIGATIONS DEBT
(Cost $89,495,071)		              88,803,816 
                 
   Estimated Yield  Maturity Date   Principal Amount    Value 
COLLATERALIZED LOAN OBLIGATIONS EQUITY - 54.56%(a)(c)             
ALM 2020 Ltd.  6.27%  10/15/2029   5,000,000    1,895,975 
Anchorage Capital CLO 13 LLC  15.47%  04/15/2034   7,000,000    4,257,400 
Anchorage Capital CLO 15 Ltd.  28.86%  07/20/2034   1,783,000    1,261,472 
Anchorage Capital CLO 16 Ltd.  14.04%  01/19/2035   2,500,000    1,321,892 
Anchorage Capital CLO 18 Ltd.  16.44%  04/15/2034   850,000    533,205 
Anchorage Capital CLO 19 Ltd.  14.24%  10/15/2034   7,000,000    3,956,400 
Anchorage Capital CLO 1-R Ltd.  12.00%  04/13/2031   4,150,000    1,477,279 
Anchorage Capital CLO 20 Ltd.  13.00%  01/20/2035   1,750,000    974,008 
Anchorage Capital CLO 3-R Ltd.  8.99%  01/28/2031   1,400,000    523,138 
Anchorage Capital CLO 7 Ltd.  20.95%  01/28/2031   1,750,000    607,985 
Apidos CLO XXVII  4.53%  07/17/2030   1,300,000    268,801 
ARES LI CLO Ltd.  15.11%  07/15/2034   2,646,041    1,357,154 
ARES LI CLO Ltd.  15.48%  07/15/2034   1,699,959    871,909 
Ares LIX CLO Ltd.  25.42%  04/25/2034   3,500,000    2,317,350 
Ares XLI CLO Ltd.  13.35%  04/15/2034   2,343,500    893,577 
ARES XLIV CLO Ltd.  13.82%  04/15/2034   2,845,572    888,388 
Battalion CLO XV Ltd.  13.65%  01/17/2033   4,500,000    2,800,116 
Battalion CLO XVI Ltd.  12.75%  12/19/2032   3,500,000    1,812,650 
Benefit Street Partners CLO XXIII Ltd.  20.74%  04/25/2034   5,000,000    4,120,000 
Benefit Street Partners CLO XXV Ltd.  46.98%  01/15/2035   5,250,000    4,382,521 
Carbone CLO Ltd.  11.95%  01/20/2031   7,850,000    2,673,357 
CARLYLE US CLO 2019-4 Ltd.  20.09%  04/15/2035   8,740,000    6,731,548 
CARLYLE US CLO 2021-4 Ltd.  22.06%  04/20/2034   1,000,000    747,800 
CARLYLE US CLO 2021-5 Ltd.  15.51%  07/20/2034   4,000,000    2,719,200 
CIFC Funding 2017-III Ltd.  7.66%  07/20/2030   1,400,000    466,816 
CIFC Funding 2017-V Ltd.  4.82%  11/16/2030   4,500,000    1,575,180 
CIFC Funding 2018-I Ltd.  11.33%  04/18/2031   3,250,000    1,366,306 
CIFC Funding 2018-III Ltd.  15.40%  07/18/2031   3,000,000    1,205,256 
CIFC Funding 2019-III Ltd.  19.10%  10/16/2034   750,000    599,700 
CIFC Funding 2019-V Ltd.  19.75%  01/15/2035   2,500,000    1,956,482 
CIFC Funding 2019-V Ltd.  21.11%  01/15/2035   1,000,000    782,593 
CIFC Funding 2020-II Ltd.  27.17%  10/20/2034   1,000,000    824,600 
CIFC Funding 2020-III Ltd.  20.83%  10/20/2034   150,000    124,950 
CIFC Funding 2021-II Ltd.  18.35%  04/15/2034   4,000,000    3,121,600 
CIFC Funding 2021-VII Ltd.  18.65%  01/23/2035   1,000,000    772,891 
CIFC Funding 2022-IV, Ltd.  20.60%  07/16/2035   2,500,000    2,174,778 
Clover CLO 2019-1 Ltd.  44.88%  04/18/2035   8,339,200    6,382,436 
Clover CLO 2021-3 LLC  21.43%  01/25/2035   5,500,000    4,379,100 
Dryden 43 Senior Loan Fund  14.52%  04/20/2034   3,000,000    1,416,000 
Dryden 87 CLO Ltd.  16.63%  05/20/2034   2,000,000    1,301,000 
Dryden 95 CLO Ltd.  16.56%  08/20/2034   1,750,000    1,060,325 
Elmwood CLO 14 Ltd.  23.76%  04/20/2035   10,000,000    8,386,270 
Elmwood CLO I Ltd.  15.24%  10/20/2033   6,000,000    4,166,018 
Elmwood CLO II Ltd.  18.71%  04/20/2034   6,500,000    5,241,600 

 

2

XAI Octagon Floating Rate & Alternative Income Trust

 

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited) (Continued)

 

 

   Estimated Yield  Maturity Date   Principal Amount    Value 
COLLATERALIZED LOAN OBLIGATIONS EQUITY - 54.56%(a)(c)(Continued)             
Elmwood CLO III Ltd.  18.73%  10/20/2034  $5,250,000   $3,989,475 
Elmwood CLO VII Ltd.  20.48%  01/17/2034   8,350,000    5,413,305 
Elmwood CLO VIII Ltd.  18.00%  01/20/2034   5,000,000    4,130,500 
Invesco CLO 2021-1 Ltd.  18.85%  04/15/2034   3,000,000    1,979,700 
Invesco CLO Ltd.(d)(e)  N/A  07/15/2034   500,000    120,450 
Invesco CLO Ltd.  15.32%  07/15/2034   5,000,000    2,892,000 
Madison Park Funding XVIII Ltd.  13.31%  10/21/2030   4,000,000    1,753,560 
Madison Park Funding XX Ltd.  18.41%  07/27/2030   1,740,000    567,522 
Madison Park Funding XXIX Ltd.  13.55%  10/18/2047   3,750,000    1,673,580 
Madison Park Funding XXVIII Ltd.  16.03%  07/15/2030   5,000,000    2,419,820 
Madison Park Funding XXXVII Ltd.  19.96%  07/15/2049   5,500,000    3,561,800 
Magnetite XIX Ltd.  26.78%  04/17/2034   3,200,000    1,949,120 
Niagara Park CLO Ltd.  17.83%  07/17/2032   2,648,000    1,548,021 
NYACK Park CLO Ltd.  18.16%  10/20/2034   1,000,000    766,000 
Oak Hill Credit Partners X-R Ltd.  49.14%  04/20/2034   9,091,692    4,077,624 
OHA Credit Partners XI Ltd.  22.04%  01/20/2032   2,750,000    1,499,378 
OHA Credit Partners XII Ltd.  28.88%  07/23/2030   1,500,000    703,520 
OHA Credit Partners XIII Ltd.  23.57%  10/21/2034   1,600,000    1,155,840 
Point Au Roche Park CLO Ltd.  32.28%  07/20/2034   5,000,000    3,485,000 
Rad CLO 12 Ltd.  25.46%  10/30/2034   4,500,000    3,178,350 
Recette CLO Ltd.  13.63%  04/20/2034   10,400,000    3,492,320 
Recette CLO Ltd.(d)(e)  N/A  04/20/2034   10,400,000    82,472 
Regatta XIX Funding Ltd.  22.15%  04/20/2035   6,017,000    5,458,231 
Regatta XVIII Funding Ltd.  32.39%  01/15/2034   7,175,322    5,303,280 
Regatta XXIV Funding Ltd.  14.84%  01/20/2035   5,000,000    3,348,170 
Rockland Park CLO Ltd.  16.61%  04/20/2034   9,000,000    6,217,200 
Rockland Park CLO Ltd.(d)(e)  N/A  04/20/2034   9,000,000    26,010 
Rockland Park CLO Ltd.(d)(e)  N/A  04/20/2034   9,000,000    95,130 
RR 2 Ltd.  23.34%  10/15/2117   9,358,000    5,848,750 
Sixth Street CLO XVII Ltd.  14.11%  01/20/2034   1,100,000    749,650 
THL Credit Wind River 2018-2 CLO Ltd.  7.09%  07/15/2030   3,031,000    889,384 
THL Credit Wind River 2018-3 CLO Ltd.  12.95%  01/20/2031   3,000,000    1,539,900 
Thompson Park CLO Ltd.  24.02%  04/15/2034   4,000,000    3,463,600 
Wind River 2016-1 CLO Ltd.(e)  N/A  12/31/2049   4,000,000    400 
TOTAL COLLATERALIZED LOAN OBLIGATIONS EQUITY
(Cost $205,683,427)		              180,076,088 
                 
