XAI 八角形浮動利率和替代收入信託
日程安排 的投資
2024年6月30日 (未經審計)
| 基準利率 & 價差 | 到期日 | 本金金額 | 數值 | |||||||||
| 抵押貸款債務 - 23.20%(a)(b) | ||||||||||||
| Anchorage Capital CLO 13 LLC | 300萬美元SOFR + 7.00% | 04/15/2034 | $ | 1,500,000 | $ | 1,500,127 | ||||||
| Anchorage Capital CLO 16有限公司。 | 300萬美元SOFR + 7.61% | 01/19/2035 | 2,000,000 | 1,966,289 | ||||||||
| Anchorage Capital CLO 17有限公司。 | 300萬美元SOFR + 7.12% | 07/15/2034 | 1,250,000 | 1,227,237 | ||||||||
| Anchorage Capital CLO 19有限公司。 | 300萬美元SOFR + 7.51% | 10/15/2034 | 1,000,000 | 878,571 | ||||||||
| Anchorage Capital CLO 21有限公司。 | 300萬美元的SOFR + 7.61% | 10/20/2034 | 500,000 | 497,082 | ||||||||
| Anchorage Capital CLO 9 Ltd. | 300萬美元的SOFR + 7.08% | 07/15/2032 | 2,000,000 | 1,969,040 | ||||||||
| Apidos CLO XLV Ltd. | 300萬美元的SOFR + 8.40% | 04/26/2036 | 500,000 | 523,793 | ||||||||
| Apidos CLO XXVII | 300萬美元的SOFR + 6.66% | 07/17/2030 | 375,000 | 375,023 | ||||||||
| ARES LI CLO Ltd. | 300萬聯儲局SOFR利率+7.11% | 07/15/2034 | 4,250,000 | 4,291,523 | ||||||||
| Ares LV CLO有限公司 | 300萬聯儲局SOFR利率+6.61% | 07/15/2034 | 1,525,000 | 1,531,352 | ||||||||
| Atrium XIV有限責任公司 | 300萬聯儲局SOFR利率+5.91% | 08/23/2030 | 500,000 | 501,101 | ||||||||
| Ballyrock CLO 20有限公司 | 300萬聯儲局SOFR利率+7.25% | 07/15/2034 | 4,000,000 | 4,030,720 | ||||||||
| Battalion CLO XXI有限公司 | 300萬 SOFR加上6.72% | 07/15/2034 | 1,000,000 | 904,683 | ||||||||
| 利益街合作伙伴CLO XVII有限公司 | 300萬 SOFR加上6.61% | 07/15/2032 | 1,100,000 | 1,099,441 | ||||||||
| 利益街合作伙伴CLO XXIII有限公司 | 300萬 SOFR加上7.07% | 04/25/2034 | 1,500,000 | 1,506,360 | ||||||||
| 利益街合作伙伴CLO XXIV有限公司 | 300萬 SOFR加上6.87% | 10/20/2034 | 1,000,000 | 999,560 | ||||||||
| 利益街合作伙伴CLO XXIX有限公司 | 300萬美元SOFR + 7.81% | 01/25/2036 | 1,750,000 | 1,811,711 | ||||||||
| Benefit Street Partners CLO XXVIII Ltd. | 300萬美元SOFR + 7.59% | 10/20/2035 | 2,000,000 | 2,026,871 | ||||||||
| Benefit Street Partners CLO XXXII Ltd. | 300萬美元SOFR + 7.35% | 10/25/2036 | 2,400,000 | 2,472,326 | ||||||||
| CIFC Funding 2015-I Ltd. | 300萬美元SOFR + 6.26% | 01/22/2031 | 500,000 | 499,202 | ||||||||
| CIFC Funding 2018-I Ltd. | 300萬SOFR + 5.26% | 04/18/2031 | 1,750,000 | 1,734,433 | ||||||||
| CIFC資金2019-II有限公司 | 300萬SOFR + 6.85% | 04/17/2034 | 1,500,000 | 1,507,760 | ||||||||
| CIFC資金2019-III有限公司 | 300萬SOFR + 7.06% | 10/16/2034 | 2,750,000 | 2,758,249 | ||||||||
| CIFC資金2019-V有限公司 | 300萬SOFR + 7.04% | 01/15/2035 | 1,000,000 | 1,003,717 | ||||||||
| CIFC資金2019-VI有限公司 | 300萬SOFR + 6.25％ | 07/16/2037 | 700,000 | 700,473 | ||||||||
| CIFC資金2022-I有限 | 300萬SOFR + 6.40％ | 04/17/2035 | 2,000,000 | 2,006,801 | ||||||||
| CIFC資金2022-III有限 | 300萬SOFR + 7.27％ | 04/21/2035 | 850,000 | 854,187 | ||||||||
| Clover CLO 2019-1有限 | 300萬SOFR + 6.70％ | 04/18/2035 | 2,000,000 | 2,009,215 | ||||||||
| Clover CLO 2021-3有限責任公司 | 300萬SOFR + 6.72% | 01/25/2035 | 1,000,000 | 999,998 | ||||||||
| Elmwood CLO VI Ltd. | 300萬SOFR + 6.76% | 10/20/2034 | 1,750,000 | 1,758,570 | ||||||||
| Elmwood CLO VI Ltd. | 300萬SOFR + 5.90% | 07/18/2037 | 1,750,000 | 1,750,000 | ||||||||
| Elmwood CLO VII Ltd. | 300萬SOFR + 7.50% | 01/17/2034 | 2,000,000 | 1,950,182 | ||||||||
| Elmwood CLO XI Ltd. | 300萬美元SOFR + 6.26% | 10/20/2034 | 750,000 | 752,172 | ||||||||
| HPS貸款管理11-2017有限公司。 | 300萬美元SOFR + 8.11% | 05/06/2030 | 1,000,000 | 500,300 | ||||||||
| Madison Park Funding LX有限公司。 | 300萬美元SOFR + 8.95% | 10/25/2035 | 1,250,000 | 1,280,616 | ||||||||
| Madison Park Funding LXIII有限公司。 | 300萬美元SOFR + 8.57% | 04/21/2035 | 1,250,000 | 1,307,972 | ||||||||
| Madison Park Funding XLVI有限公司。 | 300萬美元SOFR+6.51% | 10/15/2034 | 550,000 | 552,774 | ||||||||
| Madison Park資金XLVIII有限公司。 | 300萬美元SOFR+6.51% | 04/19/2033 | 1,500,000 | 1,504,295 | ||||||||
| Madison Park資金XVII有限公司。 | 300萬美元SOFR+7.74% | 07/21/2030 | 1,000,000 | 935,034 | ||||||||
| Madison Park資金XXVII有限公司。 | 300萬美元SOFR+5.26% | 04/20/2030 | 1,500,000 | 1,489,090 | ||||||||
| Madison Park資金XXXVII有限公司。 | 300萬SOFR + 6.60% | 04/15/2037 | 750,000 | 772,867 | ||||||||
| 磁鐵礦XXIV有限公司 | 300萬SOFR + 6.40% | 04/15/2035 | 500,000 | 501,942 | ||||||||
| 諾伯格曼貝爾曼貸款顧問CLO 24有限公司 | 300萬SOFR + 6.28% | 04/19/2030 | 1,000,000 | 1,001,753 | ||||||||
| 諾伯格曼貝爾曼貸款顧問CLO 27有限公司 | 300萬SOFR + 6.75% | 07/15/2038 | 2,000,000 | 2,000,000 | ||||||||
| 諾伯格曼貝爾曼貸款顧問CLO 32有限公司 | 300萬SOFR + 6.36% | 01/20/2032 | 1,500,000 | 1,503,098 | ||||||||
| Neuberger Berman Loan Advisers CLO 40 Ltd. | 300萬SOFR + 6.11% | 04/16/2033 | 1,670,000 | 1,671,438 | ||||||||
| Neuberger Berman Loan Advisers CLO 47 Ltd. | 300萬SOFR + 6.25% | 04/14/2035 | 1,000,000 | 1,002,787 | ||||||||
| OHA Credit Funding 12 Ltd. | 300萬SOFR + 8.00% | 07/20/2036 | 2,000,000 | 2,071,684 | ||||||||
| OHA Credit Funding 2 Ltd. | 300萬SOFR+6.62% | 04/21/2034 | 1,000,000 | 1,004,870 | ||||||||
| OHA信貸融資5有限公司 | 300萬SOFR+6.51% | 04/18/2033 | 1,000,000 | 1,005,128 | ||||||||
| OHA信貸融資7有限公司 | 300萬SOFR+6.25% | 02/24/2037 | 900,000 | 902,578 | ||||||||
| OHA信貸融資9有限公司 | 300萬SOFR+6.51% | 07/19/2035 | 1,000,000 | 1,001,896 | ||||||||
| Rad CLO 10有限公司 | 300萬美國隔夜再融資利率(SOFR) + 6.11% | 04/23/2034 | 2,000,000 | 1,982,982 | ||||||||
| Rad CLO 11 有限公司 | 300萬美國隔夜再融資利率(SOFR) + 6.51% | 04/15/2034 | 1,300,000 | 1,299,207 | ||||||||
| Rad CLO 12 有限公司 | 300萬美國隔夜再融資利率(SOFR) + 6.61% | 10/30/2034 | 2,000,000 | 2,009,590 | ||||||||
| Rad CLO 4 有限公司 | 300萬美國隔夜再融資利率(SOFR) + 6.50% | 04/25/2032 | 2,300,000 | 2,295,682 | ||||||||
| Regatta VII融資有限公司 | 300萬美國同業拆借利率（SOFR）+6.66% | 06/20/2034 | 1,000,000 | 983,975 | ||||||||
| Regatta VIII 融資有限公司。 | 300萬美國同業拆借利率（SOFR）+7.00% | 04/17/2037 | 500,000 | 499,936 | ||||||||
| Regatta XII 融資有限公司。 | 300萬美國同業拆借利率（SOFR）+6.61% | 10/15/2032 | 500,000 | 502,117 | ||||||||
| Regatta XIV 融資有限公司。 | 300萬美國同業拆借利率（SOFR）+6.21% | 10/25/2031 | 750,000 | 745,274 | ||||||||
| Regatta XIX 融資有限公司。 | 300萬美元SOFR + 6.88% | 04/20/2035 | 750,000 | 756,449 | ||||||||
| Regatta XVI資金有限公司。 | 300萬美元SOFR + 7.26% | 01/15/2033 | 1,400,000 | 1,406,228 | ||||||||
1
| XAI Octagon 浮動利率和另類收入信託 |
| 投資計劃表 |
| 2024年6月30日（續）（未經審計） |
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| COLLATERALIZED LOAN OBLIGATIONS DEBT - 23.20%(a)(b)(Continued) | ||||||||||||
| Regatta XVIII Funding Ltd. | 3M SOFR + 6.21% | 01/15/2034 | $ | 2,375,000 | $ | 2,375,832 | ||||||
| Regatta XXII Funding Ltd. | 3M SOFR + 7.19% | 07/20/2035 | 1,350,000 | 1,358,946 | ||||||||
| Regatta XXIII Funding Ltd. | 3M SOFR + 6.96% | 01/20/2035 | 2,750,000 | 2,759,708 | ||||||||
| Regatta XXIV Funding Ltd. | 3M SOFR + 7.06% | 01/20/2035 | 250,000 | 251,024 | ||||||||
| RR 19 Ltd. | 3M SOFR + 6.76% | 10/15/2035 | 500,000 | 502,388 | ||||||||
| Sound Point CLO II Ltd. | 3M SOFR + 5.76% | 01/26/2031 | 250,000 | 215,869 | ||||||||
| Sound Point CLO XVIII Ltd. | 3M SOFR + 5.76% | 01/21/2031 | 500,000 | 351,160 | ||||||||
| Symphony CLO XXI Ltd. | 3M SOFR + 6.86% | 07/15/2032 | 1,000,000 | 997,718 | ||||||||
| Symphony CLO XXIV Ltd. | 3M SOFR + 7.26% | 01/23/2032 | 1,000,000 | 1,011,149 | ||||||||
| THL Credit Wind River 2017-1 CLO Ltd. | 3M SOFR + 7.32% | 04/18/2036 | 1,500,000 | 1,420,307 | ||||||||
| Voya CLO 2020-2 Ltd. | 3M SOFR + 6.66% | 07/19/2034 | 1,125,000 | 1,128,400 | ||||||||
| Wind River 2021-3 CLO Ltd. | 3M SOFR + 6.86% | 07/20/2033 | 1,000,000 | 960,721 | ||||||||
| TOTAL
COLLATERALIZED LOAN OBLIGATIONS DEBT (Cost $96,643,206) | 98,222,553 | |||||||||||
| Estimated Yield | Maturity Date | Principal Amount | Value | ||||||||||
| COLLATERALIZED LOAN OBLIGATIONS EQUITY - 61.33%(a)(c) | |||||||||||||
| AIMCO CLO 16 Ltd. | 18.57% | 01/17/2035 | 1,812,000 | 1,395,240 | |||||||||
| ALM 2020 Ltd. | 7.57% | 10/15/2029 | 5,000,000 | 581,800 | |||||||||
| Anchorage Capital CLO 13 LLC | 14.79% | 04/15/2034 | 7,000,000 | 3,798,900 | |||||||||
| Anchorage Capital CLO 15 Ltd. | 26.37% | 07/20/2034 | 1,783,000 | 1,103,142 | |||||||||
| Anchorage Capital CLO 16 Ltd. | 11.46% | 01/19/2035 | 2,500,000 | 1,175,750 | |||||||||
| Anchorage Capital CLO 18 Ltd. | 14.04% | 04/15/2034 | 850,000 | 437,835 | |||||||||
| Anchorage Capital CLO 19 Ltd. | 11.97% | 10/15/2034 | 7,000,000 | 2,928,800 | |||||||||
| Anchorage Capital CLO 1-R Ltd. | 10.50% | 04/13/2031 | 4,150,000 | 291,745 | |||||||||
