Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)
27 2월 2025 - 12:17AM
Edgar (US Regulatory)
XAI Octagon Floating
Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2024 (Unaudited)
| | |
Reference Rate &
Spread | |
Maturity Date | |
Principal Amount | | |
Value | |
| COLLATERALIZED LOAN OBLIGATIONS DEBT - 20.24%(a)(b) | |
| |
| | |
| |
| Anchorage Capital CLO 13 LLC | |
3M SOFR + 7.00% | |
04/15/2034 | |
$ | 1,500,000 | | |
$ | 1,512,486 | |
| Anchorage Capital CLO 16 Ltd. | |
3M SOFR + 7.61% | |
01/19/2035 | |
| 2,000,000 | | |
| 2,015,599 | |
| Anchorage Capital CLO 17 Ltd. | |
3M SOFR + 7.12% | |
07/15/2034 | |
| 1,250,000 | | |
| 1,257,505 | |
| Anchorage Capital CLO 19 Ltd. | |
3M SOFR + 7.51% | |
10/15/2034 | |
| 1,000,000 | | |
| 806,781 | |
| Anchorage Capital CLO 20 Ltd. | |
3M SOFR + 7.00% | |
01/20/2035 | |
| 1,500,000 | | |
| 1,500,000 | |
| Anchorage Capital CLO 21 Ltd. | |
3M SOFR + 7.61% | |
10/20/2034 | |
| 500,000 | | |
| 503,005 | |
| Apidos CLO XLV Ltd. | |
3M SOFR + 8.40% | |
04/26/2036 | |
| 500,000 | | |
| 511,362 | |
| Battalion CLO XXI Ltd. | |
3M SOFR + 6.72% | |
07/15/2034 | |
| 1,000,000 | | |
| 905,528 | |
| Benefit Street Partners CLO XVII Ltd. | |
3M SOFR + 6.15% | |
10/15/2037 | |
| 1,100,000 | | |
| 1,111,552 | |
| Benefit Street Partners CLO XXIII Ltd. | |
3M SOFR + 7.07% | |
04/25/2034 | |
| 1,500,000 | | |
| 1,509,540 | |
| Benefit Street Partners CLO XXIV Ltd. | |
3M SOFR + 6.87% | |
10/20/2034 | |
| 1,000,000 | | |
| 1,006,544 | |
| Benefit Street Partners CLO XXIX Ltd. | |
3M SOFR + 7.81% | |
01/25/2036 | |
| 1,750,000 | | |
| 1,762,166 | |
| Benefit Street Partners CLO XXVIII Ltd. | |
3M SOFR + 5.40% | |
10/20/2037 | |
| 2,000,000 | | |
| 2,012,772 | |
| Benefit Street Partners CLO XXXII Ltd. | |
3M SOFR + 7.35% | |
10/25/2036 | |
| 2,400,000 | | |
| 2,479,423 | |
| CBAM 2018-8 Ltd. | |
3M SOFR + 6.37% | |
07/15/2037 | |
| 1,000,000 | | |
| 1,002,552 | |
| CIFC Funding 2015-I Ltd. | |
3M SOFR + 6.26% | |
01/22/2031 | |
| 500,000 | | |
| 502,734 | |
| CIFC Funding 2018-I Ltd. | |
3M SOFR + 5.25% | |
01/18/2038 | |
| 1,750,000 | | |
| 1,771,272 | |
| CIFC Funding 2019-II Ltd. | |
3M SOFR + 6.85% | |
04/17/2034 | |
| 1,500,000 | | |
| 1,511,894 | |
| CIFC Funding 2019-III Ltd. | |
3M SOFR + 5.00% | |
01/16/2038 | |
| 2,750,000 | | |
| 2,750,000 | |
| CIFC Funding 2019-III Ltd. | |
3M SOFR + 7.06% | |
10/16/2034 | |
| 2,750,000 | | |
| 2,773,161 | |
| CIFC Funding 2019-V Ltd. | |
3M SOFR + 7.04% | |
01/15/2035 | |
| 1,000,000 | | |
| 1,008,043 | |
| CIFC Funding 2019-VI Ltd. | |
3M SOFR + 6.25% | |
07/16/2037 | |
| 700,000 | | |
| 717,698 | |
| CIFC Funding 2022-I Ltd. | |
3M SOFR + 6.40% | |
04/17/2035 | |
| 2,000,000 | | |
| 2,008,887 | |
| CIFC Funding 2022-III Ltd. | |
3M SOFR + 7.27% | |
04/21/2035 | |
| 850,000 | | |
| 858,744 | |
| Clover CLO 2019-1 Ltd. | |
3M SOFR + 6.70% | |
04/18/2035 | |
| 2,000,000 | | |
| 2,014,650 | |
| Clover CLO 2021-3 LLC | |
3M SOFR + 6.72% | |
01/25/2035 | |
| 1,000,000 | | |
| 1,008,575 | |
| Clover CLO 2021-3 LLC | |
3M SOFR + 4.90% | |
01/25/2035 | |
| 1,000,000 | | |
| 1,000,000 | |
| Elmwood CLO 25 Ltd. | |
3M SOFR + 5.25% | |
04/17/2037 | |
| 2,000,000 | | |
| 2,021,413 | |
| Elmwood CLO VI Ltd. | |
3M SOFR + 5.90% | |
07/18/2037 | |
| 1,750,000 | | |
| 1,781,247 | |
| Elmwood CLO XI Ltd. | |
3M SOFR + 6.26% | |
10/20/2034 | |
| 750,000 | | |
| 754,747 | |
| Generate CLO Ltd. | |
3M SOFR + 6.15% | |
10/22/2037 | |
| 1,630,000 | | |
| 1,642,465 | |
| HPS Loan Management 11-2017 Ltd. | |
3M SOFR + 8.11% | |
05/06/2030 | |
| 1,000,000 | | |
| 586,714 | |
| KKR CLO 60 Ltd. | |
3M SOFR + 6.10% | |
01/15/2038 | |
| 1,325,000 | | |
| 1,331,725 | |
| Madison Park Funding LX Ltd. | |
3M SOFR + 6.50% | |
10/25/2037 | |
| 1,250,000 | | |
| 1,289,489 | |
| Madison Park Funding LXIII Ltd. | |
3M SOFR + 8.57% | |
04/21/2035 | |
| 1,250,000 | | |
| 1,278,147 | |
| Madison Park Funding XLVI Ltd. | |
3M SOFR + 6.51% | |
10/15/2034 | |
| 550,000 | | |
| 552,580 | |
| Madison Park Funding XLVIII Ltd. | |
3M SOFR + 6.51% | |
04/19/2033 | |
| 1,500,000 | | |
| 1,509,001 | |
| Madison Park Funding XXVII Ltd. | |
3M SOFR + 5.26% | |
04/20/2030 | |
| 1,500,000 | | |
| 1,503,813 | |
| Madison Park Funding XXXVII Ltd. | |
3M SOFR + 6.60% | |
04/15/2037 | |
| 750,000 | | |
| 768,917 | |
| Magnetite XXIV Ltd. | |
3M SOFR + 6.40% | |
04/15/2035 | |
| 500,000 | | |
| 502,185 | |
| Neuberger Berman Loan Advisers CLO 27 Ltd. | |
3M SOFR + 6.75% | |
07/15/2038 | |
| 2,000,000 | | |
| 2,062,731 | |
| Neuberger Berman Loan Advisers CLO 32 Ltd. | |
3M SOFR + 6.36% | |
01/20/2032 | |
| 1,500,000 | | |
| 1,510,553 | |
| Neuberger Berman Loan Advisers CLO 40 Ltd. | |
3M SOFR + 6.11% | |
04/16/2033 | |
| 1,670,000 | | |
| 1,679,074 | |
| Neuberger Berman Loan Advisers CLO 41 Ltd. | |
3M SOFR + 6.76% | |
04/15/2034 | |
| 1,250,000 | | |
| 1,258,846 | |
| Neuberger Berman Loan Advisers CLO 47 Ltd. | |
3M SOFR + 6.25% | |
04/14/2035 | |
| 1,000,000 | | |
| 1,003,908 | |
| Neuberger Berman Loan Advisers CLO 57 Ltd. | |
3M SOFR + 5.50% | |
10/24/2038 | |
| 1,875,000 | | |
| 1,908,174 | |
| Oaktree CLO 2022-3 Ltd. | |
3M SOFR + 6.50% | |
10/15/2037 | |
| 2,000,000 | | |
| 2,034,956 | |
| OHA Credit Funding 12 Ltd. | |
3M SOFR + 8.00% | |
07/20/2036 | |
| 2,000,000 | | |
| 2,054,107 | |
| OHA Credit Funding 2 Ltd. | |
3M SOFR + 6.62% | |
04/21/2034 | |
| 1,000,000 | | |
| 1,007,202 | |
| OHA Credit Funding 2 Ltd. | |
3M SOFR + 4.80% | |
01/21/2038 | |
| 1,000,000 | | |
| 1,000,000 | |
| OHA Credit Funding 5 Ltd. | |
3M SOFR + 5.40% | |
10/18/2037 | |
| 1,000,000 | | |
| 1,010,325 | |
| OHA Credit Funding 7 Ltd. | |
3M SOFR + 6.25% | |
02/24/2037 | |
| 900,000 | | |
| 903,724 | |
| OHA Credit Funding 9 Ltd. | |
3M SOFR + 5.50% | |
10/19/2037 | |
| 1,000,000 | | |
| 1,012,303 | |
| Rad CLO 10 Ltd. | |
3M SOFR + 6.11% | |
04/23/2034 | |
| 2,000,000 | | |
| 2,007,995 | |
| Rad CLO 11 Ltd. | |
3M SOFR + 6.51% | |
04/15/2034 | |
| 1,300,000 | | |
| 1,308,494 | |
| Rad CLO 12 Ltd. | |
3M SOFR + 6.61% | |
10/30/2034 | |
| 2,000,000 | | |
| 2,010,326 | |
| Rad CLO 4 Ltd. | |
3M SOFR + 6.50% | |
04/25/2032 | |
| 2,300,000 | | |
| 2,307,419 | |
| Regatta VII Funding Ltd. | |
3M SOFR + 6.66% | |
06/20/2034 | |
| 1,000,000 | | |
| 999,046 | |
| Regatta XII Funding Ltd. | |
3M SOFR + 6.90% | |
10/15/2037 | |
| 1,500,000 | | |
| 1,534,492 | |
| Regatta XIV Funding Ltd. | |
3M SOFR + 6.21% | |
10/25/2031 | |
| 750,000 | | |
| 754,051 | |
| Regatta XIX Funding Ltd. | |
3M SOFR + 6.88% | |
04/20/2035 | |
| 750,000 | | |
| 756,147 | |
| Regatta XVI Funding Ltd. | |
3M SOFR + 7.10% | |
01/15/2033 | |
| 1,400,000 | | |
| 1,425,316 | |
XAI Octagon Floating
Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2024
(Continued) (Unaudited)
| | |
Reference Rate &
Spread | |
Maturity Date | |
Principal Amount | | |
Value | |
| COLLATERALIZED LOAN OBLIGATIONS DEBT - 20.24%(a)(b)(Continued) |
| |
| | |
| |
| Regatta XVIII Funding Ltd. | |
3M SOFR + 6.21% | |
01/15/2034 | |
$ | 2,375,000 | | |
$ | 2,384,093 | |
| Regatta XXII Funding Ltd. | |
3M SOFR + 6.15% | |
07/20/2035 | |
| 1,350,000 | | |
| 1,369,530 | |
| Regatta XXIII Funding Ltd. | |
3M SOFR + 6.96% | |
01/20/2035 | |
| 2,750,000 | | |
| 2,794,622 | |
| Regatta XXIV Funding Ltd. | |
3M SOFR + 5.15% | |
01/20/2038 | |
| 1,000,000 | | |
| 1,000,000 | |
| RR 19 Ltd. | |
3M SOFR + 6.76% | |
10/15/2035 | |
| 500,000 | | |
| 503,113 | |
| Shackleton 2019-XIV CLO Ltd. | |
3M SOFR + 7.58% | |
07/20/2034 | |
| 1,000,000 | | |
| 1,007,708 | |
| Sound Point CLO II Ltd. | |
3M SOFR + 5.76% | |
01/26/2031 | |
| 250,000 | | |
| 227,610 | |
| Sound Point CLO XVIII Ltd. | |
3M SOFR + 5.76% | |
01/21/2031 | |
| 500,000 | | |
| 383,267 | |
| Symphony CLO XXI Ltd. | |
3M SOFR + 6.86% | |
07/15/2032 | |
| 1,000,000 | | |
| 1,004,213 | |
| Symphony CLO XXIV Ltd. | |
3M SOFR + 7.26% | |
01/23/2032 | |
| 1,000,000 | | |
| 1,008,411 | |
| THL Credit Wind River 2017-1 CLO Ltd. | |
3M SOFR + 7.32% | |
04/18/2036 | |
| 1,500,000 | | |
| 1,419,173 | |
| Voya CLO 2020-2 Ltd. | |
3M SOFR + 6.66% | |
07/19/2034 | |
| 1,125,000 | | |
| 1,125,000 | |
| Wind River 2021-3 CLO Ltd. | |
3M SOFR + 6.86% | |
07/20/2033 | |
| 1,000,000 | | |
| 981,868 | |
TOTAL COLLATERALIZED LOAN OBLIGATIONS DEBT
(Cost $98,676,865) | |
| |
| |
| | | |
| 100,102,713 | |
| | |
Estimated Yield | |
Maturity Date | |
Principal Amount | | |
Value | |
| COLLATERALIZED LOAN OBLIGATIONS EQUITY - 62.24%(a)(c) | |
| |
| | |
| |
| AIMCO CLO 16 Ltd. | |
14.97% | |
07/17/2037 | |
| 1,812,000 | | |
| 1,484,224 | |
| ALM 2020 Ltd.(d) | |
N/A | |
10/15/2029 | |
| 5,000,000 | | |
| 75,850 | |
| Anchorage Capital CLO 13 LLC | |
11.79% | |
04/15/2034 | |
| 7,000,000 | | |
| 3,759,700 | |
| Anchorage Capital CLO 15 Ltd. | |
19.20% | |
07/20/2034 | |
| 1,783,000 | | |
| 1,048,047 | |
| Anchorage Capital CLO 16 Ltd. | |
6.72% | |
01/19/2035 | |
| 2,500,000 | | |
| 1,152,000 | |
