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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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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 2020-SB76 Mortgage Trust</title>
        <cusip>30315EAF3</cusip>
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          <isin value="US30315EAF34"/>
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        <balance>448291.18000000</balance>
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        <curCd>USD</curCd>
        <valUSD>419152.25000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-25</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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          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>1788997.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1266609.88000000</valUSD>
        <pctVal>1.058288826107</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>Variable</couponKind>
          <annualizedRt>3.65300000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <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 2017-1R</title>
        <cusip>14856JAC8</cusip>
        <identifiers>
          <isin value="US14856JAC80"/>
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        <balance>687788.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>328419.13000000</valUSD>
        <pctVal>0.274403587913</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>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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>85561.04650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30082.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.52043000</annualizedRt>
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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 2017-SB38 Mortgage Trust</title>
        <cusip>30305LAQ5</cusip>
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          <isin value="US30305LAQ59"/>
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        <balance>452118.42000000</balance>
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        <curCd>USD</curCd>
        <valUSD>411563.40000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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          <annualizedRt>4.09800000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fremf Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2022-K748 Mortgage Trust</title>
        <cusip>30326JAS1</cusip>
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          <isin value="US30326JAS15"/>
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        <balance>2995082.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1670057.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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>182693.64300000</balance>
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        <curCd>USD</curCd>
        <valUSD>116666.72000000</valUSD>
        <pctVal>0.097478385495</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>5.34043000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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>6308779.94000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5742251.50000000</valUSD>
        <pctVal>4.797815566660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <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="291SAL7"/>
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        <balance>-784000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-784000.00000000</valUSD>
        <pctVal>-0.65505445107</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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          <maturityDt>2023-05-30</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>-784000.00000000</principalAmt>
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              <invstCat>PLCMO</invstCat>
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        <securityLending>
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      <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>3062650.55000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2757916.82000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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      <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>110222.02550000</balance>
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        <curCd>USD</curCd>
        <valUSD>23463.78000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <debtSec>
          <maturityDt>2036-05-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2021-SB83 Mortgage Trust</title>
        <cusip>30318NAG8</cusip>
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          <isin value="US30318NAG88"/>
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        <balance>9608496.07900000</balance>
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        <curCd>USD</curCd>
        <valUSD>359206.90000000</valUSD>
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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>0.97200000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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>4174761.44600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3536022.94000000</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>12.38952000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>
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        <curCd>USD</curCd>
        <valUSD>2229840.00000000</valUSD>
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        <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>10.01752000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>1707819.01000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1680323.12000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
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        <debtSec>
          <maturityDt>2025-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.35771000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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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>1559984.62000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1247987.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

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          <maturityDt>2026-09-15</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>
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          <isin value="US4812C22399"/>
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        <balance>772011.73000000</balance>
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        <curCd>USD</curCd>
        <valUSD>772011.73000000</valUSD>
        <pctVal>0.645037908186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Thunderbolt Aircraft Lease Limited/ Us Llc</name>
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      <invstOrSec>
        <name>Acres Commercial Realty Corp</name>
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      <invstOrSec>
        <name>Castlelake Aircraft Securitization Trust</name>
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      <invstOrSec>
        <name>Granite Point Mtge Trst</name>
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        <title>Granite Point Mortgage Trust, Inc.</title>
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          <isin value="US38741LAC19"/>
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              <title>Granite Point Mortgage Trust Inc COM STK</title>
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        <name>Countrywide Home Loans</name>
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        <name>Bx Trust</name>
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        <name>Rithm Capital Corp</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp.</title>
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      <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>3922220.31190000</balance>
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        <curCd>USD</curCd>
        <valUSD>2020335.68000000</valUSD>
        <pctVal>1.688048316132</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Redwood Trust Inc</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>Redwood Trust, Inc.</title>
        <cusip>758075AC9</cusip>
        <identifiers>
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        <balance>1964000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
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              <title>Redwood Trust Inc COM</title>
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      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
        <lei>549300NHEJTDVQUV3M53</lei>
        <title>Countrywide Alternative Loan Trust 2006-21CB</title>
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        <balance>69864.75710000</balance>
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        <curCd>USD</curCd>
        <valUSD>33745.43000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Horizon Aircraft Finance Ii Llc</name>
        <lei>549300KSCDSEIWTVMM32</lei>
        <title>Horizon Aircraft Finance II, Ltd.</title>
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        <identifiers>
          <isin value="US44040HAC60"/>
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        <balance>987192.06800000</balance>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO</title>
        <cusip>N/A</cusip>
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          <notClearedCentCparty isCleared="N">
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="INTERNAL IDENTIFIER" value="P741LAC1"/>
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        <valUSD>-1357000.00000000</valUSD>
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        <assetCat>RA</assetCat>
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          <notClearedCentCparty isCleared="N">
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      <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>
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        <curCd>USD</curCd>
        <valUSD>4126198.88000000</valUSD>
        <pctVal>3.447557324440</pctVal>
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        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2020-SB74 Mortgage Trust</title>
        <cusip>30291SAL7</cusip>
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        <balance>1353930.74000000</balance>
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          <couponKind>Variable</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Fremf Mortgage Trust</name>
        <lei>N/A</lei>
        <title>FREMF 2022-K147 Mortgage Trust</title>
        <cusip>30329HAE3</cusip>
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          <isin value="US30329HAE36"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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        <title>FRESB 2021-SB90 Mortgage Trust</title>
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      <invstOrSec>
        <name>Hsi Asset Loan Obligation</name>
        <lei>N/A</lei>
        <title>HSI Asset Loan Obligation Trust</title>
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          <isin value="US40431KAB61"/>
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      <invstOrSec>
        <name>Lhome Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust</title>
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          <isin value="US50204TAC99"/>
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      <invstOrSec>
        <name>Tpg Re Finance Trust Inc</name>
        <lei>N/A</lei>
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          <isin value="US87266M1071"/>
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      <invstOrSec>
        <name>Fremf Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US30295AAS78"/>
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      <invstOrSec>
        <name>Banc Of America Merrill Lynch Large Loan Inc</name>
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          <isin value="US05525FAC59"/>
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      <invstOrSec>
        <name>Redwood Trust Inc</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
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      <invstOrSec>
        <name>Fremf Mortgage Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>First American Government Obligations Fund</name>
        <lei>549300R5MYM6VZF1RM44</lei>
        <title>First American Government Obligations Fund</title>
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      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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        <title>FRESB 2022-SB95 Mortgage Trust</title>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Rithm Capital Corp</name>
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      <invstOrSec>
        <name>Residential Accredit Loans, Inc.</name>
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      <invstOrSec>
        <name>Granite Point Mtge Trst</name>
        <lei>529900VX2HQZ76AYIE02</lei>
        <title>Granite Point Mortgage Trust, Inc.</title>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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      <invstOrSec>
        <name>Tpi Re-remic Trust</name>
        <lei>N/A</lei>
        <title>TPI RE-REMIC Trust 2022-FRR1</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
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        <debtSec>
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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>Acres Commercial Realty</name>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Pennymac Financial Services Inc</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Jpmorgan Chase Bank, Na - Cacln</name>
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          <isin value="US48128U2S73"/>
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        <valUSD>1420200.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
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        <debtSec>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>AXONIC ALTERNATIVE INCOME FUND</ncom:nameOfApplicant>
      <ncom:signature>John R. Kelly</ncom:signature>
      <ncom:signerName>John R. Kelly</ncom:signerName>
      <ncom:title>Treasurer Principal Financial Officer and Principal Accounting Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