| Anchorage Capital CLO 20 Ltd. | 10.75% | 01/20/2035 | 1,750,000 | 802,375 | |||||||||
| Anchorage Capital CLO 3-R Ltd. | 8.45% | 01/28/2031 | 1,400,000 | 413,196 | |||||||||
| Anchorage Capital CLO 7 Ltd. | 18.89% | 01/28/2031 | 1,750,000 | 490,525 | |||||||||
| Apidos CLO XLVIII Ltd.(d) | 15.36% | 07/25/2037 | 9,000,000 | 8,325,000 | |||||||||
| Apidos CLO XXVII | 4.20% | 07/17/2030 | 1,300,000 | 233,727 | |||||||||
| ARES LI CLO Ltd. | 14.35% | 07/15/2034 | 1,699,959 | 810,370 | |||||||||
| ARES LI CLO Ltd. | 14.00% | 07/15/2034 | 2,646,041 | 1,261,368 | |||||||||
| Ares LIX CLO Ltd. | 28.05% | 04/25/2034 | 3,500,000 | 2,331,350 | |||||||||
| Ares LVIII CLO Ltd.(d) | 22.98% | 01/15/2035 | 8,600,000 | 5,633,000 | |||||||||
| Ares XLI CLO Ltd. | 14.26% | 04/15/2034 | 2,343,500 | 880,453 | |||||||||
| ARES XLIV CLO Ltd. | 22.41% | 04/15/2034 | 6,288,428 | 1,888,415 | |||||||||
| Ballyrock CLO 19 Ltd.(d) | 22.48% | 04/20/2035 | 4,200,000 | 2,626,680 | |||||||||
| Battalion CLO XV Ltd. | 14.96% | 01/17/2033 | 4,500,000 | 2,036,700 | |||||||||
| Battalion CLO XVI Ltd. | 11.49% | 12/19/2032 | 3,500,000 | 1,483,650 | |||||||||
| Benefit Street Partners CLO XXIII Ltd. | 20.68% | 04/25/2034 | 5,000,000 | 3,955,000 | |||||||||
| Benefit Street Partners CLO XXV Ltd. | 22.12% | 01/15/2035 | 5,250,000 | 4,095,000 | |||||||||
| Benefit Street Partners CLO XXVII Ltd.(d) | 14.11% | 07/20/2035 | 2,000,000 | 2,179,800 | |||||||||
| Benefit Street Partners CLO XXXIV Ltd. | 16.01% | 07/25/2037 | 4,700,000 | 4,434,450 | |||||||||
| Carbone CLO Ltd. | 12.91% | 01/20/2031 | 7,850,000 | 1,952,411 | |||||||||
| CARLYLE US CLO 2019-4 Ltd. | 19.45% | 04/15/2035 | 8,740,000 | 6,411,664 | |||||||||
| CARLYLE US CLO 2021-4 Ltd. | 21.62% | 04/20/2034 | 1,000,000 | 699,700 | |||||||||
| CARLYLE US CLO 2021-5 Ltd. | 14.58% | 07/20/2034 | 4,000,000 | 2,449,600 | |||||||||
| CIFC Funding 2017-III Ltd. | 6.48% | 07/20/2030 | 1,400,000 | 577,360 | |||||||||
| CIFC Funding 2017-V Ltd. | 7.55% | 11/16/2030 | 4,500,000 | 1,587,690 | |||||||||
| CIFC Funding 2018-I Ltd. | 11.98% | 04/18/2031 | 3,250,000 | 1,188,406 | |||||||||
| CIFC Funding 2018-III Ltd. | 16.33% | 07/18/2031 | 3,000,000 | 1,040,541 | |||||||||
| CIFC Funding 2019-III Ltd. | 19.59% | 10/16/2034 | 750,000 | 571,575 | |||||||||
| CIFC Funding 2019-V Ltd. | 20.03% | 01/15/2035 | 2,500,000 | 1,873,000 | |||||||||
| CIFC Funding 2019-V Ltd. | 21.37% | 01/15/2035 | 1,000,000 | 749,200 | |||||||||
| CIFC Funding 2020-II Ltd. | 27.07% | 10/20/2034 | 1,000,000 | 738,400 | |||||||||
| CIFC Funding 2020-III Ltd. | 20.73% | 10/20/2034 | 150,000 | 114,285 | |||||||||
| CIFC Funding 2021-II Ltd. | 18.76% | 04/15/2034 | 4,750,000 | 3,470,825 | |||||||||
| CIFC Funding 2021-VII Ltd. | 19.09% | 01/23/2035 | 1,000,000 | 739,000 | |||||||||
| CIFC Funding 2022-IV Ltd. | 20.23% | 07/16/2035 | 2,500,000 | 2,005,000 | |||||||||
| Clover CLO 2019-1 Ltd. | 21.24% | 04/18/2035 | 8,339,200 | 6,177,679 | |||||||||
| Clover CLO 2021-3 LLC | 21.39% | 01/25/2035 | 5,500,000 | 4,177,800 | |||||||||
| Dryden 43 Senior Loan Fund | 13.40% | 04/20/2034 | 3,000,000 | 1,154,100 | |||||||||
2
| XAI Octagon Floating Rate & Alternative Income Trust |
| SCHEDULE OF INVESTMENTS |
| June 30, 2024 (Continued) (Unaudited) |
| Estimated Yield | Maturity Date | Principal Amount | Value | ||||||||||
| COLLATERALIZED LOAN OBLIGATIONS EQUITY - 61.33%(a)(c)(Continued) | |||||||||||||
| Dryden 87 CLO Ltd. | 14.99% | 05/20/2034 | $ | 2,000,000 | $ | 1,105,600 | |||||||
| Dryden 95 CLO Ltd. | 15.59% | 08/20/2034 | 1,750,000 | 915,600 | |||||||||
| Elmwood CLO 14 Ltd. | 22.66% | 04/20/2035 | 10,000,000 | 7,371,000 | |||||||||
| Elmwood CLO I Ltd. | 22.03% | 10/20/2033 | 6,000,000 | 4,963,200 | |||||||||
| Elmwood CLO II Ltd. | 18.53% | 04/20/2034 | 6,500,000 | 4,815,850 | |||||||||
| Elmwood CLO III Ltd. | 18.26% | 10/20/2034 | 5,250,000 | 3,649,275 | |||||||||
| Elmwood CLO VII Ltd. | 19.02% | 01/17/2034 | 8,350,000 | 4,959,900 | |||||||||
| Galaxy 33 CLO Ltd.(d) | 19.06% | 04/20/2037 | 2,000,000 | 1,726,600 | |||||||||
| Generate CLO 12 Ltd. | 16.75% | 07/20/2036 | 8,000,000 | 6,356,800 | |||||||||
| Generate CLO 3 Ltd. | 18.48% | 10/20/2029 | 7,008,000 | 4,073,050 | |||||||||
| Invesco CLO 2021-1 Ltd. | 18.77% | 04/15/2034 | 3,000,000 | 1,733,100 | |||||||||
| Invesco CLO Ltd. | 15.61% | 07/15/2034 | 5,000,000 | 2,493,500 | |||||||||
| Invesco CLO Ltd.(d)(e) | N/A | 07/15/2034 | 500,000 | 109,138 | |||||||||
| Madison Park Funding XVIII Ltd. | 13.63% | 10/21/2030 | 4,000,000 | 1,346,240 | |||||||||
| Madison Park Funding XX Ltd. | 16.71% | 07/27/2030 | 1,740,000 | 451,950 | |||||||||
| Madison Park Funding XXIX Ltd. | 13.51% | 10/18/2047 | 3,750,000 | 1,524,441 | |||||||||
| Madison Park Funding XXVIII Ltd. | 15.09% | 07/15/2030 | 5,000,000 | 2,090,041 | |||||||||
| Madison Park Funding XXXVII Ltd. | 18.93% | 04/15/2037 | 6,148,815 | 4,678,018 | |||||||||
| Neuberger Berman Loan Advisers CLO 54 Ltd. | 16.40% | 04/23/2038 | 3,465,000 | 3,331,944 | |||||||||
| Neuberger Berman Loan Advisers CLO 55 Ltd. | 15.51% | 04/22/2038 | 4,600,000 | 4,226,020 | |||||||||
| Niagara Park CLO Ltd. | 17.98% | 07/17/2032 | 2,648,000 | 1,486,322 | |||||||||
| NYACK Park CLO Ltd. | 17.97% | 10/20/2034 | 1,000,000 | 730,400 | |||||||||
| Oak Hill Credit Partners X-R Ltd. | 18.58% | 04/20/2034 | 9,091,692 | 4,088,534 | |||||||||
| OHA Credit Partners XI Ltd. | 20.23% | 04/20/2037 | 4,003,000 | 2,589,140 | |||||||||
| OHA Credit Partners XII Ltd. | 11.45% | 04/23/2037 | 13,537,295 | 8,294,301 | |||||||||
| OHA Credit Partners XIII Ltd. | 23.22% | 10/21/2034 | 1,600,000 | 1,152,000 | |||||||||
| Palmer Square CLO 2024-2 Ltd.(d) | 14.82% | 07/20/2037 | 4,000,000 | 3,632,380 | |||||||||
| Palmer Square CLO 2024-2 Ltd. Warehouse(d)(f) | N/A | 09/30/2024 | 3,632,381 | 3,632,381 | |||||||||
| Point Au Roche Park CLO Ltd. | 15.49% | 07/20/2034 | 5,000,000 | 3,156,000 | |||||||||
| Rad CLO 12 Ltd. | 24.69% | 10/30/2034 | 4,500,000 | 2,912,400 | |||||||||
| Recette CLO Ltd. | 11.24% | 04/20/2034 | 10,400,000 | 2,760,160 | |||||||||
| Recette CLO Ltd.(d)(e) | N/A | 04/20/2034 | 10,400,000 | 84,293 | |||||||||
| Regatta XIX Funding Ltd. | 22.25% | 04/20/2035 | 6,017,000 | 5,610,251 | |||||||||
| Regatta XVIII Funding Ltd. | 16.45% | 01/15/2034 | 7,175,322 | 5,211,436 | |||||||||
| Regatta XXIV Funding Ltd. | 14.55% | 01/20/2035 | 5,000,000 | 3,362,500 | |||||||||
| Regatta XXVII Funding Ltd. | 17.38% | 04/26/2037 | 6,000,000 | 5,284,200 | |||||||||
| Rockland Park CLO Ltd.(d) | 138.86% | 04/20/2034 | 9,750,000 | 27,653 | |||||||||
| Rockland Park CLO Ltd.(d) | 570.36% | 04/20/2034 | 9,750,000 | 171,147 | |||||||||
| Rockland Park CLO Ltd. | 16.78% | 04/20/2034 | 9,750,000 | 6,039,150 | |||||||||
| RR 19 Ltd.(d) | 17.98% | 10/15/2035 | 7,500,000 | 6,001,500 | |||||||||
| RR 2 Ltd. | 22.62% | 10/15/2117 | 9,358,000 | 5,123,505 | |||||||||
| RR 25 Ltd.(d) | 16.94% | 10/15/2037 | 9,780,000 | 8,089,038 | |||||||||
| Sixth Street CLO XVI Ltd.(d) | 17.33% | 10/20/2032 | 8,000,000 | 4,557,600 | |||||||||
| Sixth Street CLO XVII Ltd. | 14.34% | 01/20/2034 | 1,100,000 | 760,980 | |||||||||
| Sixth Street CLO XXIV Ltd. | 14.01% | 04/23/2037 | 7,500,000 | 6,132,000 | |||||||||
| Sixth Street CLO XXV Ltd.(d) | 15.96% | 07/24/2037 | 7,000,000 | 5,887,000 | |||||||||
| THL Credit Wind River 2018-2 CLO Ltd. | 6.23% | 07/15/2030 | 3,031,000 | 558,564 | |||||||||
| THL Credit Wind River 2018-3 CLO Ltd. | 12.80% | 01/20/2031 | 3,000,000 | 1,216,200 | |||||||||
| Thompson Park CLO Ltd. | 23.88% | 04/15/2034 | 4,000,000 | 3,195,200 | |||||||||
| Unity-Peace Park CLO Ltd. | 19.05% | 04/20/2035 | 4,000,000 | 2,736,400 | |||||||||
| TOTAL COLLATERALIZED LOAN OBLIGATIONS EQUITY (Cost $292,880,865) | 259,676,409 | ||||||||||||
| Coupon | Maturity Date | Principal Amount | Value | ||||||||||
CORPORATE BONDS - 4.18% Chemicals - 0.27% | |||||||||||||
| Herens Holdco S.a.r.l., Senior Secured Bond(a) | 4.75% | 05/15/2028 | 444,000 | 384,758 | |||||||||
| Illuminate Buyer LLC, Senior Unsecured Bond(a) | 9.00% | 07/01/2028 | 750,000 | 756,960 | |||||||||
| 1,141,718 | |||||||||||||
