# EDGAR Filing Document

**Accession Number:** 0001754927
**File Stem:** 0001752724-25-151796
**Filing Date:** 2025-6
**Character Count:** 33235
**Document Hash:** 7c788d541ff03f67a7d3e558a6bc3ea7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-151796.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001752724-25-151796

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250623

**DATE AS OF CHANGE**: 20250623

**PERIOD START**: 20251031

**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:** 251065469

**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

## 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:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $351466695.47

**Total Liabilities:** $31144458.39

**Net Assets:** $320322237.08

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 140.40811000 | **1-Year:** 30.65174000 | **5-Year:** 1414.19504400 | **10-Year:** 1310.71810600 | **30-Year:** 1798.83656900

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

- **3-Month:** 651.47728200 | **1-Year:** 2020.07570900 | **5-Year:** 387.20478100 | **10-Year:** 16.06256000 | **30-Year:** 9.03132400

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.94%                | 0.81%                | 0.94%                |
| Class ID N/A | 0.99%                | 0.87%                | 1.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-29584.82               | $934076.82                                 |
| Month 2  | $52606.29                | $629104.42                                 |
| Month 3  | $20008.82                | $951795.54                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Sapphire Aviation Finance I Limited               | Sapphire Aviation Finance II, Ltd.                               | CUSIP: 80307AAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6370471 | PA      | $5890774.90   | 1.84%             | 2040-03-15      | Fixed         | 6.78%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Trust Inc                            | Arbor Realty Trust, Inc.                                         | CUSIP: 038923BA5<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4009172.00   | 1.25%             | 2025-08-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Multifamily Structured Credit Risk                | Multifamily Structured Credit Risk                               | CUSIP: 35564BAA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |  14962826 | PA      | $15205223.29  | 4.75%             | 2045-03-25      | Floating      | 11.35%                | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust                              | FREMF 2022-K748 Mortgage Trust                                   | CUSIP: 30326JAN2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  47040898 | PA      | $141122.69    | 0.04%             | 2055-02-25      | Fixed         | 0.10%                 | Yes           |                  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      | $3348570.82   | 1.05%             | 2030-03-15      | Variable      | 1.38%                 | Yes           |                  2 | On Loan: No      |
| Dominion Mortgage Trust                           | Dominion Mortgage Trust 2025-RTL1                                | CUSIP: 25746DAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3021706.20   | 0.94%             | 2027-09-25      | Variable      | 10.19%                | 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          | CORP              | US        |    417219 | PA      | $410042.97    | 0.13%             | 2030-05-25      | Variable      | 3.41%                 | 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          | CORP              | US        |   1830525 | PA      | $1825765.99   | 0.57%             | 2027-04-25      | Floating      | 12.59%                | Yes           |                  2 | On Loan: No      |
| N/A                                               | CRE_MEZZ_UPHOUSE_MF_202504                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7500000 | PA      | $7500000.00   | 2.34%             | 2030-04-06      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| Huntsville Capital Corp                           | TCG Hunstville JV LLC                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   5491076 | PA      | $5491075.95   | 1.71%             | 9999-12-31      | Fixed         | 11.80%                | No            |                  2 | On Loan: No      |
| N/A                                               | REVERSE REPO                                                     | CUSIP: RP8870AN7<br>LEI: N/A                  | Short            | RA               | CORP              | US        |  -1525000 | NS      | $-1525000.00  | -0.48%            |  |  |  | No            |                  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      | $2279465.10   | 0.71%             | 2029-01-25      | Fixed         | 11.95%                | 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        |    782999 | PA      | $608389.86    | 0.19%             | 2041-08-15      | Fixed         | 6.50%                 | 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        |  14176060 | PA      | $13070327.35  | 4.08%             | 2057-10-25      | Variable      | 7.50%                 | 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      | $5286486.76   | 1.65%             | 2027-05-25      | Variable      | 10.74%                | 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          | CORP              | US        |    281194 | PA      | $279731.70    | 0.09%             | 2037-08-25      | Floating      | 4.31%                 | 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          | CORP              | US        |   1385598 | PA      | $1389200.08   | 0.43%             | 2037-02-25      | Floating      | 12.26%                | 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      | $2156159.53   | 0.67%             | 2029-02-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Project Silver                                    | Project Silver                                                   | CUSIP: 827304AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2190865 | PA      | $1908462.84   | 0.60%             | 2044-07-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Lehman Mortgage Trust                             | Lehman Mortgage Trust                                            | CUSIP: 52521RBH3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    137028 | PA      | $84199.91     | 0.03%             | 2036-08-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2022-SB98 