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

XAI Octagon Floating Rate & Alternative Income Term Trust

Schedule of Investments 

December 31, 2020 (Unaudited)

	Coupon(a)		Reference Rate & Spread	Maturity  Date	Principal  Amount		Value
COLLATERALIZED LOAN OBLIGATIONS DEBT(b)(c)- 13.76%* (9.71% of Total Investments)
Apidos CLO XXVII, CLO 2017-27A, D(d)		6.62%	3M US L + 6.40%	07/17/2030	$	375,000	$	353,038
Apidos CLO XXXII, CLO 2020-32A, E(d)		6.97%	3M US L + 6.75%	01/20/2033		250,000		247,866
Atrium XIV LLC, CLO 2018-14A, E(d)		5.88%	3M US L + 5.65%	08/23/2030		500,000		448,880
Carlyle US CLO 2019-4, Ltd., CLO 2020-4A, D(d)		7.89%	3M US L + 7.65%	01/15/2033		600,000		597,028
CIFC Funding 2015-I, Ltd., CLO 2015-1A, ERR(d)		6.22%	3M US L + 6.00%	01/22/2031		500,000		464,724
CIFC Funding 2019-VI, Ltd., CLO 2019-6A, E(d)		7.63%	3M US L + 7.40%	01/16/2033		500,000		503,344
GoldenTree Loan Management US CLO 1, Ltd., CLO 2017-1A, F(d)		5.82%	3M US L + 5.60%	04/20/2029		1,000,000		811,345
HPS Loan Management 11-2017, Ltd., CLO 2017-11A, F(d)		8.08%	3M US L + 7.85%	05/06/2030		1,000,000		831,882
Madison Park Funding XVII, Ltd., CLO 2015-17A, FR(d)		7.69%	3M US L + 7.48%	07/21/2030		1,000,000		873,632
Madison Park Funding XXXVI, Ltd., CLO 2019-36A, E(d)		7.49%	3M US L + 7.25%	01/15/2033		250,000		250,308
Magnetite XXIV, Ltd., CLO 2019-24A, E(d)		7.19%	3M US L + 6.95%	01/15/2033		500,000		500,010
Neuberger Berman Loan Advisers CLO 24, Ltd., CLO 2017-24A, E(d)		6.24%	3M US L + 6.02%	04/19/2030		1,000,000		959,046
OHA Credit Funding 5, Ltd., CLO 2020-5A, E(d)		6.47%	3M US L + 6.25%	04/18/2033		1,000,000		950,287
Regatta XIV Funding, Ltd., CLO 2018-3A, E(d)		6.16%	3M US L + 5.95%	10/25/2031		750,000		718,493
Regatta XVI Funding, Ltd., CLO 2019-2A, E(d)		7.24%	3M US L + 7.00%	01/15/2033		1,000,000		967,066
Sound Point CLO II, Ltd., CLO 2013-1A, B2R(d)		5.71%	3M US L + 5.50%	01/26/2031		250,000		219,324
Sound Point CLO XVIII, Ltd., CLO 2017-4A, D(d)		5.72%	3M US L + 5.50%	01/20/2031		500,000		440,571
Symphony CLO XXI, Ltd., CLO 2019-21A, E(d)		6.99%	3M US L + 6.75%	07/15/2032		1,000,000		986,728
THL Credit Wind River 2017-4 CLO, Ltd., CLO 2017-4A, E(d)		6.02%	3M US L + 5.80%	11/20/2030		500,000		447,429
THL Credit Wind River 2019-1 CLO, Ltd., CLO 2019-1A, E(d)		6.94%	3M US L + 6.72%	04/20/2031		750,000		739,041
Voya CLO 2020-3, Ltd., CLO 2020-3A, E(d)		6.48%	3M US L + 6.28%	10/20/2031		2,000,000		1,972,560
Total Collateralized Loan Obligations Debt (Cost $14,836,342)					$	15,225,000	$	14,282,602
COLLATERALIZED LOAN OBLIGATIONS EQUITY(c)(e)- 59.61%* (42.10% of Total Investments)
Anchorage Capital CLO 1-R, Ltd., CLO 2018-1RA, SUB(d)		N/A	Estimated yield of 16.71%	04/13/2031		4,150,000		2,646,347
Anchorage Capital CLO 3-R, Ltd., CLO 2014-3RA, SUB(d)		N/A	Estimated yield of 12.53%	01/28/2031		1,400,000		1,032,357
Anchorage Capital CLO 4-R, Ltd., CLO 2018-4RA, SUB(d)		N/A	Estimated yield of 12.82%	01/28/2031		3,000,000		2,127,726
Anchorage Capital CLO 7, Ltd., CLO 2015-7A, SUBA(d)		N/A	Estimated yield of 32.84%	01/28/2031		1,750,000		938,000
Anchorage Capital CLO 9, Ltd., CLO 2016-9A, SUB(d)		N/A	Estimated yield of 18.48%	07/15/2032		2,500,000		1,120,240
Apidos CLO XXVII, CLO 2017-27A, SUB(d)		N/A	Estimated yield of 9.82%	07/17/2030		1,300,000		605,033
Apidos CLO XXVIII, CLO 2017-28A, SUB(d)		N/A	Estimated yield of 7.80%	01/20/2031		3,500,000		1,985,200
ARES LI CLO, Ltd., CLO 2019-51A, INC(d)		N/A	Estimated yield of 15.99%	04/15/2031		1,699,959		1,147,981
ARES LI CLO, Ltd., CLO 2019-51A, SUB(d)		N/A	Estimated yield of 15.99%	04/15/2031		2,300,041		1,553,215
Battalion Clo XV, Ltd., CLO 2020-15A, SUB(d)		N/A	Estimated yield of 18.26%	01/17/2033		4,500,000		3,821,238
Battalion Clo XVI, Ltd., CLO 2019-16A, SUB(d)		N/A	Estimated yield of 15.73%	12/19/2032		3,500,000		3,042,742
Carlyle Global Market Strategies CLO 2013-1, Ltd., CLO 2013-1A, SUB(d)		N/A	Estimated yield of 6.39%	08/14/2030		3,500,000		1,382,300
Carlyle Global Market Strategies CLO 2016-1, Ltd., CLO 2016-1A, SUBA(d)		N/A	Estimated yield of 0.00%	04/20/2027		598,000		312,510
Carlyle US CLO 2018-2, Ltd., CLO 2018-2A, SUB(d)		N/A	Estimated yield of 12.10%	10/15/2031		933,000		668,929
Carlyle US CLO 2019-4, Ltd., CLO 2020-4A, SUBA(d)		N/A	Estimated yield of 17.20%	01/15/2033		4,000,000		3,397,696
Catamaran CLO 2015-1, Ltd., CLO 2015-1A, SUB(d)		N/A	Estimated yield of 0.00%	04/22/2027		750,000		172,350
CIFC Funding 2017-III, Ltd., CLO 2017-3A, SUB(d)		N/A	Estimated yield of 12.35%	07/30/2030		1,400,000		771,645
CIFC Funding 2017-V, Ltd., CLO 2017-5A, SUB(d)		N/A	Estimated yield of 10.60%	11/16/2030		3,000,000		1,799,568
CIFC Funding 2018-I, Ltd., CLO 2018-1A, SUB(d)		N/A	Estimated yield of 13.64%	04/18/2031		3,250,000		2,113,501
CIFC Funding 2018-III, Ltd., CLO 2018-3A, SUB(d)		N/A	Estimated yield of 19.14%	07/18/2031		3,000,000		1,881,422
CIFC Funding 2019-III, Ltd., CLO 2019-3A, SUB(d)		N/A	Estimated yield of 13.00%	07/16/2032		750,000		519,619
CIFC Funding 2020-III, Ltd., CLO 2020-3A, SUB(d)		N/A	Estimated yield of 16.81%	10/20/2031		150,000		144,720