| Diversified Consumer Services - 0.11% | |||||||||||||
| Sabre GLBL, Inc., Senior Secured Bond(a) | 11.25% | 12/15/2027 | 461,000 | 449,079 | |||||||||
3
| XAI Octagon Floating Rate & Alternative Income Trust |
| SCHEDULE OF INVESTMENTS |
| June 30, 2024 (Continued) (Unaudited) |
| Coupon | Maturity Date | Principal Amount | Value | ||||||||||
CORPORATE BONDS - 4.18%(Continued) Diversified Telecommunication Services - 0.53% | |||||||||||||
| Altice Financing S.A., Senior Secured Bond(a) | 5.75% | 08/15/2029 | $ | 1,197,000 | $ | 869,321 | |||||||
| Altice France S.A., Senior Secured Bond(a) | 5.50% | 10/15/2029 | 667,000 | 439,440 | |||||||||
| Consolidated Communications, Inc., Senior Secured Bond(a) | 5.00% | 10/01/2028 | 1,125,000 | 933,148 | |||||||||
| 2,241,909 | |||||||||||||
| Electric Utilities - 0.23% | |||||||||||||
| PG&E Corp., Senior Secured Bond | 5.00% | 07/01/2028 | 1,000,000 | 962,100 | |||||||||
| Electronic Equipment, Instruments & Components - 0.03% | |||||||||||||
| Coherent Corp., Senior Unsecured Bond(a) | 5.00% | 12/15/2029 | 146,000 | 138,203 | |||||||||
| Health Care Equipment & Supplies - 0.17% | |||||||||||||
| Medline Borrower, LP, Senior Secured Bond(a) | 3.88% | 04/01/2029 | 727,000 | 668,840 | |||||||||
| Medline Borrower, LP, Senior Unsecured Bond(a) | 5.25% | 10/01/2029 | 62,000 | 59,112 | |||||||||
| 727,952 | |||||||||||||
| Health Care Providers & Services - 0.14% | |||||||||||||
| LifePoint Health, Inc., Senior Secured Bond(a) | 9.88% | 08/15/2030 | 552,000 | 588,305 | |||||||||
| Health Care Technology - 0.31% | |||||||||||||
| AthenaHealth Group, Inc., Senior Unsecured Bond(a) | 6.50% | 02/15/2030 | 1,411,000 | 1,297,725 | |||||||||
| Hotels, Restaurants & Leisure - 0.47% | |||||||||||||
|
CEC Entertainment, LLC, Senior Secured Bond(a) | 6.75% | 05/01/2026 | 470,000 | 466,508 | |||||||||
| Fertitta Entertainment LLC, Senior Unsecured Bond(a) | 6.75% | 01/15/2030 | 328,000 | 287,379 | |||||||||
| Hilton Grand Vacations Borrower Escrow LLC, Senior Unsecured Bond(a) | 5.00% | 06/01/2029 | 529,000 | 494,128 | |||||||||
| Scientific Games Holdings LP, Senior Unsecured Bond(a) | 6.63% | 03/01/2030 | 205,000 | 199,875 | |||||||||
| SeaWorld Parks & Entertainment, Inc., Senior Unsecured Bond(a) | 5.25% | 08/15/2029 | 600,000 | 567,000 | |||||||||
| 2,014,890 | |||||||||||||
| Industrial Conglomerates - 0.35% | |||||||||||||
|
APi Group DE, Inc., Senior Unsecured Bond(a) | 4.75% | 10/15/2029 | 1,034,000 | 966,335 | |||||||||
| MajorDrive Holdings IV, LLC, Senior Unsecured Bond(a) | 6.38% | 06/01/2029 | 545,000 | 512,845 | |||||||||
| 1,479,180 | |||||||||||||
| Insurance - 0.26% | |||||||||||||
|
Acrisure LLC, Senior Unsecured Bond(a) | 8.50% | 06/15/2029 | 400,000 | 404,120 | |||||||||
| Alliant Holdings Intermediate, LLC, Senior Secured Bond(a) | 4.25% | 10/15/2027 | 750,000 | 702,895 | |||||||||
| 1,107,015 | |||||||||||||
| Machinery - 0.11% | |||||||||||||
|
Chart Industries, Inc., Senior Secured Bond(a) | 7.50% | 01/01/2030 | 472,000 | 488,260 | |||||||||
| Oil, Gas & Consumable Fuels - 0.03% | |||||||||||||
| New Fortress Energy, Inc., Senior Secured Bond(a) | 8.75% | 03/15/2029 | 123,000 | 112,540 | |||||||||
| Professional Services - 0.48% | |||||||||||||
| Conduent Business Services LLC, Senior Secured Bond(a) | 6.00% | 11/01/2029 | 2,176,000 | 2,028,126 | |||||||||
| Software - 0.24% | |||||||||||||
| McAfee Corp., Senior Unsecured Bond(a) | 7.38% | 02/15/2030 | 1,102,000 | 1,020,728 | |||||||||
| Transportation Infrastructure - 0.45% | |||||||||||||
| Uber Technologies, Inc., Senior Unsecured Bond(a) | 4.50% | 08/15/2029 | 2,000,000 | 1,909,066 | |||||||||
| TOTAL CORPORATE BONDS (Cost $18,703,410) | 17,706,796 | ||||||||||||
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SECURED SECOND LIEN LOANS - 1.51%(b) | ||||||||||||
| Aerospace & Defense - 0.47% | ||||||||||||
| Amentum Government Services Holdings, LLC, Tranche 2 | 1M SOFR + 7.50% | 02/15/2030 | 2,016,807 | 2,011,765 | ||||||||
| Air Freight & Logistics - 0.13% | ||||||||||||
| Lasership, Inc. (ASP LS Acquisition Corp.), Initial | 3M SOFR + 7.50% | 05/07/2029 | 745,852 | 533,903 | ||||||||
| Building Products - 0.11% | ||||||||||||
| Icebox Holdco III, Inc., Initial | 3M SOFR + 6.75% | 12/21/2029 | 468,750 | 473,437 | ||||||||
| Commercial Services & Supplies - 0.19% | ||||||||||||
| AVSC Holding Corp., Initial | 1M SOFR + 7.25% | 09/01/2025 | 805,556 | 789,952 | ||||||||
| Communications Equipment - 0.08% | ||||||||||||
| Global Tel*Link Corp., TL | 1M SOFR + 10.00% | 11/29/2026 | 347,222 | 331,424 | ||||||||
| MLN US Holdco LLC, Term B-1 | 3M SOFR + 6.70% | 10/18/2027 | 128,761 | 19,314 | ||||||||
| 350,738 | ||||||||||||
4
| XAI Octagon Floating Rate & Alternative Income Trust |
| SCHEDULE OF INVESTMENTS |
| June 30, 2024 (Continued) (Unaudited) |
Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SECURED SECOND LIEN LOANS - 1.51%(b)(Continued) | ||||||||||||
| Construction & Engineering - 0.07% | ||||||||||||
| DG Investment Intermediate Holdings 2, Inc., Initial | 1M SOFR + 6.75% | 03/30/2029 | $ | 292,804 | $ | 285,484 | ||||||
| Diversified Consumer Services - 0.02% | ||||||||||||
| TruGreen LP, Initial | 3M SOFR + 8.50% | 11/02/2028 | 125,392 | 95,925 | ||||||||
| Diversified Financial Services - 0.06% | ||||||||||||
| Nexus Buyer LLC, Initial | 1M SOFR + 6.25% | 11/05/2029 | 245,536 | 244,124 | ||||||||
| Electronic Equipment, Instruments & Components - 0.01% | ||||||||||||
| Infinite Bidco LLC., Initial | 3M SOFR + 7.00% | 03/02/2029 | 69,869 | 58,573 | ||||||||
| Insurance - 0.24% | ||||||||||||
| Asurion, LLC, New B-4 | 1M SOFR + 5.25% | 01/20/2029 | 1,104,603 | 1,015,892 | ||||||||
| Software - 0.13% | ||||||||||||
| Ascend Learning, LLC, Initial | 1M SOFR + 5.75% | 12/10/2029 | 231,482 | 225,810 | ||||||||
| DCert Buyer, Inc., First Amendment Refinancing | 1M SOFR + 7.00% | 02/19/2029 | 156,627 | 138,849 | ||||||||
| EagleView Technology Corp., TL | 3M SOFR + 7.50% | 08/14/2026 | 198,167 | 172,406 | ||||||||
| 537,065 | ||||||||||||
| TOTAL SECURED SECOND LIEN LOANS (Cost $6,868,637) | 6,396,858 | |||||||||||
| Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.32%(b) | ||||||||||||
| Aerospace & Defense - 1.57% | ||||||||||||
| Amentum Government Services Holdings, LLC, Tranche 3 | 1M SOFR + 4.00% | 02/15/2029 | 1,379,588 | 1,384,182 | ||||||||
| Chromalloy Corp., Initial | 1M SOFR + 3.75% | 03/27/2031 | 1,974,521 | 1,976,989 | ||||||||
| Dynasty Acquisition Co., Inc., 2024 Specified Refinancing Term B-1 | 1M SOFR + 3.50% | 08/24/2028 | 562,693 | 564,387 | ||||||||
| Dynasty Acquisition Co., Inc., 2024 Specified Refinancing Term B-2 | 1M SOFR + 3.50% | 08/24/2028 | 216,996 | 217,650 | ||||||||
| Peraton Corp., Term B | 1M SOFR + 3.75% | 02/01/2028 | 1,322,802 | 1,322,247 | ||||||||
| Spirit AeroSystems, Inc., Initial | 3M SOFR + 4.25% | 01/15/2027 | 112,650 | 113,241 | ||||||||
| Transdigm, Inc., Tranche J | 3M SOFR + 3.25% | 02/28/2031 | 1,085,570 | 1,087,741 | ||||||||
| 6,666,437 | ||||||||||||
| Air Freight & Logistics - 0.77% | ||||||||||||
| Apple Bidco, LLC, Amendment No.1 | 1M SOFR + 3.50% | 09/22/2028 | 527,408 | 528,267 | ||||||||
| Brown Group Holding, LLC, 2022 Incremental B-2 | 3M SOFR + 3.00% | 07/02/2029 | 137,442 | 137,270 | ||||||||
| Brown Group Holding, LLC, Initial | 1M SOFR + 2.75% | 06/07/2028 | 782,207 | 781,135 | ||||||||
| Lasership, Inc. (ASP LS Acquisition Corp.), 2023 Incremental | 6M SOFR + 7.00% | 09/29/2027 | 497,500 | 482,575 | ||||||||
| Lasership, Inc. (ASP LS Acquisition Corp.), Initial | 3M SOFR + 4.50% | 05/07/2028 | 1,550,533 | 1,312,790 | ||||||||
| 3,242,037 | ||||||||||||
| Airlines - 0.33% | ||||||||||||
| United Air Lines, Inc., Class B | 1M SOFR + 2.75% | 02/22/2031 | 1,394,469 | 1,395,710 | ||||||||
| Auto Components - 1.18% | ||||||||||||
| Clarios Global LP, 2024 | 1M SOFR + 2.50% | 06/05/2030 | 117,526 | 117,672 | ||||||||
| Dealer Tire, LLC, Term B-4 | 1M SOFR + 3.50% | 06/25/2031 | 2,016,973 | 2,011,931 | ||||||||
| First Brands Group LLC, 2022-II Incremental | 3M SOFR + 5.00% | 03/30/2027 | 1,499,466 | 1,487,755 | ||||||||