| Anchorage Capital CLO 18 Ltd. | |
7.83% | |
04/15/2034 | |
| 850,000 | | |
| 386,410 | |
| Anchorage Capital CLO 19 Ltd. | |
6.35% | |
10/15/2034 | |
| 7,000,000 | | |
| 2,714,600 | |
| Anchorage Capital CLO 1-R Ltd.(d) | |
N/A | |
04/13/2031 | |
| 4,150,000 | | |
| 74,537 | |
| Anchorage Capital CLO 20 Ltd. | |
4.74% | |
01/20/2035 | |
| 1,750,000 | | |
| 931,875 | |
| Anchorage Capital CLO 3-R Ltd.(d) | |
N/A | |
01/28/2031 | |
| 1,400,000 | | |
| 25,676 | |
| Anchorage Capital CLO 7 Ltd. | |
20.89% | |
01/28/2031 | |
| 1,750,000 | | |
| 502,250 | |
| Apidos CLO XLVIII Ltd. | |
13.78% | |
07/25/2037 | |
| 9,000,000 | | |
| 8,451,000 | |
| Apidos CLO XXVII | |
1.98% | |
07/17/2030 | |
| 1,300,000 | | |
| 237,016 | |
| ARES LI CLO Ltd. | |
14.58% | |
10/15/2037 | |
| 4,378,142 | | |
| 1,881,287 | |
| ARES LI CLO Ltd. | |
11.15% | |
07/15/2034 | |
| 1,699,959 | | |
| 730,472 | |
| Ares LIX CLO Ltd. | |
23.98% | |
04/25/2034 | |
| 3,500,000 | | |
| 2,091,250 | |
| Ares LVIII CLO Ltd. | |
21.61% | |
01/15/2035 | |
| 8,600,000 | | |
| 5,083,460 | |
| Ares XLI CLO Ltd. | |
11.40% | |
04/15/2034 | |
| 2,343,500 | | |
| 789,291 | |
| ARES XLIV CLO Ltd. | |
16.71% | |
04/15/2034 | |
| 6,288,428 | | |
| 1,626,187 | |
| Ballyrock CLO 19 Ltd. | |
16.28% | |
04/20/2035 | |
| 4,200,000 | | |
| 2,511,600 | |
| Battalion CLO XV Ltd. | |
10.27% | |
01/17/2033 | |
| 4,500,000 | | |
| 1,917,000 | |
| Benefit Street Partners CLO XXIII Ltd. | |
14.94% | |
04/25/2034 | |
| 5,000,000 | | |
| 3,698,000 | |
| Benefit Street Partners CLO XXV Ltd. | |
17.32% | |
01/15/2035 | |
| 5,250,000 | | |
| 3,836,175 | |
| Benefit Street Partners CLO XXVII Ltd. | |
21.15% | |
10/20/2037 | |
| 2,250,000 | | |
| 2,790,834 | |
| Benefit Street Partners CLO XXXIV Ltd. | |
15.60% | |
07/25/2037 | |
| 4,700,000 | | |
| 4,035,890 | |
| Benefit Street Partners CLO XXXVI Ltd.(e) | |
15.31% | |
01/25/2038 | |
| 2,560,000 | | |
| 2,232,675 | |
| Carbone CLO Ltd. | |
3.96% | |
01/20/2031 | |
| 7,850,000 | | |
| 2,099,162 | |
| CARLYLE US CLO 2019-4 Ltd. | |
13.17% | |
04/15/2035 | |
| 8,740,000 | | |
| 5,421,422 | |
| CARLYLE US CLO 2021-4 Ltd. | |
14.68% | |
04/20/2034 | |
| 1,000,000 | | |
| 620,000 | |
| CARLYLE US CLO 2021-5 Ltd. | |
8.65% | |
07/20/2034 | |
| 4,000,000 | | |
| 2,154,000 | |
| CARLYLE US CLO 2023-2 Ltd. | |
11.74% | |
07/20/2036 | |
| 4,534,341 | | |
| 4,356,595 | |
| CIFC Funding 2017-III Ltd. | |
12.44% | |
07/20/2030 | |
| 1,400,000 | | |
| 504,840 | |
| CIFC Funding 2017-V Ltd. | |
16.83% | |
07/17/2037 | |
| 6,500,000 | | |
| 3,049,800 | |
| CIFC Funding 2018-I Ltd. | |
6.33% | |
04/18/2031 | |
| 3,250,000 | | |
| 1,178,125 | |
| CIFC Funding 2018-III Ltd. | |
8.10% | |
07/18/2031 | |
| 3,000,000 | | |
| 739,577 | |
| CIFC Funding 2018-V Ltd. | |
17.17% | |
07/15/2038 | |
| 5,298,000 | | |
| 3,168,204 | |
| CIFC Funding 2019-III Ltd. | |
14.38% | |
10/16/2034 | |
| 840,000 | | |
| 570,108 | |
| CIFC Funding 2019-V Ltd. | |
17.40% | |
01/15/2035 | |
| 1,000,000 | | |
| 684,700 | |
| CIFC Funding 2019-V Ltd. | |
16.24% | |
01/15/2035 | |
| 2,500,000 | | |
| 1,711,750 | |
| CIFC Funding 2020-II Ltd. | |
21.67% | |
10/20/2034 | |
| 1,000,000 | | |
| 700,700 | |
| CIFC Funding 2020-III Ltd. | |
17.16% | |
10/20/2034 | |
| 150,000 | | |
| 108,015 | |
| CIFC Funding 2021-II Ltd. | |
14.58% | |
04/15/2034 | |
| 4,750,000 | | |
| 2,999,150 | |
| CIFC Funding 2021-VII Ltd. | |
15.53% | |
01/23/2035 | |
| 1,000,000 | | |
| 700,400 | |
| CIFC Funding 2022-IV Ltd. | |
16.83% | |
07/16/2035 | |
| 2,500,000 | | |
| 1,898,000 | |
| Clover CLO 2019-1 Ltd. | |
19.12% | |
04/18/2035 | |
| 8,339,200 | | |
| 5,546,402 | |
XAI Octagon Floating
Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2024
(Continued) (Unaudited)
| | |
Estimated Yield | |
Maturity Date | |
Principal Amount | | |
Value | |
| COLLATERALIZED LOAN OBLIGATIONS EQUITY - 62.24%(a)(c)(Continued) | |
| |
| | |
| |
| Clover CLO 2021-3 LLC | |
18.29% | |
01/25/2035 | |
$ | 5,500,000 | | |
$ | 3,850,550 | |
| Dryden 43 Senior Loan Fund | |
6.37% | |
04/20/2034 | |
| 3,000,000 | | |
| 1,042,800 | |
| Dryden 87 CLO Ltd. | |
7.12% | |
05/20/2034 | |
| 2,000,000 | | |
| 933,000 | |
| Dryden 95 CLO Ltd. | |
7.76% | |
08/20/2034 | |
| 1,750,000 | | |
| 792,400 | |
| Elmwood CLO 14 Ltd. | |
16.38% | |
04/20/2035 | |
| 10,000,000 | | |
| 6,987,000 | |
| Elmwood CLO I Ltd. | |
17.06% | |
10/20/2033 | |
| 6,000,000 | | |
| 4,225,800 | |
| Elmwood CLO II Ltd. | |
12.78% | |
04/20/2034 | |
| 6,500,000 | | |
| 4,524,000 | |
| Elmwood CLO III Ltd. | |
18.75% | |
10/20/2034 | |
| 5,250,000 | | |
| 3,796,787 | |
| Elmwood CLO VII Ltd. | |
11.69% | |
01/17/2034 | |
| 8,350,000 | | |
| 5,883,410 | |
| Galaxy 33 CLO Ltd. | |
15.13% | |
04/20/2037 | |
| 2,000,000 | | |
| 1,634,933 | |
| Generate CLO 12 Ltd. | |
13.31% | |
07/20/2036 | |
| 8,000,000 | | |
| 6,324,800 | |
| Generate CLO 14 Ltd. | |
14.23% | |
04/22/2037 | |
| 8,000,000 | | |
| 5,890,400 | |
| Generate CLO 3 Ltd. | |
13.80% | |
10/20/2029 | |
| 7,008,000 | | |
| 3,233,491 | |
| Invesco CLO 2021-1 Ltd. | |
10.57% | |
04/15/2034 | |
| 3,000,000 | | |
| 1,626,300 | |
| Invesco CLO 2021-2 Ltd. | |
7.80% | |
07/15/2034 | |
| 5,000,000 | | |
| 2,442,000 | |
| Invesco CLO 2021-2 Ltd.(d)(e) | |
N/A | |
07/15/2034 | |
| 500,000 | | |
| 95,186 | |
| Madison Park Funding XVIII Ltd. | |
9.78% | |
10/21/2030 | |
| 4,000,000 | | |
| 1,118,400 | |
| Madison Park Funding XX Ltd. | |
6.48% | |
07/27/2030 | |
| 1,740,000 | | |
| 452,400 | |
| Madison Park Funding XX Ltd. | |
24.91% | |
10/27/2037 | |
| 2,172,000 | | |
| 628,417 | |
| Madison Park Funding XXIX Ltd. | |
7.70% | |
10/18/2047 | |
| 3,750,000 | | |
| 1,307,823 | |
| Madison Park Funding XXVIII Ltd. | |
9.52% | |
07/15/2030 | |
| 5,949,336 | | |
| 1,826,220 | |
| Madison Park Funding XXXVII Ltd. | |
13.50% | |
04/15/2037 | |
| 6,148,815 | | |
| 3,578,610 | |
| Neuberger Berman Loan Advisers CLO 47 Ltd. | |
17.65% | |
04/14/2035 | |
| 15,000,000 | | |
| 10,045,500 | |
| Neuberger Berman Loan Advisers CLO 50 Ltd. | |
17.38% | |
07/23/2036 | |
| 6,500,000 | | |
| 5,105,100 | |
| Neuberger Berman Loan Advisers CLO 53 Ltd. | |
17.89% | |
10/24/2037 | |
| 7,325,000 | | |
| 6,373,483 | |
| Neuberger Berman Loan Advisers CLO 54 Ltd. | |
15.53% | |
04/23/2038 | |
| 3,465,000 | | |
| 2,888,771 | |
| Neuberger Berman Loan Advisers CLO 55 Ltd. | |
14.90% | |
04/22/2038 | |
| 4,600,000 | | |
| 3,818,920 | |
| Niagara Park CLO Ltd. | |
14.33% | |
07/17/2032 | |
| 2,648,000 | | |
| 1,720,141 | |
| Niagara Park CLO Ltd.(e) | |
15.80% | |
01/17/2038 | |
| 225,000 | | |
| 200,205 | |
| NYACK Park CLO Ltd. | |
16.07% | |
10/20/2034 | |
| 1,000,000 | | |
| 708,300 | |
| Oak Hill Credit Partners X-R Ltd. | |
14.39% | |
04/20/2034 | |
| 9,091,692 | | |
| 3,753,960 | |
| Oaktree CLO 2022-3 Ltd. | |
17.01% | |
10/15/2037 | |
| 10,000,000 | | |
| 7,177,000 | |
| OCP CLO 2022-24 Ltd. | |
15.56% | |
10/20/2037 | |
| 7,445,299 | | |
| 5,590,675 | |
| OCP CLO 2024-38 Ltd.(e) | |
15.01% | |
01/21/2038 | |
| 5,000,000 | | |
| 4,275,000 | |
| OHA Credit Partners XI Ltd. | |
16.23% | |
04/20/2037 | |
| 4,003,000 | | |
| 2,483,461 | |
| OHA Credit Partners XII Ltd. | |
13.40% | |
04/23/2037 | |
| 13,537,295 | | |
| 8,577,230 | |
| OHA Credit Partners XIII Ltd. | |
19.81% | |
10/21/2034 | |
| 1,600,000 | | |
| 1,223,040 | |
| Palmer Square CLO 2024-2 Ltd. | |
11.86% | |
07/20/2037 | |
| 4,000,000 | | |
| 3,494,400 | |
| Point Au Roche Park CLO Ltd. | |
13.72% | |
07/20/2034 | |
| 5,000,000 | | |
| 2,945,500 | |
| Rad CLO 12 Ltd. | |
19.55% | |
10/30/2034 | |
| 4,500,000 | | |
| 2,792,700 | |
| Recette CLO Ltd. | |
2.85% | |
04/20/2034 | |
| 10,400,000 | | |
| 2,667,730 | |
| Recette CLO Ltd.(d)(e) | |
N/A | |
04/20/2034 | |
| 10,400,000 | | |
| 171,878 | |
| Regatta XIX Funding Ltd. | |
18.38% | |
04/20/2035 | |
| 10,017,000 | | |
| 7,920,442 | |
| Regatta XVIII Funding Ltd. | |
13.14% | |
01/15/2034 | |
| 7,175,322 | | |
| 4,517,583 | |
| Regatta XXIV Funding Ltd. | |
10.94% | |
01/20/2035 | |
| 5,000,000 | | |
| 2,833,500 | |
| Regatta XXVII Funding Ltd. | |
14.71% | |
04/26/2037 | |
| 6,000,000 | | |
| 4,858,800 | |
| Rockland Park CLO Ltd.(e) | |
172.59% | |
04/20/2034 | |
| 9,750,000 | | |
| 101,895 | |
| Rockland Park CLO Ltd.(e) | |
178.54% | |
04/20/2034 | |
| 9,750,000 | | |
| 27,651 | |
| Rockland Park CLO Ltd. | |
12.85% | |
04/20/2034 | |
| 9,750,000 | | |
| 5,426,850 | |
| RR 19 Ltd. | |
13.41% | |
10/15/2035 | |
| 7,500,000 | | |
| 5,478,000 | |
| RR 2 Ltd. | |
13.87% | |
10/15/2117 | |
| 9,358,000 | | |
| 4,314,038 | |
| RR 25 Ltd. | |
13.79% | |
10/15/2037 | |
| 9,780,000 | | |
| 6,565,314 | |
| Sixth Street CLO XVI Ltd. | |
12.87% | |
10/20/2032 | |
| 8,000,000 | | |
| 5,030,400 | |
| Sixth Street CLO XVII Ltd. | |
9.73% | |
01/20/2034 | |
| 1,100,000 | | |
| 723,250 | |
| Sixth Street CLO XXIV Ltd. | |
12.08% | |
04/23/2037 | |
| 7,500,000 | | |
| 5,636,250 | |
