XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2025 (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| COLLATERALIZED LOAN OBLIGATIONS DEBT - 23.02%(a)(b) | ||||||||||||
| Anchorage Capital CLO 6 Ltd. | 3M SOFR + 6.15% | 07/22/2038 | $ | 1,765,000 | $ | 1,754,151 | ||||||
| Anchorage Capital CLO 15 Ltd. | 3M SOFR + 6.05% | 07/20/2038 | 2,000,000 | 2,039,428 | ||||||||
| Anchorage Capital CLO 20 Ltd. | 3M SOFR + 7.00% | 01/20/2035 | 1,500,000 | 1,421,635 | ||||||||
| Anchorage Capital CLO 21 Ltd. | 3M SOFR + 6.25% | 10/20/2034 | 2,000,000 | 1,939,351 | ||||||||
| Apidos CLO XLV Ltd. | 3M SOFR + 5.15% | 07/26/2038 | 500,000 | 503,302 | ||||||||
| Apidos CLO XXXV | 3M SOFR + 5.75% | 04/20/2034 | 1,000,000 | 1,001,680 | ||||||||
| Apidos Loan Fund 2024-1 Ltd. | 3M SOFR + 4.75% | 10/25/2038 | 750,000 | 751,430 | ||||||||
| Ares XLIV CLO Ltd. | 3M SOFR + 6.25% | 04/15/2034 | 1,000,000 | 990,306 | ||||||||
| Barings CLO Ltd. 2025-IV | 3M SOFR + 5.00% | 10/15/2040 | 1,600,000 | 1,601,992 | ||||||||
| Benefit Street Partners CLO Ltd. | 3M SOFR + 4.75% | 04/20/2038 | 1,288,000 | 1,277,714 | ||||||||
| Benefit Street Partners CLO XVII Ltd. | 3M SOFR + 6.15% | 10/15/2037 | 2,100,000 | 2,111,874 | ||||||||
| Benefit Street Partners CLO XXIII Ltd. | 3M SOFR + 5.25% | 04/25/2034 | 1,500,000 | 1,492,567 | ||||||||
| Benefit Street Partners CLO XXIX Ltd. | 3M SOFR + 4.60% | 01/25/2038 | 1,750,000 | 1,742,416 | ||||||||
| Benefit Street Partners CLO XXV Ltd. | 3M SOFR + 4.60% | 01/15/2035 | 480,000 | 477,635 | ||||||||
| Benefit Street Partners CLO XXVIII Ltd. | 3M SOFR + 5.40% | 10/20/2037 | 2,000,000 | 2,016,949 | ||||||||
| Benefit Street Partners CLO XXXII Ltd. | 3M SOFR + 4.70% | 10/25/2038 | 2,400,000 | 2,399,853 | ||||||||
| Canyon CLO 2020-2 Ltd. | 3M SOFR + 5.75% | 10/15/2034 | 1,500,000 | 1,456,069 | ||||||||
| Canyon CLO 2025-2 Ltd. | 3M SOFR + 5.25% | 10/15/2038 | 2,000,000 | 2,004,262 | ||||||||
| Carlyle US CLO 2019-4 Ltd. | 3M SOFR + 6.60% | 04/15/2035 | 750,000 | 744,626 | ||||||||
| Carlyle US CLO 2023-2 Ltd. | 3M SOFR + 5.75% | 07/20/2038 | 2,000,000 | 2,012,201 | ||||||||
| Carlyle US CLO 2025-2 Ltd. | 3M SOFR + 6.75% | 07/25/2038 | 845,000 | 867,211 | ||||||||
| CBAM 2018-8 Ltd. | 3M SOFR + 6.37% | 07/15/2037 | 1,000,000 | 1,012,597 | ||||||||
| CIFC Funding 2019-II Ltd. | 3M SOFR + 4.85% | 10/17/2038 | 1,500,000 | 1,501,801 | ||||||||
| CIFC Funding 2019-III Ltd. | 3M SOFR + 5.00% | 01/16/2038 | 2,750,000 | 2,757,753 | ||||||||
| CIFC Funding 2019-V Ltd. | 3M SOFR + 4.90% | 10/15/2038 | 1,000,000 | 1,001,326 | ||||||||
| CIFC Funding 2019-VI Ltd. | 3M SOFR + 6.25% | 07/16/2037 | 700,000 | 696,674 | ||||||||
| CIFC Funding 2022-I Ltd. | 3M SOFR + 6.40% | 04/17/2035 | 2,000,000 | 2,001,756 | ||||||||
| CIFC Funding 2022-III Ltd. | 3M SOFR + 7.27% | 04/21/2035 | 850,000 | 850,327 | ||||||||
| CIFC Funding 2025-VI Ltd. | 3M SOFR + 4.75% | 10/23/2038 | 1,250,000 | 1,249,150 | ||||||||
| Clover CLO 2021-3 LLC | 3M SOFR + 4.90% | 01/25/2035 | 2,000,000 | 1,991,742 | ||||||||
| Diameter Capital CLO 5 Ltd. | 3M SOFR + 4.85% | 01/15/2039 | 1,500,000 | 1,499,946 | ||||||||
| Dryden 87 CLO Ltd. | 3M SOFR + 6.35% | 08/20/2038 | 1,000,000 | 996,443 | ||||||||
| Elmwood CLO 25 Ltd. | 3M SOFR + 5.25% | 04/17/2037 | 2,000,000 | 1,999,545 | ||||||||
| Elmwood CLO 46 Ltd. | 3M SOFR + 5.00% | 01/17/2039 | 2,000,000 | 1,999,700 | ||||||||
| Garnet CLO 2 Ltd. | 3M SOFR + 5.25% | 10/20/2038 | 730,000 | 732,196 | ||||||||
| Garnet CLO 3 Ltd. | 3M SOFR + 4.95% | 10/20/2038 | 1,500,000 | 1,503,401 | ||||||||
| Goldentree Loan Management US CLO 12 Ltd. | 3M SOFR + 5.70% | 07/20/2037 | 1,200,000 | 1,198,451 | ||||||||
| Golub Capital Partners CLO 37B Ltd. | 3M SOFR + 4.90% | 01/20/2039 | 1,500,000 | 1,499,647 | ||||||||
| Golub Capital Partners CLO 74 B, Ltd. | 3M SOFR + 6.10% | 07/25/2037 | 750,000 | 759,490 | ||||||||
| KKR CLO 60 Ltd. | 3M SOFR + 6.10% | 01/15/2038 | 1,325,000 | 1,354,736 | ||||||||
| Madison Park Funding LX Ltd. | 3M SOFR + 6.50% | 10/25/2037 | 1,250,000 | 1,179,270 | ||||||||
| Madison Park Funding XXXIX Ltd. | 3M SOFR + 6.25% | 10/22/2034 | 1,500,000 | 1,417,280 | ||||||||
| Madison Park Funding XXXVII Ltd. | 3M SOFR + 6.60% | 04/15/2037 | 750,000 | 731,259 | ||||||||
| Magnetite XXIV Ltd. | 3M SOFR + 6.40% | 04/15/2035 | 500,000 | 500,717 | ||||||||
| Neuberger Berman CLO 32R Ltd. | 3M SOFR + 5.15% | 07/20/2039 | 1,500,000 | 1,512,481 | ||||||||
| Neuberger Berman Loan Advisers CLO 27 Ltd. | 3M SOFR + 6.75% | 07/15/2038 | 2,000,000 | 2,005,888 | ||||||||
| Neuberger Berman Loan Advisers CLO 40 Ltd. | 3M SOFR + 5.15% | 10/16/2037 | 2,170,000 | 2,182,543 | ||||||||
| Neuberger Berman Loan Advisers CLO 41 Ltd. | 3M SOFR + 5.75% | 04/15/2034 | 1,250,000 | 1,236,725 | ||||||||
| Neuberger Berman Loan Advisers CLO 57 Ltd. | 3M SOFR + 5.50% | 10/24/2038 | 1,875,000 | 1,893,789 | ||||||||
| Neuberger Berman Loan Advisers CLO 61 Ltd. | 3M SOFR + 4.90% | 07/17/2039 | 720,000 | 723,237 | ||||||||
| Oaktree CLO 2019-3 Ltd. | 3M SOFR + 6.75% | 01/20/2038 | 750,000 | 761,469 | ||||||||
| Oaktree CLO 2022-3 Ltd. | 3M SOFR + 6.50% | 10/15/2037 | 2,000,000 | 2,002,109 | ||||||||
| Oaktree CLO 2023-1 Ltd. | 3M SOFR + 7.50% | 04/15/2038 | 500,000 | 513,707 | ||||||||
| OHA Credit Funding 2 Ltd. | 3M SOFR + 4.80% | 01/21/2038 | 1,000,000 | 1,001,778 | ||||||||
| OHA Credit Funding 5 Ltd. | 3M SOFR + 5.40% | 10/18/2037 | 1,000,000 | 1,000,428 | ||||||||
| OHA Credit Funding 9 Ltd. | 3M SOFR + 5.50% | 10/19/2037 | 1,000,000 | 1,007,464 | ||||||||
| Rad CLO 10 Ltd. | 3M SOFR + 5.85% | 04/23/2034 | 2,000,000 | 1,960,105 | ||||||||
| Rad CLO 11 Ltd. | 3M SOFR + 6.25% | 04/15/2034 | 1,300,000 | 1,269,269 | ||||||||
| Regatta 33 Funding Ltd. | 3M SOFR + 6.65% | 07/25/2038 | 770,000 | 786,743 | ||||||||
| Regatta 34 Funding Ltd. | 3M SOFR + 6.50% | 07/20/2038 | 2,000,000 | 2,054,502 | ||||||||
| Regatta XII Funding Ltd. | 3M SOFR + 6.90% | 10/15/2037 | 1,500,000 | 1,495,277 | ||||||||
| Regatta XIX Funding Ltd. | 3M SOFR + 5.25% | 10/20/2038 | 750,000 | 744,611 | ||||||||
1
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2025 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| COLLATERALIZED LOAN OBLIGATIONS DEBT - 23.02%(a)(b)(Continued) | ||||||||||||
| Regatta XVI Funding Ltd. | 3M SOFR + 7.10% | 01/15/2033 | $ | 1,400,000 | $ | 1,402,777 | ||||||
| Regatta XXIV Funding Ltd. | 3M SOFR + 5.15% | 01/20/2038 | 1,000,000 | 984,423 | ||||||||
| Regatta XXIX Funding Ltd. | 3M SOFR + 5.85% | 09/06/2037 | 375,000 | 378,308 | ||||||||
| RR 19 Ltd. | 3M SOFR + 4.70% | 04/15/2040 | 500,000 | 500,740 | ||||||||
| Shackleton 2019-XIV CLO Ltd. | 3M SOFR + 5.90% | 07/20/2034 | 1,000,000 | 983,147 | ||||||||
| Sound Point CLO XVIII Ltd. | 3M SOFR + 5.50% | 01/21/2031 | 500,000 | 312,000 | ||||||||
| Symphony CLO XXI Ltd. | 3M SOFR + 6.60% | 07/15/2032 | 1,000,000 | 911,452 | ||||||||
| THL Credit Wind River 2017-1 CLO Ltd. | 3M SOFR + 7.06% | 04/18/2036 | 1,500,000 | 1,474,454 | ||||||||
| Trestles CLO IV, Ltd | 3M SOFR + 5.25% | 10/30/2038 | 1,500,000 | 1,508,013 | ||||||||
| TOTAL COLLATERALIZED LOAN OBLIGATIONS DEBT (Cost $94,058,721) | 93,649,298 | |||||||||||
| Estimated Yield | Maturity Date | Principal Amount | Value | |||||||||||
| COLLATERALIZED LOAN OBLIGATIONS EQUITY - 61.29%(a)(c) | ||||||||||||||
| AIMCO CLO 16 Ltd. | 11.24% | 07/17/2037 | 1,812,000 | 1,034,652 | ||||||||||
| ALM 2020 Ltd.(d) | N/A | 10/15/2029 | 5,000,000 | 500 | ||||||||||
| Anchorage Capital CLO 3-R Ltd.(d) | N/A | 01/28/2031 | 1,400,000 | 6,118 | ||||||||||