   Coupon  Maturity Date   Principal Amount    Value 
CORPORATE BONDS - 6.15%                
Automobiles - 0.14%                
Ford Motor Credit Co. LLC, Senior Unsecured Bond  6.95%  03/06/2026   455,000    466,280 
Chemicals - 0.33%                
Herens Holdco S.a.r.l, Senior Secured Bond(a)  4.75%  05/15/2028   444,000    361,574 
Illuminate Buyer LLC, Senior Unsecured Bond(a)  9.00%  07/01/2028   750,000    725,906 
               1,087,480 
Construction & Engineering - 0.21%                
Brand Industrial Services, Inc., Senior Secured Bond(a)  10.38%  08/01/2030   652,000    694,597 
Diversified Consumer Services - 0.14%                
Sabre GLBL, Inc., Senior Secured Bond(a)  11.25%  12/15/2027   461,000    451,724 
Diversified Telecommunication Services - 0.76%                
Altice Financing S.A., Senior Secured Bond(a)  5.75%  08/15/2029   1,197,000    1,056,915 
Altice France S.A., Senior Secured Bond(a)  5.50%  10/15/2029   667,000    519,880 
Consolidated Communications, Inc., Senior Secured Bond(a)  5.00%  10/01/2028   1,125,000    922,500 
               2,499,295 
Electric Utilities - 0.29%                
PG&E Corp., Senior Secured Bond  5.00%  07/01/2028   1,000,000    973,810 
Electronic Equipment, Instruments & Components - 0.04%                
Coherent Corp., Senior Unsecured Bond(a)  5.00%  12/15/2029   146,000    138,817 
Gas Utilities - 0.29%                
Ferrellgas LP, Senior Unsecured Bond(a)  5.88%  04/01/2029   1,000,000    947,100 

 

3

XAI Octagon Floating Rate & Alternative Income Trust

 

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited) (Continued)

 

 

   Coupon  Maturity Date   Principal Amount    Value 
CORPORATE BONDS - 6.15%(Continued)                
Health Care Equipment & Supplies - 0.22%                
Medline Borrower, LP, Senior Secured Bond(a)  3.88%  04/01/2029  $727,000   $657,935 
Medline Borrower, LP, Senior Unsecured Bond(a)  5.25%  10/01/2029   62,000    58,397 
               716,332 
Health Care Providers & Services - 0.17%                
LifePoint Health, Inc., Senior Secured Bond(a)  9.88%  08/15/2030   552,000    559,167 
Health Care Technology - 0.39%                
AthenaHealth Group, Inc., Senior Unsecured Bond(a)  6.50%  02/15/2030   1,411,000    1,283,379 
Hotels, Restaurants & Leisure - 0.60%                
CEC Entertainment, LLC, Senior Secured Bond(a)  6.75%  05/01/2026   470,000    458,673 
Fertitta Entertainment LLC, Senior Unsecured Bond(a)  6.75%  01/15/2030   328,000    288,155 
Hilton Grand Vacations Borrower Escrow LLC, Senior Unsecured Bond(a)  5.00%  06/01/2029   529,000    486,865 
Scientific Games Holdings LP, Senior Unsecured Bond(a)  6.63%  03/01/2030   205,000    193,274 
SeaWorld Parks & Entertainment, Inc., Senior Unsecured Bond(a)  5.25%  08/15/2029   600,000    562,500 
               1,989,467 
Industrial Conglomerates - 0.44%                
APi Group DE, Inc., Senior Unsecured Bond(a)  4.75%  10/15/2029   1,034,000    968,403 
MajorDrive Holdings IV, LLC, Senior Unsecured Bond(a)  6.38%  06/01/2029   545,000    472,215 
               1,440,618 
Insurance - 0.41%                
Alliant Holdings Intermediate, LLC, Senior Secured Bond(a)  4.25%  10/15/2027   750,000    718,695 
Alliant Holdings Intermediate, LLC, Senior Secured Bond(a)  6.75%  04/15/2028   622,000    635,336 
               1,354,031 
Machinery - 0.25%                
Chart Industries, Inc., Senior Secured Bond(a)  7.50%  01/01/2030   472,000    493,653 
Chart Industries, Inc., Senior Unsecured Bond(a)  9.50%  01/01/2031   316,000    343,255 
               836,908 
Professional Services - 0.59%                
Conduent Business Services LLC, Senior Secured Bond(a)  6.00%  11/01/2029   2,176,000    1,948,390 
Software - 0.30%                
McAfee Corp., Senior Unsecured Bond(a)  7.38%  02/15/2030   1,102,000    1,004,605 
Transportation Infrastructure - 0.58%                
Uber Technologies, Inc., Senior Unsecured Bond(a)  4.50%  08/15/2029   2,000,000    1,911,000 
TOTAL CORPORATE BONDS
(Cost $21,033,170)		              20,303,000 
                 
   Reference Rate &
Spread		  Maturity Date   Principal Amount    Value 
SECURED SECOND LIEN LOANS - 2.54%(b)                
Aerospace & Defense - 0.62%                
Amentum Government Services Holdings, LLC, Tranche 2  1M SOFR + 7.50%  02/15/2030   2,016,807    1,997,909 
New Constellis Holdings, Inc., TL  3M SOFR + 11.25%  03/27/2026   108,563    51,568 
               2,049,477 
Air Freight & Logistics - 0.19%                
Lasership, Inc. (ASP LS Acquisition Corp.), Initial  6M SOFR + 7.50%  05/07/2029   745,852    616,573 
Auto Components - 0.09%                
Safe Fleet Holdings LLC, Initial  1M SOFR + 6.75%  02/02/2026   288,433    280,068 
Building Products - 0.18%                
Icebox Holdco III, Inc., Initial  3M SOFR + 6.75%  12/21/2029   468,750    424,219 
VC GB Holdings I Corp., Initial  3M SOFR + 6.75%  07/23/2029   169,492    162,607 
               586,826 
Chemicals - 0.07%                
CP Iris Holdco I, Inc., Initial  1M SOFR + 7.00%  10/01/2029   258,621    232,112 
Commercial Services & Supplies - 0.22%                
AVSC Holding Corp., Initial  1M SOFR + 7.25%  09/01/2025   805,556    735,472 
Communications Equipment - 0.10%                
Global Tel*Link Corp., TL  3M SOFR + 10.00%  11/29/2026   347,222    305,556 
MLN US Holdco LLC, Term B-1  3M SOFR + 6.70%  10/18/2027   128,761    19,314 
               324,870 

