# EDGAR Filing Document

**Accession Number:** 0001703079
**File Stem:** 0001752724-25-210572
**Filing Date:** 2025-8
**Character Count:** 284930
**Document Hash:** 0f186a516f6437438225dddae437070a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210572.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210572

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** XAI Octagon Floating Rate & Alternative Income Trust
- **CENTRAL INDEX KEY:** 0001703079

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23247
- **FILM NUMBER:** 251269080

**BUSINESS ADDRESS:**
- **STREET 1:** 321 NORTH CLARK STREET #2430
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60654
- **BUSINESS PHONE:** (312) 374-6930

**MAIL ADDRESS:**
- **STREET 1:** 321 NORTH CLARK STREET #2430
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60654

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** XAI Octagon Floating Rate & Alternative Income Term Trust
- **DATE OF NAME CHANGE:** 20170901

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** XAI Octagon Floating Rate Alternative Income Term Trust
- **DATE OF NAME CHANGE:** 20170714

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** XAI Octagon Floating Rate Income & Credit Alternative Trust
- **DATE OF NAME CHANGE:** 20170406

## Nport-Ex

**XAI Octagon Floating Rate & Alternative Income Trust**

SCHEDULE OF INVESTMENTS

June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Reference Rate & <br> Spread** | **Maturity Date** | **Principal Amount** | **Value** |
| **COLLATERALIZED LOAN OBLIGATIONS DEBT - 20.11%<sup>(a)(b)</sup>** | **COLLATERALIZED LOAN OBLIGATIONS DEBT - 20.11%<sup>(a)(b)</sup>** | **COLLATERALIZED LOAN OBLIGATIONS DEBT - 20.11%<sup>(a)(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 15 Ltd. | 3M SOFR + 6.05% | 07/20/2038 | $2000000 | $2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 19 Ltd. | 3M SOFR + 7.51% | 10/15/2034 | 1000000 | 839848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 20 Ltd. | 3M SOFR + 7.00% | 01/20/2035 | 1500000 | 1466871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 21 Ltd. | 3M SOFR + 6.25% | 10/20/2034 | 2000000 | 1965779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apidos CLO XLV Ltd. | 3M SOFR + 8.40% | 04/26/2036 | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apidos CLO XLV Ltd. | 3M SOFR + 5.15% | 07/26/2038 | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;ARES XLIV CLO Ltd. | 3M SOFR + 7.13% | 04/15/2034 | 1000000 | 1002666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO Ltd. | 3M SOFR + 4.75% | 04/20/2038 | 1288000 | 1281578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XVII Ltd. | 3M SOFR + 6.15% | 10/15/2037 | 2100000 | 2110476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXIII Ltd. | 3M SOFR + 7.07% | 04/25/2034 | 1500000 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXIX Ltd. | 3M SOFR + 4.60% | 01/25/2038 | 1750000 | 1746495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXV Ltd. | 3M SOFR + 4.60% | 01/15/2035 | 480000 | 475876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXVIII Ltd. | 3M SOFR + 5.40% | 10/20/2037 | 2000000 | 1988793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXXII Ltd. | 3M SOFR + 7.35% | 10/25/2036 | 2400000 | 2415271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canyon CLO 2020-2 Ltd. | 3M SOFR + 5.75% | 10/15/2034 | 1500000 | 1477071 |
| &nbsp;&nbsp;&nbsp;&nbsp;CARLYLE US CLO 2019-4 Ltd. | 3M SOFR + 6.60% | 04/15/2035 | 750000 | 751409 |
| &nbsp;&nbsp;&nbsp;&nbsp;CARLYLE US CLO 2025-2 Ltd. | 3M SOFR + 6.75% | 07/25/2038 | 845000 | 875789 |
| &nbsp;&nbsp;&nbsp;&nbsp;CBAM 2018-8 Ltd. | 3M SOFR + 6.37% | 07/15/2037 | 1000000 | 1008148 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2015-I Ltd. | 3M SOFR + 6.26% | 01/22/2031 | 500000 | 500165 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2018-I Ltd. | 3M SOFR + 5.25% | 01/18/2038 | 1750000 | 1738696 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2019-II Ltd. | 3M SOFR + 6.85% | 04/17/2034 | 1500000 | 1503177 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2019-III Ltd. | 3M SOFR + 5.00% | 01/16/2038 | 2750000 | 2759055 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2019-V Ltd. | 3M SOFR + 7.04% | 01/15/2035 | 1000000 | 1002107 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2019-VI Ltd. | 3M SOFR + 6.25% | 07/16/2037 | 700000 | 706896 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2022-I Ltd. | 3M SOFR + 6.40% | 04/17/2035 | 2000000 | 1998613 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2022-III Ltd. | 3M SOFR + 7.27% | 04/21/2035 | 850000 | 852282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clover CLO 2021-3 LLC | 3M SOFR + 4.90% | 01/25/2035 | 1000000 | 993325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 25 Ltd. | 3M SOFR + 5.25% | 04/17/2037 | 2000000 | 2009093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldentree Loan Management US Clo 12 Ltd. | 3M SOFR + 5.70% | 07/20/2037 | 1200000 | 1200658 |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 60 Ltd. | 3M SOFR + 6.10% | 01/15/2038 | 1325000 | 1342067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding LX Ltd. | 3M SOFR + 6.50% | 10/25/2037 | 1250000 | 1250344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding LXIII Ltd. | 3M SOFR + 6.00% | 07/21/2038 | 1250000 | 1262845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XLVIII Ltd. | 3M SOFR + 6.51% | 04/19/2033 | 1500000 | 1501111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXXVII Ltd. | 3M SOFR + 6.60% | 04/15/2037 | 750000 | 761169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnetite XXIV Ltd. | 3M SOFR + 6.40% | 04/15/2035 | 500000 | 500111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman CLO 32R Ltd. | 3M SOFR + 5.15% | 07/20/2039 | 1500000 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 27 Ltd. | 3M SOFR + 6.75% | 07/15/2038 | 2000000 | 2041759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 32 Ltd. | 3M SOFR + 6.36% | 01/20/2032 | 1500000 | 1506728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 40 Ltd. | 3M SOFR + 6.11% | 04/16/2033 | 1670000 | 1670326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 41 Ltd. | 3M SOFR + 6.76% | 04/15/2034 | 1250000 | 1252252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 47 Ltd. | 3M SOFR + 6.25% | 04/14/2035 | 1000000 | 1000999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 57 Ltd. | 3M SOFR + 5.50% | 10/24/2038 | 1875000 | 1892837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 61 Ltd. | 3M SOFR + 4.90% | 07/17/2039 | 720000 | 720000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO 2019-3 Ltd. | 3M SOFR + 6.75% | 01/20/2038 | 750000 | 758374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO 2022-3 Ltd. | 3M SOFR + 6.50% | 10/15/2037 | 2000000 | 2012690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO 2023-1 Ltd. | 3M SOFR + 7.50% | 04/15/2038 | 500000 | 504197 |
| &nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding 12 Ltd. | 3M SOFR + 8.00% | 07/20/2036 | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding 2 Ltd. | 3M SOFR + 4.80% | 01/21/2038 | 1000000 | 999233 |
| &nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding 5 Ltd. | 3M SOFR + 5.40% | 10/18/2037 | 1000000 | 1007944 |
| &nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding 9 Ltd. | 3M SOFR + 5.50% | 10/19/2037 | 1000000 | 1009962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rad CLO 10 Ltd. | 3M SOFR + 6.11% | 04/23/2034 | 2000000 | 1960154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rad CLO 11 Ltd. | 3M SOFR + 6.51% | 04/15/2034 | 1300000 | 1300102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rad CLO 12 Ltd. | 3M SOFR + 6.61% | 10/30/2034 | 2000000 | 1941807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rad CLO 4 Ltd. | 3M SOFR + 6.50% | 04/25/2032 | 2300000 | 2293567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regatta 33 Funding Ltd. | 3M SOFR + 6.65% | 07/25/2038 | 770000 | 792947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regatta 34 Funding Ltd. | 3M SOFR + 6.50% | 07/20/2038 | 2000000 | 2000001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regatta XII Funding Ltd. | 3M SOFR + 6.90% | 10/15/2037 | 1500000 | 1513951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regatta XIX Funding Ltd. | 3M SOFR + 6.88% | 04/20/2035 | 750000 | 751804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regatta XVI Funding Ltd. | 3M SOFR + 7.10% | 01/15/2033 | 1400000 | 1388646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regatta XVIII Funding Ltd. | 3M SOFR + 4.70% | 04/15/2038 | 2550000 | 2509629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regatta XXII Funding Ltd. | 3M SOFR + 6.15% | 07/20/2035 | 1350000 | 1356091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regatta XXIII Funding Ltd. | 3M SOFR + 6.96% | 01/20/2035 | 2750000 | 2756350 |

---

**XAI Octagon Floating Rate & Alternative Income Trust**

SCHEDULE OF INVESTMENTS

June 30, 2025 (Continued) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Reference Rate &<br> Spread** | **Maturity Date** | **Principal Amount** | **Value** |
| **COLLATERALIZED LOAN OBLIGATIONS DEBT - 20.11%<sup>(a)(b)</sup>(Continued)** | **COLLATERALIZED LOAN OBLIGATIONS DEBT - 20.11%<sup>(a)(b)</sup>(Continued)** | **COLLATERALIZED LOAN OBLIGATIONS DEBT - 20.11%<sup>(a)(b)</sup>(Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Regatta XXIV Funding Ltd. | 3M SOFR + 5.15% | 01/20/2038 | $1000000 | $973062 |
| &nbsp;&nbsp;&nbsp;RR 19 Ltd. | 3M SOFR + 4.70% | 04/15/2040 | 500000 | 499237 |
| &nbsp;&nbsp;&nbsp;Shackleton 2019-XIV CLO Ltd. | 3M SOFR + 7.58% | 07/20/2034 | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;Sound Point CLO XVIII Ltd. | 3M SOFR + 5.76% | 01/21/2031 | 500000 | 340645 |
| &nbsp;&nbsp;&nbsp;Symphony CLO XXI Ltd. | 3M SOFR + 6.86% | 07/15/2032 | 1000000 | 976498 |
| &nbsp;&nbsp;&nbsp;Symphony CLO XXIV Ltd. | 3M SOFR + 7.26% | 01/23/2032 | 1000000 | 1000040 |
| &nbsp;&nbsp;&nbsp;THL Credit Wind River 2017-1 CLO Ltd. | 3M SOFR + 7.32% | 04/18/2036 | 1500000 | 1463236 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS DEBT<br> (Cost $92,079,376)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS DEBT<br> (Cost $92,079,376)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS DEBT<br> (Cost $92,079,376)** |  | 92482852 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Estimated Yield** | **Maturity Date** | **Principal Amount** | **Value** |
| **COLLATERALIZED LOAN OBLIGATIONS EQUITY - 61.87%<sup>(a)(c)</sup>** | **COLLATERALIZED LOAN OBLIGATIONS EQUITY - 61.87%<sup>(a)(c)</sup>** | **COLLATERALIZED LOAN OBLIGATIONS EQUITY - 61.87%<sup>(a)(c)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 16 Ltd. | 13.12% | 07/17/2037 | 1812000 | 1328341 |
| &nbsp;&nbsp;&nbsp;&nbsp;ALM 2020 Ltd.<sup>(d)</sup> | N/A | 10/15/2029 | 5000000 | 42400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 13 LLC | 11.66% | 04/15/2034 | 7000000 | 3442810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 16 Ltd. | 15.11% | 01/19/2038 | 3305720 | 1589225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 18 Ltd. | 2.93% | 04/15/2034 | 850000 | 317449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 1-R Ltd.<sup>(d)</sup> | N/A | 04/13/2031 | 4150000 | 30110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 20 Ltd. | 6.44% | 01/20/2035 | 1750000 | 770175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 3-R Ltd.<sup>(d)</sup> | N/A | 01/28/2031 | 1400000 | 23422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anchorage Capital CLO 7 Ltd. | 20.33% | 01/28/2031 | 1750000 | 459305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apidos CLO XLVIII Ltd. | 10.01% | 07/25/2037 | 9000000 | 6841980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apidos CLO XXVII<sup>(d)</sup> | N/A | 07/17/2030 | 1300000 | 194545 |
| &nbsp;&nbsp;&nbsp;&nbsp;ARES LI CLO Ltd. | 9.53% | 07/15/2034 | 1699959 | 769112 |
| &nbsp;&nbsp;&nbsp;&nbsp;ARES LI CLO Ltd. | 12.89% | 10/15/2037 | 4378142 | 1980803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares LIX CLO Ltd. | 15.49% | 04/25/2034 | 3500000 | 1825705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares LVIII CLO Ltd. | 15.62% | 04/15/2038 | 12425000 | 7103372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares XLI CLO Ltd. | 4.79% | 04/15/2034 | 2343500 | 685989 |
| &nbsp;&nbsp;&nbsp;&nbsp;ARES XLIV CLO Ltd. | 8.42% | 04/15/2034 | 6288428 | 1333550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 19 Ltd. | 10.76% | 04/20/2035 | 4200000 | 1829520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XII-B Ltd. | 14.23% | 10/15/2030 | 4500000 | 4011750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXIII Ltd. | 11.93% | 04/25/2034 | 5000000 | 3105450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXV Ltd. | 23.18% | 01/15/2035 | 5250000 | 4266150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXVII Ltd. | 16.22% | 10/20/2037 | 2250000 | 2466157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXXIV Ltd. | 11.71% | 07/25/2037 | 4700000 | 3729497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXXVI Ltd. | 12.97% | 01/25/2038 | 2560000 | 2251827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carbone CLO Ltd. | 2.30% | 01/20/2031 | 7850000 | 1035314 |
| &nbsp;&nbsp;&nbsp;&nbsp;CARLYLE US CLO 2019-4 Ltd. | 7.47% | 04/15/2035 | 8740000 | 4747568 |
| &nbsp;&nbsp;&nbsp;&nbsp;CARLYLE US CLO 2021-4 Ltd. | 8.07% | 04/20/2034 | 1000000 | 533247 |
| &nbsp;&nbsp;&nbsp;&nbsp;CARLYLE US CLO 2021-5 Ltd. | 3.89% | 07/20/2034 | 4000000 | 2040160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO 2023-2 Ltd. | 7.18% | 07/20/2036 | 4534341 | 4118814 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2017-III Ltd. | 6.83% | 07/20/2030 | 1400000 | 447524 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2017-V Ltd. | 11.83% | 07/17/2037 | 6500000 | 2545270 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2018-I Ltd. | 14.26% | 04/18/2031 | 10250000 | 3881163 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2018-II Ltd. | 16.33% | 10/20/2037 | 2500000 | 1205425 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2018-III Ltd. | 0.96% | 07/18/2031 | 3000000 | 559590 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2018-V Ltd. | 13.58% | 07/15/2038 | 5298000 | 2910403 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2019-III Ltd. | 15.21% | 01/16/2038 | 840000 | 707918 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2019-V Ltd. | 9.95% | 01/15/2035 | 2500000 | 1293000 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2019-V Ltd. | 10.93% | 01/15/2035 | 1000000 | 517200 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2020-II Ltd. | 13.04% | 10/20/2034 | 1000000 | 555710 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2020-III Ltd. | 9.71% | 10/20/2034 | 150000 | 88737 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2021-II Ltd. | 7.56% | 04/15/2034 | 4750000 | 2592978 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2021-VII Ltd. | 8.59% | 01/23/2035 | 1000000 | 603400 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding 2022-IV Ltd. | 11.56% | 07/16/2035 | 2500000 | 1640000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clover CLO 2019-1 Ltd. | 20.15% | 04/18/2035 | 8339200 | 5530557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clover CLO 2021-3 LLC | 19.93% | 01/25/2035 | 5500000 | 3924800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dryden 43 Senior Loan Fund | 2.30% | 04/20/2034 | 3000000 | 890730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dryden 87 CLO Ltd. | 1.35% | 05/20/2034 | 2000000 | 759640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dryden 95 CLO Ltd. | 5.53% | 08/20/2034 | 1750000 | 791112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 14 Ltd. | 8.52% | 04/20/2035 | 10000000 | 4943000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO I Ltd. | 9.96% | 10/20/2033 | 6000000 | 3096300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO VII Ltd. | 14.14% | 01/17/2034 | 8350000 | 3915816 |

---

**XAI Octagon Floating Rate & Alternative Income Trust**

SCHEDULE OF INVESTMENTS

June 30, 2025 (Continued) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Estimated Yield** | **Maturity Date** | **Principal Amount** | **Value** |
| **COLLATERALIZED LOAN OBLIGATIONS EQUITY - 61.87%<sup>(a)(c)</sup>(Continued)** | **COLLATERALIZED LOAN OBLIGATIONS EQUITY - 61.87%<sup>(a)(c)</sup>(Continued)** | **COLLATERALIZED LOAN OBLIGATIONS EQUITY - 61.87%<sup>(a)(c)</sup>(Continued)** | | |
| &nbsp;&nbsp;&nbsp;Galaxy 33 CLO Ltd. | 12.93% | 04/20/2037 | $2000000 | $1360360 |
| &nbsp;&nbsp;&nbsp;Generate CLO 12 Ltd. | 8.24% | 07/20/2036 | 8000000 | 5802960 |
| &nbsp;&nbsp;&nbsp;Generate CLO 14 Ltd. | 10.67% | 04/22/2037 | 8000000 | 4744000 |
| &nbsp;&nbsp;&nbsp;Generate CLO 3 Ltd. | 6.52% | 10/20/2029 | 7008000 | 2700042 |
| &nbsp;&nbsp;&nbsp;Harmony-Peace Park CLO, Ltd. | 12.99% | 10/20/2037 | 5275000 | 4233504 |
| &nbsp;&nbsp;&nbsp;Invesco CLO 2021-1 Ltd. | 4.87% | 04/15/2034 | 3000000 | 1024978 |
| &nbsp;&nbsp;&nbsp;Madison Park Funding XVIII Ltd. | 3.90% | 10/21/2030 | 4000000 | 733649 |
| &nbsp;&nbsp;&nbsp;Madison Park Funding XX Ltd. | 5.93% | 07/27/2030 | 1740000 | 372047 |
| &nbsp;&nbsp;&nbsp;Madison Park Funding XX Ltd. | 20.35% | 10/27/2037 | 2172000 | 500038 |
| &nbsp;&nbsp;&nbsp;Madison Park Funding XXIX Ltd. | 17.00% | 10/18/2047 | 4330700 | 2049764 |
| &nbsp;&nbsp;&nbsp;Madison Park Funding XXVIII Ltd. | 11.65% | 07/15/2030 | 5949336 | 2518354 |
| &nbsp;&nbsp;&nbsp;Madison Park Funding XXXVII Ltd. | 11.34% | 04/15/2037 | 4648815 | 2335425 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman CLO XXI Ltd. | 14.23% | 01/20/2039 | 4425109 | 2941326 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 47 Ltd. | 13.02% | 04/14/2035 | 15000000 | 8337000 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 50 Ltd. | 15.82% | 07/23/2036 | 6500000 | 4216550 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 53 Ltd. | 14.12% | 10/24/2037 | 7325000 | 6418751 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 54 Ltd. | 12.07% | 04/23/2038 | 3465000 | 2594627 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 55 Ltd. | 11.30% | 04/22/2038 | 4600000 | 3428610 |
| &nbsp;&nbsp;&nbsp;Niagara Park CLO Ltd. | 15.95% | 07/17/2032 | 2648000 | 1565180 |
| &nbsp;&nbsp;&nbsp;Niagara Park CLO Ltd.<sup>(d)</sup> | N/A | 01/17/2038 | 225000 | 208319 |
| &nbsp;&nbsp;&nbsp;NYACK Park CLO Ltd. | 9.16% | 10/20/2034 | 1000000 | 562990 |
| &nbsp;&nbsp;&nbsp;Oak Hill Credit Partners X-R Ltd. | 17.81% | 04/20/2034 | 9091692 | 4193720 |
| &nbsp;&nbsp;&nbsp;Oaktree CLO 2019-3, Ltd. | 15.73% | 01/20/2038 | 4000000 | 2434800 |
| &nbsp;&nbsp;&nbsp;Oaktree CLO 2022-3 Ltd. | 13.02% | 10/15/2037 | 13250000 | 8761033 |
| &nbsp;&nbsp;&nbsp;OCP 2020-8RA SUB<sup>(d)</sup> | N/A | 10/17/2036 | 5000000 | 1643750 |
| &nbsp;&nbsp;&nbsp;OCP CLO 2018-15 Ltd. | 17.03% | 07/20/2031 | 6000000 | 2883900 |
| &nbsp;&nbsp;&nbsp;OCP CLO 2022-24 Ltd. | 11.54% | 10/20/2037 | 7445299 | 4787476 |
| &nbsp;&nbsp;&nbsp;OCP CLO 2024-36, Ltd. | 13.60% | 10/16/2037 | 4000000 | 3306800 |
| &nbsp;&nbsp;&nbsp;OCP CLO 2024-38 Ltd. | 12.42% | 01/21/2038 | 5000000 | 4198500 |
| &nbsp;&nbsp;&nbsp;OHA Credit Partners XI Ltd. | 12.77% | 04/20/2037 | 4003000 | 2193364 |
| &nbsp;&nbsp;&nbsp;OHA Credit Partners XII Ltd. | 10.42% | 04/23/2037 | 13537295 | 6667795 |
| &nbsp;&nbsp;&nbsp;OHA Credit Partners XIII Ltd. | 15.96% | 10/21/2034 | 1600000 | 1072320 |
| &nbsp;&nbsp;&nbsp;Palmer Square CLO 2024-2 Ltd. | 9.70% | 07/20/2037 | 4000000 | 3428640 |
| &nbsp;&nbsp;&nbsp;Rad CLO 12 Ltd. | 11.40% | 10/30/2034 | 4500000 | 2168910 |
| &nbsp;&nbsp;&nbsp;Recette CLO Ltd.<sup>(d)</sup> | N/A | 04/20/2034 | 10400000 | 1145903 |
| &nbsp;&nbsp;&nbsp;Recette CLO Ltd.<sup>(d)(e)</sup> | N/A | 04/20/2034 | 10400000 | 145495 |
| &nbsp;&nbsp;&nbsp;Regatta XIX Funding Ltd. | 13.77% | 04/20/2035 | 10017000 | 6484004 |
| &nbsp;&nbsp;&nbsp;Regatta XVIII Funding Ltd. | 17.36% | 01/15/2034 | 7175322 | 4516578 |
| &nbsp;&nbsp;&nbsp;Regatta XXIV Funding Ltd. | 13.21% | 01/20/2035 | 5000000 | 2852650 |
| &nbsp;&nbsp;&nbsp;Regatta XXVII Funding Ltd. | 11.66% | 04/26/2037 | 6000000 | 4271520 |
| &nbsp;&nbsp;&nbsp;Rockland Park CLO Ltd. | 5.63% | 04/20/2034 | 9750000 | 4583670 |
| &nbsp;&nbsp;&nbsp;Rockland Park CLO Ltd.<sup>(e)</sup> | 88.48% | 04/20/2034 | 9750000 | 98509 |
| &nbsp;&nbsp;&nbsp;Rockland Park CLO Ltd.<sup>(e)</sup> | 89.99% | 04/20/2034 | 9750000 | 26200 |
| &nbsp;&nbsp;&nbsp;RR 19 Ltd. | 8.31% | 10/15/2035 | 7858000 | 6814222 |
| &nbsp;&nbsp;&nbsp;RR 25 Ltd. | 8.62% | 10/15/2037 | 9780000 | 6105165 |
| &nbsp;&nbsp;&nbsp;Sixth Street CLO XVI Ltd. | 7.03% | 10/20/2032 | 8000000 | 4907040 |
| &nbsp;&nbsp;&nbsp;Sixth Street CLO XVII Ltd. | 13.43% | 01/20/2034 | 1100000 | 843392 |
| &nbsp;&nbsp;&nbsp;Sixth Street CLO XXIV Ltd. | 8.69% | 04/23/2037 | 7500000 | 5072100 |
| &nbsp;&nbsp;&nbsp;Sixth Street CLO XXV Ltd. | 9.62% | 07/24/2037 | 7000000 | 5247900 |
| &nbsp;&nbsp;&nbsp;THL Credit Wind River 2018-2 CLO Ltd. | 0.17% | 07/15/2030 | 3031000 | 223900 |
| &nbsp;&nbsp;&nbsp;THL Credit Wind River 2018-3 CLO Ltd. | 0.35% | 01/20/2031 | 3000000 | 340890 |
| &nbsp;&nbsp;&nbsp;Thompson Park CLO Ltd. | 15.46% | 04/15/2034 | 4000000 | 2761440 |
| &nbsp;&nbsp;&nbsp;TICP CLO XV Ltd. | 14.03% | 04/20/2033 | 21000000 | 13394010 |
| &nbsp;&nbsp;&nbsp;Unity-Peace Park CLO Ltd. | 11.12% | 04/20/2035 | 4000000 | 2048800 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS EQUITY <br> (Cost $340,234,262)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS EQUITY <br> (Cost $340,234,262)** | **TOTAL COLLATERALIZED LOAN OBLIGATIONS EQUITY <br> (Cost $340,234,262)** |  | 284546890 |