| Sixth Street CLO XXV Ltd. | |
12.98% | |
07/24/2037 | |
| 7,000,000 | | |
| 6,017,032 | |
| THL Credit Wind River 2018-2 CLO Ltd. | |
1.86% | |
07/15/2030 | |
| 3,031,000 | | |
| 398,042 | |
| THL Credit Wind River 2018-3 CLO Ltd. | |
6.68% | |
01/20/2031 | |
| 3,000,000 | | |
| 997,244 | |
| Thompson Park CLO Ltd. | |
20.73% | |
04/15/2034 | |
| 4,000,000 | | |
| 2,964,400 | |
| TICP CLO XV Ltd. | |
17.63% | |
04/20/2033 | |
| 15,500,000 | | |
| 11,061,575 | |
XAI Octagon Floating
Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2024
(Continued) (Unaudited)
| | |
Estimated Yield | |
Maturity Date | |
Principal Amount | | |
Value | |
| COLLATERALIZED LOAN OBLIGATIONS EQUITY -
62.24%(a)(c)(Continued) | |
| |
| | |
| |
| Unity-Peace
Park CLO Ltd. | |
16.72% | |
04/20/2035 | |
$ | 4,000,000 | | |
$ | 2,450,800 | |
TOTAL COLLATERALIZED LOAN
OBLIGATIONS EQUITY
(Cost $348,062,143) | |
| |
| |
| | | |
| 307,809,043 | |
| | |
Coupon | |
Maturity Date | |
Principal Amount | | |
Value | |
CORPORATE BONDS - 2.14%(a) Chemicals - 0.24% | |
| |
| |
| | |
| |
| Herens Holdco S.a.r.l., Senior Secured Bond | |
| 4.75% | |
05/15/2028 | |
| 444,000 | | |
| 408,238 | |
| Illuminate Buyer LLC, Senior Unsecured Bond | |
| 9.00% | |
07/01/2028 | |
| 750,000 | | |
| 759,375 | |
| | |
| | |
| |
| | | |
| 1,167,613 | |
| Diversified Telecommunication Services - 0.49% | |
| | |
| |
| | | |
| | |
| Altice Financing S.A., Senior Secured Bond | |
| 5.75% | |
08/15/2029 | |
| 1,197,000 | | |
| 876,802 | |
| Altice France S.A., Senior Secured Bond | |
| 5.50% | |
10/15/2029 | |
| 667,000 | | |
| 506,709 | |
| Consolidated Communications, Inc., Senior Secured Bond | |
| 5.00% | |
10/01/2028 | |
| 1,125,000 | | |
| 1,046,263 | |
| | |
| | |
| |
| | | |
| 2,429,774 | |
| Electronic Equipment, Instruments & Components - 0.03% | |
| | |
| |
| | | |
| | |
| Coherent Corp., Senior Unsecured Bond | |
| 5.00% | |
12/15/2029 | |
| 146,000 | | |
| 139,232 | |
| Health Care Equipment & Supplies - 0.13% | |
| | |
| |
| | | |
| | |
| Medline Borrower, LP, Senior Secured Bond | |
| 3.88% | |
04/01/2029 | |
| 727,000 | | |
| 672,585 | |
| Health Care Technology - 0.27% | |
| | |
| |
| | | |
| | |
| AthenaHealth Group, Inc., Senior Unsecured Bond | |
| 6.50% | |
02/15/2030 | |
| 1,411,000 | | |
| 1,340,612 | |
| Hotels, Restaurants & Leisure - 0.32% | |
| | |
| |
| | | |
| | |
| Fertitta Entertainment LLC, Senior Unsecured Bond | |
| 6.75% | |
01/15/2030 | |
| 328,000 | | |
| 302,304 | |
| Hilton Grand Vacations Borrower Escrow LLC, Senior Unsecured Bond | |
| 5.00% | |
06/01/2029 | |
| 529,000 | | |
| 497,475 | |
| Scientific Games Holdings LP, Senior Unsecured Bond | |
| 6.63% | |
03/01/2030 | |
| 205,000 | | |
| 196,061 | |
| SeaWorld Parks & Entertainment, Inc., Senior Unsecured Bond | |
| 5.25% | |
08/15/2029 | |
| 600,000 | | |
| 572,213 | |
| | |
| | |
| |
| | | |
| 1,568,053 | |
| Industrial Conglomerates - 0.10% | |
| | |
| |
| | | |
| | |
| MajorDrive Holdings IV, LLC, Senior Unsecured Bond | |
| 6.38% | |
06/01/2029 | |
| 545,000 | | |
| 480,531 | |
| Insurance - 0.14% | |
| | |
| |
| | | |
| | |
| Alliant Holdings Intermediate, LLC, Senior Secured Bond | |
| 4.25% | |
10/15/2027 | |
| 750,000 | | |
| 715,052 | |
| Professional Services - 0.42% | |
| | |
| |
| | | |
| | |
| Conduent Business Services LLC, Senior Secured Bond | |
| 6.00% | |
11/01/2029 | |
| 2,176,000 | | |
| 2,072,708 | |
TOTAL CORPORATE BONDS
(Cost $11,379,232) | |
| | |
| |
| | | |
| 10,586,160 | |
| | |
Reference Rate &
Spread | |
Maturity Date | |
Principal Amount | | |
Value | |
| SECURED SECOND LIEN LOANS - 0.49%(b) | |
| |
| |
| | |
| |
| Building Products - 0.10% | |
| |
| |
| | |
| |
| Icebox Holdco III, Inc., Initial | |
3M SOFR + 6.75% | |
12/21/2029 | |
| 468,750 | | |
| 473,049 | |
| Construction & Engineering - 0.06% | |
| |
| |
| | | |
| | |
| DG Investment Intermediate Holdings 2, Inc., Initial | |
1M SOFR + 6.75% | |
03/30/2029 | |
| 292,804 | | |
| 290,608 | |
| Diversified Consumer Services - 0.02% | |
| |
| |
| | | |
| | |
| TruGreen LP, Initial | |
3M SOFR + 8.50% | |
11/02/2028 | |
| 125,392 | | |
| 110,762 | |
| Diversified Financial Services - 0.05% | |
| |
| |
| | | |
| | |
| Nexus Buyer LLC, Initial | |
1M SOFR + 6.25% | |
11/05/2029 | |
| 245,536 | | |
| 244,789 | |
| Electronic Equipment, Instruments & Components - 0.01% | |
| |
| |
| | | |
| | |
| Infinite Bidco LLC, Initial | |
3M SOFR + 7.00% | |
03/02/2029 | |
| 69,869 | | |
| 61,485 | |
| Insurance - 0.22% | |
| |
| |
| | | |
| | |
| Asurion, LLC, New B-4 | |
1M SOFR + 5.25% | |
01/20/2029 | |
| 1,104,603 | | |
| 1,063,522 | |
| Software - 0.03% | |
| |
| |
| | | |
| | |
| EagleView Technology Corp., TL | |
3M SOFR + 7.50% | |
08/14/2026 | |
| 198,167 | | |
| 148,626 | |
TOTAL SECURED
SECOND LIEN LOANS
(Cost $2,489,900) | |
| |
| |
| | | |
| 2,392,841 | |
XAI Octagon Floating
Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2024
(Continued) (Unaudited)
| | |
Reference Rate &
Spread | |
Maturity Date | |
Principal Amount | | |
Value | |
| SENIOR SECURED FIRST LIEN LOANS - 75.65%(b) | |
| |
| |
| | |
| |
| Aerospace & Defense - 1.25% | |
| |
| |
| | |
| |
| Arcline FM Holdings, LLC, 2024-2 New | |
6M SOFR + 4.50% | |
06/23/2028 | |
$ | 503,803 | | |
$ | 506,252 | |
| Chromalloy Corp., Initial | |
3M SOFR + 3.75% | |
03/27/2031 | |
| 1,231,527 | | |
| 1,231,748 | |
| Peraton Corp., Term B | |
1M SOFR + 3.75% | |
02/01/2028 | |
| 293,397 | | |
| 272,431 | |
| Signia Aerospace, Initial | |
3M SOFR + 3.00% | |
12/11/2031 | |
| 2,991,919 | | |
| 2,986,324 | |
| Spirit AeroSystems, Inc., Initial | |
3M SOFR + 4.50% | |
01/15/2027 | |
| 112,076 | | |
| 112,917 | |
| Transdigm, Inc., Tranche J | |
3M SOFR + 2.50% | |
02/28/2031 | |
| 1,080,142 | | |
| 1,081,600 | |
| | |
| |
| |
| | | |
| 6,191,272 | |
| Air Freight & Logistics - 0.60% | |
| |
| |
| | | |
| | |
| Apple Bidco, LLC, Amendment No.1 | |
1M SOFR + 3.50% | |
09/22/2028 | |
| 524,751 | | |
| 527,705 | |
| Lasership, Inc., Tranche A | |
3M SOFR + 6.25% | |
01/02/2029 | |
| 537,161 | | |
| 558,314 | |
| Lasership, Inc., Tranche B | |
3M SOFR + 4.50% | |
08/10/2029 | |
| 1,511,827 | | |
| 1,141,430 | |
| Lasership, Inc., Tranche C | |
3M SOFR + 7.00% | |
01/02/2029 | |
| 729,473 | | |
| 573,854 | |
| Lasership, Inc., Tranche E | |
3M SOFR + 7.50% | |
08/10/2029 | |
| 465,412 | | |
| 170,653 | |
| | |
| |
| |
| | | |
| 2,971,956 | |
| Auto Components - 0.96% | |
| |
| |
| | | |
| | |
| Dealer Tire, LLC, Term B-4 | |
1M SOFR + 3.50% | |
07/02/2031 | |
| 2,011,931 | | |
| 2,011,931 | |
| First Brands Group LLC, 2022-II Incremental | |
3M SOFR + 5.00% | |
03/30/2027 | |
| 1,355,799 | | |
| 1,266,831 | |
| LS Group OpCo Acquisition LLC, Term B | |
1M SOFR + 3.00% | |
04/23/2031 | |
| 181,808 | | |
| 182,546 | |
| LTR Intermediate Holdings, Inc., Initial | |
1M SOFR + 4.50% | |
05/05/2028 | |
| 359,840 | | |
| 352,644 | |
| Madison Safety and Flow, Initial | |
1M SOFR + 3.25% | |
09/26/2031 | |
| 939,374 | | |
| 945,536 | |
| | |
| |
| |
| | | |
| 4,759,488 | |
| Automobiles - 1.85% | |
| |
| |
| | | |
| | |
| Belron Finance 2019 LLC, 2031 Incremental | |
3M SOFR + 2.75% | |
10/16/2031 | |
| 2,753,086 | | |
| 2,775,468 | |
| Belron Finance 2019 LLC, 2031 Incremental | |
1M SOFR + 3.00% | |
12/01/2027 | |
| 1,780,669 | | |
| 1,794,024 | |
| RealTruck Intermediate Holdings, Inc., Initial | |
1M SOFR + 3.50% | |
01/31/2028 | |
| 994,832 | | |
| 963,017 | |
| RVR Dealership Holdings, LLC, TL | |
1M SOFR + 3.75% | |
02/08/2028 | |
| 984,531 | | |
| 926,158 | |
| Tenneco, Inc., Term A | |
3M SOFR + 4.75% | |
11/17/2028 | |
| 496,203 | | |
| 477,982 | |
| Tenneco, Inc., Term B | |
3M SOFR + 5.00% | |
11/17/2028 | |
| 1,076,970 | | |
| 1,044,036 | |
| The Hertz Corp., 2023 Incremental | |
1M SOFR + 3.75% | |
06/30/2028 | |
| 25,134 | | |
| 22,638 | |
| Truck Hero, Inc., Incremental | |
1M SOFR + 5.00% | |
01/31/2028 | |
| 172,006 | | |
| 172,436 | |
| Wand NewCo 3, Inc., Tranche B-1 | |
1M SOFR + 3.25% | |
01/30/2031 | |
| 948,052 | | |
| 950,962 | |
| | |
| |
| |
| | | |
| 9,126,721 | |
| Beverages - 0.15% | |
| |
| |
| | | |
| | |
| Triton Water Holdings, Inc., 2024 Incremental | |
3M SOFR + 4.00% | |
03/31/2028 | |
| 595,152 | | |
| 599,800 | |
| Triton Water Holdings, Inc., Initial | |
3M SOFR + 3.25% | |
03/31/2028 | |
| 119,506 | | |
| 120,298 | |
| | |
| |
| |
| | | |
| 720,098 | |
| Building Products - 3.40% | |
| |
| |
| | | |
| | |
| AI Aqua Merger Sub, Inc., 2025 Refinancing Term B | |
1M SOFR + 3.00% | |
07/31/2028 | |
| 748,192 | | |
| 748,192 | |
| AI Aqua Merger Sub, Inc., Initial Term B | |
1M SOFR + 3.50% | |
07/31/2028 | |
| 2,425,640 | | |
| 2,425,640 | |
| Chariot Buyer LLC, Initial | |
1M SOFR + 3.25% | |
11/03/2028 | |
| 1,039,499 | | |
| 1,044,437 | |
| Cornerstone Building Brands, Inc., Initial | |
1M SOFR + 5.63% | |
08/01/2028 | |
| 498,728 | | |
| 488,504 | |
| Cornerstone Building Brands, Inc., Tranche B | |