 

4

XAI Octagon Floating Rate & Alternative Income Trust

 

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited) (Continued)

 

 

   Reference Rate &
Spread		  Maturity Date   Principal Amount    Value 
SECURED SECOND LIEN LOANS - 2.54%(b)(Continued)                
Construction & Engineering - 0.08%                
DG Investment Intermediate Holdings 2, Inc., Initial  1M SOFR + 6.75%  03/30/2029  $292,804   $263,035 
Diversified Consumer Services - 0.03%                
TruGreen LP, Initial  3M SOFR + 8.50%  11/02/2028   125,392    92,790 
Diversified Financial Services - 0.07%                
Nexus Buyer LLC, Initial  1M SOFR + 6.25%  11/05/2029   245,536    238,783 
Electronic Equipment, Instruments & Components - 0.02%                
Infinite Bidco LLC., Initial  1M SOFR + 7.00%  03/02/2029   69,869    58,690 
Health Care Providers & Services - 0.04%                
Verscend Holding Corp., TL  1M SOFR + 7.00%  04/02/2029   135,802    135,802 
Insurance - 0.31%                
Asurion, LLC, New B-4  1M SOFR + 5.25%  01/20/2029   1,104,603    1,038,669 
Software - 0.52%                
Ascend Learning, LLC, Initial  1M SOFR + 5.75%  12/10/2029   462,963    395,667 
DCert Buyer, Inc., First Amendment Refinancing  1M SOFR + 7.00%  02/19/2029   156,627    141,910 
EagleView Technology Corp., TL  3M SOFR + 7.50%  08/14/2026   198,167    172,406 
UKG, Inc., 2021 Incremental  3M SOFR + 5.25%  05/03/2027   75,676    75,689 
WebMD Health Corp. and MH SUB I, LLC, 2021 Replacement  1M SOFR + 6.25%  02/23/2029   1,000,000    928,210 
               1,713,882 
TOTAL SECURED SECOND LIEN LOANS
(Cost $9,105,051)		              8,367,049 
                 
   Reference Rate &
Spread		  Maturity Date   Principal Amount    Value 
SENIOR SECURED FIRST LIEN LOANS - 73.69%(b)                
Aerospace & Defense - 1.37%                
Amentum Government Services Holdings, LLC, Tranche 3  1M SOFR + 4.00%  02/15/2029   1,386,627    1,384,547 
Dynasty Acquisition Co., Inc., Initial Term B-1  1M SOFR + 4.00%  08/24/2028   337,754    338,426 
Dynasty Acquisition Co., Inc., Initial Term B-2  1M SOFR + 4.00%  08/24/2028   144,752    145,040 
New Constellis Holdings, Inc., TL  3M SOFR + 7.75%  09/27/2025   120,663    103,770 
Peraton Corp., Term B  1M SOFR + 3.75%  02/01/2028   1,329,788    1,331,450 
Spirit AeroSystems, Inc., Initial  3M SOFR + 4.25%  01/15/2027   113,223    113,458 
Transdigm, Inc., Tranche J  1M SOFR + 3.25%  02/28/2031   1,088,291    1,092,372 
               4,509,063 
Air Freight & Logistics - 0.74%                
Apple Bidco, LLC, Amendment No.1  1M SOFR + 3.50%  09/22/2028   530,065    531,612 
Lasership, Inc. (ASP LS Acquisition Corp.), 2023 Incremental  1M SOFR + 7.00%  09/29/2027   500,000    485,000 
Lasership, Inc. (ASP LS Acquisition Corp.), Initial  6M SOFR + 4.50%  05/07/2028   1,562,491    1,430,976 
               2,447,588 
Airlines - 0.86%                
Avolon LLC, Term B-6  1M SOFR + 2.50%  06/22/2028   1,419,001    1,421,186 
United AirLines, Inc., Class B  1M SOFR + 3.75%  04/21/2028   1,432,140    1,435,320 
               2,856,506 
Auto Components - 1.38%                
First Brands Group LLC, 2022-II Incremental  6M SOFR + 5.00%  03/30/2027   1,333,311    1,320,818 
First Brands Group LLC, Refinanced  6M SOFR + 5.00%  03/30/2027   564,219    558,577 
Garrett LX I S.a.r.l, Third Amendment Incremental  3M SOFR + 4.50%  04/30/2028   981,152    981,152 
IXS Holdings, Inc., Initial  6M SOFR + 4.25%  03/05/2027   1,144,253    976,906 
LTR Intermediate Holdings, Inc., Initial  1M SOFR + 4.50%  05/05/2028   363,569    336,149 
PHINIA, Inc., Term B  3M SOFR + 4.00%  07/03/2028   374,628    376,033 
               4,549,635 
Automobiles - 0.66%                
American Axle & Manufacturing, Inc., Term B  1M SOFR + 3.50%  12/13/2029   217,925    218,470 
RVR Dealership Holdings, LLC, TL  3M SOFR + 3.75%  02/08/2028   994,680    853,436 
Tenneco, Inc., Term B  3M SOFR + 5.00%  11/17/2028   1,076,970    947,130 
Truck Hero, Inc., Incremental  1M SOFR + 5.00%  01/31/2028   173,306    172,439 
               2,191,475 
Beverages - 0.06%                
Triton Water Holdings, Inc., Initial  3M SOFR + 3.25%  03/31/2028   199,694    197,598 

 

5

XAI Octagon Floating Rate & Alternative Income Trust

 

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited) (Continued)

 

 