	Coupon(a)		Reference Rate  & Spread	Maturity  Date	Principal   Amount		Value
COLLATERALIZED LOAN OBLIGATIONS EQUITY(c)(e) (continued)
CIFC Funding, Ltd., CLO 2020-2A, INC(d)		N/A	Estimated yield of 16.61%	08/24/2032	$	1,000,000	$	976,604
Madison Park Funding XVIII, Ltd., CLO 2015-18A, SUB(d)		N/A	Estimated yield of 8.15%	10/21/2027		4,000,000		2,220,000
Madison Park Funding XX, Ltd., CLO 2016-20A, SUB(d)		N/A	Estimated yield of 22.64%	07/27/2030		1,740,000		1,080,380
Madison Park Funding XXIX, Ltd., CLO 2018-29A, SUB(d)		N/A	Estimated yield of 16.91%	10/18/2047		3,750,000		2,765,933
Madison Park Funding XXXVII, Ltd., CLO 2019-37A, SUB(d)		N/A	Estimated yield of 16.25%	07/15/2032		5,500,000		4,705,344
Niagara Park Clo, Ltd., CLO 2019-1A, SUB(d)		N/A	Estimated yield of 17.40%	07/17/2032		2,648,000		1,795,897
Oak Hill Credit Partners X-R, Ltd., CLO 2014-10RA, SUB(d)		N/A	Estimated yield of 14.76%	12/20/2030		4,800,000		1,855,680
OHA Credit Partners XI, Ltd., CLO 2015-11A, SUB(d)		N/A	Estimated yield of 14.34%	01/20/2032		2,750,000		1,705,440
OHA Credit Partners XII, Ltd., CLO 2016-12A, SUB(d)		N/A	Estimated yield of 17.96%	07/23/2030		1,500,000		1,124,798
Sound Point CLO III, Ltd., CLO 2017-3A, SUB(d)		N/A	Estimated yield of 9.88%	10/20/2030		1,500,000		836,345
Sound Point CLO III-R, Ltd., CLO 2013-2RA, SUB(d)		N/A	Estimated yield of 0.00%	04/15/2029		1,000,000		165,842
Sound Point CLO VI-R, Ltd., CLO 2014-2RA, SUB(d)		N/A	Estimated yield of 9.57%	10/20/2031		2,000,000		467,794
Symphony CLO XVI, Ltd., CLO 2015-16A, SUB(d)		N/A	Estimated yield of 17.39%	10/15/2031		5,750,000		2,278,748
Thacher Park CLO, Ltd., CLO 2014-1A, SUB(d)		N/A	Estimated yield of 0.00%	10/20/2026		6,000,000		1,113,000
THL Credit Wind River 2018-2 CLO, Ltd., CLO 2018-2A, SUB(d)		N/A	Estimated yield of 14.35%	07/15/2030		2,500,000		1,721,391
THL Credit Wind River 2018-3 CLO, Ltd., CLO 2018-3A, SUB(d)		N/A	Estimated yield of 19.28%	01/20/2031		3,000,000		2,103,495
Wind River 2016-1 CLO, Ltd., CLO 2016-1A, SUB(d)		N/A	Estimated yield of 0.00%	07/15/2028		4,000,000		1,787,852
Total Collateralized Loan Obligations Equity (Cost $72,726,247)					$	104,369,000	$	61,888,882

