<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001754927</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>



    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>AXONIC ALTERNATIVE INCOME FUND</regName>
      <regFileNumber>811-23385</regFileNumber>
      <regCik>0001754927</regCik>
      <regLei>549300OCFNTKUUAO1D05</regLei>
      <regStreet1>520 MADISON AVENUE</regStreet1>
      <regCity>NEW YORK</regCity>
      <regStateConditional regCountry="US" regState="US-NY"/>
      <regZipOrPostalCode>10022</regZipOrPostalCode>
      <regPhone>2122590430</regPhone>
      <seriesName>Axonic Alternative Income Fund</seriesName>
      <seriesLei>549300OCFNTKUUAO1D05</seriesLei>
      <repPdEnd>2022-10-31</repPdEnd>
      <repPdDate>2022-01-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>63628111.08</totAssets>
      <totLiabs>10917373.58</totLiabs>
      <netAssets>52710737.50</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>10356000.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>0.00000000</cshNotRptdInCorD>
      <curMetrics>
        <curMetric>
          <curCd>USD</curCd>
          <intrstRtRiskdv01 period10Yr="8610.12462500" period1Yr="1159.02991000" period30Yr="3736.89754400" period3Mon="25.37033800" period5Yr="4831.41361800"/>
          <intrstRtRiskdv100 period10Yr="862507.89088200" period1Yr="115619.00910200" period30Yr="374507.99125200" period3Mon="2524.58700900" period5Yr="483185.41811600"/>
        </curMetric>
      </curMetrics>
      <creditSprdRiskInvstGrade period10Yr="2848.69092600" period1Yr="250.06304700" period30Yr="520.04605800" period3Mon="0.00000000" period5Yr="1124.83657400"/>
      <creditSprdRiskNonInvstGrade period10Yr="864.67841000" period1Yr="193.51970800" period30Yr="84.71549600" period3Mon="0.00000000" period5Yr="114.12697500"/>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn rtn1="0.03000000" rtn2="0.80000000" rtn3="1.49000000"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="41261.72000000" netUnrealizedAppr="-239868.08000000"/>
        <othMon2 netRealizedGain="33032.22000000" netUnrealizedAppr="-325.31000000"/>
        <othMon3 netRealizedGain="38572.80000000" netUnrealizedAppr="433716.09000000"/>
      </returnInfo>
      <mon1Flow redemption="0.00000000" reinvestment="108627.99000000" sales="7910404.62000000"/>
      <mon2Flow redemption="871155.81000000" reinvestment="594107.03000000" sales="6909786.91000000"/>
      <mon3Flow redemption="0.00000000" reinvestment="153853.59000000" sales="5686345.64000000"/>
    </fundInfo>
    <invstOrSecs>
      <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>1796656.26000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1927812.17000000</valUSD>
        <pctVal>3.657342434262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.10130000</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>Gkn Sub Ctl Pt Trust Aub</name>
        <lei>N/A</lei>
        <title>GKN Subordinated CTL Pass-Through Trust/Auburn MI</title>
        <cusip>36175XAA8</cusip>
        <identifiers>
          <isin value="US36175XAA81"/>
        </identifiers>
        <balance>2280172.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1301978.21000000</valUSD>
        <pctVal>2.470043622516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.00000000</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>482752.18000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>467304.11000000</valUSD>
        <pctVal>0.886544435087</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>Credit Suisse Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Credit Suisse Mortgage Capital Certificates</title>
        <cusip>12659RAQ2</cusip>
        <identifiers>
          <isin value="US12659RAQ20"/>
        </identifiers>
        <balance>1788997.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1507587.77000000</valUSD>
        <pctVal>2.860115114116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.53500000</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>Washington Mutual Mortgage Pass-through Ctfs</name>
        <lei>N/A</lei>
        <title>Washington Mutual Mortgage Pass-Through Certificates</title>
        <cusip>93935YAA8</cusip>
        <identifiers>
          <isin value="US93935YAA82"/>
        </identifiers>
        <balance>1732867.16870000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1085283.27000000</valUSD>
        <pctVal>2.058941539188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.30771000</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>Granite Point Mtge Trst</name>
        <lei>529900VX2HQZ76AYIE02</lei>
        <title>Granite Point Mortgage Trust, Inc.</title>
        <cusip>38741LAB3</cusip>
        <identifiers>
          <isin value="US38741LAB36"/>
        </identifiers>
        <balance>1397000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1399794.00000000</valUSD>
        <pctVal>2.655614522562</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Granite Point Mortgage Trust Inc</name>
              <title>Granite Point Mortgage Trust Inc COM STK</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="38741L107"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="50.00000000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Castlelake Aircraft Securitization Trust</name>
        <lei>N/A</lei>
        <title>Castlelake Aircraft Structured Trust 2017-1R</title>
        <cusip>14856JAC8</cusip>
        <identifiers>
          <isin value="US14856JAC80"/>
        </identifiers>
        <balance>762874.57000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>755322.11000000</valUSD>
        <pctVal>1.432956824024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</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>Countrywide Alternative Loan Trust</name>
        <lei>N/A</lei>
        <title>Countrywide Alternative Loan Trust</title>
        <cusip>02147MAF8</cusip>
        <identifiers>
          <isin value="US02147MAF86"/>
        </identifiers>
        <balance>92622.21650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37539.90000000</valUSD>
        <pctVal>0.071218696190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.60770000</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>735691.72000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>679190.60000000</valUSD>