| Anchorage Capital CLO 7 Ltd. | 24.12% | 01/28/2031 | 1,750,000 | 451,080 | ||||||||||
| Anchorage Capital CLO 13 LLC | 9.20% | 04/15/2034 | 7,000,000 | 2,792,370 | ||||||||||
| Anchorage Capital CLO 16 Ltd. | 9.89% | 01/19/2038 | 3,305,720 | 1,368,568 | ||||||||||
| Anchorage Capital CLO 1-R Ltd.(d) | N/A | 04/13/2031 | 4,150,000 | 28,554 | ||||||||||
| Anchorage Capital CLO 20 Ltd. | 3.47% | 01/20/2035 | 1,750,000 | 550,007 | ||||||||||
| Apidos CLO XLIX Ltd | 16.51% | 10/24/2037 | 10,000,000 | 6,559,800 | ||||||||||
| Apidos CLO XLVIII Ltd. | 8.93% | 07/25/2037 | 9,000,000 | 5,729,130 | ||||||||||
| Apidos CLO XXVII(d) | N/A | 07/17/2030 | 1,300,000 | 99,333 | ||||||||||
| Ares LI CLO Ltd. | 6.85% | 07/15/2034 | 1,699,959 | 514,425 | ||||||||||
| Ares LI CLO Ltd. | 9.65% | 10/15/2037 | 4,378,142 | 1,324,869 | ||||||||||
| Ares LIX CLO Ltd. | 16.10% | 04/25/2034 | 3,500,000 | 1,424,150 | ||||||||||
| Ares LVIII CLO Ltd. | 13.09% | 04/15/2038 | 12,425,000 | 4,840,159 | ||||||||||
| Ares XLI CLO Ltd. | 5.69% | 04/15/2034 | 2,343,500 | 530,803 | ||||||||||
| Ares XLIV CLO Ltd. | 14.35% | 04/15/2034 | 6,288,428 | 1,191,657 | ||||||||||
| Ballyrock CLO 19 Ltd. | 12.10% | 04/20/2035 | 4,200,000 | 1,767,066 | ||||||||||
| Benefit Street Partners CLO XII Ltd. | 14.38% | 10/15/2030 | 4,500,000 | 3,225,195 | ||||||||||
| Benefit Street Partners CLO XXIII Ltd. | 14.35% | 04/25/2034 | 5,000,000 | 2,905,000 | ||||||||||
| Benefit Street Partners CLO XXV Ltd. | 20.99% | 01/15/2035 | 5,250,000 | 3,465,315 | ||||||||||
| Benefit Street Partners CLO XXVII Ltd. | 15.75% | 10/20/2037 | 2,250,000 | 2,035,957 | ||||||||||
| Benefit Street Partners CLO XXXIV Ltd. | 11.14% | 07/25/2037 | 4,700,000 | 3,226,550 | ||||||||||
| Benefit Street Partners CLO XXXVI Ltd. | 12.54% | 01/25/2038 | 2,560,000 | 1,763,456 | ||||||||||
| Carlyle US CLO 2019-4 Ltd. | 7.32% | 04/15/2035 | 8,740,000 | 4,252,010 | ||||||||||
| Carlyle US CLO 2021-10 Ltd. | 16.95% | 01/20/2038 | 3,750,000 | 1,453,200 | ||||||||||
| Carlyle US CLO 2021-2 Ltd. | 16.12% | 04/20/2038 | 2,530,000 | 1,465,022 | ||||||||||
| Carlyle US CLO 2021-4 Ltd. | 9.19% | 04/20/2034 | 1,000,000 | 526,960 | ||||||||||
| Carlyle US CLO 2021-5 Ltd. | 12.32% | 07/20/2034 | 4,000,000 | 1,888,040 | ||||||||||
| Carlyle US CLO 2022-2 Ltd. | 17.33% | 01/20/2038 | 4,391,000 | 2,041,244 | ||||||||||
| Carlyle US CLO 2023-2 Ltd. | 16.57% | 07/20/2036 | 4,534,341 | 3,090,561 | ||||||||||
| CIFC Funding 2017-III Ltd. | 4.58% | 07/20/2030 | 1,400,000 | 389,424 | ||||||||||
| CIFC Funding 2017-V Ltd. | 7.77% | 07/17/2037 | 6,500,000 | 1,947,790 | ||||||||||
| CIFC Funding 2018-I Ltd. | 10.54% | 04/18/2031 | 10,250,000 | 3,157,718 | ||||||||||
| CIFC Funding 2018-II Ltd. | 13.12% | 10/20/2037 | 2,500,000 | 891,500 | ||||||||||
| CIFC Funding 2018-III Ltd. | 9.94% | 07/18/2031 | 6,815,000 | 1,147,578 | ||||||||||
| CIFC Funding 2018-V Ltd. | 9.73% | 07/15/2038 | 5,298,000 | 2,083,333 | ||||||||||
| CIFC Funding 2019-III Ltd. | 12.77% | 01/16/2038 | 840,000 | 565,202 | ||||||||||
| CIFC Funding 2019-V Ltd. | 12.50% | 10/15/2038 | 2,500,000 | 1,512,575 | ||||||||||
| CIFC Funding 2019-V Ltd. | 16.20% | 10/15/2038 | 1,938,438 | 1,172,813 | ||||||||||
| CIFC Funding 2020-II Ltd. | 9.57% | 10/20/2034 | 1,000,000 | 488,100 | ||||||||||
| CIFC Funding 2020-III Ltd. | 10.42% | 10/20/2034 | 203,350 | 130,384 | ||||||||||
| CIFC Funding 2021-II Ltd. | 10.13% | 04/15/2034 | 7,705,900 | 3,777,355 | ||||||||||
| CIFC Funding 2021-V Ltd. | 16.19% | 01/15/2038 | 10,086,431 | 5,514,554 | ||||||||||
| CIFC Funding 2021-VII Ltd. | 11.44% | 01/23/2035 | 1,000,000 | 640,200 | ||||||||||
| CIFC Funding 2022-IV Ltd. | 15.05% | 07/16/2035 | 2,500,000 | 1,628,000 | ||||||||||
| Clover CLO 2019-1 Ltd. | 15.64% | 04/18/2035 | 8,339,200 | 4,579,221 | ||||||||||
| Clover CLO 2021-3 LLC | 19.87% | 01/25/2035 | 5,500,000 | 3,300,330 | ||||||||||
| Dryden 87 CLO Ltd. | 8.59% | 08/20/2038 | 2,831,400 | 934,645 | ||||||||||
2
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2025 (Continued) (Unaudited)
| Estimated Yield | Maturity Date | Principal Amount | Value | |||||||||||
| COLLATERALIZED LOAN OBLIGATIONS EQUITY - 61.29%(a)(c)(Continued) | ||||||||||||||
| Elmwood CLO I Ltd. | 5.32% | 10/20/2033 | $ | 6,000,000 | $ | 2,797,440 | ||||||||
| Elmwood CLO VII Ltd. | 7.69% | 01/17/2034 | 8,350,000 | 2,656,720 | ||||||||||
| Galaxy 33 CLO Ltd. | 8.42% | 04/20/2037 | 2,000,000 | 1,121,820 | ||||||||||
| Generate CLO 3 Ltd. | 2.08% | 10/20/2029 | 7,008,000 | 2,164,701 | ||||||||||
| Generate CLO 12 Ltd. | 16.29% | 07/20/2036 | 8,000,000 | 4,326,880 | ||||||||||
| Generate CLO 14 Ltd. | 5.47% | 04/22/2037 | 8,000,000 | 3,514,080 | ||||||||||
| Harmony-Peace Park CLO, Ltd. | 12.11% | 10/20/2037 | 5,275,000 | 3,574,868 | ||||||||||
| Madison Park Funding XX Ltd. | 5.87% | 07/27/2030 | 1,740,000 | 248,124 | ||||||||||
| Madison Park Funding XX Ltd. | 19.97% | 10/27/2037 | 2,172,000 | 332,338 | ||||||||||
| Madison Park Funding XXIX Ltd. | 14.64% | 10/18/2047 | 4,330,700 | 1,307,005 | ||||||||||
| Madison Park Funding XXVIII Ltd. | 11.86% | 07/15/2030 | 5,949,336 | 1,808,955 | ||||||||||
| Madison Park Funding XXXVII Ltd. | 10.69% | 04/15/2037 | 4,648,815 | 1,765,759 | ||||||||||
| Neuberger Berman CLO XXI Ltd. | 12.55% | 01/20/2039 | 4,425,109 | 2,566,563 | ||||||||||
| Neuberger Berman Loan Advisers CLO 47 Ltd. | 16.37% | 04/14/2035 | 15,000,000 | 7,795,200 | ||||||||||
| Neuberger Berman Loan Advisers CLO 50 Ltd. | 10.88% | 07/23/2036 | 6,500,000 | 3,457,090 | ||||||||||
| Neuberger Berman Loan Advisers CLO 53 Ltd. | 12.16% | 10/24/2037 | 7,325,000 | 5,211,225 | ||||||||||
| Neuberger Berman Loan Advisers CLO 54 Ltd. | 10.17% | 04/23/2038 | 3,465,000 | 2,151,522 | ||||||||||
| Neuberger Berman Loan Advisers CLO 55 Ltd. | 8.70% | 04/22/2038 | 4,600,000 | 2,826,372 | ||||||||||
| Niagara Park CLO Ltd. | 15.12% | 07/17/2032 | 2,648,000 | 1,361,204 | ||||||||||
| Niagara Park CLO Ltd.(d) | N/A | 01/17/2038 | 225,000 | 218,311 | ||||||||||
| NYACK Park CLO Ltd. | 9.98% | 10/20/2038 | 1,358,700 | 574,730 | ||||||||||
| Oak Hill Credit Partners X-R Ltd. | 14.33% | 04/20/2034 | 9,091,692 | 3,523,031 | ||||||||||
| Oaktree CLO 2019-3, Ltd. | 12.34% | 01/20/2038 | 4,000,000 | 1,950,000 | ||||||||||
| Oaktree CLO 2022-3 Ltd. | 11.56% | 10/15/2037 | 13,250,000 | 6,739,480 | ||||||||||
| OCP CLO 2018-15 Ltd. | 14.94% | 07/20/2031 | 6,000,000 | 2,292,660 | ||||||||||
| OCP CLO 2020-8R Ltd. | 16.57% | 10/17/2038 | 5,390,000 | 1,740,970 | ||||||||||
| OCP CLO 2022-24 Ltd. | 9.27% | 10/20/2037 | 7,445,299 | 3,939,308 | ||||||||||
| OCP CLO 2024-36 Ltd. | 8.98% | 10/16/2037 | 4,000,000 | 2,623,320 | ||||||||||
| OCP CLO 2024-38 Ltd. | 8.91% | 01/21/2038 | 5,000,000 | 3,374,950 | ||||||||||
| OHA Credit Partners XI Ltd. | 10.08% | 04/20/2037 | 4,003,000 | 1,880,810 | ||||||||||
| OHA Credit Partners XII Ltd. | 7.42% | 04/23/2037 | 13,537,295 | 5,876,134 | ||||||||||
| OHA Credit Partners XIII Ltd. | 12.11% | 10/21/2034 | 1,600,000 | 876,336 | ||||||||||
| Palmer Square CLO 2024-2 Ltd. | 8.24% | 07/20/2037 | 4,000,000 | 2,644,080 | ||||||||||
| Rad CLO 12 Ltd. | 14.86% | 10/30/2034 | 6,000,000 | 2,619,000 | ||||||||||
| Regatta XIX Funding Ltd. | 12.89% | 04/20/2035 | 12,102,000 | 6,962,156 | ||||||||||
| Regatta XVIII Funding Ltd. | 15.12% | 01/15/2034 | 7,175,322 | 3,725,786 | ||||||||||
| Regatta XXIV Funding Ltd. | 12.13% | 01/20/2035 | 5,000,000 | 2,350,400 | ||||||||||
| Regatta XXVII Funding Ltd. | 9.36% | 04/26/2037 | 6,000,000 | 3,441,240 | ||||||||||