	Coupon(a)		Reference Rate  & Spread	Maturity  Date	Principal  Amount		Value
CORPORATE BONDS - 2.90%* (2.05% of Total Investments)
Automobiles - 0.71% (0.50% of Total Investments)
Ford Motor Co., Senior Unsecured		9.00%	N/A	04/22/2025		467,000		573,873
Ford Motor Co., Senior Unsecured		9.63%	N/A	04/22/2030		116,000		163,847
Total Automobiles						583,000		737,720
Building Products - 0.35% (0.24% of Total Investments)
White Cap Buyer LLC, Subordinated(d)		6.88%	N/A	10/15/2028		335,000		356,775
Diversified Telecommunication Services - 0.46% (0.33% of Total Investments)
Windstream Escrow LLC / Windstream Escrow Finance Corp., Senior Secured(d)		7.75%	N/A	08/15/2028		480,000		481,200
Hotels, Restaurants & Leisure - 0.71% (0.50% of Total Investments)
Affinity Gaming, Senior Secured(d)		6.88%	N/A	12/15/2027		60,000		63,000
AMC Entertainment Holdings, Inc., Senior Secured(d)		10.50%	N/A	04/15/2025		963,000		672,535
Total Hotels, Restaurants & Leisure						1,023,000		735,535
IT Services - 0.35% (0.25% of Total Investments)
Avaya, Inc., Senior Secured(d)		6.13%	N/A	09/15/2028		345,000		366,699
Transportation Infrastructure - 0.32% (0.23% of Total Investments)
Uber Technologies, Inc., Senior Unsecured(d)		6.25%	N/A	01/15/2028		305,000		331,688
Total Corporate Bonds (Cost $3,053,837)					$	3,071,000	$	3,009,617

	Coupon(a)		Reference Rate & Spread	Maturity  Date	Principal  Amount		Value
SECURED SECOND LIEN LOANS(b) - 3.33%* (2.36% of Total Investments)
Aerospace & Defense - 0.07% (0.05% of Total Investments)
New Constellis Borrower LLC, B(f)		12.00%	1M US L + 11.00%	03/27/2025		107,755		76,147

	Coupon(a)		Reference Rate  & Spread	Maturity  Date	Principal  Amount		Value
SECURED SECOND LIEN LOANS(b)  (continued)
Commercial Services & Supplies - 0.48% (0.34% of Total Investments)
AVSC Holding Corp., Initial(f)		8.25%	1M US L + 7.25%	09/01/2025	$	805,556	$	498,099
Communications Equipment - 0.23% (0.16% of Total Investments)
Global Tel*Link Corp.(f)		8.40%	3M US L + 8.25%	11/29/2026		347,222		240,972
Diversified Consumer Services - 0.50% (0.35% of Total Investments)
Travelport Finance S.à.r.l., Initial(f)		5.25%	1M US L + 5.00%	05/29/2026		579,911		391,318
TruGreen LP, Initial(f)		9.25%	1M US L + 8.50%	11/02/2028		125,392		125,392
Total Diversified Consumer Services						705,303		516,710
Diversified Financial Services - 0.48% (0.34% of Total Investments)
Edelman Financial Center LLC, Initial(f)		6.90%	3M US L + 6.75%	07/20/2026		500,000		500,000
Food Products - 0.30% (0.21% of Total Investments)
Froneri International, Ltd., Facility(f)		5.90%	3M US L + 5.75%	01/31/2028		309,478		311,026
Hotels, Restaurants & Leisure - 0.04% (0.03% of Total Investments)
CEC Entertainment, Inc. Term Loan(f)		7.50%	6M US L + 6.50% (1.00% Floor)	12/30/2027		44,030		41,828
Internet Software & Services - 0.03% (0.03% of Total Investments)
GTT Communications, Inc., Closing Date U.S.(f)		3.00%	1M US L + 2.75%	05/31/2025		45,421		35,357
Software - 1.20% (0.85% of Total Investments)
EagleView Technology Corp.(f)		8.50%	3M US L + 7.50%	08/14/2026		264,991		237,167
MH Sub I LLC, Amendment No. 2 Initial(f)		7.65%	1M US L + 7.50%	09/15/2025		1,000,000		1,003,750
Total Software						1,264,991		1,240,917
Total Secured Second Lien Loans (Cost $4,070,539)					$	4,129,756	$	3,461,056
SENIOR SECURED FIRST LIEN LOANS(b) - 60.21%* (42.51% of Total Investments)
Aerospace & Defense - 0.43% (0.31% of Total Investments)
Amentum Government Services Holdings LLC, Tranche 2(f)		5.50%	3M US L + 4.75%	01/29/2027		334,432		336,104
Constellis Holdings LLC, Priority(f)		8.50%	1M US L + 7.50%	03/27/2024		119,765		115,373
Total Aerospace & Defense						454,197		451,477
Airlines - 1.41% (1.00% of Total Investments)
Allegiant Travel Company, Replacement(f)		3.21%	3M US L + 3.00%	02/05/2024		385,885		374,671
Delta Air Lines, Inc.(f)		5.75%	1M US L + 4.75%	04/29/2023		526,320		533,747
JetBlue Airways Corp.(f)		6.25%	3M US L + 5.25%	06/17/2024		545,609		560,018
Total Airlines						1,457,814		1,468,436
Auto Components - 2.34% (1.66% of Total Investments)
Dealer Tire LLC, B-1(f)		4.40%	1M US L + 4.25%	12/12/2025		1,121,788		1,111,502
First Brands Group LLC, Tranche B-3(f)		8.50%	1M US L + 7.50%	02/02/2024		126,893		126,258
IXS Holdings, Inc., Initial(f)		6.00%	3M US L + 5.00%	03/05/2027		867,846		868,930
LS Group Opco Acquisition LLC, Initial(f)		4.25%	3M US L + 3.50%	11/02/2027		328,093		327,683
Total Auto Components						2,444,620		2,434,373
Automobiles - 0.48% (0.34% of Total Investments)
Truck Hero, Inc., Initial(f)		3.90%	3M US L + 3.75%	04/22/2024		496,144		495,122