Mortgage Trust                                   | CUSIP: 30327FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6020145 | PA      | $5636059.67   | 1.76%             | 2042-04-25      | Variable      | 7.50%                 | Yes           |                  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          | CORP              | US        |   2774619 | PA      | $2547932.44   | 0.80%             | 2041-03-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Mastr Asset Securitization Trust                  | MASTR Asset Securitization Trust 2006-1                          | CUSIP: 57643MMM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    106601 | PA      | $18401.51     | 0.01%             | 2036-05-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2021-SB83 Mortgage Trust                                   | CUSIP: 30318NAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8880819 | PA      | $251701.07    | 0.08%             | 2041-01-25      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| N/A                                               | GSF 2023-1 Investor, LLC                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 336852100 | PA      | $39384666.69  | 12.30%            | 2049-12-31      | Floating      | 1.72%                 | No            |                  2 | On Loan: No      |
| GSF 2025-AXMF1 ISSUER LLC                         | Grant Street Quad                                                | CUSIP: 36271EAP0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3833000 | PA      | $3056430.37   | 0.95%             | 2030-08-11      | Variable      | 5.31%                 | No            |                  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      | $3565509.45   | 1.11%             | 2039-02-15      | Floating      | 11.82%                | Yes           |                  2 | On Loan: No      |
| Ncmf Trust                                        | NCMF Trust 2022-MFP                                              | CUSIP: 628870AN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2400000 | PA      | $2346960.00   | 0.73%             | 2039-03-15      | Floating      | 9.45%                 | Yes           |                  2 | On Loan: No      |
| Fremf Mortgage Trust                              | FREMF 2018-KF44 Mortgage Trust                                   | CUSIP: 30296JAE8<br>LEI: 549300EOT0GWUWJMLC61 | Long             | ABS-MBS          | USGSE             | US        |   8277656 | PA      | $8281795.31   | 2.59%             | 2026-02-25      | Floating      | 12.95%                | Yes           |                  2 | On Loan: No      |
| GSF 2025-AXMF1 ISSUER LLC                         | Grant Street Quad                                                | CUSIP: 36271EAQ8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5942000 | PA      | $4243036.62   | 1.32%             | 2030-08-11      | Variable      | 4.67%                 | No            |                  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        |    906353 | PA      | $742212.72    | 0.23%             | 2039-11-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Countrywide Home Loans                            | Countrywide Home Loans Mortgage Pass-Through Trust               | CUSIP: 12543PAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     61268 | PA      | $19311.43     | 0.01%             | 2037-02-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management                | Dreyfus Government Cash Management                               | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    598345 | NS      | $598345.45    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2025-SB119 Mortgage Trust                                  | CUSIP: 35802JAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13998125 | PA      | $12122375.87  | 3.78%             | 2035-01-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                               | Surfrider Montauk                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |   5841803 | PA      | $5857576.33   | 1.83%             | 2028-04-30      | Floating      | 14.44%                | No            |                  2 | On Loan: No      |
| N/A                                               | REVERSE REPO.                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        | -10842000 | NS      | $-10842000.00 | -3.38%            |  |  |  | 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      | $1531175.00   | 0.48%             | 2025-10-15      | Floating      | 9.80%                 | 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      | $14683830.00  | 4.58%             | 2039-06-12      | Fixed         | 14.74%                | 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        |   2157542 | PA      | $441294.09    | 0.14%             | 2036-05-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Pioneer Aircraft Finance Limited                  | Pioneer Aircraft Finance, Ltd.                                   | CUSIP: 72353PAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1831984 | PA      | $1559934.01   | 0.49%             | 2044-06-15      | Fixed         | 6.90%                 | 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          | CORP              | US        |   7815403 | PA      | $7037770.72   | 2.20%             | 2043-05-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2022-SB100 Mortgage Trust                                  | CUSIP: 30327XAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8681622 | PA      | $7910693.82   | 2.47%             | 2042-05-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2023-SB109 Mortgage Trust                                  | CUSIP: 30333MAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6852577 | PA      | $6109072.76   | 1.91%             | 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          | CORP              | US        |  12753546 | PA      | $11374887.31  | 3.55%             | 2034-05-25      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2020-SB74 Mortgage Trust                                   | CUSIP: 30291SAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1234363 | PA      | $1209552.60   | 0.38%             | 2030-04-25      | Variable      | 6.45%                 | 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      | $8270992.00   | 2.58%             | 2026-12-10      | Variable      | 7.43%                 | Yes           |                  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        |   1323980 | PA      | $1233816.96   | 0.39%             | 