| Rockland Park CLO Ltd.(e) | 8.09% | 04/20/2034 | 13,785,821 | 73,396 | ||||||||||
| Rockland Park CLO Ltd.(e) | 16.12% | 04/20/2034 | 13,785,821 | 168,838 | ||||||||||
| Rockland Park CLO Ltd. | 11.82% | 04/20/2034 | 13,785,821 | 5,574,435 | ||||||||||
| RR 19 Ltd. | 12.98% | 10/15/2035 | 7,858,000 | 5,623,813 | ||||||||||
| RR 25 Ltd. | 6.21% | 10/15/2037 | 9,780,000 | 5,555,236 | ||||||||||
| Sixth Street CLO XVI Ltd. | 4.76% | 10/20/2032 | 8,000,000 | 4,374,400 | ||||||||||
| Sixth Street CLO XVII Ltd. | 12.10% | 01/20/2034 | 1,100,000 | 685,685 | ||||||||||
| Sixth Street CLO XXIV Ltd. | 6.67% | 04/23/2037 | 7,500,000 | 5,015,775 | ||||||||||
| Sixth Street CLO XXV Ltd. | 7.78% | 07/24/2037 | 7,000,000 | 4,653,390 | ||||||||||
| THL Credit Wind River 2018-2 CLO Ltd.(d) | N/A | 07/15/2030 | 3,031,000 | 58,650 | ||||||||||
| THL Credit Wind River 2018-3 CLO Ltd.(d) | N/A | 01/20/2031 | 3,000,000 | 153,180 | ||||||||||
| Thompson Park CLO Ltd. | 13.25% | 04/15/2034 | 4,000,000 | 2,020,000 | ||||||||||
| TICP CLO XV Ltd. | 12.17% | 04/20/2033 | 21,000,000 | 10,188,150 | ||||||||||
| Unity-Peace Park CLO Ltd. | 8.28% | 04/20/2035 | 4,000,000 | 1,492,400 | ||||||||||
| TOTAL COLLATERALIZED LOAN OBLIGATIONS EQUITY (Cost $334,195,739) | 249,390,389 | |||||||||||||
3
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2025 (Continued) (Unaudited)
| Coupon | Maturity Date | Principal Amount | Value | |||||||||||
| CORPORATE BONDS - 1.29%(a) | ||||||||||||||
| Chemicals - 0.09% | ||||||||||||||
| Herens Holdco S.a.r.l., Senior Secured Bond | 4.75% | 05/15/2028 | $ | 444,000 | $ | 382,284 | ||||||||
| Diversified Telecommunication Services - 0.12% | ||||||||||||||
| Altice France SA, Senior Secured Bond | 6.88% | 07/15/2032 | 513,657 | 491,182 | ||||||||||
| Electronic Equipment, Instruments & Components - 0.04% | ||||||||||||||
| Coherent Corp., Senior Unsecured Bond | 5.00% | 12/15/2029 | 146,000 | 145,570 | ||||||||||
| Hotels, Restaurants & Leisure - 0.35% | ||||||||||||||
| Fertitta Entertainment LLC, Senior Unsecured Bond | 6.75% | 01/15/2030 | 328,000 | 310,926 | ||||||||||
| Hilton Grand Vacations Borrower Escrow LLC, Senior Unsecured Bond | 5.00% | 06/01/2029 | 529,000 | 514,056 | ||||||||||
| SeaWorld Parks & Entertainment, Inc., Senior Unsecured Bond | 5.25% | 08/15/2029 | 600,000 | 583,234 | ||||||||||
| 1,408,216 | ||||||||||||||
| Industrial Conglomerates - 0.10% | ||||||||||||||
| MajorDrive Holdings IV, LLC, Senior Unsecured Bond | 6.38% | 06/01/2029 | 545,000 | 394,130 | ||||||||||
| Insurance - 0.03% | ||||||||||||||
| Asurion, LLC, Senior Secured Bond | 8.00% | 12/31/2032 | 133,000 | 138,040 | ||||||||||
| Media - 0.46% | ||||||||||||||
| Gray Media, Inc., Senior Secured Bond | 7.25% | 08/15/2033 | 722,000 | 736,651 | ||||||||||
| Gray Media, Inc., Senior Unsecured Bond | 5.38% | 11/15/2031 | 750,000 | 562,545 | ||||||||||
| The E.W. Scripps Company, Senior Unsecured Bond | 5.38% | 01/15/2031 | 750,000 | 565,285 | ||||||||||
| 1,864,481 | ||||||||||||||
| Wireless Telecommunication Services - 0.10% | ||||||||||||||
| Digicel International Finance Ltd., Senior Secured Bond | 8.63% | 08/01/2032 | 404,000 | 419,423 | ||||||||||
| TOTAL CORPORATE BONDS (Cost $5,448,003) | 5,243,326 | |||||||||||||
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SECURED SECOND LIEN LOANS - 1.00%(b) | ||||||||||||
| Diversified Consumer Services - 0.03% | ||||||||||||
| TruGreen LP, Initial | 3M SOFR + 8.76% | 11/02/2028 | 125,392 | 115,596 | ||||||||
| Electronic Equipment, Instruments & Components - 0.02% | ||||||||||||
| Infinite Bidco LLC, Initial | 3M SOFR + 7.26% | 03/02/2029 | 69,869 | 66,070 | ||||||||
| Insurance - 0.76% | ||||||||||||
| Alera Group, Inc., Second Lien Initial | 1M SOFR + 5.50% | 05/30/2033 | 750,000 | 763,313 | ||||||||
| Asurion, LLC, New B-4 | 1M SOFR + 5.36% | 01/20/2029 | 1,604,603 | 1,572,510 | ||||||||
| CRC Insurance Group, LLC, Second Lien TL | 3M SOFR + 4.75% | 05/06/2032 | 750,000 | 758,123 | ||||||||
| 3,093,946 | ||||||||||||
| Pharmaceuticals - 0.04% | ||||||||||||
| Alvogen Pharma US, Inc., TL | 3M SOFR + 2.50% | 03/01/2029 | 243,319 | 159,374 | ||||||||
| Software - 0.15% | ||||||||||||
| Kaseya, TL | 1M SOFR + 5.00% | 03/20/2033 | 644,172 | 629,008 | ||||||||
| TOTAL SECURED SECOND LIEN LOANS (Cost $4,142,645) | 4,063,994 | |||||||||||
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.84%(b) | ||||||||||||
| Aerospace & Defense - 1.96% | ||||||||||||
| Arcline FM Holdings, LLC, 2025-1 New Term | 3M SOFR + 2.75% | 06/23/2030 | 860,050 | 862,467 | ||||||||
| Kaman Corp., Delayed Draw(f) | 3M SOFR + 2.50% | 02/26/2032 | 22,074 | 22,850 | ||||||||
| Kaman Corp., Initial | 3M SOFR + 2.50% | 02/26/2032 | 2,440,192 | 2,448,391 | ||||||||
| Propulsion (BC) Newco LLC, Initial | 3M SOFR + 2.50% | 12/01/2032 | 295,593 | 296,849 | ||||||||
| Signia Aerospace, 2025 Initial TL | 3M SOFR + 2.75% | 12/11/2031 | 3,076,605 | 3,084,297 | ||||||||
| Transdigm, Inc., Tranche J | 1M SOFR + 2.50% | 02/28/2031 | 1,069,286 | 1,072,922 | ||||||||
| Transdigm, Inc., Tranche M | 1M SOFR + 2.50% | 08/19/2032 | 170,310 | 170,984 | ||||||||
| 7,958,760 | ||||||||||||
| Air Freight & Logistics - 0.18% | ||||||||||||
| Brown Group Holding, LLC, 2022 Incremental B-2 | 3M SOFR + 2.75% | 07/01/2031 | 468,012 | 470,109 | ||||||||
| Lasership, Inc., Tranche B | 3M SOFR + 1.76% | 08/10/2029 | 184,930 | 137,403 | ||||||||
| Lasership, Inc., Tranche E | 3M SOFR + 1.76% | 08/10/2029 | 495,038 | 143,561 | ||||||||
| 751,073 | ||||||||||||
| Auto Components - 0.54% | ||||||||||||
| Clarios Global LP, Amendment No. 6 | 1M SOFR + 2.75% | 01/28/2032 | 1,246,553 | 1,251,228 | ||||||||
| Eagle Recycling Bidco, Inc., Closing Date Initial | 1M SOFR + 3.75% | 12/18/2032 | 453,191 | 453,191 | ||||||||
| Holley, Inc., TL | 1M SOFR + 3.86% | 11/17/2028 | 496,944 | 494,086 | ||||||||
| 2,198,505 | ||||||||||||
4
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2025 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.84%(b)(Continued) | ||||||||||||
| Automobiles - 1.12% | ||||||||||||
| RealTruck Intermediate Holdings, Inc., Initial | 1M SOFR + 3.86% | 01/31/2028 | $ | 389,565 | $ | 297,718 | ||||||
| RVR Dealership Holdings, LLC, TL | 3M SOFR + 3.90% | 02/08/2028 | 487,190 | 468,380 | ||||||||
| Tenneco, Inc., Term A | 3M SOFR + 4.85% | 11/17/2028 | 1,234,119 | 1,208,820 | ||||||||
| Tenneco, Inc., Term B | 3M SOFR + 5.10% | 11/17/2028 | 576,970 | 566,359 | ||||||||
| The Hertz Corp., 2023 Incremental | 1M SOFR + 3.75% | 06/30/2028 | 24,818 | 20,583 | ||||||||
| The Hertz Corp., Initial Term B | 1M SOFR + 3.61% | 06/30/2028 | 831,096 | 696,300 | ||||||||
| The Hertz Corp., Initial Term C | 1M SOFR + 3.61% | 06/30/2028 | 164,010 | 137,409 | ||||||||
| Truck Hero, Inc., Incremental | 1M SOFR + 5.11% | 01/31/2028 | 337,598 | 260,457 | ||||||||
| Wand NewCo 3, Inc., Tranche B-2 | 1M SOFR + 2.50% | 01/30/2031 | 911,627 | 912,111 | ||||||||
| 4,568,137 | ||||||||||||
| Banks - 0.05% | ||||||||||||
| Shift4 Payments, Inc., Amendment No.2 | 3M SOFR + 2.50% | 06/30/2032 | 212,338 | 213,444 | ||||||||
| Building Products - 3.59% | ||||||||||||
| AI Aqua Merger Sub, Inc., 2025 Refinancing Term B | 3M SOFR + 3.00% | 07/31/2028 | 3,150,028 | 3,155,792 | ||||||||
| American Residential Services, 2025 Refinancing | 3M SOFR + 2.75% | 02/02/2032 | 398,000 | 399,493 | ||||||||
| Chariot Buyer LLC, Amendment No. 5 Incremental | 1M SOFR + 2.75% | 09/08/2032 | 1,330,638 | 1,332,581 | ||||||||
