# EDGAR Filing Document

**Accession Number:** 0001791032
**File Stem:** 0001398344-26-000513
**Filing Date:** 2026-1
**Character Count:** 200338
**Document Hash:** c56525236f2ff9f9487207d631cc8a98
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-000513.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001398344-26-000513

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Axonic Funds
- **CENTRAL INDEX KEY:** 0001791032

**ORGANIZATION NAME:**
- **EIN:** 846741378
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23483
- **FILM NUMBER:** 26522853

**BUSINESS ADDRESS:**
- **STREET 1:** 520 MADISON AVENUE
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-259-0475

**MAIL ADDRESS:**
- **STREET 1:** 520 MADISON AVENUE
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Series and Classes Contracts Data

### Axonic Strategic Income Fund (Series ID: S000067475)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000216959 | Class A Shares |  |
| C000216960 | Class I Shares |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

<u>Investment Company Act file number: 811-23483</u>

<u>Axonic Funds</u>

(exact name of registrant as specified in charter)

520 Madison Avenue, 42nd Floor

New York, NY 10022

(Address of Principal Office)

Clayton DeGiacinto, President

c/o Axonic Capital LLC

520 Madison Avenue, 42nd Floor

New York, New York 10022

(Name and Address of Agent for Service)

Copies of information to:

Jeffrey Skinner

Kilpatrick Townsend & Stockton LLP

1001 West Fourth Street

Winston-Salem, NC 27101

Registrant's telephone number, including area code: <u>(212) 259-0430</u>

Date of fiscal year end: October 31 <br>Date of reporting period: October 31, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. **Report to Stockholders.**

(a) **# Axonic Strategic Income Fund

#### Class A - AXSAX
ANNUAL SHAREHOLDER REPORT - October 31, 2025

![Image](iab11b665427ea794e6e84388.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Axonic Strategic Income Fund - A for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at https://www.axonicfunds.com/funds/daily-fund-axsax/. You can also request this information by contacting us at 833-429-6642.

## What were the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Axonic Strategic Income Fund - A | $144.44 | 1.42% |

---

## How did the Fund perform last year?
The Axonic Strategic Income Fund had another year of strong performance. The Fund returned 6.63% for the twelve-month period ending on October 31, 2025, outperforming the Bloomberg U.S. Aggregate Bond Index which returned 6.16% over the same time period. The Fund's outperformance of the benchmark was driven by credit spread tightening across most securitized credit markets and a high level of current income relative to traditional fixed income assets.

Performance was driven by credit spread tightening and consistent income generated by the Fund's holdings across the structured credit universe. The Fund was profitable across the three core areas of focus: Residential Mortgage Backed Securities (RMBS), Commercial Mortgage Backed Securities (CMBS), and Asset Backed Securities (ABS). Although credit spreads tightened throughout the year, structured credit markets continue to offer attractive yields going forward as spreads remain wide of similarly rated corporate credit investments on a historical basis.

## How has the Fund performed since inception?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](id4c8199df2606c99ab46bb5b.jpg)

---

| | | |
|:---|:---|:---|
| | Axonic Strategic Income Fund - Class A - Load - $12,701 | Bloomberg U.S. Aggregate Bond Index - $9,819 |
| 7/16/2020 | $9774.82 | $10000.00 |
| 10/31/2020 | $9987.45 | $9935.03 |
| 10/31/2021 | $10771.83 | $9887.53 |
| 10/31/2022 | $10202.17 | $8336.91 |
| 10/31/2023 | $10737.50 | $8366.60 |
| 10/31/2024 | $11910.71 | $9248.97 |
| 10/31/2025 | $12700.97 | $9818.61 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class A - NAV (Incep. July 16, 2020) | 6.63% | 4.92% | 5.07% |
| Class A - Load | 4.28% | 4.45% | 4.62% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | -0.35% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 1-833-429-6642 for current month-end performance.

### FUND STATISTICS
* Total Net Assets$3,786,797,383

* # of Portfolio Holdings489

* Portfolio Turnover Rate (Class A)63%

* Advisory Fees Paid$27,811,684

## What did the Fund invest in?

### ASSET CLASS WEIGHTINGS *(as a % of Net Assets)*![Group By Asset Type Chart](i133a5ba74fe955adc27a9709.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Residential Mortgage-Backed Securities | 34.36% |
| Commercial Mortgage-Backed Securities | 26.81% |
| Asset-Backed Securities | 21.29% |
| Government Bonds | 10.19% |
| Short Term Investments | 9.01% |
| Bank Loans | 0.79% |
| Convertible Corporate Bonds | 0.39% |
| Preferred Stocks | 0.21% |
| Corporate Bonds | 0.12% |
| Common Stocks | 0.01% |
| Cash, Cash Equivalents, & Other Net Assets | (3.18)% |