| First Brands Group LLC, Refinanced | 3M SOFR + 5.00% | 03/30/2027 | 14,897 | 14,781 | ||||||||
| IXS Holdings, Inc., Initial | 3M SOFR + 4.25% | 03/05/2027 | 858,033 | 832,154 | ||||||||
| LS Group OpCo Acquisition LLC, Term B | 1M SOFR + 3.00% | 04/23/2031 | 182,721 | 182,645 | ||||||||
| LTR Intermediate Holdings, Inc., Initial | 1M SOFR + 4.50% | 05/05/2028 | 361,705 | 354,847 | ||||||||
| 5,001,785 | ||||||||||||
| Automobiles - 0.84% | ||||||||||||
| RVR Dealership Holdings, LLC, TL | 1M SOFR + 3.75% | 02/08/2028 | 989,606 | 914,564 | ||||||||
| Tenneco, Inc., Term A | 3M SOFR + 4.75% | 11/17/2028 | 498,734 | 477,124 | ||||||||
| Tenneco, Inc., Term B | 3M SOFR + 5.00% | 11/17/2028 | 1,076,970 | 1,031,586 | ||||||||
| Truck Hero, Inc., Incremental | 1M SOFR + 5.00% | 01/31/2028 | 172,872 | 172,117 | ||||||||
| Wand NewCo 3, Inc., Initial | 1M SOFR + 3.75% | 01/30/2031 | 970,716 | 976,609 | ||||||||
| 3,572,000 | ||||||||||||
| Beverages - 0.17% | ||||||||||||
| Triton Water Holdings, Inc., 2024 Incremental | 3M SOFR + 4.00% | 03/31/2028 | 598,158 | 599,527 | ||||||||
| Triton Water Holdings, Inc., Initial | 3M SOFR + 3.25% | 03/31/2028 | 120,434 | 120,435 | ||||||||
| 719,962 | ||||||||||||
5
| XAI Octagon Floating Rate & Alternative Income Trust |
| SCHEDULE OF INVESTMENTS |
| June 30, 2024 (Continued) (Unaudited) |
Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.32%(b)(Continued) | ||||||||||||
| Building Products - 3.20% | ||||||||||||
| AI Aqua Merger Sub, Inc., 2023 Incremental Term B | 1M SOFR + 4.25% | 07/31/2028 | $ | 949,830 | $ | 950,542 | ||||||
| AI Aqua Merger Sub, Inc., Initial Term B | 1M SOFR + 4.00% | 07/31/2028 | 1,482,610 | 1,484,375 | ||||||||
| Chariot Buyer LLC, Amendment No. 2 | 1M SOFR + 3.50% | 11/03/2028 | 1,044,797 | 1,046,970 | ||||||||
| Cornerstone Building Brands, Inc., Tranche B | 1M SOFR + 3.25% | 04/12/2028 | 1,366,406 | 1,330,961 | ||||||||
| Cornerstone Building Brands, Inc., Tranche C | 1M SOFR + 4.50% | 05/15/2031 | 299,437 | 296,943 | ||||||||
| Foundation Building Materials, Inc., Initial | 3M SOFR + 3.25% | 01/31/2028 | 219,386 | 216,694 | ||||||||
| Groundworks, LLC, Delayed Draw(g) | 1M SOFR + 3.50% | 03/14/2031 | 44,112 | 43,852 | ||||||||
| Groundworks, LLC, Initial | 1M SOFR + 3.50% | 03/14/2031 | 1,497,955 | 1,496,547 | ||||||||
| Gulfside Supply, Inc., TL | 1M SOFR + 3.00% | 05/29/2031 | 789,123 | 789,123 | ||||||||
| Icebox Holdco III, Inc., Initial | 3M SOFR + 3.75% | 12/22/2028 | 1,065,733 | 1,067,512 | ||||||||
| LHS Borrower, LLC, Initial | 1M SOFR + 4.75% | 02/16/2029 | 463,143 | 437,207 | ||||||||
| Park River Holdings, Inc., Initial | 3M SOFR + 3.25% | 12/28/2027 | 1,333,825 | 1,301,960 | ||||||||
| Quikrete Holdings, Inc., B-1 Term | 1M SOFR + 2.50% | 04/14/2031 | 251,387 | 251,779 | ||||||||
| Tamko Building Products, LLC, 2023 Specified Refinancing | 1M SOFR + 3.25% | 09/20/2030 | 890,392 | 889,280 | ||||||||
| VC GB Holdings I Corp., Initial | 3M SOFR + 3.00% | 07/21/2028 | 1,757,855 | 1,750,437 | ||||||||
| White Cap Buyer, LLC, Tranche C | 1M SOFR + 3.25% | 06/13/2029 | 214,837 | 215,118 | ||||||||
| 13,569,300 | ||||||||||||
| Capital Markets - 0.89% | ||||||||||||
| Citadel Securities LP, 2024 | 1M SOFR + 2.25% | 07/29/2030 | 2,269,534 | 2,275,208 | ||||||||
| Hudson River Trading LLC, TL | 1M SOFR + 3.00% | 03/20/2028 | 1,477,368 | 1,476,083 | ||||||||
| 3,751,291 | ||||||||||||
| Chemicals - 3.55% | ||||||||||||
| CP Iris Holdco I, Inc., Initial | 1M SOFR + 3.50% | 10/02/2028 | 430,492 | 428,877 | ||||||||
| Derby Buyer LLC, First Amendment TL | 1M SOFR + 3.50% | 11/01/2030 | 677,938 | 680,691 | ||||||||
| Discovery Purchaser Corp., Initial | 3M SOFR + 4.38% | 10/04/2029 | 1,233,469 | 1,230,213 | ||||||||
| Herens Holdco S.a.r.l., Facility B | 3M SOFR + 3.92% | 07/03/2028 | 1,577,646 | 1,527,082 | ||||||||
| Hexion Holdings Corp., Initial | 3M SOFR + 4.50% | 03/15/2029 | 2,086,066 | 2,075,260 | ||||||||
| Ineos Quattro Holdings UK Ltd., 2029 Tranche B TL | 1M SOFR + 4.25% | 04/02/2029 | 660,107 | 657,631 | ||||||||
| Ineos US Finance LLC, 2031 Dollar TL | 1M SOFR + 3.75% | 02/07/2031 | 1,091,092 | 1,092,794 | ||||||||
| Ineos US Finance LLC, New 2030 Dollar TL | 3M SOFR + 3.25% | 02/18/2030 | 875,288 | 869,380 | ||||||||
| LSF11 A5 Holdco LLC, 2024 Refinancing | 1M SOFR + 3.50% | 10/15/2028 | 268,012 | 267,342 | ||||||||
| Lummus Technology Holdings V LLC, 2024 Term B | 1M SOFR + 3.50% | 12/31/2029 | 2,015,621 | 2,022,091 | ||||||||
| New Arclin U.S. Holding Corp., TL | 1M SOFR + 3.75% | 09/30/2028 | 376,461 | 374,913 | ||||||||
| Nouryon USA LLC, 2024 B-1 | 3M SOFR + 3.50% | 04/03/2028 | 274,919 | 275,331 | ||||||||
| Nouryon USA LLC, 2024 B-2 | 1M SOFR + 6.50% | 04/03/2028 | 393,646 | 394,631 | ||||||||
| Olympus Water US Holding Corp., Term B-4 | 3M SOFR + 4.25% | 11/09/2028 | 889,012 | 891,608 | ||||||||
| Olympus Water US Holding Corp., Term B-5 | 3M SOFR + 3.50% | 06/20/2031 | 732,479 | 733,292 | ||||||||
| PMHC II, Inc., Initial | 3M SOFR + 4.25% | 04/23/2029 | 1,421,186 | 1,385,656 | ||||||||
| Windsor Holdings III, LLC, 2024 Refinancing Term B | 1M SOFR + 4.00% | 08/01/2030 | 107,745 | 108,311 | ||||||||
| 15,015,103 | ||||||||||||
| Commercial Services & Supplies - 2.04% | ||||||||||||
| Allied Universal Holdco LLC, Initial | 1M SOFR + 3.75% | 05/12/2028 | 1,655,304 | 1,648,219 | ||||||||
| Ankura Consulting Group LLC, 2024 Repricing Term Facility | 6M SOFR + 4.25% | 03/17/2028 | 797,596 | 798,593 | ||||||||
| Belfor USA Group, Inc., Initial Tranche B-1 | 1M SOFR + 3.75% | 11/01/2030 | 1,295,451 | 1,301,928 | ||||||||
| Garda World Security Corp., Fourth Additional | 3M SOFR + 4.25% | 02/01/2029 | 933,071 | 937,736 | ||||||||
| Genuine Financial Holdings, LLC, 2023 Incremental | 1M SOFR + 4.00% | 09/27/2030 | 1,658,442 | 1,650,980 | ||||||||
| GFL Environmental, Inc., 2024 Refinancing | 1M SOFR + 2.00% | 06/27/2031 | 123,165 | 123,165 | ||||||||
| The Action Environmental Group, Inc., 2024-1 Incremental | 1M SOFR + 4.00% | 10/24/2030 | 201,418 | 202,425 | ||||||||
| The Action Environmental Group, Inc., Initial | 3M SOFR + 4.00% | 10/24/2030 | 775,421 | 779,298 | ||||||||
| Viad Corp., Initial | 1M SOFR + 4.25% | 07/30/2028 | 1,196,250 | 1,197,004 | ||||||||
| 8,639,348 | ||||||||||||
| Communications Equipment - 0.34% | ||||||||||||
| Casa Systems, Inc., Superpriority(h) | 6M SOFR + 6.50% | 12/20/2027 | 517,015 | 847 | ||||||||
| Global Tel*Link Corp., TL | 1M SOFR + 4.25% | 11/29/2025 | 438,512 | 434,539 | ||||||||
| Gogo Intermediate Holdings LLC, Initial | 1M SOFR + 3.75% | 04/30/2028 | 994,027 | 990,160 | ||||||||
| 1,425,546 | ||||||||||||
| Construction & Engineering - 1.47% | ||||||||||||
| Brand Industrial Services, Inc., Tranche C | 3M SOFR + 4.50% | 08/01/2030 | 1,902,908 | 1,908,199 | ||||||||
| DG Investment Intermediate Holdings 2, Inc., Closing Date Initial | 1M SOFR + 3.75% | 03/31/2028 | 83,771 | 83,457 | ||||||||
| DG Investment Intermediate Holdings 2, Inc., Incremental | 1M SOFR + 4.75% | 03/31/2028 | 2,104,280 | 2,106,911 | ||||||||
6
| XAI Octagon Floating Rate & Alternative Income Trust |
| SCHEDULE OF INVESTMENTS |
| June 30, 2024 (Continued) (Unaudited) |
Reference Rate & Spread | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.32%(b)(Continued) | ||||||||||||
| Construction & Engineering - 1.47% (continued) | ||||||||||||
| TRC Companies LLC, Initial | 1M SOFR + 3.75% | 12/08/2028 | $ | 2,114,880 | $ | 2,116,994 | ||||||
| 6,215,561 | ||||||||||||
| Construction Materials - 0.14% | ||||||||||||
| Mativ Holdings, Inc., Term B | 1M SOFR + 3.75% | 04/20/2028 | 215,457 | 214,558 | ||||||||
| Smyrna Ready Mix Concrete, LLC, 2023 | 1M SOFR + 3.50% | 04/02/2029 | 361,779 | 363,136 | ||||||||
| 577,694 | ||||||||||||
| Containers & Packaging - 2.10% | ||||||||||||
| Anchor Packaging, LLC, Amendment No.4 | 1M SOFR + 3.75% | 07/18/2029 | 540,209 | 539,825 | ||||||||
| Berlin Packaging LLC, Tranche B-7 | 3M SOFR + 3.75% | 05/06/2031 | 255,126 | 255,618 | ||||||||