        <pctVal>1.288524183521</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>3.78600000</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>Lehman Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Lehman Mortgage Trust</title>
        <cusip>52521RBH3</cusip>
        <identifiers>
          <isin value="US52521RBH30"/>
        </identifiers>
        <balance>210226.91300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>153127.35000000</valUSD>
        <pctVal>0.290505041785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.42771000</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 Multifamily Structured Pass Through Certificates</title>
        <cusip>30320MAA9</cusip>
        <identifiers>
          <isin value="US30320MAA99"/>
        </identifiers>
        <balance>3347035.23000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3166964.73000000</valUSD>
        <pctVal>6.008196584234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-25</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>Mastr Asset Securitization Trust</name>
        <lei>N/A</lei>
        <title>MASTR Asset Securitization Trust 2006-1</title>
        <cusip>57643MMM3</cusip>
        <identifiers>
          <isin value="US57643MMM37"/>
        </identifiers>
        <balance>123352.23550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>27116.99000000</valUSD>
        <pctVal>0.051444907216</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>0.55771000</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 2021-SB83 Mortgage Trust</title>
        <cusip>30318NAG8</cusip>
        <identifiers>
          <isin value="US30318NAG88"/>
        </identifiers>
        <balance>10474291.54900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>598998.55000000</valUSD>
        <pctVal>1.136388103088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.87200000</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>549300EOT0GWUWJMLC61</lei>
        <title>FREMF 2018-KF44 Mortgage Trust</title>
        <cusip>30296JAE8</cusip>
        <identifiers>
          <isin value="US30296JAE82"/>
        </identifiers>
        <balance>1921438.23000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1973124.92000000</valUSD>
        <pctVal>3.743307366928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.60130000</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>94988DAS9</cusip>
        <identifiers>
          <isin value="US94988DAS99"/>
        </identifiers>
        <balance>3125000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3033125.00000000</valUSD>
        <pctVal>5.754282986459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</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>Sprite Limited</name>
        <lei>N/A</lei>
        <title>Sprite 2021-1, Ltd.</title>
        <cusip>85208UAE4</cusip>
        <identifiers>
          <isin value="US85208UAE47"/>
        </identifiers>
        <balance>1952380.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1947108.57000000</valUSD>
        <pctVal>3.693950535220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.83500000</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>Jpmorgan Us Treasury Plus Money Market Fund</name>
        <lei>549300WIC5LVF25Z1127</lei>
        <title>JPMorgan US Treasury Plus Money Market Fund</title>
        <cusip>4812C2239</cusip>
        <identifiers>
          <isin value="US4812C22399"/>
        </identifiers>
        <balance>11438563.57000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11438563.57000000</valUSD>
        <pctVal>21.70063276007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Thunderbolt Aircraft Lease Limited/ Us Llc</name>
        <lei>N/A</lei>
        <title>Thunderbolt III Aircraft Lease, Ltd.</title>
        <cusip>88607AAB5</cusip>
        <identifiers>
          <isin value="US88607AAB52"/>
        </identifiers>
        <balance>939102.35720000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>890859.40000000</valUSD>
        <pctVal>1.690090942096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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>Acres Commercial Realty Corp</name>
        <lei>549300RUJWPCMY4JFR46</lei>
        <title>ACRES Commercial Realty Corp.</title>
        <cusip>00489Q102</cusip>
        <identifiers>
          <isin value="US00489Q1022"/>
        </identifiers>
        <balance>17307.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>209760.84000000</valUSD>
        <pctVal>0.397947078619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Granite Point Mtge Trst</name>
        <lei>529900VX2HQZ76AYIE02</lei>
        <title>Granite Point Mortgage Trust, Inc.</title>
        <cusip>38741LAC1</cusip>
        <identifiers>
          <isin value="US38741LAC19"/>
        </identifiers>
        <balance>1897000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1930197.50000000</valUSD>
        <pctVal>3.661867755122</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Granite Point Mortgage Trust Inc</name>
              <title>Granite Point Mortgage Trust Inc COM STK</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="38741L107"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="48.84960000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </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>76483.84790000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38298.38000000</valUSD>
        <pctVal>0.072657643995</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>0.47771000</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>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="RP30295A"/>
        </identifiers>
        <balance>-1658000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1658000.00000000</valUSD>
        <pctVal>-3.14546917504</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ES7IP3U3RHIGC71XBU11" name="Royal Bank of Canada"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>1.87000000</repurchaseRt>
