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      </invstOrSec>
      <invstOrSec>
        <name>Center Street Lending Resi-investor Abs Trust</name>
        <lei>N/A</lei>
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          <isin value="US15169CAC29"/>
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      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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        <title>FRESB 2017-SB38 Mortgage Trust</title>
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      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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        <title>FRESB 2017-SB28 Mortgage Trust</title>
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          <isin value="US30300KAJ88"/>
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        <curCd>USD</curCd>
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        <debtSec>
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          <couponKind>Floating</couponKind>
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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>
        <units>PA</units>
        <curCd>USD</curCd>
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        <issuerCat>USGSE</issuerCat>
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        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Project Silver</name>
        <lei>N/A</lei>
        <title>Project Silver</title>
        <cusip>827304AB2</cusip>
        <identifiers>
          <isin value="US827304AB22"/>
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        <balance>2190865.38390000</balance>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>Lehman Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Lehman Mortgage Trust</title>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2022-SB98 Mortgage Trust</title>
        <cusip>30327FAA7</cusip>
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          <isin value="US30327FAA75"/>
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        <balance>6020144.91520000</balance>
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        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
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        <securityLending>
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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>2774618.79280000</balance>
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        <curCd>USD</curCd>
        <valUSD>2547932.44000000</valUSD>
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        <debtSec>
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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>
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          <isin value="US57643MMM37"/>
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      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2021-SB83 Mortgage Trust</title>
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          <isin value="US30318NAG88"/>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>GSF 2025-AXMF1 ISSUER LLC</name>
        <lei>N/A</lei>
        <title>Grant Street Quad</title>
        <cusip>36271EAP0</cusip>
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          <ticker value="36271EAP"/>
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      <invstOrSec>
        <name>Smr 2022-ind Mortgage Trust</name>
        <lei>N/A</lei>
        <title>SMR 2022-IND Mortgage Trust</title>
        <cusip>78458MAN4</cusip>
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          <isin value="US78458MAN48"/>
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        <balance>4120547.15600000</balance>
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      <invstOrSec>
        <name>Ncmf Trust</name>
        <lei>N/A</lei>
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          <isin value="US628870AN73"/>
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      <invstOrSec>
        <name>Fremf Mortgage Trust</name>
        <lei>549300EOT0GWUWJMLC61</lei>
        <title>FREMF 2018-KF44 Mortgage Trust</title>
        <cusip>30296JAE8</cusip>
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          <isin value="US30296JAE82"/>
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        <balance>8277656.47710000</balance>
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      <invstOrSec>
        <name>GSF 2025-AXMF1 ISSUER LLC</name>
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        <title>Grant Street Quad</title>
        <cusip>36271EAQ8</cusip>
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          <ticker value="36271EAQ"/>
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          <maturityDt>2030-08-11</maturityDt>
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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>
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          <isin value="US88607AAB52"/>
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        <balance>906353.29720000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
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          <maturityDt>2039-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</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 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>61268.09990000</balance>
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        <curCd>USD</curCd>
        <valUSD>19311.43000000</valUSD>
        <pctVal>0.006028750977</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>4.81148000</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>Dreyfus Government Cash Management</name>
        <lei>5493000Q69I5Q3QZIA91</lei>
        <title>Dreyfus Government Cash Management</title>
        <cusip>262006208</cusip>
        <identifiers>
          <isin value="US2620062081"/>
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        <balance>598345.45000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>598345.45000000</valUSD>
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        <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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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2025-SB119 Mortgage Trust</title>
        <cusip>35802JAA2</cusip>
        <identifiers>
          <isin value="US35802JAA25"/>
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        <balance>13998124.56000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12122375.87000000</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>2035-01-25</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>N/A</name>
        <lei>N/A</lei>
        <title>Surfrider Montauk</title>
        <cusip>N/A</cusip>
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          <other otherDesc="INTERNAL ID" value="SUR-140"/>
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        <balance>5841803.46000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5857576.33000000</valUSD>
        <pctVal>1.828651168085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-30</maturityDt>
          <couponKind>Floating</couponKind>
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          <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>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>REVERSE REPO.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="UBS-W108"/>
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        <balance>-10842000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-10842000.00000000</valUSD>
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        <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="BFM8T61CT2L1QCEMIK50" name="UBS AG"/>
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          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>6.97000000</repurchaseRt>
          <maturityDt>2049-12-31</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>-10842000.00000000</principalAmt>
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              <collateralVal>39384666.69000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="WHOLE LOAN" invstCat="Other instrument"/>
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        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CSMC 2020-FACT</name>
        <lei>N/A</lei>
        <title>Credit Suisse Commercial Mortgage Trust 2020-FACT E</title>
        <cusip>126395AN2</cusip>
        <identifiers>
          <isin value="US126395AN25"/>
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        <balance>1678000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1531175.00000000</valUSD>
        <pctVal>0.478010834951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.79850000</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>Mcr Mortgage Trust</name>
        <lei>N/A</lei>
        <title>MCR 2024-TWA Mortgage Trust</title>
        <cusip>582923AG3</cusip>
        <identifiers>
          <isin value="US582923AG37"/>