| Clydesdale Acquisition Holdings, Inc., Term B | 1M SOFR + 3.68% | 04/13/2029 | 3,252,978 | 3,258,053 | ||||||||
| LABL, Inc., Initial | 1M SOFR + 5.00% | 10/29/2028 | 947,582 | 934,354 | ||||||||
| Pelican Products, Inc., Initial | 3M SOFR + 4.25% | 12/29/2028 | 478,984 | 440,326 | ||||||||
| Proampac PG Borrower LLC, 2024-1 | 3M SOFR + 3.00% | 09/15/2028 | 921,072 | 922,453 | ||||||||
| RLG Holdings, LLC, Closing Date Initial | 1M SOFR + 4.25% | 07/07/2028 | 1,631,537 | 1,600,652 | ||||||||
| Sabert Corp., Term B | 1M SOFR + 3.00% | 12/10/2026 | 950,787 | 953,953 | ||||||||
| 8,905,234 | ||||||||||||
| Distributors - 0.77% | ||||||||||||
| Aramsco Parent, Inc., Closing Date Initial | 3M SOFR + 4.75% | 10/10/2030 | 693,403 | 692,536 | ||||||||
| BCPE Empire Holdings, Inc., Amendment No. 5 Refinancing | 1M SOFR + 4.00% | 12/11/2028 | 2,555,417 | 2,554,140 | ||||||||
| 3,246,676 | ||||||||||||
| Diversified Consumer Services - 2.60% | ||||||||||||
| Cast & Crew Payroll, LLC, Incremental Facility No. 2 Incremental | 1M SOFR + 3.75% | 12/29/2028 | 453,233 | 453,192 | ||||||||
| EP Purchaser, LLC, 2023 Incremental | 3M SOFR + 4.50% | 11/06/2028 | 316,026 | 316,026 | ||||||||
| EP Purchaser, LLC, Closing Date TL | 3M SOFR + 3.50% | 11/06/2028 | 508,575 | 508,214 | ||||||||
| KUEHG Corp., Initial | 3M SOFR + 4.50% | 06/12/2030 | 703,599 | 705,801 | ||||||||
| Learning Care Group No. 2, Inc., 2024 Refinancing | 3M SOFR + 4.00% | 08/11/2028 | 1,691,438 | 1,700,961 | ||||||||
| LifeMiles Ltd., Initial | 3M SOFR + 5.25% | 08/30/2026 | 61,074 | 61,265 | ||||||||
| Sabre GLBL, Inc., 2021 Term B-1 | 1M SOFR + 3.50% | 12/17/2027 | 177,932 | 159,439 | ||||||||
| Sabre GLBL, Inc., 2021 Term B-2 | 1M SOFR + 3.50% | 12/17/2027 | 278,853 | 249,872 | ||||||||
| Sabre GLBL, Inc., 2022 Term B | 1M SOFR + 4.25% | 06/30/2028 | 62,206 | 55,959 | ||||||||
| Sabre GLBL, Inc., 2022 Term B-2 | 1M SOFR + 5.00% | 06/30/2028 | 58,182 | 53,055 | ||||||||
| Seren BidCo AB, Facility B6 | 3M SOFR + 3.50% | 11/16/2028 | 151,646 | 152,278 | ||||||||
| Spin Holdco, Inc., Initial | 3M SOFR + 4.00% | 03/04/2028 | 2,145,202 | 1,818,059 | ||||||||
| Staples, Inc., Closing Date | 3M SOFR + 5.75% | 08/22/2029 | 271,728 | 248,223 | ||||||||
| Stubhub Holdings, Inc., Extended Term B | 1M SOFR + 4.75% | 03/15/2030 | 1,280,981 | 1,278,982 | ||||||||
| The Knot Worldwide, Inc., Amendment No. 4 | 1M SOFR + 4.50% | 01/31/2028 | 1,093,053 | 1,095,786 | ||||||||
| TruGreen LP, Second Refinancing | 1M SOFR + 4.00% | 11/02/2027 | 177,317 | 170,579 | ||||||||
| WestJet Loyalty LP, Initial | 3M SOFR + 3.75% | 02/14/2031 | 1,978,921 | 1,986,837 | ||||||||
| 11,014,528 | ||||||||||||
| Diversified Financial Services - 4.51% | ||||||||||||
| Ascensus Holdings, Inc., Initial | 1M SOFR + 3.50% | 08/02/2028 | 1,487,418 | 1,485,931 | ||||||||
| Blackhawk Network Holdings, Inc., Term B-1 | 1M SOFR + 5.00% | 03/12/2029 | 2,316,547 | 2,320,902 | ||||||||
| Citco Funding LLC, 2024 TL | 3M SOFR + 2.75% | 04/27/2028 | 782,021 | 783,976 | ||||||||
| CoreLogic, Inc., Initial | 1M SOFR + 3.50% | 06/02/2028 | 2,972,016 | 2,923,186 | ||||||||
| First Eagle Holdings, Inc., Refinancing TL | 1M SOFR + 3.00% | 03/05/2029 | 1,285,876 | 1,279,048 | ||||||||
| Franklin Square Holdings L.P., Term B | 1M SOFR + 2.25% | 04/25/2031 | 441,800 | 441,248 | ||||||||
| Galaxy US Opco, Inc., Initial | 3M SOFR + 4.75% | 04/29/2029 | 295,000 | 238,212 | ||||||||
| Grant Thornton Advisors LLC, Initial | 3M SOFR + 3.25% | 06/02/2031 | 1,878,654 | 1,883,369 | ||||||||
| GTCR Everest Borrower, LLC, Initial | 1M SOFR + 3.00% | 06/03/2031 | 656,373 | 656,373 | ||||||||
| GTCR W Merger Sub LLC, Initial | 3M SOFR + 3.00% | 01/31/2031 | 2,571,098 | 2,570,738 | ||||||||
| Hightower Holding, LLC, Initial | 3M SOFR + 4.00% | 04/21/2028 | 1,346,268 | 1,347,534 | ||||||||
| Nexus Buyer LLC, Initial | 1M SOFR + 3.75% | 11/09/2026 | 340,719 | 340,103 | ||||||||
| Nexus Buyer, LLC, Amendment No. 5 | 1M SOFR + 4.50% | 12/13/2028 | 2,603,888 | 2,603,237 | ||||||||
| VeriFone Systems, Inc., Initial | 3M SOFR + 4.00% | 08/20/2025 | 249,144 | 203,244 | ||||||||
| 19,077,101 | ||||||||||||
| Diversified Telecommunication Services - 2.72% | ||||||||||||
| Altice France S.A., Term B-14 Refinancing | 3M SOFR + 5.50% | 08/15/2028 | 1,716,046 | 1,255,579 | ||||||||
| Directv Financing, LLC, Closing Date | 1M SOFR + 5.00% | 08/02/2027 | 883,495 | 884,378 | ||||||||
| LCPR Loan Financing LLC, 2021 Additional | 1M SOFR + 3.75% | 10/16/2028 | 58,979 | 56,752 | ||||||||
| Syniverse Holdings, LLC, Initial | 3M SOFR + 7.00% | 05/13/2027 | 398,867 | 387,232 | ||||||||
7
| XAI Octagon Floating Rate & Alternative Income Trust |
| SCHEDULE OF INVESTMENTS |
| June 30, 2024 (Continued) (Unaudited) |
Reference
Rate & | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.32%(b)(Continued) | ||||||||||||
| Diversified Telecommunication Services - 2.72% (continued) | ||||||||||||
| Viasat, Inc., Incremental | 1M SOFR + 4.50% | 05/30/2030 | $ | 377,149 | $ | 334,878 | ||||||
| Viasat, Inc., Initial | 1M SOFR + 4.50% | 03/02/2029 | 905,767 | 808,207 | ||||||||
| Virgin Media Bristol LLC, Facility Y | 6M SOFR + 3.25% | 03/31/2031 | 2,109,170 | 1,987,513 | ||||||||
| WideOpenWest Finance LLC, Term B | 3M SOFR + 3.00% | 12/20/2028 | 1,484,772 | 1,318,150 | ||||||||
| Windstream Services II, LLC, Initial | 1M SOFR + 6.25% | 09/21/2027 | 1,411,303 | 1,408,946 | ||||||||
| Xplornet Communications, Inc., Refinancing(h) | 3M SOFR + 4.00% | 10/02/2028 | 138,150 | 20,915 | ||||||||
| Zacapa S.a.r.l., Initial | 3M SOFR + 4.00% | 03/22/2029 | 3,069,948 | 3,064,668 | ||||||||
| 11,527,218 | ||||||||||||
| Electric Utilities - 0.28% | ||||||||||||
| Talen Energy Supply, LLC, Initial Term B | 3M SOFR + 3.50% | 05/17/2030 | 775,857 | 783,336 | ||||||||
| Talen Energy Supply, LLC, Initial Term C | 3M SOFR + 3.50% | 05/17/2030 | 419,880 | 423,928 | ||||||||
| 1,207,264 | ||||||||||||
| Electronic Equipment, Instruments & Components - 0.19% | ||||||||||||
| Mavenir Systems, Inc., Initial | 3M SOFR + 4.75% | 08/18/2028 | 478,964 | 355,032 | ||||||||
| Natel Engineering Co., Inc., Initial | 1M SOFR + 6.25% | 04/30/2026 | 496,851 | 434,248 | ||||||||
| 789,280 | ||||||||||||
| Energy Equipment & Services - 0.35% | ||||||||||||
| Waterbridge Midstream Operating LLC, 2024 Initial | 1M SOFR + 4.75% | 06/21/2029 | 1,137,254 | 1,128,725 | ||||||||
| WaterBridge Midstream Operating LLC, Initial | 3M SOFR + 5.75% | 06/22/2026 | 362,903 | 363,132 | ||||||||
| 1,491,857 | ||||||||||||
| Food & Staples Retailing - 0.36% | ||||||||||||
| Apro, LLC, 2024 Initial | 1M SOFR + 3.75% | 06/26/2031 | 713,267 | 712,376 | ||||||||
| Upbound Group, Inc., Initial | 1M SOFR + 2.75% | 02/17/2028 | 833,340 | 834,732 | ||||||||
| 1,547,108 | ||||||||||||
| Food Products - 0.09% | ||||||||||||
| Pacific Bells, LLC, Initial | 3M SOFR + 4.50% | 11/10/2028 | 357,806 | 357,359 | ||||||||
| Whole Earth Brands, Inc., TL | 3M SOFR + 4.50% | 02/05/2028 | 32,328 | 32,288 | ||||||||
| 389,647 | ||||||||||||
| Gas Utilities - 0.33% | ||||||||||||
| Prairie Acquiror LP, Initial Term B-2 | 1M SOFR + 4.75% | 08/01/2029 | 1,396,548 | 1,395,682 | ||||||||
| Health Care Equipment & Supplies - 1.45% | ||||||||||||
| Auris Luxembourg III S.a.r.l., Facility B4 | 6M SOFR + 4.25% | 02/28/2029 | 952,554 | 954,145 | ||||||||
| Bausch & Lomb Corp., First Incremental TL | 1M SOFR + 4.00% | 09/29/2028 | 1,382,411 | 1,378,098 | ||||||||
| Bausch & Lomb Corp., Initial | 1M SOFR + 3.25% | 05/10/2027 | 2,157,778 | 2,132,963 | ||||||||
| Curium BidCo S.a.r.l., 2024 Additional Term Facility | 3M SOFR + 4.00% | 07/31/2029 | 1,228,324 | 1,232,168 | ||||||||
| Zest Acquisition Corp., Term B-1 | 3M SOFR + 5.50% | 02/08/2028 | 436,705 | 438,889 | ||||||||
| 6,136,263 | ||||||||||||
| Health Care Providers & Services - 4.33% | ||||||||||||
| Accelerated Health Systems, LLC, Initial Term B | 3M SOFR + 4.25% | 02/15/2029 | 195,354 | 161,573 | ||||||||
| AEA International Holdings, New TL | 3M SOFR + 3.50% | 09/07/2028 | 211,825 | 211,825 | ||||||||
| Azalea Topco, Inc., Initial | 1M SOFR + 3.50% | 04/30/2031 | 2,065,100 | 2,062,518 | ||||||||
