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        <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"/>
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        <balance>665853.35000000</balance>
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        <curCd>USD</curCd>
        <valUSD>346243.74000000</valUSD>
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        <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>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <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"/>
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        <balance>86522.41650000</balance>
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        <curCd>USD</curCd>
        <valUSD>35309.21000000</valUSD>
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        <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>4.08557000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </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"/>
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        <balance>548187.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>495944.78000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.98200000</annualizedRt>
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        <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"/>
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        <balance>189160.99300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>133843.74000000</valUSD>
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        <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>3.90557000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <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 2022-SB98 Mortgage Trust</title>
        <cusip>30327FAA7</cusip>
        <identifiers>
          <isin value="US30327FAA75"/>
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        <balance>6336419.45000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5861187.99000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </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"/>
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        <balance>3130720.91000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2889968.47000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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          <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>Mastr Asset Securitization Trust</name>
        <lei>N/A</lei>
        <title>MASTR Asset Securitization Trust 2006-1</title>
        <cusip>57643MMM3</cusip>
        <identifiers>
          <isin value="US57643MMM37"/>
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        <balance>115281.07550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28342.14000000</valUSD>
        <pctVal>0.028598786568</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>4.03557000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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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>
        <cusip>30318NAG8</cusip>
        <identifiers>
          <isin value="US30318NAG88"/>
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        <balance>9671793.20900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>404885.44000000</valUSD>
        <pctVal>0.408551798960</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.86700000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Smr 2022-ind Mortgage Trust</name>
        <lei>N/A</lei>
        <title>SMR 2022-IND Mortgage Trust</title>
        <cusip>78458MAN4</cusip>
        <identifiers>
          <isin value="US78458MAN48"/>
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        <balance>3376066.68000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3158985.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-02-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.87566000</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>Ncmf Trust</name>
        <lei>N/A</lei>
        <title>NCMF Trust 2022-MFP</title>
        <cusip>628870AN7</cusip>
        <identifiers>
          <isin value="US628870AN73"/>
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        <balance>2400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2285520.00000000</valUSD>
        <pctVal>2.306216068327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.50366000</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>Fremf Mortgage Trust</name>
        <lei>549300EOT0GWUWJMLC61</lei>
        <title>FREMF 2018-KF44 Mortgage Trust</title>
        <cusip>30296JAE8</cusip>
        <identifiers>
          <isin value="US30296JAE82"/>
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        <balance>1707819.02000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1764347.83000000</valUSD>
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        <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>11.64271000</annualizedRt>
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          <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>Sprite Limited</name>
        <lei>N/A</lei>
        <title>Sprite 2021-1, Ltd.</title>
        <cusip>85208UAE4</cusip>
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          <isin value="US85208UAE47"/>
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        <balance>1738100.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1546909.00000000</valUSD>
        <pctVal>1.560916724439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
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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="P0325WAE"/>
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        <balance>-2544000.00000000</balance>
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        <valUSD>-2544000.00000000</valUSD>
        <pctVal>-2.56703668216</pctVal>
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        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="ES7IP3U3RHIGC71XBU11" name="Royal Bank of Canada"/>
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          <maturityDt>2022-11-10</maturityDt>
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              <invstCat>ACMO</invstCat>
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        <securityLending>
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      <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"/>
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        <balance>939102.35720000</balance>
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        <curCd>USD</curCd>
        <valUSD>610416.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Acres Commercial Realty Corp</name>
        <lei>549300RUJWPCMY4JFR46</lei>
        <title>ACRES Commercial Realty Corp.</title>
        <cusip>00489Q102</cusip>
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          <isin value="US00489Q1022"/>
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        <balance>17307.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184838.76000000</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Castlelake Aircraft Securitization Trust</name>
        <lei>N/A</lei>
        <title>Castlelake Aircraft Structured Trust 2021-1A</title>
        <cusip>14856GAB6</cusip>
        <identifiers>
          <isin value="US14856GAB68"/>
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        <balance>725290.30400000</balance>
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        <curCd>USD</curCd>
        <valUSD>558473.53000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.65600000</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>Granite Point Mtge Trst</name>
        <lei>529900VX2HQZ76AYIE02</lei>
        <title>Granite Point Mortgage Trust, Inc.</title>
        <cusip>38741LAC1</cusip>
        <identifiers>
          <isin value="US38741LAC19"/>
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        <balance>1897000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1836485.70000000</valUSD>
        <pctVal>1.853115628212</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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          <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>
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                <cusip value="38741L107"/>
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          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="48.84960000" curCd="USD"/>
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          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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"/>
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        <balance>66762.90790000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29303.68000000</valUSD>
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        <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>3.95557000</annualizedRt>