1M SOFR + 3.25% | |
04/12/2028 | |
| 1,359,344 | | |
| 1,295,115 | |
| Cornerstone Building Brands, Inc., Tranche C | |
1M SOFR + 4.50% | |
05/15/2031 | |
| 298,689 | | |
| 286,929 | |
| Foundation Building Materials, Inc., Initial | |
3M SOFR + 3.25% | |
01/31/2028 | |
| 218,255 | | |
| 214,617 | |
| Groundworks, LLC, Delayed Draw(f) | |
1M SOFR + 3.25% | |
03/14/2031 | |
| 44,112 | | |
| 45,283 | |
| Groundworks, LLC, Initial | |
1M SOFR + 3.25% | |
03/14/2031 | |
| 1,494,210 | | |
| 1,500,561 | |
| Hobbs & Associates, LLC, Closing Date | |
1M SOFR + 3.25% | |
07/23/2031 | |
| 617,055 | | |
| 619,560 | |
| Hobbs & Associates, LLC, Delayed Draw | |
3M SOFR + 3.25% | |
07/23/2031 | |
| 61,551 | | |
| 61,801 | |
| Icebox Holdco III, Inc., Initial | |
3M SOFR + 3.50% | |
12/22/2028 | |
| 1,060,281 | | |
| 1,066,781 | |
| Kodiak Building Partners, Initial | |
1M SOFR + 3.75% | |
11/26/2031 | |
| 627,059 | | |
| 626,833 | |
| LHS Borrower, LLC, Initial | |
1M SOFR + 4.75% | |
02/16/2029 | |
| 460,736 | | |
| 438,657 | |
| Park River Holdings, Inc., Initial | |
3M SOFR + 3.25% | |
12/28/2027 | |
| 659,647 | | |
| 642,331 | |
| TAMKO Building Products, LLC, 2024 | |
1M SOFR + 2.75% | |
09/20/2030 | |
| 888,150 | | |
| 894,260 | |
| White Cap Buyer, LLC, Tranche C | |
1M SOFR + 3.25% | |
10/19/2029 | |
| 3,430,165 | | |
| 3,433,012 | |
| Wilsonart International, Initial | |
3M SOFR + 4.25% | |
08/05/2031 | |
| 986,687 | | |
| 987,802 | |
| | |
| |
| |
| | | |
| 16,820,315 | |
| Capital Markets - 0.53% | |
| |
| |
| | | |
| | |
| Citadel Securities LP, 2024-1 | |
3M SOFR + 2.00% | |
10/31/2031 | |
| 1,263,606 | | |
| 1,266,474 | |
| Hudson River Trading LLC, Term B-1 | |
1M SOFR + 3.00% | |
03/18/2030 | |
| 1,340,319 | | |
| 1,343,670 | |
| | |
| |
| |
| | | |
| 2,610,144 | |
XAI Octagon Floating
Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2024
(Continued) (Unaudited)
| | |
Reference Rate &
Spread | |
Maturity Date | |
Principal Amount | | |
Value | |
| SENIOR SECURED FIRST LIEN LOANS - 75.65%(b)(Continued) | |
| |
| | |
| |
| Chemicals - 3.64% | |
| |
| |
| | |
| |
| CP Iris Holdco I, Inc., Initial | |
1M SOFR + 3.50% | |
10/02/2028 | |
$ | 428,290 | | |
$ | 430,298 | |
| Derby Buyer LLC, Second Amendment | |
1M SOFR + 3.00% | |
11/01/2030 | |
| 674,540 | | |
| 676,226 | |
| Discovery Purchaser Corp., Initial | |
3M SOFR + 4.38% | |
10/04/2029 | |
| 1,672,903 | | |
| 1,680,431 | |
| Herens Holdco S.a.r.l., Facility B | |
3M SOFR + 3.92% | |
07/03/2028 | |
| 1,394,329 | | |
| 1,365,020 | |
| Hexion Holdings Corp., 2024 Refinancing | |
1M SOFR + 4.00% | |
03/15/2029 | |
| 2,073,644 | | |
| 2,072,026 | |
| Ineos Finance LLC, 2030 TL | |
1M SOFR + 3.25% | |
02/18/2030 | |
| 873,100 | | |
| 876,217 | |
| Ineos Quattro Holdings UK Ltd., 2029 Tranche B | |
1M SOFR + 4.25% | |
04/02/2029 | |
| 656,798 | | |
| 660,903 | |
| Ineos US Finance LLC, 2031 Repriced | |
1M SOFR + 3.00% | |
02/07/2031 | |
| 1,251,275 | | |
| 1,259,884 | |
| Ineos US Petrochem LLC, 2031 Tranche B | |
1M SOFR + 4.25% | |
10/07/2031 | |
| 94,918 | | |
| 95,748 | |
Lummus Technology Holdings V LLC, Amendment No. 2
Refinancing Term B Commitement | |
1M SOFR + 3.00% | |
12/31/2029 | |
| 2,188,686 | | |
| 2,203,744 | |
| New Arclin U.S. Holding Corp., TL | |
1M SOFR + 3.50% | |
09/30/2028 | |
| 373,576 | | |
| 375,306 | |
| Nouryon USA LLC, Repriced 2024 B-1 | |
6M SOFR + 3.25% | |
04/03/2028 | |
| 269,975 | | |
| 271,579 | |
| Nouryon USA LLC, Repriced 2024 B-2 | |
6M SOFR + 3.25% | |
04/03/2028 | |
| 602,590 | | |
| 608,869 | |
| Olympus Water US Holding Corp., Term B-6 | |
3M SOFR + 3.00% | |
06/20/2031 | |
| 1,032,902 | | |
| 1,035,164 | |
| PMHC II, Inc., Initial | |
3M SOFR + 4.25% | |
04/23/2029 | |
| 1,415,225 | | |
| 1,392,822 | |
| USALCO, LLC, Initial | |
1M SOFR + 4.00% | |
09/30/2031 | |
| 1,267,811 | | |
| 1,275,734 | |
| Wesco Group LLC, Initial Term B | |
3M SOFR + 3.00% | |
10/09/2031 | |
| 386,235 | | |
| 387,683 | |
| Windsor Holdings III, LLC, 2024 Refinancing Term B | |
1M SOFR + 3.50% | |
08/01/2030 | |
| 1,331,633 | | |
| 1,345,668 | |
| | |
| |
| |
| | | |
| 18,013,322 | |
| Commercial Services & Supplies - 3.26% | |
| |
| |
| | | |
| | |
| Allied Universal Holdco LLC, Initial | |
1M SOFR + 3.75% | |
05/12/2028 | |
| 2,896,793 | | |
| 2,903,775 | |
| AmSpec Parent, LLC, Closing Date TL | |
1M SOFR + 4.25% | |
12/12/2031 | |
| 637,567 | | |
| 640,755 | |
| Ankura Consulting Group LLC, 2024-2 Repricing | |
3M SOFR + 3.50% | |
12/17/2031 | |
| 1,615,745 | | |
| 1,615,745 | |
| Belfor USA Group, Inc., Initial Tranche B-1 | |
1M SOFR + 3.75% | |
11/01/2030 | |
| 1,288,537 | | |
| 1,301,422 | |
| First Advantage Holdings, LLC, 2024 TL | |
1M SOFR + 3.25% | |
10/31/2031 | |
| 3,615,989 | | |
| 3,651,028 | |
| Garda World Security Corp., Tenth Additional | |
1M SOFR + 3.50% | |
02/01/2029 | |
| 1,427,120 | | |
| 1,429,803 | |
| GBT US III LLC, Restatement Date | |
3M SOFR + 3.00% | |
07/25/2031 | |
| 1,779,686 | | |
| 1,786,360 | |
| Genuine Financial Holdings, LLC, 2024 Incremental | |
1M SOFR + 4.00% | |
09/27/2030 | |
| 1,650,088 | | |
| 1,666,589 | |
| The Action Environmental Group, Inc., 2024-1 Incremental
Delayed Draw(f) | |
1M SOFR + 2.00% | |
10/24/2030 | |
| 53,712 | | |
| 56,397 | |
| The Action Environmental Group, Inc., Initial | |
3M SOFR + 3.75% | |
10/24/2030 | |
| 1,063,454 | | |
| 1,074,088 | |
| | |
| |
| |
| | | |
| 16,125,962 | |
| Communications Equipment - 0.53% | |
| |
| |
| | | |
| | |
| Casa Systems, Inc., Superpriority(g) | |
6M SOFR + 6.50% | |
12/20/2027 | |
| 517,015 | | |
| 847 | |
| Commscope, Inc., Initial | |
1M SOFR + 5.50% | |
12/18/2029 | |
| 866,482 | | |
| 875,693 | |
| Global Tel Link Corp., Initial | |
1M SOFR + 7.50% | |
08/06/2029 | |
| 943,581 | | |
| 919,992 | |
| Gogo Intermediate Holdings LLC, Initial | |
1M SOFR + 3.75% | |
04/30/2028 | |
| 892,457 | | |
| 845,228 | |
| | |
| |
| |
| | | |
| 2,641,760 | |
| Construction & Engineering - 1.37% | |
| |
| |
| | | |
| | |
| Brand Industrial Services, Inc., Tranche C | |
3M SOFR + 4.50% | |
08/01/2030 | |
| 1,893,370 | | |
| 1,837,118 | |
| DG Investment Intermediate Holdings 2, Inc., Closing Date Initial | |
1M SOFR + 3.75% | |
03/31/2028 | |
| 2,250,656 | | |
| 2,268,481 | |
| Michael Baker Intl., Initial | |
1M SOFR + 4.75% | |
12/01/2028 | |
| 549,768 | | |
| 551,488 | |
| TRC Companies LLC, Initial | |
1M SOFR + 3.50% | |
12/08/2028 | |
| 2,104,062 | | |
| 2,119,842 | |
| | |
| |
| |
| | | |
| 6,776,929 | |
| Construction Materials - 0.23% | |
| |
| |
| | | |
| | |
| LSF12 Crown US Commercial Bidco LLC, TL | |
1M SOFR + 4.25% | |
12/02/2031 | |
| 604,993 | | |
| 602,349 | |
| Mativ Holdings, Inc., Term B | |
1M SOFR + 3.75% | |
04/20/2028 | |
| 155,960 | | |
| 154,790 | |
| Smyrna Ready Mix Concrete, LLC, 2023 | |
1M SOFR + 3.50% | |
04/02/2029 | |
| 359,961 | | |
| 363,561 | |
| | |
| |
| |
| | | |
| 1,120,700 | |
| Containers & Packaging - 1.65% | |
| |
| |
| | | |
| | |
| Anchor Packaging, LLC, Amendment No. 5 | |
1M SOFR + 3.25% | |
07/18/2029 | |
| 537,508 | | |
| 539,749 | |
| Berlin Packaging LLC, 2024-2 Replacement | |
3M SOFR + 3.50% | |
06/07/2031 | |
| 254,488 | | |
| 255,760 | |
| Clydesdale Acquisition Holdings, Inc., Term B | |
1M SOFR + 3.18% | |
04/13/2029 | |
| 2,258,467 | | |
| 2,260,861 | |
| LABL, Inc., Initial | |
1M SOFR + 5.00% | |
10/29/2028 | |
| 942,722 | | |
| 909,633 | |
| Pelican Products, Inc., Initial | |
3M SOFR + 4.25% | |
12/29/2028 | |
| 476,528 | | |
| 426,969 | |
| Proampac PG Borrower LLC, 2024-1 | |
3M SOFR + 4.00% | |
09/15/2028 | |
| 916,455 | | |
| 918,288 | |
| RLG Holdings, LLC, Closing Date Initial | |
1M SOFR + 4.25% | |
07/07/2028 | |
| 1,623,170 | | |
| 1,596,794 | |
| Sabert Corp., Term B | |
1M SOFR + 3.00% | |
12/10/2026 | |
| 939,014 | | |
| 943,709 | |
| Tricorbraun Holdings, Inc., Closing Date Initial | |
1M SOFR + 3.25% | |
03/03/2028 | |
| 313,923 | | |
| 313,411 | |
| | |
| |
| |
| | | |
| 8,165,174 | |
XAI Octagon Floating
Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2024
(Continued) (Unaudited)
| | |
Reference Rate &
Spread | |
Maturity Date | |
Principal Amount | | |
Value | |
| SENIOR SECURED FIRST LIEN LOANS - 75.65%(b)(Continued) | |
| |
| | |
| |
| Distributors - 0.76% | |
| |
| |
| | |
| |
| Aramsco Parent, Inc., Closing Date Initial | |
3M SOFR + 4.75% | |
10/10/2030 | |
$ | 689,886 | | |
$ | 639,297 | |
| Aramsco Parent, Inc., Initial Delayed Draw Term Commitment(f) | |
3M SOFR + 4.75% | |
10/10/2030 | |
| 48,498 | | |
| 39,607 | |
| BCPE Empire Holdings, Inc., Amendment No. 7 Refinancing | |
1M SOFR + 3.50% | |
12/11/2028 | |
| 3,047,760 | | |
| 3,060,469 | |
| | |
| |
| |
| | | |
| 3,739,373 | |
| Diversified Consumer Services - 2.37% | |
| |
| |
| | | |
| | |
| Cast & Crew Payroll, LLC, Incremental Facility No. 2 Incremental | |
1M SOFR + 3.75% | |
12/29/2028 | |
| 450,908 | | |
| 436,326 | |