| Cornerstone Building Brands, Inc., Initial | 1M SOFR + 5.63% | 08/01/2028 | 493,639 | 387,506 | ||||||||
| Cornerstone Building Brands, Inc., Tranche B | 1M SOFR + 3.25% | 04/12/2028 | 1,345,221 | 1,048,600 | ||||||||
| Cornerstone Building Brands, Inc., Tranche C | 1M SOFR + 4.50% | 05/15/2031 | 295,694 | 207,971 | ||||||||
| Groundworks, LLC, Initial | 1M SOFR + 3.00% | 03/14/2031 | 1,522,791 | 1,529,141 | ||||||||
| Hobbs & Associates, LLC, Closing Date | 1M SOFR + 2.75% | 07/23/2031 | 735,382 | 734,690 | ||||||||
| Icebox Holdco III, Inc., Initial | 3M SOFR + 3.25% | 12/22/2031 | 914,962 | 921,824 | ||||||||
| Kodiak Building Partners, Initial | 1M SOFR + 3.75% | 12/04/2031 | 1,069,770 | 1,042,020 | ||||||||
| White Cap Buyer, LLC, Tranche C | 1M SOFR + 3.25% | 10/19/2029 | 2,895,864 | 2,906,955 | ||||||||
| Wilsonart International, Initial | 3M SOFR + 4.25% | 08/05/2031 | 976,795 | 945,050 | ||||||||
| 14,611,623 | ||||||||||||
| Capital Markets - 0.28% | ||||||||||||
| Hudson River Trading LLC, Term B-1 | 1M SOFR + 2.75% | 03/18/2030 | 1,127,650 | 1,131,800 | ||||||||
| Chemicals - 3.33% | ||||||||||||
| CP Iris Holdco I, Inc. and CP Iris Holdco II, Inc., Initial | 1M SOFR + 4.00% | 10/27/2032 | 739,355 | 733,500 | ||||||||
| Discovery Purchaser Corp., Initial | 3M SOFR + 3.75% | 10/04/2029 | 1,038,679 | 996,394 | ||||||||
| Herens Holdco S.a.r.l., Facility B | 3M SOFR + 4.03% | 07/03/2028 | 1,380,438 | 1,204,901 | ||||||||
| Hexion Holdings Corp., 2024 Refinancing | 1M SOFR + 4.00% | 03/15/2029 | 1,264,010 | 1,215,712 | ||||||||
| Ineos Finance LLC, 2030 TL | 1M SOFR + 3.25% | 02/18/2030 | 864,347 | 696,880 | ||||||||
| Ineos Quattro Holdings UK Ltd., 2029 Tranche B | 1M SOFR + 4.35% | 04/02/2029 | 1,384,736 | 969,315 | ||||||||
| Ineos US Finance LLC, 2031 Repriced | 1M SOFR + 3.00% | 02/07/2031 | 1,235,634 | 986,963 | ||||||||
| Ineos US Petrochem LLC, 2031 Tranche B | 1M SOFR + 4.25% | 10/07/2031 | 94,206 | 62,411 | ||||||||
| Lummus Technology Holdings V LLC, Amendment No.4 Existing Term B | 1M SOFR + 2.50% | 12/31/2029 | 1,818,122 | 1,818,777 | ||||||||
| MSOF Beacon, LLC, Initial | 1M SOFR + 2.50% | 12/09/2032 | 125,451 | 125,921 | ||||||||
| New Arclin U.S. Holding Corp., TL | 1M SOFR + 3.60% | 09/30/2028 | 369,730 | 369,267 | ||||||||
| Nouryon USA LLC, Repriced 2024 B-1 | 6M SOFR + 3.25% | 04/03/2028 | 264,721 | 264,502 | ||||||||
| Nouryon USA LLC, Repriced 2024 B-2 | 3M SOFR + 3.25% | 04/03/2028 | 596,564 | 596,003 | ||||||||
| Olympus Water US Holding Corp., 2025 Incremental | 3M SOFR + 3.25% | 11/03/2032 | 325,934 | 323,695 | ||||||||
| Olympus Water US Holding Corp., Term B-6 | 3M SOFR + 3.00% | 06/20/2031 | 1,765,073 | 1,748,022 | ||||||||
| Vibrantz Technologies, Inc., Initial | 3M SOFR + 4.40% | 04/23/2029 | 301,305 | 165,887 | ||||||||
| Wesco Group LLC, Initial Term B | 3M SOFR + 3.00% | 10/09/2031 | 189,741 | 190,452 | ||||||||
| Windsor Holdings III, LLC., 2025 Term B | 1M SOFR + 2.75% | 08/01/2030 | 1,068,946 | 1,070,486 | ||||||||
| 13,539,088 | ||||||||||||
| Commercial Services & Supplies - 3.31% | ||||||||||||
| Allied Universal Holdco LLC, Amendment No. 7 Replacement | 1M SOFR + 3.25% | 08/20/2032 | 3,423,915 | 3,439,494 | ||||||||
| AmSpec Parent, LLC, Closing Date | 3M SOFR + 3.50% | 12/22/2031 | 1,209,606 | 1,209,606 | ||||||||
| Ankura Consulting Group LLC, 2024-2 Repricing | 3M SOFR + 3.50% | 12/29/2031 | 1,599,618 | 1,560,203 | ||||||||
| Belfor USA Group, Inc., Tranche B-5 | 1M SOFR + 2.75% | 11/01/2030 | 1,198,261 | 1,202,754 | ||||||||
| BradyPLUS Holdings, LLC, Initial | 3M SOFR + 3.50% | 12/13/2032 | 743,832 | 735,151 | ||||||||
| Garda World Security Corp., Twelfth Additional TL | 1M SOFR + 3.00% | 02/01/2029 | 1,412,866 | 1,416,398 | ||||||||
| GBT US III LLC, Term B-1 | 3M SOFR + 2.50% | 07/25/2031 | 1,672,173 | 1,676,705 | ||||||||
| Genuine Financial Holdings, LLC, 2025 Replacement | 1M SOFR + 3.25% | 09/27/2030 | 1,496,997 | 1,255,607 | ||||||||
| GFL Environmental Services, Initial | 3M SOFR + 2.50% | 03/03/2032 | 684,317 | 686,370 | ||||||||
| VFS Global, Facility B | 6M SOFR + 2.50% | 10/07/2032 | 278,456 | 279,500 | ||||||||
| 13,461,788 | ||||||||||||
5
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2025 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.84%(b)(Continued) | ||||||||||||
| Communications Equipment - 0.36% | ||||||||||||
| Global Tel Link Corp., Initial | 1M SOFR + 7.50% | 08/06/2029 | $ | 931,758 | $ | 925,059 | ||||||
| Gogo Intermediate Holdings LLC, Initial | 1M SOFR + 3.86% | 04/30/2028 | 602,467 | 546,311 | ||||||||
| 1,471,370 | ||||||||||||
| Construction & Engineering - 1.29% | ||||||||||||
| Brand Industrial Services, Inc., Tranche C | 3M SOFR + 4.50% | 08/01/2030 | 1,126,197 | 1,023,814 | ||||||||
| DG Investment Intermediate Holdings 2, Inc., Closing Date Initial | 1M SOFR + 3.75% | 07/09/2032 | 1,852,777 | 1,852,778 | ||||||||
| Energize Holdco LLC, 2025 Refinancing | 1M SOFR + 3.00% | 12/08/2028 | 2,083,021 | 2,087,583 | ||||||||
| Michael Baker International, LLC, Term B-1 | 3M SOFR + 4.00% | 12/01/2028 | 272,135 | 272,475 | ||||||||
| 5,236,650 | ||||||||||||
| Construction Materials - 0.58% | ||||||||||||
| Artera Services, LLC, Tranche C | 3M SOFR + 4.50% | 02/15/2031 | 321,790 | 258,841 | ||||||||
| LSF12 Crown US Commercial Bidco LLC, 2025 Refinancing | 1M SOFR + 3.50% | 12/02/2031 | 1,607,635 | 1,616,172 | ||||||||
| Mativ Holdings, Inc., Term B | 1M SOFR + 3.86% | 04/20/2028 | 155,960 | 154,400 | ||||||||
| Tiger Acquisition LLC, Initial | 1M SOFR + 2.50% | 08/23/2032 | 346,381 | 347,247 | ||||||||
| 2,376,660 | ||||||||||||
| Containers & Packaging - 1.68% | ||||||||||||
| Berlin Packaging LLC, 2025 Replacement | 3M SOFR + 3.25% | 06/09/2031 | 751,332 | 752,790 | ||||||||
| Clydesdale Acquisition Holdings, Inc., 2025 Incremental Closing Date Term B | 1M SOFR + 3.25% | 04/01/2032 | 1,131,195 | 1,129,679 | ||||||||
| Clydesdale Acquisition Holdings, Inc., 2025 Incremental Delayed Draw Term B | 1M SOFR + 3.25% | 04/01/2032 | 2,677 | 2,674 | ||||||||
| Clydesdale Acquisition Holdings, Inc., Term B | 1M SOFR + 3.18% | 04/13/2029 | 500,000 | 500,085 | ||||||||
| Pelican Products, Inc., Initial | 3M SOFR + 4.51% | 12/29/2028 | 471,615 | 425,043 | ||||||||
| Pregis TopCo LLC, Tenth Amendment | 1M SOFR + 4.00% | 02/01/2029 | 218,505 | 220,183 | ||||||||
| Proampac PG Borrower LLC, 2024-1 | 3M SOFR + 4.00% | 09/15/2028 | 356,271 | 356,466 | ||||||||
| Ring Container Technologies Group, LLC, 2025 Refinancing | 1M SOFR + 2.50% | 09/15/2032 | 222,918 | 223,424 | ||||||||
| RLG Holdings, LLC, Closing Date Initial | 1M SOFR + 4.36% | 07/07/2028 | 1,315,579 | 788,032 | ||||||||
| Sabert Corp., Term B | 1M SOFR + 3.11% | 12/10/2026 | 909,739 | 907,465 | ||||||||
| Tricorbraun Holdings, Inc., Closing Date Initial | 1M SOFR + 3.25% | 03/03/2031 | 1,598,123 | 1,543,195 | ||||||||
| 6,849,036 | ||||||||||||
| Distributors - 0.64% | ||||||||||||
| Aramsco Parent, Inc., Closing Date Initial | 3M SOFR + 4.75% | 10/10/2030 | 385,567 | 258,176 | ||||||||
| BCPE Empire Holdings, Inc., Amendment No. 8 Refinancing | 1M SOFR + 3.25% | 12/11/2030 | 2,393,282 | 2,364,371 | ||||||||
| 2,622,547 | ||||||||||||
| Diversified Consumer Services - 2.06% | ||||||||||||
| AAdvantage Loyalty IP Ltd. and American Airlines, Inc., 2025 Incremental | 3M SOFR + 3.25% | 05/28/2032 | 1,076,121 | 1,080,834 | ||||||||
| Anticimex Global AB, Facility B8 | 3M SOFR + 2.90% | 11/17/2031 | 507,410 | 509,313 | ||||||||
