XAI Octagon Floating Rate & Alternative Income Term Trust (XFLT) NPORT-P XAI Octagon Floating Rate & Alternative Income Term Trust (Jun 2020 report)

XAI Octagon Floating Rate & Alternative Income Term Trust

Schedule of Investments

June 30, 2020 (Unaudited)

	Coupon(a)		Reference Rate & Spread	Maturity Date	Principal Amount		Value
CORPORATE BONDS - 2.48%* (1.72% of Total Investments)
Auto Manufacturers - 0.86% (0.60% of Total Investments)
Ford Motor Co., Senior Unsecured		9.00%	N/A	04/22/2025	$	467,000	$	505,084
Ford Motor Co., Senior Unsecured		9.63%	N/A	04/22/2030		116,000		137,240
Total Auto Manufacturers						583,000		642,324
Hotels, Restaurants & Leisure - 1.04% (0.72% of Total Investments)
AMC Entertainment Holdings, Inc., Senior Secured(b)		10.50%	N/A	04/15/2025		963,000		776,932
Wireless Telecommunication Services - 0.58% (0.40% of Total Investments)
Univision Communications, Inc., Senior Secured(b)		6.63%	N/A	06/01/2027		456,000		435,480
Total Corporate Bonds (Cost $1,983,290)					$	2,002,000	$	1,854,736
SECURED SECOND LIEN LOANS(c) - 6.27%* (4.36% of Total Investments)
Aerospace & Defense - 0.02% (0.02% of Total Investments)
New Constellis Borrower LLC, New Second Lien Term Loan		12.00%	1M US L + 11.00%	03/27/2025		107,755		17,510
Commercial Services & Supplies - 0.64% (0.45% of Total Investments)
AVSC Holding Corp., Initial		8.25%	3M US L + 7.25%	09/01/2025		805,556		481,319
Communications Equipment - 0.35% (0.24% of Total Investments)
Global Tel*Link Corp.		8.43%	1M US L + 8.25%	11/29/2026		347,222		262,153
Diversified Financial Services - 0.61% (0.42% of Total Investments)
Edelman Financial Center LLC, Initial		6.93%	1M US L + 6.75%	07/20/2026		500,000		454,065
Food Products - 0.39% (0.27% of Total Investments)
Froneri International, Ltd., Facility		5.92%	1M US L + 5.75%	01/31/2028		309,478		293,230
Health Care Providers & Services - 0.16% (0.11% of Total Investments)
Albany Molecular Research, Inc., Initial		8.00%	3M US L + 7.00%	08/30/2025		126,466		120,206
Hotels, Restaurants & Leisure - 0.52% (0.36% of Total Investments)
Affinity Gaming, Initial		9.25%	3M US L + 8.25%	01/31/2025		313,580		235,185
NPC International, Inc., Initial(d)(e)		4.50%	1M US L + 3.50%	04/19/2024		312,263		156,522
Total Hotels, Restaurants & Leisure						625,843		391,707
Software - 3.58% (2.49% of Total Investments)
EagleView Technology Corp.		8.57%	3M US L + 7.50%	08/14/2026		264,991		229,218
McAfee LLC, Initial		9.50%	1M US L + 8.50%	09/29/2025		875,000		868,875
MH Sub I LLC, Amendment No. 2 Initial		8.57%	3M US L + 7.50%	09/15/2025		1,000,000		946,880
Misys, Ltd., Dollar Term Loan		8.25%	3M US L + 7.25%	06/13/2025		735,357		633,223
Total Software						2,875,348		2,678,196
Total Secured Second Lien Loans (Cost $5,635,279)					$	5,697,668	$	4,698,386