---

### TOP TEN HOLDINGS *(as a % of Net Assets)* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;Top 10.1 |
| U.S. Treasury Note 3.88%, due 08/15/2034 | 6.53% |
| U.S. Treasury Note 4.63%, due 02/15/2035 | 2.75% |
| RCO IX Mortgage LLC, Series 2025-4, Class A1 | 1.00% |
| BXSC Commercial Mortgage Trust, Series 2022-WSS, Class E | 0.94% |
| U.S. Treasury Note 4.25%, due 05/15/2035 | 0.91% |
| MFA, Series 2023-RTL2, Class A1 | 0.73% |
| MCR Mortgage Trust, Series 2024-TWA, Class E | 0.69% |
| Twin Hospitality I LLC, Series 2024-1A, Class A2II | 0.68% |
| Benchmark Mortgage Trust, Series 2025-V13, Class HCB | 0.67% |
| INTOWN Mortgage Trust, Series 2025-STAY, Class D | 0.66% |
| Top Ten Holdings | 15.56% |

---

## Material Fund Changes
There have been no material fund Changes during the reporting period.

## Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

#### Availability of Additional Information
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.axonicfunds.com/funds/daily-fund-axsax/.

## Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 833-429-6642.

![Image](ib734a7413d0ca3b9c3271e88.jpg)

#### Axonic Strategic Income Fund — Class A - AXSAX
ANNUAL SHAREHOLDER REPORT - October 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.axonicfunds.com/funds/daily-fund](i5c0e1d3e73ac02411a824838.jpg)

*Distributor, ALPS Distributors, Inc.*

#### Phone: 833-429-6642
05465G200–A–10312025

# Axonic Strategic Income Fund

#### Class I - AXSIX
ANNUAL SHAREHOLDER REPORT - October 31, 2025

![Image](iab11b665427ea794e6e84388.jpg)

## FUND OVERVIEW
This annual shareholder report contains important information about Axonic Strategic Income Fund - I for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at https://www.axonicfunds.com/funds/daily-fund/. You can also request this information by contacting us at 833-429-6642.

## What were the Fund's cost for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Axonic Strategic Income Fund - I | $103.81 | 1.02% |

---

## How did the Fund perform last year?
The Axonic Strategic Income Fund had another year of strong performance. The Fund returned 6.94% for the twelve-month period ending on October 31, 2025, outperforming the Bloomberg U.S. Aggregate Bond Index which returned 6.16% over the same time period. The Fund's outperformance of the benchmark was driven by credit spread tightening across most securitized credit markets and a high level of current income relative to traditional fixed income assets.

Performance was driven by credit spread tightening and consistent income generated by the Fund's holdings across the structured credit universe. The Fund was profitable across the three core areas of focus: Residential Mortgage Backed Securities (RMBS), Commercial Mortgage Backed Securities (CMBS), and Asset Backed Securities (ABS). Although credit spreads tightened throughout the year, structured credit markets continue to offer attractive yields going forward as spreads remain wide of similarly rated corporate credit investments on a historical basis.

## How has the Fund performed since inception?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](i3e1bdbd70cf5b38a02f3777e.jpg)

---

| | | |
|:---|:---|:---|
| | Axonic Strategic Income Fund - Class I - $12,707 | Bloomberg U.S. Aggregate Bond Index - $10,498 |
| 12/30/2019 | $10000.00 | $10000.00 |
| 10/31/2020 | $9789.82 | $10622.96 |
| 10/31/2021 | $10600.21 | $10572.17 |
| 10/31/2022 | $10087.63 | $8914.18 |
| 10/31/2023 | $10674.93 | $8945.93 |
| 10/31/2024 | $11882.03 | $9889.39 |
| 10/31/2025 | $12707.06 | $10498.47 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class I (Incep. December 30, 2019) | 6.94% | 5.35% | 4.19% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 0.84% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 1-833-429-6642 for current month-end performance.

### FUND STATISTICS
* Total Net Assets$3,786,797,383

* # of Portfolio Holdings489

* Portfolio Turnover Rate (Class I)63%

* Advisory Fees Paid$27,811,684

## What did the Fund invest in?

### ASSET CLASS WEIGHTINGS *(as a % of Net Assets)*![Group By Asset Type Chart](i133a5ba74fe955adc27a9709.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Residential Mortgage-Backed Securities | 34.36% |
| Commercial Mortgage-Backed Securities | 26.81% |
| Asset-Backed Securities | 21.29% |
| Government Bonds | 10.19% |
| Short Term Investments | 9.01% |
| Bank Loans | 0.79% |
| Convertible Corporate Bonds | 0.39% |
| Preferred Stocks | 0.21% |
| Corporate Bonds | 0.12% |
| Common Stocks | 0.01% |
| Cash, Cash Equivalents, & Other Net Assets | (3.18)% |