	Coupon(a)		Reference Rate  & Spread	Maturity  Date	Principal  Amount		Value
SENIOR SECURED FIRST LIEN LOANS(b)  (continued)
Beverages - 0.07% (0.05% of Total Investments)
Arterra Wines Canada, Inc., Initial Tranche B-1(f)		4.25%	1M US L + 3.50%	11/24/2027	$	68,047	$	68,345
Building Products - 0.37% (0.26% of Total Investments)
LBM Acquisition LLC
Initial(f)		N/A	L + 3.75%	12/17/2027		90,931		90,837
Initial Delayed Draw(f)		N/A	L + 3.75%	12/17/2027		20,207		20,186
MI Windows and Doors LLC, Initial(f)		4.50%	1M US L + 3.75%	12/18/2027		47,673		47,732
White Cap Buyer LLC, Initial Closing Date(f)		4.50%	1M US L + 4.00%	10/19/2027		222,564		222,286
Total Building Products						381,375		381,041
Chemicals - 1.16% (0.82% of Total Investments)
Ascend Performance Materials Operations LLC, Initial(f)		6.25%	3M US L + 5.25%	08/27/2026		694,131		695,867
Illuminate Buyer LLC, B(f)		4.15%	3M US L + 4.00%	06/30/2027		52,791		52,769
INEOS Enterprises Holdings, Ltd., Refinancing Tranche B Dollar(f)		4.50%	1M US L + 3.50%	08/28/2026		217,115		215,690
Innovative Water Care Global Corp., Initial(f)		6.00%	3M US L + 5.00%	02/27/2026		221,891		198,593
Potters Industries LLC, Initial(f)		4.75%	3M US L + 4.00%	12/14/2027		42,617		42,617
Total Chemicals						1,228,545		1,205,536
Commercial Services & Supplies - 1.27% (0.90% of Total Investments)
Belfor Holdings, Inc., Initial(f)		4.15%	1M US L + 4.00%	04/06/2026		643,324		641,748
Dun & Bradstreet Corp., Incremental(f)		N/A	L + 3.75%	02/06/2026		134,505		134,448
Harland Clarke Holdings Corp., Initial(f)		5.75%	1M US L + 4.75%	11/03/2023		528,154		465,373
STG-Fairway Holdings LLC, Facility(f)		3.40%	3M US L + 3.25%	01/31/2027		81,128		79,708
Total Commercial Services & Supplies						1,387,111		1,321,277
Communications Equipment - 1.21% (0.85% of Total Investments)
Casa Systems, Inc., Initial(f)		5.00%	1M US L + 4.00%	12/20/2023		498,701		483,740
CCI Buyer, Inc., Initial(f)		N/A	L + 4.00%	12/17/2027		200,428		200,093
Global Tel*Link Corp., 2018(f)		4.40%	1M US L + 4.25%	11/29/2025		454,799		420,771
MLN US HoldCo LLC, B(f)		4.65%	3M US L + 4.50%	11/30/2025		170,156		153,460
Total Communications Equipment						1,324,084		1,258,064
Construction & Engineering - 0.27% (0.19% of Total Investments)
TRC Companies, Inc., 2019 Incremental(f)		6.00%	3M US L + 5.00%	06/21/2024		277,525		276,138
Containers & Packaging - 1.13% (0.80% of Total Investments)
Pregis TopCo LLC
Incremental Amendment No. 2(f)		5.00%	3M US L + 4.25%	07/31/2026		91,667		90,979
Initial(f)		3.90%	1W US L + 3.75%	07/31/2026		299,693		298,195
Pretium PKG Holdings, Inc., Initial(f)		4.75%	1M US L + 4.00%	11/05/2027		228,920		228,634
ProAmpac PG Borrower LLC, 2020-1(f)		5.00%	3M US L + 4.00%	11/03/2025		69,875		69,657
Sabert Corp., Initial(f)		5.50%	2M US L + 4.50%	12/10/2026		489,281		487,241
Total Containers & Packaging						1,179,436		1,174,706
Distributors - 0.29% (0.20% of Total Investments)
BCPE Empire Holdings, Inc., Amendment No. 1(f)		5.00%	1M US L + 4.25%	06/11/2026		95,000		94,466
United Natural Foods, Inc., Initial(f)		4.40%	3M US L + 4.25%	10/22/2025		203,289		201,905
Total Distributors						298,289		296,371
Diversified Consumer Services - 3.53% (2.49% of Total Investments)
Learning Care Group No. 2, Inc., 2020 Incremental(f)		9.50%	1M US L + 8.50%	03/13/2025		389,992		389,992
Mileage Plus Holdings LLC, Initial(f)		6.25%	3M US L + 5.25%	06/21/2027		376,743		391,579
Pug LLC, B-1(f)		8.75%	3M US L + 8.00%	02/12/2027		533,547		540,659

