# EDGAR Filing Document

**Accession Number:** 0001754927
**File Stem:** 0001049169-26-000907
**Filing Date:** 2026-4
**Character Count:** 71132
**Document Hash:** d83c8bec00cb08f7e0cbb7ba612cba27
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-26-000907.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0001049169-26-000907

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260401

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Axonic Alternative Income Fund
- **CENTRAL INDEX KEY:** 0001754927

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23385
- **FILM NUMBER:** 26829094

**BUSINESS ADDRESS:**
- **STREET 1:** C/O AXONIC CAPITAL, LLC
- **STREET 2:** 520 MADISON AVENUE, 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-259-0430

**MAIL ADDRESS:**
- **STREET 1:** C/O AXONIC CAPITAL, LLC
- **STREET 2:** 520 MADISON AVENUE, 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Nport-Ex

AXONIC ALTERNATIVE INCOME FUND

SCHEDULE OF INVESTMENTS

January 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| **COMMON STOCKS (0.03%)** |  |  |
| **Financials (0.03%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Trust, Inc. REIT<sup>(a)</sup> | 21780 | $119354 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $237,536)** |  | **119354** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Rate** | **Shares** | **Value** |
| **PREFERRED STOCKS (1.12%)** |  |  |  |
| **Financials (1.12%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACRES Commercial Realty Corp., Series D<sup>(a)(b)</sup> | 7.88% | 17823 | 392997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCG Hunstville JV LLC<sup>(b)</sup> | 11.80% | 4285722 | 4283579 |
| **TOTAL PREFERRED STOCKS** |  |  |  |
| **(Cost $4,720,264)** |  |  | **4676576** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| **ASSET-BACKED SECURITIES (3.20%)** | **ASSET-BACKED SECURITIES (3.20%)** | **ASSET-BACKED SECURITIES (3.20%)** | **ASSET-BACKED SECURITIES (3.20%)** | **ASSET-BACKED SECURITIES (3.20%)** |
| **Other ABS (3.20%)** | **Other ABS (3.20%)** | **Other ABS (3.20%)** | **Other ABS (3.20%)** | **Other ABS (3.20%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Castlelake Aircraft Structured Trust, Series 2017-1R, Class C<sup>(c)</sup> | 6.50% | 08/15/41 | $508535 | $496381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAT Brands GFG Royalty I LLC, Series 2021-1A, Class A2<sup>(c)(d)</sup> | 7.00% | 07/25/51 | 1317120 | 1251264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAT Brands GFG Royalty I LLC, Series 2022-1A, Class A2<sup>(c)</sup> | 7.00% | 07/25/26 | 800160 | 760152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Silver, Series 2019-1, Class B<sup>(c)</sup> | 4.95% | 07/15/26 | 2190865 | 2129302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prop, Ltd., Series 2017-1, Class B<sup>(c)(d)</sup> | 6.90% | 03/15/42 | 5765251 | 4525721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prop, Ltd., Series 2017-1, Class C<sup>(d)</sup> | 9.55% | 03/15/42 | 6101686 | 2410166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak 2021-1 ABS, Series 2021-1A, Class C<sup>(c)</sup> | 5.93% | 05/15/28 | 1643540 | 1561199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thunderbolt III Aircraft Lease, Ltd., Series 2019-1, Class B<sup>(c)</sup> | 4.75% | 11/15/26 | 280040 | 277156 |
| **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** |
| **(Cost $13,247,201)** |  |  |  | **13411341** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (52.10%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (52.10%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (52.10%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (52.10%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (52.10%)** |
| **Commercial MBS (52.10%)** | **Commercial MBS (52.10%)** | **Commercial MBS (52.10%)** | **Commercial MBS (52.10%)** | **Commercial MBS (52.10%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class C<sup>(c)(e)</sup> | 1M CME TERM SOFR + 1.71% | 06/15/38 | 4111000 | 2818502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Commercial Mortgage Trust 2020-FACT E | 9.16% | 10/15/37 | 1678000 | 1557687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2018-KF44, Class C<sup>(c)(e)</sup> | 30D US SOFR + 8.61% | 02/25/26 | 1101894 | 1090103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2022-K748, Class D<sup>(c)(f)</sup> | 0.00% | 02/25/29 | 2995082 | 2241819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2022-K748, Class X2B<sup>(c)(g)</sup> | 0.10% | 02/25/29 | 12739389 | 31848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2022-K748, Class X2A<sup>(c)(g)</sup> | 0.10% | 01/25/29 | 46799470 | 112319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2022-KF144, Class CS<sup>(c)(e)</sup> | 30D US SOFR + 6.00% | 09/25/32 | 3787307 | 3718378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2017-SB28, Class B<sup>(c)(e)</sup> | 30D US SOFR + 7.93% | 01/25/27 | 1091632 | 1074166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2017-SB32, Class B<sup>(c)(e)</sup> | 30D US SOFR + 7.93% | 04/25/27 | 1714884 | 1728432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2017-SB38, Class B<sup>(c)(e)</sup> | 4.17% | 08/25/27 | 263078 | 258395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2017-SB42, Class B<sup>(c)(e)</sup> | 30D US SOFR + 7.61% | 10/25/27 | 1923225 | 1854181 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2020-SB74, Class B<sup>(c)(e)</sup> | 6.52% | 04/25/30 | $| 1234363 | $| 1234734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2020-SB76, Class B<sup>(c)(e)</sup> | 4.07% | 05/25/30 |  | 417219 |  | 417303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2020-SB81, Class B<sup>(c)(e)</sup> | 8.11% | 10/25/30 |  | 2293790 |  | 2154786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2021-SB83, Class X1<sup>(e)(g)</sup> | 0.75% | 01/25/41 |  | 6600467 |  | 178982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2021-SB90, Class B<sup>(e)</sup> | 7.50% | 07/25/41 |  | 2830475 |  | 2615076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2021-SB93, Class B<sup>(e)</sup> | 7.50% | 10/25/41 |  | 3794150 |  | 3549806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2022-SB100, Class B<sup>(e)</sup> | 7.50% | 05/25/42 |  | 8409285 |  | 7702064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2022-SB95, Class B<sup>(c)(e)</sup> | 7.27% | 12/25/41 |  | 4772780 |  | 4581868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2022-SB98, Class B<sup>(c)(e)</sup> | 7.50% | 04/25/42 |  | 5858387 |  | 5633425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2023-SB106, Class B<sup>(e)</sup> | 7.50% | 05/25/33 |  | 7651916 |  | 6960948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2023-SB109, Class B<sup>(e)</sup> | 7.50% | 07/25/43 |  | 6567179 |  | 5879595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2024-SB114, Class B<sup>(e)</sup> | 7.50% | 05/25/34 |  | 12528601 |  | 11324603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2024-SB117, Class B<sup>(e)</sup> | 7.50% | 10/25/34 |  | 12220811 |  | 10759202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2025-SB119, Class B<sup>(e)</sup> | 7.50% | 01/25/35 |  | 13986779 |  | 12241229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2025-SB122, Class B<sup>(e)</sup> | 7.50% | 05/25/35 |  | 13571586 |  | 11877852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Multifamily Structured Pass Through Certificates, Series 2021-SB86, Class B<sup>(c)(e)</sup> | 7.50% | 03/25/41 |  | 2673913 |  | 