---

**XAI Octagon Floating Rate & Alternative Income Trust**

SCHEDULE OF INVESTMENTS

June 30, 2025 (Continued) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Coupon** | **Maturity Date** | **Principal Amount** | **Value** |
| **CORPORATE BONDS - 1.48%<sup>(a)</sup>** |  |  |  | |
| ***Chemicals - 0.09%*** |  |  |  | |
| &nbsp;&nbsp;&nbsp;Herens Holdco S.a.r.l., Senior Secured Bond | 4.75% | 05/15/2028 | $444000 | $396344 |
| ***Diversified Telecommunication Services - 0.31%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Altice Financing SA, Senior Secured Bond | 5.75% | 08/15/2029 | 1197000 | 873548 |
| &nbsp;&nbsp;&nbsp;Altice France SA, Senior Secured Bond | 5.50% | 10/15/2029 | 667000 | 553610 |
|  |  |  |  | 1427158 |
| ***Electronic Equipment, Instruments & Components - 0.03%*** | ***Electronic Equipment, Instruments & Components - 0.03%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Coherent Corp., Senior Unsecured Bond | 5.00% | 12/15/2029 | 146000 | 143470 |
| ***Health Care Equipment & Supplies - 0.15%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Medline Borrower, LP, Senior Secured Bond | 3.88% | 04/01/2029 | 727000 | 697558 |
| ***Health Care Technology - 0.30%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AthenaHealth Group, Inc., Senior Unsecured Bond | 6.50% | 02/15/2030 | 1411000 | 1387673 |
| ***Hotels, Restaurants & Leisure - 0.31%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC, Senior Unsecured Bond | 6.75% | 01/15/2030 | 328000 | 302140 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower Escrow LLC, Senior Unsecured Bond | 5.00% | 06/01/2029 | 529000 | 507321 |
| &nbsp;&nbsp;&nbsp;SeaWorld Parks & Entertainment, Inc., Senior Unsecured Bond | 5.25% | 08/15/2029 | 600000 | 587519 |
|  |  |  |  | 1396980 |
| ***Industrial Conglomerates - 0.09%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;MajorDrive Holdings IV, LLC, Senior Unsecured Bond | 6.38% | 06/01/2029 | 545000 | 431166 |
| ***Media - 0.20%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Getty Images, Inc., Senior Secured Bond | 11.25% | 02/21/2030 | 376325 | 373503 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc., Senior Unsecured Bond | 5.38% | 11/15/2031 | 750000 | 558750 |
|  |  |  |  | 932253 |
| **TOTAL CORPORATE BONDS<br> (Cost $7,433,207)** | **TOTAL CORPORATE BONDS<br> (Cost $7,433,207)** |  |  | 6812602 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Reference Rate &<br> Spread** | **Maturity Date** | **Principal Amount** | **Value** |
| **SECURED SECOND LIEN LOANS - 0.38%<sup>(b)</sup>** |  |  | | |
| ***Diversified Consumer Services - 0.02%*** |  |  | | |
| &nbsp;&nbsp;&nbsp;TruGreen LP, Initial | 3M SOFR + 8.76% | 11/02/2028 | 125392 | 98276 |
| ***Electronic Equipment, Instruments & Components - 0.02%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Infinite Bidco LLC, Initial | 3M SOFR + 7.26% | 03/02/2029 | 69869 | 60219 |
| ***Insurance - 0.32%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asurion, LLC, New B-4 | 1M SOFR + 5.36% | 01/20/2029 | 1604603 | 1485509 |
| ***Pharmaceuticals - 0.02%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alvogen Pharma US, Inc., TL | 3M SOFR + 2.50% | 03/01/2029 | 231128 | 76272 |
| **TOTAL SECURED SECOND LIEN LOANS**<br> **(Cost $1,987,767)** | **TOTAL SECURED SECOND LIEN LOANS**<br> **(Cost $1,987,767)** |  |  | 1720276 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Reference Rate &<br> Spread** | **Maturity Date** | **Principal Amount** | **Value** |
| **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>** | **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>** |  | | |
| ***Aerospace & Defense - 1.57%*** |  |  | | |
| &nbsp;&nbsp;&nbsp;Arcline FM Holdings, LLC., 2025 New TL | 6M SOFR + 3.50% | 06/23/2030 | 606094 | 608475 |
| &nbsp;&nbsp;&nbsp;Kaman Corp., Initial | 6M SOFR + 2.75% | 02/26/2032 | 2449517 | 2445696 |
| &nbsp;&nbsp;&nbsp;Signia Aerospace, Initial | 3M SOFR + 3.00% | 12/11/2031 | 2984439 | 2995631 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc., Initial | 3M SOFR + 4.50% | 01/15/2027 | 111503 | 111503 |
| &nbsp;&nbsp;&nbsp;Transdigm, Inc., Tranche J | 3M SOFR + 2.50% | 02/28/2031 | 1074714 | 1076541 |
|  |  |  |  | 7237846 |
| ***Air Freight & Logistics - 0.15%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brown Group Holding, LLC, 2022 Incremental B-2 | 3M SOFR + 2.50% | 07/01/2031 | 471567 | 472048 |
| &nbsp;&nbsp;&nbsp;Lasership, Inc., Tranche B | 3M SOFR + 1.76% | 08/10/2029 | 169671 | 97701 |
| &nbsp;&nbsp;&nbsp;Lasership, Inc., Tranche E | 3M SOFR + 1.76% | 08/10/2029 | 465412 | 134192 |
|  |  |  |  | 703941 |
| ***Auto Components - 0.66%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Clarios Global LP, Amendment No. 6 | 1M SOFR + 2.75% | 01/28/2032 | 1249677 | 1250464 |
| &nbsp;&nbsp;&nbsp;First Brands Group LLC, 2022-II Incremental | 3M SOFR + 5.26% | 03/30/2027 | 1347945 | 1269037 |
| &nbsp;&nbsp;&nbsp;First Brands Group LLC, Refinanced | 3M SOFR + 5.00% | 03/30/2027 | 250000 | 235765 |
| &nbsp;&nbsp;&nbsp;LTR Intermediate Holdings, Inc., Initial | 1M SOFR + 4.61% | 05/05/2028 | 309479 | 298390 |
|  |  |  |  | 3053656 |

---

**XAI Octagon Floating Rate & Alternative Income Trust**

SCHEDULE OF INVESTMENTS

June 30, 2025 (Continued) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Reference Rate &<br> Spread** | **Maturity Date** | **Principal Amount** | **Value** |
| **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>(Continued)** | **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>(Continued)** |  |  |  |
| ***Automobiles - 1.82%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Belron Finance 2019 LLC, 2031 Incremental | 3M SOFR + 2.75% | 10/16/2031 | $2739286 | $2748818 |
| &nbsp;&nbsp;&nbsp;RealTruck Intermediate Holdings, Inc., Initial | 1M SOFR + 3.86% | 01/31/2028 | 989664 | 882038 |
| &nbsp;&nbsp;&nbsp;RVR Dealership Holdings, LLC, TL | 1M SOFR + 3.85% | 02/08/2028 | 979456 | 894028 |
| &nbsp;&nbsp;&nbsp;Tenneco, Inc., Term A | 3M SOFR + 4.85% | 11/17/2028 | 1240480 | 1206628 |
| &nbsp;&nbsp;&nbsp;Tenneco, Inc., Term B | 3M SOFR + 5.10% | 11/17/2028 | 1076970 | 1048969 |
| &nbsp;&nbsp;&nbsp;The Hertz Corp., 2023 Incremental | 3M SOFR + 3.75% | 06/30/2028 | 24944 | 20548 |
| &nbsp;&nbsp;&nbsp;The Hertz Corp., Initial Term B | 3M SOFR + 3.76% | 06/30/2028 | 209064 | 173262 |
| &nbsp;&nbsp;&nbsp;The Hertz Corp., Initial Term C | 3M SOFR + 3.76% | 06/30/2028 | 40936 | 33925 |
| &nbsp;&nbsp;&nbsp;Truck Hero, Inc., Incremental | 1M SOFR + 5.11% | 01/31/2028 | 478872 | 434337 |
| &nbsp;&nbsp;&nbsp;Wand NewCo 3, Inc., Tranche B-2 | 1M SOFR + 2.50% | 01/30/2031 | 934292 | 929509 |
|  |  |  |  | 8372062 |
| ***Banks - 0.05%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Amendment No.2 | 1M SOFR + 2.75% | 05/10/2032 | 212870 | 214532 |
| ***Building Products - 3.82%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AI Aqua Merger Sub, Inc., 2025 Refinancing Term B | 1M SOFR + 3.00% | 07/31/2028 | 3165897 | 3159343 |
| &nbsp;&nbsp;&nbsp;American Residential Services, 2025 Closing Date | 3M SOFR + 3.25% | 02/02/2032 | 400000 | 400500 |
| &nbsp;&nbsp;&nbsp;Chariot Buyer LLC, Initial | 1M SOFR + 3.35% | 11/03/2028 | 1282853 | 1284161 |
| &nbsp;&nbsp;&nbsp;Cornerstone Building Brands, Inc., Initial | 1M SOFR + 5.63% | 08/01/2028 | 496183 | 444496 |
| &nbsp;&nbsp;&nbsp;Cornerstone Building Brands, Inc., Tranche B | 1M SOFR + 3.35% | 04/12/2028 | 1352283 | 1203531 |
| &nbsp;&nbsp;&nbsp;Cornerstone Building Brands, Inc., Tranche C | 1M SOFR + 4.50% | 05/15/2031 | 297191 | 251127 |
| &nbsp;&nbsp;&nbsp;Foundation Building Materials, Inc, 2025 Incremental | 3M SOFR + 5.25% | 01/29/2031 | 166667 | 164063 |
| &nbsp;&nbsp;&nbsp;Foundation Building Materials, Inc., Initial | 3M SOFR + 3.51% | 01/31/2028 | 217690 | 214697 |
| &nbsp;&nbsp;&nbsp;Groundworks, LLC, Delayed Draw<sup>(f)</sup> | 1M SOFR + 3.00% | 03/14/2031 | 43781 | 43574 |
| &nbsp;&nbsp;&nbsp;Groundworks, LLC, Initial | 1M SOFR + 3.00% | 03/14/2031 | 1482976 | 1481863 |
| &nbsp;&nbsp;&nbsp;Hobbs & Associates, LLC, Closing Date | 1M SOFR + 2.75% | 07/23/2031 | 678606 | 677547 |
| &nbsp;&nbsp;&nbsp;Icebox Holdco III, Inc., Initial | 3M SOFR + 3.76% | 12/22/2028 | 1054830 | 1057140 |
| &nbsp;&nbsp;&nbsp;Park River Holdings, Inc., Initial | 3M SOFR + 3.51% | 12/28/2027 | 656218 | 637575 |
| &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., Tranche B-3 | 1M SOFR + 2.25% | 02/10/2032 | 921559 | 919947 |
| &nbsp;&nbsp;&nbsp;QXO Building Products, Inc., Term B | 3M SOFR + 3.00% | 04/30/2032 | 387706 | 390017 |
| &nbsp;&nbsp;&nbsp;TAMKO Building Products, LLC, 2024 | 3M SOFR + 2.75% | 09/20/2030 | 883709 | 884540 |
| &nbsp;&nbsp;&nbsp;White Cap Buyer, LLC, Tranche C | 1M SOFR + 3.25% | 10/19/2029 | 3413015 | 3389123 |
| &nbsp;&nbsp;&nbsp;Wilsonart International, Initial | 3M SOFR + 4.25% | 08/05/2031 | 981741 | 965484 |
|  |  |  |  | 17568728 |
| ***Capital Markets - 0.25%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hudson River Trading LLC, Term B-1 | 1M SOFR + 3.00% | 03/18/2030 | 1133360 | 1135660 |
| ***Chemicals - 3.00%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CP Iris Holdco I, Inc., Initial | 1M SOFR + 3.50% | 10/02/2028 | 426088 | 425023 |
| &nbsp;&nbsp;&nbsp;Discovery Purchaser Corp., Initial | 3M SOFR + 3.75% | 10/04/2029 | 542639 | 541450 |
| &nbsp;&nbsp;&nbsp;Herens Holdco S.a.r.l., Facility B | 3M SOFR + 4.03% | 07/03/2028 | 1387366 | 1261878 |
| &nbsp;&nbsp;&nbsp;Hexion Holdings Corp., 2024 Refinancing | 1M SOFR + 4.00% | 03/15/2029 | 1564506 | 1560266 |
| &nbsp;&nbsp;&nbsp;Ineos Finance LLC, 2030 TL | 1M SOFR + 3.25% | 02/18/2030 | 868724 | 831186 |
| &nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Ltd., 2029 Tranche B | 1M SOFR + 4.35% | 04/02/2029 | 1391783 | 1292619 |
| &nbsp;&nbsp;&nbsp;Ineos US Finance LLC, 2031 Repriced | 1M SOFR + 3.00% | 02/07/2031 | 1241891 | 1182280 |
| &nbsp;&nbsp;&nbsp;Ineos US Petrochem LLC, 2031 Tranche B | 1M SOFR + 4.25% | 10/07/2031 | 94680 | 86159 |
| &nbsp;&nbsp;&nbsp;Lummus Technology Holdings V LLC, Amendment No. 2 Refinancing Term B | 1M SOFR + 3.00% | 12/31/2029 | 1826817 | 1830964 |
| &nbsp;&nbsp;&nbsp;New Arclin U.S. Holding Corp., TL | 1M SOFR + 3.60% | 09/30/2028 | 371653 | 372537 |
| &nbsp;&nbsp;&nbsp;Nouryon USA LLC, Repriced 2024 B-1 | 3M SOFR + 3.25% | 04/03/2028 | 266746 | 267747 |
| &nbsp;&nbsp;&nbsp;Nouryon USA LLC, Repriced 2024 B-2 | 3M SOFR + 3.25% | 04/03/2028 | 599577 | 601903 |
| &nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp., Term B-6 | 3M SOFR + 3.00% | 06/20/2031 | 1773987 | 1751209 |
| &nbsp;&nbsp;&nbsp;Vibrantz Technologies, Inc., Initial | 3M SOFR + 4.40% | 04/23/2029 | 518062 | 451289 |
| &nbsp;&nbsp;&nbsp;Windsor Holdings III, LLC., 2025 Term B | 1M SOFR + 2.75% | 08/01/2030 | 1324975 | 1324643 |
|  |  |  |  | 13781153 |
| ***Commercial Services & Supplies - 2.88%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC, Initial | 1M SOFR + 3.85% | 05/12/2028 | 2878618 | 2891341 |
| &nbsp;&nbsp;&nbsp;AmSpec Parent, LLC, Closing Date | 3M SOFR + 3.50% | 12/22/2031 | 1053381 | 1057331 |
| &nbsp;&nbsp;&nbsp;Ankura Consulting Group LLC, 2024-2 Repricing | 3M SOFR + 3.50% | 12/29/2031 | 1607666 | 1604853 |
| &nbsp;&nbsp;&nbsp;Belfor USA Group, Inc., Tranche B-3 | 1M SOFR + 3.00% | 11/01/2030 | 1229328 | 1229328 |
| &nbsp;&nbsp;&nbsp;First Advantage Holdings, LLC, 2024 TL | 1M SOFR + 3.25% | 10/31/2031 | 823614 | 823358 |
| &nbsp;&nbsp;&nbsp;Garda World Security Corp., Twelfth Additional TL | 1M SOFR + 3.00% | 02/01/2029 | 1419984 | 1420765 |
| &nbsp;&nbsp;&nbsp;GBT US III LLC, Term B-1 | 3M SOFR + 2.50% | 07/28/2031 | 1680619 | 1682131 |

---

**XAI Octagon Floating Rate & Alternative Income Trust**

SCHEDULE OF INVESTMENTS

June 30, 2025 (Continued) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Reference Rate &<br> Spread** | **Maturity Date** | **Principal Amount** | **Value** |
| **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>(Continued)** | **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>(Continued)** | **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>(Continued)** | | |
| ***Commercial Services & Supplies - 2.88% (continued)*** | ***Commercial Services & Supplies - 2.88% (continued)*** |  | | |
| &nbsp;&nbsp;&nbsp;Genuine Financial Holdings, LLC, 2025 Replacement | 1M SOFR + 3.25% | 09/27/2030 | $1504558 | $1425569 |
| &nbsp;&nbsp;&nbsp;GFL Environmental Services, Initial | 3M SOFR + 2.50% | 03/03/2032 | 686032 | 685463 |
| &nbsp;&nbsp;&nbsp;The Action Environmental Group, Inc., Initial | 3M SOFR + 3.75% | 10/24/2030 | 426069 | 426069 |
|  |  |  |  | 13246208 |
| ***Communications Equipment - 0.39%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Casa Systems, Inc., Superpriority<sup>(g)</sup> | 6M SOFR + 6.93% | 12/20/2027 | 498333 | 0 |
| &nbsp;&nbsp;&nbsp;Global Tel Link Corp., Initial | 1M SOFR + 7.50% | 08/06/2029 | 938851 | 924769 |
| &nbsp;&nbsp;&nbsp;Gogo Intermediate Holdings LLC, Initial | 1M SOFR + 3.86% | 04/30/2028 | 892457 | 874412 |
|  |  |  |  | 1799181 |
| ***Construction & Engineering - 1.40%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brand Industrial Services, Inc., Tranche C | 3M SOFR + 4.50% | 08/01/2030 | 1883832 | 1569232 |
| &nbsp;&nbsp;&nbsp;DG Investment Intermediate Holdings 2, Inc., Closing Date Initial | 1M SOFR + 3.61% | 03/31/2028 | 1744790 | 1743028 |
| &nbsp;&nbsp;&nbsp;Energize Holdco LLC, 2025 Refinancing | 1M SOFR + 3.00% | 12/08/2028 | 2093541 | 2086737 |
| &nbsp;&nbsp;&nbsp;Michael Baker International, LLC, Term B-1 | 3M SOFR + 4.00% | 12/01/2028 | 272826 | 273849 |
| &nbsp;&nbsp;&nbsp;Tecta America Corp., Closing Date TL | 1M SOFR + 3.00% | 02/18/2032 | 759738 | 760452 |
|  |  |  |  | 6433298 |
| ***Construction Materials - 0.28%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;LSF12 Crown US Commercial Bidco LLC, TL | 1M SOFR + 4.25% | 12/02/2031 | 1104993 | 1109833 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., Term B | 1M SOFR + 3.86% | 04/20/2028 | 155960 | 154400 |
|  |  |  |  | 1264233 |
| ***Containers & Packaging - 1.31%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Anchor Packaging, LLC, Amendment No. 5 | 1M SOFR + 3.25% | 07/18/2029 | 534807 | 537347 |
| &nbsp;&nbsp;&nbsp;Berlin Packaging LLC, 2024-2 Replacement | 1M SOFR + 3.50% | 06/07/2031 | 253215 | 254041 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., 2025 Incremental Closing Date Term B | 1M SOFR + 3.25% | 04/01/2032 | 1120514 | 1115539 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc., 2025 Incremental Delayed Draw Term B<sup>(f)</sup> | 1M SOFR + 3.25% | 04/01/2032 | 588 | 501 |
| &nbsp;&nbsp;&nbsp;Pelican Products, Inc., Initial | 3M SOFR + 4.51% | 12/29/2028 | 474072 | 413035 |
| &nbsp;&nbsp;&nbsp;Pregis TopCo LLC, Tenth Amendment | 1M SOFR + 4.00% | 02/01/2029 | 219605 | 220045 |
| &nbsp;&nbsp;&nbsp;Proampac PG Borrower LLC, 2024-1 | 3M SOFR + 4.00% | 09/15/2028 | 649494 | 650955 |
| &nbsp;&nbsp;&nbsp;RLG Holdings, LLC, Closing Date Initial | 1M SOFR + 4.36% | 07/07/2028 | 1322431 | 1101479 |
| &nbsp;&nbsp;&nbsp;Sabert Corp., Term B | 1M SOFR + 3.11% | 12/10/2026 | 931165 | 935821 |
| &nbsp;&nbsp;&nbsp;Tricorbraun Holdings, Inc., Closing Date Initial | 1M SOFR + 3.36% | 03/03/2028 | 809717 | 808437 |
|  |  |  |  | 6037200 |
| ***Distributors - 0.91%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aramsco Parent, Inc., Closing Date Initial | 3M SOFR + 4.75% | 10/10/2030 | 371363 | 298947 |
| &nbsp;&nbsp;&nbsp;BCPE Empire Holdings, Inc., Amendment No. 8 Refinancing | 1M SOFR + 3.25% | 12/11/2030 | 3912945 | 3886533 |
|  |  |  |  | 4185480 |
| ***Diversified Consumer Services - 2.48%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd. and American Airlines, Inc., 2025 Incremental | 3M SOFR + 3.25% | 05/28/2032 | 1081529 | 1087477 |
| &nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP Ltd. and American Airlines, Inc., 2025 Replacement | 3M SOFR + 2.25% | 04/20/2028 | 538911 | 534783 |
| &nbsp;&nbsp;&nbsp;Cast & Crew Payroll, LLC, Incremental Facility No. 2 Incremental | 1M SOFR + 3.75% | 12/29/2028 | 448583 | 423431 |
| &nbsp;&nbsp;&nbsp;EP Purchaser, LLC, 2023 Incremental | 3M SOFR + 4.76% | 11/06/2028 | 804311 | 790235 |
| &nbsp;&nbsp;&nbsp;EP Purchaser, LLC, Closing Date TL | 3M SOFR + 3.76% | 11/06/2028 | 236900 | 232281 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc., 2021 Term B-1 | 1M SOFR + 3.61% | 12/17/2027 | 175771 | 172380 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc., 2021 Term B-2 | 1M SOFR + 3.61% | 12/17/2027 | 278853 | 273474 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc., 2022 Term B | 1M SOFR + 4.35% | 06/30/2028 | 62206 | 61210 |
| &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc., 2022 Term B-2 | 1M SOFR + 5.10% | 06/30/2028 | 58182 | 57600 |
| &nbsp;&nbsp;&nbsp;Seren BidCo AB, Facility B6 | 1M SOFR + 3.40% | 11/16/2028 | 462994 | 464267 |
| &nbsp;&nbsp;&nbsp;Spin Holdco, Inc., Initial | 3M SOFR + 4.26% | 03/04/2028 | 2123030 | 1857651 |
| &nbsp;&nbsp;&nbsp;Staples, Inc., Closing Date | 3M SOFR + 5.75% | 09/04/2029 | 269690 | 248306 |
| &nbsp;&nbsp;&nbsp;Stubhub Holdings, Inc., Extended Term B | 1M SOFR + 4.75% | 03/15/2030 | 1145773 | 1109487 |
| &nbsp;&nbsp;&nbsp;The Knot Worldwide, Inc., Amendment No. 5 | 1M SOFR + 3.75% | 01/31/2028 | 1082136 | 1076725 |
| &nbsp;&nbsp;&nbsp;Tripadvisor, Inc., Initial Term B Loan | 1M SOFR + 2.75% | 07/08/2031 | 878360 | 875066 |
| &nbsp;&nbsp;&nbsp;TruGreen LP, Second Refinancing | 1M SOFR + 4.10% | 11/02/2027 | 175480 | 166159 |
| &nbsp;&nbsp;&nbsp;WestJet Loyalty LP, Initial | 3M SOFR + 3.25% | 02/14/2031 | 1954184 | 1953207 |
|  |  |  |  | 11383739 |

---

**XAI Octagon Floating Rate & Alternative Income Trust**

SCHEDULE OF INVESTMENTS

June 30, 2025 (Continued) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Reference Rate &<br> Spread** | **Maturity Date** | **Principal Amount** | **Value** |
| **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>(Continued)** | **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>(Continued)** |  |  |  |
| ***Diversified Financial Services - 4.72%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ascensus Holdings, Inc., Amendment No. 4 Replacement | 1M SOFR + 3.00% | 08/02/2028 | $2701632 | $2704442 |
| &nbsp;&nbsp;&nbsp;BCPE Pequod Buyer, Inc., Initial | 1M SOFR + 3.25% | 11/25/2031 | 1832810 | 1834643 |
| &nbsp;&nbsp;&nbsp;Blackhawk Network Holdings, Inc., Term B-2 | 1M SOFR + 4.00% | 03/12/2029 | 2293440 | 2304196 |
| &nbsp;&nbsp;&nbsp;Citco Funding LLC, 2024 TL | 6M SOFR + 2.75% | 04/27/2028 | 774188 | 777478 |
| &nbsp;&nbsp;&nbsp;Citrin Cooperman Advisors LLC, Initial | 3M SOFR + 3.00% | 04/01/2032 | 683731 | 682589 |
| &nbsp;&nbsp;&nbsp;CoreLogic, Inc., Initial | 1M SOFR + 3.61% | 06/02/2028 | 1084755 | 1072215 |
| &nbsp;&nbsp;&nbsp;FNZ USA FINCO, LLC, Initial | 3M SOFR + 5.00% | 11/05/2031 | 1314695 | 1076407 |
| &nbsp;&nbsp;&nbsp;Focus Financial Partners, LLC, Tranche B | 1M SOFR + 2.75% | 09/15/2031 | 1990312 | 1985594 |
| &nbsp;&nbsp;&nbsp;Grant Thornton Advisors LLC, 2025 Incremental | 1M SOFR + 2.75% | 06/02/2031 | 2462599 | 2458290 |
| &nbsp;&nbsp;&nbsp;Grant Thornton Advisors LLC, 2025-2 Incremental | 1M SOFR + 3.00% | 06/02/2031 | 461401 | 461862 |
| &nbsp;&nbsp;&nbsp;Hightower Holdings, LLC, Amendment No. 8 | 3M SOFR + 3.00% | 02/03/2032 | 1581600 | 1576334 |
| &nbsp;&nbsp;&nbsp;Janney Montgomery Scott, Initial | 6M SOFR + 3.25% | 11/28/2031 | 1138224 | 1142492 |
| &nbsp;&nbsp;&nbsp;Nexus Buyer, LLC, Amendment No. 9 Refinancing | 1M SOFR + 3.50% | 07/31/2031 | 3606070 | 3615950 |
|  |  |  |  | 21692492 |
| ***Diversified Telecommunication Services - 3.16%*** | ***Diversified Telecommunication Services - 3.16%*** | ***Diversified Telecommunication Services - 3.16%*** |  |  |
| &nbsp;&nbsp;&nbsp;Altice France SA, Term B-14 Refinancing | 3M SOFR + 5.50% | 08/15/2028 | 1698712 | 1534973 |
| &nbsp;&nbsp;&nbsp;Cogeco Financing 2 LP, Term B | 1M SOFR + 3.25% | 09/18/2030 | 969412 | 966387 |
| &nbsp;&nbsp;&nbsp;CSC Holdings, LLC, B-6 2022 Refinancing | 1M SOFR + 4.50% | 01/18/2028 | 750000 | 738758 |
| &nbsp;&nbsp;&nbsp;Directv Financing, LLC, Closing Date | 3M SOFR + 5.26% | 08/02/2027 | 275747 | 276503 |
| &nbsp;&nbsp;&nbsp;LCPR Loan Financing LLC, 2021 Additional | 1M SOFR + 3.86% | 10/16/2028 | 58979 | 38090 |
| &nbsp;&nbsp;&nbsp;Syniverse Holdings, LLC, Initial | 3M SOFR + 7.00% | 05/13/2027 | 890980 | 841602 |
| &nbsp;&nbsp;&nbsp;UPC Broadband Holding BV, Facility AAA | 3M SOFR + 2.50% | 02/15/2032 | 1232341 | 1228743 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc., Incremental | 1M SOFR + 4.61% | 05/30/2030 | 373349 | 355966 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc., Initial | 1M SOFR + 4.61% | 03/02/2029 | 896525 | 859543 |
| &nbsp;&nbsp;&nbsp;Virgin Media Bristol LLC, Facility Y | 6M SOFR + 3.28% | 03/31/2031 | 976310 | 962779 |
| &nbsp;&nbsp;&nbsp;Wide Open West Finance, LLC, First Out | 3M SOFR + 7.26% | 12/11/2028 | 675412 | 690608 |
| &nbsp;&nbsp;&nbsp;Wide Open West Finance, LLC, Second Out | 3M SOFR + 3.26% | 12/11/2028 | 1249379 | 1061347 |
| &nbsp;&nbsp;&nbsp;Windstream Services, LLC, Incremental TL | 1M SOFR + 4.85% | 10/01/2031 | 1917501 | 1924692 |
| &nbsp;&nbsp;&nbsp;Zacapa S.a.r.l., Initial | 3M SOFR + 3.75% | 03/22/2029 | 3038572 | 3046168 |
|  |  |  |  | 14526159 |
| ***Electronic Equipment, Instruments & Components - 0.13%*** | ***Electronic Equipment, Instruments & Components - 0.13%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Mavenir Systems, Inc, November II Initial<sup>(g)</sup> | 3M SOFR + 10.00% | 09/02/2025 | 54323 | 54323 |
| &nbsp;&nbsp;&nbsp;Mavenir Systems, Inc., December New Initial TL<sup>(g)</sup> | 3M SOFR + 10.00% | 09/02/2025 | 40490 | 40490 |
| &nbsp;&nbsp;&nbsp;Mavenir Systems, Inc., Delayed Draw<sup>(g)</sup> | 3M SOFR + 10.00% | 09/02/2025 | 9438 | 9438 |
| &nbsp;&nbsp;&nbsp;Mavenir Systems, Inc., Initial TL<sup>(g)</sup> | 3M SOFR + 5.01% | 08/18/2028 | 476514 | 1191 |
| &nbsp;&nbsp;&nbsp;Mavenir Systems, Inc., New Initial TL<sup>(g)</sup> | 3M SOFR + 10.00% | 09/02/2025 | 29321 | 29321 |
| &nbsp;&nbsp;&nbsp;Mavenir Systems, Inc., November Initial TL<sup>(g)</sup> | 3M SOFR + 10.00% | 09/02/2025 | 14261 | 14261 |
| &nbsp;&nbsp;&nbsp;Natel Engineering Co., Inc., Initial | 1M SOFR + 6.36% | 04/30/2026 | 491118 | 445385 |
|  |  |  |  | 594409 |
| ***Food & Staples Retailing - 0.39%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;EG America, LLC, Facility B | 3M SOFR + 4.25% | 02/07/2028 | 943098 | 946125 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc., Initial | 3M SOFR + 2.75% | 02/17/2028 | 824302 | 826363 |
|  |  |  |  | 1772488 |
| ***Food Products - 0.08%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pacific Bells, LLC, Initial Term B-1 | 3M SOFR + 4.26% | 11/13/2028 | 354137 | 354579 |
| ***Gas Utilities - 0.30%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Prairie Acquiror LP, Initial Term B-3 | 1M SOFR + 4.25% | 08/01/2029 | 1382600 | 1389942 |
| ***Health Care Equipment & Supplies - 0.51%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp., First Incremental TL | 1M SOFR + 4.00% | 09/29/2028 | 1368482 | 1366772 |
| &nbsp;&nbsp;&nbsp;Hanger, Inc., Delayed Draw<sup>(f)</sup> | 1M SOFR + 3.50% | 10/23/2031 | 15120 | 15216 |
| &nbsp;&nbsp;&nbsp;Hanger, Inc., Initial | 1M SOFR + 3.50% | 10/23/2031 | 782854 | 783606 |
| &nbsp;&nbsp;&nbsp;Zest Acquisition Corp., Term B-1 | 3M SOFR + 5.25% | 02/08/2028 | 199958 | 198958 |
|  |  |  |  | 2364552 |
| ***Health Care Providers & Services - 4.58%*** | ***Health Care Providers & Services - 4.58%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Azalea Topco, Inc., 2024 Refinancing | 1M SOFR + 3.25% | 04/30/2031 | 2049611 | 2052173 |
| &nbsp;&nbsp;&nbsp;Charlotte Buyer, Inc., Second Refinancing | 1M SOFR + 4.25% | 02/11/2028 | 2042109 | 2041742 |
| &nbsp;&nbsp;&nbsp;CHG Healthcare Services, Inc., Amendment No. 5 Refinancing | 3M SOFR + 3.00% | 09/29/2028 | 1124746 | 1128187 |
| &nbsp;&nbsp;&nbsp;Cotiviti, Inc., Floating Rate TL | 1M SOFR + 2.75% | 05/01/2031 | 1063494 | 1057517 |
| &nbsp;&nbsp;&nbsp;Cotiviti, Inc., Incremental TL | 1M SOFR + 2.75% | 03/26/2032 | 850959 | 845998 |
| &nbsp;&nbsp;&nbsp;Covetrus, Inc., Initial | 3M SOFR + 5.00% | 10/13/2029 | 1219738 | 1095984 |
| &nbsp;&nbsp;&nbsp;ExamWorks Group, Inc., Initial | 1M SOFR + 2.75% | 11/01/2028 | 685481 | 686975 |