	Coupon(a)		Reference Rate & Spread	Maturity Date	Principal Amount		Value
SENIOR SECURED FIRST LIEN LOANS(c) - 64.86%* (45.08% of Total Investments)
Aerospace & Defense - 0.21% (0.14% of Total Investments)
New Constellis Borrower LLC
Priority		11.00%	1M US L + 10.00%	06/30/2021	$	54,438	$	53,350
New First Lien Term Loans		8.50%	1M US L + 7.50%	03/27/2024		119,765		102,997
Total Aerospace & Defense						174,203		156,347
Airlines - 1.71% (1.19% of Total Investments)
Allegiant Travel Co., Replacement		3.43%	3M US L + 3.00%	02/05/2024		387,848		344,460
Delta Air Lines, Inc.		5.75%	3M US L + 4.75%	04/29/2023		528,965		518,058
JetBlue Airways Corp.		6.25%	3M US L + 5.25%	06/12/2024		46,778		45,726
Mileage Plus Holdings LLC, B(f)		N/A	L + 5.25%	06/25/2027		376,743		373,759
Total Airlines						1,340,334		1,282,003
Auto Components - 1.90% (1.32% of Total Investments)
Dealer Tire LLC, B-1		4.42%	1M US L + 4.25%	12/12/2025		1,127,454		1,074,835
IXS Holdings, Inc., Initial		6.00%	3M US L + 5.00%	03/05/2027		371,994		346,189
Total Auto Components						1,499,448		1,421,024
Automobiles - 0.60% (0.42% of Total Investments)
Truck Hero, Inc., Initial		3.93%	1M US L + 3.75%	04/22/2024		498,715		451,776
Chemicals - 1.48% (1.02% of Total Investments)
Ascend Performance Materials Operations LLC, Initial		6.25%	3M US L + 5.25%	08/27/2026		695,884		681,389
Illuminate Buyer LLC(f)		N/A	L + 4.00%	06/16/2027		52,791		51,920
INEOS Enterprises Holdings, Ltd., Refinancing Tranche B Dollar		4.50%	3M US L + 3.50%	08/28/2026		218,211		208,756
Innovative Water Care Global Corp., Initial		6.00%	3M US L + 5.00%	02/27/2026		223,021		163,084
Total Chemicals						1,189,907		1,105,149
Commercial Services & Supplies - 2.08% (1.45% of Total Investments)
Belfor Holdings, Inc., Initial		4.18%	1M US L + 4.00%	04/06/2026		646,590		636,083
Gbt US LLC, Cov-Lite(f)		N/A	L + 4.00%	02/26/2027		486,666		437,999
Harland Clarke Holdings Corp., Initial		5.75%	3M US L + 4.75%	11/03/2023		563,362		408,516
STG-Fairway Holdings LLC, Facility		4.57%	3M US L + 3.50%	01/31/2027		81,536		75,794
Total Commercial Services & Supplies						1,778,154		1,558,392
Communications Equipment - 1.46% (1.02% of Total Investments)
Global Tel*Link Corp.		4.43%	1M US L + 4.25%	11/29/2025		456,827		392,382
Infoblox, Inc., New		4.68%	1M US L + 4.50%	11/07/2023		575,700		564,663
MLN US HoldCo LLC, B		4.68%	1M US L + 4.50%	11/30/2025		171,024		139,065
Total Communications Equipment						1,203,551		1,096,110
Construction & Engineering - 0.35% (0.24% of Total Investments)
TRC Companies, Inc., 2019 Incremental		6.00%	1M US L + 5.00%	06/21/2024		281,228		262,422
Containers & Packaging - 1.27% (0.88% of Total Investments)
Pregis TopCo LLC, Initial		4.18%	1M US L + 4.00%	07/31/2026		486,207		467,770
Sabert Corp., Initial		5.50%	1M US L + 4.50%	12/10/2026		498,750		484,620
Total Containers & Packaging						984,957		952,390
Distributors - 0.82% (0.57% of Total Investments)
United Natural Foods, Inc., Initial		4.43%	1M US L + 4.25%	10/22/2025		642,500		611,268