	Coupon(a)		Reference Rate  & Spread	Maturity  Date	Principal  Amount		Value
SENIOR SECURED FIRST LIEN LOANS(b)  (continued)
Diversified Consumer Services (continued)
Sabre GLBL, Inc., 2020 Other B(f)		N/A	L + 4.00%	12/17/2027	$	9,413	$	9,425
SkyMiles IP, Ltd., Initial(f)		4.75%	3M US L + 3.75%	10/20/2027		155,123		160,605
Sotheby's, Initial(f)		6.50%	3M US L + 5.50%	01/15/2027		423,130		424,188
Staples, Inc., 2019 Refinancing New B-1(f)		5.21%	6M US L + 5.00%	04/16/2026		982,764		950,038
Travelport Finance S.à r.l., Initial (Priority)(f)		8.50%	3M US L + 8.00%	02/28/2025		622,789		613,154
Trugreen Limited Partnership Tl, Second Refinancing(f)		4.15%	3M US L + 4.00%	11/02/2027		183,748		184,438
Total Diversified Consumer Services						3,677,249		3,664,078
Diversified Financial Services - 0.65% (0.46% of Total Investments)
Nexus Buyer LLC, B(f)		3.90%	1M US L + 3.75%	11/09/2026		156,986		155,678
Orion Advisor Solutions, Inc., Initial(f)		5.00%	3M US L + 4.00%	09/24/2027		39,800		39,910
VeriFone Systems, Inc., Initial(f)		4.22%	3M US L + 4.00%	08/20/2025		500,000		482,220
Total Diversified Financial Services						696,786		677,808
Diversified Telecommunication Services - 4.40% (3.10% of Total Investments)
Altice France S.A., USD TLB-13 Incremental(f)		4.24%	1M US L + 4.00%	08/14/2026		1,051,831		1,045,699
Consolidated Communications, Inc., Term Loan B(f)		5.75%	3M US L + 4.75%	10/02/2027		884,683		887,496
LCPR Loan Financing LLC, Initial(f)		5.16%	1M US L + 5.00%	10/15/2026		1,242,661		1,246,029
Northwest Fiber LLC, B(f)		5.65%	1M US L + 5.50%	04/30/2027		216,750		217,088
Syniverse Holdings, Inc., Tranche C(f)		6.00%	1M US L + 5.00%	03/09/2023		610,784		550,298
Windstream Services II LLC, Initial(f)		7.25%	1M US L + 6.25%	09/21/2027		365,992		357,299
Xplornet Communications, Inc., Initial(f)		4.90%	1M US L + 4.75%	06/10/2027		260,759		260,824
Total Diversified Telecommunication Services						4,633,460		4,564,733
Electric Utilities - 0.21% (0.15% of Total Investments)
PG&E Corp., Term Loan(f)		5.50%	PRIME +  4.50%	06/23/2025		213,375		215,562
Electronic Equipment, Instruments & Components - 2.43% (1.72% of Total Investments)
Cardtronics USA, Inc., Initial(f)		5.00%	1M US L + 4.00%	06/29/2027		32,405		32,351
Corsair Gaming, Inc., Term Loan(f)		4.75%	1M US L + 3.75%	08/28/2024		73,640		73,548
Mavenir Systems, Inc., Initial(f)		7.00%	3M US L + 6.00%	05/08/2025		908,693		901,878
Mirion Technologies  LLC, Initial Dollar(f)		4.26%	3M US L + 4.00%	03/06/2026		494,975		493,737
Natel Engineering Company, Inc., Initial(f)		6.00%	1M US L + 5.00%	04/30/2026		492,084		463,174
Triton Solar US Acquisition Co., Initial(f)		6.25%	1M US L + 6.00%	10/29/2024		275,938		247,655
Xperi Holding Corp., Initial B(f)		4.15%	3M US L + 4.00%	06/02/2025		313,543		313,869
Total Electronic Equipment, Instruments & Components						2,591,278		2,526,212
Energy Equipment & Services - 0.78% (0.55% of Total Investments)
ChampionX Holding, Inc, Term Loan(f)		6.00%	6M US L + 5.00%	06/03/2027		174,397		177,013
Lealand Finance Company B.V.
Make-Whole(f)		3.15%	1M US L + 3.00%	06/28/2024		8,469		6,775
Take-Back(f)		4.15%	1M US L + 4.00%	06/30/2025		44,880		29,060
WaterBridge Midstream Operating LLC, Initial(f)		6.75%	1M US L + 5.75%	06/22/2026		695,560		595,142
Total Energy Equipment & Services						923,306		807,990
Food Products - 0.17% (0.12% of Total Investments)
H-Food Holdings LLC, 2020 Incremental B-3(f)		6.00%	3M US L + 5.00%	05/23/2025		62,188		62,239
Ozark Holdings LLC, 2020 Refinancing(f)		N/A	L + 4.00%	12/16/2027		34,483		34,483
Zaxby's Operating Company LP, Initial(f)		4.50%	1M US L + 4.25%	12/28/2027		79,247		79,247
Total Food Products						175,918		175,969
Health Care Equipment & Supplies - 0.51% (0.36% of Total Investments)
ASP Navigate Acquisition Corp., Initial(f)		5.50%	3M US L + 4.50%	10/06/2027		421,053		420,000