| EP Purchaser, LLC, 2023 Incremental | |
3M SOFR + 4.50% | |
11/06/2028 | |
| 397,462 | | |
| 398,456 | |
| EP Purchaser, LLC, Closing Date TL | |
3M SOFR + 3.50% | |
11/06/2028 | |
| 504,683 | | |
| 501,609 | |
| KUEHG Corp., 2024 Refinancing | |
3M SOFR + 3.25% | |
06/12/2030 | |
| 438,701 | | |
| 442,698 | |
| Learning Care Group No. 2, Inc., 2024 Refinancing | |
3M SOFR + 4.00% | |
08/11/2028 | |
| 1,682,959 | | |
| 1,697,164 | |
| LifeMiles Ltd., Initial | |
3M SOFR + 5.25% | |
08/30/2026 | |
| 56,862 | | |
| 56,791 | |
| LifeMiles Ltd. and LifeMiles US Finance LLC, Incremental TL | |
3M SOFR + 5.25% | |
08/30/2026 | |
| 158,922 | | |
| 158,723 | |
| Sabre GLBL, Inc., 2021 Term B-1 | |
1M SOFR + 3.50% | |
12/17/2027 | |
| 176,906 | | |
| 171,598 | |
| Sabre GLBL, Inc., 2021 Term B-2 | |
1M SOFR + 3.50% | |
12/17/2027 | |
| 278,853 | | |
| 270,487 | |
| Sabre GLBL, Inc., 2022 Term B | |
1M SOFR + 4.25% | |
06/30/2028 | |
| 62,206 | | |
| 60,301 | |
| Sabre GLBL, Inc., 2022 Term B-2 | |
1M SOFR + 5.00% | |
06/30/2028 | |
| 58,182 | | |
| 56,557 | |
| Seren BidCo AB, Facility B6 | |
1M SOFR + 3.50% | |
11/16/2028 | |
| 150,886 | | |
| 151,829 | |
| Spin Holdco, Inc., Initial | |
3M SOFR + 4.00% | |
03/04/2028 | |
| 2,134,116 | | |
| 1,792,167 | |
| Staples, Inc., Closing Date | |
3M SOFR + 5.75% | |
09/04/2029 | |
| 271,048 | | |
| 258,556 | |
| Stubhub Holdings, Inc., Extended Term B | |
1M SOFR + 4.75% | |
03/15/2030 | |
| 1,151,333 | | |
| 1,151,816 | |
| The Knot Worldwide, Inc., Amendment No. 5 | |
1M SOFR + 3.75% | |
01/31/2028 | |
| 1,087,588 | | |
| 1,092,351 | |
| Tripadvisor, Inc., Initial Term B Loan | |
1M SOFR + 2.75% | |
07/08/2031 | |
| 882,785 | | |
| 887,199 | |
| TruGreen LP, Second Refinancing | |
1M SOFR + 4.00% | |
11/02/2027 | |
| 176,399 | | |
| 171,327 | |
| WestJet Loyalty LP, Initial | |
3M SOFR + 3.25% | |
02/14/2031 | |
| 1,964,079 | | |
| 1,970,050 | |
| | |
| |
| |
| | | |
| 11,726,005 | |
| Diversified Financial Services - 5.37% | |
| |
| |
| | | |
| | |
| Ascensus Holdings, Inc., Amendment No. 4 Replacement | |
1M SOFR + 3.00% | |
08/02/2028 | |
| 1,484,732 | | |
| 1,495,868 | |
| BCPE Pequod Buyer, Inc., Initial | |
1M SOFR + 3.50% | |
11/25/2031 | |
| 1,837,403 | | |
| 1,850,853 | |
| Blackhawk Network Holdings, Inc., Term B-1 | |
1M SOFR + 5.00% | |
03/12/2029 | |
| 2,304,965 | | |
| 2,330,481 | |
| Boost Newco Borrower, LLC, Term B-1 | |
3M SOFR + 2.50% | |
01/31/2031 | |
| 2,564,671 | | |
| 2,574,827 | |
| Citco Funding LLC, 2024 TL | |
6M SOFR + 2.75% | |
04/27/2028 | |
| 778,108 | | |
| 783,524 | |
| CoreLogic, Inc., Initial | |
1M SOFR + 3.50% | |
06/02/2028 | |
| 2,596,841 | | |
| 2,560,667 | |
| First Eagle Holdings, Inc., Refinancing TL | |
3M SOFR + 3.00% | |
03/05/2029 | |
| 1,279,431 | | |
| 1,280,569 | |
| FNZ USA FINCO, LLC, Initial | |
3M SOFR + 5.00% | |
11/05/2031 | |
| 1,317,990 | | |
| 1,283,393 | |
| Focus Financial Partners, Initial | |
1M SOFR + 3.25% | |
09/11/2031 | |
| 2,711,588 | | |
| 2,734,284 | |
| Galaxy US Opco, Inc., Initial | |
3M SOFR + 4.75% | |
04/29/2029 | |
| 57,652 | | |
| 51,022 | |
| Grant Thornton Advisors LLC, Initial | |
1M SOFR + 3.25% | |
06/02/2031 | |
| 3,474,974 | | |
| 3,472,124 | |
| Hightower Holdings, LLC, Amendment No. 7 | |
3M SOFR + 3.50% | |
04/21/2028 | |
| 1,336,102 | | |
| 1,341,112 | |
| Janney Montgomery Scott, Initial | |
3M SOFR + 3.25% | |
11/28/2031 | |
| 1,141,077 | | |
| 1,152,488 | |
| Nexus Buyer, LLC, Amendment No. 7 Refinancing | |
1M SOFR + 4.00% | |
07/31/2031 | |
| 3,615,107 | | |
| 3,624,145 | |
| | |
| |
| |
| | | |
| 26,535,357 | |
| Diversified Telecommunication Services - 2.48% | |
| |
| |
| | | |
| | |
| Altice France S.A., Term B-14 Refinancing | |
3M SOFR + 5.50% | |
08/15/2028 | |
| 1,707,379 | | |
| 1,365,476 | |
| Directv Financing, LLC, Closing Date | |
3M SOFR + 5.00% | |
08/02/2027 | |
| 883,495 | | |
| 885,023 | |
| LCPR Loan Financing LLC, 2021 Additional | |
1M SOFR + 3.75% | |
10/16/2028 | |
| 58,979 | | |
| 52,712 | |
| Syniverse Holdings, LLC, Initial | |
3M SOFR + 7.00% | |
05/13/2027 | |
| 895,561 | | |
| 896,493 | |
| Viasat, Inc., Incremental | |
1M SOFR + 4.50% | |
05/30/2030 | |
| 375,249 | | |
| 334,324 | |
| Viasat, Inc., Initial | |
1M SOFR + 4.50% | |
03/02/2029 | |
| 901,146 | | |
| 808,553 | |
| Virgin Media Bristol LLC, Facility Y | |
6M SOFR + 3.18% | |
03/31/2031 | |
| 1,109,170 | | |
| 1,096,836 | |
| Wide Open West Finance, LLC, First Out | |
3M SOFR + 7.00% | |
12/11/2028 | |
| 680,515 | | |
| 707,736 | |
| Wide Open West Finance, LLC, Second Out | |
3M SOFR + 3.00% | |
12/11/2028 | |
| 1,258,820 | | |
| 1,127,437 | |
| Windstream Services, LLC, Incremental TL | |
1M SOFR + 4.75% | |
10/01/2031 | |
| 1,917,501 | | |
| 1,941,470 | |
| Zacapa S.a.r.l., Initial | |
3M SOFR + 3.75% | |
03/22/2029 | |
| 3,046,416 | | |
| 3,061,100 | |
| | |
| |
| |
| | | |
| 12,277,160 | |
| Electric Utilities - 0.33% | |
| |
| |
| | | |
| | |
| Talen Energy Supply, LLC, 2024-1 Incremental Term B | |
3M SOFR + 2.50% | |
12/12/2031 | |
| 615,079 | | |
| 616,617 | |
| Talen Energy Supply, LLC, Initial Term B | |
3M SOFR + 2.50% | |
05/17/2030 | |
| 1,011,018 | | |
| 1,013,829 | |
| | |
| |
| |
| | | |
| 1,630,446 | |
XAI Octagon Floating
Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2024
(Continued) (Unaudited)
| | |
Reference Rate &
Spread | |
Maturity Date | |
Principal Amount | | |
Value | |
| SENIOR SECURED FIRST LIEN LOANS - 75.65%(b)(Continued) | |
| |
| | |
| |
| Electronic Equipment, Instruments & Components - 0.19% | |
| |
| |
| | |
| |
| Mavenir Systems, Inc, November II Initial | |
6M SOFR + 10.00% | |
01/31/2025 | |
$ | 54,323 | | |
$ | 54,323 | |
| Mavenir Systems, Inc., December New Initial TL | |
6M SOFR + 10.00% | |
01/31/2025 | |
| 40,490 | | |
| 40,490 | |
| Mavenir Systems, Inc., Delayed Draw | |
6M SOFR + 10.00% | |
01/31/2025 | |
| 9,438 | | |
| 9,438 | |
| Mavenir Systems, Inc., Initial TL | |
3M SOFR + 4.75% | |
08/18/2028 | |
| 476,514 | | |
| 331,773 | |
| Mavenir Systems, Inc., New Initial TL | |
6M SOFR + 10.00% | |
01/31/2025 | |
| 29,321 | | |
| 29,321 | |
| Mavenir Systems, Inc., November Initial TL | |
6M SOFR + 10.00% | |
01/31/2025 | |
| 14,261 | | |
| 14,261 | |
| Natel Engineering Co., Inc., Initial | |
1M SOFR + 6.25% | |
04/30/2026 | |
| 493,984 | | |
| 463,520 | |
| | |
| |
| |
| | | |
| 943,126 | |
| Food & Staples Retailing - 0.36% | |
| |
| |
| | | |
| | |
| Apro, LLC, 2024 Initial | |
3M SOFR + 3.75% | |
07/09/2031 | |
| 711,484 | | |
| 717,709 | |
| EG America, LLC, Facility B | |
1M SOFR + 4.25% | |
02/07/2028 | |
| 251,435 | | |
| 253,367 | |
| Upbound Group, Inc., Initial | |
3M SOFR + 2.75% | |
02/17/2028 | |
| 828,821 | | |
| 828,821 | |
| | |
| |
| |
| | | |
| 1,799,897 | |
| Food Products - 0.23% | |
| |
| |
| | | |
| | |
| Aspire Bakeries Holdings LLC, Initial | |
1M SOFR + 4.25% | |
12/23/2030 | |
| 798,780 | | |
| 804,771 | |
| Pacific Bells, LLC, Initial Term B-1 | |
3M SOFR + 4.00% | |
11/10/2028 | |
| 355,972 | | |
| 355,794 | |
| | |
| |
| |
| | | |
| 1,160,565 | |
| Gas Utilities - 0.28% | |
| |
| |
| | | |
| | |
| Prairie Acquiror LP, Initial Term B-3 | |
1M SOFR + 4.25% | |
08/01/2029 | |
| 1,389,565 | | |
| 1,398,250 | |
| Health Care Equipment & Supplies - 1.12% | |
| |
| |
| | | |
| | |
| Bausch & Lomb Corp., First Incremental TL | |
3M SOFR + 4.00% | |
09/29/2028 | |
| 1,375,446 | | |
| 1,380,605 | |
| Bausch & Lomb Corp., Initial | |
1M SOFR + 3.25% | |
05/10/2027 | |
| 2,146,769 | | |
| 2,152,908 | |
| Curium BidCo S.a.r.l., Second 2024 Additional Term Facility | |
3M SOFR + 3.50% | |
07/31/2029 | |
| 992,294 | | |
| 1,001,601 | |
| Hanger, Inc., Initial | |
1M SOFR + 3.50% | |
10/23/2031 | |
| 562,778 | | |
| 567,703 | |
| Zest Acquisition Corp., Term B-1 | |
3M SOFR + 5.25% | |
02/08/2028 | |
| 434,488 | | |
| 438,290 | |
| | |
| |
| |
| | | |
| 5,541,107 | |
| Health Care Providers & Services - 4.61% | |
| |
| |
| | | |
| | |
| AEA International Holdings, New TL | |
3M SOFR + 2.75% | |
09/07/2028 | |
| 210,766 | | |
| 211,820 | |
| Azalea Topco, Inc., 2024 Refinancing | |
1M SOFR + 3.25% | |
04/30/2031 | |
| 2,059,937 | | |
| 2,063,810 | |
| Cambrex Corp., Tranche B-2 | |
1M SOFR + 3.50% | |
12/04/2026 | |
| 246,630 | | |
| 246,277 | |
| Charlotte Buyer, Inc., First Refinancing | |
1M SOFR + 4.75% | |
02/11/2028 | |
| 229,507 | | |
| 230,712 | |
| CHG Healthcare Services, Inc., 2024 TL | |
3M SOFR + 3.50% | |
09/29/2028 | |
| 1,123,527 | | |
| 1,131,481 | |
| CHG Healthcare Services, Inc., Amendment No. 5 Refinancing | |
3M SOFR + 3.00% | |
09/29/2028 | |
| 6,885 | | |
| 6,902 | |
| Cotiviti, Inc., Floating Rate TL | |
1M SOFR + 2.75% | |
05/01/2031 | |
| 1,068,852 | | |
| 1,073,533 | |
| Covetrus, Inc., Initial | |
3M SOFR + 5.00% | |
10/13/2029 | |
| 1,225,977 | | |
| 1,176,252 | |
| ExamWorks Group, Inc., Initial | |
1M SOFR + 3.25% | |
11/01/2028 | |
| 303,244 | | |
| 304,117 | |