	Coupon(a)		Reference Rate & Spread	Maturity Date	Principal Amount		Value
SENIOR SECURED FIRST LIEN LOANS(c) (continued)
Diversified Consumer Services - 3.17% (2.20% of Total Investments)
Learning Care Group No. 2, Inc., 2020 Incremental		9.50%	3M US L + 8.50%	03/13/2025	$	391,952	$	392,932
Sotheby's, B		6.50%	1M US L + 5.50%	01/15/2027		425,421		396,352
Staples, Inc., 2019 Refinancing New B-1		5.69%	3M US L + 5.00%	04/16/2026		987,752		846,997
Travelport Finance S.à.r.l., Initial		6.07%	3M US L + 5.00%	05/29/2026		1,128,370		737,932
Total Diversified Consumer Services						2,933,495		2,374,213
Diversified Telecommunication Services - 3.55% (2.47% of Total Investments)
Altice France S.A., USD TLB-13 Incremental		4.18%	1M US L + 4.00%	08/14/2026		554,647		532,161
LCPR Loan Financing LLC, Initial		5.18%	1M US L + 5.00%	10/15/2026		1,242,661		1,230,234
Northwest Fiber LLC, B(f)		N/A	L + 5.50%	04/30/2027		217,293		215,120
Syniverse Holdings, Inc., Tranche C		6.87%	3M US L + 5.00%	03/09/2023		613,924		434,462
Xplornet Communications, Inc., Initial		4.93%	1M US L + 4.75%	06/10/2027		262,069		249,621
Total Diversified Telecommunication Services						2,890,594		2,661,598
Electonic Equipment, Instruments & Components - 0.04% (0.03% of Total Investments)
Cardtronics USA, Inc., Initial(f)		N/A	L + 4.00%	06/29/2027		32,568		31,917
Electric Utilities - 0.28% (0.19% of Total Investments)
PG&E Corp.		5.50%	3M US L + 4.50%	06/23/2025		214,447		210,426
Electronic Equipment, Instruments & Components - 2.78% (1.93% of Total Investments)
Corsair Gaming, Inc.		5.25%	1M US L + 4.25%	08/28/2024		104,403		98,661
Mavenir Systems, Inc., Initial		7.00%	3M US L + 6.00%	05/08/2025		913,353		904,219
Mirion Technologies LLC, Initial Dollar		5.07%	3M US L + 4.00%	03/06/2026		497,487		483,030
Triton Solar US Acquisition Co., Initial		7.07%	3M US L + 6.00%	10/29/2024		284,109		238,651
Xperi Holding Corp., Initial B		4.17%	1M US L + 4.00%	06/02/2025		376,790		357,009
Total Electronic Equipment, Instruments & Components						2,176,142		2,081,570
Energy Equipment & Services - 2.39% (1.66% of Total Investments)
ChampionX Holding, Inc.		6.00%	1M US L + 5.00%	06/03/2027		178,869		175,739
McDermott International, Inc.		9.25%	3M US L + 7.00%	05/09/2025		275,005		94,363
McDermott Technology Americas, Inc., Refinanced		10.00%	3M US L + 9.00%	10/21/2020		165,489		163,999
McDermott Technology, Inc., Facility (Superpriority DIP)		10.02%	3M US L + 9.00%	10/21/2020		798,335		791,150
WaterBridge Midstream Operating LLC, Initial		6.75%	3M US L + 5.75%	06/22/2026		697,317		567,441
Total Energy Equipment & Services						2,115,015		1,792,692
Food Products - 0.08% (0.06% of Total Investments)
H-Food Holdings LLC, 2020 Incremental B-3		6.00%	1M US L + 5.00%	05/23/2025		62,500		60,781
Health Care Providers & Services - 5.84% (4.06% of Total Investments)
BW NHHC Holdco, Inc., Initial		5.38%	3M US L + 5.00%	05/15/2025		345,858		268,148
EyeCare Partners LLC, Initial Term Loan(e)		4.82%	3M US L + 3.75%	02/18/2027		474,292		425,795
Global Medical Response, Inc., 2018 New		5.25%	3M US L + 4.25%	03/14/2025		492,427		469,653
Pathway Vet Alliance LLC Delayed Tl(f)		N/A	L + 4.30%	06/24/2027		8,994		8,724
Pathway Vet Alliance LLC Tl(f)		N/A	L + 4.30%	06/24/2027		110,660		107,340
Radiology Partners, Inc., B		5.67%	3M US L + 4.25%	07/09/2025		754,358		699,131
Verscend Holding Corp., B		4.68%	1M US L + 4.50%	08/27/2025		1,246,676		1,202,107
WCG Purchaser Corp., Initial		5.24%	3M US L + 4.00%	01/08/2027		456,956		443,819
WP CityMD Bidco LLC, Initial		5.54%	3M US L + 4.50%	08/13/2026		766,101		753,292
Total Health Care Providers & Services						4,656,322		4,378,009