          <maturityDt>2022-02-11</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>-1658000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1692818.00000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ACMO</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <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>62164.68500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>62220.63000000</valUSD>
        <pctVal>0.118041660866</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>4.46000000</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 Alternative Loan Trust</name>
        <lei>549300NHEJTDVQUV3M53</lei>
        <title>Countrywide Alternative Loan Trust 2006-21CB</title>
        <cusip>02147GAG9</cusip>
        <identifiers>
          <isin value="US02147GAG91"/>
        </identifiers>
        <balance>80520.08710000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47594.14000000</valUSD>
        <pctVal>0.090293064102</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.80770000</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 Alternative Loan Trust</name>
        <lei>549300NHEJTDVQUV3M53</lei>
        <title>Countrywide Alternative Loan Trust</title>
        <cusip>02146TAU1</cusip>
        <identifiers>
          <isin value="US02146TAU16"/>
        </identifiers>
        <balance>73554.11000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>38382.43000000</valUSD>
        <pctVal>0.072817099172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.60771000</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>Horizon Aircraft Finance Ii Llc</name>
        <lei>549300KSCDSEIWTVMM32</lei>
        <title>Horizon Aircraft Finance II, Ltd.</title>
        <cusip>44040HAC6</cusip>
        <identifiers>
          <isin value="US44040HAC60"/>
        </identifiers>
        <balance>895511.07800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>725663.62000000</valUSD>
        <pctVal>1.376690318552</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sitka Holdings L</name>
        <lei>N/A</lei>
        <title>Sitka Holdings LLC</title>
        <cusip>82987VAA4</cusip>
        <identifiers>
          <isin value="US82987VAA44"/>
        </identifiers>
        <balance>546000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>555555.00000000</valUSD>
        <pctVal>1.053969316972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-06</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.25000000</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 2021-KF122 Mortgage Trust</title>
        <cusip>30323JAA3</cusip>
        <identifiers>
          <isin value="US30323JAA34"/>
        </identifiers>
        <balance>3030303.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3030303.00000000</valUSD>
        <pctVal>5.748929238563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.44967000</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>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="RP317QAA"/>
        </identifiers>
        <balance>-2600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-2600000.00000000</valUSD>
        <pctVal>-4.93258133601</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ES7IP3U3RHIGC71XBU11" name="Royal Bank of Canada"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>1.80000000</repurchaseRt>
          <maturityDt>2022-02-11</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>-2600000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2654600.00000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ACMO</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <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-SB74 Mortgage Trust</title>
        <cusip>30291SAL7</cusip>
        <identifiers>
          <isin value="US30291SAL79"/>
        </identifiers>
        <balance>1554379.69000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1510701.62000000</valUSD>
        <pctVal>2.866022544268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-04-25</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>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="RP30320M"/>
        </identifiers>
        <balance>-3909000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3909000.00000000</valUSD>
        <pctVal>-7.41594632402</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="G5GSEF7VJP5I7OUK5573" name="Barclays Bank PLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>1.74000000</repurchaseRt>
          <maturityDt>2022-04-07</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>-3909000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>3991089.00000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ACMO</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <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 2021-SB93 Mortgage Trust</title>
        <cusip>30325WAE4</cusip>
        <identifiers>
          <isin value="US30325WAE49"/>
        </identifiers>
        <balance>4501693.12000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4257251.18000000</valUSD>
        <pctVal>8.076629889688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-10-25</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>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2021-SB90 Mortgage Trust</title>
        <cusip>30322KAA1</cusip>
        <identifiers>
          <isin value="US30322KAA16"/>
        </identifiers>
        <balance>3345977.16000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3173993.93000000</valUSD>
        <pctVal>6.021532007591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-25</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>Hsi Asset Loan Obligation</name>
        <lei>N/A</lei>
        <title>HSI Asset Loan Obligation Trust</title>
        <cusip>40431KAB6</cusip>
        <identifiers>
          <isin value="US40431KAB61"/>
        </identifiers>
        <balance>4990154.56800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1902402.61000000</valUSD>
        <pctVal>3.609136772180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-12-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.20771000</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>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="RP82987"/>
        </identifiers>
        <balance>-446000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-446000.00000000</valUSD>
