FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Spence John Yogi
2. Issuer Name and Ticker or Trading Symbol

XAI Octagon Floating Rate & Alternative Income Term Trust [ XFLT ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                    _____ 10% Owner
_____ Officer (give title below)    __X__ Other (specify below)
Adviser Personnel
(Last)          (First)          (Middle)

321 N. CLARK STREET
3. Date of Earliest Transaction (MM/DD/YYYY)

7/21/2021
(Street)

CHICAGO, IL 60054
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Shares of Beneficial Interest 7/21/2021  P  127 A$8.4946 457597.492 D  
Common Shares of Beneficial Interest 7/21/2021  P  600 A$8.495 458197.492 D  
Common Shares of Beneficial Interest 7/21/2021  P  1500 A$8.5 459697.492 D  
Common Shares of Beneficial Interest 7/21/2021  P  2873 A$8.5 462570.492 D  
Common Shares of Beneficial Interest 7/21/2021  P  4400 A$8.5 466970.492 D  
Common Shares of Beneficial Interest         474222.534 (1)D  
Common Shares of Beneficial Interest 7/21/2021  P  500 A$8.5 500 I By Spouse 
Common Shares of Beneficial Interest         10205 I XA Investments LLC 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares

Explanation of Responses:
(1) Includes 7,252.042 shares acquired under the XFLT dividend reinvestment plan

Remarks:
Includes 7,252.042 shares acquired under the XFLT dividend reinvestment plan

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Spence John Yogi
321 N. CLARK STREET
CHICAGO, IL 60054



Adviser Personnel

Signatures
John Yogi Spence7/21/2021
**Signature of Reporting PersonDate

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