| EyeCare Partners, LLC, Tranche B | |
3M SOFR + 3.61% | |
11/30/2028 | |
| 866,607 | | |
| 670,538 | |
| Global Medical Response, Inc., 2024 Extended TL | |
1M SOFR + 0.75% | |
10/31/2028 | |
| 1,629,205 | | |
| 1,632,268 | |
| Hunter US Bidco, Inc., Initial | |
3M SOFR + 4.25% | |
08/19/2028 | |
| 474,011 | | |
| 467,493 | |
| Ingenovis Health, Inc., Initial | |
3M SOFR + 4.25% | |
03/06/2028 | |
| 1,129,203 | | |
| 653,052 | |
| Lifepoint Health, Inc., 2024 Refinancing | |
3M SOFR + 3.75% | |
05/17/2031 | |
| 3,624,874 | | |
| 3,634,951 | |
| Outcomes Group Holdings, Inc., 2024 Replacement | |
1M SOFR + 3.25% | |
05/06/2031 | |
| 698,188 | | |
| 704,821 | |
| Phoenix Guarantor, Inc., Tranche B-5 | |
1M SOFR + 2.50% | |
02/21/2031 | |
| 1,986,534 | | |
| 1,991,759 | |
| Phoenix Newco, Inc., Fifth Amendment | |
1M SOFR + 3.00% | |
11/15/2028 | |
| 542,278 | | |
| 545,440 | |
| Sharp Services, LLC, Tranche D | |
3M SOFR + 3.25% | |
12/31/2028 | |
| 740,211 | | |
| 746,229 | |
| Solaris US BidCo, LLC, Initial | |
3M SOFR + 5.25% | |
11/29/2030 | |
| 1,757,108 | | |
| 1,686,823 | |
| Southern Veterinary Partners, LLC, 2024-3 | |
3M SOFR + 3.25% | |
12/04/2031 | |
| 2,235,811 | | |
| 2,249,226 | |
| Summit Behavioral Health, LLC, Tranche B-1 | |
3M SOFR + 4.25% | |
11/24/2028 | |
| 1,055,991 | | |
| 844,793 | |
| WCG Purchaser Holdings Corp., 2024 Refinancing | |
1M SOFR + 3.50% | |
01/08/2027 | |
| 524,552 | | |
| 526,236 | |
| | |
| |
| |
| | | |
| 22,798,533 | |
| Health Care Technology - 2.39% | |
| |
| |
| | | |
| | |
| AthenaHealth Group, Inc., Initial | |
1M SOFR + 3.25% | |
02/15/2029 | |
| 3,335,644 | | |
| 3,339,213 | |
| Ensemble RCM, LLC, Term B | |
3M SOFR + 3.00% | |
08/01/2029 | |
| 2,316,266 | | |
| 2,331,044 | |
| Gainwell Acquisition Corp., Term B | |
3M SOFR + 4.00% | |
10/01/2027 | |
| 2,461,538 | | |
| 2,378,806 | |
| Raven Acquisition Holdings, LLC, Initial | |
1M SOFR + 3.25% | |
11/19/2031 | |
| 1,185,449 | | |
| 1,187,381 | |
| Zelis Payments Buyer, Inc. &
Zelis Cost Management Buyer, Inc., Amendment No. 5 | |
1M SOFR + 3.25% | |
11/26/2031 | |
| 2,557,832 | | |
| 2,564,226 | |
| | |
| |
| |
| | | |
| 11,800,670 | |
XAI Octagon Floating
Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2024
(Continued) (Unaudited)
| | |
Reference Rate &
Spread | |
Maturity Date | |
Principal Amount | | |
Value | |
| SENIOR SECURED FIRST LIEN LOANS - 75.65%(b)(Continued) | |
| |
| | |
| |
| Hotels, Restaurants & Leisure - 4.39% | |
| |
| |
| | |
| |
| 19th Holdings Golf, LLC, Initial | |
1M SOFR + 3.25% | |
02/07/2029 | |
$ | 1,351,664 | | |
$ | 1,326,888 | |
| Aimbridge Acquisition Co., Inc., Incremental | |
3M SOFR + 4.75% | |
02/02/2026 | |
| 241,800 | | |
| 155,961 | |
| Alterra Mountain Co., Series B-7 | |
1M SOFR + 3.00% | |
05/31/2030 | |
| 394,469 | | |
| 397,183 | |
| Arcis Golf, LLC, Amendment No. 2 | |
1M SOFR + 3.75% | |
11/24/2028 | |
| 562,791 | | |
| 569,122 | |
| BCPE Grill Parent, Inc., Initial | |
1M SOFR + 4.75% | |
09/30/2030 | |
| 1,030,065 | | |
| 1,007,537 | |
| Bulldog Purchaser, Inc., 2024 | |
1M SOFR + 3.75% | |
06/30/2031 | |
| 289,820 | | |
| 291,510 | |
| Bulldog Purchaser, Inc., Initial | |
3M SOFR + 4.25% | |
06/30/2031 | |
| 1,165,386 | | |
| 1,172,180 | |
| Catawba Nation Gaming Authority, Term B | |
1M SOFR + 4.75% | |
12/16/2031 | |
| 1,193,096 | | |
| 1,195,339 | |
| ClubCorp Holdings, Inc., Term B-2 | |
3M SOFR + 5.00% | |
09/18/2026 | |
| 887,376 | | |
| 888,858 | |
| Dave & Buster's, Inc., 2024 Incremental Term B | |
1M SOFR + 3.25% | |
11/01/2031 | |
| 1,010,606 | | |
| 989,131 | |
| Dave & Buster's, Inc., 2024 Refinancing Term B | |
1M SOFR + 3.25% | |
06/29/2029 | |
| 446,565 | | |
| 437,915 | |
| Entain PLC, Facility B3 | |
3M SOFR + 2.75% | |
10/31/2029 | |
| 738,097 | | |
| 739,632 | |
| Fertitta Entertainment, LLC, Initial B TL | |
1M SOFR + 3.50% | |
01/27/2029 | |
| 1,206,584 | | |
| 1,210,059 | |
| Fitness International, LLC, Term B | |
1M SOFR + 5.25% | |
02/12/2029 | |
| 979,791 | | |
| 984,690 | |
| Horizon Midco 2 Ltd., Term B | |
1M SOFR + 4.75% | |
12/18/2031 | |
| 1,497,595 | | |
| 1,488,235 | |
| Kingpin Intermediate Holdings LLC, Amendment No. 8 | |
1M SOFR + 3.50% | |
02/08/2028 | |
| 959,777 | | |
| 960,977 | |
| LC Ahab US Bidco LLC, Initial | |
1M SOFR + 3.00% | |
05/01/2031 | |
| 652,938 | | |
| 657,431 | |
| MIC Glen LLC, Incremental | |
1M SOFR + 4.25% | |
07/21/2028 | |
| 383,371 | | |
| 385,288 | |
| Motion Finco, LLC, Facility B3 | |
3M SOFR + 3.50% | |
11/12/2029 | |
| 2,541,888 | | |
| 2,510,114 | |
| Ontario Gaming GTA LP, Term B | |
3M SOFR + 4.25% | |
08/01/2030 | |
| 1,050,119 | | |
| 1,051,621 | |
| Playa Hotels & Resorts B.V., TLB, 2022 | |
1M SOFR + 2.75% | |
01/05/2029 | |
| 1,201,459 | | |
| 1,201,591 | |
| Recess Holdings, Inc., Initial Amendment No. 3 | |
3M SOFR + 4.50% | |
02/20/2030 | |
| 225,018 | | |
| 226,917 | |
| Tacala, LLC, Amendment No. 2 Replacement | |
1M SOFR + 3.50% | |
01/31/2031 | |
| 206,636 | | |
| 207,840 | |
| Topgolf Callaway Brands Corp., Initial | |
1M SOFR + 3.00% | |
03/15/2030 | |
| 417,893 | | |
| 415,628 | |
| Travel + Leisure Co., 2024 B-1 Incremental | |
3M SOFR + 2.50% | |
12/14/2029 | |
| 487,849 | | |
| 488,766 | |
| Wyndham Destinations 12/23 TLB, 2023 Incremental | |
1M SOFR + 3.25% | |
12/14/2029 | |
| 752,978 | | |
| 754,394 | |
| | |
| |
| |
| | | |
| 21,714,807 | |
| Household Durables - 0.85% | |
| |
| |
| | | |
| | |
| Fender Musical Instruments Corp., Initial | |
1M SOFR + 4.00% | |
12/01/2028 | |
| 189,458 | | |
| 184,841 | |
| Hunter Douglas, Inc., Tranche B-1 | |
3M SOFR + 3.50% | |
02/26/2029 | |
| 2,477,227 | | |
| 2,471,034 | |
| Mattress Firm, Inc., TL | |
6M SOFR + 4.25% | |
09/25/2028 | |
| 578,966 | | |
| 578,120 | |
| TGP Holdings III LLC, Closing Date | |
1M SOFR + 3.25% | |
06/29/2028 | |
| 386,737 | | |
| 376,060 | |
| Weber-Stephen Products LLC, 2022 Incremental | |
1M SOFR + 4.25% | |
10/30/2027 | |
| 133,605 | | |
| 133,104 | |
| Weber-Stephen Products LLC, Initial Term B | |
1M SOFR + 3.25% | |
10/30/2027 | |
| 481,571 | | |
| 479,312 | |
| | |
| |
| |
| | | |
| 4,222,471 | |
| Household Products - 0.24% | |
| |
| |
| | | |
| | |
| American Greetings Corp., Tranche C | |
1M SOFR + 5.75% | |
10/30/2029 | |
| 1,159,593 | | |
| 1,165,182 | |
| Independent Power/Renewable Electricity Producers
- 2.16% | |
| |
| |
| | | |
| | |
| Alpha Generation, LLC, Initial Term B | |
1M SOFR + 2.75% | |
09/30/2031 | |
| 2,414,016 | | |
| 2,427,897 | |
| Carroll County Energy LLC, TL | |
3M SOFR + 4.00% | |
06/30/2031 | |
| 611,860 | | |
| 615,873 | |
| Compass Power Generation, LLC, Tranche B-3 | |
1M SOFR + 3.75% | |
04/14/2029 | |
| 460,265 | | |
| 462,999 | |
| Cornerstone Generation LLC, Term Loan B | |
1M SOFR + 3.25% | |
10/28/2031 | |
| 562,954 | | |
| 567,176 | |
| Hamilton Projects Acquiror, LLC, TL | |
1M SOFR + 3.75% | |
05/31/2031 | |
| 733,867 | | |
| 738,109 | |
| Hunterstown Generation, LLC, TL | |
3M SOFR + 3.50% | |
11/06/2031 | |
| 494,452 | | |
| 497,171 | |
| Lightning Power LLC, Initial Term B | |
1M SOFR + 3.25% | |
08/18/2031 | |
| 3,222,483 | | |
| 3,254,708 | |
| South Field Energy LLC, Term Loan B | |
3M SOFR + 3.75% | |
08/29/2031 | |
| 901,658 | | |
| 906,914 | |
| South Field Energy LLC, Term Loan C | |
3M SOFR + 3.75% | |
08/29/2031 | |
| 56,208 | | |
| 56,536 | |
| Thunder Generation Funding, LLC, Initial | |
3M SOFR + 3.00% | |
10/03/2031 | |
| 1,169,568 | | |
| 1,175,779 | |
| | |
| |
| |
| | | |
| 10,703,162 | |
| Industrial Conglomerates - 1.70% | |
| |
| |
| | | |
| | |
| CD&R Hydra Buyer, Inc., Initial | |
1M SOFR + 4.00% | |
03/25/2031 | |
| 1,739,111 | | |
| 1,742,589 | |
| Cube Industrials Buyer, Inc., Initial | |
3M SOFR + 3.50% | |
10/17/2031 | |
| 801,964 | | |
| 805,974 | |
| MajorDrive Holdings IV, LLC, 2022 Incremental | |
3M SOFR + 5.50% | |
06/01/2029 | |
| 289,289 | | |
| 282,780 | |
| MajorDrive Holdings IV, LLC, Initial | |
3M SOFR + 4.00% | |
06/01/2028 | |
| 247,077 | | |
| 240,371 | |
| SPX Flow, Inc., 2024 Refinancing | |
1M SOFR + 3.00% | |
04/05/2029 | |
| 1,747,847 | | |
| 1,760,781 | |
| Star US Bidco LLC, Fifth Amendment Refinancing | |
1M SOFR + 3.75% | |
03/17/2027 | |
| 1,129,406 | | |
| 1,133,642 | |
| TK Elevator Midco GmbH, Facility B2 | |
6M SOFR + 3.50% | |
04/30/2030 | |
| 2,405,795 | | |
| 2,421,745 | |
| | |
| |
| |
| | | |
| 8,387,882 | |
XAI Octagon Floating
Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2024
(Continued) (Unaudited)
| | |
Reference Rate &
Spread | |
Maturity Date | |
Principal Amount | | |
Value | |
| SENIOR SECURED FIRST LIEN LOANS - 75.65%(b)(Continued) | |
| |
| | |
| |
| Insurance - 5.46% | |
| |
| |
| | |
| |
| Acrisure LLC, 2024 Repricing Term B-6 | |
1M SOFR + 3.00% | |
11/06/2030 | |
$ | 2,465,059 | | |
$ | 2,464,295 | |
| Alliant Holdings Intermediate, LLC, Extended TLB-6 | |
1M SOFR + 2.75% | |
09/19/2031 | |
| 24,415 | | |
| 24,453 | |