---

### TOP TEN HOLDINGS *(as a % of Net Assets)* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;Top 10.1 |
| U.S. Treasury Note 3.88%, due 08/15/2034 | 6.53% |
| U.S. Treasury Note 4.63%, due 02/15/2035 | 2.75% |
| RCO IX Mortgage LLC, Series 2025-4, Class A1 | 1.00% |
| BXSC Commercial Mortgage Trust, Series 2022-WSS, Class E | 0.94% |
| U.S. Treasury Note 4.25%, due 05/15/2035 | 0.91% |
| MFA, Series 2023-RTL2, Class A1 | 0.73% |
| MCR Mortgage Trust, Series 2024-TWA, Class E | 0.69% |
| Twin Hospitality I LLC, Series 2024-1A, Class A2II | 0.68% |
| Benchmark Mortgage Trust, Series 2025-V13, Class HCB | 0.67% |
| INTOWN Mortgage Trust, Series 2025-STAY, Class D | 0.66% |
| Top Ten Holdings | 15.56% |

---

## Material Fund Changes
There have been no material fund Changes during the reporting period.

## Changes in and Disagreements with Accountants
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

#### Availability of Additional Information
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.axonicfunds.com/funds/daily-fund/.

## Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 833-429-6642.

![Image](ib734a7413d0ca3b9c3271e88.jpg)

#### Axonic Strategic Income Fund — Class I - AXSIX
ANNUAL SHAREHOLDER REPORT - October 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.axonicfunds.com/funds/daily-fund](i5c0e1d3e73ac02411a824838.jpg)

*Distributor, ALPS Distributors, Inc.*

#### Phone: 833-429-6642
05465G101–A–10312025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

Item 2. **Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined
 in Item 2(b) of Form-CSR, that applies to the registrant's principal executive officer, principal financial officer, principal accounting
 officer or controller or any persons performing similar functions, regardless of whether these individuals are employed by the registrant
 or a third party (the "Code of Ethics").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, the registrant did not grant a waiver, including an implicit waiver,
 from a provision of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics is filed as an exhibit pursuant to Item 19(a)(1) of this Form N-CSR.

Item 3. **Audit Committee Financial Expert.**

The registrant's board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Joshua M. Barlow is the "audit committee financial expert" and is "independent", as each term is defined in Item 3 of Form N-CSR.

Item 4. **Principal Accountant Fees and Services.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>: For the registrant's last two fiscal years
 ended October 31, 2024 and October 31, 2025, the aggregate fees billed for professional services rendered by the principal accountant
 for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection
 with statutory and regulatory filings or engagements were $42,000 and $45,000, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>: For the registrant's last two fiscal
 years ended October 31, 2024 and October 31, 2025, there were no fees billed for assurances and related services by the principal accountant
 that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under
 paragraph (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>: For the registrant's last two fiscal years
 ended October 31, 2024 and October 31, 2025, the aggregate fees billed for professional services rendered by the principal accountant
 for tax compliance, tax advice and tax planning, which were comprised of the preparation of excise filings and income tax returns for
 the registrant, were $7,000 and $7,000 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>: For the registrant's last two fiscal
 years ended October 31, 2024 and October 31, 2025, there were no fees billed for products and services provided by the principal accountant,
 other than the services reported in paragraphs (a) through (c) of this Item.

---

| | |
|:---|:---|
| (e)(1) | <u>Audit Committee Pre-Approval Policies and Procedures</u>: Before an accountant is engaged by the registrant or its subsidiaries to render audit or non-audit services or by the registrant's investment adviser to render non-audit services, the engagement must be pre-approved by the registrant's audit committee. |

---

(e)(2) There were no non-audit services approved or required to be approved by the registrant's audit committee pursuant to (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There were no non-audit fees billed by the registrant's accountant for services rendered to the registrant,
 and rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the
 adviser that provides ongoing services to the registrant for the last two fiscal years ended October 31, 2024 and October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

Item 5. **Audit Committee of Listed Registrants.** 

Not applicable.

Item 6. **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included
 as part of the report to shareholders filed under Item 1(a) of this form

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

Item 7. **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's most recent annual financial statements required, and for the period covered by this
 report, by Regulation S-X are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's financial highlights, audited for the latest 5 years as required in Regulation S-X,
 are attached herewith.

**AXONIC STRATEGIC INCOME FUND**

**ANNUAL FINANCIAL STATEMENTS**

**& OTHER INFORMATION**

October 31, 2025

![](fp0096544-1_01.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies** | **Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies** |
| &nbsp;&nbsp;&nbsp;**Consolidated Schedule of Investments** | **1** |
| &nbsp;&nbsp;&nbsp;**Consolidated Statement of Assets and Liabilities** | **18** |
| &nbsp;&nbsp;&nbsp;**Consolidated Statement of Operations** | **19** |
| &nbsp;&nbsp;&nbsp;**Consolidated Statements of Changes in Net Assets** | **20** |
| &nbsp;&nbsp;&nbsp;**Consolidated Financial Highlights** | **21** |
| &nbsp;&nbsp;&nbsp;**Notes to Consolidated Financial Statements and Consolidated Financial Highlights** | **23** |
| &nbsp;&nbsp;&nbsp;**Report of Independent Registered Public Accounting Firm** | **32** |
| &nbsp;&nbsp;&nbsp;**Additional Information** | **33** |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **34** |
| **Proxy Disclosures for Open-End Management Investment Companies** | **35** |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **36** |