---

**XAI Octagon Floating Rate & Alternative Income Trust**

SCHEDULE OF INVESTMENTS

June 30, 2025 (Continued) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Reference Rate & <br> Spread** | **Maturity Date** | **Principal Amount** | **Value** |
| **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>(Continued)** | **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>(Continued)** |  |  |  |
| ***Health Care Providers & Services - 4.58% (continued)*** | ***Health Care Providers & Services - 4.58% (continued)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Global Medical Response, Inc., 2024 Extended TL | 3M SOFR + 4.75% | 10/31/2028 | $1620195 | $1621102 |
| &nbsp;&nbsp;&nbsp;Ingenovis Health, Inc., Initial | 3M SOFR + 4.36% | 03/06/2028 | 1123337 | 443718 |
| &nbsp;&nbsp;&nbsp;Inizio Group Ltd., Initial | 3M SOFR + 4.35% | 08/19/2028 | 474011 | 450310 |
| &nbsp;&nbsp;&nbsp;Lifepoint Health, Inc., 2024 Refinancing | 3M SOFR + 3.75% | 05/17/2031 | 2363623 | 2335922 |
| &nbsp;&nbsp;&nbsp;Outcomes Group Holdings, Inc., 2024 Replacement | 1M SOFR + 3.75% | 05/06/2031 | 836572 | 840579 |
| &nbsp;&nbsp;&nbsp;Sharp Services, LLC, Tranche D | 3M SOFR + 3.25% | 12/31/2028 | 736501 | 737422 |
| &nbsp;&nbsp;&nbsp;Solaris US BidCo, LLC, Initial | 3M SOFR + 5.25% | 11/29/2030 | 1748322 | 1713356 |
| &nbsp;&nbsp;&nbsp;Southern Veterinary Partners, LLC, 2024-3 | 3M SOFR + 3.25% | 12/04/2031 | 2230221 | 2231113 |
| &nbsp;&nbsp;&nbsp;Summit Behavioral Health, LLC, Tranche B-1 | 3M SOFR + 4.25% | 11/24/2028 | 1050698 | 788023 |
| &nbsp;&nbsp;&nbsp;WCG Intermediate Corp., 2025 Refinancing | 1M SOFR + 3.00% | 02/25/2032 | 985318 | 973297 |
|  |  |  |  | 21043418 |
| ***Health Care Technology - 2.85%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AthenaHealth Group, Inc., Initial | 1M SOFR + 2.75% | 02/15/2029 | 3327304 | 3322114 |
| &nbsp;&nbsp;&nbsp;Ensemble RCM, LLC, Term B | 3M SOFR + 3.00% | 08/01/2029 | 2304597 | 2312986 |
| &nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp., Term B | 3M SOFR + 4.10% | 10/01/2027 | 2448718 | 2355054 |
| &nbsp;&nbsp;&nbsp;Raven Acquisition Holdings, LLC, Initial | 1M SOFR + 3.25% | 11/19/2031 | 2578985 | 2575761 |
| &nbsp;&nbsp;&nbsp;Zelis Payments Buyer, Inc. & Zelis Cost Management Buyer, Inc., Amendment No. 5 | 1M SOFR + 3.25% | 11/26/2031 | 2545042 | 2528780 |
|  |  |  |  | 13094695 |
| ***Hotels, Restaurants & Leisure - 3.87%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alterra Mountain Co., Series B-7 | 1M SOFR + 3.00% | 05/31/2030 | 392497 | 393235 |
| &nbsp;&nbsp;&nbsp;Arcis Golf, LLC, Amendment No. 3 | 1M SOFR + 2.75% | 11/24/2028 | 257516 | 257516 |
| &nbsp;&nbsp;&nbsp;BCPE Grill Parent, Inc., Initial | 3M SOFR + 4.75% | 09/30/2030 | 849291 | 824416 |
| &nbsp;&nbsp;&nbsp;Bulldog Purchaser, Inc., 2024 | 3M SOFR + 3.75% | 06/27/2031 | 1461098 | 1462924 |
| &nbsp;&nbsp;&nbsp;Catawba Nation Gaming Authority, Term B | 3M SOFR + 4.75% | 03/29/2032 | 1193096 | 1205528 |
| &nbsp;&nbsp;&nbsp;ClubCorp Holdings, Inc., Term B-2 | 3M SOFR + 5.26% | 09/18/2026 | 757425 | 757047 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's, Inc., 2024 Incremental Term B | 3M SOFR + 3.25% | 11/01/2031 | 1005553 | 957417 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's, Inc., 2024 Refinancing Term B | 3M SOFR + 3.25% | 06/29/2029 | 446565 | 431788 |
| &nbsp;&nbsp;&nbsp;Fertitta Entertainment, LLC, Initial B TL | 1M SOFR + 3.50% | 01/27/2029 | 1450380 | 1447842 |
| &nbsp;&nbsp;&nbsp;Fitness International, LLC, Term B | 1M SOFR + 5.25% | 02/12/2029 | 974855 | 975830 |
| &nbsp;&nbsp;&nbsp;Flynn Restaurant Group LP, Series 2025 | 1M SOFR + 3.75% | 01/28/2032 | 1265907 | 1262743 |
| &nbsp;&nbsp;&nbsp;Herschend Entertainment Company, LLC, Initial | 1M SOFR + 3.25% | 05/27/2032 | 302919 | 304749 |
| &nbsp;&nbsp;&nbsp;Horizon Midco 2 Ltd., Term B | 3M SOFR + 4.75% | 10/31/2031 | 1489704 | 1453698 |
| &nbsp;&nbsp;&nbsp;Kingpin Intermediate Holdings LLC, Amendment No. 8 | 1M SOFR + 3.50% | 02/08/2028 | 954905 | 946846 |
| &nbsp;&nbsp;&nbsp;LC Ahab US Bidco LLC, Initial | 1M SOFR + 3.00% | 05/01/2031 | 1647150 | 1644070 |
| &nbsp;&nbsp;&nbsp;MIC GLEN LLC, Amendment No. 3 | 1M SOFR + 3.25% | 07/21/2028 | 381454 | 382964 |
| &nbsp;&nbsp;&nbsp;Motion Finco, LLC, Facility B3 | 3M SOFR + 3.50% | 11/12/2029 | 997196 | 946718 |
| &nbsp;&nbsp;&nbsp;Ontario Gaming GTA LP, Term B | 3M SOFR + 4.25% | 08/01/2030 | 547467 | 541478 |
| &nbsp;&nbsp;&nbsp;Scientific Games Holdings LP, 2024 Refinancing | 3M SOFR + 3.00% | 04/04/2029 | 498744 | 498090 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp., Initial Term B | 1M SOFR + 2.00% | 05/01/2031 | 146410 | 146410 |
| &nbsp;&nbsp;&nbsp;Tacala, LLC, Amendment No. 2 Replacement | 1M SOFR + 3.50% | 01/31/2031 | 311761 | 312905 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp., Initial | 1M SOFR + 3.00% | 03/15/2030 | 665172 | 653864 |
|  |  |  |  | 17808078 |
| ***Household Durables - 0.80%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fender Musical Instruments Corp., Initial | 1M SOFR + 4.10% | 12/01/2028 | 182101 | 162981 |
| &nbsp;&nbsp;&nbsp;Hunter Douglas, Inc., Tranche B-1 | 3M SOFR + 3.25% | 01/17/2032 | 2474564 | 2463230 |
| &nbsp;&nbsp;&nbsp;TGP Holdings III LLC, Closing Date | 1M SOFR + 3.35% | 06/29/2028 | 499923 | 444576 |
| &nbsp;&nbsp;&nbsp;Weber-Stephen Products LLC, 2022 Incremental | 1M SOFR + 4.35% | 10/30/2027 | 132918 | 132286 |
| &nbsp;&nbsp;&nbsp;Weber-Stephen Products LLC, Initial Term B | 1M SOFR + 3.36% | 10/30/2027 | 478499 | 474585 |
|  |  |  |  | 3677658 |
| ***Independent Power/Renewable Electr**icity Producers - 1.48%***** | ***Independent Power/Renewable Electr**icity Producers - 1.48%***** |  |  |  |
| &nbsp;&nbsp;&nbsp;Alpha Generation, LLC, Initial Term B | 1M SOFR + 2.00% | 09/30/2031 | 2401916 | 2396920 |
| &nbsp;&nbsp;&nbsp;Carroll County Energy LLC, TL | 3M SOFR + 3.25% | 06/30/2031 | 710217 | 710927 |
| &nbsp;&nbsp;&nbsp;Cornerstone Generation LLC, Term Loan B | 1M SOFR + 3.25% | 10/28/2031 | 562954 | 565532 |
| &nbsp;&nbsp;&nbsp;Hamilton Projects Acquiror, LLC, TL | 1M SOFR + 3.00% | 05/30/2031 | 970888 | 973723 |
| &nbsp;&nbsp;&nbsp;Hunterstown Generation, LLC, TL | 3M SOFR + 3.50% | 11/06/2031 | 491973 | 490910 |
| &nbsp;&nbsp;&nbsp;Invenergy Thermal Operating I LLC, Term B Loans | 1M SOFR + 3.50% | 05/14/2032 | 232006 | 233398 |
| &nbsp;&nbsp;&nbsp;Invenergy Thermal Operating I LLC, Term C Loans | 1M SOFR + 3.50% | 05/14/2032 | 15467 | 15560 |
| &nbsp;&nbsp;&nbsp;South Field Energy LLC, New Loan B | 3M SOFR + 3.25% | 08/29/2031 | 1337323 | 1342338 |
| &nbsp;&nbsp;&nbsp;South Field Energy LLC, New Loan C | 3M SOFR + 3.25% | 08/29/2031 | 85488 | 85809 |
|  |  |  |  | 6815117 |

---

**XAI Octagon Floating Rate & Alternative Income Trust**

SCHEDULE OF INVESTMENTS

June 30, 2025 (Continued) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Reference Rate &<br> Spread** | **Maturity Date** | **Principal Amount** | **Value** |
| **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>(Continued)** | **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>(Continued)** |  | | |
| ***Industrial Conglomerates - 1.74%*** |  |  | | |
| &nbsp;&nbsp;&nbsp;Cube Industrials Buyer, Inc., Initial | 3M SOFR + 3.25% | 10/17/2031 | $799960 | $803207 |
| &nbsp;&nbsp;&nbsp;Madison IAQ LLC, 2025 Incremental | 3M SOFR + 3.25% | 05/06/2032 | 616435 | 617735 |
| &nbsp;&nbsp;&nbsp;MajorDrive Holdings IV, LLC, 2022 Incremental | 3M SOFR + 5.65% | 06/01/2029 | 287801 | 282765 |
| &nbsp;&nbsp;&nbsp;MajorDrive Holdings IV, LLC, Initial | 3M SOFR + 4.26% | 06/01/2028 | 245796 | 240677 |
| &nbsp;&nbsp;&nbsp;SPX Flow, Inc., 2024 Refinancing | 1M SOFR + 3.00% | 04/05/2029 | 1997847 | 2003760 |
| &nbsp;&nbsp;&nbsp;SunSource Borrower, LLC, Initial | 1M SOFR + 4.10% | 03/25/2031 | 1730350 | 1700502 |
| &nbsp;&nbsp;&nbsp;TK Elevator Midco GmbH, New Facility B | 3M SOFR + 3.00% | 04/30/2030 | 2350852 | 2355930 |
|  |  |  |  | 8004576 |
| ***Insurance - 6.07%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acrisure LLC, 2024 Repricing Term B-6 | 1M SOFR + 3.00% | 11/06/2030 | 2452734 | 2443978 |
| &nbsp;&nbsp;&nbsp;Alera Group, Inc., First Lien Initial | 1M SOFR + 3.25% | 05/30/2032 | 1189995 | 1193268 |
| &nbsp;&nbsp;&nbsp;Alera Group, Inc., Second Lien Initial | 1M SOFR + 5.50% | 05/30/2033 | 750000 | 763748 |
| &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate, LLC, Extended TLB-6 | 1M SOFR + 2.75% | 09/19/2031 | 24293 | 24295 |
| &nbsp;&nbsp;&nbsp;Ardonagh Group Finco Pty and Ardonagh Finco BV, Syndicated Facility B | 3M SOFR + 2.75% | 02/15/2031 | 2377921 | 2357114 |
| &nbsp;&nbsp;&nbsp;Asurion, LLC, New B-12 | 1M SOFR + 4.25% | 09/19/2030 | 310912 | 302847 |
| &nbsp;&nbsp;&nbsp;Asurion, LLC, New B-13 | 1M SOFR + 4.25% | 09/19/2030 | 482552 | 468316 |
| &nbsp;&nbsp;&nbsp;Asurion, LLC, New B-9 | 1M SOFR + 3.36% | 07/31/2027 | 1234999 | 1233196 |
| &nbsp;&nbsp;&nbsp;Baldwin Risk Partners, LLC, 2024 Refinancing | 1M SOFR + 3.00% | 05/26/2031 | 1851788 | 1850251 |
| &nbsp;&nbsp;&nbsp;BroadStreet Partners, Inc., Term B-4 | 1M SOFR + 3.00% | 06/13/2031 | 2366560 | 2368879 |
| &nbsp;&nbsp;&nbsp;CRC Insurance Group, LLC, Second Lien TL | 1M SOFR + 4.75% | 05/06/2032 | 750000 | 757973 |
| &nbsp;&nbsp;&nbsp;Hyperion Refinance S.a.r.l., 2024-2 Refinancing | 1M SOFR + 3.50% | 04/18/2030 | 437887 | 439954 |
| &nbsp;&nbsp;&nbsp;Hyperion Refinance S.a.r.l., 2024-3 Refinancing | 1M SOFR + 3.00% | 02/17/2031 | 3001675 | 3009510 |
| &nbsp;&nbsp;&nbsp;IMA Financial Group, Inc., Initial | 1M SOFR + 3.00% | 11/01/2028 | 1373271 | 1372132 |
| &nbsp;&nbsp;&nbsp;OneDigital Borrower LLC, 2025 Refinancing | 1M SOFR + 3.00% | 07/02/2031 | 4086804 | 4075320 |
| &nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc., 2023 TL | 1M SOFR + 3.00% | 07/31/2031 | 3236277 | 3246406 |
| &nbsp;&nbsp;&nbsp;TIH Insurance Holdings, LLC, Amendment No. 1 Replacement | 3M SOFR + 2.75% | 05/06/2031 | 1223713 | 1223456 |
| &nbsp;&nbsp;&nbsp;Trucordia Insurance Holdings, LLC, Initial | 1M SOFR + 3.25% | 06/14/2032 | 785613 | 786595 |
|  |  |  |  | 27917238 |
| ***Internet and Catalog Retail - 0.09%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shutterfly Finance, LLC, Exchanged Term B | 3M SOFR + 1.00% | 10/01/2027 | 445587 | 412355 |
| ***IT Services - 0.75%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Avalara, Inc., TL | 3M SOFR + 3.25% | 03/26/2032 | 1092142 | 1096041 |
| &nbsp;&nbsp;&nbsp;Constant Contact, Inc., Initial | 3M SOFR + 4.00% | 02/10/2028 | 1631068 | 1557670 |
| &nbsp;&nbsp;&nbsp;Endure Digital, Inc., Initial | 1M SOFR + 3.61% | 02/10/2028 | 649846 | 461391 |
| &nbsp;&nbsp;&nbsp;Escape Velocity Holdings, Inc., Initial | 3M SOFR + 4.51% | 10/08/2028 | 338549 | 338031 |
|  |  |  |  | 3453133 |
| ***Machinery - 1.82%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Element Materials Technology Group US Holdings, Inc., Initial Term B | 3M SOFR + 3.75% | 07/06/2029 | 1109170 | 1110091 |
| &nbsp;&nbsp;&nbsp;Emrld Borrower LP, Incremental | 1M SOFR + 2.50% | 08/04/2031 | 3822067 | 3813238 |
| &nbsp;&nbsp;&nbsp;Indicor, LLC, Tranche D | 3M SOFR + 2.75% | 11/22/2029 | 1532485 | 1528179 |
| &nbsp;&nbsp;&nbsp;Johnstone Supply, LLC, Extended Term B-6 | 1M SOFR + 2.50% | 06/09/2031 | 466771 | 467430 |
| &nbsp;&nbsp;&nbsp;Pro Mach Group, Inc., Amendment No. 5 | 1M SOFR + 2.75% | 08/31/2028 | 1453508 | 1455993 |
|  |  |  |  | 8374931 |
| ***Media - 2.92%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aragorn Parent Corp., 2023 Replacement | 1M SOFR + 4.25% | 12/15/2028 | 1071106 | 1076236 |
| &nbsp;&nbsp;&nbsp;Arches Buyer, Inc., Initial | 1M SOFR + 3.35% | 12/06/2027 | 1492837 | 1472863 |
| &nbsp;&nbsp;&nbsp;Castle US Holding Corp., Second Out Term B-1 | 3M SOFR + 4.51% | 05/31/2030 | 744246 | 402823 |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 2024 Refinancing | 1M SOFR + 4.11% | 08/21/2028 | 1250000 | 1237050 |
| &nbsp;&nbsp;&nbsp;Creative Artists Agency, LLC, 2024 Refinancing | 1M SOFR + 2.75% | 10/01/2031 | 2804348 | 2811331 |
| &nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Amendment | 1M SOFR + 4.50% | 12/02/2031 | 363430 | 362976 |
| &nbsp;&nbsp;&nbsp;Crown Finance US, Inc., Initial | 1M SOFR + 5.25% | 12/02/2031 | 256785 | 256464 |
| &nbsp;&nbsp;&nbsp;Endeavor Group Holdings, Inc., Term Loan B | 1M SOFR + 3.00% | 03/24/2032 | 2185119 | 2185796 |
| &nbsp;&nbsp;&nbsp;Gray Television, Inc., Term F | 1M SOFR + 5.25% | 06/04/2029 | 744333 | 743134 |
| &nbsp;&nbsp;&nbsp;Summer (BC) Bidco B LLC, Extended Facility B1 | 3M SOFR + 5.26% | 02/15/2029 | 761071 | 762974 |
| &nbsp;&nbsp;&nbsp;United Talent Agency, LLC, Refinancing Term B | 1M SOFR + 3.50% | 06/10/2032 | 1410976 | 1412740 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc., 2024 Replacement | 1M SOFR + 3.61% | 01/31/2029 | 259195 | 253579 |
| &nbsp;&nbsp;&nbsp;Wasserman Media Group, LLC, Initial | 1M SOFR + 3.00% | 06/11/2032 | 472442 | 472442 |
|  |  |  |  | 13450408 |

---

**XAI Octagon Floating Rate & Alternative Income Trust**

SCHEDULE OF INVESTMENTS

June 30, 2025 (Continued) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Reference Rate &<br> Spread** | **Maturity Date** | **Principal Amount** | **Value** |
| **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>(Continued)** | **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>(Continued)** |  | | |
| ***Oil, Gas & Consumable Fuels - 1.43%*** | ***Oil, Gas & Consumable Fuels - 1.43%*** |  | | |
| &nbsp;&nbsp;&nbsp;Bangl, LLC, Initial | 3M SOFR + 4.50% | 02/01/2029 | $1530263 | $1534088 |
| &nbsp;&nbsp;&nbsp;BCP Renaissance Parent LLC, Initial Term B-6 | 3M SOFR + 3.00% | 10/31/2028 | 1117475 | 1120615 |
| &nbsp;&nbsp;&nbsp;Colonial Pipeline, Initial | 1M SOFR + 1.75% | 06/11/2032 | 472348 | 468924 |
| &nbsp;&nbsp;&nbsp;EPIC Crude Services LP, Initial | 3M SOFR + 3.00% | 10/15/2031 | 430645 | 431631 |
| &nbsp;&nbsp;&nbsp;M6 ETX Holdings II Midco, LLC, Initial | 1M SOFR + 3.00% | 04/01/2032 | 251132 | 252029 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc., Incremental TL | 3M SOFR + 5.50% | 10/30/2028 | 1396692 | 751113 |
| &nbsp;&nbsp;&nbsp;Rosen Group, Initial | 3M SOFR + 2.75% | 03/26/2031 | 2012390 | 2016415 |
|  |  |  |  | 6574815 |
| ***Personal Products - 0.21%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CNT Holdings I Corp., 2025 Replacement | 3M SOFR + 2.50% | 11/08/2032 | 958667 | 960566 |
| **Pharmaceuticals - 1.51%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC, Initial | 1M SOFR + 5.50% | 05/04/2028 | 2935139 | 2980398 |
| &nbsp;&nbsp;&nbsp;Endo Finance Holdings, Inc., 2024 Refinancing | 1M SOFR + 4.00% | 04/23/2031 | 2118090 | 2113325 |
| &nbsp;&nbsp;&nbsp;Opal Bidco SAS, Facility B2 | 3M SOFR + 3.25% | 04/28/2032 | 1847573 | 1853929 |
|  |  |  |  | 6947652 |
| ***Professional Services - 3.44%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AQ Carver Buyer, Inc., 2023 Refinancing | 6M SOFR + 5.50% | 08/02/2029 | 1229029 | 1209438 |
| &nbsp;&nbsp;&nbsp;Armor Holdco, Inc., 2025 Incremental | 6M SOFR + 3.75% | 12/11/2028 | 389527 | 391085 |
| &nbsp;&nbsp;&nbsp;Berkeley Research Group, Initial | 3M SOFR + 3.25% | 05/01/2032 | 686521 | 688423 |
| &nbsp;&nbsp;&nbsp;DS Admiral Bidco, LLC, Initial | 3M SOFR + 4.25% | 06/26/2031 | 2420572 | 2408469 |
| &nbsp;&nbsp;&nbsp;Eisner Advisory Group, LLC, February 2024 Incremental | 1M SOFR + 4.00% | 02/28/2031 | 1103765 | 1107904 |
| &nbsp;&nbsp;&nbsp;Omnia Partners, LLC, Initial | 3M SOFR + 2.75% | 07/25/2030 | 2302763 | 2306125 |
| &nbsp;&nbsp;&nbsp;OSTTRA, Initial | 1M SOFR + 3.50% | 05/20/2032 | 668136 | 670140 |
| &nbsp;&nbsp;&nbsp;OVG Business Services, LLC, Term B | 1M SOFR + 3.00% | 06/25/2031 | 1525886 | 1514442 |
| &nbsp;&nbsp;&nbsp;PEX Holdings LLC, Initial | 6M SOFR + 2.75% | 11/26/2031 | 519638 | 519638 |
| &nbsp;&nbsp;&nbsp;Ryan, LLC, Initial | 1M SOFR + 3.50% | 11/14/2030 | 3670309 | 3673759 |
| &nbsp;&nbsp;&nbsp;UST Global, Inc., Initial | 1M SOFR + 3.00% | 11/20/2028 | 550655 | 552032 |
| &nbsp;&nbsp;&nbsp;Vaco Holdings, LLC, Initial | 3M SOFR + 5.15% | 01/21/2029 | 495688 | 453307 |
| &nbsp;&nbsp;&nbsp;Wood Mackenzie, TL | 3M SOFR + 3.00% | 02/07/2031 | 342969 | 344169 |
|  |  |  |  | 15838931 |
| ***Real Estate Management & Development - 0.35%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BIFM US Finance LLC, 2024-2 | 1M SOFR + 3.75% | 05/31/2028 | 16793 | 16859 |
| &nbsp;&nbsp;&nbsp;Brookfield Retail Holdings VII Sub 3 LLC, Initial Term B | 1M SOFR + 3.50% | 05/28/2030 | 754857 | 752184 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower, LLC, 2025-1 | 1M SOFR + 2.75% | 01/31/2030 | 30234 | 30341 |
| &nbsp;&nbsp;&nbsp;Forest City Enterprises, LP, Replacement | 1M SOFR + 3.61% | 12/08/2025 | 830957 | 803851 |
|  |  |  |  | 1603235 |
| ***Road & Rail - 0.26%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GN LOANCO, LLC, Term B | 3M SOFR + 4.50% | 12/19/2030 | 1225472 | 1215386 |
| ***Semiconductors & Semiconductor Equipment - 0.23%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Altera Corp., TL | 1M SOFR + 3.00% | 06/18/2032 | 695723 | 695146 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, TL | 1M SOFR + 2.50% | 12/31/2049 | 342840 | 342627 |
|  |  |  |  | 1037773 |
| ***Software - 7.62%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Apex Group Treasury LLC, 2025 Refinancing | 1M SOFR + 3.50% | 02/27/2032 | 194721 | 193870 |
| &nbsp;&nbsp;&nbsp;Central Parent, Inc., 2024 Refinancing | 3M SOFR + 3.25% | 07/06/2029 | 1573610 | 1310188 |
| &nbsp;&nbsp;&nbsp;Conservice Midco, LLC, Tenth Amendment | 1M SOFR + 3.00% | 05/13/2030 | 1999374 | 2000214 |
| &nbsp;&nbsp;&nbsp;Delta Topco, Inc., Fourth Amendment Refinancing | 3M SOFR + 2.75% | 11/30/2029 | 1267199 | 1257467 |
| &nbsp;&nbsp;&nbsp;Flash Charm, Inc., Incremental TL | 3M SOFR + 3.50% | 03/02/2028 | 1576645 | 1474084 |
| &nbsp;&nbsp;&nbsp;Flexera Software, LLC, Term B-3 | 3M SOFR + 3.00% | 03/03/2028 | 994051 | 993693 |
| &nbsp;&nbsp;&nbsp;Genesys Cloud Services, Inc., 2025 TL | 1M SOFR + 2.50% | 01/30/2032 | 945384 | 944685 |
| &nbsp;&nbsp;&nbsp;Icon Parent, Inc., Initial | 6M SOFR + 3.00% | 11/13/2031 | 1655528 | 1656885 |
| &nbsp;&nbsp;&nbsp;Javelin Buyer, Inc., TL | 3M SOFR + 3.00% | 12/05/2031 | 1559486 | 1565817 |
| &nbsp;&nbsp;&nbsp;Kaseya, Initial | 1M SOFR + 3.25% | 03/20/2032 | 1463382 | 1468416 |
| &nbsp;&nbsp;&nbsp;Kaseya, TL | 1M SOFR + 5.00% | 03/20/2033 | 644172 | 644371 |
| &nbsp;&nbsp;&nbsp;Magenta Buyer LLC, First Out | 3M SOFR + 7.01% | 07/27/2028 | 497945 | 415231 |
| &nbsp;&nbsp;&nbsp;Magenta Buyer LLC, Second Out | 3M SOFR + 7.26% | 07/27/2028 | 383563 | 176631 |
| &nbsp;&nbsp;&nbsp;Magenta Buyer LLC, Super Priority | 3M SOFR + 6.25% | 07/27/2028 | 142199 | 143503 |
| &nbsp;&nbsp;&nbsp;Magenta Buyer LLC, Third Out | 3M SOFR + 1.76% | 07/27/2028 | 119507 | 27686 |
| &nbsp;&nbsp;&nbsp;McAfee Corp., Tranche B-2 | 1M SOFR + 3.00% | 03/01/2029 | 2757163 | 2673869 |
| &nbsp;&nbsp;&nbsp;Planview Parent, Inc., 2024-B Incremental | 3M SOFR + 3.50% | 12/17/2027 | 1079531 | 1048494 |
| &nbsp;&nbsp;&nbsp;Plusgrade, Inc., 2025 Replacement Initial | 1M SOFR + 3.50% | 03/03/2031 | 592218 | 587776 |