	Coupon(a)		Reference Rate  & Spread	Maturity  Date	Principal  Amount		Value
SENIOR SECURED FIRST LIEN LOANS(b)  (continued)
Health Care Equipment & Supplies (continued)
Curium BidCo S.a r.l., Term Loan(f)		N/A	L + 4.25%	10/27/2027	$	106,007	$	105,344
Total Health Care Equipment & Supplies						527,060		525,344
Health Care Providers & Services - 5.92% (4.18% of Total Investments)
ADMI Corp., Amendment No. 3 Incremental(f)		N/A	L + 4.00%	12/23/2027		209,931		209,879
Albany Molecular Research, Inc., 2020(f)		4.50%	3M US L + 3.50%	08/30/2024		155,199		155,491
BW NHHC Holdco, Inc., Initial(f)		5.22%	1M US L + 5.00%	05/15/2025		344,094		300,735
Cambrex Corp., Tranche B-1 Dollar(f)		5.50%	3M US L + 4.50%	12/04/2026		233,850		235,604
EyeCare Partners LLC
Initial Delayed Draw Term Loan(f)		3.90%	3M US L + 3.75%	02/18/2027		110,945		107,853
Initial Term Loan(f)		3.90%	1M US L + 3.75%	02/18/2027		471,914		458,762
Global Medical Response, Inc.
2018 New(f)		5.25%	1M US L + 4.25%	03/14/2025		489,902		484,479
2020 Refinancing(f)		5.75%	3M US L + 4.75%	10/02/2025		150,000		148,750
Heartland Dental, LLC Term Loan, Initial(f)		N/A	L + 3.50%	04/30/2025		500,000		487,030
Maravai Intermediate Holdings LLC, Initial(f)		5.25%	3M US L + 4.25%	10/19/2027		69,276		69,882
Pathway Vet Alliance LLC
Initial(f)		4.15%	1M US L + 4.00%	03/31/2027		109,830		109,665
Initial Delayed Draw Term Loan(f)		4.15%	3M US L + 4.00%	03/31/2027		8,971		8,958
Radiology Partners, Inc., B(f)		4.81%	1M US L + 4.25%	07/09/2025		754,358		740,689
Southern Veterinary Partners LLC, Initial(f)(g)		5.00%	6M US L + 4.00%	10/05/2027		59,552		59,254
Unified Women's Healthcare LLC, Initial(f)		N/A	L + 4.25%	12/18/2027		111,359		110,524
Verscend Holding Corp., B(f)		4.65%	3M US L + 4.50%	08/27/2025		1,240,327		1,237,846
WCG Purchaser Corp., Initial(f)		5.00%	3M US L + 4.00%	01/08/2027		455,814		456,575
WP CityMD Bidco LLC, Initial(f)		5.50%	3M US L + 4.50%	08/13/2026		762,251		760,666
Total Health Care Providers & Services						6,237,573		6,142,642
Health Care Technology - 2.39% (1.69% of Total Investments)
athenahealth, Inc., B(f)		4.65%	3M US L + 4.50%	02/11/2026		1,230,138		1,226,755
Milano Acquisition Corp., B(f)		4.75%	1M US L + 4.00%	10/01/2027		298,766		298,267
Navicure, Inc., 2020 Incremental(f)		4.75%	2M US L + 4.00%	10/22/2026		73,145		72,962
Zelis Cost Management Buyer, Inc., Initial(f)		4.90%	1M US L + 4.75%	09/30/2026		880,578		881,925
Total Health Care Technology						2,482,627		2,479,909
Hotels, Restaurants & Leisure - 4.00% (2.82% of Total Investments)
Alterra Mountain Company, Additional(f)		5.50%	1M US L + 4.50%	08/01/2026		352,021		353,341
Caesars Resort Collection LLC, B-1(f)		4.65%	3M US L + 4.50%	07/21/2025		141,378		141,422
Carnival Corp., Initial Advance(f)		8.50%	1M US L + 7.50%	06/30/2025		65,450		67,250
Casablanca US Holdings, Inc., Amendment No. 2 Initial(f)		4.21%	6M US L + 4.00%	03/29/2024		822,950		659,735
CCM Merger, Inc., B(f)		4.50%	3M US L + 3.75%	11/04/2025		32,893		32,797
CEC Entertainment, Inc. Term Loan(f)		N/A	L + 11.25%	12/29/2025		53,286		63,943
Herschend Entertainment Company LLC, Initial(f)		6.75%	1M US L + 5.75%	08/25/2025		174,179		175,050
Kingpin Intermediate Holdings LLC, 2018 Refinancing(f)		4.50%	1M US L + 3.50%	07/03/2024		682,465		646,636
Red Lobster Management LLC, Initial(f)		6.25%	1M US L + 5.25%	07/28/2021		254,507		249,417
Seaworld Parks & Entertainment, Inc., B-5(f)		3.75%	1M US L + 3.00%	04/01/2024		748,057		725,615
Tacala, LLC Term Loan, Initial(f)		4.50%	3M US L + 3.75%	02/05/2027		199,487		197,534
United PF Holdings LLC
Incremental Term Loan(f)		9.50%	1M US L + 8.50%	12/30/2026		359,100		358,202
Initial(f)		4.25%	3M US L + 4.00%	12/30/2026		516,031		481,458
Total Hotels, Restaurants & Leisure						4,401,804		4,152,400
Household Durables - 0.68% (0.48% of Total Investments)
Samsonite International S.A., 2020 Incremental Tranche B(f)		5.50%	1M US L + 4.50%	04/25/2025		480,831		477,528

