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          <annualizedRt>3.75400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hertz Vehicle Financing Llc</name>
        <lei>549300FPK70TCB78NG05</lei>
        <title>Hertz Vehicle Financing II LP</title>
        <cusip>42806DBE8</cusip>
        <identifiers>
          <isin value="US42806DBE85"/>
        </identifiers>
        <balance>222000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>220135.20000000</valUSD>
        <pctVal>1.710614215067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.06000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2020-SB76 Mortgage Trust</title>
        <cusip>30315EAF3</cusip>
        <identifiers>
          <isin value="US30315EAF34"/>
        </identifiers>
        <balance>515219.30000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>417894.37000000</valUSD>
        <pctVal>3.247350036336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Merrill Lynch Mortgage Investors Trust</name>
        <lei>N/A</lei>
        <title>Merrill Lynch Mortgage Investors Trust</title>
        <cusip>590216AB3</cusip>
        <identifiers>
          <isin value="US590216AB31"/>
        </identifiers>
        <balance>1429734.94390000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>84401.11000000</valUSD>
        <pctVal>0.655859392471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.61930000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bmd2 Re-remic Trust</name>
        <lei>N/A</lei>
        <title>BMD2 Re-Remic Trust 2019-FRR1</title>
        <cusip>055631HU2</cusip>
        <identifiers>
          <ticker value="055631HU"/>
        </identifiers>
        <balance>223550.83000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>210100.92000000</valUSD>
        <pctVal>1.632640397132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.66500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Countrywide Home Loans</name>
        <lei>N/A</lei>
        <title>Countrywide Home Loans Mortgage Pass-Through Trust</title>
        <cusip>12543PAF0</cusip>
        <identifiers>
          <isin value="US12543PAF09"/>
        </identifiers>
        <balance>96659.41790000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>44880.35000000</valUSD>
        <pctVal>0.348753696306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.51920000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Multifamily Connecticut Avenue Securities Trust 2020-01</name>
        <lei>5493002KQF9IH3CTQZ40</lei>
        <title>Multifamily Connecticut Avenue Securities Trust 2020-01</title>
        <cusip>62548QAD3</cusip>
        <identifiers>
          <isin value="US62548QAD34"/>
        </identifiers>
        <balance>1318784.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1218292.66000000</valUSD>
        <pctVal>9.467039993189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.89920000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fremf Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2020-KF86 Mortgage Trust</title>
        <cusip>302875AE9</cusip>
        <identifiers>
          <isin value="US302875AE97"/>
        </identifiers>
        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2998500.00000000</valUSD>
        <pctVal>23.30057493704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.14830000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Residential Accredit Loans, Inc.</name>
        <lei>N/A</lei>
        <title>Residential Accredit Loans, Inc. Trust</title>
        <cusip>75114TAG6</cusip>
        <identifiers>
          <isin value="US75114TAG67"/>
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        <balance>63141.08350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45550.70000000</valUSD>
        <pctVal>0.353962814335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.44920000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Freddie Mac - Stacr</name>
        <lei>5493003FQV7GR462GO02</lei>
        <title>Freddie Mac Stacr Remic Trust 2020-DNA1</title>
        <cusip>35565HAH8</cusip>
        <identifiers>
          <isin value="US35565HAH84"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>293446.47000000</valUSD>
        <pctVal>2.280297303400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>1.84930000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cps Auto Trust</name>
        <lei>54930087Z25SUMBR4I05</lei>
        <title>CPS Auto Receivables Trust 2017-D</title>
        <cusip>12652BAE1</cusip>
        <identifiers>
          <isin value="US12652BAE11"/>
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        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>514700.00000000</valUSD>
        <pctVal>3.999601774252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-06-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae - Cas</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Connecticut Avenue Securities Trust 2020-R01</title>
        <cusip>20754CAB5</cusip>
        <identifiers>
          <isin value="US20754CAB54"/>
        </identifiers>
        <balance>750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>733432.73000000</valUSD>
        <pctVal>5.699317754425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.19930000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2017-SB38 Mortgage Trust</title>
        <cusip>30305LAQ5</cusip>
        <identifiers>
          <isin value="US30305LAQ59"/>
        </identifiers>
        <balance>889314.11000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>706648.99000000</valUSD>
        <pctVal>5.491188175981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.79600000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo Reremic Trust</name>
        <lei>N/A</lei>
        <title>Wells Fargo Re-REMIC Trust 2013-FRR1</title>
        <cusip>94988DAW0</cusip>
        <identifiers>
          <isin value="US94988DAW02"/>
        </identifiers>
        <balance>209716.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>177944.03000000</valUSD>
        <pctVal>1.382757447261</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-11-30</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>
