Business Context and Reporting Period
This Form 8-K filing by XAI Octagon Floating Rate & Alternative Income Term Trust (NYSE: XFLT) reports events occurring on October 1, 2023, with the report filed on October 6, 2023. The Trust is a Delaware entity focused on floating rate and alternative income strategies.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and contractual changes rather than financial performance data.
Material Changes
- Entry into Material Definitive Agreement: The Trust entered into an Amended and Restated Services Agreement with PINE Advisor Solutions, LLC ("PINE"), effective October 1, 2023.
- Termination of Prior Agreement: The Trust terminated its Chief Compliance Officer Services Agreement with ALPS Fund Services, Inc. ("ALPS") effective October 1, 2023.
- Service Scope: PINE now provides Chief Financial Officer, Treasurer, and Chief Compliance Officer services to the Trust. The Trust pays PINE an annual fee payable monthly and reimburses out-of-pocket expenses.
Management Commentary, Risks, and Unusual Items
- Personnel Changes: Randi Roessler, an employee of PINE, was designated as the new Chief Compliance Officer effective October 1, 2023. This follows the resignation of Theodore J. Uhl, the prior Chief Compliance Officer.
- Board Approval: Designations for the Chief Financial Officer, Treasurer, and Chief Compliance Officer require approval by the Board of Trustees, including a majority of disinterested trustees for the Chief Compliance Officer role.
- Contractual Terms: The new agreement with PINE is materially similar to the prior agreement with ALPS, differing primarily in fees, effective date, and the parties involved.
Investor Verification Checklist
- Review Exhibit 10.1 (Amended and Restated Services Agreement) for specific fee structures and expense reimbursement limits.
- Confirm the qualifications and background of Randi Roessler as the new Chief Compliance Officer.
- Monitor future filings for any financial impact resulting from the change in service provider fees.
- Verify that the Board of Trustees has formally approved the new officer designations as required by the Investment Company Act of 1940.