---

Axonic Strategic Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| **COMMON STOCKS (0.01%)** |  |  |
| **United States (0.01%)** |  |  |
| **Financials (0.01%)** |  |  |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. REIT | 44220 | $234808 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $482,270)** |  | **234808** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Rate** | **Shares** | **Value** |
| **PREFERRED STOCKS (0.21%)** |  |  |  |
| **United States (0.21%)** |  |  |  |
| **Financials (0.21%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;ACRES Commercial Realty Corp., Series D<sup>(a)</sup> | 7.88% | 83247 | 1839759 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Series F | 6.25% | 99092 | 2185969 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp., Series D<sup>(a)(b)</sup> | 7.00% | 78637 | 1935257 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc., Series C<sup>(a)</sup> | 6.25% | 120705 | 2113545 |
| **TOTAL PREFERRED STOCKS** |  |  |  |
| **(Cost $9,278,662)** |  |  | **8074530** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity <br>Date** | **Principal <br>Amount** | **Value** |
| **ASSET-BACKED SECURITIES (21.29%)** |  |  |  |  |
| **Bermuda (0.23%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Start, Ltd., Series 2018-1, Class C<sup>(c)</sup> | 6.90% | 05/15/43 | $8645550 | $8631717 |
| **Cayman Islands (1.64%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AIM Aviation Finance, Ltd., Series 2015-1A, Class A1<sup>(c)(d)</sup> | 6.21% | 02/15/40 | 16306177 | 15950702 |
| &nbsp;&nbsp;&nbsp;Falcon Aerospace, Ltd., Series 2019-1, Class B<sup>(c)</sup> | 4.79% | 09/15/26 | 451734 | 439944 |
| &nbsp;&nbsp;&nbsp;GAIA Aviation, Ltd., Series 2019-1, Class B<sup>(c)(d)</sup> | 5.19% | 12/15/44 | 13426043 | 12847380 |
| &nbsp;&nbsp;&nbsp;Horizon Aircraft Finance II, Ltd., Series 2019-1, Class A<sup>(c)</sup> | 3.72% | 07/15/26 | 622417 | 610404 |
| &nbsp;&nbsp;&nbsp;Horizon Aircraft Finance III, Ltd., Series 2019-2, Class A<sup>(c)</sup> | 3.43% | 11/15/39 | 3320404 | 3205850 |
| &nbsp;&nbsp;&nbsp;Navigator Aviation, Ltd., Series 2024-1, Class B<sup>(c)</sup> | 6.09% | 08/15/31 | 1833333 | 1873300 |
| &nbsp;&nbsp;&nbsp;Pioneer Aircraft Finance, Ltd., Series 2019-1, Class A<sup>(c)</sup> | 3.97% | 06/15/26 | 8660872 | 8551745 |
| &nbsp;&nbsp;&nbsp;Pioneer Aircraft Finance, Ltd., Series 2019-1, Class B<sup>(c)</sup> | 4.95% | 06/15/26 | 1656250 | 1605734 |
| &nbsp;&nbsp;&nbsp;Pioneer Aircraft Finance, Ltd., Series 2019-1, Class C<sup>(c)</sup> | 6.90% | 06/15/26 | 1688795 | 1632221 |
| &nbsp;&nbsp;&nbsp;Project Silver, Series 2019-1, Class A<sup>(c)</sup> | 3.97% | 07/15/26 | 149843 | 146637 |
| &nbsp;&nbsp;&nbsp;Project Silver, Series 2019-1, Class B<sup>(c)</sup> | 4.95% | 07/15/26 | 6973548 | 6283864 |
| &nbsp;&nbsp;&nbsp;Shenton Aircraft Investment I, Ltd., Series 2015-1A, Class A<sup>(c)</sup> | 4.75% | 10/15/42 | 4005954 | 3927838 |
| &nbsp;&nbsp;&nbsp;Thunderbolt III Aircraft Lease, Ltd., Series 2019-1, Class B<sup>(c)</sup> | 4.75% | 11/15/26 | 5722291 | 4968093 |
| **Ireland (0.11%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class C<sup>(c)</sup> | 5.68% | 09/15/28 | 4481815 | 4246520 |
| **United States (19.31%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Achieve Personal Loan Master Pass-Through Trust Series 2023-PT1, Series 2023-1, Class PT<sup>(b)(c)</sup> | 0.00% | 09/15/53 | 244030 | 149322 |
| &nbsp;&nbsp;&nbsp;ACHM Trust, Series 2025-HE2, Class A<sup>(b)(c)</sup> | 5.47% | 08/25/55 | 9534370 | 9541728 |
| &nbsp;&nbsp;&nbsp;ACHM Trust, Series 2025-HE2, Class B<sup>(b)(c)</sup> | 5.67% | 08/25/55 | 4451788 | 4454889 |
| &nbsp;&nbsp;&nbsp;Affirm Asset Securitization Trust, Series 2024-X1, Class D<sup>(c)</sup> | 7.29% | 05/15/29 | 1500000 | 1503150 |
| &nbsp;&nbsp;&nbsp;Avant Credit Card Master Trust, Series 2024-1A, Class C<sup>(c)</sup> | 6.23% | 10/16/27 | 2000000 | 2021200 |
| &nbsp;&nbsp;&nbsp;Avant Credit Card Master Trust, Series 2024-1A, Class D<sup>(c)</sup> | 8.80% | 10/16/27 | 5000000 | 5051500 |
| &nbsp;&nbsp;&nbsp;Business Jet Securities 2024-1 LLC, Series 2024-1A, Class C<sup>(c)</sup> | 9.13% | 05/15/30 | 1301404 | 1326651 |
| &nbsp;&nbsp;&nbsp;Business Jet Securities 2024-1 LLC, Series 2024-1A, Class B<sup>(c)</sup> | 6.92% | 05/15/30 | 8016400 | 8284148 |
| &nbsp;&nbsp;&nbsp;Business Jet Securities 2024-2 LLC, Series 2024-2A, Class B<sup>(c)</sup> | 5.75% | 09/15/30 | 6411165 | 6409241 |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