| Cast & Crew Payroll, LLC, Incremental Facility No. 2 Incremental | 1M SOFR + 3.75% | 12/29/2028 | 197,554 | 115,470 | ||||||||
| Sabre GLBL Inc, 2025 Other Term B-1 | 1M SOFR + 6.35% | 07/30/2029 | 247,981 | 220,703 | ||||||||
| Sabre GLBL Inc, 2025 Other Term B-2 | 1M SOFR + 6.35% | 07/30/2029 | 148,722 | 132,363 | ||||||||
| Spin Holdco, Inc., Initial | 3M SOFR + 4.26% | 03/04/2028 | 2,111,943 | 1,623,557 | ||||||||
| Staples, Inc., Closing Date | 3M SOFR + 5.75% | 09/04/2029 | 268,331 | 254,201 | ||||||||
| Stubhub Holdings, Inc., Extended Term B | 1M SOFR + 4.75% | 03/15/2030 | 1,073,076 | 1,061,894 | ||||||||
| The Knot Worldwide, Inc., Amendment No. 5 | 1M SOFR + 3.75% | 01/31/2028 | 865,961 | 720,913 | ||||||||
| TruGreen LP, Second Refinancing | 1M SOFR + 4.10% | 11/02/2027 | 174,561 | 170,677 | ||||||||
| Wash Bidco, Inc., Initial | 1M SOFR + 3.25% | 09/10/2032 | 547,702 | 551,810 | ||||||||
| WestJet Loyalty LP, Initial | 3M SOFR + 3.25% | 02/14/2031 | 1,944,290 | 1,950,823 | ||||||||
| 8,392,558 | ||||||||||||
| Diversified Financial Services - 5.69% | ||||||||||||
| Ascensus Holdings, Inc., Amendment No. 4 Replacement | 1M SOFR + 3.00% | 11/24/2032 | 1,500,000 | 1,497,375 | ||||||||
| BCPE Pequod Buyer, Inc., Initial | 1M SOFR + 3.00% | 11/25/2031 | 1,828,228 | 1,831,080 | ||||||||
| Blackhawk Network Holdings, Inc., Term B-2 | 3M SOFR + 4.00% | 03/12/2029 | 2,281,915 | 2,290,472 | ||||||||
| Chicago US Midco III, LP, Closing Date | 1M SOFR + 2.50% | 10/30/2032 | 471,646 | 472,235 | ||||||||
| Citco Funding LLC, 2024 TL | 1M SOFR + 2.75% | 04/27/2028 | 770,268 | 774,843 | ||||||||
| Citrin Cooperman Advisors LLC, Initial | 3M SOFR + 3.00% | 04/01/2032 | 726,023 | 727,838 | ||||||||
| CoreLogic, Inc., Initial | 1M SOFR + 3.61% | 06/02/2028 | 1,079,120 | 1,078,731 | ||||||||
| EP WEALTH ADVISORS, LLC, Closing Date | 3M SOFR + 3.00% | 10/18/2032 | 164,625 | 165,037 | ||||||||
| First Eagle Holdings, Inc., Initial | 3M SOFR + 3.50% | 08/16/2032 | 854,167 | 852,373 | ||||||||
| FNZ USA FINCO, LLC, Initial | 3M SOFR + 5.00% | 11/05/2031 | 1,308,105 | 1,026,863 | ||||||||
| Focus Financial Partners, LLC, Tranche B | 1M SOFR + 2.50% | 09/15/2031 | 1,980,323 | 1,983,135 | ||||||||
6
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2025 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.84%(b)(Continued) | ||||||||||||
| Diversified Financial Services - 5.69% (continued) | ||||||||||||
| Grant Thornton Advisors LLC, 2025 Incremental | 1M SOFR + 2.75% | 06/02/2031 | $ | 2,450,286 | $ | 2,452,246 | ||||||
| Grant Thornton Advisors LLC, 2025-2 Incremental | 1M SOFR + 3.00% | 06/02/2031 | 461,401 | 462,721 | ||||||||
| Hightower Holdings, LLC, Amendment No. 10 Replacement | 3M SOFR + 2.75% | 02/03/2032 | 1,573,692 | 1,574,684 | ||||||||
| Janney Montgomery Scott, Initial | 3M SOFR + 2.75% | 11/28/2031 | 1,132,519 | 1,139,359 | ||||||||
| Nexus Buyer, LLC, Amendment No. 9 Refinancing | 1M SOFR + 3.50% | 07/31/2031 | 3,587,994 | 3,534,569 | ||||||||
| Nexus Buyer, LLC, Amendment No.10 | 1M SOFR + 4.00% | 07/31/2031 | 516,989 | 512,574 | ||||||||
| Osmose Holdings, Initial | 1M SOFR + 3.36% | 06/23/2028 | 787,283 | 772,033 | ||||||||
| 23,148,168 | ||||||||||||
| Diversified Telecommunication Services - 1.95% | ||||||||||||
| Cogeco Financing 2 LP, Term B | 1M SOFR + 3.25% | 09/18/2030 | 410,274 | 395,180 | ||||||||
| Directv Financing, LLC, Closing Date | 3M SOFR + 5.26% | 08/02/2027 | 96,735 | 96,762 | ||||||||
| LCPR Loan Financing LLC, 2021 Additional | 6M SOFR + 4.18% | 10/16/2028 | 558,979 | 361,682 | ||||||||
| Level 3 Financing, Inc., Term B-4 | 1M SOFR + 3.25% | 03/29/2032 | 478,743 | 479,820 | ||||||||
| Numericable US LLC, USD TLB-14 | 3M SOFR + 6.88% | 05/31/2031 | 840,362 | 839,135 | ||||||||
| Syniverse Holdings, LLC, Initial | 3M SOFR + 7.00% | 05/13/2027 | 626,053 | 601,236 | ||||||||
| Viasat, Inc., Incremental | 1M SOFR + 4.61% | 05/30/2030 | 371,449 | 369,767 | ||||||||
| Viasat, Inc., Initial | 1M SOFR + 4.61% | 03/02/2029 | 645,698 | 642,908 | ||||||||
| Wide Open West Finance, LLC, First Out | 3M SOFR + 7.26% | 12/11/2028 | 672,009 | 682,647 | ||||||||
| Windstream Services, LLC, Incremental TL | 1M SOFR + 4.85% | 10/01/2031 | 1,917,501 | 1,922,295 | ||||||||
| Zacapa S.a.r.l., Initial | 3M SOFR + 3.75% | 03/22/2029 | 1,526,303 | 1,526,395 | ||||||||
| 7,917,827 | ||||||||||||
| Electrical Equipment - 0.28% | ||||||||||||
| Pioneer AcquisitionCo, LLC, Initial | 3M SOFR + 3.25% | 10/27/2032 | 162,098 | 162,706 | ||||||||
| Spectris, Facility B2 | 3M SOFR + 2.75% | 09/30/2032 | 130,675 | 131,165 | ||||||||
| Trio Bidco, LLC, Closing Date Term B | 3M SOFR + 4.00% | 10/29/2032 | 838,578 | 839,979 | ||||||||
| 1,133,850 | ||||||||||||
| Electronic Equipment, Instruments & Components - 0.12% | ||||||||||||
| Infinite Bidco LLC., TL | 3M SOFR + 4.01% | 03/02/2028 | 497,549 | 490,499 | ||||||||
| Food & Staples Retailing - 0.69% | ||||||||||||
| BW Gas & Convenience Holdings, LLC, Initial | 1M SOFR + 3.61% | 03/31/2028 | 528,779 | 527,018 | ||||||||
| EG America, LLC, New Facility B3 | 3M SOFR + 3.50% | 02/07/2028 | 1,453,887 | 1,458,132 | ||||||||
| Upbound, 2025 TL | 3M SOFR + 2.75% | 08/13/2032 | 822,241 | 826,352 | ||||||||
| 2,811,502 | ||||||||||||
| Food Products - 0.64% | ||||||||||||
| Froneri US, Inc., Facility B6 | 6M SOFR + 2.25% | 08/02/2032 | 1,875,392 | 1,874,679 | ||||||||
| Pacific Bells, LLC, Initial Term B-1 | 3M SOFR + 3.75% | 11/13/2028 | 398,482 | 399,645 | ||||||||
| Snacking Investments US LLC, 2025 U.S. TL | 3M SOFR + 3.00% | 10/29/2032 | 319,016 | 320,611 | ||||||||
| 2,594,935 | ||||||||||||
| Gas Utilities - 0.34% | ||||||||||||
| Prairie Acquiror LP, Initial Term B-4 | 1M SOFR + 3.75% | 08/01/2029 | 1,375,687 | 1,382,277 | ||||||||
| Health Care Equipment & Supplies - 0.79% | ||||||||||||
| Bausch & Lomb Corp., First Incremental TL | 1M SOFR + 4.00% | 09/29/2028 | 1,361,518 | 1,361,518 | ||||||||
| Hanger, Inc., Delayed Draw(f) | 1M SOFR + 3.50% | 10/23/2031 | 93,123 | 93,513 | ||||||||
| Hanger, Inc., Initial | 1M SOFR + 3.50% | 10/23/2031 | 1,221,129 | 1,224,146 | ||||||||
| Paradigm Parent, LLC, Initial | 3M SOFR + 4.50% | 04/16/2032 | 491,161 | 430,841 | ||||||||
| Zest Acquisition Corp., Term B-1 | 3M SOFR + 5.25% | 02/08/2028 | 101,451 | 99,168 | ||||||||
| 3,209,186 | ||||||||||||
| Health Care Providers & Services - 5.08% | ||||||||||||
| Azalea Topco, Inc., 2025 Refinancing | 1M SOFR + 3.00% | 04/30/2031 | 1,714,841 | 1,716,985 | ||||||||
| Charlotte Buyer, Inc., Second Refinancing | 1M SOFR + 4.25% | 02/11/2028 | 2,030,601 | 1,991,572 | ||||||||
| CHG Healthcare Services, Inc., Amendment No. 7 Refinancing | 3M SOFR + 2.75% | 09/29/2028 | 1,119,122 | 1,123,822 | ||||||||
| Cotiviti, Inc., Floating Rate TL | 1M SOFR + 2.75% | 05/01/2031 | 808,768 | 775,746 | ||||||||
| Cotiviti, Inc., Incremental TL | 1M SOFR + 2.75% | 03/26/2032 | 701,983 | 672,591 | ||||||||
| Covetrus, Inc., Initial | 3M SOFR + 5.00% | 10/13/2029 | 1,213,499 | 1,084,055 | ||||||||
| ExamWorks Group, Inc., Initial | 1M SOFR + 2.50% | 11/01/2028 | 682,045 | 685,182 | ||||||||
| Global Medical Response, Inc., Initial | 3M SOFR + 3.50% | 10/01/2032 | 1,754,189 | 1,764,135 | ||||||||
| Ingenovis Health, Inc., Initial | 3M SOFR + 4.51% | 03/06/2028 | 1,117,471 | 298,924 | ||||||||
| Lifepoint Health, Inc., 2024 Refinancing | 3M SOFR + 3.75% | 05/17/2031 | 2,351,746 | 2,358,237 | ||||||||
| National Mentor Holdings, Inc., Closing Date First Lien | 1M SOFR + 6.00% | 12/12/2030 | 385,740 | 385,983 | ||||||||