2466150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSF LLC, Series 2023-1, Class D<sup>(c)(h)</sup> | 7.63% | 12/01/38 |  | 8767751 |  | 8145484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudsons Bay Simon JV Trust 2015-HBS, Series 2015-HB10, Class A10<sup>(c)</sup> | 4.15% | 08/05/34 |  | 4677207 |  | 4655692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudsons Bay Simon JV Trust 2015-HBS, Series 2015-HB10, Class C10<sup>(c)(e)</sup> | 5.45% | 08/05/34 |  | 6652596 |  | 6610019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMCC Multifamily Housing Mortgage Loan Trust, Series 2025-Q032, Class D<sup>(c)(e)</sup> | 7.50% | 11/25/54 |  | 13377277 |  | 12646878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-TWA, Class F<sup>(c)</sup> | 10.38% | 06/12/27 |  | 2600000 |  | 2625740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-TWA, Class HRR<sup>(c)</sup> | 14.74% | 06/12/27 |  | 14700000 |  | 14667660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily Structured Credit Risk, Series 2023-SN1, Class B<sup>(c)(e)</sup> | 30D US SOFR + 7.00% | 07/25/42 |  | 14360332 |  | 14584353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCMS Mortgage Trust, Series 2025-BNC1, Class XA<sup>(c)(e)(g)</sup> | 0.97% | 04/15/28 |  | 401012434 |  | 6857313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCMS Mortgage Trust, Series 2025-BNC1, Class E<sup>(c)(e)</sup> | 5.53% | 07/15/28 |  | 4020000 |  | 3593880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCMS Mortgage Trust, Series 2025-BNC1, Class HRR<sup>(c)(e)</sup> | 5.53% | 09/15/28 |  | 28637899 |  | 25499185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMR 2022-IND Mortgage Trust, Series 22-IND, Class G<sup>(c)(e)</sup> | 1M CME TERM SOFR + 7.50% | 02/15/39 |  | 4120547 |  | 3818511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class F<sup>(c)(e)</sup> | 7.19% | 12/10/26 |  | 8630000 |  | 8435825 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |
| **(Cost $218,037,448)** |  |  |  |  |  | **218203993** |
| **CORPORATE BONDS (0.86%)** | **CORPORATE BONDS (0.86%)** | **CORPORATE BONDS (0.86%)** | **CORPORATE BONDS (0.86%)** | **CORPORATE BONDS (0.86%)** | **CORPORATE BONDS (0.86%)** | **CORPORATE BONDS (0.86%)** |
| **Diversified Financial Services (0.86%)** | **Diversified Financial Services (0.86%)** | **Diversified Financial Services (0.86%)** | **Diversified Financial Services (0.86%)** | **Diversified Financial Services (0.86%)** | **Diversified Financial Services (0.86%)** | **Diversified Financial Services (0.86%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GKN Subordinated CTL Pass-Through Trust/Auburn MI<sup>(c)(e)</sup> | 0.00% | 03/15/30 |  | 5399179 |  | 3595853 |
| **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** |
| **(Cost $3,808,822)** |  |  |  |  |  | **3595853** |
| **INVESTMENT IN JOINT VENTURES (17.18%)** | **INVESTMENT IN JOINT VENTURES (17.18%)** | **INVESTMENT IN JOINT VENTURES (17.18%)** | **INVESTMENT IN JOINT VENTURES (17.18%)** | **INVESTMENT IN JOINT VENTURES (17.18%)** | **INVESTMENT IN JOINT VENTURES (17.18%)** | **INVESTMENT IN JOINT VENTURES (17.18%)** |
| **Commercial MBS (17.18%)** | **Commercial MBS (17.18%)** | **Commercial MBS (17.18%)** | **Commercial MBS (17.18%)** | **Commercial MBS (17.18%)** | **Commercial MBS (17.18%)** | **Commercial MBS (17.18%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSF 2023-1 Investor, LLC<sup>(h)(i)(j)(k)</sup> |  |  |  |  |  | 39550026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSF 2025-5 Portfolio Holding LLC<sup>(h)(i)(j)(k)</sup> |  |  |  |  |  | 12271727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSF 2025-AXMF1 EFX LLC<sup>(h)(i)(j)(k)</sup> |  |  |  |  |  | 20105209 |
| **TOTAL INVESTMENT IN JOINT VENTURES** | **TOTAL INVESTMENT IN JOINT VENTURES** | **TOTAL INVESTMENT IN JOINT VENTURES** | **TOTAL INVESTMENT IN JOINT VENTURES** | **TOTAL INVESTMENT IN JOINT VENTURES** | **TOTAL INVESTMENT IN JOINT VENTURES** | **TOTAL INVESTMENT IN JOINT VENTURES** |
| **(Cost $73,308,444)** |  |  |  |  |  | **71926962** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Value** |
| **LOANS (15.55%)** | **LOANS (15.55%)** | **LOANS (15.55%)** | **LOANS (15.55%)** | **LOANS (15.55%)** |
| **Commercial MBS (15.55%)** | **Commercial MBS (15.55%)** | **Commercial MBS (15.55%)** | **Commercial MBS (15.55%)** | **Commercial MBS (15.55%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRE_MEZZ_ARLOMIDTOWN_HT_202512 | 12.00% | 04/06/30 | $27500000 | $27610000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CS Farmington Limited LP, G8 Farmington LLC, 264 Farmington LLC | 12.00% | 04/06/30 | 7500000 | 7497000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portofino Mezz Partners, LLC | 14.00% | 07/01/29 | 7000000 | 6997200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rivertree Landing Apartments LLC<sup>(k),(l)</sup> | 30D US SOFR + 3.90% | 09/06/28 | 16315000 | 16303579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surfrider Montauk<sup>(m)</sup> | 1M US SOFR + 10.00% | 04/09/27 | 6735300 | 6728565 |
| **TOTAL LOANS** | **TOTAL LOANS** | **TOTAL LOANS** | **TOTAL LOANS** | **TOTAL LOANS** |
| **(Cost $65,001,880)** |  |  |  | **65136344** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (3.19%)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (3.19%)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (3.19%)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (3.19%)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (3.19%)** |
| **WL Collateral CMO (3.19%)** | **WL Collateral CMO (3.19%)** | **WL Collateral CMO (3.19%)** | **WL Collateral CMO (3.19%)** | **WL Collateral CMO (3.19%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bear Stearns Asset Backed Securities I Trust, Series 2006-AC3, Class M1<sup>(e)</sup> | 1M CME TERM SOFR + 0.64% | 05/25/36 | 2099722 | 430777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Center Street Lending Resi-Investor ABS Mortgage Trust, Series 2024-RTL1, Class M<sup>(c)(d)</sup> | 10.74% | 05/25/27 | 5264000 | 5359412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominion Mortgage Trust, Series 2025-RTL1, Class M<sup>(c)(d)</sup> | 10.19% | 09/25/27 | 3000000 | 3047553 |
| &nbsp;&nbsp;&nbsp;&nbsp;EFMT, Series 2025-RTL1, Class M2<sup>(c)(e)</sup> | 8.33% | 05/25/28 | 2250000 | 2256730 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL1, Class M<sup>(c)(d)</sup> | 11.95% | 01/25/29 | 2250000 | 2254147 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |
| **(Cost $13,285,300)** |  |  |  | **13348619** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day**<br>**Yield** |<br>**Shares** |<br>**Value** |
| **SHORT TERM INVESTMENTS - COMMON SHARES (8.61%)** | **SHORT TERM INVESTMENTS - COMMON SHARES (8.61%)** | **SHORT TERM INVESTMENTS - COMMON SHARES (8.61%)** | **SHORT TERM INVESTMENTS - COMMON SHARES (8.61%)** |
| **Money Market Fund (8.61%)** | **Money Market Fund (8.61%)** | **Money Market Fund (8.61%)** | **Money Market Fund (8.61%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management, Institutional Shares | 3.58% | 5972960 | 5972960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund, Class X | 3.61% | 30078052 | 30078052 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $36,051,012)** |  |  | **36051012** |
| **TOTAL INVESTMENTS (101.84%)** |  |  |  |
| **(Cost $427,697,907)** |  |  | $**426470054** |
| **Liabilities in Excess of Other Assets (-1.84%)** |  |  | (7690895) |
| **NET ASSETS (100.00%)** |  |  | $**418779159** |