	Coupon(a)		Reference Rate & Spread	Maturity Date	Principal Amount		Value
SENIOR SECURED FIRST LIEN LOANS(c) (continued)
Health Care Technology - 2.10% (1.46% of Total Investments)
athenahealth, Inc., B		4.82%	3M US L + 4.50%	02/11/2026	$	735,129	$	710,627
Zelis Cost Management Buyer, Inc., B		4.93%	1M US L + 4.75%	09/30/2026		885,025		866,218
Total Health Care Technology						1,620,154		1,576,845
Hotels, Restaurants & Leisure - 3.16% (2.20% of Total Investments)
Alterra Mountain Co., Additional		5.50%	1M US L + 4.50%	08/01/2026		296,817		290,881
Caesars Resort Collection LLC(f)		N/A	L + 4.50%	06/19/2025		141,732		132,963
Carnival Corp., B(f)		N/A	L + 7.50%	06/26/2025		195,545		188,212
Casablanca US Holdings, Inc., Amendment No. 2 Initial		4.76%	3M US L + 4.00%	03/29/2024		827,181		537,081
CEC Entertainment, Inc., B(d)		9.41%	3M US L + 8.50%	08/30/2026		217,026		121,535
NPC International, Inc., Incremental Priority(d)(e)		4.23%	1M US L + 4.23%	01/21/2021		24,181		23,938
Red Lobster Management LLC, Initial		6.25%	3M US L + 5.25%	07/28/2021		310,939		259,634
United PF Holdings LLC
Incremental Term Loan		9.50%	3M US L + 8.50%	12/30/2026		360,000		360,000
Initial		4.31%	3M US L + 4.00%	12/30/2026		518,631		457,261
Total Hotels, Restaurants & Leisure						2,892,052		2,371,505
Household Durables - 0.62% (0.43% of Total Investments)
Samsonite International S.A., 2020 Incremental Tranche B		5.50%	1M US L + 4.50%	04/25/2025		483,247		468,146
Industrial Conglomerates - 0.43% (0.30% of Total Investments)
Star US Bidco LLC, Initial		5.25%	1M US L + 4.25%	03/17/2027		352,860		319,338
Internet Software & Services - 5.94% (4.13% of Total Investments)
Castle US Holding Corp., Initial Dollar		4.06%	3M US L + 3.75%	01/29/2027		1,496,875		1,362,156
GTT Communications, Inc., Closing Date U.S.		2.93%	1M US L + 2.75%	05/31/2025		45,654		33,461
Imperva, Inc.		5.00%	3M US L + 4.00%	01/12/2026		412,688		391,435
Playtika Holding Corp., B		7.07%	3M US L + 6.00%	12/10/2024		1,952,733		1,947,852
Shutterfly, Inc., B		7.00%	3M US L + 6.00%	09/25/2026		738,045		672,942
Ultimate Software Group, Inc., 2020 Incremental(f)		N/A	L + 4.00%	05/04/2026		43,239		42,651
Total Internet Software & Services						4,689,234		4,450,497
IT Services - 0.69% (0.48% of Total Investments)
West Corp., Initial B		5.00%	3M US L + 4.00%	10/10/2024		609,078		517,443
Media - 9.42% (6.55% of Total Investments)
Ancestry.com Operations, Inc., Extended		4.43%	1M US L + 4.25%	08/27/2026		990,053		936,838
Banijay Group S.A.S, Cov-Lite TL(f)		N/A	L + 3.75%	03/04/2025		660,104		623,798
Creative Artists Agency LLC
Closing Date		3.93%	1M US L + 3.75%	11/27/2026		682,782		644,205
Incremental B-1		5.25%	1M US L + 4.25%	11/27/2026		375,469		354,255
Cumulus Media New Holdings, Inc., Initial		4.82%	3M US L + 3.75%	03/31/2026		1,069,050		994,217
Houghton Mifflin Harcourt Publishers, Inc., B		7.25%	1M US L + 6.25%	11/22/2024		975,000		909,187
MediArena Acquisition B.V., Dollar B		7.20%	3M US L + 5.75%	08/13/2021		240,630		234,915
Recorded Books, Inc., Initial		4.44%	1M US L + 4.25%	08/29/2025		994,940		956,386
Terrier Media Buyer, Inc., B		4.43%	1M US L + 4.25%	12/17/2026		889,513		846,523
UFC Holdings LLC, B-2(f)		N/A	L + 3.25%	04/29/2026		81,522		78,057
William Morris Endeavor Entertainment LLC, B-2		9.50%	1M US L + 8.50%	05/18/2025		498,750		483,788
Total Media						7,457,813		7,062,169