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        <balance>14700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>14683830.00000000</valUSD>
        <pctVal>4.584080747516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-06-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>14.73900000</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>Bear Stearns Asset Backed Securities Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns Asset Backed Securities I Trust 2006-AC3</title>
        <cusip>07387NAE7</cusip>
        <identifiers>
          <isin value="US07387NAE76"/>
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        <balance>2157541.72990000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>441294.09000000</valUSD>
        <pctVal>0.137765674348</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>4.96648000</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>Pioneer Aircraft Finance Limited</name>
        <lei>N/A</lei>
        <title>Pioneer Aircraft Finance, Ltd.</title>
        <cusip>72353PAC0</cusip>
        <identifiers>
          <isin value="US72353PAC05"/>
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        <balance>1831983.57100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1559934.01000000</valUSD>
        <pctVal>0.486988984661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.90000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2023-SB106 Mortgage Trust</title>
        <cusip>35802AAA1</cusip>
        <identifiers>
          <isin value="US35802AAA16"/>
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        <balance>7815403.35450000</balance>
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        <curCd>USD</curCd>
        <valUSD>7037770.72000000</valUSD>
        <pctVal>2.197090899512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-25</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>
        </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>8681621.84220000</balance>
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        <curCd>USD</curCd>
        <valUSD>7910693.82000000</valUSD>
        <pctVal>2.469604949101</pctVal>
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        <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>
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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 2023-SB109 Mortgage Trust</title>
        <cusip>30333MAF3</cusip>
        <identifiers>
          <isin value="US30333MAF32"/>
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        <balance>6852577.40700000</balance>
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        <curCd>USD</curCd>
        <valUSD>6109072.76000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-25</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>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2024-SB114 Mortgage Trust</title>
        <cusip>30337MAE2</cusip>
        <identifiers>
          <isin value="US30337MAE21"/>
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        <balance>12753545.58440000</balance>
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        <curCd>USD</curCd>
        <valUSD>11374887.31000000</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>2034-05-25</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>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>1234363.30000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1209552.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
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        <debtSec>
          <maturityDt>2030-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.44600000</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>Tharaldson Hotel Portfolio Trust</name>
        <lei>N/A</lei>
        <title>THPT 2023-THL Mortgage Trust</title>
        <cusip>87252LAN5</cusip>
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          <isin value="US87252LAN55"/>
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        <balance>8630000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8270992.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.42800000</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>Fat Brands Gfg Royalty Llc</name>
        <lei>N/A</lei>
        <title>FAT Brands GFG Royalty I LLC</title>
        <cusip>31189WAA5</cusip>
        <identifiers>
          <isin value="US31189WAA53"/>
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        <balance>1323980.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1233816.96000000</valUSD>
        <pctVal>0.385179927327</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</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 2024-SB117 Mortgage Trust</title>
        <cusip>35802CAE9</cusip>
        <identifiers>
          <isin value="US35802CAE93"/>
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        <balance>12535961.68000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10922583.41000000</valUSD>
        <pctVal>3.409873604020</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <name>N/A</name>
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        <name>Redwood Trust Inc</name>
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        <name>N/A</name>
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        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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        <name>Mcr Mortgage Trust</name>
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        <name>Bcp Trust</name>
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        <name>Fremf Mortgage Trust</name>
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        <name>First American Government Obligations Fund</name>
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        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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        <name>N/A</name>
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        <name>Lendingpoint Asset Securitization Trust</name>
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        <name>GSF 2025-AXMF1 ISSUER LLC</name>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.10270000</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>RP422PBN1</cusip>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="P422PBN1"/>
        </identifiers>
        <balance>-3912000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-3912000.00000000</valUSD>
        <pctVal>-1.22127019206</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="9DJT3UXIJIZJI4WXO774" name="Bank of America"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>5.18000000</repurchaseRt>
          <maturityDt>2025-05-14</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>-3912000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>3922686.20000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>PLCMO</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <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>27813.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>568775.85000000</valUSD>
        <pctVal>0.177563648151</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>2377237.68660000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2271926.06000000</valUSD>
        <pctVal>0.709262672710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-10-25</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>Fat Brands Gfg Royalty Llc</name>
        <lei>N/A</lei>
        <title>FAT Brands GFG Royalty I LLC</title>
        <cusip>31189WAD9</cusip>
        <identifiers>
          <isin value="US31189WAD92"/>
        </identifiers>
        <balance>804327.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>773923.92000000</valUSD>
        <pctVal>0.241607928021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</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>Stonepeak</name>
        <lei>N/A</lei>
        <title>Stonepeak 2021-1 ABS</title>
        <cusip>78433XAD2</cusip>
        <identifiers>
          <isin value="US78433XAD21"/>
        </identifiers>
        <balance>1826173.84410000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1695785.03000000</valUSD>
        <pctVal>0.529399721186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.92600000</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>Start Ltd.</name>
        <lei>549300VIQYFIDJQCKZ43</lei>
        <title>Start, Ltd.</title>
        <cusip>85572RAC3</cusip>
        <identifiers>
          <isin value="US85572RAC34"/>
        </identifiers>
        <balance>3601643.39000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3577512.38000000</valUSD>
        <pctVal>1.116847963042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.89900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>AXONIC ALTERNATIVE INCOME FUND</ncom:nameOfApplicant>
      <ncom:signature>Lu Chang</ncom:signature>
      <ncom:signerName>Lu Chang</ncom:signerName>
      <ncom:title>Treasurer &amp; Chief Risk Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
