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      <regLei>549300OCFNTKUUAO1D05</regLei>
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      <regCity>NEW YORK</regCity>
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      <repPdEnd>2021-10-31</repPdEnd>
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        <name>Credit Suisse Mortgage Trust</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Mastr Asset Securitization Trust</name>
        <lei>N/A</lei>
        <title>MASTR Asset Securitization Trust 2006-1</title>
        <cusip>57643MMM3</cusip>
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          <isin value="US57643MMM37"/>
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        <balance>123410.24840000</balance>
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      </invstOrSec>
      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2021-SB83 Mortgage Trust</title>
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          <isin value="US30318NAG88"/>
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        <debtSec>
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      <invstOrSec>
        <name>Fremf Mortgage Trust</name>
        <lei>549300EOT0GWUWJMLC61</lei>
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          <isin value="US30296JAE82"/>
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        <balance>2929935.25000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2974177.27000000</valUSD>
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      <invstOrSec>
        <name>Jpmorgan Us Treasury Plus Money Market Fund</name>
        <lei>549300WIC5LVF25Z1127</lei>
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          <isin value="US4812C22399"/>
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        <balance>7559841.65000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7559841.65000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Merrill Lynch Mortgage Investors Trust</name>
        <lei>N/A</lei>
        <title>Merrill Lynch Mortgage Investors Trust</title>
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          <isin value="US590216AB31"/>
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        <balance>1429734.94390000</balance>
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          <maturityDt>2037-05-25</maturityDt>
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      <invstOrSec>
        <name>Thunderbolt Aircraft Lease Limited/ Us Llc</name>
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          <isin value="US88607AAB52"/>
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        <balance>939102.35720000</balance>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>
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      <invstOrSec>
        <name>Acres Commercial Realty Corp</name>
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        <title>ACRES Commercial Realty Corp.</title>
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        <balance>4635.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Granite Point Mtge Trst</name>
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        <title>Granite Point Mortgage Trust, Inc.</title>
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        <curCd>USD</curCd>
        <valUSD>2014000.00000000</valUSD>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>Granite Point Mortgage Trust Inc COM STK</title>
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          <currencyInfos>
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      </invstOrSec>
      <invstOrSec>
        <name>Countrywide Home Loans</name>
        <lei>N/A</lei>
        <title>Countrywide Home Loans Mortgage Pass-Through Trust</title>
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          <isin value="US12543PAF09"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>2037-02-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="P30317QA"/>
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        <balance>-1267000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-1267000.00000000</valUSD>
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      <invstOrSec>
        <name>Bmd2 Re-remic Trust</name>
        <lei>N/A</lei>
        <title>BMD2 Re-Remic Trust 2019-FRR1</title>
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          <ticker value="055631HU"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
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          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
        <lei>549300NHEJTDVQUV3M53</lei>
        <title>Countrywide Alternative Loan Trust 2006-21CB</title>
        <cusip>02147GAG9</cusip>
        <identifiers>
          <isin value="US02147GAG91"/>
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        <balance>86100.83710000</balance>
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        <curCd>USD</curCd>
        <valUSD>48999.50000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
        <lei>549300NHEJTDVQUV3M53</lei>
        <title>Countrywide Alternative Loan Trust</title>
        <cusip>02146TAU1</cusip>
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          <isin value="US02146TAU16"/>
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        <balance>78141.52000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40534.40000000</valUSD>
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        <debtSec>
          <maturityDt>2036-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.58930000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Horizon Aircraft Finance Ii Llc</name>
        <lei>549300KSCDSEIWTVMM32</lei>
        <title>Horizon Aircraft Finance II, Ltd.</title>
        <cusip>44040HAC6</cusip>
        <identifiers>
          <isin value="US44040HAC60"/>
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        <balance>870203.35500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>690723.91000000</valUSD>
        <pctVal>2.858078876459</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
        <cusip>N/A</cusip>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sitka Holdings L</name>
        <lei>N/A</lei>
        <title>Sitka Holdings LLC</title>
        <cusip>82987VAA4</cusip>
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          <isin value="US82987VAA44"/>
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        <balance>546000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>548730.00000000</valUSD>
        <pctVal>2.270536171072</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="P93935YA"/>
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        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Residential Accredit Loans, Inc.</name>
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        <name>Ladder Capital Corp</name>
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      <invstOrSec>
        <name>Acres Commercial Realty</name>
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      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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      <invstOrSec>
        <name>New Residential Investment Corp</name>
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      <invstOrSec>
        <name>Jpmorgan Chase Bank, Na - Cacln</name>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-08-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