| Organon & Co., 2024 Converted Dollar | 1M SOFR + 2.25% | 05/19/2031 | 105,450 | 101,338 | ||||||||
| Outcomes Group Holdings, Inc., 2025 Replacement | 1M SOFR + 3.00% | 05/06/2031 | 589,658 | 592,772 | ||||||||
7
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2025 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.84%(b)(Continued) | ||||||||||||
| Health Care Providers & Services - 5.08%(continued) | ||||||||||||
| Parexel International, Inc., Seventh Amendment | 1M SOFR + 2.75% | 12/12/2031 | $ | 401,832 | $ | 402,921 | ||||||
| Sharp Services, LLC, Tranche E | 3M SOFR + 3.00% | 09/29/2032 | 736,501 | 738,342 | ||||||||
| Solaris US BidCo, LLC, Initial | 3M SOFR + 5.25% | 11/29/2030 | 1,739,536 | 1,704,746 | ||||||||
| Southern Veterinary Partners, LLC, 2025 New TL | 3M SOFR + 2.50% | 12/04/2031 | 2,224,646 | 2,220,975 | ||||||||
| Summit Behavioral Health, LLC, First Out | 3M SOFR + 6.01% | 12/31/2029 | 177,865 | 182,015 | ||||||||
| Summit Behavioral Health, LLC, Second Out | 3M SOFR + 4.51% | 12/31/2029 | 1,045,405 | 901,662 | ||||||||
| WCG Intermediate Corp., 2025 Refinancing | 1M SOFR + 3.00% | 02/25/2032 | 980,391 | 981,773 | ||||||||
| 20,683,776 | ||||||||||||
| Health Care Technology - 2.09% | ||||||||||||
| AthenaHealth Group, Inc., Initial | 1M SOFR + 2.75% | 02/15/2029 | 3,310,626 | 3,314,069 | ||||||||
| Ensemble RCM, LLC, Term B | 3M SOFR + 3.00% | 08/01/2029 | 2,292,928 | 2,302,857 | ||||||||
| Gainwell Acquisition Corp., Term B | 3M SOFR + 4.10% | 10/01/2027 | 941,140 | 923,023 | ||||||||
| Raven Acquisition Holdings, LLC, Initial | 1M SOFR + 3.00% | 11/19/2031 | 1,173,308 | 1,176,605 | ||||||||
| Zelis Payments Buyer, Inc. & Zelis Cost Management Buyer, Inc., Amendment No. 5 | 1M SOFR + 3.25% | 11/26/2031 | 776,898 | 770,100 | ||||||||
| 8,486,654 | ||||||||||||
| Hotels, Restaurants & Leisure - 5.04% | ||||||||||||
| 19th Holdings Golf, LLC, Initial | 1M SOFR + 3.35% | 02/07/2029 | 997,416 | 1,003,650 | ||||||||
| Allwyn International A.S., New B Facility | 1M SOFR + 2.50% | 11/24/2032 | 899,864 | 881,867 | ||||||||
| Alterra Mountain Co., Series B-8 | 1M SOFR + 2.50% | 05/31/2030 | 391,516 | 392,984 | ||||||||
| Arcis Golf, LLC, Amendment No. 3 | 1M SOFR + 2.75% | 11/24/2028 | 256,310 | 256,631 | ||||||||
| BCPE Grill Parent, Inc., Initial | 1M SOFR + 4.75% | 09/30/2030 | 563,145 | 521,309 | ||||||||
| Bulldog Purchaser, Inc., 2024 | 3M SOFR + 3.75% | 06/27/2031 | 1,453,755 | 1,461,329 | ||||||||
| Catawba Nation Gaming Authority, Term B | 1M SOFR + 4.75% | 03/29/2032 | 1,193,096 | 1,219,941 | ||||||||
| Dave & Buster's, Inc., 2024 Incremental Term B | 1M SOFR + 3.25% | 11/01/2031 | 1,000,500 | 889,505 | ||||||||
| Dave & Buster's, Inc., 2024 Refinancing Term B | 1M SOFR + 3.25% | 06/29/2029 | 446,565 | 409,862 | ||||||||
| Fertitta Entertainment, LLC, Initial B | 1M SOFR + 3.25% | 01/27/2029 | 1,442,888 | 1,442,152 | ||||||||
| Fitness International, LLC, Term B | 1M SOFR + 4.50% | 02/12/2029 | 969,919 | 970,889 | ||||||||
| Flynn Restaurant Group LP, Series 2025 | 1M SOFR + 3.75% | 01/28/2032 | 1,333,637 | 1,338,011 | ||||||||
| Herschend Entertainment Company, LLC, Initial | 1M SOFR + 3.25% | 05/27/2032 | 301,405 | 303,288 | ||||||||
| Horizon Midco 2 Ltd., Term B | 6M SOFR + 4.50% | 10/31/2031 | 1,481,813 | 1,442,915 | ||||||||
| Kingpin Intermediate Holdings LLC, Amendment No. 15 | 1M SOFR + 3.25% | 09/22/2032 | 1,512,702 | 1,478,666 | ||||||||
| LC Ahab US Bidco LLC, Initial | 1M SOFR + 3.00% | 05/01/2031 | 1,638,852 | 1,641,933 | ||||||||
| MIC Glen LLC, 2025 TL | 1M SOFR + 3.25% | 07/21/2028 | 379,547 | 381,873 | ||||||||
| Motion Finco, LLC, Facility B3 | 3M SOFR + 3.50% | 11/12/2029 | 993,217 | 879,622 | ||||||||
| Ontario Gaming GTA LP, Term B | 3M SOFR + 4.25% | 08/01/2030 | 545,951 | 504,126 | ||||||||
| Scientific Games Holdings LP, 2024 Refinancing | 3M SOFR + 3.00% | 04/04/2029 | 496,231 | 486,867 | ||||||||
| SGH2 LLC, Initial | 3M SOFR + 4.50% | 08/18/2032 | 865,272 | 867,436 | ||||||||
| Tacala, LLC, Amendment No. 4 Replacement | 1M SOFR + 3.00% | 01/31/2031 | 310,087 | 311,969 | ||||||||
| Topgolf Callaway Brands Corp., Initial | 1M SOFR + 3.00% | 03/15/2030 | 1,407,464 | 1,410,392 | ||||||||
| 20,497,217 | ||||||||||||
| Household Durables - 0.92% | ||||||||||||
| Fender Musical Instruments Corp., Initial | 1M SOFR + 4.10% | 12/01/2028 | 182,101 | 163,891 | ||||||||
| Hunter Douglas, Inc., Tranche B-1 | 3M SOFR + 3.00% | 01/17/2032 | 2,462,129 | 2,471,362 | ||||||||
| TGP Holdings III LLC, Closing Date | 1M SOFR + 3.35% | 06/29/2028 | 499,768 | 464,614 | ||||||||
| Weber-Stephen Products LLC, Initial Term B | 3M SOFR + 3.75% | 10/01/2032 | 653,388 | 653,714 | ||||||||
| 3,753,581 | ||||||||||||
| Independent Power/Renewable Electricity Producers - 1.04% | ||||||||||||
| Carroll County Energy LLC, TL | 3M SOFR + 2.75% | 06/30/2031 | 665,499 | 667,995 | ||||||||
| Cornerstone Generation LLC, Term Loan B | 3M SOFR + 3.25% | 08/11/2032 | 561,547 | 565,961 | ||||||||
| CPV Fairview, LLC, Term B Facility | 3M SOFR + 2.50% | 08/14/2031 | 173,223 | 173,818 | ||||||||
| Hamilton Projects Acquiror, LLC, 2025-2 Repricing | 1M SOFR + 2.50% | 05/30/2031 | 935,902 | 941,227 | ||||||||
| Hunterstown Generation, LLC, Repriced | 3M SOFR + 3.00% | 11/06/2031 | 465,571 | 465,571 | ||||||||
| South Field Energy LLC, Term Loan B | 3M SOFR + 3.00% | 08/29/2031 | 1,331,157 | 1,339,477 | ||||||||
| South Field Energy LLC, Term Loan C Advances | 3M SOFR + 3.00% | 08/29/2031 | 80,220 | 80,721 | ||||||||
| 4,234,770 | ||||||||||||
| Industrial Conglomerates - 2.53% | ||||||||||||
| Astro Acquisition, LLC, Initial | 6M SOFR + 3.25% | 08/30/2032 | 371,675 | 373,998 | ||||||||
| BG MS US Holdings, LLC, Term B | 3M SOFR + 4.75% | 10/22/2032 | 683,271 | 681,562 | ||||||||
| Cube Industrials Buyer, Inc., 2025 TL | 3M SOFR + 3.00% | 10/17/2031 | 795,960 | 800,600 | ||||||||
| Madison IAQ LLC, 2025 Repriced Incremental | 3M SOFR + 2.75% | 11/08/2032 | 588,601 | 591,809 | ||||||||
8
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2025 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.84%(b)(Continued) | ||||||||||||
| Industrial Conglomerates - 2.53% (continued) | ||||||||||||
| MajorDrive Holdings IV, LLC, 2022 Incremental | 3M SOFR + 5.65% | 06/01/2029 | $ | 286,314 | $ | 260,308 | ||||||
| MajorDrive Holdings IV, LLC, Initial | 3M SOFR + 4.26% | 06/01/2028 | 244,516 | 221,287 | ||||||||
| Merlin Buyer, Inc., Initial | 3M SOFR + 4.00% | 12/14/2028 | 793,569 | 800,267 | ||||||||
| SPX Flow, Inc., 2025 TL | 1M SOFR + 2.75% | 04/05/2029 | 1,997,847 | 2,001,783 | ||||||||
| SunSource Borrower, LLC, Initial | 1M SOFR + 4.10% | 03/25/2031 | 2,219,057 | 2,216,283 | ||||||||
| TK Elevator Midco GmbH, New Facility B | 6M SOFR + 2.75% | 04/30/2030 | 2,339,112 | 2,352,375 | ||||||||
| 10,300,272 | ||||||||||||
| Insurance - 5.64% | ||||||||||||
| Acrisure LLC, 2024 Repricing Term B-6 | 1M SOFR + 3.00% | 11/06/2030 | 1,692,298 | 1,689,133 | ||||||||
| Alera Group, Inc., First Lien Initial | 1M SOFR + 3.25% | 05/30/2032 | 1,187,020 | 1,192,065 | ||||||||
| Ardonagh Group Finco Pty and Ardonagh Finco BV, Syndicated Facility B | 6M SOFR + 2.75% | 02/15/2031 | 2,366,046 | 2,358,664 | ||||||||
| Asurion, LLC, New B-11 | 1M SOFR + 4.35% | 08/19/2028 | 997,436 | 998,683 | ||||||||
| Asurion, LLC, New B-12 | 1M SOFR + 4.25% | 09/19/2030 | 309,346 | 309,201 | ||||||||
| Asurion, LLC, New B-13 | 1M SOFR + 4.25% | 09/19/2030 | 480,139 | 479,764 | ||||||||
| BroadStreet Partners, Inc., Term B-4 | 1M SOFR + 2.75% | 06/13/2031 | 2,355,979 | 2,362,788 | ||||||||