2038-12-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2024-SB117 Mortgage Trust                                  | CUSIP: 35802CAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12535962 | PA      | $10922583.41  | 3.41%             | 2034-10-25      | 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        |   4126976 | PA      | $4133166.89   | 1.29%             | 2032-09-25      | Floating      | 10.33%                | 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      | $6479628.50   | 2.02%             | 2034-08-05      | Variable      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2021-SB93 Mortgage Trust                                   | CUSIP: 30325WAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4017100 | PA      | $3764825.91   | 1.18%             | 2041-10-25      | Variable      | 7.50%                 | No            |                  2 | 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      | $4616403.31   | 1.44%             | 2025-08-05      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| N/A                                               | 4-10 West 108th Owners LLC                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |  13900000 | PA      | $13901390.00  | 4.34%             | 2026-01-09      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2021-SB90 Mortgage Trust                                   | CUSIP: 30322KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2948878 | PA      | $2719455.42   | 0.85%             | 2041-07-25      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| Redwood Trust Inc                                 | Redwood Trust, Inc.                                              | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               | CORP              | US        |     21780 | NS      | $135253.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | REVERSE REPO.                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | RA               | CORP              | US        | -12236250 | NS      | $-12236250.00 | -3.82%            |  |  |  | No            |                  2 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2017-SB42 Mortgage Trust                                   | CUSIP: 30306BAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2062350 | PA      | $1939021.01   | 0.61%             | 2037-10-25      | Floating      | 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      | $2641080.00   | 0.82%             | 2039-06-12      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Bcp Trust                                         | BCP Trust 2021-330N                                              | CUSIP: 05553BAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4111000 | PA      | $3365675.70   | 1.05%             | 2038-06-15      | Floating      | 6.03%                 | 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      | $39492.11     | 0.01%             | 2055-02-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| N/A                                               | Rivertree Landing Apartments LLC                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  16315000 | PA      | $16345998.50  | 5.10%             | 2026-09-06      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| First American Government Obligations Fund        | First American Government Obligations Fund                       | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  21204263 | NS      | $21204262.52  | 6.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2022-SB95 Mortgage Trust                                   | CUSIP: 35802DAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5083792 | PA      | $4722842.83   | 1.47%             | 2041-12-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                               | Portofino Mezz Partners, LLC                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7000000 | PA      | $7002100.00   | 2.19%             | 2029-08-01      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| Lendingpoint Asset Securitization Trust           | Lendingpoint 2021-B Asset Securitization Trust                   | CUSIP: 362945AL1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8631097 | PA      | $7351080.11   | 2.29%             | 2038-12-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| GSF 2025-AXMF1 ISSUER LLC                         | Grant Street Quad                                                | CUSIP: 36271EAN5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  41118000 | PA      | $1212158.64   | 0.38%             | 2030-08-11      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| N/A                                               | REVERSE REPO                                                     | CUSIP: RP422PBN1<br>LEI: N/A                  | Short            | RA               | CORP              | US        |  -3912000 | NS      | $-3912000.00  | -1.22%            |  |  |  | No            |                  2 | On Loan: No      |
| Acres Commercial Realty                           | ACRES Commercial Realty Corp.                                    | CUSIP: 00489Q300<br>LEI: 549300RUJWPCMY4JFR46 | Long             | EP               | CORP              | US        |     27813 | NS      | $568775.85    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresb Multifamily Mortgage Pass-through Certifica | FRESB 2020-SB81 Mortgage Trust                                   | CUSIP: 30317QAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2377238 | PA      | $2271926.06   | 0.71%             | 2040-10-25      | Variable      | 7.50%                 | 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        |    804328 | PA      | $773923.92    | 0.24%             | 2051-07-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Stonepeak                                         | Stonepeak 2021-1 ABS                                             | CUSIP: 78433XAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1826174 | PA      | $1695785.03   | 0.53%             | 2033-02-28      | Fixed         | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Start Ltd.                                        | Start, Ltd.                                                      | CUSIP: 85572RAC3<br>LEI: 549300VIQYFIDJQCKZ43 | Long             | ABS-O            | CORP              | BM        |   3601643 | PA      | $3577512.38   | 1.12%             | 2043-05-15      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

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

**Signature:** Lu Chang

**Name of Signer:** Lu Chang

**Title:** Treasurer & Chief Risk Officer