| Ardonagh Group Finco Pty and Ardonagh Finco BV, Syndicated
Facility B | |
6M SOFR + 3.75% | |
02/15/2031 | |
| 2,383,881 | | |
| 2,395,800 | |
| AssuredPartners, Inc., 2024 | |
1M SOFR + 3.50% | |
02/14/2031 | |
| 2,649,975 | | |
| 2,653,446 | |
| Asurion, LLC, New B-12 | |
1M SOFR + 4.25% | |
09/19/2030 | |
| 978,231 | | |
| 974,738 | |
| Asurion, LLC, New B-9 | |
1M SOFR + 3.25% | |
07/31/2027 | |
| 1,241,448 | | |
| 1,237,376 | |
| Baldwin Risk Partners, LLC, Initial | |
1M SOFR + 3.25% | |
05/26/2031 | |
| 1,860,508 | | |
| 1,868,657 | |
| BroadStreet Partners, Inc., Term B-4 | |
1M SOFR + 3.00% | |
06/13/2031 | |
| 2,378,513 | | |
| 2,384,340 | |
| Hub International Ltd., 2024-1 Incremental | |
3M SOFR + 2.75% | |
06/20/2030 | |
| 321,154 | | |
| 322,760 | |
| Hyperion Refinance S.a.r.l., 2024-2 Refinancing | |
1M SOFR + 3.50% | |
04/18/2030 | |
| 441,256 | | |
| 443,921 | |
| Hyperion Refinance S.a.r.l., 2024-3 Refinancing | |
1M SOFR + 3.00% | |
02/15/2031 | |
| 3,016,797 | | |
| 3,033,932 | |
| IMA Financial Group, Inc., Initial | |
1M SOFR + 3.00% | |
11/01/2028 | |
| 1,298,911 | | |
| 1,298,911 | |
| OneDigital Borrower LLC, Initial | |
1M SOFR + 3.25% | |
07/02/2031 | |
| 4,097,098 | | |
| 4,102,342 | |
| Sedgwick Claims Management Services, Inc., 2023 TL | |
3M SOFR + 3.00% | |
07/31/2031 | |
| 2,251,324 | | |
| 2,262,581 | |
| Summit Acquisition, Inc., Initial | |
3M SOFR + 3.75% | |
10/16/2031 | |
| 282,805 | | |
| 284,219 | |
| TIH Insurance Holdings, LLC, Amendment No. 1 Replacement | |
3M SOFR + 2.75% | |
05/06/2031 | |
| 1,223,713 | | |
| 1,225,622 | |
| | |
| |
| |
| | | |
| 26,977,393 | |
| Internet and Catalog Retail - 0.11% | |
| |
| |
| | | |
| | |
| Shutterfly Finance, LLC, Exchanged Term B | |
3M SOFR + 4.00% | |
10/01/2027 | |
| 619,040 | | |
| 541,660 | |
| IT Services - 0.93% | |
| |
| |
| | | |
| | |
| Ahead DB Holdings, LLC, Term B-3 | |
3M SOFR + 3.50% | |
02/01/2031 | |
| 958,272 | | |
| 963,284 | |
| Constant Contact, Inc., Initial | |
3M SOFR + 4.00% | |
02/10/2028 | |
| 1,638,197 | | |
| 1,457,995 | |
| Escape Velocity Holdings, Inc, Initial | |
3M SOFR + 4.25% | |
10/08/2028 | |
| 482,903 | | |
| 481,396 | |
| iSolved, Inc., Term B-2 | |
1M SOFR + 3.25% | |
10/15/2030 | |
| 517,067 | | |
| 522,884 | |
| Newfold Digital Holdings Group, Inc., Initial | |
1M SOFR + 3.50% | |
02/10/2028 | |
| 653,231 | | |
| 435,215 | |
| Plano HoldCo, Inc., Closing Date | |
3M SOFR + 3.50% | |
10/02/2031 | |
| 755,605 | | |
| 761,272 | |
| | |
| |
| |
| | | |
| 4,622,046 | |
| Machinery - 1.69% | |
| |
| |
| | | |
| | |
| Element Materials Technology Group US Holdings, Inc.,
Initial Term B | |
3M SOFR + 3.75% | |
07/06/2029 | |
| 1,114,858 | | |
| 1,119,741 | |
| Emrld Borrower LP, Incremental | |
3M SOFR + 2.50% | |
08/04/2031 | |
| 3,846,664 | | |
| 3,857,896 | |
| Indicor, LLC, Tranche D | |
3M SOFR + 2.75% | |
11/22/2029 | |
| 1,425,700 | | |
| 1,428,153 | |
| Johnstone Supply, LLC, Extended Term B-6 | |
1M SOFR + 2.50% | |
06/09/2031 | |
| 469,123 | | |
| 470,178 | |
| Pro Mach Group, Inc., Amendment No. 4 | |
1M SOFR + 3.50% | |
08/31/2028 | |
| 1,453,508 | | |
| 1,464,177 | |
| | |
| |
| |
| | | |
| 8,340,145 | |
| Media - 1.83% | |
| |
| |
| | | |
| | |
| Aragorn Parent Corp., 2023 Replacement | |
1M SOFR + 4.00% | |
12/15/2028 | |
| 1,076,543 | | |
| 1,083,002 | |
| Arches Buyer, Inc., Initial | |
1M SOFR + 3.25% | |
12/06/2027 | |
| 1,250,000 | | |
| 1,219,100 | |
| Castle US Holding Corp., Initial | |
3M SOFR + 3.75% | |
01/29/2027 | |
| 821,685 | | |
| 481,269 | |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing | |
1M SOFR + 4.00% | |
08/21/2028 | |
| 1,250,000 | | |
| 1,255,725 | |
| Creative Artists Agency, LLC, 2024 Refinancing | |
1M SOFR + 2.75% | |
10/01/2031 | |
| 2,777,258 | | |
| 2,787,284 | |
| Crown Finance US, Inc., Initial | |
1M SOFR + 5.25% | |
12/02/2031 | |
| 258,076 | | |
| 257,753 | |
| Cumulus Media New Holdings, Inc., Initial | |
3M SOFR + 5.00% | |
05/02/2029 | |
| 664,866 | | |
| 266,365 | |
| United Talent Agency, LLC, Term B | |
1M SOFR + 3.75% | |
07/07/2028 | |
| 1,414,539 | | |
| 1,421,612 | |
| Univision Communications, Inc., 2024 Replacement | |
1M SOFR + 3.50% | |
01/31/2029 | |
| 260,504 | | |
| 260,830 | |
| | |
| |
| |
| | | |
| 9,032,940 | |
| Oil, Gas & Consumable Fuels - 1.71% | |
| |
| |
| | | |
| | |
| Bangl, LLC, Initial | |
3M SOFR + 4.50% | |
02/01/2029 | |
| 1,035,495 | | |
| 1,041,646 | |
| BCP Renaissance Parent LLC, Initial Term B-6 | |
3M SOFR + 3.00% | |
10/31/2028 | |
| 1,158,690 | | |
| 1,166,175 | |
| EPIC Crude Services LP, Initial | |
3M SOFR + 3.00% | |
10/15/2031 | |
| 431,724 | | |
| 435,118 | |
| Fleet U.S. Bidco, Inc., Facilty B2 | |
6M SOFR + 2.75% | |
02/21/2031 | |
| 757,225 | | |
| 761,011 | |
| New Fortress Energy, Inc., Initial | |
3M SOFR + 5.00% | |
10/30/2028 | |
| 934,123 | | |
| 891,041 | |
| Par Petroleum, LLC, Initial | |
3M SOFR + 3.75% | |
02/28/2030 | |
| 935,929 | | |
| 932,420 | |
| Permian Production Partners, LLC, Initial | |
1M SOFR + 6.00% | |
11/24/2025 | |
| 25,351 | | |
| 25,098 | |
| Rockpoint Gas Storage Partners, Initial | |
3M SOFR + 3.50% | |
09/18/2031 | |
| 1,166,462 | | |
| 1,172,878 | |
| Rosen Group, Initial | |
3M SOFR + 3.00% | |
03/26/2031 | |
| 2,022,503 | | |
| 2,037,247 | |
| | |
| |
| |
| | | |
| 8,462,634 | |
XAI Octagon Floating
Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2024
(Continued) (Unaudited)
| | |
Reference Rate &
Spread | |
Maturity Date | |
Principal Amount | | |
Value | |
| SENIOR SECURED FIRST LIEN LOANS - 75.65%(b)(Continued) | |
| |
| | |
| |
| Personal Products - 0.33% | |
| |
| |
| | |
| |
| CNT Holdings I Corp., Initial Term B | |
3M SOFR + 3.50% | |
11/08/2027 | |
$ | 916,753 | | |
$ | 921,648 | |
| KDC US Holdings, Inc., 2024 | |
1M SOFR + 4.00% | |
08/15/2028 | |
| 719,624 | | |
| 723,222 | |
| | |
| |
| |
| | | |
| 1,644,870 | |
| Pharmaceuticals - 1.32% | |
| |
| |
| | | |
| | |
| Alvogen Pharma US, Inc., New Extended Loans | |
1M SOFR + 7.50% | |
06/30/2025 | |
| 1,415,140 | | |
| 1,332,000 | |
| Amneal Pharmaceuticals LLC, Initial | |
1M SOFR + 5.50% | |
05/04/2028 | |
| 2,973,257 | | |
| 3,052,554 | |
| Endo Finance Holdings, Inc., 2024 Refinancing | |
1M SOFR + 4.00% | |
04/23/2031 | |
| 2,128,761 | | |
| 2,141,533 | |
| | |
| |
| |
| | | |
| 6,526,087 | |
| Professional Services - 3.49% | |
| |
| |
| | | |
| | |
| AQ Carver Buyer, Inc., 2023 Refinancing | |
3M SOFR + 5.50% | |
08/02/2029 | |
| 1,235,284 | | |
| 1,232,196 | |
| Armor Holdco, Inc., 2024 Refinancing | |
6M SOFR + 3.75% | |
12/11/2028 | |
| 326,603 | | |
| 330,277 | |
| DS Admiral Bidco, LLC, Initial | |
1M SOFR + 4.25% | |
06/26/2031 | |
| 2,182,307 | | |
| 2,111,382 | |
| Eisner Advisory Group, LLC, February 2024 Incremental | |
1M SOFR + 4.00% | |
02/28/2031 | |
| 1,063,650 | | |
| 1,073,531 | |
| Nielsen Consumer, Inc., Ninth Amendment Refinancing | |
1M SOFR + 4.75% | |
03/06/2028 | |
| 2,391,424 | | |
| 2,409,360 | |
| Omnia Partners, LLC, Initial | |
3M SOFR + 2.75% | |
07/25/2030 | |
| 2,601,829 | | |
| 2,612,523 | |
| OVG Business Services, LLC, Term B | |
1M SOFR + 3.00% | |
06/25/2031 | |
| 1,533,573 | | |
| 1,535,490 | |
| PEX Holdings LLC, Initial | |
1M SOFR + 2.75% | |
11/26/2031 | |
| 520,940 | | |
| 522,894 | |
| Ryan, LLC, Initial | |
1M SOFR + 3.50% | |
11/14/2030 | |
| 3,688,892 | | |
| 3,695,827 | |
| UST Global, Inc., Initial | |
1M SOFR + 2.89% | |
11/20/2028 | |
| 553,508 | | |
| 554,892 | |
| Vaco Holdings, LLC, Initial | |
3M SOFR + 5.00% | |
01/21/2029 | |
| 498,256 | | |
| 459,642 | |
| Wood Mackenzie, TL | |
3M SOFR + 3.50% | |
02/07/2031 | |
| 707,545 | | |
| 712,852 | |
| | |
| |
| |
| | | |
| 17,250,866 | |
| Real Estate Investment Trusts (REITs) - 0.32% | |
| |
| |
| | | |
| | |
| Starwood Property Mortgage, LLC, Initial | |
1M SOFR + 2.25% | |
11/18/2027 | |
| 468,597 | | |
| 467,426 | |
| Starwood Property Mortgage, LLC, Term B-4 | |
1M SOFR + 2.25% | |
12/12/2029 | |
| 1,124,334 | | |
| 1,120,118 | |
| | |
| |
| |
| | | |
| 1,587,544 | |
| Real Estate Management & Development - 0.44% | |
| |
| |
| | | |
| | |
| BIFM US Finance LLC, 2024-2 | |
1M SOFR + 3.75% | |
05/31/2028 | |
| 695,046 | | |
| 700,259 | |
| Cushman & Wakefield U.S. Borrower, LLC, 2024-2 | |
1M SOFR + 3.00% | |
01/31/2030 | |
| 30,234 | | |
| 30,309 | |
| Cushman & Wakefield U.S. Borrower, LLC, 2024-3 | |
1M SOFR + 3.25% | |
01/31/2030 | |
| 398,133 | | |
| 402,114 | |
| Forest City Enterprises, L.P., Replacement | |
1M SOFR + 3.50% | |
12/08/2025 | |
| 1,068,045 | | |
| 1,044,313 | |
| | |
| |
| |
| | | |
| 2,176,995 | |
| Road & Rail - 0.25% | |
| |
| |
| | | |
| | |
| Clue Opco LLC, Term B Loans | |
3M SOFR + 4.50% | |
12/19/2030 | |
| 1,247,652 | | |
| 1,251,220 | |
| Software - 6.12% | |
| |
| |
| | | |
| | |
| Apex
Group Treasury LLC, 2024 Refinancing TL | |
6M
SOFR + 4.00% | |
07/27/2028 | |
| 109,576 | | |
| 110,444 | |