**Annual Report \| October 31, 2025**<sub>1</sub>

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Schedule of Investments** |

---

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate** | **Maturity <br>Date** | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Business Jet Securities 2024-2 LLC, Series 2024-2A, Class C<sup>(c)</sup> | 7.97% | 09/15/30 | $2175191 | $2179106 |
| &nbsp;&nbsp;&nbsp;Castlelake Aircraft Securitization Trust, Series 2018-1, Class B<sup>(c)</sup> | 5.30% | 06/15/43 | 4334216 | 4144377 |
| &nbsp;&nbsp;&nbsp;Castlelake Aircraft Structured Trust, Series 2017-1R, Class C<sup>(c)</sup> | 6.50% | 08/15/41 | 16202552 | 15721336 |
| &nbsp;&nbsp;&nbsp;Castlelake Aircraft Structured Trust 2017-1R, Series 2021-1R, Class A<sup>(c)</sup> | 2.74% | 04/15/27 | 557439 | 535141 |
| &nbsp;&nbsp;&nbsp;Castlelake Aircraft Structured Trust, Series 2019-1A, Class A<sup>(c)</sup> | 3.97% | 04/15/26 | 5960773 | 5898781 |
| &nbsp;&nbsp;&nbsp;Castlelake Aircraft Structured Trust, Series 2019-1A, Class B<sup>(c)</sup> | 5.10% | 04/15/26 | 2422091 | 2335865 |
| &nbsp;&nbsp;&nbsp;Castlelake Aircraft Structured Trust 2025-2, Series 2025-2A, Class B<sup>(c)</sup> | 6.30% | 08/15/32 | 7098429 | 7160185 |
| &nbsp;&nbsp;&nbsp;Chase Auto Credit Linked Notes, Series 2025-1, Class G<sup>(c)</sup> | 10.42% | 04/25/29 | 1019576 | 1050163 |
| &nbsp;&nbsp;&nbsp;ClickLease Equipment Receivables , Series 2024-1, Class C<sup>(c)</sup> | 8.40% | 02/15/27 | 7060000 | 7160958 |
| &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust, Series 2023-A, Class E<sup>(c)</sup> | 10.59% | 02/16/27 | 5000000 | 5415500 |
| &nbsp;&nbsp;&nbsp;FAT Brands Fazoli's Native I LLC, Series 2021-1, Class B2<sup>(c)</sup> | 8.00% | 07/25/51 | 1930000 | 1873644 |
| &nbsp;&nbsp;&nbsp;FAT Brands GFG Royalty I LLC, Series 2022-1A, Class A2<sup>(c)</sup> | 7.00% | 07/25/26 | 2400000 | 2351040 |
| &nbsp;&nbsp;&nbsp;FAT Brands GFG Royalty I LLC, Series 2021-1A, Class B2<sup>(c)(d)</sup> | 8.00% | 07/25/51 | 8808000 | 8298017 |
| &nbsp;&nbsp;&nbsp;FAT Brands GFG Royalty I LLC, Series 2021-1A, Class A2<sup>(c)(d)</sup> | 7.00% | 07/25/51 | 23570880 | 22646901 |
| &nbsp;&nbsp;&nbsp;FAT Brands Royalty LLC, Series 2021-1A, Class A2<sup>(c)</sup> | 5.75% | 07/25/26 | 3840000 | 3563520 |
| &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust, Series 2022-3, Class E<sup>(c)</sup> | 7.95% | 10/15/29 | 1000000 | 512900 |
| &nbsp;&nbsp;&nbsp;Flexential Issuer 2021-1, Series 2021-1A, Class B<sup>(c)</sup> | 3.72% | 11/27/51 | 7934000 | 7706294 |
| &nbsp;&nbsp;&nbsp;FREED ABS Trust, Series 2022-4FP, Class D<sup>(c)</sup> | 7.40% | 12/18/29 | 2530732 | 2533263 |
| &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust 2021-4, Series 2021-4A, Class E<sup>(c)</sup> | 4.43% | 06/15/26 | 2000000 | 1963000 |
| &nbsp;&nbsp;&nbsp;Hertz Vehicle Financing III LP, Series 2021-2A, Class D<sup>(c)</sup> | 4.34% | 12/27/27 | 5000000 | 4882000 |
| &nbsp;&nbsp;&nbsp;Horizon Aircraft Finance I, Ltd., Series 2018-1, Class A<sup>(c)</sup> | 4.46% | 12/15/38 | 2314122 | 2300469 |