| Cambrex Corp., Tranche B-2 | 1M SOFR + 3.50% | 12/04/2026 | 247,758 | 243,888 | ||||||||
| Charlotte Buyer, Inc., Initial Term B Loans | 1M SOFR + 5.25% | 02/11/2028 | 230,083 | 230,501 | ||||||||
| Concentra Health Services, Inc., Initial | 1M SOFR + 2.25% | 06/26/2031 | 381,296 | 382,250 | ||||||||
| Cotiviti, Inc., Floating Rate TL | 1M SOFR + 3.25% | 05/01/2031 | 1,216,417 | 1,208,815 | ||||||||
| Covetrus, Inc., Initial | 3M SOFR + 5.00% | 10/13/2029 | 1,733,486 | 1,672,502 | ||||||||
| EyeCare Partners, LLC, Tranche A | 3M SOFR + 5.75% | 08/31/2028 | 7,919 | 7,933 | ||||||||
| EyeCare Partners, LLC, Tranche B | 3M SOFR + 3.86% | 11/30/2028 | 850,752 | 517,895 | ||||||||
| Global Medical Response, Inc., 2024 Extended TL | 3M SOFR + 5.50% | 10/31/2028 | 1,632,975 | 1,578,678 | ||||||||
| Hunter US Bidco, Inc., Initial | 3M SOFR + 4.25% | 08/19/2028 | 474,011 | 468,678 | ||||||||
| Lifepoint Health, Inc., 2024 Incremental | 3M SOFR + 4.00% | 05/09/2031 | 1,336,780 | 1,338,037 | ||||||||
| Midwest Veterinary Partners, LLC, 2024 | 1M SOFR + 3.75% | 04/27/2028 | 1,522,083 | 1,521,322 | ||||||||
| Organon & Co., 2024 | 1M SOFR + 2.50% | 05/19/2031 | 549,913 | 549,913 | ||||||||
| Outcomes Group Holdings, Inc., Initial | 3M SOFR + 4.25% | 05/06/2031 | 701,692 | 703,117 | ||||||||
| Phoenix Guarantor, Inc., Tranche B-4 | 1M SOFR + 3.25% | 02/21/2031 | 1,496,517 | 1,491,848 | ||||||||
| Phoenix Newco, Inc., Initial | 1M SOFR + 3.25% | 11/15/2028 | 567,015 | 567,899 | ||||||||
| Sharp Midco LLC, Tranche C | 3M SOFR + 3.75% | 12/31/2028 | 672,518 | 675,880 | ||||||||
| Southern Veterinary Partners, LLC, 2024-2 New | 1M SOFR + 3.75% | 10/05/2027 | 946,615 | 947,211 | ||||||||
| Summit Behavioral Health, LLC, Tranche B-1 Term Loans | 3M SOFR + 4.25% | 11/24/2028 | 1,271,702 | 1,275,937 | ||||||||
8
| XAI Octagon Floating Rate & Alternative Income Trust |
| SCHEDULE OF INVESTMENTS |
| June 30, 2024 (Continued) (Unaudited) |
Reference
Rate & | Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.32%(b)(Continued) | ||||||||||||
| Health Care Providers & Services - 4.33% (continued) | ||||||||||||
| WCG Purchaser Holdings Corp., 2024 Refinancing | 1M SOFR + 3.50% | 01/08/2027 | $ | 527,299 | $ | 527,167 | ||||||
| 18,345,387 | ||||||||||||
| Health Care Technology - 1.92% | ||||||||||||
| AthenaHealth Group, Inc., Initial | 1M SOFR + 3.25% | 02/15/2029 | 3,352,749 | 3,338,098 | ||||||||
| Ensemble RCM, LLC, Term B | 1M SOFR + 3.00% | 08/01/2029 | 1,248,908 | 1,243,775 | ||||||||
| Gainwell Acquisition Corp., Term B | 3M SOFR + 4.00% | 10/01/2027 | 2,474,359 | 2,392,903 | ||||||||
| R1 RCM Holdco, Inc., Initial Term B | 1M SOFR + 3.00% | 06/21/2029 | 643,946 | 645,157 | ||||||||
| TTF Holdings, LLC, Initial | 1M SOFR + 4.00% | 03/31/2028 | 493,051 | 491,202 | ||||||||
| 8,111,135 | ||||||||||||
| Hotels, Restaurants & Leisure - 4.56% | ||||||||||||
| 19th Holdings Golf, LLC, Initial | 1M SOFR + 3.25% | 02/07/2029 | 2,161,466 | 2,133,107 | ||||||||
| Aimbridge Acquisition Co., Inc., Incremental | 1M SOFR + 4.75% | 02/02/2026 | 243,061 | 238,961 | ||||||||
| Alterra Mountain Co., Additional TL | 1M SOFR + 3.75% | 05/31/2030 | 162,201 | 162,911 | ||||||||
| Alterra Mountain Co., Series B-5 | 1M SOFR + 3.50% | 05/31/2030 | 233,257 | 234,279 | ||||||||
| Arcis Golf, LLC, Amendment No. 2 | 1M SOFR + 3.75% | 11/24/2028 | 565,633 | 566,102 | ||||||||
| BCPE Grill Parent, Inc., Initial | 1M SOFR + 4.75% | 09/30/2030 | 1,035,267 | 1,018,185 | ||||||||
| Bulldog Purchaser, Inc., Initial | 3M SOFR + 4.25% | 06/13/2031 | 615,168 | 617,475 | ||||||||
| ClubCorp Holdings, Inc., Term B-2 | 3M SOFR + 5.00% | 09/18/2026 | 924,917 | 928,386 | ||||||||
| Dave & Buster's, Inc., 2024 Refinancing Term B | 1M SOFR + 3.25% | 06/29/2029 | 578,715 | 578,836 | ||||||||
| Entain PLC, Facility B3 | 6M SOFR + 2.75% | 10/31/2029 | 903,227 | 904,031 | ||||||||
| Fertitta Entertainment, LLC, Initial B TL | 1M SOFR + 3.75% | 01/27/2029 | 210,223 | 210,356 | ||||||||
| Fitness International, LLC, Term B | 1M SOFR + 5.25% | 02/12/2029 | 984,727 | 988,420 | ||||||||
| Kingpin Intermediate Holdings LLC, Amendment No. 8 | 1M SOFR + 3.50% | 02/08/2028 | 601,514 | 599,824 | ||||||||
| LC Ahab US Bidco LLC, Initial | 1M SOFR + 3.50% | 05/01/2031 | 518,715 | 519,042 | ||||||||
| MIC Glen LLC, Incremental | 1M SOFR + 4.25% | 07/21/2028 | 385,302 | 385,302 | ||||||||
| Motion Finco, LLC, Facility B3 | 3M SOFR + 3.50% | 11/12/2029 | 2,554,645 | 2,554,006 | ||||||||
| Ontario Gaming GTA LP, Term B | 3M SOFR + 4.25% | 08/01/2030 | 1,055,423 | 1,059,212 | ||||||||
| PCI Gaming Authority, Term B Facility | 1M SOFR + 2.50% | 05/29/2026 | 1,384,172 | 1,380,712 | ||||||||
| Playa Hotels & Resorts B.V., TLB, 2022 | 1M SOFR + 2.75% | 01/05/2029 | 1,619,213 | 1,619,423 | ||||||||
| SeaWorld Parks & Entertainment, Inc., Term B-2 | 1M SOFR + 2.50% | 08/25/2028 | 229,472 | 229,185 | ||||||||
| Tacala, LLC, Initial | 1M SOFR + 4.00% | 01/31/2031 | 207,674 | 208,280 | ||||||||
| Topgolf Callaway Brands Corp., Initial | 1M SOFR + 3.00% | 03/15/2030 | 420,110 | 420,862 | ||||||||
| Travel + Leisure Co., 2023 Incremental | 1M SOFR + 3.25% | 12/14/2029 | 756,772 | 758,664 | ||||||||
| United PF Holdings, LLC, Initial | 3M SOFR + 8.50% | 12/30/2026 | 346,500 | 321,091 | ||||||||
| Whatabrands LLC, 2024 Refinancing Term B | 1M SOFR + 2.75% | 08/03/2028 | 664,056 | 663,883 | ||||||||
| 19,300,535 | ||||||||||||
| Household Durables - 1.15% | ||||||||||||
| Fender Musical Instruments Corp., Initial | 1M SOFR + 4.00% | 12/01/2028 | 189,458 | 186,222 | ||||||||
| HomeServe USA Holding Corp., 2024 Repriced | 1M SOFR + 2.50% | 10/21/2030 | 708,450 | 709,782 | ||||||||
| Hunter Douglas, Inc., Tranche B-1 | 3M SOFR + 3.50% | 02/26/2029 | 2,489,931 | 2,465,928 | ||||||||
| Mattress Firm, Inc., TL | 3M SOFR + 4.25% | 09/25/2028 | 582,072 | 580,099 | ||||||||
| TGP Holdings III LLC, Closing Date | 1M SOFR + 3.25% | 06/29/2028 | 386,857 | 365,890 | ||||||||
| Weber-Stephen Products LLC, 2022 Incremental | 1M SOFR + 4.25% | 10/30/2027 | 134,292 | 124,555 | ||||||||
| Weber-Stephen Products LLC, Initial Term B | 1M SOFR + 3.25% | 10/30/2027 | 484,642 | 449,234 | ||||||||
| 4,881,710 | ||||||||||||
| Household Products - 0.28% | ||||||||||||
| American Greetings Corp., Tranche C | 1M SOFR + 5.75% | 10/30/2029 | 1,174,271 | 1,179,415 | ||||||||
| Independent Power/Renewable Electricity Producers - 0.51% | ||||||||||||
| Carroll County Energy LLC, TL | 1M SOFR + 4.00% | 06/24/2031 | 643,704 | 642,095 | ||||||||
| Generation Bridge Northeast LLC, Term B | 1M SOFR + 3.50% | 08/22/2029 | 762,752 | 766,566 | ||||||||
| Hamilton Projects Acquiror, LLC, TL | 3M SOFR + 3.75% | 05/31/2031 | 764,063 | 768,158 | ||||||||
| 2,176,819 | ||||||||||||
| Industrial Conglomerates - 1.44% | ||||||||||||
| CD&R Hydra Buyer, Inc., Initial | 3M SOFR + 4.00% | 03/25/2031 | 747,873 | 749,039 | ||||||||
| MajorDrive Holdings IV, LLC, 2022 Incremental | 3M SOFR + 5.50% | 06/01/2029 | 290,776 | 291,744 | ||||||||
| MajorDrive Holdings IV, LLC, Initial | 3M SOFR + 4.00% | 06/01/2028 | 248,357 | 248,615 | ||||||||
| SPX Flow, Inc., 2024 Refinancing | 1M SOFR + 3.50% | 04/05/2029 | 1,747,847 | 1,757,163 | ||||||||
| Star US Bidco LLC, Initial | 1M SOFR + 4.25% | 03/17/2027 | 1,135,337 | 1,138,369 | ||||||||
| TK Elevator Midco GmbH, Facility B2 | 3M SOFR + 3.50% | 04/30/2030 | 1,911,824 | 1,920,389 | ||||||||
| 6,105,319 | ||||||||||||
9
| XAI Octagon Floating Rate & Alternative Income Trust |
| SCHEDULE OF INVESTMENTS |
| June 30, 2024 (Continued) (Unaudited) |
| Reference Rate & Spread |
Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.32%(b)(Continued) | ||||||||||||
| Insurance - 7.03% | ||||||||||||
| Acrisure, LLC, 2024 Refinancing TL | 3M SOFR + 3.25% | 11/06/2030 | $ | 1,971,237 | $ | 1,967,551 | ||||||
| Alliant Holdings Intermediate, LLC, Term B-6 | 1M SOFR + 3.50% | 11/06/2030 | 24,476 | 24,529 | ||||||||
| Ardonagh Group Finco Pty and Ardonagh Finco BV, Syndicated Facility B | 1M SOFR + 3.75% | 02/17/2031 | 2,383,881 | 2,371,961 | ||||||||