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          <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>Bx Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2019-ATL</title>
        <cusip>056058AS9</cusip>
        <identifiers>
          <isin value="US056058AS92"/>
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        <balance>1661008.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1496236.01000000</valUSD>
        <pctVal>1.509784875333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.89860000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jp Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Chase Commercial Mortgage Securities Trust 2008-C2</title>
        <cusip>46632MCJ7</cusip>
        <identifiers>
          <isin value="US46632MCJ71"/>
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        <balance>3987359.37190000</balance>
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        <curCd>USD</curCd>
        <valUSD>2408763.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.82700000</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>
        <name>Redwood Trust Inc</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>Redwood Trust, Inc.</title>
        <cusip>758075AC9</cusip>
        <identifiers>
          <isin value="US758075AC90"/>
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        <balance>1964000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1911364.80000000</valUSD>
        <pctVal>1.928672780896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Redwood Trust, Inc.</name>
              <title>Redwood Trust, Inc. COM</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="758075402"/>
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            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="53.83942391" curCd="USD"/>
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          <delta>XXXX</delta>
        </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"/>
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        <balance>72539.74710000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40088.00000000</valUSD>
        <pctVal>0.040451008850</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>4.28557000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <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"/>
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        <balance>67943.53000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>35087.51000000</valUSD>
        <pctVal>0.035405237915</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>4.08557000</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>953808.98800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>705818.65000000</valUSD>
        <pctVal>0.712210049334</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>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2022-SB100 Mortgage Trust</title>
        <cusip>30327XAL4</cusip>
        <identifiers>
          <isin value="US30327XAL47"/>
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        <balance>8950060.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8263590.87000000</valUSD>
        <pctVal>8.338420161046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-05-25</maturityDt>
          <couponKind>Variable</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>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>562407.30000000</valUSD>
        <pctVal>0.567500066595</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>8.17410000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <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"/>
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        <balance>3030303.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3093333.30000000</valUSD>
        <pctVal>3.121344359774</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>8.86903000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hudsons Bay Simon Jv Trust</name>
        <lei>N/A</lei>
        <title>Hudsons Bay Simon JV Trust 2015-HBS</title>
        <cusip>44422PBY7</cusip>
        <identifiers>
          <isin value="US44422PBY79"/>
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        <balance>5152596.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3932976.53000000</valUSD>
        <pctVal>3.968590810773</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-05</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.44700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <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"/>
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        <balance>1379973.72000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1296485.31000000</valUSD>
        <pctVal>1.308225372900</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>Variable</couponKind>
          <annualizedRt>7.50000000</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>Fremf Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2021-KF100 Mortgage Trust</title>
        <cusip>30329HAE3</cusip>
        <identifiers>
          <isin value="US30329HAE36"/>
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        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5000000.00000000</valUSD>
        <pctVal>5.045276497967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.46903000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <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"/>
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        <balance>4449983.81000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4128249.98000000</valUSD>
        <pctVal>4.165632520366</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>Variable</couponKind>
          <annualizedRt>7.50000000</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>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="P5802DAE"/>
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        <balance>-2366000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-2366000.00000000</valUSD>
        <pctVal>-2.38742483883</pctVal>
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        <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"/>
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          <isTriParty>N</isTriParty>
          <repurchaseRt>4.78000000</repurchaseRt>
          <maturityDt>2022-11-18</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>-2366000.00000000</principalAmt>
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              <collateralVal>5119547.88000000</collateralVal>
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              <invstCat>ACMO</invstCat>
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          </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-SB90 Mortgage Trust</title>
        <cusip>30322KAA1</cusip>
        <identifiers>
          <isin value="US30322KAA16"/>
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        <balance>3295132.04000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3051292.27000000</valUSD>
        <pctVal>3.078922635652</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>
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        <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>4779855.17800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1460877.18000000</valUSD>
        <pctVal>1.474105860534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
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      <invstOrSec>
        <name>Lhome Mortgage Trust</name>
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      <invstOrSec>
        <name>Fremf Mortgage Trust</name>
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      <invstOrSec>
        <name>Redwood Trust Inc</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>First American Government Obligations Fund</name>
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      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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        <name>Rithm Capital Corp</name>
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        <name>Residential Accredit Loans, Inc.</name>
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        <name>Granite Point Mtge Trst</name>
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        <name>N/A</name>
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        <name>Ladder Capital Corp</name>
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        <name>Tpi Re-remic Trust</name>
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        <name>Acres Commercial Realty</name>
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        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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        <name>Pennymac Financial Services Inc</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <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>1375650.00000000</valUSD>
        <pctVal>1.388106922885</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>2022-11-30</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>