| &nbsp;&nbsp;&nbsp;HSI Asset Securitization Corp. Trust, Series 2007-NC1, Class A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.39% | 04/25/37 | 4191349 | 2756106 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase Bank NA - Chase Auto Credit Linked Notes, Series 2021-2, Class G<sup>(c)</sup> | 8.48% | 12/26/28 | 507479 | 507530 |
| &nbsp;&nbsp;&nbsp;Lendingpoint Asset Securitization Trust, Series 2021-B, Class D<sup>(c)</sup> | 6.12% | 02/15/29 | 3000000 | 739800 |
| &nbsp;&nbsp;&nbsp;MAPS 2021-1 Trust, Series 2021-1A, Class C<sup>(c)</sup> | 5.44% | 06/15/28 | 5431 | 5395 |
| &nbsp;&nbsp;&nbsp;Marlette Funding Trust 2024-1, Series 2024-1A, Class C<sup>(c)</sup> | 6.34% | 10/15/27 | 5300000 | 5357240 |
| &nbsp;&nbsp;&nbsp;Marlette Funding Trust 2024-1, Series 2024-1A, Class D<sup>(c)</sup> | 6.93% | 10/15/28 | 3750000 | 3845625 |
| &nbsp;&nbsp;&nbsp;ME Funding LLC, Series 2024-1A, Class A2<sup>(c)</sup> | 8.10% | 04/30/27 | 10595504 | 10765032 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust 2024-6 And Pagaya AI Debt Trust, Series 2024-6, Class C<sup>(c)</sup> | 7.07% | 06/15/26 | 6038816 | 6093165 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-8, Class C<sup>(c)</sup> | 6.03% | 01/15/32 | 2275166 | 2279716 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2024-8, Class D<sup>(c)</sup> | 6.53% | 01/15/32 | 11498731 | 11566574 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Grantor Trust, Series 2025-R2, Class E<sup>(c)</sup> | 9.34% | 10/15/32 | 9706902 | 9711756 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Selection Trust, Series 2024-7, Class C<sup>(c)</sup> | 7.10% | 12/15/31 | 9403738 | 9497776 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-5, Class D<sup>(c)</sup> | 9.00% | 04/15/31 | 19999831 | 20001831 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-6, Class D<sup>(c)</sup> | 9.00% | 06/16/31 | 19994872 | 20030863 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2023-6, Class ABC<sup>(b)(c)</sup> | 8.49% | 06/16/31 | 694657 | 695560 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class ABC<sup>(b)(c)</sup> | 7.29% | 07/15/31 | 3601845 | 3606167 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-1, Class B<sup>(c)</sup> | 7.11% | 07/15/31 | 2989500 | 2997572 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class ABC<sup>(b)(c)</sup> | 6.76% | 08/15/31 | 1564747 | 1569754 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-2, Class C<sup>(c)</sup> | 7.57% | 08/15/31 | 7213606 | 7264101 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2024-3, Class C<sup>(c)</sup> | 7.30% | 03/15/26 | 14305009 | 14393700 |
| &nbsp;&nbsp;&nbsp;Pagaya AI Debt Trust, Series 2025-4, Class B<sup>(c)</sup> | 5.69% | 01/17/33 | 10000000 | 10110000 |
| &nbsp;&nbsp;&nbsp;Pagaya Ai Debt Trust, Series 2025-R1, Class B<sup>(c)</sup> | 5.71% | 06/15/32 | 4250000 | 4278900 |
| &nbsp;&nbsp;&nbsp;Point Securitization Trust, Series 2025-1, Class A1<sup>(c)</sup> | 6.25% | 05/25/28 | 10633426 | 10649693 |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

---

| | |
|:---|:---|
| **2** | **www.axonicfunds.com** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Schedule of Investments** |