	Coupon(a)		Reference Rate  & Spread	Maturity  Date	Principal  Amount		Value
SENIOR SECURED FIRST LIEN LOANS(b)  (continued)
Household Durables (continued)
Weber-Stephen Products LLC, Initial B(f)		4.00%	3M US L + 3.25%	10/30/2027	$	228,600	$	228,714
Total Household Durables						709,431		706,242
Independent Power/Renewable Electricity Producers - 0.11% (0.08% of Total Investments)
Array Technologies, Inc., Initial(f)		5.00%	1M US L + 4.00%	10/14/2027		115,459		113,006
Industrial Conglomerates - 0.33% (0.23% of Total Investments)
Star US Bidco LLC, Initial(f)		5.25%	3M US L + 4.25%	03/17/2027		351,096		343,635
Insurance - 0.73% (0.51% of Total Investments)
OneDigital Borrower LLC, Initial(f)(g)		5.25%	3M US L + 4.50%	11/16/2027		474,036		474,036
Ryan Specialty Group LLC, Initial(f)		4.00%	1M US L + 3.25%	09/01/2027		281,436		280,381
Total Insurance						755,472		754,417
Internet Software & Services - 4.34% (3.07% of Total Investments)
Castle US Holding Corp., Initial Dollar(f)		4.00%	3M US L + 3.75%	01/29/2027		1,490,625		1,459,411
GTT Communications B.V., Delayed Draw(f)		7.74%	1M US L + 7.50%	12/28/2021		6,308		6,308
GTT Communications, Inc., Priming Facility(f)		7.74%	1M US L + 7.50%	12/28/2021		3,604		3,298
Imperva, Inc.(f)		5.00%	1M US L + 4.00%	01/12/2026		410,604		410,091
Playtika Holding Corp., B(f)		7.00%	1M US L + 6.00%	12/10/2024		1,902,663		1,911,967
Shutterfly, Inc., B(f)		7.00%	1M US L + 6.00%	09/25/2026		678,728		673,882
Ultimate Software Group, Inc., 2020 Incremental(f)		4.75%	3M US L + 4.00%	05/04/2026		43,131		43,322
Total Internet Software & Services						4,535,663		4,508,279
IT Services - 0.84% (0.59% of Total Investments)
Ahead DB Holdings LLC, Initial(f)		6.00%	2M US L + 5.00%	10/18/2027		180,369		177,044
Imprivata, Inc., Initial(f)		4.25%	3M US L + 3.75%	12/01/2027		207,159		207,159
Intrado Corp., Initial B(f)		5.00%	3M US L + 4.00%	10/10/2024		467,760		452,169
Virtusa Corp., Closing Date(f)		N/A	L + 4.25%	12/09/2027		39,617		39,320
Total IT Services						894,905		875,692
Life Sciences Tools & Services - 0.12% (0.08% of Total Investments)
Precision Medicine Group LLC, Initial(f)(g)		4.50%	3M US L + 3.75%	11/18/2027		119,955		119,955
Machinery - 0.09% (0.06% of Total Investments)
Hayward Industries, Inc., 2020 Incremental(f)		4.50%	3M US L + 3.75%	08/04/2026		95,826		95,347
Media - 5.20% (3.67% of Total Investments)
Arches Buyer, Inc., Initial(f)		4.50%	6M US L + 4.00%	12/06/2027		257,876		258,005
Banijay Entertainment S.A.S., Facility B(f)		3.90%	3M US L + 3.75%	03/01/2025		347,765		342,548
Creative Artists Agency LLC
Closing Date(f)		3.90%	1M US L + 3.75%	11/27/2026		679,351		670,295
Incremental B-1(f)		5.25%	1M US L + 4.25%	11/27/2026		373,592		368,612
Cumulus Media New Holdings, Inc., Initial(f)		4.75%	1M US L + 3.75%	03/31/2026		963,345		944,878
Houghton Mifflin Harcourt Publishers, Inc., B(f)		7.25%	3M US L + 6.25%	11/22/2024		481,169		460,921
ProQuest LLC, Initial(f)		N/A	L + 3.50%	10/23/2026		29,012		28,940
Recorded Books, Inc., Initial(f)		4.40%	1M US L + 4.25%	08/29/2025		938,541		931,896
Terrier Media Buyer, Inc., B(f)		4.40%	1M US L + 4.25%	12/17/2026		885,043		884,769
William Morris Endeavor Entertainment LLC, B-2(f)		9.50%	3M US L + 8.50%	05/18/2025		496,250		508,656
Total Media						5,451,944		5,399,520

