<SEC-DOCUMENT>0000945621-25-001027.txt : 20251105
<SEC-HEADER>0000945621-25-001027.hdr.sgml : 20251105
<ACCEPTANCE-DATETIME>20251105162939
ACCESSION NUMBER:		0000945621-25-001027
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251105
DATE AS OF CHANGE:		20251105

SUBJECT COMPANY:	

	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:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-92464
		FILM NUMBER:		251454510

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SUN LIFE FINANCIAL INC
		CENTRAL INDEX KEY:			0001097362
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		ORGANIZATION NAME:           	02 Finance
		EIN:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		SUN LIFE ASSURANCE CO OF CANADA
		STREET 2:		ONE YORK STREET
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5J 0B6
		BUSINESS PHONE:		4169794800

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		SUN LIFE ASSURANCE CO OF CANADA
		STREET 2:		ONE YORK STREET
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5J 0B6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUN LIFE FINANCIAL SERVICES INC
		DATE OF NAME CHANGE:	20030702

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUN LIFE FINANCIAL SERVICES OF CANADA INC
		DATE OF NAME CHANGE:	20000224
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>SCHEDULE 13G</submissionType>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001097362</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<securitiesClassTitle>Mandatory Redeemable Preferred Shares</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>10/31/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001703079</issuerCik>
<issuerName>XAI Octagon Floating Rate &amp; Alternative Income Trust</issuerName>
<issuerCusip>98400TA*7</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>321 North Clark Street</com:street1>
<com:street2>Suite 2430</com:street2>
<com:city>Chicago</com:city>
<com:stateOrCountry>IL</com:stateOrCountry>
<com:zipCode>60654</com:zipCode>
</issuerPrincipalExecutiveOfficeAddress>
</issuerInfo>
<designateRulesPursuantThisScheduleFiled>
<designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
</designateRulesPursuantThisScheduleFiled>
</coverPageHeader>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Sun Life Assurance Co of Canada</reportingPersonName>
<citizenshipOrOrganization>A6</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>5000000</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>5000000</soleDispositivePower>
<sharedDispositivePower>0</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>5000000</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>65</classPercent>
<typeOfReportingPerson>CO</typeOfReportingPerson>
<typeOfReportingPerson>FI</typeOfReportingPerson>
<typeOfReportingPerson>IC</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Sun Life Financial Inc</reportingPersonName>
<citizenshipOrOrganization>A6</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>5000000</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>5000000</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>5000000</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>65</classPercent>
<typeOfReportingPerson>CO</typeOfReportingPerson>
<typeOfReportingPerson>FI</typeOfReportingPerson>
<typeOfReportingPerson>HC</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<items>
<item1>
<issuerName>XAI Octagon Floating Rate &amp; Alternative Income Trust</issuerName>
<issuerPrincipalExecutiveOfficeAddress>321 North Clark Street, Suite 2430, Chicago, Illinois, 60654</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>(i)   Sun Life Assurance Company of Canada ("SLA")&#13;
(ii)  Sun Life Financial Inc. ("SLF")</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>SLA and SLF:&#13;
&#13;
One York Street&#13;
Toronto, Ontario, Canada M5J 0B6</principalBusinessOfficeOrResidenceAddress>
<citizenship>SLA and SLF:  Canada</citizenship>
</item2>
<item3>
<notApplicableFlag>N</notApplicableFlag>
<typeOfPersonFiling>FI</typeOfPersonFiling>
<typeOfPersonFiling>HC</typeOfPersonFiling>
<otherTypeOfPersonFiling>Insurance Company</otherTypeOfPersonFiling>
</item3>
<item4>
<amountBeneficiallyOwned>(i)    SLA:	 5,000,000&#13;
(ii)   SLF:	 5,000,000</amountBeneficiallyOwned>
<classPercent>(i)    SLA:	 65.0%&#13;
(ii)   SLF:	 65.0%</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>(1)   SLA:	 5,000,000&#13;
(2)   SLF:	              0</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>(1)   SLA:	             0&#13;
(2)   SLF:	5,000,000</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>(1)   SLA:	 5,000,000&#13;
(2)   SLF:	              0</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>(1)   SLA:	             0&#13;
(2)   SLF:	5,000,000</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>Y</notApplicableFlag>
</item6>
<item7>
<notApplicableFlag>Y</notApplicableFlag>
</item7>
<item8>
<notApplicableFlag>Y</notApplicableFlag>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>N</notApplicableFlag>
<certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.&#13;
&#13;
By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Insurance Company is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.</certifications>
</item10>
</items>
<exhibitInfo>Exhibit 1 - Joint Filing Agreement</exhibitInfo>
<signatureInformation>
<reportingPersonName>Sun Life Assurance Co of Canada</reportingPersonName>
<signatureDetails>
<signature>/s/ Randolph B. Brown</signature>
<title>Randolph B. Brown, Authorized Signatory</title>
<date>11/05/2025</date>
</signatureDetails>
<signatureDetails>
<signature>/s/ Brett W. Pacific</signature>
<title>Brett W. Pacific, Authorized Signatory</title>
<date>11/05/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Sun Life Financial Inc</reportingPersonName>
<signatureDetails>
<signature>/s/ Randolph B. Brown</signature>
<title>Randolph B. Brown, Authorized Signatory</title>
<date>11/05/2025</date>
</signatureDetails>
<signatureDetails>
<signature>/s/ Brett W. Pacific</signature>
<title>Brett W. Pacific, Authorized Signatory</title>
<date>11/05/2025</date>
</signatureDetails>
</signatureInformation>
</formData>

</edgarSubmission>
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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>xfltagt.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
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    <div style="text-align: center; margin-right: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-weight: bold;">EXHIBIT 1</div>
    <div style="text-align: justify; margin-right: 72pt; line-height: 12.55pt; margin-bottom: 6pt;"><font style="font-weight: bold;">WHEREAS</font>, in accordance with Rule 13d-1(k)(1) under the Securities and Exchange Act of 1934 (the "Act"), only one
      joint Statement and any amendments thereto need to be filed whenever one or more persons&#160; are required to file such a Statement or any amendments thereto pursuant to Section 13(d) of the Act with respect to the same securities, provided that said
      persons agree in writing that such Statement or amendments thereto is filed on behalf of each of them;</div>
    <div style="text-align: justify; margin-right: 72pt; line-height: 12.55pt; margin-bottom: 6pt;"><font style="font-weight: bold;">NOW, THEREFORE</font>, the parties hereto agree as follows:</div>
    <div style="line-height: 12.55pt;">Sun Life Assurance Company of Canada and Sun Life Financial Inc. do hereby agree, in accordance with Rule 13d-1(k)(1) under the Act, to file a Statement on Schedule 13G relating to their ownership of the securities of
      the Issuer, and do hereby further agree that said Statement on Schedule 13G shall be filed on behalf of each of them.</div>
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                <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">Date:&#160; November 5, 2025<br>
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              <td valign="top" nowrap="nowrap" align="left" style="width: 35%;"><u>/s/ Randolph B. Brown</u> <br>
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              <td valign="top" rowspan="1" style="width: 35%;"><u>/s/ Brett W. Pacific</u> <br>
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              <td valign="top" rowspan="1" style="width: 50%;">Date:&#160; November 5, 2025 </td>
              <td valign="top" rowspan="1" style="width: 5%;">Name:<br>
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              <td valign="top" rowspan="1" style="width: 35%;">Brett W. Pacific<br>
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              <td valign="top" rowspan="1" style="width: 35%;"><u>/s/ Brett W. Pacific</u> <br>
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