| Apex Group Treasury LLC, TL | |
6M SOFR + 3.75% | |
07/27/2028 | |
| 1,503,620 | | |
| 1,516,310 | |
| Central Parent, Inc., 2024 Refinancing | |
3M SOFR + 3.25% | |
07/06/2029 | |
| 714,857 | | |
| 704,227 | |
| CommerceHub, Inc., Initial | |
3M SOFR + 4.00% | |
12/29/2027 | |
| 800,378 | | |
| 757,605 | |
| Conservice Midco, LLC, Ninth Amendment Refinancing | |
1M SOFR + 3.50% | |
05/13/2027 | |
| 1,530,614 | | |
| 1,540,180 | |
| Delta Topco, Inc., Second Amendment Refinancing | |
6M SOFR + 3.50% | |
11/30/2029 | |
| 1,118,056 | | |
| 1,126,162 | |
| EagleView Technology Corp., Initial | |
3M SOFR + 3.50% | |
08/14/2025 | |
| 773,495 | | |
| 730,227 | |
| Epicor Software Corp., Term F | |
1M SOFR + 2.75% | |
05/30/2031 | |
| 383,955 | | |
| 386,393 | |
| Fiserv Investment Solutions, Inc., Initial | |
3M SOFR + 4.00% | |
02/18/2027 | |
| 427,432 | | |
| 408,865 | |
| Flash Charm, Inc., Incremental TL | |
3M SOFR + 3.50% | |
03/02/2028 | |
| 1,584,633 | | |
| 1,553,336 | |
| Flexera Software, LLC, Term B-3 | |
3M SOFR + 3.00% | |
03/03/2028 | |
| 748,419 | | |
| 752,633 | |
| Icon Parent, Inc., Initial | |
3M SOFR + 3.00% | |
11/13/2031 | |
| 1,659,677 | | |
| 1,664,341 | |
| Javelin Buyer, Inc., TL | |
1M SOFR + 3.25% | |
10/08/2031 | |
| 1,063,394 | | |
| 1,070,710 | |
| Magenta Buyer LLC, First Out | |
3M SOFR + 6.75% | |
07/27/2028 | |
| 497,945 | | |
| 458,109 | |
| Magenta Buyer LLC, Second Out | |
3M SOFR + 1.50% | |
07/27/2028 | |
| 383,563 | | |
| 225,661 | |
| Magenta Buyer LLC, Super Priority | |
3M SOFR + 6.25% | |
07/27/2028 | |
| 142,199 | | |
| 144,644 | |
| Magenta Buyer LLC, Third Out | |
3M SOFR + 1.50% | |
07/27/2028 | |
| 119,507 | | |
| 40,163 | |
| McAfee Corp., Tranche B-2 | |
1M SOFR + 3.00% | |
03/01/2029 | |
| 2,521,018 | | |
| 2,520,388 | |
| Planview Parent, Inc., 2024-B Incremental | |
3M SOFR + 3.50% | |
12/17/2027 | |
| 1,564,133 | | |
| 1,573,533 | |
| Plusgrade, Inc., 2024 Replacement Initial | |
3M SOFR + 4.00% | |
03/03/2031 | |
| 646,079 | | |
| 649,310 | |
| Project Alpha Intermediate Holding, Inc., 2024 Incremental | |
1M SOFR + 3.25% | |
10/28/2030 | |
| 882,082 | | |
| 887,180 | |
| Project Boost Purchaser, LLC, Initial | |
3M SOFR + 3.50% | |
07/16/2031 | |
| 2,497,660 | | |
| 2,512,421 | |
| Quartz AcquireCo, LLC, Term B-1 | |
3M SOFR + 2.75% | |
06/28/2030 | |
| 1,979,950 | | |
| 1,992,325 | |
| RealPage, Inc., 2024-1 Incremental | |
3M SOFR + 3.75% | |
04/24/2028 | |
| 1,027,300 | | |
| 1,029,868 | |
| Skillsoft Finance II, Inc., Initial | |
1M SOFR + 5.25% | |
07/14/2028 | |
| 349,675 | | |
| 304,168 | |
| UKG, Inc., 2024 Refinancing | |
3M SOFR + 3.00% | |
02/10/2031 | |
| 1,016,698 | | |
| 1,023,144 | |
XAI Octagon Floating
Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2024
(Continued) (Unaudited)
| | |
Reference Rate &
Spread | |
Maturity Date | |
Principal Amount | | |
Value | |
| SENIOR SECURED FIRST LIEN LOANS - 75.65%(b)(Continued) | |
| |
| | |
| |
| Software - 6.12% (continued) | |
|
| Upland Software, Inc., Initial | |
1M SOFR + 3.75% | |
08/06/2026 | |
$ | 543,796 | | |
$ | 532,920 | |
| VS Buyer, LLC, 2024-1 Initial TL | |
1M SOFR + 2.75% | |
04/12/2031 | |
| 1,229,826 | | |
| 1,237,513 | |
| WebMD Health Corp. and MH SUB I, LLC, 2023 | |
1M SOFR + 4.25% | |
05/03/2028 | |
| 1,636,296 | | |
| 1,636,002 | |
| WebMD Health Corp. and MH SUB I, LLC, 2024 New TL | |
1M SOFR + 4.25% | |
12/01/2031 | |
| 103,132 | | |
| 102,133 | |
| Zodiac Purchaser, LLC, Term B | |
1M SOFR + 3.50% | |
12/13/2031 | |
| 1,055,472 | | |
| 1,050,194 | |
| | |
| |
| |
| | | |
| 30,241,109 | |
| Specialty Retail - 0.37% | |
| |
| |
| | | |
| | |
| Franchise Group, Inc., Initial(g) | |
6M SOFR + 4.75% | |
03/10/2026 | |
| 582,509 | | |
| 333,487 | |
| Franchise Group, Inc., New TL | |
1M SOFR + 9.00% | |
05/06/2025 | |
| 186,935 | | |
| 186,935 | |
| Franchise Group, Inc., Roll-Up TL | |
3M SOFR + 4.75% | |
05/06/2025 | |
| 87,559 | | |
| 60,416 | |
| Franchise Group, Inc., Third Amendment(g) | |
6M SOFR + 4.75% | |
03/10/2026 | |
| 320,126 | | |
| 183,272 | |
| Great Outdoors Group, LLC, Term B-2 Loans | |
1M SOFR + 3.75% | |
03/06/2028 | |
| 467,370 | | |
| 469,005 | |
| Needle Holdings LLC, Exchange TL | |
3M SOFR + 9.50% | |
04/28/2028 | |
| 567,479 | | |
| 425,609 | |
| Torrid LLC, Closing Date | |
3M SOFR + 5.50% | |
06/14/2028 | |
| 173,437 | | |
| 148,983 | |
| | |
| |
| |
| | | |
| 1,807,707 | |
| Textiles, Apparel & Luxury Goods - 1.35% | |
| |
| |
| | | |
| | |
| ABG Intermediate Holdings 2 LLC, 2024-1 Refinancing | |
1M SOFR + 2.25% | |
12/21/2028 | |
| 3,758,241 | | |
| 3,768,801 | |
| Champ Acquisition Corp., Initial | |
3M SOFR + 4.50% | |
11/25/2031 | |
| 351,999 | | |
| 354,051 | |
| Elevate Textiles, Inc., First Out | |
3M SOFR + 8.50% | |
09/30/2027 | |
| 242,002 | | |
| 244,725 | |
| Varsity Brands Holding Co, Inc., Initial | |
3M SOFR + 3.75% | |
08/26/2031 | |
| 2,328,294 | | |
| 2,328,876 | |
| | |
| |
| |
| | | |
| 6,696,453 | |
| Transportation Infrastructure - 0.31% | |
| |
| |
| | | |
| | |
| WWEX UNI TopCo Holdings, LLC, Repriced Initial TL | |
3M SOFR + 4.00% | |
07/26/2028 | |
| 1,527,727 | | |
| 1,535,152 | |
| Wireless Telecommunication Services - 0.37% | |
| |
| |
| | | |
| | |
| Victra Holdings LLC, Third Amendment Incremental | |
1M SOFR + 5.25% | |
03/31/2029 | |
| 1,814,127 | | |
| 1,834,536 | |
TOTAL SENIOR
SECURED FIRST LIEN LOANS
(Cost $376,268,515) | |
| |
| |
| | | |
| 374,117,191 | |
| | |
Shares | | |
Value | |
| COMMON STOCKS - 0.12%(h) | |
| | |
| |
| Jo-Ann, Inc. | |
| 379,111 | | |
| 379,111 | |
| Carestream Health, Inc. | |
| 873 | | |
| 2,291 | |
| CEC Brands, LLC | |
| 10,454 | | |
| 142,870 | |
| Elevate Textiles, Inc. | |
| 20,088 | | |
| 67,465 | |
| Marine One Holdco, LLC | |
| 5,865 | | |
| 6,598 | |
| Permian Production Partners | |
| 18,995 | | |
| 190 | |
TOTAL COMMON STOCKS
(Cost $122,585) | |
| | | |
| 598,525 | |
| | |
Subscription Price | | |
Expiration Date | |
Shares | | |
Value | |
| RIGHTS - 0.00% | |
| | |
| |
| | |
| |
| Casa Systems, Inc.(e)(h) | |
$ | 0.01 | | |
N/A | |
| 59,949 | | |
| – | |
TOTAL RIGHTS
(Cost $—) | |
| | | |
| |
| | | |
| – | |
| | |
Shares | | |
Value | |
| WARRANTS - 0.00% | |
| | |
| |
| Technology Hardware, Storage & Peripherals-- 0.00% | |
| | |
| |
| Mavenir Private Holdings II Ltd.(e)(h) | |
| 68,287 | | |
| – | |
TOTAL WARRANTS
(Cost $—) | |
| | | |
| – | |
XAI Octagon Floating
Rate & Alternative Income Trust
SCHEDULE OF INVESTMENTS
December 31, 2024
(Continued) (Unaudited)
| | |
Shares | | |
Value | |
| MONEY MARKET FUNDS - 4.14% | |
| | |
| |
Invesco Short Term Investments Trust Treasury Portfolio,
Institutional Class, 4.37% (7-day yield) | |
| 20,490,352 | | |
$ | 20,490,352 | |
| | |
| | | |
| | |
TOTAL MONEY MARKET FUNDS
(Cost $20,490,352) | |
| | | |
| 20,490,352 | |
| | |
| | | |
| | |
TOTAL INVESTMENTS - 165.02%
(Cost $857,489,592) | |
| | | |
| 816,096,825 | |
| | |
| | | |
| | |
| Liabilities in Excess of Other Assets - (2.81)% | |
| | | |
| (13,894,276 | ) |
| Preferred Shares (Net of $3,175,646 Deferred Financing Costs) - (14.50)% | |
| | | |
| (71,724,354 | ) |
| Leverage Facility (Net of $108,055 Deferred Leverage Costs) - (47.71)% | |
| | | |
| (235,941,945 | ) |
| NET ASSETS - 100.00% | |
| | | |
$ | 494,536,250 | |
All securities held as of December 31, 2024 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, 2024, these securities had an aggregate value of $418,497,916 or 84.62% of net assets. |
| (b) | Variable rate investment. Interest rates reset periodically.
Interest rate shown reflects the rate in effect at December 31, 2024. 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, 2024. |
| (d) | When-issued or delivery-delayed security. All or a portion
of this position has not settled as of December 31, 2024. 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 value of securities purchased on a when-issued or delivery-delayed basis was $443,127 as of December 31, 2024. |
| (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, 2024. |
| (g) | Security is in default. |
| (h) | Non-income producing security. |
Investment Abbreviations:
AB – Aktiebolag (Swedish: Limited Liability Company)
B.V. – Besloten Vennootschap (Dutch: Private Limited
Company)
GmbH – Gesellschaft mit beschränkter
Haftung (German: Limited Liability Company)
LLC – Limited Liability Company
LP – Limited Partnership
PLC – Public Limited Company
S.A. - Societe Anonyme (French: Public Limited Company)
S.a.r.l - Societe Anonyme a Responsabilite Limitee
(French: Limited Liability Company)
SOFR – Secured Overnight Financing Rate
Reference Rates:
1M SOFR as of December 31, 2024 was 4.53%
3M SOFR as of December 31, 2024 was 4.69%
6M SOFR as of December 31, 2024 was 5.03%
XAI Octagon Floating Rat... (NYSE:XFLT)
과거 데이터 주식 차트
부터 2월(2) 2025 으로 3월(3) 2025
XAI Octagon Floating Rat... (NYSE:XFLT)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025