	Coupon(a)		Reference Rate & Spread	Maturity Date	Principal Amount		Value
SENIOR SECURED FIRST LIEN LOANS(c) (continued)
Oil, Gas & Consumable Fuels - 0.03% (0.02% of Total Investments)
Permian Production Partners LLC, Initial Advances(d)		10.25%	3M US L + 8.00%	05/20/2024	$	433,088	$	21,654
Personal Products - 1.27% (0.88% of Total Investments)
Knowlton Development Corp., Inc., Initial (2020)		4.06%	3M US L + 3.75%	12/22/2025		994,962		949,572
Pharmaceuticals - 0.30% (0.21% of Total Investments)
Amneal Pharmaceuticals, LLC, Initial Term Loan		3.69%	1M US L + 3.50%	05/04/2025		247,258		225,314
Professional Services - 1.47% (1.02% of Total Investments)
AQ Carver Buyer, Inc., Initial		6.00%	3M US L + 5.00%	09/23/2025		464,381		408,655
IG Investments Holdings, LLC (fka Igloo Merger Sub, LLC), Refinancing Term Loan		5.00%	3M US L + 4.00%	05/23/2025		746,193		690,975
Total Professional Services						1,210,574		1,099,630
Software - 6.63% (4.61% of Total Investments)
Cambium Learning Group, Inc., Initial		4.81%	3M US L + 4.50%	12/18/2025		994,950		941,889
Conservice Midco LLC, Initial		4.56%	3M US L + 4.25%	05/13/2027		123,077		119,692
CornerStone OnDemand, Inc.		5.35%	3M US L + 4.25%	04/22/2027		320,802		315,390
DCert Buyer, Inc., B		4.18%	1M US L + 4.00%	10/16/2026		296,000		285,270
DiscoverOrg LLC, Initial		3.93%	1M US L + 3.75%	02/02/2026		866,118		844,465
EagleView Technology Corp.		3.86%	3M US L + 3.50%	08/14/2025		281,729		265,077
Fiserv Investment Solutions, Inc., Initial		5.14%	3M US L + 4.75%	02/18/2027		447,573		439,741
Micro Holding Corp. & MH Sub I, LLC, Term Loan		4.06%	1M US L + 3.50%	09/13/2024		247,449		237,692
Project Alpha Intermediate Holding, Inc., 2019 Incremental		6.13%	3M US L + 4.25%	04/26/2024		590,621		568,473
Upland Software, Inc., Initial		3.93%	1M US L + 3.75%	08/06/2026		992,500		952,800
Total Software						5,160,819		4,970,489
Specialty Retail - 1.61% (1.12% of Total Investments)
Bass Pro Group LLC, Initial		6.07%	3M US L + 5.00%	09/25/2024		1,253,276		1,202,694
Textiles, Apparel & Luxury Goods - 1.18% (0.82% of Total Investments)
Champ Acquisition Corp., Initial		6.57%	3M US L + 5.50%	12/19/2025		534,245		503,862
Elevate Textiles, Inc., Initial		5.54%	3M US L + 5.00%	05/01/2024		694,519		381,986
Total Textiles, Apparel & Luxury Goods						1,228,764		885,848
Total Senior Secured First Lien Loans (Cost $52,483,690)					$	53,307,259	$	48,609,231
COLLATERALIZED LOAN OBLIGATIONS DEBT(c)(g)- 12.05%* (8.37% of Total Investments)
Anchorage Capital CLO 2018-10, Ltd., CLO 2018-10A(b)		6.97%	3M US L + 5.75%	10/15/2031		500,000		410,831
Apidos CLO XXXII, CLO 2020-32A(b)		8.43%	3M US L + 6.75%	01/20/2033		250,000		220,434
Atrium XIV LLC, CLO 2018-14A(b)		6.83%	3M US L + 5.65%	08/23/2030		500,000		433,367
Carlyle US CLO 2019-4, Ltd., CLO 2020-4A(b)		9.53%	3M US L + 7.65%	01/15/2033		600,000		566,228
CIFC Funding 2015-I, Ltd., CLO 2015-1A(b)		7.10%	3M US L + 6.00%	01/22/2031		500,000		409,228
GoldenTree Loan Management US CLO 1, Ltd., CLO 2017-1A(b)		6.74%	3M US L + 5.60%	04/20/2029		1,000,000		544,925
HPS Loan Management 11-2017, Ltd., CLO 2017-11A(b)		8.35%	3M US L + 7.85%	05/06/2030		1,000,000		601,533
Madison Park Funding XVII, Ltd., CLO 2015-17A(b)		8.59%	3M US L + 7.48%	07/21/2030		1,000,000		606,996
Magnetite XXIV, Ltd., CLO 2019-24A(b)		8.86%	3M US L + 6.95%	01/15/2033		500,000		455,189
OHA Credit Funding 5, Ltd., CLO 2020-5A(b)		7.56%	3M US L + 6.25%	04/18/2033		1,000,000		839,563
Regatta XIV Funding, Ltd., CLO 2018-3A(b)		6.94%	3M US L + 5.95%	10/25/2031		750,000		570,052
Regatta XVI Funding, Ltd., CLO 2019-2A(b)		8.90%	3M US L + 7.00%	01/15/2033		1,000,000		856,382
Sound Point CLO II, Ltd., CLO 2013-1A(b)		6.49%	3M US L + 5.50%	01/26/2031		250,000		193,061

