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      <invstOrSec>
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        <title>FRESB Multifamily Structured Pass Through Certificates</title>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
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        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
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        <title>FRESB 2025-SB122 Mortgage Trust</title>
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      <invstOrSec>
        <name>Fat Brands Gfg Royalty Llc</name>
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        <name>Gkn Sub Ctl Pt Trust Aub</name>
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        <name>Jp Morgan Chase Commercial Mortgage Sec Trust</name>
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        <name>Stonepeak</name>
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        <name>Smr 2022-ind Mortgage Trust</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Huntsville Capital Corp</name>
        <lei>N/A</lei>
        <title>TCG Hunstville JV LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL ID" value="UNTS-140"/>
        </identifiers>
        <balance>4285721.52000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4283578.66000000</valUSD>
        <pctVal>1.033773453535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>9999-12-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.80000000</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>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>AXONIC ALTERNATIVE INCOME FUND</ncom:nameOfApplicant>
      <ncom:signature>Joe Castellano</ncom:signature>
      <ncom:signerName>Joe Castellano</ncom:signerName>
      <ncom:title>Chief Accounting Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