| AssuredPartners, Inc., 2024 | 1M SOFR + 3.50% | 02/14/2031 | 2,663,658 | 2,669,012 | ||||||||
| Asurion, LLC, New B-9 | 1M SOFR + 3.25% | 07/31/2027 | 1,247,897 | 1,225,285 | ||||||||
| Baldwin Risk Partners, LLC, Initial | 1M SOFR + 3.25% | 05/26/2031 | 1,870,446 | 1,868,108 | ||||||||
| BroadStreet Partners, Inc., Term B-4 | 1M SOFR + 3.25% | 05/09/2031 | 2,390,465 | 2,382,696 | ||||||||
| HIG Finance 2 Ltd., 2024 Dollar TL | 1M SOFR + 3.50% | 02/15/2031 | 3,031,957 | 3,036,050 | ||||||||
| Hub International Ltd., 2024 Incremental | 1M SOFR + 3.25% | 06/20/2030 | 191,262 | 191,596 | ||||||||
| Hyperion Refinance S.a.r.l., 2023 | 1M SOFR + 4.00% | 04/18/2030 | 1,727,300 | 1,728,388 | ||||||||
| IMA Financial Group, Inc., Initial | 1M SOFR + 3.25% | 11/01/2028 | 305,438 | 305,310 | ||||||||
| OneDigital Borrower LLC, 2021 Refinancing | 1M SOFR + 4.25% | 11/16/2027 | 2,992,307 | 2,981,086 | ||||||||
| OneDigital Borrower LLC, Initial | 1M SOFR + 3.25% | 06/13/2031 | 4,117,686 | 4,099,692 | ||||||||
| Sedgwick Claims Management Services, Inc., 2023 TL | 1M SOFR + 3.75% | 02/24/2028 | 2,256,966 | 2,251,324 | ||||||||
| Truist Insurance Holdings, LLC, Initial | 3M SOFR + 3.25% | 05/06/2031 | 2,662,112 | 2,664,481 | ||||||||
| 29,767,069 | ||||||||||||
| Internet and Catalog Retail - 0.13% | ||||||||||||
| Shutterfly Finance, LLC, Exchanged Term B | 3M SOFR + 4.00% | 10/01/2027 | 618,565 | 531,706 | ||||||||
| IT Services - 1.02% | ||||||||||||
| Ahead DB Holdings, LLC, 2024 Incremental | 3M SOFR + 4.25% | 02/01/2031 | 963,088 | 964,898 | ||||||||
| Constant Contact, Inc., Initial | 3M SOFR + 4.00% | 02/10/2028 | 1,649,264 | 1,620,055 | ||||||||
| Escape Velocity Holdings, Inc, Initial | 3M SOFR + 4.25% | 10/08/2028 | 236,762 | 235,432 | ||||||||
| iSolved, Inc., Term B-1 | 1M SOFR + 3.50% | 10/15/2030 | 519,662 | 520,151 | ||||||||
| Newfold Digital Holdings Group, Inc., Initial | 1M SOFR + 3.50% | 02/10/2028 | 762,561 | 705,178 | ||||||||
| Titan US Finco, LLC, Initial | 3M SOFR + 4.00% | 10/18/2028 | 264,459 | 264,626 | ||||||||
| 4,310,340 | ||||||||||||
| Life Sciences Tools & Services - 0.23% | ||||||||||||
| Catalent Pharma Solutions, Inc., Term B-4 | 1M SOFR + 3.00% | 02/22/2028 | 978,374 | 978,374 | ||||||||
| Machinery - 2.66% | ||||||||||||
| Chart Industries, Inc., Amendment No. 5 | 1M SOFR + 3.25% | 03/15/2030 | 639,250 | 640,848 | ||||||||
| Crosby US Acquisition Corp., Amendment No. 3 Replacement | 1M SOFR + 4.00% | 08/16/2029 | 730,766 | 734,266 | ||||||||
| Element Materials Technology Group US Holdings, Inc., Delayed Draw Term B Facility | 3M SOFR + 4.25% | 07/06/2029 | 317,952 | 318,880 | ||||||||
| Element Materials Technology Group US Holdings, Inc., Initial Term B | 3M SOFR + 4.25% | 07/06/2029 | 688,896 | 690,907 | ||||||||
| Emrld Borrower LP, Incremental | 1M SOFR + 2.50% | 06/18/2031 | 5,714,134 | 5,706,991 | ||||||||
| Indicor, LLC, TL | 1M SOFR + 3.25% | 11/22/2029 | 1,429,283 | 1,434,643 | ||||||||
| Johnstone Supply, LLC, Initial | 1M SOFR + 3.00% | 05/16/2031 | 470,299 | 470,741 | ||||||||
| Pro Mach Group, Inc., Closing Date Initial | 1M SOFR + 3.50% | 08/31/2028 | 1,268,649 | 1,274,130 | ||||||||
| 11,271,406 | ||||||||||||
| Media - 1.60% | ||||||||||||
| AppLovin Corp., Initial | 1M SOFR + 2.50% | 08/16/2030 | 1,439,470 | 1,439,988 | ||||||||
| Aragorn Parent Corp., 2023 Replacement | 1M SOFR + 4.25% | 12/15/2028 | 927,629 | 928,789 | ||||||||
| Castle US Holding Corp., Initial | 3M SOFR + 3.75% | 01/29/2027 | 825,250 | 508,692 | ||||||||
| Creative Artists Agency, LLC, Incremental Term B-2 | 1M SOFR + 3.25% | 11/27/2028 | 1,907,208 | 1,914,513 | ||||||||
| Cumulus Media New Holdings, Inc., Initial | 3M SOFR + 5.00% | 05/02/2029 | 699,859 | 304,438 | ||||||||
| United Talent Agency, LLC, Term B | 1M SOFR + 3.75% | 07/07/2028 | 1,421,666 | 1,426,997 | ||||||||
| Univision Communications, Inc., 2024 Replacement | 1M SOFR + 3.50% | 07/31/2029 | 261,813 | 258,651 | ||||||||
| 6,782,068 | ||||||||||||
| Oil, Gas & Consumable Fuels - 2.12% | ||||||||||||
| Bangl, LLC, Initial | 3M SOFR + 4.50% | 02/01/2029 | 2,042,735 | 2,055,503 | ||||||||
| BCP Renaissance Parent LLC, Initial Term B-5 | 3M SOFR + 3.25% | 10/31/2028 | 1,164,683 | 1,166,873 | ||||||||
| BIP PipeCo Holdings, LLC, Initial | 3M SOFR + 2.50% | 12/06/2030 | 603,117 | 603,683 | ||||||||
| CQP Holdco LP, Initial | 3M SOFR + 2.25% | 12/31/2030 | 55,559 | 55,538 | ||||||||
| Fleet U.S. Bidco, Inc., Facility B | 1M SOFR + 3.25% | 02/21/2031 | 830,399 | 833,513 | ||||||||
| New Fortress Energy, Inc., Initial | 3M SOFR + 5.00% | 10/30/2028 | 938,841 | 912,018 | ||||||||
| Par Petroleum, LLC, Initial | 3M SOFR + 3.75% | 02/28/2030 | 1,146,900 | 1,149,527 | ||||||||
| Permian Production Partners, LLC, Initial | 1M SOFR + 6.00% | 11/24/2025 | 35,501 | 35,146 | ||||||||
| Rosen Group, Initial | 3M SOFR + 3.50% | 03/26/2031 | 1,519,813 | 1,528,050 | ||||||||
10
| XAI Octagon Floating Rate & Alternative Income Trust |
| SCHEDULE OF INVESTMENTS |
| June 30, 2024 (Continued) (Unaudited) |
| Reference Rate & Spread |
Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.32%(b)(Continued) | ||||||||||||
| Oil, Gas & Consumable Fuels - 2.12% (continued) | ||||||||||||
| Waterbridge NDB Operating LLC, Initial | 3M SOFR + 4.50% | 05/10/2029 | $ | 627,155 | $ | 629,771 | ||||||
| 8,969,622 | ||||||||||||
| Personal Products - 0.39% | ||||||||||||
| CNT Holdings I Corp., Initial Term B | 3M SOFR + 3.50% | 11/08/2027 | 921,383 | 922,922 | ||||||||
| KDC US Holdings, Inc., 2024 Refinancing | 1M SOFR + 4.50% | 08/15/2028 | 719,624 | 720,674 | ||||||||
| 1,643,596 | ||||||||||||
| Pharmaceuticals - 1.51% | ||||||||||||
| Alvogen Pharma US, Inc., New Extended Loans | 3M SOFR + 7.50% | 06/30/2025 | 1,455,572 | 1,324,571 | ||||||||
| Amneal Pharmaceuticals LLC, Initial | 1M SOFR + 5.50% | 05/04/2028 | 3,011,376 | 3,025,168 | ||||||||
| Endo Pharmaceuticals Holdings Inc., Initial | 3M SOFR + 4.50% | 04/23/2031 | 2,000,000 | 1,996,260 | ||||||||
| Fortrea Holdings, Inc., Initial Term B | 1M SOFR + 3.75% | 07/01/2030 | 65,065 | 64,999 | ||||||||
| 6,410,998 | ||||||||||||
| Professional Services - 3.74% | ||||||||||||
| AQ Carver Buyer, Inc., 2023 Refinancing | 3M SOFR + 5.50% | 08/02/2029 | 1,241,538 | 1,244,953 | ||||||||
| Conduent Business Services, LLC, Initial Term B | 1M SOFR + 4.25% | 10/16/2028 | 23,030 | 23,030 | ||||||||
| DS Admiral Bidco, LLC, Initial | 1M SOFR + 4.25% | 06/17/2031 | 2,187,776 | 2,165,898 | ||||||||
| Eisner Advisory Group, LLC, February 2024 Incremental | 1M SOFR + 4.00% | 02/28/2031 | 955,829 | 963,399 | ||||||||
| Equiniti Group PLC, Initial | 6M SOFR + 4.50% | 12/11/2028 | 328,263 | 329,494 | ||||||||
| Indy US Holdco, LLC, 2023 Incremental | 1M SOFR + 6.25% | 03/06/2028 | 1,897,418 | 1,896,621 | ||||||||
| Omnia Partners, LLC, Initial | 3M SOFR + 3.25% | 07/25/2030 | 2,608,350 | 2,607,933 | ||||||||
| OVG Business Services, LLC, Term B | 1M SOFR + 3.00% | 06/14/2031 | 1,537,417 | 1,532,620 | ||||||||
| Ryan, LLC, Initial | 1M SOFR + 3.50% | 11/14/2030 | 1,864,875 | 1,870,004 | ||||||||
| UST Global, Inc., Initial | 1M SOFR + 3.50% | 11/20/2028 | 556,361 | 556,361 | ||||||||
| Vaco Holdings, LLC, Initial | 6M SOFR + 5.00% | 01/21/2029 | 1,062,517 | 1,052,773 | ||||||||
| Wood Mackenzie, TL | 3M SOFR + 3.50% | 02/07/2031 | 1,575,505 | 1,584,958 | ||||||||
| 15,828,044 | ||||||||||||
| Real Estate Investment Trusts (REITs) - 0.11% | ||||||||||||
| Starwood Property Mortgage, LLC, Initial | 1M SOFR + 2.75% | 11/18/2027 | 470,967 | 472,144 | ||||||||
| Real Estate Management & Development - 0.60% | ||||||||||||
| BIFM CA Buyer, Inc., 2024 | 1M SOFR + 4.25% | 05/31/2028 | 574,031 | 576,184 | ||||||||
| Cushman & Wakefield U.S. Borrower, LLC, 2024-1 | 1M SOFR + 3.75% | 01/31/2030 | 398,133 | 400,123 | ||||||||
| Cushman & Wakefield U.S. Borrower, LLC, 2024-2 TL | 1M SOFR + 3.00% | 01/31/2030 | 30,309 | 30,272 | ||||||||
| Forest City Enterprises, L.P., Replacement | 1M SOFR + 3.50% | 12/08/2025 | 1,068,045 | 989,448 | ||||||||