   Reference Rate &
Spread		  Maturity Date   Principal Amount    Value 
SENIOR SECURED FIRST LIEN LOANS - 73.69%(b)(Continued)                
Building Products - 3.08%                
AI Aqua Merger Sub, Inc., 2023 Incremental Term B  1M SOFR + 4.25%  07/31/2028  $952,211   $955,486 
AI Aqua Merger Sub, Inc., Initial Term B  1M SOFR + 3.75%  07/31/2028   1,275,976    1,275,261 
Cornerstone Building Brands, Inc., Tranche B  1M SOFR + 3.25%  04/12/2028   1,373,467    1,370,610 
Foundation Building Materials, Inc., Initial  3M SOFR + 3.25%  01/31/2028   220,517    219,628 
Icebox Holdco III, Inc., Initial  3M SOFR + 3.50%  12/22/2028   651,280    645,745 
Janus International Group LLC, Amendment No. 6 Refinancing  1M SOFR + 3.25%  08/03/2030   426,307    426,708 
LHS Borrower, LLC, Initial  1M SOFR + 4.75%  02/16/2029   901,875    812,815 
Park River Holdings, Inc., Initial  3M LIBOR + 3.25%  12/28/2027   1,340,705    1,306,356 
Snap One Holdings Corp., Initial  3M SOFR + 4.50%  12/08/2028   748,917    724,577 
Tamko Building Products, LLC, 2023 Specified Refinancing  3M SOFR + 3.50%  09/20/2030   894,878    897,491 
VC GB Holdings I Corp., Initial  3M SOFR + 3.00%  07/21/2028   1,313,105    1,302,784 
White Cap Buyer, LLC, Initial  1M SOFR + 3.75%  10/19/2027   215,936    216,297 
               10,153,758 
Capital Markets - 1.28%                
Citadel Securities LP, Repriced  1M SOFR + 2.50%  07/29/2030   2,278,267    2,281,115 
Hudson River Trading LLC, TL  3M SOFR + 3.00%  03/20/2028   1,708,029    1,700,291 
Saphilux S.a.r.l, Facility B  1D SOFR + 4.75%  07/18/2028   241,331    241,483 
               4,222,889 
Chemicals - 3.84%                
CP Iris Holdco I, Inc., Delayed Draw  1M SOFR + 3.75%  10/02/2028   38,633    38,520 
CP Iris Holdco I, Inc., Initial  1M SOFR + 3.75%  10/02/2028   229,479    228,808 
Derby Buyer LLC, Initial  1M SOFR + 4.25%  11/01/2030   679,637    679,637 
Discovery Purchaser Corp., Initial  3M SOFR + 4.38%  10/04/2029   650,686    640,464 
Herens Holdco S.a.r.l, Facility B  3M SOFR + 3.93%  07/03/2028   1,585,564    1,431,764 
Hexion Holdings Corp., Initial  3M SOFR + 4.50%  03/15/2029   1,834,747    1,759,064 
Illuminate Buyer, LLC, 2021 Refinancing Term B  1M SOFR + 3.50%  06/30/2027   1,537,964    1,538,733 
Ineos Finance LLC, 2027-II  1M SOFR + 3.75%  11/08/2027   238,591    239,114 
Ineos Finance LLC, 2030  1M SOFR + 3.50%  02/18/2030   638,903    638,903 
LSF11 A5 HoldCo LLC, TL  1M SOFR + 3.50%  10/15/2028   1,040,155    1,040,810 
Nouryon USA LLC, 2023  3M SOFR + 4.00%  04/03/2028   394,638    395,526 
Nouryon USA LLC, 2023 Refinance  1M SOFR + 4.00%  04/03/2028   275,611    276,386 
Olympus Water US Holding Corp., 2022 Incremental  3M SOFR + 4.50%  11/09/2028   328,402    328,264 
Olympus Water US Holding Corp., Initial  3M SOFR + 3.75%  11/09/2028   342,405    341,357 
PMHC II, Inc., Initial  3M SOFR + 4.25%  04/23/2029   1,428,418    1,362,954 
Polar US Borrower, LLC, Initial  6M SOFR + 4.75%  10/15/2025   838,635    567,756 
Vantage Specialty Chemicals, Inc., 2023  1M SOFR + 4.75%  10/26/2026   1,196,632    1,150,262 
               12,658,322 
Commercial Services & Supplies - 1.93%                
Allied Universal Holdco LLC, Amendment No. 3  1M SOFR + 4.75%  05/12/2028   1,598,268    1,596,015 
Ankura Consulting Group, LLC, Closing Date  1M SOFR + 4.50%  03/17/2028   174,779    174,342 
Belfor USA Group, Inc., Initial Tranche B-1 Term Loan  1M SOFR + 3.75%  11/01/2030   1,382,889    1,385,489 
Garda World Security Corp., Fourth Additional  3M SOFR + 4.25%  02/01/2029   538,601    538,504 
Genuine Financial Holdings, LLC, 2023 Incremental  1M SOFR + 4.00%  09/27/2030   854,165    850,500 
The Action Environmental Group, Inc., Initial  3M SOFR + 4.50%  10/24/2030   614,051    615,586 
Viad Corp., Initial  1M LIBOR + 5.00%  07/30/2028   1,203,750    1,196,227 
               6,356,663 
Communications Equipment - 0.28%                
Casa Systems, Inc., Superpriority  3M SOFR + 6.50%  12/20/2027   746,304    519,928 
Global Tel*Link Corp., TL  3M SOFR + 4.25%  11/29/2025   440,832    419,562 
               939,490 
Construction & Engineering - 1.63%                
Brand Industrial Services, Inc., Tranche B  3M SOFR + 5.50%  08/01/2030   1,708,416    1,696,218 
DG Investment Intermediate Holdings 2, Inc., Closing Date Initial  1M SOFR + 3.75%  03/31/2028   84,203    83,301 
DG Investment Intermediate Holdings 2, Inc., Incremental  1M SOFR + 4.75%  03/31/2028   2,114,989    2,106,170 
TRC Companies LLC, Initial  1M SOFR + 3.75%  12/08/2028   1,516,466    1,511,856 
               5,397,545 
Construction Materials - 0.17%                
Mativ Holdings, Inc., Term B  1M SOFR + 3.75%  04/20/2028   215,457    213,841 
Smyrna Ready Mix Concrete, LLC, 2023  1M SOFR + 3.50%  04/02/2029   363,597    364,204 
               578,045 

 

6

XAI Octagon Floating Rate & Alternative Income Trust

 

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited) (Continued)

 

 

   Reference Rate &
Spread		  Maturity Date  Principal Amount   Value 

SENIOR SECURED FIRST LIEN LOANS - 73.69%(b)(Continued)