| Hyperion Refinance S.a.r.l, 2025-3 Refinancing | 3M SOFR + 2.75% | 04/18/2030 | 437,887 | 438,710 | ||||||||
| Hyperion Refinance S.a.r.l., 2025-2 Refinancing | 1M SOFR + 2.75% | 02/15/2031 | 2,986,667 | 2,991,535 | ||||||||
| IMA Financial Group, Inc., Initial | 1M SOFR + 3.00% | 11/01/2028 | 1,406,887 | 1,409,307 | ||||||||
| OneDigital Borrower LLC, 2025 Refinancing | 1M SOFR + 3.00% | 07/02/2031 | 2,060,984 | 2,063,602 | ||||||||
| Sedgwick Claims Management Services, Inc., 2023 TL | 1M SOFR + 2.50% | 07/31/2031 | 1,723,855 | 1,728,888 | ||||||||
| The Baldwin Insurance Group Holdings, LLC, Refinancing Term B-2 | 1M SOFR + 2.50% | 05/26/2031 | 2,670,320 | 2,661,428 | ||||||||
| TIH Insurance Holdings, LLC, Amendment No. 1 Replacement | 3M SOFR + 2.75% | 05/06/2031 | 1,223,713 | 1,224,227 | ||||||||
| Trucordia Insurance Holdings, LLC, Initial | 1M SOFR + 3.25% | 06/17/2032 | 1,033,024 | 1,025,277 | ||||||||
| 22,933,272 | ||||||||||||
| Internet and Catalog Retail - 0.10% | ||||||||||||
| Shutterfly Finance, LLC, Exchanged Term B | 3M SOFR + 5.00% | 10/01/2027 | 448,783 | 426,824 | ||||||||
| IT Services - 1.13% | ||||||||||||
| Avalara, Inc., New TL | 3M SOFR + 2.75% | 03/26/2032 | 1,086,688 | 1,090,611 | ||||||||
| Constant Contact, Inc., Initial | 3M SOFR + 4.26% | 02/10/2028 | 1,623,939 | 1,544,188 | ||||||||
| Disco Parent, Inc., TL | 3M SOFR + 3.25% | 08/06/2032 | 94,529 | 95,002 | ||||||||
| Endure Digital, Inc., Exchange Superpriority First Out | 1M SOFR + 3.60% | 04/30/2029 | 284,257 | 236,644 | ||||||||
| Endure Digital, Inc., Exchange Superpriority Second Out | 1M SOFR + 3.60% | 04/30/2029 | 94,281 | 59,239 | ||||||||
| Endure Digital, Inc., New Money Tranche A | 1M SOFR + 5.75% | 04/30/2029 | 31,493 | 29,367 | ||||||||
| Ping Identity Holding Corp., Initial | 3M SOFR + 2.75% | 11/15/2032 | 524,323 | 524,978 | ||||||||
| Rackspace Technology Global, Inc., Super-Priority Term B | 1M SOFR + 6.36% | 05/15/2028 | 994,937 | 1,009,861 | ||||||||
| 4,589,890 | ||||||||||||
| Life Sciences Tools & Services - 0.34% | ||||||||||||
| Precision Medicine Group, LLC, Amendment No. 4 Refinancing | 3M SOFR + 3.50% | 08/20/2032 | 1,371,279 | 1,378,136 | ||||||||
| Machinery - 0.93% | ||||||||||||
| Element Materials Technology Group US Holdings, Inc., Initial Term B | 3M SOFR + 3.68% | 07/06/2029 | 1,103,482 | 1,110,379 | ||||||||
| Indicor, LLC, Tranche D | 3M SOFR + 2.75% | 11/22/2029 | 1,524,784 | 1,532,926 | ||||||||
| Johnstone Supply, LLC, Extended Term B-6 | 1M SOFR + 2.50% | 06/09/2031 | 464,420 | 466,677 | ||||||||
| Pro Mach Group, Inc., Amendment No. 6 | 1M SOFR + 2.75% | 10/16/2032 | 655,701 | 659,648 | ||||||||
| 3,769,630 | ||||||||||||
| Media - 3.29% | ||||||||||||
| Aragorn Parent Corp., 2025 Replacement | 1M SOFR + 3.50% | 12/15/2028 | 1,068,428 | 1,074,657 | ||||||||
| Arches Buyer, Inc., Initial | 1M SOFR + 3.35% | 12/06/2027 | 1,485,021 | 1,487,070 | ||||||||
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing | 1M SOFR + 4.11% | 08/21/2028 | 1,250,000 | 1,250,675 | ||||||||
| Creative Artists Agency, LLC, 2025 Refinancing | 1M SOFR + 2.50% | 10/01/2031 | 2,797,235 | 2,806,550 | ||||||||
| Endeavor Group Holdings, Inc., Term Loan B | 1M SOFR + 3.00% | 03/24/2032 | 2,174,193 | 2,183,847 | ||||||||
| Gray Television, Inc., Term F | 1M SOFR + 5.25% | 06/04/2029 | 15,113 | 15,100 | ||||||||
| Red Planet Borrower, LLC, Initial | 1M SOFR + 4.00% | 09/08/2032 | 466,399 | 466,837 | ||||||||
| Summer (BC) Bidco B LLC, Extended Facility B1 | 3M SOFR + 5.26% | 02/15/2029 | 1,005,674 | 934,019 | ||||||||
| United Talent Agency, LLC, Term B | 1M SOFR + 3.00% | 06/10/2032 | 1,410,976 | 1,419,795 | ||||||||
| Univision Communications, Inc., 2024 Replacement | 1M SOFR + 3.61% | 01/31/2029 | 1,257,909 | 1,253,582 | ||||||||
| Wasserman Media Group, LLC, Initial | 1M SOFR + 3.00% | 06/23/2032 | 471,261 | 473,028 | ||||||||
| 13,365,160 | ||||||||||||
9
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2025 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.84%(b)(Continued) | ||||||||||||
| Oil, Gas & Consumable Fuels - 0.35% | ||||||||||||
| Blackfin Pipeline, LLC, Initial | 1M SOFR + 3.00% | 09/29/2032 | $ | 367,647 | $ | 367,952 | ||||||
| Deep Blue Operating I LLC, TL | 1M SOFR + 2.75% | 10/01/2032 | 199,180 | 199,636 | ||||||||
| Fleet U.S. Bidco, Inc., Facilty B2 | 6M SOFR + 2.75% | 02/21/2031 | 100,003 | 100,379 | ||||||||
| M6 ETX Holdings II Midco, LLC, New TL | 1M SOFR + 2.50% | 04/01/2032 | 234,696 | 235,785 | ||||||||
| Par Petroleum, LLC, Amendment No. 3 | 3M SOFR + 3.25% | 02/28/2030 | 500,000 | 501,460 | ||||||||
| 1,405,212 | ||||||||||||
| Paper & Forest Products - 0.01% | ||||||||||||
| Closure Systems Intl. Group, Inc., Amendment No. 6 Repriced | 1M SOFR + 3.00% | 03/22/2029 | 45,068 | 45,136 | ||||||||
| Pharmaceuticals - 1.49% | ||||||||||||
| Amneal Pharmaceuticals LLC, Amendment No. 1 | 1M SOFR + 3.50% | 08/01/2032 | 2,927,801 | 2,949,759 | ||||||||
| Endo Finance Holdings, Inc., 2024 Refinancing | 1M SOFR + 3.75% | 04/23/2031 | 651,057 | 645,361 | ||||||||
| Genmab A/S, Initial Term B | 3M SOFR + 3.00% | 12/12/2032 | 626,794 | 629,539 | ||||||||
| Opal Bidco SAS, Facility B4 | 3M SOFR + 3.00% | 04/28/2032 | 1,842,955 | 1,852,741 | ||||||||
| 6,077,400 | ||||||||||||
| Professional Services - 4.05% | ||||||||||||
| AQ Carver Buyer, Inc., 2023 Refinancing | 3M SOFR + 5.60% | 08/02/2029 | 1,222,776 | 1,160,109 | ||||||||
| Armor Holdco, Inc., 2025-1 Incremental | 6M SOFR + 3.75% | 12/11/2031 | 1,030,792 | 1,034,338 | ||||||||
| Berkeley Research Group, Initial | 3M SOFR + 3.25% | 05/01/2032 | 684,805 | 685,517 | ||||||||
| DS Admiral Bidco, LLC, Initial | 3M SOFR + 4.25% | 06/26/2031 | 2,325,717 | 2,279,202 | ||||||||
| Eisner Advisory Group, LLC, February 2024 Incremental | 1M SOFR + 4.00% | 02/28/2031 | 1,098,246 | 1,104,430 | ||||||||
| Omnia Partners, LLC, First Amendment Incremental | 3M SOFR + 5.00% | 05/31/2032 | 541,500 | 540,146 | ||||||||
| Omnia Partners, LLC, Initial | 3M SOFR + 2.75% | 07/25/2030 | 2,291,220 | 2,298,185 | ||||||||
| OPENLANE, Inc., 2025 Incremental | 3M SOFR + 2.50% | 10/08/2032 | 229,652 | 229,510 | ||||||||
| Orion Midco Ltd., Initial | 3M SOFR + 3.50% | 10/08/2032 | 382,789 | 384,343 | ||||||||
| OVG Business Services, LLC, Term B | 1M SOFR + 3.00% | 06/25/2031 | 1,661,058 | 1,661,058 | ||||||||
| PEX Holdings LLC, Initial | 3M SOFR + 2.75% | 11/26/2031 | 517,033 | 516,816 | ||||||||
| Pinnacle Buyer, LLC, Initial Term B | 3M SOFR + 2.50% | 10/01/2032 | 381,595 | 382,790 | ||||||||
| Pye-Barker Fire & Safety, LLC, Closing Date TL | 3M SOFR + 2.50% | 12/16/2032 | 571,533 | 574,865 | ||||||||
| Ryan, LLC, New Initial | 1M SOFR + 3.50% | 11/05/2032 | 2,161,017 | 2,130,395 | ||||||||
| UST Global, Inc., Initial | 1M SOFR + 3.00% | 11/20/2028 | 325,203 | 326,016 | ||||||||
| Vaco Holdings, LLC, Initial | 3M SOFR + 5.15% | 01/22/2029 | 1,000,249 | 812,502 | ||||||||
| Wood Mackenzie, TL | 3M SOFR + 3.00% | 02/07/2031 | 341,237 | 343,185 | ||||||||
| 16,463,407 | ||||||||||||
| Real Estate Management & Development - 0.31% | ||||||||||||
| BIFM US Finance LLC, 2025 TL | 1M SOFR + 3.25% | 05/31/2028 | 516,751 | 519,764 | ||||||||
| Brookfield Retail Holdings VII Sub 3 LLC, Initial Term B | 1M SOFR + 3.50% | 05/28/2030 | 751,082 | 754,214 | ||||||||
| 1,273,978 | ||||||||||||
| Road & Rail - 0.45% | ||||||||||||
| GN Loanco, LLC, Term B | 3M SOFR + 4.50% | 12/19/2030 | 1,225,472 | 1,214,442 | ||||||||