| Greystar Real Estate Partners, LLC, Replacement Term B-1 | 3M SOFR + 3.25% | 08/21/2030 | 546,304 | 548,353 | ||||||||
| 2,544,380 | ||||||||||||
| Road & Rail - 0.48% | ||||||||||||
| Clue Opco LLC, Term B Loans | 3M SOFR + 4.50% | 12/19/2030 | 2,167,616 | 2,015,883 | ||||||||
| Semiconductors & Semiconductor Equipment - 0.20% | ||||||||||||
| MKS Instruments, Inc., 2023-1 Term B | 1M SOFR + 2.50% | 08/17/2029 | 860,434 | 860,254 | ||||||||
| Software - 5.82% | ||||||||||||
| Apex Group Treasury LLC, 2022 Incremental | 3M SOFR + 5.00% | 07/27/2028 | 74,883 | 75,070 | ||||||||
| Apex Group Treasury LLC, TL | 3M SOFR + 3.75% | 07/27/2028 | 1,011,390 | 1,011,390 | ||||||||
| Ascend Learning, LLC, Initial | 1M SOFR + 3.50% | 12/11/2028 | 558,515 | 557,716 | ||||||||
| Cardinal Parent, Inc., Initial | 3M SOFR + 4.50% | 11/12/2027 | 234,183 | 219,079 | ||||||||
| Central Parent, Inc., 2024 Refinancing | 3M SOFR + 3.25% | 07/06/2029 | 1,147,671 | 1,130,319 | ||||||||
| CommerceHub, Inc., Initial | 3M SOFR + 4.00% | 12/29/2027 | 804,546 | 737,367 | ||||||||
| Conservice Midco, LLC, Initial | 1M SOFR + 4.00% | 05/13/2027 | 1,350,327 | 1,350,327 | ||||||||
| Cornerstone OnDemand, Inc., Initial | 1M SOFR + 3.75% | 10/16/2028 | 384,713 | 362,431 | ||||||||
| CT Technologies Intermediate Holdings, Inc., New | 1M SOFR + 4.25% | 12/16/2025 | 255,348 | 255,269 | ||||||||
| Delta Topco, Inc., Second Amendment Refinancing | 3M SOFR + 3.50% | 11/30/2029 | 1,123,674 | 1,122,742 | ||||||||
| EagleView Technology Corp., Initial | 3M SOFR + 3.50% | 08/14/2025 | 777,609 | 745,206 | ||||||||
| Epicor Software Corp., Term E | 3M SOFR + 3.25% | 05/23/2031 | 344,498 | 345,741 | ||||||||
| Fiserv Investment Solutions, Inc., Initial | 3M SOFR + 4.00% | 02/18/2027 | 429,670 | 410,606 | ||||||||
| Flash Charm, Inc., Incremental TL | 1M SOFR + 3.50% | 03/02/2028 | 1,092,596 | 1,083,582 | ||||||||
| Flexera Software LLC, Term B-2 | 3M SOFR + 3.50% | 03/03/2028 | 750,300 | 752,296 | ||||||||
| Genesys Cloud Services, Inc., 2024 Incremental | 1M SOFR + 3.75% | 12/01/2027 | 388,678 | 391,107 | ||||||||
| Greeneden U.S. Holdings I, LLC, 2024 Incremental No. 2 TL | 1M SOFR + 3.50% | 12/01/2027 | 1,401,178 | 1,407,189 | ||||||||
| Magenta Buyer LLC, Initial | 3M SOFR + 5.00% | 07/27/2028 | 1,174,647 | 648,017 | ||||||||
| McAfee Corp., Tranche B-1 | 3M SOFR + 3.25% | 03/01/2029 | 2,915,615 | 2,908,792 | ||||||||
| Planview Parent, Inc., 2024-A Incremental TL | 3M SOFR + 3.75% | 12/17/2027 | 1,429,591 | 1,426,017 | ||||||||
11
| XAI Octagon Floating Rate & Alternative Income Trust |
| SCHEDULE OF INVESTMENTS |
| June 30, 2024 (Continued) (Unaudited) |
| Reference Rate & Spread |
Maturity Date | Principal Amount | Value | |||||||||
| SENIOR SECURED FIRST LIEN LOANS - 76.32%(b)(Continued) | ||||||||||||
| Software - 5.82% (continued) | ||||||||||||
| Plusgrade, Inc., Initial | 3M SOFR + 4.50% | 03/03/2031 | $ | 686,970 | $ | 689,546 | ||||||
| Quartz AcquireCo, LLC, Term B-1 | 3M SOFR + 2.75% | 06/30/2028 | 1,989,975 | 1,989,975 | ||||||||
| Skillsoft Finance II, Inc., Initial | 1M SOFR + 5.25% | 07/14/2028 | 351,573 | 270,838 | ||||||||
| UKG, Inc., 2024 Refinancing | 1M SOFR + 3.25% | 02/10/2031 | 1,021,807 | 1,025,128 | ||||||||
| Upland Software, Inc., Initial | 1M SOFR + 3.75% | 08/06/2026 | 887,685 | 842,875 | ||||||||
| VS Buyer, LLC, 2024 Initial | 1M SOFR + 3.25% | 04/12/2031 | 1,232,908 | 1,234,449 | ||||||||
| WebMD Health Corp. and MH SUB I, LLC, 2023 | 1M SOFR + 4.25% | 05/03/2028 | 1,640,438 | 1,637,699 | ||||||||
| 24,630,773 | ||||||||||||
| Specialty Retail - 0.57% | ||||||||||||
| Franchise Group, Inc., Initial | 6M SOFR + 4.75% | 03/10/2026 | 616,957 | 464,260 | ||||||||
| Franchise Group, Inc., Third Amendment | 6M SOFR + 4.75% | 03/10/2026 | 342,037 | 225,744 | ||||||||
| Great Outdoors Group, LLC, Term B-2 Loans | 1M SOFR + 3.75% | 03/06/2028 | 788,051 | 786,822 | ||||||||
| Needle Holdings LLC, Exchange TL | 3M SOFR + 9.50% | 04/30/2028 | 569,016 | 557,636 | ||||||||
| Rising Tide Holdings, Inc., 2023 | 3M SOFR + 1.00% | 09/12/2028 | 90,059 | 77,338 | ||||||||
| Sweetwater Borrower, LLC, Initial | 1M SOFR + 4.25% | 08/07/2028 | 157,692 | 157,998 | ||||||||
| Torrid LLC, Closing Date | 6M SOFR + 5.50% | 06/14/2028 | 178,538 | 159,346 | ||||||||
| 2,429,144 | ||||||||||||
| Technology Hardware, Storage & Peripherals - 0.23% | ||||||||||||
| Celestica, Inc., New Term B | 1M SOFR + 1.75% | 05/23/2031 | 961,432 | 960,230 | ||||||||
| Textiles, Apparel & Luxury Goods - 1.09% | ||||||||||||
| ABG Intermediate Holdings 2 LLC, 2024 Refinancing | 1M SOFR + 2.75% | 12/21/2028 | 3,358,112 | 3,358,112 | ||||||||
| Amer Sports Co., Initial | 3M SOFR + 3.25% | 02/17/2031 | 586,245 | 589,176 | ||||||||
| Champ Acquisition Corp., Initial | 3M SOFR + 5.50% | 12/19/2025 | 420,912 | 421,754 | ||||||||
| Elevate Textiles, Inc., First Out | 3M SOFR + 8.50% | 09/30/2027 | 243,845 | 238,156 | ||||||||
| 4,607,198 | ||||||||||||
| Wireless Telecommunication Services - 0.36% | ||||||||||||
| LSF9 Atlantis Holdings, LLC, Closing Date | 3M SOFR + 6.50% | 03/31/2029 | 1,492,279 | 1,507,201 | ||||||||
| TOTAL SENIOR SECURED FIRST LIEN LOANS (Cost $325,528,976) | 323,140,382 | |||||||||||
| Shares | Value | |||||||
| COMMON STOCKS - 0.18%(i) | ||||||||
| Jo-Ann, Inc. | 379,111 | 497,583 | ||||||
| Carestream Health, Inc. | 873 | 1,800 | ||||||
| CEC Brands, LLC | 10,454 | 181,199 | ||||||
| Elevate Textiles, Inc. | 20,088 | 32,653 | ||||||
| Marine One Holdco, LLC | 6,326 | 27,677 | ||||||
| Permian Production Partners | 18,995 | 12,347 | ||||||
| TOTAL COMMON STOCKS (Cost $123,622) | 753,259 | |||||||
| Subscription Price | Expiration Date | Shares | Value | |||||||||||
| RIGHTS - 0.00% | ||||||||||||||
| Casa Systems, Inc.(d)(i) | $ | 0.01 | N/A | 59,949 | 1 | |||||||||
| TOTAL RIGHTS | ||||||||||||||
| (Cost $—) | 1 | |||||||||||||
12
| XAI Octagon Floating Rate & Alternative Income Trust |
| SCHEDULE OF INVESTMENTS |
| June 30, 2024 (Continued) (Unaudited) |
| Shares | Value | |||||||
| MONEY MARKET FUNDS - 2.19% | ||||||||
| Invesco Short Term Investments Trust Treasury Portfolio, Institutional Class, 5.21% (7-day yield) | 9,273,294 | $ | 9,273,294 | |||||
| TOTAL MONEY MARKET FUNDS (Cost $9,273,294) | 9,273,294 | |||||||
| TOTAL INVESTMENTS - 168.91% (Cost $750,022,010) | 715,169,552 | |||||||
| Liabilities in Excess of Other Assets - (5.35)% | (22,643,352 | ) | ||||||
| Preferred Shares (Net of $4,828,674 Deferred Financing Costs) - (17.73)% | (75,071,326 | ) | ||||||
| Leverage Facility (Net of $6,251 Deferred Leverage Costs) - (45.83)% | (194,043,749 | ) | ||||||
| NET ASSETS - 100.00% | $ | 423,411,125 | ||||||
All securities held as of June 30, 2024 are pledged as collateral for the Trust’s credit facility.
Effective February 1, 2024, the name of the Trust was changed from XAI Octagon Floating Rate & Alternative Income Term Trust.
| (a) | All or a portion of the security is exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of June 30, 2024, these securities had an aggregate value of $374,643,658 or 88.48% of net assets. |
| (b) | Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at June 30, 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 June 30, 2024. |
| (d) | As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets. |
| (e) | When-issued or delivery-delayed security. All or a portion of this position has not settled as of June 30, 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 $193,431 as of June 30, 2024. |
| (f) | Represents an investment in a warehouse facility, which is a financing structure intended to aggregate loans that may be used to form the basis of a CLO security. |
| (g) | This investment has an unfunded commitment as of June 30, 2024. |
| (h) | Security is in default. |
| (i) | Non-income producing security. |
Investment Abbreviations:
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)
SE - Societas Europea (Latin: European Company)
SOFR – Secured Overnight Financing Rate
Reference Rates:
1M SOFR as of June 30, 2024 was 5.34%
3M SOFR as of June 30, 2024 was 5.35%
6M SOFR as of June 30, 2024 was 5.36%
13