	Coupon(a)		Reference Rate & Spread	Maturity Date	Principal Amount		Value
COLLATERALIZED LOAN OBLIGATIONS DEBT(c)(g) (continued)
Sound Point CLO XVIII, Ltd., CLO 2017-4A(b)		6.64%	3M US L + 5.50%	01/20/2031	$	500,000	$	380,992
Symphony CLO XXI, Ltd., CLO 2019-21A(b)		7.97%	3M US L + 6.75%	07/15/2032		1,000,000		872,736
THL Credit Wind River 2017-4 CLO, Ltd., CLO 2017-4A(b)		6.18%	3M US L + 5.80%	11/20/2030		500,000		415,549
THL Credit Wind River 2019-1 CLO, Ltd., CLO 2019-1A(b)		7.86%	3M US L + 6.72%	04/20/2031		750,000		651,537
Total Collateralized Loan Obligations Debt (Cost $11,404,925)					$	11,600,000	$	9,028,603
COLLATERALIZED LOAN OBLIGATIONS EQUITY(g)(h)- 56.38%* (39.19% of Total Investments)
Anchorage Capital CLO 1-R, Ltd., CLO 2018-1RA(b)		N/A	Estimated yield of 18.36%	04/13/2031		4,150,000		2,271,270
Anchorage Capital CLO 3-R, Ltd., CLO 2014-3RA(b)		N/A	Estimated yield of 16.90%	01/28/2031		1,400,000		825,660
Anchorage Capital CLO 4-R, Ltd., CLO 2018-4RA(b)		N/A	Estimated yield of 17.40%	01/28/2031		3,000,000		1,874,733
Anchorage Capital CLO 9, Ltd., CLO 2016-9A(b)		N/A	Estimated yield of 19.59%	07/15/2032		2,500,000		916,297
Apidos CLO XXVII, CLO 2017-27A(b)		N/A	Estimated yield of 16.33%	07/17/2030		1,300,000		529,637
Apidos CLO XXVIII, CLO 2017-28A(b)		N/A	Estimated yield of 11.83%	01/20/2031		3,500,000		1,593,168
ARES LI CLO, Ltd., CLO 2019-51A(b)		N/A	Estimated yield of 15.61%	04/15/2031		4,000,000		1,650,764
Battalion Clo XV, Ltd., CLO 2020-15A(b)		N/A	Estimated yield of 16.63%	01/17/2033		4,500,000		3,522,870
Carlyle Global Market Strategies CLO 2013-1, Ltd., CLO 2013-1A(b)		N/A	Estimated yield of 10.48%	08/14/2030		3,500,000		1,040,224
Carlyle Global Market Strategies CLO 2016-1, Ltd., CLO 2016-1A(b)		N/A	Estimated yield of 0.00%	04/20/2027		598,000		182,929
Carlyle US CLO 2018-2, Ltd., CLO 2018-2A(b)		N/A	Estimated yield of 12.74%	10/15/2031		933,000		424,629
Carlyle US CLO 2019-4, Ltd., CLO 2020-4A(b)		N/A	Estimated yield of 14.21%	01/15/2033		4,000,000		2,236,944
Catamaran CLO 2015-1, Ltd., CLO 2015-1A(b)		N/A	Estimated yield of 0.00%	04/22/2027		750,000		16,575
CIFC Funding 2017-III, Ltd., CLO 2017-3A(b)		N/A	Estimated yield of 13.40%	07/30/2030		1,400,000		601,510