---

**XAI Octagon Floating Rate & Alternative Income Trust**

SCHEDULE OF INVESTMENTS

June 30, 2025 (Continued) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Reference Rate &<br> Spread** | **Maturity Date** | **Principal Amount** | **Value** |
| **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>(Continued)** | **SENIOR SECURED FIRST LIEN LOANS - 74.97%<sup>(b)</sup>(Continued)** |  | | |
| ***Software - 7.62% (continued)*** |  |  | | |
| &nbsp;&nbsp;&nbsp;Project Alpha Intermediate Holding, Inc., Second Amendment Refinancing | 1M SOFR + 3.25% | 10/26/2030 | $1146714 | $1151656 |
| &nbsp;&nbsp;&nbsp;Project Boost Purchaser, LLC, Initial | 3M SOFR + 3.00% | 07/16/2031 | 2983297 | 2987026 |
| &nbsp;&nbsp;&nbsp;Proofpoint, Inc., 2024 Refinancing | 1M SOFR + 3.00% | 08/31/2028 | 1070436 | 1070553 |
| &nbsp;&nbsp;&nbsp;Proofpoint, Inc., 2025-B Incremental | 1M SOFR + 3.00% | 08/31/2028 | 34695 | 34699 |
| &nbsp;&nbsp;&nbsp;Quartz AcquireCo, LLC, Term B-2 | 3M SOFR + 2.25% | 06/28/2030 | 1969925 | 1974850 |
| &nbsp;&nbsp;&nbsp;RealPage, Inc., 2024-1 Incremental | 3M SOFR + 3.75% | 04/24/2028 | 1024732 | 1024732 |
| &nbsp;&nbsp;&nbsp;RealPage, Inc., Initial | 3M SOFR + 3.26% | 04/24/2028 | 1243540 | 1233965 |
| &nbsp;&nbsp;&nbsp;Skillsoft Finance II, Inc., Initial | 1M SOFR + 5.36% | 07/14/2028 | 347776 | 316723 |
| &nbsp;&nbsp;&nbsp;Solarwinds Holdings, Inc., Initial | 3M SOFR + 4.00% | 04/16/2032 | 1314595 | 1283374 |
| &nbsp;&nbsp;&nbsp;Sovos Compliance, LLC, Amendment No. 2 Replacement | 1M SOFR + 4.00% | 08/13/2029 | 249373 | 250481 |
| &nbsp;&nbsp;&nbsp;Tegra 118 Wealth Solutions, Inc., Initial | 1M SOFR + 4.00% | 02/18/2027 | 425194 | 419169 |
| &nbsp;&nbsp;&nbsp;UKG, Inc., 2024 Refinancing | 1M SOFR + 3.00% | 02/10/2031 | 1011589 | 1015150 |
| &nbsp;&nbsp;&nbsp;Upland Software, Inc., Initial | 1M SOFR + 3.85% | 08/06/2026 | 477915 | 463749 |
| &nbsp;&nbsp;&nbsp;VS Buyer, LLC, 2024-1 Initial TL | 3M SOFR + 2.75% | 04/12/2031 | 1223677 | 1228266 |
| &nbsp;&nbsp;&nbsp;WebMD Health Corp. and MH SUB I, LLC, 2023 | 1M SOFR + 4.25% | 05/03/2028 | 1030233 | 965524 |
| &nbsp;&nbsp;&nbsp;Zodiac Purchaser, LLC, Term B | 1M SOFR + 3.50% | 02/14/2032 | 1055472 | 1049751 |
|  |  |  |  | 35052548 |
| ***Specialty Retail - 0.38%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fusion Parent, LLC, TL | 1M SOFR + 9.00% | 12/31/2049 | 396319 | 388393 |
| &nbsp;&nbsp;&nbsp;Great Outdoors Group, LL, Term B-3 | 1M SOFR + 3.25% | 01/23/2032 | 465032 | 463725 |
| &nbsp;&nbsp;&nbsp;Needle Holdings LLC, Exchange TL(g) | 3M SOFR + 8.50% | 04/28/2028 | 127539 | 30609 |
| &nbsp;&nbsp;&nbsp;Restoration Hardware, Inc., 2022 Incremental B-2 | 1M SOFR + 3.35% | 10/20/2028 | 748077 | 727909 |
| &nbsp;&nbsp;&nbsp;Torrid LLC, Closing Date | 6M SOFR + 5.93% | 06/14/2028 | 168336 | 152513 |
|  |  |  |  | 1763149 |
| ***Textiles, Apparel & Luxury Goods - 0.84%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beach Acquisition Co. Parent, LLC, Tranche B-1 | 1M SOFR + 3.25% | 06/25/2032 | 704711 | 708235 |
| &nbsp;&nbsp;&nbsp;Champ Acquisition Corp., Initial | 6M SOFR + 4.00% | 11/25/2031 | 847599 | 851481 |
| &nbsp;&nbsp;&nbsp;Varsity Brands Holding Co, Inc., 2025 Replacement | 3M SOFR + 3.50% | 08/26/2031 | 2322473 | 2320290 |
|  |  |  |  | 3880006 |
| ***Transportation Infrastructure - 0.28%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;WWEX UNI TopCo Holdings, LLC, Repriced Initial TL | 3M SOFR + 4.00% | 07/26/2028 | 1270499 | 1269901 |
| ***Wireless Telecommunication Services - 1.19%*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;DIFL US Finance LLC, Initial | 3M SOFR + 5.25% | 05/25/2027 | 2000000 | 1991780 |
| &nbsp;&nbsp;&nbsp;Sable Int'l Finance Ltd. and Coral-US-Co-Borrower LLC, Term B-7 | 3M SOFR + 3.25% | 02/02/2032 | 1753617 | 1732240 |
| &nbsp;&nbsp;&nbsp;Victra Holdings LLC., Fourth Amendment Incremental | 3M SOFR + 4.25% | 03/31/2029 | 1768774 | 1766563 |
|  |  |  |  | 5490583 |
| **TOTAL SENIOR SECURED FIRST LIEN LOANS<br> (Cost $350,154,216)** | **TOTAL SENIOR SECURED FIRST LIEN LOANS<br> (Cost $350,154,216)** | **TOTAL SENIOR SECURED FIRST LIEN LOANS<br> (Cost $350,154,216)** |  | 344797690 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **COMMON STOCKS - 0.10%<sup>(h)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Jo-Ann, Inc. | 379111 | 49284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carestream Health, Inc. | 873 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;CEC Brands, LLC | 10454 | 133288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fusion Parent, LLC | 8284 | 221597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevate Textiles, Inc. | 20088 | 68641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marine One Holdco, LLC | 5865 | 3226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Permian Production Partners | 18995 | 190 |
| **TOTAL COMMON STOCKS **<br> (Cost $322,725)** |  | 477263 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Subscription Price** | **Expiration Date** | **Shares** | **Value** |
| **RIGHTS - 0.00%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Casa Systems, Inc.<sup>(e)(h)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | N/A | 59949 |  |
| **TOTAL RIGHTS <br> (Cost $—)** |  |  |  |  |

---

**XAI Octagon Floating Rate & Alternative Income Trust**

SCHEDULE OF INVESTMENTS

June 30, 2025 (Continued) (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **WARRANTS - 0.00%** | | |
| ***Technology Hardware, Storage & Peripherals-- 0.00%*** |  |  |
| &nbsp;&nbsp;&nbsp;Mavenir Private Holdings II Ltd.<sup>(e)(h)</sup> | 68287 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| **TOTAL WARRANTS<br> (Cost $—)** |  | – |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 2.83%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Short Term Investments Trust Treasury Portfolio, <br> Institutional Class, 4.23% (7-day yield) | 13013480.0 | 13013480 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $13,013,480)** |  | 13013480 |
| **TOTAL INVESTMENTS - 161.74%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $805,225,033)** |  | 743851053 |
| **Liabilities in Excess of Other Assets - (1.63)%** |  | (7488554) |
| **Preferred Shares (Net of $2,831,600 Deferred Financing Costs) - (14.04)%** |  | (64568400) |
| **Leverage Facility (Net of $111,179 Deferred Leverage Costs) - (46.07)%** |  | (211888821) |
| **NET ASSETS - 100.00%** |  | $459905279 |

---

*All securities held as of June 30, 2025 are pledged as collateral for the Trust's credit facility.*

(a) All or a portion of the security is exempt from registration
of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified
institutional buyers. As of June 30, 2025, these securities had an aggregate value of $383,842,344 or 83.46% of net assets.

(b) Variable rate investment. Interest rates reset periodically.
Interest rate shown reflects the rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the
reference rate and spread are indicated in the description above. Leveraged loans and CLO debt securities typically have reference Rate
Floors ("Rate Floors") embedded in their loan agreements and organizational documents. Leveraged loans generally have Rate
Floors of 0% or more, while CLO debt securities often set Rate Floors at 0%. Rate Floors serve to establish a minimum base rate to be
paid by the borrower before the fixed spread. Certain variable rate securities are not based on a published reference rate and spread
but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate
and spread in their description above.

(c) CLO subordinated notes, income notes, Y notes and M notes are
considered CLO equity positions. CLO equity positions are entitled to recurring distributions which are generally equal to the remaining
cash flow of payments made by underlying securities less contractual payments to debt holders and fund expenses. The effective yield
is estimated based upon the amount and timing of these recurring distributions in addition to the estimated amount of terminal principal
payment. Effective yields for the CLO equity positions are updated generally once per quarter or on a transaction such as an add-on purchase,
refinancing or reset. The estimated yield and investment cost may ultimately not be realized. Estimated yields shown are as of June 30,
2025. (d) When-issued or delivery-delayed security. All or a portion of
this position has not settled as of June 30, 2025. 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 $3,433,944 as of June 30, 2025.

(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 June 30, 2025.

(g) Security is in default.

(h) Non-income producing security.

**XAI Octagon Floating Rate & Alternative Income Trust**

SCHEDULE OF INVESTMENTS

June 30, 2025 (Continued) (Unaudited)

Investment Abbreviations:

AB – Aktiebolag (Swedish: Limited Liability Company)

BV – Besloten Vennootschap (Dutch: Private Limited Company)

GmbH – Gesellschaft mit beschränkter Haftung (German: Limited Liability Company) LLC – Limited Liability Company

LP – Limited Partnership

PLC – Public Limited Company

SA - 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 June 30, 2025 was 4.32%

3M SOFR as of June 30, 2025 was 4.34%

6M SOFR as of June 30, 2025 was 4.37%

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** XAI OCTAGON FLOATING RATE & ALTERNATIVE INCOME TRUST

- **b. Investment Company Act file number:** 811-23247

- **c. CIK number of Registrant:** 0001703079

- **d. LEI of Registrant:** 549300XT617P63BLW552

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 321 NORTH CLARK STREET #2430

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60654

  - **Telephone number:** 3123746930

**Item A.2. Information about the Series.**

- **a. Name of Series:** XAI Octagon Floating Rate & Alternative Income Trust

- **c. LEI of Series:** 549300XT617P63BLW552

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $764502358.02

**Total Liabilities:** $304611029.75

**Net Assets:** $459891328.27

**Delayed Delivery Securities:** $1649099.20

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 59.04553266 | **10-Year:** 11.14791957 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 798.21884587 | **1-Year:** 15771.56305567 | **5-Year:** 102043.08745713 | **10-Year:** 56283.43012042 | **30-Year:** 3639.12493001

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -3.29%               | 4.03%                | -1.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2737472.82             | $-24068751.94                              |
| Month 2  | $-2009176.13             | $31003051.92                               |
| Month 3  | $-2942553.58             | $2886822.14                                |