---

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *Perpetual maturity.*

*<sup>(c)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may normally be sold to qualified institutional buyers in transactions exempt from registration. The total value of Rule 144A securities amounts to $158,110,272, which represents 37.76% of net assets as of January 31, 2026.*

*<sup>(d)</sup>* *Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at January 31, 2026.*

*<sup>(e)</sup>* *Floating or variable rate security. The Reference Rates are described below. Interest rate shown reflects the rate in effect at January 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.*

*<sup>(f)</sup>* *Issued with a zero coupon. Income is recognized through the accretion of discount.*

*<sup>(g)</sup>* *Interest only securities.*

*<sup>(h)</sup>* *As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as Level 3 assets.* 

*<sup>(i)</sup>* *Affiliated company. See Notes to the Consolidated Financial Statements.*

*<sup>(j)</sup>* *Security considered restricted and illiquid. As of January 31, 2026, the total value of these investments amounts to $71,926,962 or 17.18% of the Fund's net assets.*

*<sup>(k)</sup>* *The Fund's interest in this loan is held through a wholly-owned LLC of the fund. See Notes 1 and 2 to the Consolidated Notes to Schedule of Investments.*

*<sup>(l)</sup>* *On January 31, 2026, securities valued at $16,303,579 were pledged as collateral for mortgage loan warehouse agreements.*