CIFC Funding 2017-V, Ltd., CLO 2017-5A(b)		N/A	Estimated yield of 10.99%	11/16/2030		3,000,000		1,466,826
CIFC Funding 2018-I, Ltd., CLO 2018-1A(b)		N/A	Estimated yield of 13.52%	04/18/2031		3,250,000		1,910,213
CIFC Funding 2018-III, Ltd., CLO 2018-3A(b)		N/A	Estimated yield of 18.90%	07/18/2031		3,000,000		1,779,502
CIFC Funding 2019-III, Ltd., CLO 2019-3A(b)		N/A	Estimated yield of 11.71%	07/16/2032		750,000		371,194
Dryden 34 Senior Loan Fund, CLO 2014-34A(b)		N/A	Estimated yield of 0.00%	10/15/2026		5,000,000		40,500
Madison Park Funding XVIII, Ltd., CLO 2015-18A(b)		N/A	Estimated yield of 7.13%	10/21/2027		4,000,000		1,758,972
Madison Park Funding XX, Ltd., CLO 2016-20A(b)		N/A	Estimated yield of 19.84%	07/27/2030		1,740,000		866,922
Madison Park Funding XXXVII, Ltd., CLO 2019-37A(b)		N/A	Estimated yield of 14.58%	07/15/2032		5,500,000		3,578,228
Niagara Park Clo, Ltd., CLO 2019-1A(b)		N/A	Estimated yield of 16.76%	07/17/2032		2,648,000		1,570,516
Oak Hill Credit Partners X-R, Ltd., CLO 2014-10RA(b)		N/A	Estimated yield of 15.19%	12/20/2030		4,800,000		1,332,341
OHA Credit Partners XI, Ltd., CLO 2015-11A(b)		N/A	Estimated yield of 14.49%	01/20/2032		2,750,000		1,396,192
OHA Credit Partners XII, Ltd., CLO 2016-12A(b)		N/A	Estimated yield of 18.09%	07/23/2030		1,500,000		867,968
Sound Point CLO III, Ltd., CLO 2017-3A(b)		N/A	Estimated yield of 11.36%	10/20/2030		1,500,000		729,590
Sound Point CLO III-R, Ltd., CLO 2013-2RA(b)		N/A	Estimated yield of 0.00%	04/15/2029		1,000,000		143,273
Sound Point CLO VI-R, Ltd., CLO 2014-2RA(b)		N/A	Estimated yield of 6.17%	10/20/2031		2,000,000		199,634
Symphony CLO XVI, Ltd., CLO 2015-16A(b)		N/A	Estimated yield of 24.15%	10/15/2031		5,750,000		1,893,274
Thacher Park CLO, Ltd., CLO 2014-1A(b)		N/A	Estimated yield of 0.00%	10/20/2026		6,000,000		385,800
THL Credit Wind River 2016-1 CLO, Ltd., CLO 2016-1A(b)		N/A	Estimated yield of 0.00%	07/15/2028		4,000,000		1,009,228
THL Credit Wind River 2018-2 CLO, Ltd., CLO 2018-2A(b)		N/A	Estimated yield of 13.68%	07/15/2030		2,500,000		1,171,010
THL Credit Wind River 2018-3 CLO, Ltd., CLO 2018-3A(b)		N/A	Estimated yield of 16.44%	01/20/2031		3,000,000		2,094,432
Total Collateralized Loan Obligations Equity (Cost $67,044,328)					$	99,219,000	$	42,252,825