---

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity <br>Date** | **Principal <br>Amount** | **Value** |
| Prosper Marketplace Issuance Trust Series 2024-1, Series 2024-1A, Class C<sup>(c)</sup> | 6.96% | 10/15/26 | $9525000 | $9566910 |
| SAIF Securitization Trust, Series 2025-CES1, Class M1<sup>(c)(d)</sup> | 6.24% | 08/25/29 | 2000000 | 1999884 |
| SAIF Securitization Trust, Series 2025-CES1, Class A1<sup>(c)(d)</sup> | 5.41% | 08/25/29 | 14453757 | 14444316 |
| SAIF Securitization Trust, Series 2025-CES1, Class A2<sup>(c)(d)</sup> | 5.64% | 08/25/29 | 2000000 | 2000203 |
| SAIF Securitization Trust, Series 2025-CES1, Class A3<sup>(c)(d)</sup> | 5.99% | 08/25/29 | 2250000 | 2250020 |
| Saluda Grade Alternative Mortgage Trust, Series 2022-SEQ2, Class A1<sup>(b)(c)</sup> | 3.50% | 02/25/52 | 2890539 | 2861551 |
| Saluda Grade Alternative Mortgage Trust, Series 2025-LOC5, Class M2<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.60% | 10/25/55 | 9565000 | 9564937 |
| Saluda Grade Alternative Mortgage Trust, Series 2025-LOC5, Class M1<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.20% | 10/25/55 | 12192000 | 12191929 |
| Saluda Grade Alternative Mortgage Trust, Series 2025-LOC5, Class A1B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.80% | 10/25/55 | 13042000 | 13041933 |
| Saluda Grade Alternative Mortgage Trust, Series 2025-LOC5, Class A1A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.60% | 10/25/55 | 14586447 | 14586377 |
| Santander Consumer Auto Receivables Trust, Series 2021-AA, Class F<sup>(c)</sup> | 5.79% | 08/15/28 | 1370000 | 1370000 |
| Sapphire Aviation Finance II, Ltd., Series 2020-1A, Class C<sup>(c)</sup> | 6.78% | 03/15/27 | 2279093 | 2169925 |
| Soundview Home Loan Trust, Series 2007-OPT4, Class 1A1<sup>(b)</sup> | 1M CME TERM SOFR + 1.11% | 09/25/37 | 5343539 | 4029656 |
| Sprite, Ltd., Series 2021-1, Class B<sup>(c)</sup> | 5.10% | 10/15/28 | 956275 | 938010 |
| Stellar Jay Ireland DAC, Series 2021-1, Class B<sup>(c)</sup> | 5.93% | 03/15/28 | 1632983 | 1612081 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A<sup>(c)</sup> | 3.97% | 03/15/28 | 1623077 | 1595484 |
| Stonepeak 2021-1 ABS, Series 2021-1A, Class C<sup>(c)</sup> | 5.93% | 05/15/28 | 8508282 | 8021608 |
| Stonepeak 2021-1 ABS, Series 2021-1A, Class AA<sup>(c)</sup> | 2.30% | 12/15/27 | 1159565 | 1123734 |
| TGIF Funding LLC, Series 2017-1A, Class A2<sup>(c)</sup> | 6.20% | 04/30/47 | 4817489 | 4118471 |
| Towd Point Mortgage Trust, Series 2025-FIX1, Class A1<sup>(c)(d)</sup> | 4.97% | 09/25/65 | 6897793 | 6872056 |
| Twin Hospitality I LLC, Series 2024-1A, Class B2<sup>(c)</sup> | 10.00% | 10/25/27 | 6435000 | 5925991 |
| Twin Hospitality I LLC, Series 2024-1A, Class A2I<sup>(c)</sup> | 9.00% | 10/25/27 | 1196321 | 1202542 |
| Twin Hospitality I LLC, Series 2024-1A, Class A2II<sup>(c)</sup> | 9.00% | 10/25/27 | 26135625 | 25848133 |
| United Auto Credit Securitization Trust, Series 2025-1, Class D<sup>(c)</sup> | 5.96% | 01/10/28 | 8500000 | 8480450 |
| Unlock HEA Trust, Series 2025-1, Class A<sup>(c)</sup> | 6.75% | 04/25/33 | 3966431 | 3978640 |
| Upstart Securitization Trust 2021-2, Series 2021-2 C, Class C<sup>(c)</sup> | 3.61% | 06/20/31 | 30108 | 30057 |
| Vista Point Securitization Trust, Series 2025-CES3, Class A2<sup>(c)(d)</sup> | 5.45% | 11/25/55 | 5000000 | 4988415 |
| Vista Point Securitization Trust, Series 2025-CES3, Class A3<sup>(c)(d)</sup> | 5.60% | 11/25/55 | 6816000 | 6800134 |
| Vista Point Securitization Trust, Series 2025-CES3, Class A1<sup>(c)(d)</sup> | 5.30% | 11/25/55 | 24000000 | 23937026 |
| Vista Point Securitization Trust, Series 2025-CES3, Class M1<sup>(c)(d)</sup> | 5.95% | 11/25/55 | 2490500 | 2484594 |
| Vista Point Securitization Trust, Series 2024-CES2, Class M1<sup>(b)(c)</sup> | 6.36% | 09/25/28 | 1506000 | 1516236 |
| MFA, Series 2024-NPL1, Class A1<sup>(d)</sup> | 6.33% | 09/25/27 | 5195432 | 5224782 |
| PRET LLC, Series 2024-NPL6, Class A1<sup>(c)(d)</sup> | 5.93% | 10/25/27 | 8665902 | 8668554 |
| PRET, Series 2025-NPL1, Class A1<sup>(c)(d)</sup> | 6.06% | 02/25/28 | 8402175 | 8418790 |
| PRET LLC, Series 2025-NPL11, Class A2<sup>(c)(d)</sup> | 7.02% | 10/25/55 | 2700000 | 2688239 |
| PRET LLC, Series 2025-NPL4, Class A1<sup>(c)(d)</sup> | 6.37% | 04/25/55 | 15467289 | 15535386 |
| PRET LLC, Series 2025-NPL5, Class A1<sup>(c)(d)</sup> | 6.24% | 05/25/28 | 19623023 | 19707553 |
| PRET LLC, Series 2025-NPL6, Class A1<sup>(c)(d)</sup> | 5.74% | 06/25/28 | 18738376 | 18775148 |
| PRET LLC, Series 2025-NPL6, Class A2<sup>(c)(d)</sup> | 8.72% | 06/25/28 | 8750000 | 8813389 |
| PRET LLC, Series 2025-NPL7, Class A1<sup>(c)(d)</sup> | 5.66% | 07/25/28 | 14654389 | 14679777 |
| PRET LLC, Series 2025-NPL7, Class A2<sup>(c)(d)</sup> | 8.35% | 07/25/28 | 8000000 | 8045895 |
| PRET LLC, Series 2025-NPL8, Class A1<sup>(c)(d)</sup> | 5.73% | 07/25/28 | 19304570 | 19347706 |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