             
Containers & Packaging - 2.45%                
Clydesdale Acquisition Holdings, Inc., Term B  1M SOFR + 4.18%  04/13/2029  $3,269,575   $3,280,463 
LABL, Inc., Initial  1M SOFR + 5.00%  10/29/2028   952,441    911,419 
Pelican Products, Inc., Initial  3M SOFR + 4.25%  12/29/2028   481,441    443,730 
Proampac PG Borrower LLC, 2023-1 TL  1M SOFR + 3.50%  09/15/2028   925,694    925,981 
RLG Holdings, LLC, Closing Date Initial  1M SOFR + 4.25%  07/07/2028   1,639,904    1,536,590 
Sabert Corp., 2023 Refinancing  1M SOFR + 3.75%  12/10/2026   972,213    977,687 
               8,075,870 
Distributors - 0.91%                
American Tire Distributors, Inc., Initial  3M SOFR + 6.25%  10/20/2028   492,682    409,419 
Aramsco Parent, Inc., Closing Date Initial  3M SOFR + 4.75%  10/10/2030   695,140    693,695 
BCPE Empire Holdings, Inc., 2023 Extended  1M SOFR + 4.75%  12/11/2028   1,885,205    1,888,504 
               2,991,618 
Diversified Consumer Services - 3.00%                
Central Parent, Inc., 2023 Refinancing  3M SOFR + 4.00%  07/06/2029   1,147,671    1,152,239 
EP Purchaser, LLC, 2023 Incremental  3M SOFR + 4.50%  11/06/2028   317,627    312,862 
KUEHG Corp., Initial  3M SOFR + 5.00%  06/12/2030   619,228    621,198 
Learning Care Group US No. 2, Inc., Initial  3M SOFR + 4.75%  08/11/2028   1,699,937    1,707,587 
LifeMiles Ltd., Initial  3M SOFR + 5.25%  08/30/2026   65,286    64,008 
Pug LLC, Term B-2  1M SOFR + 4.25%  02/12/2027   1,496,428    1,481,463 
Sabre GLBL, Inc., 2021 Term B-1  1M SOFR + 3.50%  12/17/2027   177,993    155,121 
Sabre GLBL, Inc., 2021 Term B-2  1M SOFR + 3.50%  12/17/2027   278,853    243,020 
Sabre GLBL, Inc., 2022 Term B  1M SOFR + 4.25%  06/30/2028   62,206    54,772 
Sabre GLBL, Inc., 2022 Term B-2  1M SOFR + 5.00%  06/30/2028   58,182    51,520 
Spin Holdco, Inc., Initial  3M SOFR + 4.00%  03/04/2028   2,156,289    1,887,529 
Staples, Inc., 2019 Refinancing B-1  3M LIBOR + 5.00%  04/16/2026   952,832    900,064 
The Knot Worldwide, Inc., Amendment No. 4  1M SOFR + 4.50%  01/31/2028   1,095,792    1,090,313 
TruGreen LP, Second Refinancing  1M SOFR + 4.00%  11/02/2027   178,236    171,820 
               9,893,516 
Diversified Financial Services - 3.56%                
Aretec Group, Inc., Incremental Term B  1M SOFR + 4.50%  08/09/2030   376,633    375,819 
Ascensus Holdings, Inc., Initial  1M SOFR + 3.50%  08/02/2028   245,243    244,385 
Citco Funding LLC, Additional 2023 Term B  3M SOFR + 3.25%  04/27/2028   785,958    787,922 
CoreLogic, Inc., Initial  1M SOFR + 3.50%  06/02/2028   1,987,297    1,928,930 
Focus Financial Partners, LLC, Tranche B-5  1M SOFR + 3.25%  06/30/2028   1,023,486    1,024,335 
Galaxy US Opco, Inc., Initial  1M SOFR + 4.75%  04/29/2029   609,252    499,587 
GTCR W Merger Sub LLC, Initial  1M SOFR + 3.00%  09/20/2030   2,571,098    2,580,740 
Hightower Holding, LLC, Initial  3M SOFR + 4.00%  04/21/2028   1,059,854    1,055,000 
Nexus Buyer LLC, Initial  1M SOFR + 3.75%  11/09/2026   342,503    338,301 
Nexus Buyer, LLC, Amendment No. 5  1M SOFR + 4.50%  12/13/2028   2,610,414    2,585,954 
VeriFone Systems, Inc., TL  3M SOFR + 4.00%  08/20/2025   335,583    323,885 
               11,744,858 
Diversified Telecommunication Services - 5.34%                
Altice Financing S.A., Term B  3M SOFR + 5.00%  10/31/2027   1,408,637    1,398,959 
Altice France S.A., Term B-14 Refinancing  3M SOFR + 5.50%  08/15/2028   2,737,095    2,450,849 
Cogeco Financing 2 LP, Term B  1M SOFR + 3.25%  09/18/2030   1,450,581    1,426,110 
Consolidated Communications, Inc., Term B-1  1M SOFR + 3.50%  10/02/2027   700,484    649,376 
Directv Financing, LLC, Closing Date  1M SOFR + 5.00%  08/02/2027   1,964,468    1,962,268 
LCPR Loan Financing LLC, 2021 Additional  1M SOFR + 3.75%  10/16/2028   583,258    583,987 
Sorenson Communications, LLC, Initial  1M SOFR + 5.50%  03/17/2026   158,544    157,619 
Syniverse Holdings, LLC, Initial  3M SOFR + 7.00%  05/13/2027   425,170    370,430 
Viasat, Inc., Incremental  1M SOFR + 4.50%  05/30/2030   1,163,173    1,138,456 
Viasat, Inc., Initial  1M SOFR + 4.50%  03/02/2029   589,403    576,972 
Virgin Media Bristol LLC, Facility Y  6M SOFR + 3.25%  03/31/2031   2,109,170    2,098,033 
WideOpenWest Finance LLC, Term B  3M SOFR + 3.00%  12/20/2028   1,492,386    1,374,234 
Windstream Services II, LLC, Initial  1M SOFR + 6.25%  09/21/2027   1,418,780    1,336,604 
Xplornet Communications, Inc., Refinancing  3M SOFR + 4.00%  10/02/2028   138,504    82,302 
Zacapa S.a.r.l, Initial  3M SOFR + 4.00%  03/22/2029   2,011,090    2,003,549 
               17,609,748 

 

7

XAI Octagon Floating Rate & Alternative Income Trust

 

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited) (Continued)

 

 

   Reference Rate &
Spread		  Maturity Date  Principal Amount   Value 
SENIOR SECURED FIRST LIEN LOANS - 73.69%(b)(Continued)             
Electric Utilities - 0.36%                
Talen Energy Supply, LLC, Initial Term B  3M SOFR + 4.50%  05/17/2030  $779,775   $783,027 
Talen Energy Supply, LLC, Initial Term C  3M SOFR + 4.50%  05/17/2030   419,880    421,631 
               1,204,658 
Electrical Equipment - 0.26%                
Energy Acquisition Co., Inc., Initial  3M SOFR + 4.25%  06/26/2025   701,839    691,971 
Energy Acquisition Co., Inc., Tranche B, 7.50%(f)  N/A  06/26/2025   181,882    172,788 
               864,759 
Electronic Equipment, Instruments & Components - 0.59%                
Infinite Bidco LLC., TL  1M SOFR + 3.75%  03/02/2028   1,225,233    1,189,493 
Mavenir Systems, Inc., Initial  3M SOFR + 4.75%  08/18/2028   481,414    335,786 
Natel Engineering Co., Inc., Initial  1M SOFR + 6.25%  04/30/2026   499,718    427,884 
               1,953,163 
Energy Equipment & Services - 0.06%                
Lealand Finance Co. B.V., Make-Whole Term Facility  1M SOFR + 3.00%  06/28/2024   8,469    5,674 
Lealand Finance Co. B.V., Take-Back Term Facility  1M SOFR + 4.00%  06/30/2025   22,963    8,994 
WaterBridge Midstream Operating LLC, Initial  3M SOFR + 5.75%  06/22/2026   170,361    170,383 
               185,051 
Food & Staples Retailing - 0.25%                
Upbound Group, Inc., Initial  3M SOFR + 3.25%  02/17/2028   837,860    836,813 
Food Products - 0.12%                
Pacific Bells, LLC, Initial  3M SOFR + 4.50%  11/10/2028   359,641    357,505 
Whole Earth Brands, Inc., TL  3M SOFR + 4.50%  02/05/2028   32,495    27,621 
               385,126 
Health Care Equipment & Supplies - 1.86%                
Bausch & Lomb Corp., Initial  3M SOFR + 3.25%  05/10/2027   2,168,787    2,140,332 
Bausch & Lomb Corp., TL  1M SOFR + 4.00%  09/29/2028   1,389,375    1,384,165 
Curium Bidco S.a.r.l, Additional Term Facility  3M SOFR + 4.50%  07/31/2029   1,234,504    1,232,195 
Medline Borrower, LP, Initial  1M SOFR + 3.00%  10/23/2028   492,424    494,424 
Sotera Health Holdings, LLC, Initial Incremental  1M SOFR + 3.75%  12/11/2026   449,908    449,629 
Zest Acquisition Corp., Term B-1  1M SOFR + 5.50%  02/08/2028   438,922    428,498 
               6,129,243 
Health Care Providers & Services - 3.13%                
Accelerated Health Systems, LLC, Initial Term B  3M SOFR + 4.25%  02/15/2029   196,078    163,910 
AEA International Holdings S.a.r.l, Initial  3M SOFR + 3.75%  09/07/2028   212,889    213,155 
Azalea Topco, Inc., Initial  3M SOFR + 3.50%  07/24/2026   994,805    982,868 
Cambrex Corp., Tranche B-2  1M SOFR + 3.50%  12/04/2026   248,356    242,705 
Charlotte Buyer, Inc., Initial Term B  1M SOFR + 5.25%  02/11/2028   231,251    231,988 
Covetrus, Inc., Initial  3M SOFR + 5.00%  10/13/2029   1,242,263    1,239,940 
Curia Global, Inc., 2021  1M SOFR + 3.75%  08/30/2026   61,438    54,795 
Eyecare Partners, LLC, Amendment No. 1  1M SOFR + 3.75%  11/15/2028   952,986    456,071 
Global Medical Response, Inc., 2017-2 Incremental  3M SOFR + 4.25%  03/14/2025   514,722    400,840 
Global Medical Response, Inc., 2020 Refinancing  3M SOFR + 4.25%  10/02/2025   1,108,793    863,938 
Hunter US Bidco, Inc., Initial  3M SOFR + 4.25%  08/19/2028   474,011    471,641 
Midwest Veterinary Partners, LLC, Initial  1M SOFR + 4.00%  04/27/2028   1,405,786    1,392,614 
Pathway Vet Alliance LLC, 2021 Replacement  1M SOFR + 3.75%  03/31/2027   294,256    258,578 
Sharp Services LLC, Initial  3M SOFR + 4.00%  12/31/2028   344,764    345,195 
Sharp Services LLC, Tranche B  1M SOFR + 4.50%  12/31/2028   194,330    194,088 
Southern Veterinary Partners, LLC, Initial  1M SOFR + 4.00%  10/05/2027   803,252    799,838 
Summit Behavioral Healthcare, LLC, Initial  3M SOFR + 4.75%  11/24/2028   1,274,946    1,271,759 
Surgery Center Holdings, Inc., Initial  1M SOFR + 3.50%  12/19/2030   200,783    201,370 
WCG Intermediate Corp., Initial  1M SOFR + 4.00%  01/08/2027   530,045    530,543 
               10,315,836 
Health Care Technology - 2.40%                
AthenaHealth Group, Inc., Initial  1M SOFR + 3.25%  02/15/2029   3,369,855    3,351,321 
Gainwell Acquisition Corp., Term B  3M SOFR + 4.00%  10/01/2027   2,487,179    2,412,564 
R1 RCM Holdco, Inc., Amendment No.2 Term B  1M SOFR + 3.00%  06/21/2029   645,581    644,974 
TTF Holdings, LLC, Initial  1M SOFR + 4.00%  03/31/2028   717,439    716,542 
Waystar Technologies, Inc., Initial  1M SOFR + 4.00%  10/22/2026   798,264    800,259 
               7,925,660 