### Schedule of Portfolio Investments

| Name                                               | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Residential 1/25 TLB                      | American Residential 1/25 TLB                      | CUSIP: 02927HAH1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    400000 | PA      | $400500.00    | 0.09%             | 2032-02-02      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                          | ANCHC 2021-19A F                                   | CUSIP: 03328KAE4<br>LEI: 549300ZNOS7Q8W8H3S38 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $839847.50    | 0.18%             | 2034-10-15      | Floating      | 11.77%                | Yes           |                  2 | On Loan: No      |
| AkzoNobel Specialty Chemical 10/24 Incremental TLB | AkzoNobel Specialty Chemical 10/24 Incremental TLB | CUSIP: N8232NAM9<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |    599577 | PA      | $601902.94    | 0.13%             | 2028-04-03      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Blackhawk Network 1/25 Cov-Lite TLB                | Blackhawk Network 1/25 Cov-Lite TLB                | CUSIP: 09238FAM3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2293440 | PA      | $2304196.04   | 0.50%             | 2029-03-12      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| Amex GBT 1/25 Cov-Lite TLB                         | Amex GBT 1/25 Cov-Lite TLB                         | CUSIP: 36154HAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1684841 | PA      | $1686357.61   | 0.37%             | 2031-07-28      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Clear Channel 3/24 TLB                             | Clear Channel 3/24 TLB                             | CUSIP: 18452RAF2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1250000 | PA      | $1237050.00   | 0.27%             | 2028-08-21      | Floating      | 8.44%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2019-5A SUB                                   | CUSIP: 12555GAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $517200.00    | 0.11%             |  |  |  | Yes           |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                             | FERTITTA ENT LLC FRTITA 6 3/4 01/15/30             | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    328000 | PA      | $302139.99    | 0.07%             | 2030-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Garda World 1/25 Cov-Lite TLB                      | Garda World 1/25 Cov-Lite TLB                      | CUSIP: C4000KAG9<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   1419984 | PA      | $1420765.02   | 0.31%             | 2029-02-01      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| OverDrive/RBmedia 12/23 Cov-Lite TL                | OverDrive/RBmedia 12/23 Cov-Lite TL                | CUSIP: 37610GAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1071106 | PA      | $1076236.14   | 0.23%             | 2028-12-15      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | NEUB 2016-21A SUB                                  | CUSIP: 64130YAE4<br>LEI: 549300VBBLOSKH8XQ869 | Long             | ABS-O            | CORP              | KY        |   4425109 | PA      | $2941325.70   | 0.64%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Jostens/Champ Acquisition 11/24 TLB                | Jostens/Champ Acquisition 11/24 TLB                | CUSIP: 15807EAH5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    847599 | PA      | $851481.16    | 0.19%             | 2031-11-25      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Mavenir November II Initial Term Loans             | Mavenir November II Initial Term Loans             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     54323 | PA      | $0.00         | 0.00%             | 2025-09-02      | Floating      | 14.32%                | No            |                  2 | On Loan: No      |
| Cotiviti 2/25 Incremental Cov-Lite TL              | Cotiviti 2/25 Incremental Cov-Lite TL              | CUSIP: 22164MAF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    850959 | PA      | $845997.76    | 0.18%             | 2032-03-26      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Invenergy 4/25 TLB                                 | Invenergy 4/25 TLB                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    232006 | PA      | $233397.79    | 0.05%             | 2032-05-14      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Services 2/25 TLB                | GFL Environmental Services 2/25 TLB                | CUSIP: 36257SAB8<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    686032 | PA      | $685462.72    | 0.15%             | 2032-03-03      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| DISCOVERY PURCHASER CORP                           | DISCOVERY PURCHASER CORPORATION TL 1L              | CUSIP: 25471NAC0<br>LEI: 2549001LSO1ZBIPA5D65 | Long             | LON              | CORP              | US        |    542639 | PA      | $541450.41    | 0.12%             | 2029-10-04      | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                          | ANCHC 2019-13A SUB                                 | CUSIP: 03329CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   7000000 | PA      | $3442810.00   | 0.75%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Hamilton Projects 5/24 TLB                         | Hamilton Projects 5/24 TLB                         | CUSIP: 40444KAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    970888 | PA      | $973722.87    | 0.21%             | 2031-05-30      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L                           | MAJORDRIVE HOLDI CLUCAR 6 3/8 06/01/29             | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |    545000 | PA      | $431166.12    | 0.09%             | 2029-06-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2021-7A SUB                                   | CUSIP: 12567KAC9<br>LEI: 54930089HD7KU5NUS092 | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $603400.00    | 0.13%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Hilton Hotels 11/23 Cov-Lite                       | Hilton Hotels 11/23 Cov-Lite                       | CUSIP: 03167DAQ7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2935139 | PA      | $2980398.37   | 0.65%             | 2028-05-04      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L                           | MAJORDRIVE HOLDINGS IV, LLC TLB                    | CUSIP: 56085UAB9<br>LEI: 25490044R1FR5N8FIT62 | Long             | LON              | CORP              | US        |    246437 | PA      | $241303.29    | 0.05%             | 2028-06-01      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS & ENTERTA                           | SEAWORLD PARKS SEAS 5 1/4 08/15/29                 | CUSIP: 81282UAG7<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |    600000 | PA      | $587518.85    | 0.13%             | 2029-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Arcis 1/25 Cov-Lite TLB                            | Arcis 1/25 Cov-Lite TLB                            | CUSIP: 03958MAF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    258120 | PA      | $258119.68    | 0.06%             | 2028-11-24      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Cedar Fair 4/24 TLB                                | Cedar Fair 4/24 TLB                                | CUSIP: 15018LAN1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    146410 | PA      | $146409.78    | 0.03%             | 2031-05-01      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Pregis 5/25 TL                                     | Pregis 5/25 TL                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    219605 | PA      | $220044.54    | 0.05%             | 2029-02-01      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| Regatta XII Funding Ltd.                           | REG12 2019-1A ERR                                  | CUSIP: 75888LAQ5<br>LEI: 2549001ZYXDVCT6R4I31 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1513951.35   | 0.33%             | 2037-10-15      | Floating      | 11.16%                | Yes           |                  2 | On Loan: No      |
| RENT-A-CENTER INC                                  | Rent-A-Center, Inc.                                | CUSIP: 76009WAW0<br>LEI: 529900QUHE15UQNCCJ63 | Long             | LON              | CORP              | US        |    824302 | PA      | $826362.35    | 0.18%             | 2028-02-17      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| Ply Gem/Pisces Midco/Cornerstone Bldg Cov-Lite TLB | Ply Gem/Pisces Midco/Cornerstone Bldg Cov-Lite TLB | CUSIP: 72431HAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    297940 | PA      | $251759.34    | 0.05%             | 2031-05-15      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| Niagara Park CLO, Ltd.                             | NIAPK 2019-1A SUB                                  | CUSIP: 65357KAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2648000 | PA      | $1565179.84   | 0.34%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Hertz 11/23 Incremental TLB                        | Hertz 11/23 Incremental TLB                        | CUSIP: 42804VBD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     24944 | PA      | $20547.93     | 0.00%             | 2028-06-30      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| Signia Aerospace 11/24 TL                          | Signia Aerospace 11/24 TL                          | CUSIP: 82670NAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2984439 | PA      | $2995630.78   | 0.65%             | 2031-12-11      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Hunterstown 10/24 TLB                              | Hunterstown 10/24 TLB                              | CUSIP: 44579UAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    493212 | PA      | $492147.02    | 0.11%             | 2031-11-06      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Kaman/Ruby/Arxis 1/25 Delayed TL                   | Kaman/Ruby/Arxis 1/25 Delayed TL                   | CUSIP: 48354VAN2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    231086 | PA      | $230726.01    | 0.05%             | 2032-02-26      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Berkeley Research/BRG 3/25 Cov-Lite TLB            | Berkeley Research/BRG 3/25 Cov-Lite TLB            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    686521 | PA      | $688422.81    | 0.15%             | 2032-05-01      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                       | ARES 2017-44A DR                                   | CUSIP: 04016NAZ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002665.70   | 0.22%             | 2034-04-15      | Floating      | 11.39%                | Yes           |                  2 | On Loan: No      |
| OCP CLO Ltd                                        | OCP 2024-38A SUB                                   | CUSIP: 67120JAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $4198500.00   | 0.91%             |  |  |  | Yes           |                  2 | On Loan: No      |
| M6 Midstream 3/25 TLB                              | M6 Midstream 3/25 TLB                              | CUSIP: 55285DAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    251132 | PA      | $252028.82    | 0.05%             | 2032-04-01      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| BANGL T/L                                          | BANGL T/L                                          | CUSIP: 05989UAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1530263 | PA      | $1534088.31   | 0.33%             | 2029-02-01      | Floating      | 8.79%                 | No            |                  2 | On Loan: No      |
| Regatta 34 Funding Ltd.                            | REG34 2025-3A E                                    | CUSIP: 75904CAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2000001.40   | 0.43%             | 2038-07-20      | Floating      | 10.79%                | Yes           |                  2 | On Loan: No      |
| Sharp 10/24 Cov-Lite TLB                           | Sharp 10/24 Cov-Lite TLB                           | CUSIP: 81989LAF5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    736501 | PA      | $737421.58    | 0.16%             | 2028-12-31      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Icebox Holdco III Inc (DiversiTech Holdings) TL B  | Icebox Holdco III Inc (DiversiTech Holdings) TL B  | CUSIP: 45114NAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1054830 | PA      | $1057139.96   | 0.23%             | 2028-12-22      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| Regatta XXII Funding Ltd.                          | REG22 2022-2A ER                                   | CUSIP: 758969AE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1350000 | PA      | $1356091.47   | 0.29%             | 2035-07-20      | Floating      | 10.42%                | Yes           |                  2 | On Loan: No      |
| OCP CLO Ltd                                        | OCP 2024-36A SUB                                   | CUSIP: 67119VAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |   4000000 | PA      | $3306800.00   | 0.72%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Prolamina 3/24 Cov-Lite TL                         | Prolamina 3/24 Cov-Lite TL                         | CUSIP: 74274NAL7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    651140 | PA      | $652604.56    | 0.14%             | 2028-09-15      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| Ryan 11/23 TL                                      | Ryan 11/23 TL                                      | CUSIP: 78350LAZ8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3679600 | PA      | $3683059.29   | 0.80%             | 2030-11-14      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Trucordia Insurance 6/25 TLB                       | Trucordia Insurance 6/25 TLB                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    785613 | PA      | $786595.46    | 0.17%             | 2032-06-17      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| South Field Energy 2/25 TLB                        | South Field Energy 2/25 TLB                        | CUSIP: 83783XAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1337323 | PA      | $1342338.00   | 0.29%             | 2031-08-29      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                    | OAKC 2016-13A SUB                                  | CUSIP: 67090VAB7<br>LEI: 549300EX32IF3NZCVL73 | Long             | ABS-O            | CORP              | KY        |   1600000 | PA      | $1072320.00   | 0.23%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Intrawest/Alterra 11/24 (2030) Cov-Lite TLB        | Intrawest/Alterra 11/24 (2030) Cov-Lite TLB        | CUSIP: 46124CAR8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    392497 | PA      | $393234.90    | 0.09%             | 2030-05-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Generate CLO Ltd.                                  | GNRT 2024-14A SUB                                  | CUSIP: 37149TAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8000000 | PA      | $4744000.00   | 1.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Grant Thornton 12/24 Cov-Lite TLB                  | Grant Thornton 12/24 Cov-Lite TLB                  | CUSIP: 38821UAD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2462599 | PA      | $2458289.56   | 0.53%             | 2031-06-02      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Thompson Park CLO, LTD                             | TPRK 2021-1A SUB                                   | CUSIP: 884886AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   4000000 | PA      | $2761440.00   | 0.60%             |  |  |  | Yes           |                  2 | On Loan: No      |
| United Talent 6/25 Cov-Lite TLB                    | United Talent 6/25 Cov-Lite TLB                    | CUSIP: 91301QAN7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1410976 | PA      | $1412740.10   | 0.31%             | 2032-06-10      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| Project Alpha (Qlik) 11/24 Cov-Lite TLB            | Project Alpha (Qlik) 11/24 Cov-Lite TLB            | CUSIP: 74339DAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1149602 | PA      | $1154556.76   | 0.25%             | 2030-10-26      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Rosen Group 2/24 TLB                               | Rosen Group 2/24 TLB                               | CUSIP: 91728NAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2012390 | PA      | $2016415.14   | 0.44%             | 2031-03-26      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| TEGRA118 WEALTH SOLUTION                           | FISERV INVESTMENT SOLUTIONS, INC. TLB              | CUSIP: 33774UAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    425194 | PA      | $419169.40    | 0.09%             | 2027-02-18      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Hobbs & Associates/Air Control Concepts 7/24 TLB   | Hobbs & Associates/Air Control Concepts 7/24 TLB   | CUSIP: 43385CAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    678606 | PA      | $677547.47    | 0.15%             | 2031-07-23      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                            | DRSLF 2016-43A SUB                                 | CUSIP: 26245BAA3<br>LEI: 5493002P75UIPU4MC757 | Long             | ABS-O            | CORP              | KY        |   3000000 | PA      | $890730.00    | 0.19%             |  |  |  | Yes           |                  2 | On Loan: No      |
| DTZ/Cushman 1/25 Cov-Lite TLB1                     | DTZ/Cushman 1/25 Cov-Lite TLB1                     | CUSIP: 23340DAV4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     30234 | PA      | $30340.71     | 0.01%             | 2030-01-31      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                       | ARES 2020-58A SUB                                  | CUSIP: 04018CAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  12425000 | PA      | $7103372.50   | 1.54%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Pacific Bells 12/24 Cov-Lite TLB                   | Pacific Bells 12/24 Cov-Lite TLB                   | CUSIP: 69403HAN0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    354137 | PA      | $354579.43    | 0.08%             | 2028-11-13      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| DG INVESTMENT INTERMEDI                            | Convergint Technologies LLC TL                     | CUSIP: 23344MAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1749602 | PA      | $1747834.82   | 0.38%             | 2028-03-31      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| HERENS HOLDCO SARL                                 | HERENS HOLDCO S LNZING 4 3/4 05/15/28              | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |    444000 | PA      | $396343.62    | 0.09%             | 2028-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| AMR/AAdvantage 2/25 TLB                            | AMR/AAdvantage 2/25 TLB                            | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    538911 | PA      | $534783.25    | 0.12%             | 2028-04-20      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                          | ANCHC 2020-16A SUB                                 | CUSIP: 03330XAC6<br>LEI: 5493008M7D1YIDOH2C69 | Long             | ABS-O            | CORP              | KY        |   3305720 | PA      | $1589224.89   | 0.35%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Restoration Hardware/RH 5/22 Cov-Lite TLB2         | Restoration Hardware/RH 5/22 Cov-Lite TLB2         | CUSIP: 76133MAC5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    748077 | PA      | $727908.77    | 0.16%             | 2028-10-20      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                     | BSP 2022-27A SUB                                   | CUSIP: 08182QAE5<br>LEI: 254900WANE6M5S0NC534 | Long             | ABS-O            | CORP              | JE        |   2250000 | PA      | $2466157.50   | 0.54%             |  |  |  | Yes           |                  2 | On Loan: No      |
| GoldenTree Loan Management US                      | GLM 2022-12A ER                                    | CUSIP: 38138YAG5<br>LEI: 549300KUSTD1I13BZ897 | Long             | ABS-CBDO         | CORP              | JE        |   1200000 | PA      | $1200658.32   | 0.26%             | 2037-07-20      | Floating      | 9.97%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                              | PLMRS 2024-2A SUB                                  | CUSIP: 69703MAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   4000000 | PA      | $3428640.00   | 0.75%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Citrin Cooperman 3/25 Cov-Lite Delayed TL          | Citrin Cooperman 3/25 Cov-Lite Delayed TL          | CUSIP: 17737EAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     44112 | PA      | $44037.98     | 0.01%             | 2032-04-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Planet US Buyer/Wood Mackenzie 1/24 Cov-Lite TLB   | Planet US Buyer/Wood Mackenzie 1/24 Cov-Lite TLB   | CUSIP: 72706RAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    342969 | PA      | $344169.10    | 0.07%             | 2031-02-07      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                           | MDPK 2022-60A ER                                   | CUSIP: 557911AE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1250343.63   | 0.27%             | 2037-10-25      | Floating      | 10.78%                | Yes           |                  2 | On Loan: No      |
| OHA Credit Partners Ltd                            | OAKC 2015-11A SUB                                  | CUSIP: 67109HAE1<br>LEI: 549300OYGEU6QQMCEG78 | Long             | ABS-O            | CORP              | KY        |   4003000 | PA      | $2193363.79   | 0.48%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Eisner Advisory/EisnerAmper 2/24 Cov-Lite TLB      | Eisner Advisory/EisnerAmper 2/24 Cov-Lite TLB      | CUSIP: 28259HAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1103765 | PA      | $1107904.31   | 0.24%             | 2031-02-28      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                          | ANCHC 2018-1RA SUB                                 | CUSIP: 03329BAC7<br>LEI: 549300L8BI45FDIJHO17 | Long             | ABS-O            | CORP              | KY        |   4150000 | PA      | $30110.33     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Varsity Brands 1/25 TLB                            | Varsity Brands 1/25 TLB                            | CUSIP: 92227QAF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2322473 | PA      | $2320290.15   | 0.50%             | 2031-08-26      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Paradigm Outcomes 10/24 TLB                        | Paradigm Outcomes 10/24 TLB                        | CUSIP: 69002CAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    838679 | PA      | $842696.00    | 0.18%             | 2031-05-06      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| INEOS US FINANCE LLC                               | Ineos US Finance LLC, TLB                          | CUSIP: G4768PAN1<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    868724 | PA      | $831186.02    | 0.18%             | 2030-02-18      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2017-3A SUB                                   | CUSIP: 12548KAC3<br>LEI: 254900S2BZHNDNVF2L25 | Long             | ABS-O            | CORP              | KY        |   1400000 | PA      | $447524.00    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd                           | MDPK 2023-63A ER                                   | CUSIP: 55821JAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1262844.75   | 0.27%             | 2038-07-21      | Floating      | 10.32%                | Yes           |                  2 | On Loan: No      |
| RR Ltd                                             | RRAM 2021-19A SUB                                  | CUSIP: 74983BAC5<br>LEI: 549300RJ4N2AJDFNE876 | Long             | ABS-O            | CORP              | KY        |   7858000 | PA      | $6814221.86   | 1.48%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                     | BSP 2021-25A SUB                                   | CUSIP: 08187AAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   5250000 | PA      | $4266150.00   | 0.93%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HERENS US HOLDCO CORP                              | LONZA GROUP AG, TLB                                | CUSIP: L4780EAC8<br>LEI: 549300Y0CIXN5D40L888 | Long             | LON              | CORP              | US        |   1387366 | PA      | $1261878.48   | 0.27%             | 2028-07-03      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                          | ANCHC 2020-15A ER2                                 | CUSIP: 03329GAJ1<br>LEI: 549300H5Q0HJ2EHSSX26 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2000000.00   | 0.43%             | 2038-07-20      | Floating      | 10.26%                | Yes           |                  2 | On Loan: No      |
| RealPage 12/24 Incremental TL                      | RealPage 12/24 Incremental TL                      | CUSIP: 75605VAH5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1027300 | PA      | $1027299.87   | 0.22%             | 2028-04-24      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L                           | Majordrive Holdings IV, LLC TLB 1L                 | CUSIP: 56085UAC7<br>LEI: 25490044R1FR5N8FIT62 | Long             | LON              | CORP              | US        |    288545 | PA      | $283495.40    | 0.06%             | 2029-06-01      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| Regatta 33 Funding Ltd.                            | REG33 2025-2A E                                    | CUSIP: 75890CAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    770000 | PA      | $792947.23    | 0.17%             | 2038-07-25      | Floating      | 10.95%                | Yes           |                  2 | On Loan: No      |
| Hanger Orthopedic 10/24 Delayed TL                 | Hanger Orthopedic 10/24 Delayed TL                 | CUSIP: 41043BAJ7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    100951 | PA      | $101047.59    | 0.02%             | 2031-10-23      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| Lasership 11/24 Third Out TLE                      | Lasership 11/24 Third Out TLE                      | CUSIP: 51809EAQ8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    465412 | PA      | $134192.14    | 0.03%             | 2029-08-10      | Floating      | 13.06%                | No            |                  2 | On Loan: No      |
| ThyssenKrupp Elevator 3/25 (USD) TLB               | ThyssenKrupp Elevator 3/25 (USD) TLB               | CUSIP: D9000BAJ1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2356744 | PA      | $2361834.36   | 0.51%             | 2030-04-30      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                    | OAKCL 2019-3A ER2                                  | CUSIP: 67400GAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $758373.53    | 0.16%             | 2038-01-20      | Floating      | 11.02%                | Yes           |                  2 | On Loan: No      |
| Symphony CLO Ltd                                   | SYMP 2019-21A ER                                   | CUSIP: 87167CAW9<br>LEI: 5493005CJY0RF4FJJP54 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $976497.60    | 0.21%             | 2032-07-15      | Floating      | 11.12%                | Yes           |                  2 | On Loan: No      |
| Cable & Wireless 1/25 B7 Cov-Lite TLB              | Cable & Wireless 1/25 B7 Cov-Lite TLB              | CUSIP: G7739PAN0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1753617 | PA      | $1732240.10   | 0.38%             | 2032-02-02      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| CCRR Parent/Trustaff 3/21 Cov-Lite TLB             | CCRR Parent/Trustaff 3/21 Cov-Lite TLB             | CUSIP: 12510MAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1123337 | PA      | $443718.14    | 0.10%             | 2028-03-06      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| Chamberlain/Chariot Buyer 11/21 Cov-Lite TL        | Chamberlain/Chariot Buyer 11/21 Cov-Lite TL        | CUSIP: 15963CAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1282852 | PA      | $1284161.01   | 0.28%             | 2028-11-03      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| PUG/Viagogo/StubHub 3/24 Extended TLB              | PUG/Viagogo/StubHub 3/24 Extended TLB              | CUSIP: 74530DAH8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1145773 | PA      | $1109486.53   | 0.24%             | 2030-03-15      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| Ankura 12/24 Cov-Lite TLB                          | Ankura 12/24 Cov-Lite TLB                          | CUSIP: 03539PAJ7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1611705 | PA      | $1608884.81   | 0.35%             | 2031-12-29      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | NEUB 2022-47A E                                    | CUSIP: 64134TAA9<br>LEI: 549300JRWXK6DFJD7D06 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000999.20   | 0.22%             | 2035-04-14      | Floating      | 10.49%                | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd                           | MDPK 2018-29A SUB                                  | CUSIP: 55820EAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   4330700 | PA      | $2049763.62   | 0.45%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                     | BSP 2021-23A SUB                                   | CUSIP: 08186XAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $3105450.00   | 0.68%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Regatta XXIV Funding Ltd.                          | REG24 2021-5A SUB                                  | CUSIP: 75889TAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $2852650.00   | 0.62%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Foundation Building Materials 4/25 Cov-Lite TLB3   | Foundation Building Materials 4/25 Cov-Lite TLB3   | CUSIP: 35039KAE6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    166667 | PA      | $164063.34    | 0.04%             | 2031-01-29      | Floating      | 9.55%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                           | MDPK 2019-37A SUB                                  | CUSIP: 55817FAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   4648815 | PA      | $2335425.19   | 0.51%             |  |  |  | Yes           |                  2 | On Loan: No      |
| WEBER-STEPHEN PRODUCTS L                           | WEBER-STEPHEN PRODUCTS LLC TLB 1L                  | CUSIP: 94767KAP6<br>LEI: 549300XU8TJBBGLK8V26 | Long             | LON              | CORP              | US        |    132918 | PA      | $132286.37    | 0.03%             | 2027-10-30      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| Hertz 6/21 TLC                                     | Hertz 6/21 TLC                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     40936 | PA      | $33925.44     | 0.01%             | 2028-06-30      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                    | OAKC 2021-9A ER                                    | CUSIP: 67114DAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1009961.70   | 0.22%             | 2037-10-19      | Floating      | 9.77%                 | Yes           |                  2 | On Loan: No      |
| Cast & Crew Ent 12/21 Incremental Cov-Lite TL      | Cast & Crew Ent 12/21 Incremental Cov-Lite TL      | CUSIP: 14835JAQ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    448583 | PA      | $423431.26    | 0.09%             | 2028-12-29      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2018-2A SUB                                   | CUSIP: 17180YAC5<br>LEI: 635400A7PBKNR7KBOY58 | Long             | ABS-O            | CORP              | KY        |   2500000 | PA      | $1205425.00   | 0.26%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Regatta XXIV Funding Ltd.                          | REG24 2021-5A ER                                   | CUSIP: 75889TAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $973062.40    | 0.21%             | 2038-01-20      | Floating      | 9.42%                 | Yes           |                  2 | On Loan: No      |
| June Purchaser/Janney Montgomery 9/24 TLB          | June Purchaser/Janney Montgomery 9/24 TLB          | CUSIP: 48171UAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1141077 | PA      | $1145355.88   | 0.25%             | 2031-11-28      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| Forward Air 9/23 Cov-Lite TLB                      | Forward Air 9/23 Cov-Lite TLB                      | CUSIP: 18948EAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1225472 | PA      | $1215386.04   | 0.26%             | 2030-12-19      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| Tenneco 11/22 Cov-Lite TLA                         | Tenneco 11/22 Cov-Lite TLA                         | CUSIP: 88037HAN4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1243661 | PA      | $1209721.70   | 0.26%             | 2028-11-17      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| WideOpenWest 10/24 Super-Senior Second Out TL      | WideOpenWest 10/24 Super-Senior Second Out TL      | CUSIP: 96758DBK8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1252526 | PA      | $1064020.57   | 0.23%             | 2028-12-11      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                   | SYMP 2020-24A E                                    | CUSIP: 87167RAA4<br>LEI: 5493007X3UVVYJ005O73 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000040.20   | 0.22%             | 2032-01-23      | Floating      | 11.54%                | Yes           |                  2 | On Loan: No      |
| MATIV HOLDINGS INC                                 | Schweitzer-Mauduit International, Inc. TLB         | CUSIP: 80854EAH1<br>LEI: 549300Z1FU4IDULG1R21 | Long             | LON              | CORP              | US        |    155960 | PA      | $154399.94    | 0.03%             | 2028-04-20      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| Baldwin Insurance 12/24 TLB                        | Baldwin Insurance 12/24 TLB                        | CUSIP: 05825HAG9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1856441 | PA      | $1854900.34   | 0.40%             | 2031-05-26      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                           | MDPK 2016-20A SUBR                                 | CUSIP: 55819UAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2172000 | PA      | $500037.84    | 0.11%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Carbone CLO, LTD                                   | CRBN 2017-1A SUB                                   | CUSIP: 141308AC0<br>LEI: 5493005I53NEC017LN87 | Long             | ABS-O            | CORP              | KY        |   7850000 | PA      | $1035313.74   | 0.23%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                            | DRSLF 2021-87A SUB                                 | CUSIP: 26246HAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2000000 | PA      | $759640.00    | 0.17%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BIFM/Brookfield Global/BGIS 12/24 Cov-Lite TLB     | BIFM/Brookfield Global/BGIS 12/24 Cov-Lite TLB     | CUSIP: G0757GAG7<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |     16835 | PA      | $16901.67     | 0.00%             | 2028-05-31      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| Cineworld/Regal Cineworld 10/24 Cov-Lite TLB       | Cineworld/Regal Cineworld 10/24 Cov-Lite TLB       | CUSIP: 22834KAU5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    256785 | PA      | $256464.51    | 0.06%             | 2031-12-02      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Merlin 1/24 (USD) TL                               | Merlin 1/24 (USD) TL                               | CUSIP: L6526BAG9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    997196 | PA      | $946718.09    | 0.21%             | 2029-11-12      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| CONSTANT CONTACT INC                               | Constant Contact 2/21                              | CUSIP: 21031HAC5<br>LEI: 2549000JW50H0AI5B946 | Long             | LON              | CORP              | US        |   1634632 | PA      | $1561073.92   | 0.34%             | 2028-02-10      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| NATEL ENGINEERING CO INC                           | NEO TECHNOLOGY, INC. TLB                           | CUSIP: 63229BAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    491118 | PA      | $445384.81    | 0.10%             | 2026-04-30      | Floating      | 10.69%                | No            |                  2 | On Loan: No      |
| Wasserman Media 6/25 TLB                           | Wasserman Media 6/25 TLB                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    472442 | PA      | $472441.61    | 0.10%             | 2032-06-23      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                          | ANCHC 2014-3RA SUB                                 | CUSIP: 03330BAC4<br>LEI: 549300V7DN3VJ8H1GE96 | Long             | ABS-O            | CORP              | KY        |   1400000 | PA      | $23422.00     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Lasership 11/24 Second Out TLB1                    | Lasership 11/24 Second Out TLB1                    | CUSIP: 51809EAM7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    169671 | PA      | $97701.47     | 0.02%             | 2029-08-10      | Floating      | 10.06%                | No            |                  2 | On Loan: No      |
| Hilex Poly/Novolex 3/25 Cov-Lite TLB               | Hilex Poly/Novolex 3/25 Cov-Lite TLB               | CUSIP: 18972FAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1120514 | PA      | $1115538.99   | 0.24%             | 2032-04-01      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Citrin Cooperman 3/25 Cov-Lite TLB                 | Citrin Cooperman 3/25 Cov-Lite TLB                 | CUSIP: 17737EAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    683731 | PA      | $682588.81    | 0.15%             | 2032-04-01      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd                                 | WINDR 2018-3A SUB                                  | CUSIP: 88432XAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   3000000 | PA      | $340890.00    | 0.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                     | BSP 2023-32A E                                     | CUSIP: 08181GAA6<br>LEI: 2549003NV71H6I4TDQ63 | Long             | ABS-CBDO         | CORP              | JE        |   2400000 | PA      | $2415270.72   | 0.53%             | 2036-10-25      | Floating      | 11.63%                | Yes           |                  2 | On Loan: No      |
| Rad CLO 12 Ltd                                     | RAD 2021-12A E                                     | CUSIP: 75009QAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1941806.60   | 0.42%             | 2034-10-30      | Floating      | 10.89%                | Yes           |                  2 | On Loan: No      |