        <pctVal>-0.84612741379</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ES7IP3U3RHIGC71XBU11" name="Royal Bank of Canada"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>0.91000000</repurchaseRt>
          <maturityDt>2022-04-06</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>-446000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>455366.00000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ACMO</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tpg Re Finance Trust Inc</name>
        <lei>N/A</lei>
        <title>TPG RE Finance Trust, Inc.</title>
        <cusip>87266M107</cusip>
        <identifiers>
          <isin value="US87266M1071"/>
        </identifiers>
        <balance>1250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15775.00000000</valUSD>
        <pctVal>0.029927488682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fremf Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2016-K722 Mortgage Trust</title>
        <cusip>30295AAS7</cusip>
        <identifiers>
          <isin value="US30295AAS78"/>
        </identifiers>
        <balance>4334211.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4016513.33000000</valUSD>
        <pctVal>7.619914879771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.00000000</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>Redwood Trust Inc</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>Redwood Trust, Inc.</title>
        <cusip>758075402</cusip>
        <identifiers>
          <isin value="US7580754023"/>
        </identifiers>
        <balance>21780.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>268547.40000000</valUSD>
        <pctVal>0.509473805028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="RP30291S"/>
        </identifiers>
        <balance>-929000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-929000.00000000</valUSD>
        <pctVal>-1.76244925429</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="G5GSEF7VJP5I7OUK5573" name="Barclays Bank PLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>1.66000000</repurchaseRt>
          <maturityDt>2022-02-18</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>-929000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>948509.00000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ACMO</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="RP93935Y"/>
        </identifiers>
        <balance>-814000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-814000.00000000</valUSD>
        <pctVal>-1.54427738750</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="G5GSEF7VJP5I7OUK5573" name="Barclays Bank PLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>1.81000000</repurchaseRt>
          <maturityDt>2022-02-18</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>-814000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>831094.00000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>ACMO</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <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"/>
        </identifiers>
        <balance>43248.10350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33595.87000000</valUSD>
        <pctVal>0.063736292818</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>0.40770000</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>Granite Point Mtge Trst</name>
        <lei>529900VX2HQZ76AYIE02</lei>
        <title>Granite Point Mortgage Trust, Inc.</title>
        <cusip>38741L305</cusip>
        <identifiers>
          <isin value="US38741L3050"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2020800.00000000</valUSD>
        <pctVal>3.833753986083</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ladder Capital Corp</name>
        <lei>549300Q6LLV2QCV67C06</lei>
        <title>Ladder Capital Corp.</title>
        <cusip>505743104</cusip>
        <identifiers>
          <isin value="US5057431042"/>
        </identifiers>
        <balance>24366.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>289711.74000000</valUSD>
        <pctVal>0.549625662133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Acres Commercial Realty</name>
        <lei>549300RUJWPCMY4JFR46</lei>
        <title>ACRES Commercial Realty Corp.</title>
        <cusip>00489Q300</cusip>
        <identifiers>
          <isin value="US00489Q3002"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2022672.00000000</valUSD>
        <pctVal>3.837305444644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <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-SB81 Mortgage Trust</title>
        <cusip>30317QAA5</cusip>
        <identifiers>
          <isin value="US30317QAA58"/>
        </identifiers>
        <balance>3162688.44000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3056422.11000000</valUSD>
        <pctVal>5.798481021063</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-25</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>Pennymac Financial Services Inc</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PennyMac Financial Services, Inc.</title>
        <cusip>70932M107</cusip>
        <identifiers>
          <isin value="US70932M1071"/>
        </identifiers>
        <balance>2610.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>163647.00000000</valUSD>
        <pctVal>0.310462360728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Residential Investment Corp</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>New Residential Investment Corp.</title>
        <cusip>64828T201</cusip>
        <identifiers>
          <isin value="US64828T2015"/>
        </identifiers>
        <balance>200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2130.00000000</valUSD>
        <pctVal>0.004040922402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jpmorgan Chase Bank, Na - Cacln</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>JPMorgan Chase Bank NA - Chase Auto Credit Linked Notes</title>
        <cusip>48128U2S7</cusip>
        <identifiers>
          <isin value="US48128U2S73"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1505400.00000000</valUSD>
        <pctVal>2.855964593551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.48200000</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>2022-03-02</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>