 

8

XAI Octagon Floating Rate & Alternative Income Trust

 

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited) (Continued)

 

 

   Reference Rate &
Spread		  Maturity Date  Principal Amount   Value 
SENIOR SECURED FIRST LIEN LOANS - 73.69%(b)(Continued)             
Hotels, Restaurants & Leisure - 2.92%                
19th Holdings Golf, LLC, Initial  1M SOFR + 3.25%  02/07/2029  $2,172,494   $2,150,769 
Aimbridge Acquisition Co., Inc., Incremental  1M SOFR + 4.75%  02/02/2026   244,323    226,304 
Alterra Mountain Co., Term B-3  1M SOFR + 3.75%  05/31/2030   233,845    235,014 
Arcis Golf, LLC, Amendment No. 2  1M SOFR + 3.75%  11/24/2028   568,475    569,425 
BCPE Grill Parent, Inc., Initial  1M SOFR + 4.75%  09/30/2030   1,040,469    1,017,922 
Carnival Corp., 2021 Incremental Term B Advance  1M SOFR + 3.25%  10/18/2028   493,703    493,910 
Dave & Buster's, Inc., 2023 Refinancing Term B  1M SOFR + 3.75%  06/29/2029   580,165    581,099 
Entain PLC, Facility B2  3M SOFR + 3.50%  10/31/2029   659,417    660,103 
Kingpin Intermediate Holdings LLC, Amendment No. 8  1M SOFR + 3.50%  02/08/2028   604,552    603,796 
Ontario Gaming GTA LP, Term B  3M SOFR + 4.25%  08/01/2030   440,642    442,136 
Playa Resorts Holding B.V., 2022  1M SOFR + 3.25%  01/05/2029   629,017    629,017 
Tacala Investment Corp., Initial  1M SOFR + 4.00%  02/05/2027   67,525    67,671 
Topgolf Callaway Brands Corp., Initial  1M SOFR + 3.50%  03/15/2030   440,062    439,605 
Travel + Leisure Co., 2023 Incremental  1M SOFR + 3.25%  12/14/2029   758,668    759,427 
United PF Holdings, LLC, Initial  3M SOFR + 4.00%  12/30/2026   500,435    445,012 
United PF Holdings, LLC, Initial  3M SOFR + 8.50%  12/30/2026   349,200    310,788 
               9,631,998 
Household Durables - 2.28%                
Conair Holdings LLC, Initial  3M SOFR + 3.75%  05/17/2028   1,745,881    1,708,414 
Fender Musical Instruments Corp., Initial  1M SOFR + 4.00%  12/01/2028   199,354    194,869 
HomeServe USA Holding Corp., Initial Term B  1M SOFR + 3.00%  10/21/2030   710,225    712,114 
Hunter Douglas, Inc., Tranche B-1  3M SOFR + 3.50%  02/26/2029   3,458,858    3,440,700 
Mattress Firm, Inc., 2021 TL  3M LIBOR + 4.25%  09/25/2028   585,178    579,221 
TGP Holdings III LLC, Closing Date  1M SOFR + 3.25%  06/29/2028   387,064    336,746 
Weber-Stephen Products LLC, 2022 Incremental  1M SOFR + 4.25%  10/30/2027   134,978    117,516 
Weber-Stephen Products LLC, Initial Term B  1M SOFR + 3.25%  10/30/2027   487,714    424,833 
               7,514,413 
Household Products - 0.33%                
American Greetings Corp., Initial  1M SOFR + 6.00%  04/06/2028   427,111    427,824 
Olaplex, Inc., Initial  1M SOFR + 3.50%  02/23/2029   736,232    679,175 
               1,106,999 
Independent Power/Renewable Electricity Producers - 0.32%                
Generation Bridge Northeast LLC, Term B  1M SOFR + 4.25%  08/22/2029   763,567    765,797 
INNIO North America Holding, Inc., Facility B  1M SOFR + 4.25%  11/02/2028   301,801    300,669 
               1,066,466 
Industrial Conglomerates - 1.17%                
MajorDrive Holdings IV, LLC, 2022 Incremental  3M SOFR + 5.50%  06/01/2029   292,263    292,263 
MajorDrive Holdings IV, LLC, Initial  3M SOFR + 4.00%  06/01/2028   249,637    248,596 
SPX Flow, Inc., TL  1M SOFR + 4.50%  04/05/2029   2,183,651    2,188,805 
Star US Bidco LLC, Initial  1M SOFR + 4.25%  03/17/2027   1,143,351    1,141,350 
               3,871,014 
Insurance - 3.25%                
Acrisure LLC, B-5 2023 Refinancing  3M SOFR + 4.50%  11/06/2030   683,196    683,763 
Acrisure, LLC, B-2 2021-1 Additional  1M LIBOR + 3.75%  02/15/2027   674,475    673,126 
Acrisure, LLC, B-3 2021-2 Additional  1M LIBOR + 4.25%  02/15/2027   290,490    290,853 
Alliant Holdings Intermediate, LLC, Term B-6  1M SOFR + 3.50%  11/06/2030   24,600    24,680 
AssuredPartners, Inc., Incremental  1M SOFR + 3.50%  02/12/2027   1,027,458    1,028,742 
Asurion, LLC, New B-10  1M SOFR + 4.00%  08/19/2028   476,791    474,183 
Asurion, LLC, New B-9  1M SOFR + 3.25%  07/31/2027   1,294,869    1,283,539 
BroadStreet Partners, Inc., Incremental Term B-3  1M SOFR + 3.75%  01/27/2029   1,666,959    1,669,559 
HUB International Ltd., 2022 Incremental  3M SOFR + 4.00%  11/10/2029   278,832    279,716 
HUB International Ltd., 2023 Refinancing  3M SOFR + 4.25%  06/20/2030   324,943    326,168 
Hyperion Refinance S.a.r.l, 2023  1M SOFR + 4.00%  04/18/2030   1,736,046    1,737,851 
OneDigital Borrower LLC, 2021 Refinancing  1M SOFR + 4.25%  11/16/2027   2,253,632    2,249,418 
               10,721,598 
Internet And Catalog Retail - 0.27%                
Shutterfly Finance, LLC, Exchanged Term B  3M SOFR + 5.00%  10/01/2027   600,115    430,583 
Titan US Finco, LLC, Initial  3M SOFR + 4.00%  10/18/2028   458,020    449,812 
               880,395 