*<sup>(m)</sup>* *Security has associated unfunded commitments of $414,700.*

**Investment Abbreviations:**

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

**Reference Rates:**

1M US SOFR - 1 Month US SOFR as of January 31, 2026 was 3.68%

1M CME TERM SOFR - 1 Month CME SOFR as of January 31, 2026 was 3.67%

30D US SOFR - 30 Day US SOFR as of January 31, 2026 was 3.68%

**MORTGAGE LOAN WAREHOUSE**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest Rate** | **Acquisition Date** | **Maturity Date** | **Amount** |
| UBS AG | 1M SOFR + 4.15% | 08/30/2023 | 08/25/2026 | $12236250 |
|  |  |  |  | $**12236250** |

---

**Axonic Alternative Income Fund**

**CONSOLIDATED NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)** 

January 31, 2026

**1. ORGANIZATION**

Axonic Alternative Income Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as a non-diversified, closed-end management investment company. The Fund was organized as a Delaware statutory trust on September 26, 2018 pursuant to a Declaration of Trust governed by the laws of the State of Delaware. The Fund engages in a continuous offering of shares and operates as an interval fund and makes quarterly offers to repurchase its shares at their net asset value (the "NAV") in accordance with Rule 23c-3 under the 1940 Act. Axonic Capital LLC (the "Adviser") acts as the Fund's investment adviser. The Adviser is a registered investment adviser and is responsible for making the investment decisions for the Fund's portfolio. The Fund's investment objective is to seek total return. The Fund's portfolio will be deemed to be non-diversified under the 1940 Act, meaning it may invest a greater percentage of its assets in a single or limited number of issuers than a diversified fund. Under normal circumstances, the Fund will concentrate its investments (i.e., invest 25% or more of its total assets (measured at the time of purchase)) in mortgage-related assets issued by government agencies or other governmental entities or by private originators or issuers.

The Fund currently offers Class A and Class I shares. Class I shares commenced operations on December 31, 2018 and Class A shares commenced operations on November 1, 2023. Class A shares are offered subject to a maximum sales charge of 2.50%. Class I shares are offered at NAV per share and are not subject to sales charges. The Fund may offer additional classes of shares in the future. The Fund has received exemptive relief from the Securities and Exchange Commission ("SEC") that permits the Fund to issue multiple classes of shares.

The Fund's assets may be invested in wholly-owned and controlled subsidiaries of the Fund (collectively, the "Subsidiaries"), each of which has the same investment objective as the Fund. All of the Subsidiaries, AAIDX Seller (U), GSF Quad2 LLC, GSF 2025-5 EFX LLC and AAIDX Lender LLC are Delaware limited liabilities companies. To the extent permitted by the 1940 Act, the Fund may make investments through the Subsidiaries, which are pass-through entities.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Fund in preparation of its consolidated financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is considered an investment company for financial reporting purposes under GAAP. The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 "Financial Services – Investment Companies". The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

**Consolidation of Subsidiaries** – The consolidated financial statements include the financial position and the results of operations of the Fund and its Subsidiaries. As of January 31, 2026, the total value of investments held by the Subsidiaries is $71,926,962, or approximately 17.18% of the Fund's net assets.

All intercompany accounts and transactions have been eliminated in these consolidated financial statements.

**Securities Valuation** – The Fund values its investments at fair value. The Fund's Board of Trustees (the "Board") has approved pricing policies and procedures and fair valuation policies and procedures pursuant to which the Fund will value its investments. The Adviser has appointed an independent Administrator of the Fund, pursuant to the administration agreement, under which the Administrator independently calculates the daily NV per share of the Fund. In doing so, the Administrator, on a daily basis, in compliance with the policies and procedures described above, independently values the investment positions within the Fund's portfolio. The Administrator, at its discretion, may notify the Fund or the Board of any valuation conflicts and/or non-compliance with the policies and procedures. The Administrator and the Adviser include in quarterly written reports to the Board, confirmation that the policies and procedures provide fair and accurate prices. Securities listed on an exchange, including common stocks, are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined. Investments in shares of funds, including money market funds that are not traded on an exchange are valued at the end of day NAV per share of such fund.

Securities for which market prices are not "readily available" are valued in good faith by the Fund's Adviser as "valuation designee" under the oversight of the Fund's Board. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Fund's Board. The Advisor may, in turn and subject to its oversight, delegate pricing of securities for which market prices are readily available to the Fund's administrator. All fair valuation determinations shall be made by the Fair Value Committee (the "Committee"), in accordance with policies and procedures established by the Adviser.

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; a significant event with respect to a security or securities has occurred after the close of the market or exchange on which the security or securities principally trades and before the time the Fund calculates net asset value; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

Investments in joint ventures, structured credit, and other similar debt securities including, but not limited to, asset-backed securities, collateralized debt obligations, collateralized loan obligations, collateralized mortgage obligations, mortgage-backed securities, commercial mortgage-backed security, and other securitized investments backed by certain debt or other receivables (collectively, "Structured Credit Securities"), are valued on the basis of valuations provided by independent pricing services and/or dealers in those instruments recommended by the Adviser. Interest Rate Swaps are valued by an independent pricing service as approved by the Adviser. For centrally cleared swaps, the daily change in valuation and upfront payments, if any, are recorded as a receivable or payable for variation margin on the Consolidated Statement of Assets and Liabilities. In determining fair value, pricing services and dealers will generally use information with respect to transactions in the securities being valued, quotations from other dealers, market transactions in comparable securities, analyses and evaluations of various relationships between securities, and yield to maturity information. The Adviser will, based on its reasonable judgment, select the pricing services or dealer quotations that most accurately reflect the fair market value of the Structured Credit Security while taking into account the information utilized by the pricing services or dealers to formulate the quotation in addition to any other relevant factors.