| Odyssey Logistics & Technology, New TL | 1M SOFR + 4.50% | 10/12/2027 | 804,389 | 608,319 | ||||||||
| 1,822,761 | ||||||||||||
| Semiconductors & Semiconductor Equipment - 0.43% | ||||||||||||
| Altera Corp., TL | 6M SOFR + 3.00% | 09/10/2032 | 1,195,723 | 1,203,328 | ||||||||
| Coorstek, Inc., Initial Term B | 3M SOFR + 3.00% | 10/28/2032 | 218,592 | 220,096 | ||||||||
| Viavi Solutions, TL | 3M SOFR + 2.50% | 10/16/2032 | 342,840 | 344,554 | ||||||||
| 1,767,978 | ||||||||||||
| Software - 7.65% | ||||||||||||
| Bending Spoons S.p.A, Amendment No. 4 Dollar TL | 1M SOFR + 5.88% | 03/07/2031 | 246,568 | 238,554 | ||||||||
| Central Parent, Inc., 2024 Refinancing | 3M SOFR + 3.25% | 07/06/2029 | 1,561,749 | 1,319,022 | ||||||||
| Conservice Midco, LLC, Twelfth Amendment | 1M SOFR + 2.75% | 05/13/2030 | 1,994,376 | 1,996,250 | ||||||||
| Cyberswift BV, TL | 3M SOFR + 4.00% | 10/08/2032 | 245,613 | 244,923 | ||||||||
| Dayforce, Inc., TL | 1M SOFR + 3.00% | 08/20/2032 | 1,500,487 | 1,495,131 | ||||||||
| Delta Topco, Inc., Fourth Amendment Refinancing | 1M SOFR + 2.75% | 11/30/2029 | 1,373,589 | 1,365,526 | ||||||||
| Entrata, Inc., TL | 1M SOFR + 3.00% | 09/30/2032 | 57,889 | 58,178 | ||||||||
| Flash Charm, Inc., Incremental TL | 3M SOFR + 3.50% | 03/02/2028 | 1,568,632 | 1,458,389 | ||||||||
| Genesys Cloud Services, Inc., 2025 TL | 1M SOFR + 2.50% | 01/30/2032 | 1,844,960 | 1,839,204 | ||||||||
| Icon Parent, Inc., 2025 TL | 3M SOFR + 2.75% | 11/13/2031 | 661,944 | 662,692 | ||||||||
| Javelin Buyer, Inc., First Amendment | 3M SOFR + 2.75% | 12/05/2031 | 1,551,688 | 1,555,242 | ||||||||
| Kaseya, Initial | 1M SOFR + 3.00% | 03/20/2032 | 1,456,047 | 1,456,251 | ||||||||
| Magenta Buyer LLC, First Out | 3M SOFR + 7.01% | 07/27/2028 | 247,945 | 186,578 | ||||||||
| Magenta Buyer LLC, Second Out | 3M SOFR + 7.26% | 07/27/2028 | 390,433 | 166,586 | ||||||||
10
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2025 (Continued) (Unaudited)
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.84%(b)(Continued) | ||||||||||||
| Software - 7.65% (continued) | ||||||||||||
| Magenta Buyer LLC, Super Priority | 3M SOFR + 6.25% | 07/27/2028 | $ | 142,199 | $ | 141,915 | ||||||
| McAfee Corp., Tranche B-2 | 1M SOFR + 3.00% | 03/01/2029 | 2,743,308 | 2,522,993 | ||||||||
| Planview Parent, Inc., 2024-B Incremental | 3M SOFR + 3.50% | 12/17/2027 | 1,074,092 | 1,027,434 | ||||||||
| Plusgrade, Inc., 2025 Replacement Initial | 1M SOFR + 3.50% | 03/03/2031 | 590,696 | 590,696 | ||||||||
| Project Alpha Intermediate Holding, Inc., Second Amendment Refinancing | 3M SOFR + 3.25% | 10/26/2030 | 1,140,937 | 1,138,415 | ||||||||
| Project Boost Purchaser, LLC, Initial | 3M SOFR + 2.75% | 07/16/2031 | 2,967,758 | 2,973,931 | ||||||||
| Proofpoint, Inc., 2025-B Incremental | 3M SOFR + 3.00% | 08/31/2028 | 1,348,989 | 1,354,695 | ||||||||
| RealPage, Inc., 2024-1 Incremental | 3M SOFR + 3.75% | 04/24/2028 | 1,019,595 | 1,021,828 | ||||||||
| RealPage, Inc., Initial | 3M SOFR + 3.26% | 04/24/2028 | 1,237,080 | 1,235,447 | ||||||||
| Skillsoft Finance II, Inc., Initial | 1M SOFR + 5.36% | 07/14/2028 | 345,878 | 245,141 | ||||||||
| Solarwinds Holdings, Inc., Initial | 3M SOFR + 4.00% | 04/16/2032 | 1,249,751 | 1,246,627 | ||||||||
| Sovos Compliance, LLC, Initial | 1M SOFR + 3.25% | 08/13/2029 | 747,500 | 749,197 | ||||||||
| Storable, Inc., New Initial | 1M SOFR + 3.25% | 04/16/2031 | 746,241 | 749,039 | ||||||||
| UKG, Inc., 2024 Refinancing | 3M SOFR + 2.50% | 02/10/2031 | 1,011,589 | 1,011,993 | ||||||||
| WebMD Health Corp. and MH SUB I, LLC, 2023 | 1M SOFR + 4.25% | 05/03/2028 | 799,073 | 741,140 | ||||||||
| Zodiac Purchaser, LLC, Term B | 1M SOFR + 3.50% | 02/14/2032 | 328,812 | 327,497 | ||||||||
| 31,120,514 | ||||||||||||
| Specialty Retail - 0.37% | ||||||||||||
| Great Outdoors Group, LL, Term B-3 | 1M SOFR + 3.25% | 01/23/2032 | 462,694 | 465,007 | ||||||||
| Harbor Freight Tools USA, Inc., Initial | 1M SOFR + 2.25% | 06/11/2031 | 249,885 | 247,209 | ||||||||
| Restoration Hardware, Inc., 2022 Incremental B-2 | 1M SOFR + 3.35% | 10/20/2028 | 744,231 | 738,031 | ||||||||
| Torrid LLC, Closing Date | 3M SOFR + 5.76% | 06/14/2028 | 163,235 | 63,843 | ||||||||
| 1,514,090 | ||||||||||||
| Textiles, Apparel & Luxury Goods - 0.95% | ||||||||||||
| Beach Acquisition Co. Parent, LLC, Tranche B-1 | 3M SOFR + 3.25% | 09/12/2032 | 704,711 | 709,560 | ||||||||
| Champ Acquisition Corp., Initial | 1M SOFR + 4.00% | 11/25/2031 | 833,765 | 836,892 | ||||||||
| Varsity Brands Holding Co, Inc., 2025-2 Replacement | 3M SOFR + 3.00% | 08/26/2031 | 2,316,653 | 2,323,903 | ||||||||
| 3,870,355 | ||||||||||||
| Transportation Infrastructure - 0.31% | ||||||||||||
| WWEX UNI TopCo Holdings, LLC, Repriced Initial TL | 3M SOFR + 4.00% | 07/26/2028 | 1,263,916 | 1,268,655 | ||||||||
| Wireless Telecommunication Services - 0.87% | ||||||||||||
| DIFL US LLC, Initial | 3M SOFR + 5.25% | 08/06/2032 | 2,000,000 | 1,992,860 | ||||||||
| Sable Int'l Finance Ltd. and Coral-US-Co-Borrower LLC, Term B-7 | 3M SOFR + 3.25% | 01/31/2032 | 1,560,360 | 1,529,933 | ||||||||
| 3,522,793 | ||||||||||||
| TOTAL SENIOR SECURED FIRST LIEN LOANS (Cost $318,382,563) | 312,642,744 | |||||||||||
| Shares | Value | |||||||||||
| COMMON STOCKS - 0.09%(g) | ||||||||||||
| Altice France Lux 3 | 10,709 | 192,868 | ||||||||||
| CEC Brands, LLC | 10,454 | 141,129 | ||||||||||
| Elevate Textiles, Inc. | 20,088 | 51,476 | ||||||||||
| Marine One Holdco, LLC | 5,865 | 1,466 | ||||||||||
| Needle Holdings LLC(e) | 119,194 | – | ||||||||||
| TOTAL COMMON STOCKS (Cost $299,546) | 386,939 | |||||||||||
| Shares | Value | |||||||||||
| MONEY MARKET FUNDS - 1.48% | ||||||||||||
| Invesco Short Term Investments Trust Treasury Portfolio, Institutional Class, 3.64% (7-day yield) | 6,001,481 | 6,001,481 | ||||||||||
| TOTAL MONEY MARKET FUNDS (Cost $6,001,481) | 6,001,481 | |||||||||||
| TOTAL INVESTMENTS - 165.01% (Cost $762,528,698) | 671,378,171 | |||||||||||
| Liabilities in Excess of Other Assets - 0.02% | 86,637 | |||||||||||
11
XAI Octagon Floating Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2025 (Continued) (Unaudited)
| Shares | Value | |||||||||||
| MONEY MARKET FUNDS - 1.48%(Continued) | ||||||||||||
| Preferred Shares (Net of $4,311,443 Deferred Financing Costs) - (23.64)% | (96,188,557 | ) | ||||||||||
| Leverage Facility (Net of $582,846 Deferred Leverage Costs) - (41.39)% | (168,417,154 | ) | ||||||||||
| NET ASSETS - 100.00% | $ | 406,859,097 |
All securities held as of December 31, 2025 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 December 31, 2025, these securities had an aggregate value of $348,283,013 or 85.60% of net assets. |
| (b) | Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at December 31, 2025. 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, 2025. |
| (d) | As of December 31, 2025, the Trust accrued a 0% yield on this investment. |
| (e) | As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets. |
| (f) | This investment has an unfunded commitment as of December 31, 2025. |
| (g) | Non-income producing security. |
Investment Abbreviations:
AB – Aktiebolag (Swedish: Limited Liability Company)
A/S - Aktieselskab (Danish: Joint Stock 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)
S.a.r.l - Société Anonyme a Responsabilite Limitee (French: Limited Liability Company)
SOFR – Secured Overnight Financing Rate
Reference Rates:
1M SOFR as of December 31, 2025 was 3.79%
3M SOFR as of December 31, 2025 was 4.01%
6M SOFR as of December 31, 2025 was 4.20%
12