| Beacon Roofing/QXO 4/25 Cov-Lite TLB               | Beacon Roofing/QXO 4/25 Cov-Lite TLB               | CUSIP: 07368RAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    387706 | PA      | $390016.73    | 0.08%             | 2032-04-30      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| KINGPIN INTERMEDIATE HO                            | KINGPIN INTERMEDIATE HOLDINGS LLC, TLB             | CUSIP: 49579GAH5<br>LEI: 549300HRZOJTMNZCST05 | Long             | LON              | CORP              | US        |    957341 | PA      | $949261.14    | 0.21%             | 2028-02-08      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| RealPage 2/21 Cov-Lite TL                          | RealPage 2/21 Cov-Lite TL                          | CUSIP: 75605VAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1246770 | PA      | $1237169.90   | 0.27%             | 2028-04-24      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| TRC Companies 1/25 Cov-Lite TLB                    | TRC Companies 1/25 Cov-Lite TLB                    | CUSIP: 29280KAH8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2093541 | PA      | $2086737.39   | 0.45%             | 2028-12-08      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL TEXTILE 6/23 - EQUITY                | INTERNATIONAL TEXTILE 6/23 - EQUITY                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     20088 | NS      | $68640.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | NEUB 2022-47A SUB                                  | CUSIP: 64134TAC5<br>LEI: 549300JRWXK6DFJD7D06 | Long             | ABS-O            | CORP              | KY        |  15000000 | PA      | $8337000.00   | 1.81%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Horizon US Finco/Travel Corp 12/24 Cov-Lite TLB    | Horizon US Finco/Travel Corp 12/24 Cov-Lite TLB    | CUSIP: 44057XAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1489704 | PA      | $1453697.98   | 0.32%             | 2031-10-31      | Floating      | 9.03%                 | No            |                  2 | On Loan: No      |
| FOREST CITY ENTERPRISES                            | Forest City Enterprises, L.P. TLB                  | CUSIP: 34555QAF7<br>LEI: 54930078MCT017XXRD21 | Long             | LON              | CORP              | US        |    830957 | PA      | $803851.11    | 0.17%             | 2025-12-08      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2019-3A ER2                                   | CUSIP: 12554UAG3<br>LEI: 254900SVOWCOSOG16T40 | Long             | ABS-CBDO         | CORP              | KY        |   2750000 | PA      | $2759054.93   | 0.60%             | 2038-01-16      | Floating      | 9.26%                 | Yes           |                  2 | On Loan: No      |
| Johnstone Supply 12/24 TLB                         | Johnstone Supply 12/24 TLB                         | CUSIP: 47947BAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    466771 | PA      | $467429.54    | 0.10%             | 2031-06-09      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| SYNIVERSE HOLDINGS INC                             | Syniverse Holdings, Inc.TL 1L                      | CUSIP: 87168TAB7<br>LEI: 549300CYZBHMZC8VLL59 | Long             | LON              | CORP              | US        |    890980 | PA      | $841602.32    | 0.18%             | 2027-05-13      | Floating      | 11.30%                | No            |                  2 | On Loan: No      |
| Genesys 1/25 (USD) TL                              | Genesys 1/25 (USD) TL                              | CUSIP: 39479UAY9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    945384 | PA      | $944684.69    | 0.21%             | 2032-01-30      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Regatta XXIII Funding Ltd                          | REG23 2021-4A E                                    | CUSIP: 75889GAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2750000 | PA      | $2756349.75   | 0.60%             | 2035-01-20      | Floating      | 11.23%                | Yes           |                  2 | On Loan: No      |
| CHUCK E CHEESE 12/20 - EQUITY                      | CHUCK E CHEESE 12/20 - EQUITY                      | CUSIP: 12515M112<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10454 | NS      | $133288.50    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Scientific Games/ Light & Wonder 6/24 TLB          | Scientific Games/ Light & Wonder 6/24 TLB          | CUSIP: 80875CAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    500000 | PA      | $499345.00    | 0.11%             | 2029-04-04      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| PERMIAN PRODUCTION 11/20 - EQUITY                  | PERMIAN PRODUCTION 11/20 - EQUITY                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     18995 | NS      | $189.95       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SKILLSOFT FINANCE II INC                           | SkillSoft Corporation TLB                          | CUSIP: 83066YAB8<br>LEI: 549300LDUD35NU8F0G43 | Long             | LON              | CORP              | US        |    347776 | PA      | $316723.38    | 0.07%             | 2028-07-14      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2020-3A SUB                                   | CUSIP: 12560GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    150000 | PA      | $88736.91     | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Kaseya 3/25 2nd Lien Cov-Lite TL                   | Kaseya 3/25 2nd Lien Cov-Lite TL                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    644172 | PA      | $644371.47    | 0.14%             | 2033-03-20      | Floating      | 9.33%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                    | OAKC 2022-12A ER                                   | CUSIP: 67116AAG2<br>LEI: 254900U4U4HIDOPWSL06 | Long             | ABS-CBDO         | CORP              | BM        |   2000000 | PA      | $2000000.00   | 0.43%             | 2036-07-20      | Floating      | 12.27%                | Yes           |                  2 | On Loan: No      |
| LCPR LOAN FINANCING LLC                            | LCPR Loan Financing LLC, TLB                       | CUSIP: 50183CAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     58979 | PA      | $38090.38     | 0.01%             | 2028-10-16      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| Ensemble Health 1/24 TLB                           | Ensemble Health 1/24 TLB                           | CUSIP: 29359BAE1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2310431 | PA      | $2318841.46   | 0.50%             | 2029-08-01      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| TOPGOLF CALLAWAY BRANDS                            | Topgolf Callaway Brands Corp., TLB                 | CUSIP: 89071LAB6<br>LEI: 5493005UB0KFRKBPCU72 | Long             | LON              | CORP              | US        |    666784 | PA      | $655449.15    | 0.14%             | 2030-03-15      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| OVG Business/Oak View Group 5/24 TLB               | OVG Business/Oak View Group 5/24 TLB               | CUSIP: 62955EAJ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1525886 | PA      | $1514442.22   | 0.33%             | 2031-06-25      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| EP PURCHASER, LLC, TL                              | EP PURCHASER, LLC, TL                              | CUSIP: 26881KAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    804311 | PA      | $790235.18    | 0.17%             | 2028-11-06      | Floating      | 9.06%                 | No            |                  2 | On Loan: No      |
| Copeland 6/24 TLB                                  | Copeland 6/24 TLB                                  | CUSIP: 26872NAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3822067 | PA      | $3813238.48   | 0.83%             | 2031-08-04      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Bass Pro Shops/Great American 1/25 Cov-Lite TLB    | Bass Pro Shops/Great American 1/25 Cov-Lite TLB    | CUSIP: 07014QAP6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    465032 | PA      | $463724.96    | 0.10%             | 2032-01-23      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| FENDER MUSICAL INSTRUMENTS CORPORATION             | FENDER MUSICAL INSTRUMENTS CORPORATION             | CUSIP: 31446UAN0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    182101 | PA      | $162980.69    | 0.04%             | 2028-12-01      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| Regatta XVIII Funding Ltd                          | REG18 2021-1A ER                                   | CUSIP: 75884HAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2550000 | PA      | $2509628.91   | 0.55%             | 2038-04-15      | Floating      | 8.96%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2019-2A ER                                    | CUSIP: 12554FAE1<br>LEI: 254900JI8OLAMXS6KW67 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1503177.00   | 0.33%             | 2034-04-17      | Floating      | 11.13%                | Yes           |                  2 | On Loan: No      |
| ADP/CDK Global 5/24 TLB                            | ADP/CDK Global 5/24 TLB                            | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1573610 | PA      | $1310187.94   | 0.28%             | 2029-07-06      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Magenta Buyer LLC (McAfee) First Out TL (8/15/24)  | Magenta Buyer LLC (McAfee) First Out TL (8/15/24)  | CUSIP: 55909UAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    497945 | PA      | $415231.11    | 0.09%             | 2028-07-27      | Floating      | 11.29%                | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2019-5A DR                                    | CUSIP: 12555GAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002106.70   | 0.22%             | 2035-01-15      | Floating      | 11.30%                | Yes           |                  2 | On Loan: No      |
| Arsenal WGH/WCG 2/25 Cov-Lite TLB                  | Arsenal WGH/WCG 2/25 Cov-Lite TLB                  | CUSIP: 23343FAE4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    985318 | PA      | $973296.82    | 0.21%             | 2032-02-25      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2018-1A ER                                    | CUSIP: 17181RAA3<br>LEI: 635400VBVF8AYJQBI411 | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1738695.70   | 0.38%             | 2038-01-18      | Floating      | 9.52%                 | Yes           |                  2 | On Loan: No      |
| R1 RCM 10/24 Cov-Lite Delayed TL                   | R1 RCM 10/24 Cov-Lite Delayed TL                   | CUSIP: 75419XAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    184050 | PA      | $183819.85    | 0.04%             | 2031-11-19      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Signia Aerospace 11/24 Cov-Lite Delayed TL         | Signia Aerospace 11/24 Cov-Lite Delayed TL         | CUSIP: 82670NAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    249327 | PA      | $250261.55    | 0.05%             | 2031-12-11      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Entertainment Partners 10/21 Cov-Lite TLB          | Entertainment Partners 10/21 Cov-Lite TLB          | CUSIP: 26881KAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    236900 | PA      | $232280.65    | 0.05%             | 2028-11-06      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| WestJet Airlines 1/24 TLB                          | WestJet Airlines 1/24 TLB                          | CUSIP: C9763HAB3<br>LEI: N/A                  | Long             | LON              | CORP              | CN        |   1954184 | PA      | $1953207.16   | 0.42%             | 2031-02-14      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2021-2A SUB                                   | CUSIP: 12565TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   4750000 | PA      | $2592977.50   | 0.56%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Rad CLO Ltd                                        | RAD 2021-11A E                                     | CUSIP: 48662PAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1300000 | PA      | $1300101.66   | 0.28%             | 2034-04-15      | Floating      | 10.77%                | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2017-5A SUB                                   | CUSIP: 12551NAC1<br>LEI: 635400BTAKRBKGRV3X14 | Long             | ABS-O            | CORP              | KY        |   6500000 | PA      | $2545270.00   | 0.55%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BCP Renaissance 11/24 TLB3                         | BCP Renaissance 11/24 TLB3                         | CUSIP: 05549PAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1138083 | PA      | $1141280.57   | 0.25%             | 2028-10-31      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Cornerstone Generation 10/24 TLB                   | Cornerstone Generation 10/24 TLB                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    562954 | PA      | $565532.60    | 0.12%             | 2031-10-28      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Gentiva Health/Kindred at Home 1/25 Cov-Lite TLB   | Gentiva Health/Kindred at Home 1/25 Cov-Lite TLB   | CUSIP: 12568YAH7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2042109 | PA      | $2041741.73   | 0.44%             | 2028-02-11      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| Belfor 1/25 (USD) TLB3                             | Belfor 1/25 (USD) TLB3                             | CUSIP: 07768YAQ5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1229328 | PA      | $1229327.89   | 0.27%             | 2030-11-01      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| WEBER-STEPHEN PRODUCTS L                           | WEBER-STEPHEN PRODUCTS LLC TLB                     | CUSIP: 94767KAN1<br>LEI: 549300XU8TJBBGLK8V26 | Long             | LON              | CORP              | US        |    478499 | PA      | $474584.98    | 0.10%             | 2027-10-30      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| Rad CLO 12 Ltd                                     | RAD 2021-12A SUB                                   | CUSIP: 75009QAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   4500000 | PA      | $2168910.00   | 0.47%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Alvogen Pharma 3/25 2nd Lien PIK TL                | Alvogen Pharma 3/25 2nd Lien PIK TL                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    233498 | PA      | $77054.34     | 0.02%             | 2029-03-01      | Floating      | 14.80%                | No            |                  2 | On Loan: No      |
| SolarWinds/Starlight 3/25 Cov-Lite TL              | SolarWinds/Starlight 3/25 Cov-Lite TL              | CUSIP: 85554UAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1314595 | PA      | $1283373.83   | 0.28%             | 2032-04-16      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                           | MDPK 2015-18A SUB                                  | CUSIP: 55819CAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   4000000 | PA      | $733648.80    | 0.16%             |  |  |  | Yes           |                  2 | On Loan: No      |
| AmaWaterways 4/24 TLB                              | AmaWaterways 4/24 TLB                              | CUSIP: 50180PAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1647150 | PA      | $1644069.92   | 0.36%             | 2031-05-01      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Digicel 1/24 TL                                    | Digicel 1/24 TL                                    | CUSIP: G2761TAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2000000 | PA      | $1991780.00   | 0.43%             | 2027-05-25      | Floating      | 11.78%                | No            |                  2 | On Loan: No      |
| Envestnet/BCPE Pequod 9/24 TLB                     | Envestnet/BCPE Pequod 9/24 TLB                     | CUSIP: 05624AAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1832810 | PA      | $1834642.62   | 0.40%             | 2031-11-25      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Creative Artists 9/24 Cov-Lite TLB                 | Creative Artists 9/24 Cov-Lite TLB                 | CUSIP: 22526WAS7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2804348 | PA      | $2811331.14   | 0.61%             | 2031-10-01      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| ONTARIO GAMING GTA LIMITED PARTNERSHIP, TL         | ONTARIO GAMING GTA LIMITED PARTNERSHIP, TL         | CUSIP: C6907UAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    547467 | PA      | $541477.87    | 0.12%             | 2030-08-01      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                              | SIXST 2024-25A SUB                                 | CUSIP: 83011WAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   7000000 | PA      | $5247900.00   | 1.14%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Plusgrade 3/25 Cov-Lite TLB                        | Plusgrade 3/25 Cov-Lite TLB                        | CUSIP: C6902LAE6<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    598646 | PA      | $594155.78    | 0.13%             | 2031-03-03      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Flynn Restaurant 1/25 Incremental TL               | Flynn Restaurant 1/25 Incremental TL               | CUSIP: 34410JAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1265907 | PA      | $1262742.62   | 0.27%             | 2032-01-28      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 25 Ltd                                 | ELM25 2024-1A E                                    | CUSIP: 29001CAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2009093.40   | 0.44%             | 2037-04-17      | Floating      | 9.53%                 | Yes           |                  2 | On Loan: No      |
| Conservice 1/25 Cov-Lite TLB                       | Conservice 1/25 Cov-Lite TLB                       | CUSIP: 20848PAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1999374 | PA      | $2000213.91   | 0.43%             | 2030-05-13      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Zuora 12/24 Cov-Lite TLB                           | Zuora 12/24 Cov-Lite TLB                           | CUSIP: 98980XAC9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1055472 | PA      | $1049750.97   | 0.23%             | 2032-02-14      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                          | ANCHC 2021-18A SUB                                 | CUSIP: 03331BAG4<br>LEI: 549300JIJ617WYIUFX18 | Long             | ABS-O            | CORP              | KY        |    850000 | PA      | $317449.50    | 0.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Veeam Software 11/24 TLB                           | Veeam Software 11/24 TLB                           | CUSIP: 91834WAF7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1223677 | PA      | $1228265.76   | 0.27%             | 2031-04-12      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| CP IRIS HOLDCO I INC                               | CP Iris Holdco I, Inc. TL 1L                       | CUSIP: 12659EAC2<br>LEI: 25490024F0AS5UR7DB02 | Long             | LON              | CORP              | US        |    426088 | PA      | $425022.52    | 0.09%             | 2028-10-02      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Promontory Interfinancial/IntraFi Network 1/25 TLB | Promontory Interfinancial/IntraFi Network 1/25 TLB | CUSIP: 65343UAH5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3615107 | PA      | $3625012.72   | 0.79%             | 2031-07-31      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| AQ Carver Buyer (CoAdvantage) 7/23 T/L             | AQ Carver Buyer (CoAdvantage) 7/23 T/L             | CUSIP: 00226HAG5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1229029 | PA      | $1209438.42   | 0.26%             | 2029-08-02      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| Mavenir Warrant CL B                               | Mavenir Warrant CL B                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     68287 | NS      | $0.07         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| AkzoNobel Specialty Chem(Starfruit) 10/24 TLB      | AkzoNobel Specialty Chem(Starfruit) 10/24 TLB      | CUSIP: N8232NAL1<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |    266746 | PA      | $267746.57    | 0.06%             | 2028-04-03      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Power Solutions 1/25 (USD) Incremental TLB         | Power Solutions 1/25 (USD) Incremental TLB         | CUSIP: C8000CAP8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1249677 | PA      | $1250464.56   | 0.27%             | 2032-01-28      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd                             | CANYC 2020-2A ER2                                  | CUSIP: 13876QAG1<br>LEI: 2549001ZLWJBJYTM8I33 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1477071.45   | 0.32%             | 2034-10-15      | Floating      | 10.01%                | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd                           | MDPK 2019-37A ER2                                  | CUSIP: 55817FAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $761169.08    | 0.17%             | 2037-04-15      | Floating      | 10.86%                | Yes           |                  2 | On Loan: No      |
| Aramsco 10/23 TLB                                  | Aramsco 10/23 TLB                                  | CUSIP: 03853CAG0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    371363 | PA      | $298947.55    | 0.07%             | 2030-10-10      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| Belron 10/24 TLB                                   | Belron 10/24 TLB                                   | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2739286 | PA      | $2748818.37   | 0.60%             | 2031-10-16      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| IMA Financial 11/21 Cov-Lite TL                    | IMA Financial 11/21 Cov-Lite TL                    | CUSIP: 44966KAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1373271 | PA      | $1372131.67   | 0.30%             | 2028-11-01      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Ultimate Software 1/24 Cov-Lite TLB                | Ultimate Software 1/24 Cov-Lite TLB                | CUSIP: 89841EAB1<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   1014143 | PA      | $1017713.13   | 0.22%             | 2031-02-10      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                     | BSP 2024-34A SUB                                   | CUSIP: 081923AC8<br>LEI: 25490002NPB1AZIR3342 | Long             | ABS-O            | CORP              | KY        |   4700000 | PA      | $3729497.00   | 0.81%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Marine One Holdco, LLC (West Marine) - Equity      | Marine One Holdco, LLC (West Marine) - Equity      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      5865 | NS      | $3225.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                             | FIRST BRANDS GROUP, LLC, TL                        | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1351402 | PA      | $1272290.49   | 0.28%             | 2027-03-30      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                             | MINERVA MERGER ATHENA 6 1/2 02/15/30               | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |   1411000 | PA      | $1387673.35   | 0.30%             | 2030-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| VIASAT INC                                         | VIASAT, INC., TL                                   | CUSIP: 92555WAD7<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |    896525 | PA      | $859543.12    | 0.19%             | 2029-03-02      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| Skechers USA 6/25 (USD) TLB                        | Skechers USA 6/25 (USD) TLB                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    704711 | PA      | $708234.97    | 0.15%             | 2032-06-25      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2022-3A E                                     | CUSIP: 12571HAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $852282.17    | 0.19%             | 2035-04-21      | Floating      | 11.54%                | Yes           |                  2 | On Loan: No      |
| Regatta XVIII Funding Ltd                          | REG18 2021-1A SUB                                  | CUSIP: 75884HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   7175322 | PA      | $4516578.19   | 0.98%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SPIN HOLDCO INC                                    | SPIN HOLDCO INC. TL                                | CUSIP: 84850XAK8<br>LEI: 549300QAS44U2GUXGK45 | Long             | LON              | CORP              | US        |   2123030 | PA      | $1857651.01   | 0.40%             | 2028-03-04      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                   | ALTICE FRANCE SFRFP 5 1/2 10/15/29                 | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    667000 | PA      | $553610.00    | 0.12%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Press Ganey 11/24 TLB                              | Press Ganey 11/24 TLB                              | CUSIP: 05477JAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2049611 | PA      | $2052173.47   | 0.45%             | 2031-04-30      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | NEUB 2018-27A ER                                   | CUSIP: 64131UAL5<br>LEI: 549300IWMW28G8CR9G28 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2041759.00   | 0.44%             | 2038-07-15      | Floating      | 11.01%                | Yes           |                  2 | On Loan: No      |
| TRUGREEN LP                                        | TRUGREEN LIMITED PARTNERSHIP TL                    | CUSIP: 89787RAH5<br>LEI: 549300QNRP2MNHR3QM19 | Long             | LON              | CORP              | US        |    175480 | PA      | $166158.32    | 0.04%             | 2027-11-02      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| Instructure/Icon Parent 9/24 TL                    | Instructure/Icon Parent 9/24 TL                    | CUSIP: 45115DAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1655528 | PA      | $1656885.28   | 0.36%             | 2031-11-13      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| TRUGREEN LP                                        | TRUGREEN LIMITED PARTNERSHIP TL                    | CUSIP: 89787RAK8<br>LEI: 549300QNRP2MNHR3QM19 | Long             | LON              | CORP              | US        |    125392 | PA      | $98275.86     | 0.02%             | 2028-11-02      | Floating      | 13.04%                | No            |                  2 | On Loan: No      |
| Univar/Windsor 2/25 (USD) TLB                      | Univar/Windsor 2/25 (USD) TLB                      | CUSIP: 97360BAH8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1324975 | PA      | $1324643.42   | 0.29%             | 2030-08-01      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                     | APID 2023-45A ER                                   | CUSIP: 037977AG0<br>LEI: 5493000BLHDFQUOR8F12 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $500000.00    | 0.11%             | 2038-07-26      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Casa Systems T/L (05/23)                           | Casa Systems T/L (05/23)                           | CUSIP: 14712WAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    498333 | PA      | $0.05         | 0.00%             | 2027-12-20      | Floating      | 12.26%                | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                        | RAD 2019-4A ER                                     | CUSIP: 749985AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2300000 | PA      | $2293566.90   | 0.50%             | 2032-04-25      | Floating      | 10.78%                | Yes           |                  2 | On Loan: No      |
| INFINITE BIDCO LLC                                 | INFINITE BIDCO LLC TL                              | CUSIP: 45674KAF2<br>LEI: 549300GLV0VRADA9LI65 | Long             | LON              | CORP              | US        |     69869 | PA      | $60218.69     | 0.01%             | 2029-03-02      | Floating      | 11.54%                | No            |                  2 | On Loan: No      |
| Worldwide Express/GlobalTranz 11/24 Cov-Lite TLB   | Worldwide Express/GlobalTranz 11/24 Cov-Lite TLB   | CUSIP: 00435UAF5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1270499 | PA      | $1269901.45   | 0.28%             | 2028-07-26      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Invesco Treasury Portfolio                         | INVESCO TREASURY PORTFOLIO INSTITUTIONAL CLASS     | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |  19824087 | NS      | $19824087.39  | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Hertz 6/21 TLB                                     | Hertz 6/21 TLB                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    209064 | PA      | $173262.06    | 0.04%             | 2028-06-30      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                    | OAKC 2014-10RA SUB                                 | CUSIP: 67106KAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   9091692 | PA      | $4193720.22   | 0.91%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Southern Veterinary 10/24 Cov-Lite TL              | Southern Veterinary 10/24 Cov-Lite TL              | CUSIP: 84410HAN0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2230221 | PA      | $2231113.28   | 0.49%             | 2031-12-04      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| Imperial Bag & Paper/Imperial Dade 2/25 TLB        | Imperial Bag & Paper/Imperial Dade 2/25 TLB        | CUSIP: 05550HAQ8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3912945 | PA      | $3886532.86   | 0.85%             | 2030-12-11      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| SciQuest/Jaggaer 10/24 TL                          | SciQuest/Jaggaer 10/24 TL                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1563394 | PA      | $1569741.51   | 0.34%             | 2031-12-05      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Endurance Intl/Endure Digital 12/24 COOP TLB       | Endurance Intl/Endure Digital 12/24 COOP TLB       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    651538 | PA      | $462592.15    | 0.10%             | 2028-02-10      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Trip.com/TripAdvisor 7/24 TLB                      | Trip.com/TripAdvisor 7/24 TLB                      | CUSIP: 89677NAE4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    878360 | PA      | $875065.88    | 0.19%             | 2031-07-08      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Focus Financial Partners 1/25 Add-On Cov-Lite TLB  | Focus Financial Partners 1/25 Add-On Cov-Lite TLB  | CUSIP: 34416DBD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1990312 | PA      | $1985594.48   | 0.43%             | 2031-09-15      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| June Purchaser/Janney Montgomery 9/24 DTL          | June Purchaser/Janney Montgomery 9/24 DTL          | CUSIP: 48171UAD7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    190179 | PA      | $190892.64    | 0.04%             | 2031-11-28      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                              | KKR 2024-60A E                                     | CUSIP: 49835NAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1325000 | PA      | $1342067.46   | 0.29%             | 2038-01-15      | Floating      | 10.36%                | Yes           |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                             | FIRST BRANDS GROUP, LLC TL                         | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    250000 | PA      | $235765.00    | 0.05%             | 2027-03-30      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| McDermott Intl/Lummus 12/24 Cov-Lite TLB           | McDermott Intl/Lummus 12/24 Cov-Lite TLB           | CUSIP: 45232UAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1826817 | PA      | $1830963.56   | 0.40%             | 2029-12-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| CHG Healthcare 12/24 Cov-Lite TLB1                 | CHG Healthcare 12/24 Cov-Lite TLB1                 | CUSIP: 12541HAW3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1127579 | PA      | $1131029.09   | 0.25%             | 2028-09-29      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Qualtrics 2/25 Cov-Lite TLB                        | Qualtrics 2/25 Cov-Lite TLB                        | CUSIP: 74773KAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1969925 | PA      | $1974849.66   | 0.43%             | 2030-06-28      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Jo-Ann Stores Exit TL                              | Jo-Ann Stores Exit TL                              | CUSIP: 63988HAH9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    127539 | PA      | $30609.35     | 0.01%             | 2028-04-28      | Floating      | 16.00%                | No            |                  2 | On Loan: No      |
| TICP 2020-15A SUB                                  | TICP 2020-15A SUB                                  | CUSIP: 87250TAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  21000000 | PA      | $13394010.00  | 2.91%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy 12/24 TLB                         | Tallgrass Energy 12/24 TLB                         | CUSIP: 73955HAE4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1386083 | PA      | $1393442.85   | 0.30%             | 2029-08-01      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                    | OAKCL 2019-3A SUB                                  | CUSIP: 67400GAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   4000000 | PA      | $2434800.00   | 0.53%             |  |  |  | Yes           |                  2 | On Loan: No      |
| OCP CLO Ltd                                        | OCP 2022-24A SUB                                   | CUSIP: 67119NAC0<br>LEI: 254900KJTZSIMELS6Y52 | Long             | ABS-O            | CORP              | JE        |   7445299 | PA      | $4787476.16   | 1.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Recette CLO LLC                                    | RCTTE 2015-1A YRR                                  | CUSIP: 75620RAH5<br>LEI: 549300392I5L5XOJ0016 | Long             | ABS-O            | CORP              | KY        |  10400000 | PA      | $145494.96    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| New Arclin/ARC Falcon 9/21 Cov-Lite TL             | New Arclin/ARC Falcon 9/21 Cov-Lite TL             | CUSIP: 03880YAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    371653 | PA      | $372537.26    | 0.08%             | 2028-09-30      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| Hyperion Insurance/Howden 8/24 TLB                 | Hyperion Insurance/Howden 8/24 TLB                 | CUSIP: G4712JAY8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    439010 | PA      | $441082.10    | 0.10%             | 2030-04-18      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| BROWN GROUP HOLDING LLC                            | Signature Aviation/BBA Aviation 6/22 TLB2          | CUSIP: 11565HAD8<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |    471567 | PA      | $472047.82    | 0.10%             | 2031-07-01      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | NEUB 2022-50A SUB                                  | CUSIP: 64134WAC8<br>LEI: 549300UMYON6L2REF246 | Long             | ABS-O            | CORP              | JE        |   6500000 | PA      | $4216550.00   | 0.92%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Wind River CLO Ltd                                 | WINDR 2017-1A ER                                   | CUSIP: 97315XAA1<br>LEI: 254900W8N6WOFX1LSH24 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1463236.20   | 0.32%             | 2036-04-18      | Floating      | 11.59%                | Yes           |                  2 | On Loan: No      |
| New Fortress Energy 2/25 Incremental TLB           | New Fortress Energy 2/25 Incremental TLB           | CUSIP: 64439HAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1400277 | PA      | $753041.03    | 0.16%             | 2028-10-30      | Floating      | 9.81%                 | No            |                  2 | On Loan: No      |
| Summit Behavioral 4/24 TLB                         | Summit Behavioral 4/24 TLB                         | CUSIP: 86602KAF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1053345 | PA      | $790008.44    | 0.17%             | 2028-11-24      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| UST GLOBAL INC                                     | UST Holdings, Ltd. TL                              | CUSIP: 90355HAB0<br>LEI: 984500398691E4511Z04 | Long             | LON              | CORP              | US        |    550655 | PA      | $552031.65    | 0.12%             | 2028-11-20      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Altera/Gryphon 6/25 Cov-Lite TLB                   | Altera/Gryphon 6/25 Cov-Lite TLB                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    695723 | PA      | $695145.66    | 0.15%             | 2032-06-18      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Tenneco Inc TL B                                   | Tenneco Inc TL B                                   | CUSIP: 88037HAP9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1076970 | PA      | $1048968.57   | 0.23%             | 2028-11-17      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2018-1A SUB                                   | CUSIP: 12547WAC8<br>LEI: 635400VBVF8AYJQBI411 | Long             | ABS-O            | CORP              | KY        |  10250000 | PA      | $3881162.50   | 0.84%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Trace3 10/21 Cov-Lite TL                           | Trace3 10/21 Cov-Lite TL                           | CUSIP: 29629LAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    339424 | PA      | $338904.91    | 0.07%             | 2028-10-08      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| CORELOGIC INC                                      | CoreLogic, Inc., TL                                | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |   1084755 | PA      | $1072215.16   | 0.23%             | 2028-06-02      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Sovos Compliance 2/25 Cov-Lite TL                  | Sovos Compliance 2/25 Cov-Lite TL                  | CUSIP: 84611YAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    250000 | PA      | $251110.00    | 0.05%             | 2029-08-13      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| First Advantage 9/24 TLB                           | First Advantage 9/24 TLB                           | CUSIP: 78477MAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    823614 | PA      | $823358.30    | 0.18%             | 2031-10-31      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| ExamWorks/Electron 11/21 Cov-Lite TL               | ExamWorks/Electron 11/21 Cov-Lite TL               | CUSIP: 28542CAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    687199 | PA      | $688696.77    | 0.15%             | 2028-11-01      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                              | DIRECTV Financing, LLC TL 1L                       | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    275747 | PA      | $276502.57    | 0.06%             | 2027-08-02      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| CBAMR Ltd                                          | CBAM 2018-8A E2R                                   | CUSIP: 12478FAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1008148.00   | 0.22%             | 2037-07-15      | Floating      | 10.63%                | Yes           |                  2 | On Loan: No      |