When price quotations for certain securities are not readily available, or if the available quotations are not believed to be reflective of market value by the Adviser, those securities will be valued at "fair value" as determined in good faith by the Adviser's Valuation Committee using the fair valuation policies and procedures adopted by, and under the supervision of, the Board. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund's NAV.

The fair valuation policies and procedures may be used to value a substantial portion of the assets of the Fund. The Fund may use the fair value of a security to calculate its NAV when, for example, (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and has not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Adviser determines that the quotation or price for a portfolio security provided by an independent pricing service and broker-dealer is inaccurate.

The "fair value" of securities may be difficult to determine and thus judgment plays a greater role in the valuation process. The fair valuation methodology may include or consider the following guidelines, as appropriate: (1) evaluation of all relevant factors, including but not limited to, pricing history, current market level and supply and demand of the respective security; (2) comparison to the values and current pricing of securities that have comparable characteristics; (3) knowledge of historical market information with respect to the security; and (4) other factors relevant to the security which would include, but not be limited to, duration, yield, fundamental analytical data, the Treasury yield curve and credit quality

**Fair Value Measurements** – A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value.

Various inputs are used in determining the value of the Fund's investments as of the reporting period end. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability at the measurement date; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date. |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. To the extent practicable, the Adviser generally endeavors to maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs are to be used when available.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the fair values according to the inputs used in valuing the Fund's investments as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)(b)</sup>** | **Level 1 - <br> Quoted Prices** | **Level 2 - <br> Other Significant Observable Inputs** | **Level 3 - <br> Significant Unobservable Inputs** | **Total** |
| Common Stocks | $119354 | $– | $– | $119354 |
| Preferred Stocks | 392997 | 4283579 |  | 4676576 |
| Asset-Backed Securities |  | 13411341 |  | 13411341 |
| Commercial Mortgage-Backed Securities |  | 218203993 |  | 218203993 |
| Corporate Bonds |  | 3595853 |  | 3595853 |
| Investment In Joint Ventures |  |  | 71926962 | 71926962 |
| Loans |  | 65136344 |  | 65136344 |
| Residential Mortgage-Backed Securities |  | 13348619 |  | 13348619 |
| Short Term Investments | 36051012 | – | – | 36051012 |
| Total | $36563363 | $317979729 | $71926962 | $426470054 |

---

*<sup>(a)</sup>* *For detailed descriptions of industries, see the accompanying Consolidated Schedule of Investments.*

*<sup>(b)</sup>* *For liabilities arising from reverse repurchase agreements, the carrying amount approximates fair value due to the relatively short-term maturity of these financial instruments.*

The following table discloses the purchase of Level 3 portfolio investments as well as the value of transfers into or out of Level 3 for the period ended January 31, 2026 of the Fund's Level 3 portfolio investments:

---

| | | |
|:---|:---|:---|
| | **Investment in <br> Joint Venture** | **Total** |
| Balance as of October 31, 2025 | $60455739 | $60455739 |
| &nbsp;&nbsp;&nbsp;Accrued discount/premium | 2500478 | 2500478 |
| &nbsp;&nbsp;&nbsp;Return of Capital |  |  |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) | (658008) | (658008) |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | (1000870) | (1000870) |
| &nbsp;&nbsp;&nbsp;Purchases | 11942894 | 11942894 |
| &nbsp;&nbsp;&nbsp;Sales Proceeds | (1313271) | (1313271) |
| &nbsp;&nbsp;&nbsp;Transfer into Level 3 |  |  |
| &nbsp;&nbsp;&nbsp;Transfer out of Level 3 | - | - |
| Balance as of January 31, 2026 | $71926962 | $71926962 |
| Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at January 31, 2026 | $(1000870) | $(1000870) |

---

The table below provides additional information about Level 3 Fair Value Measurements as of January 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value** | **Valuation Technique** | **Unobservable Inputs** | **Value/Range** | **Weighted Average** |
| Investments in Joint Venture | $71926962 | Discount Cash Flow Method | Constant Prepayment Yield | 0%-100% | 28.11% |
| Investments in Joint Venture | $71926962 | Discount Cash Flow Method | Constant Default Rate | 0% | 0% |
| Investments in Joint Venture | $71926962 | Discount Cash Flow Method | Discount Rate | 10.00%-17.50% | 14.30% |

---

**Securities Transactions and Investment Income** – Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Dividend income from REITs is recognized on the ex-dividend date. It is common for distributions from REITs to exceed taxable earnings and profits, resulting in the excess portion of such dividends being designated as a return of capital. The calendar year-end amounts of ordinary income, capital gains, and return of capital included in distributions received from the Fund's investment in REITs are reported to the Fund after the end of the calendar year; accordingly, the Fund estimates these amounts for accounting purposes until the characterization of REIT distributions is reported to the Fund after the end of the calendar year. Estimates are based on the most recent REIT distribution information available.

**3. REVERSE REPURCHASE AGREEMENTS & MORTGAGE LOAN WAREHOUSE**

The Fund may engage in reverse repurchase agreements. Reverse repurchase agreements are agreements that involve the sale of securities held by the Fund to financial institutions such as banks and broker-dealers, with an agreement that the Fund will repurchase the securities at an agreed upon price and date. During the reverse repurchase agreement period, the Fund continues to receive interest and principal payments on the securities sold. The Fund may employ reverse repurchase agreements (i) for temporary emergency purposes or to meet repurchase requests so as to avoid liquidating other portfolio securities during unfavorable market conditions; (ii) to cover short-term cash requirements resulting from the timing of trade settlements; or (iii) to take advantage of market situations where the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction.