	Coupon(a)		Reference Rate  & Spread	Maturity  Date	Principal  Amount		Value
SENIOR SECURED FIRST LIEN LOANS(b)  (continued)
Oil, Gas & Consumable Fuels - 0.05% (0.04% of Total Investments)
Permian Production Partners, LLC Term Loan(c)(f)		9.00%	1M US L + 8.00% (2.00% PIK/1.00% Floor)	11/20/2025	$	136,765	$	54,706
Personal Products - 0.95% (0.67% of Total Investments)
Knowlton Development Corp., Inc., Initial (2020)(f)		4.75%	1M US L + 3.75%	12/22/2025		989,924		981,263
Pharmaceuticals - 0.23% (0.16% of Total Investments)
Amneal Pharmaceuticals, LLC, Initial Term Loan(f)		3.69%	3M US L + 3.50%	05/04/2025		245,997		239,283
Professional Services - 1.25% (0.88% of Total Investments)
AQ Carver Buyer, Inc., Initial(f)		6.00%	1M US L + 5.00%	09/23/2025		462,041		455,111
Globallogic Holdings, Inc., 2020 Incremental B-2(f)		4.50%	1M US L + 3.75%	09/14/2027		105,370		104,843
IG Investments Holdings, LLC (fka Igloo Merger Sub, LLC), Refinancing Term Loan(f)		5.00%	1M US L + 4.00%	05/23/2025		742,386		739,973
Total Professional Services						1,309,797		1,299,927
Semiconductors & Semiconductor Equipment - 0.00%(h) (0.00% of Total Investments)
Allegro MicroSystems, Inc., Cov-Lite Term Loan B(f)		4.50%	3M US L + 4.00%	09/30/2027		619		617
Software - 6.89% (4.86% of Total Investments)
Cambium Learning Group, Inc., Initial(f)		4.75%	1M US L + 4.50%	12/18/2025		989,883		982,664
Cardinal Parent, Inc., Initial(f)		N/A	L + 4.50%	11/12/2027		182,050		179,470
CommerceHub, Inc., Initial(f)		N/A	L + 4.00%	12/29/2027		81,847		81,745
Conservice Midco LLC, Initial(f)		4.50%	1M US L + 4.25%	05/13/2027		122,769		122,769
Cornerstone OnDemand, Inc.(f)		4.39%	1M US L + 4.25%	04/22/2027		304,035		305,066
CT Technologies Intermediate Holdings, Inc., Initial(f)		6.00%	1M US L + 5.00%	12/16/2025		169,022		168,177
DCert Buyer, Inc., Initial(f)		4.15%	3M US L + 4.00%	10/16/2026		294,516		293,833
DiscoverOrg LLC, Initial(f)		3.90%	3M US L + 3.75%	02/02/2026		866,118		865,036
EagleView Technology Corp.(f)		3.73%	1M US L + 3.50%	08/14/2025		279,590		274,347
Fiserv Investment Solutions, Inc., Initial(f)		4.97%	3M US L + 4.75%	02/18/2027		445,335		448,306
Flexera Software LLC(f)		N/A	L + 3.75%	01/26/2028		23,506		23,477
Greeneden U.S. Holdings I LLC, Initial Dollar (2020)(f)		4.75%	1M US L + 4.00%	12/01/2027		445,740		446,159
LegalZoom.com, Inc., 2018(f)		4.71%	1M US L + 4.50%	11/21/2024		400,000		400,000
MH Sub I LLC, 2020 June New(f)		4.75%	PRIME + 3.75%	09/13/2024		231,975		231,047
Micro Holding Corp. & MH Sub I, LLC, Term Loan(f)		3.65%	1M US L + 3.50%	09/13/2024		245,546		241,956
Planview Parent, Inc.
Closing Date(f)		N/A	L + 4.00%	12/17/2027		110,691		110,414
Delayed Draw(f)		N/A	L + 4.00%	12/17/2027		25,862		25,798
Project Alpha Intermediate Holding, Inc., 2019 Incremental(f)		4.48%	3M US L + 4.25%	04/26/2024		587,638		584,700
Redstone Holdco 2 LP, Initial(f)		6.00%	1M US L + 5.00%	09/01/2027		386,041		387,126
Upland Software, Inc., Initial(f)		3.90%	3M US L + 3.75%	08/06/2026		987,500		979,274
Total Software						7,179,664		7,151,364
Specialty Retail - 1.89% (1.34% of Total Investments)
Bass Pro Group LLC, Initial(f)		5.75%	1M US L + 5.00%	09/25/2024		1,243,636		1,245,862
Jo-Ann Stores LLC, Initial(f)		6.00%	3M US L + 5.00%	10/20/2023		750,000		720,315
Total Specialty Retail						1,993,636		1,966,177
Textiles, Apparel & Luxury Goods - 1.09% (0.77% of Total Investments)
Champ Acquisition Corp., Initial(f)		5.76%	3M US L + 5.50%	12/19/2025		520,476		517,092

	Coupon(a)		Reference Rate  & Spread	Maturity  Date	Principal  Amount		Value
SENIOR SECURED FIRST LIEN LOANS(b)  (continued)
Textiles, Apparel & Luxury Goods (continued)
Elevate Textiles, Inc., Initial(f)		5.26%	3M US L + 5.00%	05/01/2024	$	685,381	$	612,847
Total Textiles, Apparel & Luxury Goods						1,205,857		1,129,939
Total Senior Secured First Lien Loans (Cost $62,482,522)					$	63,649,633	$	62,502,902

	Shares		Value
COMMON STOCK - 0.13%* (0.09% of Total Investments)
Aerospace & Defense - 0.01% (0.01% of Total Investments)
New Constellis Borrower LLC(c)(i)		6,795	$	11,046
Energy Equipment & Services - 0.03% (0.02% of Total Investments)
Mcdermott International, Ltd.(i)		35,710		28,925
Food & Staples Retailing - 0.09% (0.06% of Total Investments)
CEC Brands, LLC - EQ(i)		10,454		92,779
Oil, Gas & Consumable Fuels - –% (–% of Total Investments)
PERMIAN PRODUCTION PARTNERS - EQ(c)(i)		18,995		-
Total Common Stock (Cost $119,245)		71,954	$	132,750
MONEY MARKET MUTUAL FUNDS - 1.68%* (1.18% of Total Investments)
Invesco Short Term Investments Trust Treasury Portfolio, Institutional Class (0.010% 7-Day Yield)		1,743,026	$	1,743,026
Total Money Market Mutual Funds (Cost $1,743,026)		1,743,026	$	1,743,026
Total Investments - 141.62% (Cost $159,031,758)			$	147,020,835
Liabilities in Excess of Other Assets - (0.58)%				(599,336	)
Leverage Facility (Net of $40,929 Deferred Leverage Costs) - (41.04)%				(42,609,071	)
Net Assets - 100.00%			$	103,812,428

*	Amounts above are shown as a percentage of net assets as of December 31, 2020.
(a)	The rate shown is the coupon as of the end of the reporting period.
(b)	Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at December 31, 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.
(c)	As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.
(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933. Total market value of Rule 144A securities amounts to $78,443,381, which represents approximately 75.56% of the Trust's net assets as of December 31, 2020. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration.
(e)	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 are based on rates that existed as of December 31, 2020.
(f)	When-issued or delivery-delayed security. All or a portion of this position has not settled as of December 31, 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 $1,475,665 as of December 31, 2020.
(g)	This investment has an unfunded commitment as of December 31, 2020.
(h)	Amount represents less than 0.005% of net assets.
(i)	Non-income producing security.

All securities held as of December 31, 2020 are pledged as collateral for the leverage facility.