| GETTY IMAGES INC                                   | GETTY IMAGES INC ABEGET 11 1/4 02/21/30            | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |    376325 | PA      | $373502.56    | 0.08%             | 2030-02-21      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| ARES CLO Ltd                                       | ARES 2019-51A INC                                  | CUSIP: 04017LAA4<br>LEI: 5493003FNA8PT0CMDE92 | Long             | ABS-O            | CORP              | KY        |   1699959 | PA      | $769112.45    | 0.17%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Colonial Pipeline 6/25 TLB                         | Colonial Pipeline 6/25 TLB                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    472348 | PA      | $468923.74    | 0.10%             | 2032-06-11      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| VACO HOLDINGS LLC                                  | Vaco Holdings, LLC TL 1L                           | CUSIP: 91865FAJ8<br>LEI: 54930076HTNXBP03T379 | Long             | LON              | CORP              | US        |    495688 | PA      | $453306.73    | 0.10%             | 2029-01-21      | Floating      | 9.45%                 | No            |                  2 | On Loan: No      |
| Pro Mach 2/25 Cov-Lite TLB                         | Pro Mach 2/25 Cov-Lite TLB                         | CUSIP: 74273JAK9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1453508 | PA      | $1455993.26   | 0.32%             | 2028-08-31      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Atlantic Broadband/Breezeline 9/23 TL B            | Atlantic Broadband/Breezeline 9/23 TL B            | CUSIP: 19239BAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    969412 | PA      | $966387.29    | 0.21%             | 2030-09-18      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| ELEMENT MTRL TECH GP HLDG TL                       | ELEMENT MTRL TECH GP HLDG TL                       | CUSIP: 284375LE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1109170 | PA      | $1110090.86   | 0.24%             | 2029-07-06      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Fusion Parent, LLC - Common Equity                 | Fusion Parent, LLC - Common Equity                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      8284 | NS      | $221597.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Tacala 9/24 Cov-Lite TLB                           | Tacala 9/24 Cov-Lite TLB                           | CUSIP: 87339PAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    311761 | PA      | $312905.51    | 0.07%             | 2031-01-31      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Cotiviti 2/24 TL                                   | Cotiviti 2/24 TL                                   | CUSIP: 22164MAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1063494 | PA      | $1057517.31   | 0.23%             | 2031-05-01      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| RVR DEALERSHIP HOLDINGS                            | RV Retailer, LLC TLB                               | CUSIP: 75001CAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    979456 | PA      | $894027.60    | 0.19%             | 2028-02-08      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| TAMKO Building 10/24 Cov-Lite TLB                  | TAMKO Building 10/24 Cov-Lite TLB                  | CUSIP: 87510EAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    883709 | PA      | $884539.62    | 0.19%             | 2030-09-20      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                  | MAGNE 2019-24A ER                                  | CUSIP: 55954XAE7<br>LEI: 549300P6T1S83Z2MDF55 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500110.60    | 0.11%             | 2035-04-15      | Floating      | 10.66%                | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | NEUB 2024-54A SUB                                  | CUSIP: 64135RAC8<br>LEI: 2549008MU2CMQ0UY7J70 | Long             | ABS-O            | CORP              | JE        |   3465000 | PA      | $2594626.65   | 0.56%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Rockland Park CLO Ltd                              | ROCKP 2021-1A M2                                   | CUSIP: 77366PAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   9750000 | PA      | $98508.15     | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Madison Park Funding Ltd                           | MDPK 2018-28A SUB                                  | CUSIP: 55821BAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   5949336 | PA      | $2518353.93   | 0.55%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Sedgwick CMS 2/23 TLB                              | Sedgwick CMS 2/23 TLB                              | CUSIP: 81527CAP2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3236277 | PA      | $3246406.12   | 0.71%             | 2031-07-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Mavenir 11/24 New Money TL                         | Mavenir 11/24 New Money TL                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     14261 | PA      | $0.00         | 0.00%             | 2025-09-02      | Floating      | 14.31%                | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                     | Sabre GLBL Inc. TLB2                               | CUSIP: 78571YBF6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |    278853 | PA      | $273473.85    | 0.06%             | 2027-12-17      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Alliant Insurance 9/24 B6 TLB                      | Alliant Insurance 9/24 B6 TLB                      | CUSIP: 01881UAM7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     24354 | PA      | $24356.54     | 0.01%             | 2031-09-19      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd                                     | GALXY 2024-33A SUB                                 | CUSIP: 36321FAC6<br>LEI: 3912004FNLYTWOWSZU31 | Long             | ABS-O            | CORP              | KY        |   2000000 | PA      | $1360360.00   | 0.30%             |  |  |  | Yes           |                  2 | On Loan: No      |
| RR Ltd                                             | RRAM 2023-25A SUB                                  | CUSIP: 75000LAE5<br>LEI: 254900FV8ZM4T7O1K491 | Long             | ABS-O            | CORP              | BM        |   9780000 | PA      | $6105165.00   | 1.33%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Hanger Orthopedic 10/24 TLB                        | Hanger Orthopedic 10/24 TLB                        | CUSIP: 41043BAH1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    782854 | PA      | $783605.92    | 0.17%             | 2031-10-23      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Berlin Packaging 12/24 B7 TLB                      | Berlin Packaging 12/24 B7 TLB                      | CUSIP: 08511LBC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    253215 | PA      | $254040.79    | 0.06%             | 2031-06-07      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                     | Sabre GLBL Inc.TLB2 1L                             | CUSIP: 78571YBJ8<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |     58182 | PA      | $57599.70     | 0.01%             | 2028-06-30      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| Michael Baker 1/25 TLB                             | Michael Baker 1/25 TLB                             | CUSIP: 59406MAF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    272826 | PA      | $273848.70    | 0.06%             | 2028-12-01      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| Clover CLO                                         | CLVR 2021-3A SUB                                   | CUSIP: 00142QAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5500000 | PA      | $3924800.00   | 0.85%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Citco 6/24 TLB                                     | Citco 6/24 TLB                                     | CUSIP: 17302JAK3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    774188 | PA      | $777478.25    | 0.17%             | 2028-04-27      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Virgin Media 3/23 TLY                              | Virgin Media 3/23 TLY                              | CUSIP: G9368PBH6<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    976310 | PA      | $962778.53    | 0.21%             | 2031-03-31      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| Hyperion Insurance/Howden 11/24 (USD) Cov-Lite TLB | Hyperion Insurance/Howden 11/24 (USD) Cov-Lite TLB | CUSIP: G4712JAZ5<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |   3009236 | PA      | $3017090.30   | 0.66%             | 2031-02-15      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| National Intergovernmental Purchasing/Omnia TLB    | National Intergovernmental Purchasing/Omnia TLB    | CUSIP: 68218HAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2302763 | PA      | $2306124.59   | 0.50%             | 2030-07-25      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| WeddingWire 12/24 TLB                              | WeddingWire 12/24 TLB                              | CUSIP: 94847DAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1082136 | PA      | $1076725.32   | 0.23%             | 2028-01-31      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                             | RRAM 2021-19A DR                                   | CUSIP: 74983BAJ0<br>LEI: 549300RJ4N2AJDFNE876 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499236.55    | 0.11%             | 2040-04-15      | Floating      | 9.06%                 | Yes           |                  2 | On Loan: No      |
| TORRID LLC                                         | TORRID LLC, TLB                                    | CUSIP: 89142DAB9<br>LEI: 254900PHLV1YJ5P5SQ69 | Long             | LON              | CORP              | US        |    168336 | PA      | $152512.58    | 0.03%             | 2028-06-14      | Floating      | 10.18%                | No            |                  2 | On Loan: No      |
| Ardonagh 6/24 Cov-Lite TLB                         | Ardonagh 6/24 Cov-Lite TLB                         | CUSIP: Q0500HAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2377921 | PA      | $2357114.21   | 0.51%             | 2031-02-15      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| Victra/LSF9 Atlantis 2/25 TLB                      | Victra/LSF9 Atlantis 2/25 TLB                      | CUSIP: 50226BAM0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1768774 | PA      | $1766562.69   | 0.38%             | 2029-03-31      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Idera 6/24 TL                                      | Idera 6/24 TL                                      | CUSIP: 45168RAT0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1576645 | PA      | $1474084.25   | 0.32%             | 2028-03-02      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2019-3A SUB                                   | CUSIP: 12554UAC2<br>LEI: 254900SVOWCOSOG16T40 | Long             | ABS-O            | CORP              | KY        |    840000 | PA      | $707918.40    | 0.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Elmwood CLO VII Ltd.                               | ELMW7 2020-4A SUB                                  | CUSIP: 29002RAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8350000 | PA      | $3915816.00   | 0.85%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | NEUB 2021-41A E                                    | CUSIP: 64134CAA6<br>LEI: 549300RYH1PYRU661D66 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1252252.38   | 0.27%             | 2034-04-15      | Floating      | 11.02%                | Yes           |                  2 | On Loan: No      |
| INVESCO CLO 2021-1, Ltd                            | INVCO 2021-1A SUB                                  | CUSIP: 46090YAC3<br>LEI: 25490016C8NV86EY2059 | Long             | ABS-O            | CORP              | KY        |   3000000 | PA      | $1024977.90   | 0.22%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Infoblox 1/25 TLB                                  | Infoblox 1/25 TLB                                  | CUSIP: 24780DAJ6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1267199 | PA      | $1257467.06   | 0.27%             | 2029-11-30      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| K-Mac 1/25 Cov-Lite TL                             | K-Mac 1/25 Cov-Lite TL                             | CUSIP: 55304PAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    381454 | PA      | $382964.45    | 0.08%             | 2028-07-21      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Kantar 2/24 Extended TLB                           | Kantar 2/24 Extended TLB                           | CUSIP: L8869UAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    761071 | PA      | $762973.99    | 0.17%             | 2029-02-15      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                             | Spirit AeroSystems, Inc. TL 1L                     | CUSIP: 84857HAY6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | LON              | CORP              | US        |    111503 | PA      | $111503.11    | 0.02%             | 2027-01-15      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| Ancestry.com 2/21 Cov-Lite TLB                     | Ancestry.com 2/21 Cov-Lite TLB                     | CUSIP: 03952HAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1496745 | PA      | $1476718.34   | 0.32%             | 2027-12-06      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| Harbortouch 5/25 TL                                | Harbortouch 5/25 TL                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    212870 | PA      | $214532.18    | 0.05%             | 2032-06-30      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| TGP Holdings III (Traeger Grills) T/L (6/21)       | TGP Holdings III (Traeger Grills) T/L (6/21)       | CUSIP: 87251RAK9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    499923 | PA      | $444576.13    | 0.10%             | 2028-06-29      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                              | SIXST 2021-17A SUB                                 | CUSIP: 83012GAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1100000 | PA      | $843392.00    | 0.18%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Carroll County 6/24 TLB                            | Carroll County 6/24 TLB                            | CUSIP: 14474FAY0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    732502 | PA      | $733234.12    | 0.16%             | 2031-06-30      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Hexion 12/24 TLB                                   | Hexion 12/24 TLB                                   | CUSIP: 00217XAE6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1564506 | PA      | $1560266.03   | 0.34%             | 2029-03-15      | Floating      | 8.31%                 | No            |                  2 | On Loan: No      |
| Acrisure 12/24 B6 Cov-Lite TL                      | Acrisure 12/24 B6 Cov-Lite TL                      | CUSIP: 00488PAV7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2458897 | PA      | $2450118.48   | 0.53%             | 2030-11-06      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Flexera Software 12/24 Cov-Lite TL                 | Flexera Software 12/24 Cov-Lite TL                 | CUSIP: 33937KAX2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    994051 | PA      | $993692.88    | 0.22%             | 2028-03-03      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Univision 5/24 TLB                                 | Univision 5/24 TLB                                 | CUSIP: 914908BG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    259195 | PA      | $253578.53    | 0.06%             | 2029-01-31      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| FOUNDATION BUILDING M                              | Foundation Building Materials, Inc TL              | CUSIP: 35039KAB2<br>LEI: 549300ZVE6MONHB01I28 | Long             | LON              | CORP              | US        |    217690 | PA      | $214696.57    | 0.05%             | 2028-01-31      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| Fairbanks Morse 3/25 TL                            | Fairbanks Morse 3/25 TL                            | CUSIP: 03960DAH6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    606094 | PA      | $608475.52    | 0.13%             | 2030-06-23      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| McAfee/Magenta 8/24 Super Priority TL              | McAfee/Magenta 8/24 Super Priority TL              | CUSIP: 55909UAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    142199 | PA      | $143503.25    | 0.03%             | 2028-07-27      | Floating      | 10.53%                | No            |                  2 | On Loan: No      |
| Kidde Global 10/24 TLB                             | Kidde Global 10/24 TLB                             | CUSIP: 50221UAC5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1104993 | PA      | $1109833.18   | 0.24%             | 2031-12-02      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| MH SUB I, LLC                                      | MH SUB I, LLC                                      | CUSIP: 45567YAN5<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |   1030233 | PA      | $965523.77    | 0.21%             | 2028-05-03      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| MAVENIR SYSTEMS INC                                | Mavenir Systems, Inc. TLB 1L                       | CUSIP: 57767EAE2<br>LEI: 549300Q70CXM8TJLTD42 | Long             | LON              | CORP              | US        |    476514 | PA      | $142954.22    | 0.03%             | 2028-08-18      | Floating      | 9.34%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, Ltd.                         | SIXST 2020-16A SUB                                 | CUSIP: 83012EAB7<br>LEI: 549300YD05LZSDNMVF16 | Long             | ABS-O            | CORP              | KY        |   8000000 | PA      | $4907040.00   | 1.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Bowling Green Park CLO LLC                         | CLVR 2019-1A SUB                                   | CUSIP: 00871QAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8339200 | PA      | $5530557.44   | 1.20%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                     | CGMS 2021-5A SUB                                   | CUSIP: 14318AAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   4000000 | PA      | $2040160.00   | 0.44%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Wilsonart International 7/24 TLB                   | Wilsonart International 7/24 TLB                   | CUSIP: 97246FAM8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    981741 | PA      | $965483.55    | 0.21%             | 2031-08-05      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Niagara Park CLO, Ltd.                             | NIAPK 2019-1A G                                    | CUSIP: 65357KAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    225000 | PA      | $208318.50    | 0.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                            | Allied Universal Holdco LLC TL                     | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |   2886095 | PA      | $2898851.16   | 0.63%             | 2028-05-12      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| Viavi 6/25 TLB                                     | Viavi 6/25 TLB                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    342840 | PA      | $342627.17    | 0.07%             | 2032-06-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Dave & Buster's 1/24 Cov-Lite TLB                  | Dave & Buster's 1/24 Cov-Lite TLB                  | CUSIP: 23833EAX2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    446565 | PA      | $431788.35    | 0.09%             | 2029-06-29      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                     | CGMS 2025-2A E                                     | CUSIP: 14320DAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    845000 | PA      | $875788.76    | 0.19%             | 2038-07-25      | Floating      | 11.05%                | Yes           |                  2 | On Loan: No      |
| ARES CLO Ltd                                       | ARES 2017-44A SUB                                  | CUSIP: 04016NAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   6288428 | PA      | $1333550.45   | 0.29%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Wind River CLO Ltd                                 | WINDR 2018-2A SUB                                  | CUSIP: 88433LAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   3031000 | PA      | $223899.67    | 0.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BCPE Grill Parent, Inc. (Fogo de Chao) TLB         | BCPE Grill Parent, Inc. (Fogo de Chao) TLB         | CUSIP: 05553QAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    849291 | PA      | $824415.70    | 0.18%             | 2030-09-30      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| Anticimex 4/24 TLB                                 | Anticimex 4/24 TLB                                 | CUSIP: 03703HAB2<br>LEI: N/A                  | Long             | LON              | CORP              | SE        |    462994 | PA      | $464267.30    | 0.10%             | 2028-11-16      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| PELICAN PRODUCTS INC                               | PELICAN PRODUCTS, INC. TL                          | CUSIP: 70468BAC7<br>LEI: 5493008CRWH2WFODTF44 | Long             | LON              | CORP              | US        |    474072 | PA      | $413034.96    | 0.09%             | 2028-12-29      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 14 Ltd                                 | ELM14 2022-1A SUB                                  | CUSIP: 29003XAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  10000000 | PA      | $4943000.00   | 1.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Regatta XVI Funding Ltd.                           | REG16 2019-2A ER                                   | CUSIP: 75888QAL5<br>LEI: 254900XPJFGKL5R4O429 | Long             | ABS-CBDO         | CORP              | KY        |   1400000 | PA      | $1388646.42   | 0.30%             | 2033-01-15      | Floating      | 11.36%                | Yes           |                  2 | On Loan: No      |
| SunSource 3/24 TL                                  | SunSource 3/24 TL                                  | CUSIP: 12508KAJ6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1734731 | PA      | $1704806.65   | 0.37%             | 2031-03-25      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| WideOpenWest 10/24 Super-Priority FO New Money TL  | WideOpenWest 10/24 Super-Priority FO New Money TL  | CUSIP: 96758DBG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    677113 | PA      | $692347.90    | 0.15%             | 2028-12-11      | Floating      | 11.50%                | No            |                  2 | On Loan: No      |
| PMHC II INC                                        | PMHC II, Inc. TL                                   | CUSIP: 69346EAG2<br>LEI: 549300GYZ1T3S8OPH343 | Long             | LON              | CORP              | US        |    519395 | PA      | $452449.88    | 0.10%             | 2029-04-23      | Floating      | 8.64%                 | No            |                  2 | On Loan: No      |
| Air Medical 4/24 PIK TL                            | Air Medical 4/24 PIK TL                            | CUSIP: 00169QAG4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1624700 | PA      | $1625609.85   | 0.35%             | 2028-10-31      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| Jo-Ann Inc New Common                              | Jo-Ann Inc New Common                              | CUSIP: 47768J200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    379111 | NS      | $49284.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                                | SNDPT 2017-4A D                                    | CUSIP: 83608DAA1<br>LEI: 549300G09B8CGBRMLL31 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $340645.10    | 0.07%             | 2031-01-21      | Floating      | 10.03%                | Yes           |                  2 | On Loan: No      |
| COHERENT CORP                                      | II-VI INC COHR 5 12/15/29                          | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    146000 | PA      | $143469.83    | 0.03%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Unity-Peace Park CLO, Ltd.                         | UNPPK 2022-1A SUB                                  | CUSIP: 913319AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |   4000000 | PA      | $2048800.00   | 0.45%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Invenergy 4/25 TLB                                 | Invenergy 4/25 TLB                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     15467 | PA      | $15559.85     | 0.00%             | 2032-05-14      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| R1 RCM 10/24 Cov-Lite TLB                          | R1 RCM 10/24 Cov-Lite TLB                          | CUSIP: 75419XAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2578985 | PA      | $2575761.45   | 0.56%             | 2031-11-19      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| SHUTTERFLY FINANCE, LLC, TL                        | SHUTTERFLY FINANCE, LLC, TL                        | CUSIP: 82568TAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    445587 | PA      | $412355.20    | 0.09%             | 2027-10-01      | Floating      | 9.33%                 | No            |                  2 | On Loan: No      |
| ZEST ACQUISITION CORP., TL                         | ZEST ACQUISITION CORP., TL                         | CUSIP: 46589UAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    199958 | PA      | $198957.87    | 0.04%             | 2028-02-08      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| Cision US/Castle US 4/25 FLSO (USD) TLB1           | Cision US/Castle US 4/25 FLSO (USD) TLB1           | CUSIP: 14852DAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    746111 | PA      | $403832.67    | 0.09%             | 2030-05-31      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| Broadstreet Partners 5/24 TLB4                     | Broadstreet Partners 5/24 TLB4                     | CUSIP: 11132VAY5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2372536 | PA      | $2374861.45   | 0.52%             | 2031-06-13      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Endeavor/EOC 1/25 Cov-Lite TLB                     | Endeavor/EOC 1/25 Cov-Lite TLB                     | CUSIP: 26875YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2185119 | PA      | $2185796.05   | 0.48%             | 2032-03-24      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Viasat 5/23 TL                                     | Viasat 5/23 TL                                     | CUSIP: 92555WAF2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    374299 | PA      | $356871.84    | 0.08%             | 2030-05-30      | Floating      | 8.93%                 | No            |                  2 | On Loan: No      |
| Rockland Park CLO Ltd                              | ROCKP 2021-1A M1                                   | CUSIP: 77366PAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   9750000 | PA      | $26200.20     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Gray Television 6/24 TLB                           | Gray Television 6/24 TLB                           | CUSIP: 389376BC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    744332 | PA      | $743134.12    | 0.16%             | 2029-06-04      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Amspec Parent 12/24 Delayed TL                     | Amspec Parent 12/24 Delayed TL                     | CUSIP: 03218AAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    162059 | PA      | $162666.38    | 0.04%             | 2031-12-22      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2018-5A SUB                                   | CUSIP: 12551XAC9<br>LEI: 2549007CW2XYI54L0R94 | Long             | ABS-O            | CORP              | KY        |   5298000 | PA      | $2910403.32   | 0.63%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Catawba Nation Gaming/Two Kings Casino 12/24 TLB   | Catawba Nation Gaming/Two Kings Casino 12/24 TLB   | CUSIP: 14907EAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1193096 | PA      | $1205528.20   | 0.26%             | 2032-03-29      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| Opella 3/25 (USD) Cov-Lite TL                      | Opella 3/25 (USD) Cov-Lite TL                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1847573 | PA      | $1853929.12   | 0.40%             | 2032-04-28      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| Genuine Fin 1/25 Cov-Lite TLB                      | Genuine Fin 1/25 Cov-Lite TLB                      | CUSIP: 37190DAN3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1504558 | PA      | $1425568.61   | 0.31%             | 2030-09-27      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Solenis 12/24 (USD) Cov-Lite TLB                   | Solenis 12/24 (USD) Cov-Lite TLB                   | CUSIP: 68163YAJ4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1773987 | PA      | $1751209.40   | 0.38%             | 2031-06-20      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                     | BSP 2022-29A ER                                    | CUSIP: 08186FAE5<br>LEI: 549300DICNUWMUKL3816 | Long             | ABS-CBDO         | CORP              | JE        |   1750000 | PA      | $1746495.45   | 0.38%             | 2038-01-25      | Floating      | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                     | BSP 2024-36A SUB                                   | CUSIP: 081920AE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2560000 | PA      | $2251827.20   | 0.49%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                     | CGMS 2019-4A DR                                    | CUSIP: 14317WAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $751409.10    | 0.16%             | 2035-04-15      | Floating      | 10.86%                | Yes           |                  2 | On Loan: No      |
| Asurion 9/24 B12 TLB                               | Asurion 9/24 B12 TLB                               | CUSIP: 04649VBD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    311695 | PA      | $303610.01    | 0.07%             | 2030-09-19      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Therakos 10/24 Cov-Lite TLB                        | Therakos 10/24 Cov-Lite TLB                        | CUSIP: 83419KAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1748322 | PA      | $1713355.52   | 0.37%             | 2030-11-29      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| Hightower 1/25 Cov-Lite TL                         | Hightower 1/25 Cov-Lite TL                         | CUSIP: 43117LAN3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1581600 | PA      | $1576333.53   | 0.34%             | 2032-02-03      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                       | ARES 2019-51A SUB                                  | CUSIP: 04019MAC6<br>LEI: 5493003FNA8PT0CMDE92 | Long             | ABS-O            | CORP              | KY        |   4378142 | PA      | $1980802.79   | 0.43%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ply Gem/Pisces Midco/Cornerstone Building 7/22 TL  | Ply Gem/Pisces Midco/Cornerstone Building 7/22 TL  | CUSIP: 21925FAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    497455 | PA      | $445635.54    | 0.10%             | 2028-08-01      | Floating      | 9.94%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | NEUB 2021-40A E                                    | CUSIP: 64134KAA8<br>LEI: 549300Y2YE54ON4DJE28 | Long             | ABS-CBDO         | CORP              | KY        |   1670000 | PA      | $1670325.65   | 0.36%             | 2033-04-16      | Floating      | 10.37%                | Yes           |                  2 | On Loan: No      |
| Tecta America 2/25 Cov-Lite TLB                    | Tecta America 2/25 Cov-Lite TLB                    | CUSIP: 87876GAM4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    759738 | PA      | $760451.69    | 0.17%             | 2032-02-18      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Planview 12/24 TL                                  | Planview 12/24 TL                                  | CUSIP: 72751PAJ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1079531 | PA      | $1048494.27   | 0.23%             | 2027-12-17      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS INC                            | PARK RIVER HOLDINGS, INC. TL                       | CUSIP: 70082HAC0<br>LEI: 254900PGY077KWCROT75 | Long             | LON              | CORP              | US        |    657933 | PA      | $639240.73    | 0.14%             | 2027-12-28      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Avalara 3/25 Cov-Lite TL                           | Avalara 3/25 Cov-Lite TL                           | CUSIP: 05338KAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1092142 | PA      | $1096041.27   | 0.24%             | 2032-03-26      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Hunter Douglas 1/25 (USD) TLB                      | Hunter Douglas 1/25 (USD) TLB                      | CUSIP: N8137FAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2474564 | PA      | $2463230.09   | 0.54%             | 2032-01-17      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Global Tel Link 6/24 TL                            | Global Tel Link 6/24 TL                            | CUSIP: 37959JAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    941216 | PA      | $927097.99    | 0.20%             | 2029-08-06      | Floating      | 11.83%                | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                              | SIXST 2024-24A SUB                                 | CUSIP: 83011UAC0<br>LEI: 254900750L60VUYV0C32 | Long             | ABS-O            | CORP              | JE        |   7500000 | PA      | $5072100.00   | 1.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Apex Group 2/25 (USD) Cov-Lite TLB                 | Apex Group 2/25 (USD) Cov-Lite TLB                 | CUSIP: G0472CAK1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    194721 | PA      | $193870.34    | 0.04%             | 2032-02-27      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | NEUB 2019-32RA E                                   | CUSIP: 64136FAA7<br>LEI: 25490093SHVBS5BLDZ40 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500000.00   | 0.33%             | 2039-07-20      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Hudson River 10/24 TLB                             | Hudson River 10/24 TLB                             | CUSIP: 44413EAJ7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1136215 | PA      | $1138521.03   | 0.25%             | 2030-03-18      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Epic Crude 10/24 TLB                               | Epic Crude 10/24 TLB                               | CUSIP: 29428XAG5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    430645 | PA      | $431631.22    | 0.09%             | 2031-10-15      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | NEUB 2019-32A ER                                   | CUSIP: 64132EAL0<br>LEI: 5493007YBEOXQIHH3C54 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1506727.65   | 0.33%             | 2032-01-20      | Floating      | 10.63%                | Yes           |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                     | BSP 2021-23A E                                     | CUSIP: 08186XAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1500000.00   | 0.33%             | 2034-04-25      | Floating      | 11.35%                | Yes           |                  2 | On Loan: No      |
| GAINWELL ACQUISITION COR                           | MILANO ACQUISITION CORP. TLB                       | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2448718 | PA      | $2355054.46   | 0.51%             | 2027-10-01      | Floating      | 8.40%                 | No            |                  2 | On Loan: No      |
| Quikrete 1/25 Cov-Lite TLB                         | Quikrete 1/25 Cov-Lite TLB                         | CUSIP: 74839XAL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    921559 | PA      | $919946.56    | 0.20%             | 2032-02-10      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                     | Sabre GLBL Inc. TLB1                               | CUSIP: 78571YBG4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |    176338 | PA      | $172936.60    | 0.04%             | 2027-12-17      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                    | OAKC 2019-2A ER2                                   | CUSIP: 67707FAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999232.70    | 0.22%             | 2038-01-21      | Floating      | 9.07%                 | Yes           |                  2 | On Loan: No      |
| Truist Insurance 12/24 Cov-Lite TLB                | Truist Insurance 12/24 Cov-Lite TLB                | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1223713 | PA      | $1223455.74   | 0.27%             | 2031-05-06      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Windstream 9/24 TLB                                | Windstream 9/24 TLB                                | CUSIP: 97381JAJ2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1917501 | PA      | $1924691.56   | 0.42%             | 2031-10-01      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| Bausch + Lomb 9/23 Incremental                     | Bausch + Lomb 9/23 Incremental                     | CUSIP: C0787FAF9<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   1368482 | PA      | $1366771.56   | 0.30%             | 2028-09-29      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| Recette CLO LLC                                    | RCTTE 2015-1A SUB                                  | CUSIP: 75620RAC6<br>LEI: 549300392I5L5XOJ0016 | Long             | ABS-O            | CORP              | KY        |  10400000 | PA      | $1145903.20   | 0.25%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                          | ANCHC 2021-20A ER                                  | CUSIP: 03331QAN6<br>LEI: 549300AYL7KYENHY1C67 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1466871.45   | 0.32%             | 2035-01-20      | Floating      | 11.27%                | Yes           |                  2 | On Loan: No      |