Reverse repurchase agreements involve the risk that the market value of securities to be purchased by the Fund may decline below the price at which the Fund is obligated to repurchase the securities, or that the other party may default on its obligation, so that the Fund is delayed or prevented from completing the transaction. At the time the Fund enters into a reverse repurchase agreement, it will segregate, and maintain, liquid assets having a dollar value equal to the repurchase price. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund's use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligations to repurchase the securities.

**4. INVESTMENTS IN AFFILIATED COMPANIES**

The Fund may invest in certain securities that are considered securities issued by affiliated companies. As defined by the 1940 Act, an affiliated person, including an affiliate company, is one in which a Fund owns 5% or more of the outstanding voting securities, or which is under common ownership or control with the Fund. The purchases, sales, interest income, capital gains, and value of investment in affiliated companies for the period ended January 31, 2026 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Fair Value as of <br> October 31, 2025 | Purchases | Sales | Amortization/ Accretion | Change in unrealized | Realized Gain Loss | Fair Value as of January 31, 2026 | Interest Income |
| GSF 2023-1 Investor, LLC<sup>(a)(b)</sup> | 39550026 |  |  |  |  |  | 39550026 | 632667 |
| GSF 2025-5 Portfolio Holding LLC<sup>(a)(b)</sup> | 5791848 | 8441304 | (1313271) | 765282 | (755428) | (658008) | 12271727 | 86404 |
| GSF 2025-AXMF1 EFX LLC<sup>(a)</sup> | 15113865 | 3501590 | - | 1735196 | (245442) | - | 20105209 | 313132 |
|  | 60455739 | 11942894 | (1313271) | 2500478 | (1000870) | (658008) | 71926962 | 1032203 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *The Fund owns approximately 65.4%, 25.0%, and 9.6% of the underlying investment of GSF 2023-1 Investor LLC, GSF 2025-AXMF1 EFX LLC, and GSF 2025-5 Portfolio Holding LLC, respectively, which qualify as a REIT for U.S. tax purposes.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *The Fund's ownership in the above investment is held through a wholly-owned special purpose vehicle, and is restricted from withdrawal until liquidation.*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** AXONIC ALTERNATIVE INCOME FUND

- **b. Investment Company Act file number:** 811-23385

- **c. CIK number of Registrant:** 0001754927

- **d. LEI of Registrant:** 549300OCFNTKUUAO1D05

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 520 MADISON AVENUE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10022

  - **Telephone number:** 2122590430

**Item A.2. Information about the Series.**

- **a. Name of Series:** Axonic Alternative Income Fund

- **c. LEI of Series:** 549300OCFNTKUUAO1D05

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $430722091.52

**Total Liabilities:** $16358708.00

**Net Assets:** $414363383.52

**Cash Not Reported:** $58310.02

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 116.19635400 | **1-Year:** 2493.08738400 | **5-Year:** 13214.45726200 | **10-Year:** 32008.70991100 | **30-Year:** 5740.44894500

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 203.53384500 | **1-Year:** 972.16733500 | **5-Year:** 39.56784600 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.64%                | 0.98%                | 0.76%                |
| Class ID N/A | 0.69%                | 1.05%                | 0.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-362374.87              | $-35477.46                                 |
| Month 2  | $979892.61               | $-1141499.77                               |
| Month 3  | $26041.74                | $-535963.66                                |