 

9

XAI Octagon Floating Rate & Alternative Income Trust

 

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited) (Continued)

 

 

   Reference Rate &
Spread		  Maturity Date  Principal Amount   Value 
SENIOR SECURED FIRST LIEN LOANS - 73.69%(b)(Continued)             
IT Services - 1.30%                
Avaya, Inc., Exit  1M SOFR + 8.50%  08/01/2028  $125   $110 
Constant Contact, Inc., Initial  3M SOFR + 4.00%  02/10/2028   1,652,586    1,611,271 
iSolved, Inc., Closing Date  6M SOFR + 4.00%  10/14/2030   520,964    520,965 
Newfold Digital Holdings Group, Inc., Initial  3M LIBOR + 3.50%  02/10/2028   832,817    812,779 
Virtusa Corp., Closing Date  3M LIBOR + 3.75%  02/11/2028   1,167,675    1,168,165 
Virtusa Corp., Incremental  1M SOFR + 3.75%  02/15/2029   186,779    186,732 
               4,300,022 
Life Sciences Tools & Services - 0.30%                
Catalent Pharma Solutions, Inc., Term B-4  1M SOFR + 3.00%  02/22/2028   980,826    980,826 
                 
Machinery - 1.02%                
Chart Industries, Inc., Amendment No. 5  1M SOFR + 3.25%  03/15/2030   639,250    639,780 
Element Materials Technology Group US Holdings, Inc., Delayed Draw Term B Facility  3M SOFR + 4.25%  07/06/2029   319,566    315,971 
Element Materials Technology Group US Holdings, Inc., Initial Term B  3M SOFR + 4.25%  07/06/2029   692,393    684,603 
Indicor, LLC, Tranche B  3M SOFR + 4.00%  11/22/2029   436,465    437,120 
Pro Mach Group, Inc., Closing Date Initial  1M SOFR + 4.00%  08/31/2028   903,310    905,008 
Pro Mach Group, Inc., Incremental  1M SOFR + 5.00%  08/31/2028   368,519    369,440 
               3,351,922 
Media - 2.20%                
AppLovin Corp., Amendment No. 9 Initial  1M SOFR + 3.10%  08/19/2030   1,443,078    1,443,078 
Aragorn Parent Corp., 2023 Replacement  1M SOFR + 4.25%  12/15/2028   932,291    929,960 
Castle US Holding Corp., Initial  3M SOFR + 3.75%  01/29/2027   828,814    581,057 
Creative Artists Agency, LLC, 2023 Refinancing  1M SOFR + 3.50%  11/27/2028   1,916,792    1,923,271 
Cumulus Media New Holdings, Inc., Initial  3M SOFR + 3.75%  03/31/2026   699,859    533,642 
Red Ventures, LLC, Term B-4  1M SOFR + 3.00%  03/03/2030   870,651    867,386 
United Talent Agency, LLC, Term B  1M SOFR + 4.00%  07/07/2028   999,756    1,000,226 
               7,278,620 
Metals & Mining - 0.16%                
Arsenal AIC Parent LLC, Term B  3M SOFR + 4.50%  08/18/2030   536,567    538,075 
                 
Oil, Gas & Consumable Fuels - 2.74%                
Bangl, LLC, Initial  1M SOFR + 4.50%  02/01/2029   1,930,645    1,931,244 
BCP Renaissance Parent LLC, Incremental Initial Term B-4  1M SOFR + 3.50%  10/31/2028   1,170,862    1,171,963 
BIP PipeCo Holdings, LLC, Initial  1M SOFR + 3.25%  12/06/2030   603,117    600,855 
Brazos Delaware II, LLC, Initial  1M SOFR + 3.75%  02/11/2030   1,392,809    1,394,355 
CQP Holdco LP, Refinancing  1M SOFR + 3.00%  12/31/2030   55,698    55,767 
New Fortress Energy, Inc., Initial  3M SOFR + 5.00%  10/30/2028   1,306,440    1,283,578 
Oryx Midstream Services Permian Basin LLC, 2023 Incremental  1M SOFR + 3.25%  10/05/2028   222,636    222,965 
Par Petroleum, LLC, Initial  3M SOFR + 4.25%  02/28/2030   1,152,707    1,151,843 
Permian Production Partners, LLC, Initial  1M SOFR + 8.00%  11/24/2025   42,791    40,865 
Traverse Midstream Partners LLC, Advance  3M SOFR + 3.75%  02/16/2028   1,183,538    1,183,041 
               9,036,476 
Personal Products - 0.22%                
KDC US Holdings, Inc., TL  1M SOFR + 5.00%  08/15/2028   721,427    713,131 
                 
Pharmaceuticals - 1.19%                
Alvogen Pharma US, Inc., New Extended  3M SOFR + 7.50%  06/30/2025   1,496,005    1,424,945 
Amneal Pharmaceuticals LLC, Initial  1M SOFR + 5.50%  05/04/2028   2,294,778    2,251,750 
Fortrea Holdings, Inc., Initial Term B  1M SOFR + 3.75%  07/01/2030   243,481    243,074 
               3,919,769 
Professional Services - 2.56%                
AQ Carver Buyer, Inc., 2023 Refinancing  1M SOFR + 5.50%  08/02/2029   1,247,793    1,250,912 
Conduent Business Services, LLC, Initial Term B  1M SOFR + 4.25%  10/16/2028   304,868    297,627 
Eisner Advisory Group LLC, 2022 Incremental  1M SOFR + 5.25%  07/28/2028   377,009    377,167 
Equiniti Group PLC, Initial  6M SOFR + 4.50%  12/11/2028   329,946    330,359 
Indy US Holdco, LLC, 2023 Incremental  1M SOFR + 6.25%  03/06/2028   1,157,001    1,130,101 
OMNIA Partners LLC, Initial  3M SOFR + 4.25%  07/25/2030   1,729,058    1,738,793 
Ryan, LLC, Initial  1M SOFR + 4.50%  11/14/2030   1,522,631    1,525,966 
UST Global, Inc., Initial  1M SOFR + 3.50%  11/20/2028   559,214    555,954 
Vaco Holdings, LLC, Initial  6M SOFR + 5.00%  01/21/2029   1,275,195    1,254,473 
               8,461,352 

 

10

XAI Octagon Floating Rate & Alternative Income Trust

 

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited) (Continued)

 

 

   Reference Rate &
Spread		  Maturity Date  Principal Amount   Value 
SENIOR SECURED FIRST LIEN LOANS - 73.69%(b)(Continued)             
Real Estate Investment Trusts (REITs) - 0.14%                
Starwood Property Mortgage, L.L.C., Initial  1M SOFR + 3.25%  11/18/2027  $473,358   $471,781 
                 
Real Estate Management & Development - 0.58%                
Cushman & Wakefield US Borrower LLC, 2023 Refinancing  1M SOFR + 4.00%  01/31/2030   399,131    398,133 
Forest City Enterprises, L.P., Replacement  1M SOFR + 3.50%  12/08/2025   1,068,045    1,010,189 
Greystar Real Estate Partners LLC, TL  3M SOFR + 3.75%  08/21/2030   516,538    516,538 
               1,924,860 
Road & Rail - 0.51%                
Clue Opco LLC, Term B  1M SOFR + 4.50%  12/19/2030   1,795,281    1,698,031 
                 