| Tricorbraun 3/21 Cov-Lite TL                       | Tricorbraun 3/21 Cov-Lite TL                       | CUSIP: 00184NAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    809717 | PA      | $808437.23    | 0.18%             | 2028-03-03      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| 1-800 Contacts 1/25 Cov-Lite TL                    | 1-800 Contacts 1/25 Cov-Lite TL                    | CUSIP: 12656AAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    958667 | PA      | $960565.52    | 0.21%             | 2032-11-08      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO I Ltd.                                 | ELMW1 2019-1A SUB                                  | CUSIP: 29001QAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   6000000 | PA      | $3096300.00   | 0.67%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                     | BSP 2019-17A ER2                                   | CUSIP: 08182AAG5<br>LEI: 5493001ND55H5MJDIQ39 | Long             | ABS-CBDO         | CORP              | KY        |   2100000 | PA      | $2110476.27   | 0.46%             | 2037-10-15      | Floating      | 10.41%                | Yes           |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                             | ATHENAHEALTH GROUP INC. TLB 1L                     | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |   3335644 | PA      | $3330439.90   | 0.72%             | 2029-02-15      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Magenta Buyer LLC (McAfee) Third Out TL (8/15/24)  | Magenta Buyer LLC (McAfee) Third Out TL (8/15/24)  | CUSIP: 55909UAG4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    119507 | PA      | $27686.12     | 0.01%             | 2028-07-27      | Floating      | 11.55%                | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                           | HILTON GRAND VAC HGVLLC 5 06/01/29                 | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    529000 | PA      | $507321.58    | 0.11%             | 2029-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| RegionalCare/Lifepoint Health 9/24 TLB             | RegionalCare/Lifepoint Health 9/24 TLB             | CUSIP: 75915TAK8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2363623 | PA      | $2335921.56   | 0.51%             | 2031-05-17      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Cube Industrials/Circor 10/24 TLB                  | Cube Industrials/Circor 10/24 TLB                  | CUSIP: 22971EAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    801964 | PA      | $805220.40    | 0.18%             | 2031-10-17      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| Autodata/JD Power 7/24 TL                          | Autodata/JD Power 7/24 TL                          | CUSIP: 74339NAG1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2983297 | PA      | $2987025.68   | 0.65%             | 2031-07-16      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                     | BSP 2017-12A SUB                                   | CUSIP: 08179JAB2<br>LEI: 549300CIOPBDYOSN3T91 | Long             | ABS-O            | CORP              | KY        |   4500000 | PA      | $4011750.00   | 0.87%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Curium 9/24 TLB                                    | Curium 9/24 TLB                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      9438 | PA      | $0.00         | 0.00%             | 2025-09-02      | Floating      | 14.33%                | No            |                  2 | On Loan: No      |
| Casa Rights                                        | Casa Rights                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |     59949 | NC      | $0.60         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ARES CLO Ltd                                       | ARES 2016-41A SUB                                  | CUSIP: 04016KAC3<br>LEI: 549300X38KZ67Q2FQG11 | Long             | ABS-O            | CORP              | KY        |   2343500 | PA      | $685989.32    | 0.15%             |  |  |  | Yes           |                  2 | On Loan: No      |
| UPLAND SOFTWARE INC                                | Upland Software TL                                 | CUSIP: 91544BAC1<br>LEI: 549300NS277POYJ63W89 | Long             | LON              | CORP              | US        |    477915 | PA      | $463749.43    | 0.10%             | 2026-08-06      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                       | ARES 2021-59A SUB                                  | CUSIP: 04018GAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   3500000 | PA      | $1825705.00   | 0.40%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Styrolution/Ineos Quattro 10/24 TLB                | Styrolution/Ineos Quattro 10/24 TLB                | CUSIP: G4770MAN4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     94918 | PA      | $86375.12     | 0.02%             | 2031-10-07      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Gogo 4/21 TLB                                      | Gogo 4/21 TLB                                      | CUSIP: 38046JAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    892457 | PA      | $874411.81    | 0.19%             | 2028-04-30      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                      | BALLY 2022-19A SUB                                 | CUSIP: 05876AAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JE        |   4200000 | PA      | $1829520.00   | 0.40%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                     | BSP 2015-6BR ER                                    | CUSIP: 08182EAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1288000 | PA      | $1281577.90   | 0.28%             | 2038-04-20      | Floating      | 9.03%                 | Yes           |                  2 | On Loan: No      |
| Apidos CLO Ltd                                     | APID 2017-27A SUB                                  | CUSIP: 03766JAC0<br>LEI: 549300EW146C7Q4UV387 | Long             | ABS-O            | CORP              | KY        |   1300000 | PA      | $194545.00    | 0.04%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                     | BSP 2021-25A ER                                    | CUSIP: 08187AAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    480000 | PA      | $475876.18    | 0.10%             | 2035-01-15      | Floating      | 8.86%                 | Yes           |                  2 | On Loan: No      |
| Sabert 6/24 TLB                                    | Sabert 6/24 TLB                                    | CUSIP: 78516EAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    935090 | PA      | $939765.24    | 0.20%             | 2026-12-10      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| Tectum Holdings/Truck Hero 1/21 Cov-Lite TLB       | Tectum Holdings/Truck Hero 1/21 Cov-Lite TLB       | CUSIP: 89778PAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    989664 | PA      | $882038.11    | 0.19%             | 2028-01-31      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| Regatta XIX Funding Ltd                            | REG19 2022-1A E                                    | CUSIP: 75888CAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $751804.43    | 0.16%             | 2035-04-20      | Floating      | 11.15%                | Yes           |                  2 | On Loan: No      |
| Rockland Park CLO Ltd                              | ROCKP 2021-1A SUB                                  | CUSIP: 77366PAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   9750000 | PA      | $4583670.00   | 1.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Alpha Generation 9/24 Cov-Lite TLB                 | Alpha Generation 9/24 Cov-Lite TLB                 | CUSIP: 02072UAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2401916 | PA      | $2396919.66   | 0.52%             | 2031-09-30      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Ascensus 12/24 Cov-Lite TLB                        | Ascensus 12/24 Cov-Lite TLB                        | CUSIP: 03836BAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2701632 | PA      | $2704441.70   | 0.59%             | 2028-08-02      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Cineworld/Regal Cineworld 6/25 TLB                 | Cineworld/Regal Cineworld 6/25 TLB                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    363430 | PA      | $362975.99    | 0.08%             | 2031-12-02      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| McAfee 12/24 Cov-Lite TLB                          | McAfee 12/24 Cov-Lite TLB                          | CUSIP: 57906HAF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2764090 | PA      | $2680587.20   | 0.58%             | 2029-03-01      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment, LLC TLB 1L                 | Fertitta Entertainment, LLC TLB 1L                 | CUSIP: 31556PAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1450380 | PA      | $1447842.13   | 0.31%             | 2029-01-27      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Madison IAQ/Madison Air 3/25 Cov-Lite Incr TLB     | Madison IAQ/Madison Air 3/25 Cov-Lite Incr TLB     | CUSIP: 55759VAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    616435 | PA      | $617735.34    | 0.13%             | 2032-05-06      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2019-5A INC                                   | CUSIP: 12554YAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2500000 | PA      | $1293000.00   | 0.28%             |  |  |  | Yes           |                  2 | On Loan: No      |
| GGP/Brookfield Retail 5/25 TLB                     | GGP/Brookfield Retail 5/25 TLB                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    754857 | PA      | $752184.36    | 0.16%             | 2030-05-28      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| HUNTER US BIDCO INC                                | HUNTER HOLDCO 3 LIMITED, TLB                       | CUSIP: 12509YAE6<br>LEI: 549300KXGY77REE4ZR63 | Long             | LON              | CORP              | US        |    474011 | PA      | $450310.14    | 0.10%             | 2028-08-19      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| OHA Credit Partners Ltd                            | OAKC 2015-12A SUB                                  | CUSIP: 67110BAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  13537295 | PA      | $6667794.65   | 1.45%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                    | OAKCL 2023-1A ER                                   | CUSIP: 67389EAE9<br>LEI: 254900WZ1Z6PQ6U3P013 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $504197.40    | 0.11%             | 2038-04-15      | Floating      | 11.79%                | Yes           |                  2 | On Loan: No      |
| Apidos CLO Ltd                                     | APID 2023-45A E                                    | CUSIP: 037977AA3<br>LEI: 5493000BLHDFQUOR8F12 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $500000.00    | 0.11%             | 2036-04-26      | Floating      | 12.68%                | Yes           |                  2 | On Loan: No      |
| ABRA Auto Body/Caliber Collision 1/25 Cov-Lite TLB | ABRA Auto Body/Caliber Collision 1/25 Cov-Lite TLB | CUSIP: 93369PAM6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    936719 | PA      | $931923.15    | 0.20%             | 2031-01-30      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Bay Club 12/24 Cov-Lite TL                         | Bay Club 12/24 Cov-Lite TL                         | CUSIP: 12021GAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1461098 | PA      | $1462923.87   | 0.32%             | 2031-06-27      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| Amspec Parent 6/25 Cov-Lite TL                     | Amspec Parent 6/25 Cov-Lite TL                     | CUSIP: 03218AAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1053381 | PA      | $1057331.43   | 0.23%             | 2031-12-22      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| FNZ Group 11/24 (USD) TLB                          | FNZ Group 11/24 (USD) TLB                          | CUSIP: 30339HAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1314695 | PA      | $1076406.64   | 0.23%             | 2031-11-05      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| LA Fitness 1/24 TLB                                | LA Fitness 1/24 TLB                                | CUSIP: 33818XAM2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    974855 | PA      | $975829.81    | 0.21%             | 2029-02-12      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| Groundworks 3/24 Delayed TL                        | Groundworks 3/24 Delayed TL                        | CUSIP: 39954EAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    275366 | PA      | $275159.89    | 0.06%             | 2031-03-14      | Floating      | 3.69%                 | No            |                  2 | On Loan: No      |
| Convergint 9/24 Delayed TL                         | Convergint 9/24 Delayed TL                         | CUSIP: 23344MAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    359076 | PA      | $357280.44    | 0.08%             | 2028-03-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| LTR INTERMEDIATE HOLDING                           | LTR INTERMEDIATE HOLDINGS, INC. TLB                | CUSIP: 50219UAB1<br>LEI: 549300J0IFHJE2TQGX07 | Long             | LON              | CORP              | US        |    310333 | PA      | $299213.32    | 0.07%             | 2028-05-05      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                     | CGMS 2019-4A SUBA                                  | CUSIP: 14317WAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   8740000 | PA      | $4747568.00   | 1.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Asurion 6/25 B13 TLB                               | Asurion 6/25 B13 TLB                               | CUSIP: 04649VBE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    482552 | PA      | $468316.26    | 0.10%             | 2030-09-19      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Euro Garages/EG Group 12/24 TLB                    | Euro Garages/EG Group 12/24 TLB                    | CUSIP: N2820EAM0<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    443098 | PA      | $444520.24    | 0.10%             | 2028-02-07      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Rad CLO Ltd                                        | RAD 2021-10A E                                     | CUSIP: 48662MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1960154.00   | 0.43%             | 2034-04-23      | Floating      | 10.39%                | Yes           |                  2 | On Loan: No      |
| Hilex Poly/Novolex 3/25 TL                         | Hilex Poly/Novolex 3/25 TL                         | CUSIP: 18972FAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     19589 | PA      | $19502.43     | 0.00%             | 2032-04-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | NEUB 2024-55A SUB                                  | CUSIP: 640982AE4<br>LEI: 254900P6M7LX99MHDX34 | Long             | ABS-O            | CORP              | JE        |   4600000 | PA      | $3428610.00   | 0.75%             |  |  |  | Yes           |                  2 | On Loan: No      |
| OCP CLO Ltd                                        | OCP 2018-15A SUB                                   | CUSIP: 67112QAB2<br>LEI: 254900WK4JKXAXOKTL68 | Long             | ABS-O            | CORP              | KY        |   6000000 | PA      | $2883900.00   | 0.63%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Carlyle Global Market Strategi                     | CGMS 2021-4A SUB                                   | CUSIP: 14316UAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $533247.30    | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Anchor Packaging 12/24 Cov-Lite TLB                | Anchor Packaging 12/24 Cov-Lite TLB                | CUSIP: 03306UAH1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    534807 | PA      | $537347.21    | 0.12%             | 2029-07-18      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| Ineos 12/24 (USD) Cov-Lite TLB                     | Ineos 12/24 (USD) Cov-Lite TLB                     | CUSIP: G4768PAS0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1241891 | PA      | $1182279.79   | 0.26%             | 2031-02-07      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                    | OAKCL 2022-3A SUB                                  | CUSIP: 67401WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  13250000 | PA      | $8761032.50   | 1.91%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | NEUB 2023-53A SUB                                  | CUSIP: 64135LAC1<br>LEI: 254900R37Z1EGG1Y1P54 | Long             | ABS-O            | CORP              | JE        |   7325000 | PA      | $6418751.00   | 1.40%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Equiniti Group 3/25 Add-on TL                      | Equiniti Group 3/25 Add-on TL                      | CUSIP: 04225VAH5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    389527 | PA      | $391085.43    | 0.09%             | 2028-12-11      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                            | DRSLF 2021-95A SUB                                 | CUSIP: 262485AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1750000 | PA      | $791112.00    | 0.17%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | NEUB 2025-61A E                                    | CUSIP: 640985AA5<br>LEI: 2549006I8TDEPS26X974 | Long             | ABS-CBDO         | CORP              | KY        |    720000 | PA      | $720000.00    | 0.16%             | 2039-07-17      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Sunrise Financing 1/25 AAA TLB                     | Sunrise Financing 1/25 AAA TLB                     | CUSIP: N9000DAK3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1232341 | PA      | $1228742.71   | 0.27%             | 2032-02-15      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2022-1A E                                     | CUSIP: 12570BAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1998613.40   | 0.43%             | 2035-04-17      | Floating      | 10.68%                | Yes           |                  2 | On Loan: No      |
| Aimco                                              | AIMCO 2021-16A SUB                                 | CUSIP: 00901GAC8<br>LEI: 254900Q0PCRO7XC6LM21 | Long             | ABS-O            | CORP              | KY        |   1812000 | PA      | $1328340.96   | 0.29%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ASURION LLC                                        | Assurion, LLC TLB4 2L                              | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   1604603 | PA      | $1485508.91   | 0.32%             | 2029-01-20      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| Kaman/Ruby/Arxis 1/25 Cov-Lite TLB                 | Kaman/Ruby/Arxis 1/25 Cov-Lite TLB                 | CUSIP: 48354VAM4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2449517 | PA      | $2445695.65   | 0.53%             | 2032-02-26      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Cablevision Systems/Altice USA 12/22 B6 TLB        | Cablevision Systems/Altice USA 12/22 B6 TLB        | CUSIP: 64072UAM4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    750000 | PA      | $738757.50    | 0.16%             | 2028-01-18      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| Regatta XXVII Funding Ltd.                         | REG27 2024-1A SUB                                  | CUSIP: 758973AC5<br>LEI: 213800A3LAH3GG226R43 | Long             | ABS-O            | CORP              | JE        |   6000000 | PA      | $4271520.00   | 0.93%             |  |  |  | Yes           |                  2 | On Loan: No      |
| White Cap 6/24 TLB                                 | White Cap 6/24 TLB                                 | CUSIP: 96350TAH3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3413015 | PA      | $3389123.54   | 0.74%             | 2029-10-19      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Generate CLO Ltd.                                  | GNRT 3A SUB                                        | CUSIP: 98625VAC4<br>LEI: 549300TKWX739FHPEQ97 | Long             | ABS-O            | CORP              | KY        |   7008000 | PA      | $2700042.24   | 0.59%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Generate CLO Ltd.                                  | GNRT 2023-12A SUB                                  | CUSIP: 37147WAC9<br>LEI: 549300OPJWALMOKFT505 | Long             | ABS-O            | CORP              | KY        |   8000000 | PA      | $5802960.00   | 1.26%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ALM Loan Funding                                   | ALM 2020-1A SUB                                    | CUSIP: 00166DAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   5000000 | PA      | $42400.00     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Shackleton CLO LTD                                 | SHACK 2019-14A ER                                  | CUSIP: 81880YAG5<br>LEI: 549300HOHPZON6E4VH77 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000000.00   | 0.22%             | 2034-07-20      | Floating      | 11.85%                | Yes           |                  2 | On Loan: No      |
| Herschend/Harlem 5/25 Cov-Lite TLB                 | Herschend/Harlem 5/25 Cov-Lite TLB                 | CUSIP: 42778EAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    302919 | PA      | $304748.84    | 0.07%             | 2032-05-27      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Roper Technologies/Indicor 12/24 (USD) Cov-Lite TL | Roper Technologies/Indicor 12/24 (USD) Cov-Lite TL | CUSIP: 77669LAK9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1536335 | PA      | $1532018.35   | 0.33%             | 2029-11-22      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| South Field Energy 2/25 TLC                        | South Field Energy 2/25 TLC                        | CUSIP: 83783XAE6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     85488 | PA      | $85808.60     | 0.02%             | 2031-08-29      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                    | OAKCL 2022-3A ER                                   | CUSIP: 67401WAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2012690.40   | 0.44%             | 2037-10-15      | Floating      | 10.76%                | Yes           |                  2 | On Loan: No      |
| Action Enviro/Interstate Waste Sv 9/23 Cov-Lite TL | Action Enviro/Interstate Waste Sv 9/23 Cov-Lite TL | CUSIP: 00507JAF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    426069 | PA      | $426069.33    | 0.09%             | 2030-10-24      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Dave & Buster's 9/24 TLB                           | Dave & Buster's 9/24 TLB                           | CUSIP: 23833EAY0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1005553 | PA      | $957417.22    | 0.21%             | 2031-11-01      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| Culligan 12/24 TLB                                 | Culligan 12/24 TLB                                 | CUSIP: 00132UAP9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3173831 | PA      | $3167261.62   | 0.69%             | 2028-07-31      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                               | Cornerstone Building Brands, Inc. TLB              | CUSIP: 72431HAD2<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |   1355813 | PA      | $1206673.82   | 0.26%             | 2028-04-12      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| Drake Software/Taxwell 6/24 TLB                    | Drake Software/Taxwell 6/24 TLB                    | CUSIP: 23344UAF7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2420572 | PA      | $2408468.75   | 0.52%             | 2031-06-26      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| RLG HOLDINGS LLC                                   | RLG Holdings, Inc. TL 1L                           | CUSIP: 74970AAB4<br>LEI: 254900Y6CDN3X5BPSO77 | Long             | LON              | CORP              | US        |   1322431 | PA      | $1101479.51   | 0.24%             | 2028-07-07      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| AMR 5/25 TLB                                       | AMR 5/25 TLB                                       | CUSIP: 02376CBT1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1081529 | PA      | $1087477.08   | 0.24%             | 2032-05-28      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2019-6A ER                                    | CUSIP: 12556CAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $706895.49    | 0.15%             | 2037-07-16      | Floating      | 10.51%                | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2018-3A SUB                                   | CUSIP: 12552BAE2<br>LEI: 635400OB7ZCBUWDQNV87 | Long             | ABS-O            | CORP              | KY        |   3000000 | PA      | $559590.30    | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                          | ANCHC 2015-7A SUBA                                 | CUSIP: 03328UAJ1<br>LEI: 54930014PVHLSZJQK139 | Long             | ABS-O            | CORP              | KY        |   1750000 | PA      | $459305.00    | 0.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Osttra 5/25 Cov-Lite TL                            | Osttra 5/25 Cov-Lite TL                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    668136 | PA      | $670140.55    | 0.15%             | 2032-05-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                                        | ASURION, LLC TL                                    | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   1238223 | PA      | $1236415.56   | 0.27%             | 2027-07-31      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                    | OAKC 2020-5A ER                                    | CUSIP: 67113NAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1007943.80   | 0.22%             | 2037-10-18      | Floating      | 9.67%                 | Yes           |                  2 | On Loan: No      |
| Magenta Buyer LLC (McAfee) Second Out TL (8/15/24) | Magenta Buyer LLC (McAfee) Second Out TL (8/15/24) | CUSIP: 55909UAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    383563 | PA      | $176630.60    | 0.04%             | 2028-07-27      | Floating      | 11.55%                | No            |                  2 | On Loan: No      |
| Achilles/OneDigital Health 1/25 TL                 | Achilles/OneDigital Health 1/25 TL                 | CUSIP: 68277FAN9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4086804 | PA      | $4075319.77   | 0.89%             | 2031-07-02      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                | MEDLINE BORROWER MEDIND 3 7/8 04/01/29             | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    727000 | PA      | $697557.94    | 0.15%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2022-4A INC                                   | CUSIP: 12567YAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2500000 | PA      | $1640000.00   | 0.36%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Alera Group 5/25 2nd Lien Cov-Lite TL              | Alera Group 5/25 2nd Lien Cov-Lite TL              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    750000 | PA      | $763747.50    | 0.17%             | 2033-05-30      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| Groundworks 3/24 Cov-Lite TL                       | Groundworks 3/24 Cov-Lite TL                       | CUSIP: 39954EAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1486720 | PA      | $1485605.36   | 0.32%             | 2031-03-14      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| SPX Flow 12/24 Cov-Lite TLB                        | SPX Flow 12/24 Cov-Lite TLB                        | CUSIP: 78470DAV0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1997847 | PA      | $2003760.47   | 0.44%             | 2029-04-05      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Tectum Holdings/Truck Hero 9/23 Incremental TL     | Tectum Holdings/Truck Hero 9/23 Incremental TL     | CUSIP: 89778PAH0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    478872 | PA      | $434337.16    | 0.09%             | 2028-01-31      | Floating      | 9.44%                 | No            |                  2 | On Loan: No      |
| Clover CLO                                         | CLVR 2021-3A ER                                    | CUSIP: 18915FAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $993324.70    | 0.22%             | 2035-01-25      | Floating      | 9.18%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd                           | MDPK 2016-20A SUB                                  | CUSIP: 55819UAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1740000 | PA      | $372046.80    | 0.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                     | CGMS 2023-2A SUB                                   | CUSIP: 14318HAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   4534341 | PA      | $4118813.99   | 0.90%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Curium 9/24 TLB                                    | Curium 9/24 TLB                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     29321 | PA      | $0.00         | 0.00%             | 2025-09-02      | Floating      | 14.33%                | No            |                  2 | On Loan: No      |
| Grant Thornton 5/25 Incremental Cov-Lite TLB       | Grant Thornton 5/25 Incremental Cov-Lite TLB       | CUSIP: 38821UAF7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    461401 | PA      | $461862.52    | 0.10%             | 2031-06-02      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                     | Sabre GLBL Inc.TLB 1L                              | CUSIP: 78571YBH2<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |     62206 | PA      | $61210.32     | 0.01%             | 2028-06-30      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| Ufinet/Zacapa 10/24 TL                             | Ufinet/Zacapa 10/24 TL                             | CUSIP: L9901EAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3046416 | PA      | $3054032.00   | 0.66%             | 2029-03-22      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Truist Insurance 5/24 2nd Lien TL                  | Truist Insurance 5/24 2nd Lien TL                  | CUSIP: 89788VAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    750000 | PA      | $757972.50    | 0.16%             | 2032-05-06      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| Proofpoint 5/24 TL                                 | Proofpoint 5/24 TL                                 | CUSIP: 74345HAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1073146 | PA      | $1073263.66   | 0.23%             | 2028-08-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                          | ANCHC 2021-20A SUB                                 | CUSIP: 03331QAE6<br>LEI: 549300AYL7KYENHY1C67 | Long             | ABS-O            | CORP              | KY        |   1750000 | PA      | $770175.00    | 0.17%             |  |  |  | Yes           |                  2 | On Loan: No      |
| GEN II Fund Services 11/24 TLB                     | GEN II Fund Services 11/24 TLB                     | CUSIP: 69381MAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    519638 | PA      | $519637.78    | 0.11%             | 2031-11-26      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Harmony-Peace Park CLO                             | HPPK 2024-1A SUB                                   | CUSIP: 412914AC7<br>LEI: 2138009L3HEW9A8LDJ44 | Long             | ABS-O            | CORP              | JE        |   5275000 | PA      | $4233504.00   | 0.92%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Proofpoint 6/25 Add-On TL                          | Proofpoint 6/25 Add-On TL                          | CUSIP: 74345HAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     34695 | PA      | $34699.25     | 0.01%             | 2028-08-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                | ALTICE FINANCING ALTICE 5 3/4 08/15/29             | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   1197000 | PA      | $873547.86    | 0.19%             | 2029-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CARESTREAM 10/22 EQUITY                            | CARESTREAM 10/22 EQUITY                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       873 | NS      | $1036.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Regatta XIX Funding Ltd                            | REG19 2022-1A SUB                                  | CUSIP: 75888CAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |  10017000 | PA      | $6484004.10   | 1.41%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Apidos CLO Ltd                                     | APID 2024-48A SUB                                  | CUSIP: 03770XAE9<br>LEI: 25490046M6DC4604K633 | Long             | ABS-O            | CORP              | JE        |   9000000 | PA      | $6841980.00   | 1.49%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Nyack Park CLO, Ltd.                               | NYKPK 2021-1A SUB                                  | CUSIP: 67080QAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $562990.00    | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Mavenir Systems, Inc December New Money Initial TL | Mavenir Systems, Inc December New Money Initial TL | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     40490 | PA      | $0.00         | 0.00%             | 2025-09-02      | Floating      | 14.32%                | No            |                  2 | On Loan: No      |
| Fusion Buyer, LLC - Term Facility (eff 6/5/2025)   | Fusion Buyer, LLC - Term Facility (eff 6/5/2025)   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    396319 | PA      | $388392.99    | 0.08%             | 2023-06-06      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2020-2A INC                                   | CUSIP: 12547KAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $555710.00    | 0.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| COVETRUS INC                                       | CORGI BIDCO, INC. TL 1L                            | CUSIP: 22304EAC0<br>LEI: 5493009S30DUFCF75V87 | Long             | LON              | CORP              | US        |   1222858 | PA      | $1098786.78   | 0.24%             | 2029-10-13      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                   | CIFC 2015-1A ERR                                   | CUSIP: 12548NAQ6<br>LEI: 5493001TP5YQV9X08Z14 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500165.05    | 0.11%             | 2031-01-22      | Floating      | 10.53%                | Yes           |                  2 | On Loan: No      |
| Styrolution/Ineos Quattro 11/23 Cov-Lite TLB       | Styrolution/Ineos Quattro 11/23 Cov-Lite TLB       | CUSIP: G4770MAL8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1395307 | PA      | $1295891.10   | 0.28%             | 2029-04-02      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                           | MDPK 2021-48A E                                    | CUSIP: 55821WAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1501110.60   | 0.33%             | 2033-04-19      | Floating      | 10.78%                | Yes           |                  2 | On Loan: No      |
| Alera Group 5/25 Cov-Lite TL                       | Alera Group 5/25 Cov-Lite TL                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1189995 | PA      | $1193267.87   | 0.26%             | 2032-05-30      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Zelis/RedCard 10/24 TLB                            | Zelis/RedCard 10/24 TLB                            | CUSIP: 98932TAH6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2551437 | PA      | $2535133.32   | 0.55%             | 2031-11-26      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                     | GRAY MEDIA GTN 5 3/8 11/15/31                      | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    750000 | PA      | $558750.00    | 0.12%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Endo Pharmaceuticals 10/24 TLB                     | Endo Pharmaceuticals 10/24 TLB                     | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2118090 | PA      | $2113324.43   | 0.46%             | 2031-04-23      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                           | NEUB 2024-57A E                                    | CUSIP: 64135YAA7<br>LEI: 2549000I5N6JRKAGRP48 | Long             | ABS-CBDO         | CORP              | KY        |   1875000 | PA      | $1892837.06   | 0.41%             | 2038-10-24      | Floating      | 9.78%                 | Yes           |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                          | ANCHC 2021-21A ER                                  | CUSIP: 03331LAJ6<br>LEI: 54930063NKPB83QNUF90 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1965779.40   | 0.43%             | 2034-10-20      | Floating      | 10.52%                | Yes           |                  2 | On Loan: No      |
| ClubCorp Holdings 10/23 Cov-Lite TLB2              | ClubCorp Holdings 10/23 Cov-Lite TLB2              | CUSIP: 18948TAF0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    757425 | PA      | $757046.54    | 0.16%             | 2026-09-18      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| Transdigm, Inc. 11/23 TLJ                          | Transdigm, Inc. 11/23 TLJ                          | CUSIP: 89364MCA0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1074714 | PA      | $1076541.32   | 0.23%             | 2031-02-28      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                   | Altice France S.A., TL                             | CUSIP: F6628DAN4<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |   1698712 | PA      | $1534972.92   | 0.33%             | 2028-08-15      | Floating      | 9.76%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                     | BSP 2022-28A ER                                    | CUSIP: 08181RAE4<br>LEI: 549300VHDAICRAGZNJ35 | Long             | ABS-CBDO         | CORP              | JE        |   2000000 | PA      | $1988792.60   | 0.43%             | 2037-10-20      | Floating      | 9.67%                 | Yes           |                  2 | On Loan: No      |
| Kaseya 3/25 Cov-Lite TL                            | Kaseya 3/25 Cov-Lite TL                            | CUSIP: 48578AAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1463382 | PA      | $1468415.99   | 0.32%             | 2032-03-20      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Staples 5/24 Cov-Lite TLB                          | Staples 5/24 Cov-Lite TLB                          | CUSIP: 855031AU4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    269690 | PA      | $248306.12    | 0.05%             | 2029-09-04      | Floating      | 10.03%                | No            |                  2 | On Loan: No      |
| Brand Energy/BrandSafway 4/24 TLB                  | Brand Energy/BrandSafway 4/24 TLB                  | CUSIP: 10524MAS6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1888601 | PA      | $1573204.51   | 0.34%             | 2030-08-01      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** XAI OCTAGON FLOATING RATE & ALTERNATIVE INCOME TRUST

**Signature:** Derek Mullins

**Name of Signer:** Derek Mullins

**Title:** Principal Financial Officer