### Schedule of Portfolio Investments

| Name                                              | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Acres Commercial Realty                           | ACRES Commercial Realty Corp.                                    | CUSIP: 00489Q300<br>LEI: 549300RUJWPCMY4JFR46 | Long             | EP               | CORP              | US        |     17823 | NS      | $392997.15    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bcp Trust                                         | BCP Trust 2021-330N                                              | CUSIP: 05553BAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4111000 | PA      | $2818501.60   | 0.68%             | 2038-06-15      | Floating      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust        | Bear Stearns Asset Backed Securities I Trust 2006-AC3            | CUSIP: 07387NAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2099722 | PA      | $430776.56    | 0.10%             | 2036-05-25      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| CSMC 2020-FACT                                    | Credit Suisse Commercial Mortgage Trust 2020-FACT E              | CUSIP: 126395AN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1678000 | PA      | $1557687.40   | 0.38%             | 2037-10-15      | Floating      | 9.81%                 | Yes           |                  2 | On Loan: No      |
| Castlelake Aircraft Securitization Trust          | Castlelake Aircraft Structured Trust 2017-1R                     | CUSIP: 14856JAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    508535 | PA      | $496380.66    | 0.12%             | 2041-08-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Center Street Lending Resi-investor Abs Trust     | Center Street Lending Resi-Investor ABS Mortgage Trust 2024-RTL1 | CUSIP: 15169CAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5264000 | PA      | $5359412.11   | 1.29%             | 2027-05-25      | Fixed         | 10.74%                | Yes           |                  2 | On Loan: No      |
| Distribution Financial Services Trust             | Dominion Mortgage Trust 2025-RTL1                                | CUSIP: 25746DAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3047553.30   | 0.74%             | 2027-09-25      | Variable      | 10.19%                | Yes           |                  2 | On Loan: No      |
| Ellington Financial Mortgage Trust                | EFMT 2025-RTL1                                                   | CUSIP: 26846FAD1<br>LEI: 254900NFBGFOBK1G2B84 | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $2256729.75   | 0.54%             | 2028-05-25      | Variable      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon Jv Trust                        | Hudsons Bay Simon JV Trust 2015-HBS                              | CUSIP: 44422PBY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6652596 | PA      | $6610019.39   | 1.60%             | 2034-08-05      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2020-SB74 Mortgage Trust                                   | CUSIP: 30291SAL7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1234363 | PA      | $1234733.61   | 0.30%             | 2030-04-25      | Variable      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2017-SB32 Mortgage Trust                                   | CUSIP: 302952AF3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1714884 | PA      | $1728431.54   | 0.42%             | 2027-04-25      | Floating      | 11.94%                | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust                              | FREMF 2018-KF44 Mortgage Trust                                   | CUSIP: 30296JAE8<br>LEI: 549300EOT0GWUWJMLC61 | Long             | ABS-MBS          | USGSE             | US        |   1101894 | PA      | $1090103.28   | 0.26%             | 2026-02-25      | Floating      | 12.40%                | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2017-SB28 Mortgage Trust                                   | CUSIP: 30300KAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1091632 | PA      | $1074165.88   | 0.26%             | 2027-01-25      | Floating      | 11.72%                | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2017-SB38 Mortgage Trust                                   | CUSIP: 30305LAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    263078 | PA      | $258394.76    | 0.06%             | 2027-08-25      | Floating      | 11.72%                | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2017-SB42 Mortgage Trust                                   | CUSIP: 30306BAD5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1923225 | PA      | $1854180.76   | 0.45%             | 2037-10-25      | Floating      | 11.40%                | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2020-SB76 Mortgage Trust                                   | CUSIP: 30315EAF3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    417219 | PA      | $417302.59    | 0.10%             | 2030-05-25      | Variable      | 4.07%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2020-SB81 Mortgage Trust                                   | CUSIP: 30317QAA5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2293790 | PA      | $2154786.00   | 0.52%             | 2040-10-25      | Variable      | 8.11%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2021-SB83 Mortgage Trust                                   | CUSIP: 30318NAG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6600467 | PA      | $178982.23    | 0.04%             | 2041-01-25      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB Multifamily Structured Pass Through Certificates           | CUSIP: 30320MAA9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2673913 | PA      | $2466150.41   | 0.60%             | 2041-03-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2021-SB90 Mortgage Trust                                   | CUSIP: 30322KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2830475 | PA      | $2615076.18   | 0.63%             | 2041-07-25      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2021-SB93 Mortgage Trust                                   | CUSIP: 30325WAE4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3794150 | PA      | $3549806.32   | 0.86%             | 2041-10-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fremf Mortgage Trust                              | FREMF 2022-K748 Mortgage Trust                                   | CUSIP: 30326JAN2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  46799470 | PA      | $112318.73    | 0.03%             | 2029-01-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust                              | FREMF 2022-K748 Mortgage Trust                                   | CUSIP: 30326JAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  12739389 | PA      | $31848.47     | 0.01%             | 2029-02-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust                              | FREMF 2022-K748 Mortgage Trust                                   | CUSIP: 30326JAS1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2995082 | PA      | $2241818.88   | 0.54%             | 2029-02-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2022-SB98 Mortgage Trust                                   | CUSIP: 30327FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5858387 | PA      | $5633424.55   | 1.36%             | 2042-04-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2022-SB100 Mortgage Trust                                  | CUSIP: 30327XAL4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   8409285 | PA      | $7702063.80   | 1.86%             | 2042-05-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fremf Mortgage Trust                              | FREMF Mortgage Trust                                             | CUSIP: 30329HAE3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   3787307 | PA      | $3718378.07   | 0.90%             | 2032-09-25      | Floating      | 9.79%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2023-SB109 Mortgage Trust                                  | CUSIP: 30333MAF3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6567179 | PA      | $5879595.11   | 1.42%             | 2043-07-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2024-SB114 Mortgage Trust                                  | CUSIP: 30337MAE2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  12528601 | PA      | $11324602.55  | 2.73%             | 2034-05-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2025-SB122 Mortgage Trust                                  | CUSIP: 30341RAE5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  13571586 | PA      | $11877851.87  | 2.87%             | 2035-05-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fat Brands Gfg Royalty Llc                        | FAT Brands GFG Royalty I LLC                                     | CUSIP: 31189WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1317120 | PA      | $1251264.00   | 0.30%             | 2051-07-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Fat Brands Gfg Royalty Llc                        | FAT Brands GFG Royalty I LLC                                     | CUSIP: 31189WAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800160 | PA      | $760152.00    | 0.18%             | 2026-07-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                | Multifamily Structured Credit Risk                               | CUSIP: 35564BAA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  14360332 | PA      | $14584353.37  | 3.52%             | 2042-07-25      | Floating      | 10.70%                | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2023-SB106 Mortgage Trust                                  | CUSIP: 35802AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   7651916 | PA      | $6960948.37   | 1.68%             | 2033-05-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2024-SB117 Mortgage Trust                                  | CUSIP: 35802CAE9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  12220811 | PA      | $10759202.16  | 2.60%             | 2034-10-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2022-SB95 Mortgage Trust                                   | CUSIP: 35802DAE7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4772780 | PA      | $4581868.50   | 1.11%             | 2041-12-25      | Variable      | 7.26%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2025-SB119 Mortgage Trust                                  | CUSIP: 35802JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  13986779 | PA      | $12241229.17  | 2.95%             | 2035-01-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Gkn Sub Ctl Pt Trust Aub                          | GKN Subordinated CTL Pass-Through Trust/Auburn MI                | CUSIP: 36175XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5399179 | PA      | $3595853.21   | 0.87%             | 2030-03-15      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Jp Morgan Chase Commercial Mortgage Sec Trust     | JPMCC Multifamily Housing Mortgage Loan Trust 2025-Q032          | CUSIP: 48129YAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13377277 | PA      | $12646877.81  | 3.05%             | 2054-11-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                              | LHOME Mortgage Trust 2024-RTL1                                   | CUSIP: 50205DAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $2254147.43   | 0.54%             | 2029-01-25      | Fixed         | 11.95%                | Yes           |                  2 | On Loan: No      |
| Mcr Mortgage Trust                                | MCR 2024-TWA Mortgage Trust                                      | CUSIP: 582923AF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2600000 | PA      | $2625740.00   | 0.63%             | 2027-06-12      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Mcr Mortgage Trust                                | MCR 2024-TWA Mortgage Trust                                      | CUSIP: 582923AG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14700000 | PA      | $14667660.00  | 3.54%             | 2027-06-12      | Fixed         | 14.74%                | Yes           |                  2 | On Loan: No      |
| Gsf Issuer Llc                                    | GSF 2023-1 LLC                                                   | CUSIP: 362945AL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8767751 | PA      | $8145483.63   | 1.97%             | 2038-12-01      | Fixed         | 7.62%                 | Yes           |                  3 | On Loan: No      |
| Sovereign Commercial Mortgage Securities Trust    | SCMS 2025-BNC1 Mortgage Trust                                    | CUSIP: 78398LAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 401012434 | PA      | $6857312.62   | 1.65%             | 2028-04-15      | Variable      | 0.97%                 | Yes           |                  2 | On Loan: No      |
| Sovereign Commercial Mortgage Securities Trust    | SCMS 2025-BNC1 Mortgage Trust                                    | CUSIP: 78398LAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4020000 | PA      | $3593880.00   | 0.87%             | 2028-07-15      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Sovereign Commercial Mortgage Securities Trust    | SCMS 2025-BNC1 Mortgage Trust                                    | CUSIP: 78398LAS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  28637899 | PA      | $25499185.27  | 6.15%             | 2028-09-15      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Stonepeak                                         | Stonepeak 2021-1 ABS                                             | CUSIP: 78433XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1643540 | PA      | $1561198.89   | 0.38%             | 2028-05-15      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Smr 2022-ind Mortgage Trust                       | SMR 2022-IND Mortgage Trust                                      | CUSIP: 78458MAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4120547 | PA      | $3818511.06   | 0.92%             | 2039-02-15      | Floating      | 11.18%                | Yes           |                  2 | On Loan: No      |
| Project Silver                                    | Project Silver                                                   | CUSIP: 827304AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2190865 | PA      | $2129302.07   | 0.51%             | 2026-07-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Trust                  | THPT 2023-THL Mortgage Trust                                     | CUSIP: 87252LAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8630000 | PA      | $8435825.00   | 2.04%             | 2034-12-10      | Variable      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Thunderbolt Aircraft Lease Limited/ Us Llc        | Thunderbolt III Aircraft Lease, Ltd.                             | CUSIP: 88607AAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    280040 | PA      | $277155.73    | 0.07%             | 2039-11-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                               | CRE_MEZZ_ARLOMIDTOWN_HT_202512                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  27500000 | PA      | $27610000.00  | 6.66%             | 2030-04-06      | Floating      | 12.00%                | No            |                  2 | On Loan: No      |
| N/A                                               | REVERSE REPO                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        | -12236250 | NS      | $-12236250.00 | -2.95%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | CS Farmington Limited LP, G8 Farmington LLC, 264 Farmington LLC  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7500000 | PA      | $7497000.00   | 1.81%             | 2030-04-06      | Floating      | 12.00%                | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management                | Dreyfus Government Cash Management                               | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   5972960 | NS      | $5972959.52   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obligations Fund        | First American Government Obligations Fund                       | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  30078052 | NS      | $30078052.21  | 7.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Prop Limited                                      | Prop 2017-1, Ltd.                                                | CUSIP: BCC2CSQ60<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5765250 | PA      | $4525721.64   | 1.09%             | 2042-03-15      | Fixed         | 8.90%                 | Yes           |                  2 | On Loan: No      |
| Prop Limited                                      | Prop 2017-1, Ltd.                                                | CUSIP: BCC2CSQ52<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6101686 | PA      | $2410165.89   | 0.58%             | 2042-03-15      | Fixed         | 11.55%                | No            |                  2 | On Loan: No      |
| N/A                                               | GSF 2025-5 Portfolio Holding LLC                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  68641920 | PA      | $12271726.95  | 2.96%             | 2030-08-11      | Floating      | 1.46%                 | No            |                  3 | On Loan: No      |
| N/A                                               | GSF 2025-AXMF1 EFX LLC                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 257482500 | PA      | $20105209.46  | 4.85%             | 2030-08-11      | Floating      | 1.46%                 | No            |                  3 | On Loan: No      |
| N/A                                               | Portofino Mezz Partners, LLC                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7000000 | PA      | $6997200.00   | 1.69%             | 2029-07-01      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| N/A                                               | GSF 2023-1 Investor, LLC                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 426487100 | PA      | $39550025.33  | 9.54%             | 2049-12-31      | Floating      | 1.72%                 | No            |                  3 | On Loan: No      |
| Hudsons Bay Simon Jv Trust                        | Hudsons Bay Simon JV Trust 2015-HBS                              | CUSIP: 44422PBN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4677207 | PA      | $4655691.85   | 1.12%             | 2034-08-05      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| Redwood Trust Inc                                 | Redwood Trust, Inc.                                              | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               | CORP              | US        |     21780 | NS      | $119354.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Surfrider Montauk                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |   6735300 | PA      | $6728564.69   | 1.62%             | 2027-04-09      | Floating      | 13.68%                | No            |                  2 | On Loan: No      |
| N/A                                               | Rivertree Landing Apartments LLC                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  16315000 | PA      | $16303579.50  | 3.93%             | 2028-09-06      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| Huntsville Capital Corp                           | TCG Hunstville JV LLC                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   4285722 | PA      | $4283578.66   | 1.03%             | 9999-12-31      | Floating      | 11.80%                | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-02

**Name of Applicant:** AXONIC ALTERNATIVE INCOME FUND

**Signature:** Joe Castellano

**Name of Signer:** Joe Castellano

**Title:** Chief Accounting Officer