Software - 5.99%                
Apex Group Treasury LLC, 2022 Incremental  3M SOFR + 5.00%  07/27/2028   75,263    74,981 
Apex Group Treasury LLC, TL  3M SOFR + 3.75%  07/27/2028   1,016,590    1,011,507 
Ascend Learning, LLC, Initial  1M SOFR + 3.50%  12/11/2028   1,122,758    1,101,863 
Astra Acquisition Corp., Term B  3M SOFR + 5.25%  10/25/2028   201,340    129,194 
Cardinal Parent, Inc., Initial  3M SOFR + 4.50%  11/12/2027   235,394    215,385 
CommerceHub, Inc., Initial  3M SOFR + 4.00%  12/29/2027   808,715    763,564 
Conservice Midco, LLC, Initial  3M SOFR + 4.25%  05/13/2027   1,091,439    1,091,897 
Cornerstone OnDemand, Inc., Initial  1M SOFR + 3.75%  10/16/2028   629,102    607,240 
CT Technologies Intermediate Holdings, Inc., New  1M SOFR + 4.25%  12/16/2025   256,668    246,008 
DCert Buyer, Inc., Initial  1M SOFR + 4.00%  10/16/2026   1,072,313    1,061,107 
EagleView Technology Corp., TL  3M SOFR + 3.50%  08/14/2025   781,724    760,875 
Fiserv Investment Solutions, Inc., Initial  3M SOFR + 4.00%  02/18/2027   431,908    409,367 
Flexera Software, LLC, Term B-1  3M SOFR + 3.75%  03/03/2028   651,799    650,476 
Genesys Cloud Services Holdings II, LLC, Initial  1M SOFR + 4.00%  12/01/2027   1,408,420    1,412,941 
Idera, Inc., Initial  3M SOFR + 3.75%  03/02/2028   193,463    192,205 
Magenta Buyer LLC, Initial  3M SOFR + 5.00%  07/27/2028   2,126,412    1,493,805 
McAfee Corp., Tranche B-1  1M SOFR + 3.75%  03/01/2029   2,890,691    2,870,832 
Mosel Bidco SE, Facility B  1M SOFR + 4.75%  09/16/2030   402,724    402,724 
Planview Parent, Inc., Closing Date  3M SOFR + 4.00%  12/17/2027   1,231,208    1,218,047 
Skillsoft Finance II, Inc., Initial  1M SOFR + 5.25%  07/14/2028   353,471    330,054 
UKG, Inc., 2023 Incremental  3M SOFR + 4.50%  05/04/2026   488,406    489,627 
Upland Software, Inc., Initial  1M SOFR + 3.75%  08/06/2026   892,685    872,600 
WebMD Health Corp. and MH SUB I, LLC, 2023  1M SOFR + 4.25%  05/03/2028   2,411,528    2,366,987 
               19,773,286 
Specialty Retail - 0.73%                
Franchise Group, Inc., Initial  3M SOFR + 4.75%  03/10/2026   1,116,957    886,864 
Franchise Group, Inc., Third Amendment  3M SOFR + 4.75%  03/10/2026   343,769    272,866 
Great Outdoors Group, LLC, Term B-2 Loans  1M SOFR + 3.75%  03/06/2028   987,209    986,222 
Jo-Ann Stores, LLC, Term B-1 Loan  3M SOFR + 4.75%  07/07/2028   1,104,205    50,473 
Rising Tide Holdings, Inc., 2023  3M SOFR + 6.00%  03/11/2024   86,971    73,056 
Torrid LLC, Closing Date  1M SOFR + 5.50%  06/14/2028   183,639    134,975 
               2,404,456 
Textiles, Apparel & Luxury Goods - 1.49%                
ABG Intermediate Holdings 2 LLC, Tranche Term B-1  1M SOFR + 3.50%  12/21/2028   3,793,401    3,806,565 
Champ Acquisition Corp., Initial  3M SOFR + 5.50%  12/19/2025   433,009    434,091 
Elevate Textiles, Inc., First Out  3M SOFR + 8.65%  09/30/2027   244,459    242,014 
Elevate Textiles, Inc., Last Out  3M SOFR + 1.00%  09/30/2027   547,537    424,341 
               4,907,011 
Wireless Telecommunication Services - 0.45%                
LSF9 Atlantis Holding, LLC, TL  3M SOFR + 7.25%  03/31/2029   1,511,168    1,471,500 
TOTAL SENIOR SECURED FIRST LIEN LOANS
(Cost $247,514,095)		              243,198,497 
                 
          Shares    Value 
COMMON STOCKS - 0.09%(g)                
Carestream Health, Inc.         873    262 
CEC Brands, LLC         10,454    188,172 
Elevate Textiles, Inc.         20,088    72,819 
Marine One Holdco, LLC         6,326    28,467 
New Constellis Holdings, Inc.         6,795    1,953 

 

11

XAI Octagon Floating Rate & Alternative Income Trust

 

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited) (Continued)

 

 

 

          Shares    Value 
COMMON STOCKS - 0.09%(g)(Continued)                
Permian Production Partners         18,995   $12,347 
TOTAL COMMON STOCKS
(Cost $165,550)		              304,020 
                 
   Subscription Price  Expiration Date   Shares    Value 
RIGHTS - 0.00%                
Casa Systems, Inc.(d)(g)$ 0.01  N/A   39,966    – 
TOTAL RIGHTS
(Cost $—)		              – 
                 
          Shares    Value 
MONEY MARKET MUTUAL FUNDS - 1.78%                
Invesco Short Term Investments Trust Treasury Portfolio, Institutional Class, 5.26% (7-day yield)         5,859,148    5,859,148 
                 
TOTAL MONEY MARKET MUTUAL FUNDS
(Cost $5,859,148)		              5,859,148 
                 
TOTAL INVESTMENTS - 165.72%
(Cost $578,855,512)		              546,911,618 
                 
Other Liabilities in Excess of Assets - (1.02)%              (3,369,756)
Preferred Shares (Net of $2,393,134 Deferred Financing Costs) - (15.91)%              (52,506,866)
Leverage Facility (Net of $42,218 Deferred Leverage Costs) - (48.79)%              (161,007,782)
                 
NET ASSETS - 100.00%             $330,027,214 

 

All securities held as of December 31, 2023 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 December 31, 2023, these securities had an aggregate value of $287,742,814 or 87.19% of net assets.
(b) Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at December 31, 2023. 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 December 31, 2023.
(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 December 31, 2023. 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 cost of securities purchased on a when-issued or delivery-delayed basis was $324,462 as of December 31, 2023.
(f) Investment has a fixed rate coupon, which is shown as of December 31, 2023.
(g) Non-income producing security.

 

12

XAI Octagon Floating Rate & Alternative Income Trust

 

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited) (Continued)

 

 

Investment Abbreviations:

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

LIBOR – London Interbank Offered Rate

LLC – Limited Liability Company

LP – Limited Partnership

PLC – 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:

1D SOFR as of December 31, 2023 was 5.38%

1M SOFR as of December 31, 2023 was 5.34%

3M SOFR as of December 31, 2023 was 5.36%

6M SOFR as of December 31, 2023 was 5.35%

1M LIBOR as of December 31, 2023 was 5.47%

3M LIBOR as of December 31, 2023 was 5.59%

 

13

 

XAI Octagon Floating Rat... (NYSE:XFLT)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more XAI Octagon Floating Rat... Charts.
XAI Octagon Floating Rat... (NYSE:XFLT)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more XAI Octagon Floating Rat... Charts.