		Value
COMMON STOCK - 0.06%* (0.04% of Total Investments)
Aerospace & Defense - 0.00%(i) (0.00% of Total Investments)
New Constellis Borrower LLC(j)	6,795		2,548

	Shares		Value
COMMON STOCK (continued)
Specialty Retail - 0.06% (0.04% of Total Investments)
Payless Holdings LLC(g)(j)		32,500		41,438
Total Common Stock (Cost $165,106)	$	39,295	$	43,986
MONEY MARKET MUTUAL FUNDS - 1.78%* (1.24% of Total Investments)
Invesco Short Term Investments Trust Treasury Portfolio, Institutional Class (0.079% 7-Day Yield)		1,333,950	$	1,333,950
Total Money Market Mutual Funds (Cost $1,333,950)		1,333,950	$	1,333,950
Total Investments - 143.88% (Cost $140,050,568)			$	107,821,717
Liabilities in Excess of Other Assets - (3.72)%				(2,784,217	)
Leverage Facility (Net of $51,731 Deferred Leverage Costs) - (40.16)%				(30,098,269	)
Net Assets - 100.00%			$	74,939,231

^*  Amounts above are shown as a percentage of net assets as of June 30, 2020.

^(a)  The rate shown is the coupon as of the end of the reporting period.

^(b)  Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $52,493,840, which represents approximately 70.05% of the Trust's net assets as of June 30, 2020. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.

^(c)  Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at June 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. 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.

^(d)  Issuer was in default and is non-income producing. Partial or no payments were paid on the last payment date. The aggregate value of these securities represented 0.43% of the Trust’s net assets.

^(e)  This investment has an unfunded commitment as of June 30, 2020. The aggregate amount of the unfunded commitments as of June 30, 2020 is $135,126.

^(f)  When-issued or delivery-delayed security. All or a portion of this position has not settled as of June 30, 2020. The interest rate shown represents the stated spread over the London Interbank Offered Rate ("LIBOR" or "L") or the applicable LIBOR floor; the Trust will not accrue interest until the settlement date, at which point LIBOR will be established. The total cost of securities purchased on a when-issued or delivery-delayed basis was $2,407,857 as of June 30, 2020.

^(g)  As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.

^(h)  CLO subordinated 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 a 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 as of June 30, 2020.

⁽ⁱ⁾  Less than 0.005%.

^(j)  Non-income producing security.

All securities held as of June 30, 2020 are pledged as collateral for the leverage facility.