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      <regFileNumber>811-23385</regFileNumber>
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      <regLei>549300OCFNTKUUAO1D05</regLei>
      <regStreet1>520 MADISON AVENUE</regStreet1>
      <regCity>NEW YORK</regCity>
      <regStateConditional regCountry="US" regState="US-NY"/>
      <regZipOrPostalCode>10022</regZipOrPostalCode>
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      <seriesName>Axonic Alternative Income Fund</seriesName>
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      <repPdEnd>2020-10-31</repPdEnd>
      <repPdDate>2020-04-30</repPdDate>
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      <totLiabs>8121.92</totLiabs>
      <netAssets>1452125.20</netAssets>
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      <assetsInvested>0.00000000</assetsInvested>
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        <name>Fs Kkr Capital Corp</name>
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        <valUSD>94431.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-25</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Residential Asset Mortgage Pro</name>
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        <securityLending>
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      <invstOrSec>
        <name>Ambac Financial Group Inc</name>
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          <isin value="US0231398845"/>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kkr Real Estate Finance Trust</name>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Residential Accredit Loans, In</name>
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          <isin value="US75114TAG67"/>
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        <valUSD>47519.36000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2036-05-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>AXONIC ALTERNATIVE INCOME FUND</ncom:nameOfApplicant>
      <ncom:signature>John R.Kelly</ncom:signature>
      <ncom:signerName>John R.Kelly</ncom:signerName>
      <ncom:title>Treasurer, Principal Financial Officer and Principal Accounting Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