**Annual Report \| October 31, 2025**<sub>3</sub>

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Schedule of Investments** |

---

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity <br>Date** | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL8, Class A2<sup>(c)(d)</sup> | 7.99% | 07/25/28 | $7850000 | $7872227 |
| &nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL9, Class A1<sup>(c)(d)</sup> | 5.39% | 08/25/28 | 24330940 | 24409624 |
| &nbsp;&nbsp;&nbsp;PRET LLC, Series 2025-NPL9, Class A2<sup>(c)(d)</sup> | 7.51% | 08/25/28 | 7000000 | 7011930 |
| &nbsp;&nbsp;&nbsp;RAMP, Series 2007-RS1, Class A4<sup>(b)</sup> | 1M CME TERM SOFR + 0.67% | 02/25/37 | 32244743 | 7520051 |
| &nbsp;&nbsp;&nbsp;RCO IX Mortgage LLC, Series 2025-4, Class A1<sup>(c)(d)</sup> | 5.31% | 10/25/30 | 38000000 | 37910263 |
| &nbsp;&nbsp;&nbsp;RCO VIII Mortgage LLC, Series 2025-3, Class A1<sup>(c)(d)</sup> | 6.43% | 05/25/28 | 2011240 | 2015854 |
| &nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust 2025-NPL1, Series 2024-NPL1, Class A1<sup>(c)(d)</sup> | 7.12% | 01/25/30 | 6599346 | 6572699 |
| &nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2025-NPL2, Class A1<sup>(c)(d)</sup> | 7.77% | 04/25/28 | 1006536 | 1002770 |
| **TOTAL ASSET-BACKED SECURITIES** |  |  |  |  |
| **(Cost $806,513,867)** |  |  |  | **806392034** |
| **BANK LOANS (0.79%)** |  |  |  |  |
| **United States (0.79%)** |  |  |  |  |
| **Financials (0.11%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CSLRTLAX<sup>(e)</sup> | 10.15% | 08/21/26 | 3455794 | 3456142 |
| &nbsp;&nbsp;&nbsp;UTEX-DEFEASED<sup>(e)</sup> | 6.48% | 12/31/49 | 637126 | 636489 |
| **Mortgage Securities (0.68%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Copper Hill Sportsmans RT | 7.15% | 02/01/27 | 6824500 | 6777161 |
| &nbsp;&nbsp;&nbsp;Tower Bellflower LLC | 1M CME TERM SOFR + 4.10% | 02/01/26 | 19050000 | 19055715 |
| **TOTAL BANK LOANS** |  |  |  |  |
| **(Cost $27,866,260)** |  |  |  | **29925507** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (26.81%)** |  |  |  |  |
| **United States (26.81%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1345T, Series 2025-AOA, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.00% | 06/15/27 | 3250000 | 3269500 |
| &nbsp;&nbsp;&nbsp;BAHA Trust, Series 2024-MAR, Class X<sup>(b)(c)(f)</sup> | 0.36% | 12/10/29 | 284500000 | 2788100 |
| &nbsp;&nbsp;&nbsp;Banc of America Re-Remic Trust, Series 2023-FRR1, Class D<sup>(c)</sup> | 0.00% | 02/27/32 | 9155000 | 5690748 |
| &nbsp;&nbsp;&nbsp;BANK 2019-BNK17, Series 2019-BN17, Class E<sup>(c)</sup> | 3.00% | 04/15/29 | 1849000 | 1513406 |
| &nbsp;&nbsp;&nbsp;BANK, Series 2022-BNK41, Class D<sup>(c)</sup> | 2.50% | 04/15/32 | 1500000 | 1089900 |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2018-TALL, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.32% | 03/15/37 | 3312000 | 3042072 |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2018-TALL, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.44% | 03/15/37 | 4760000 | 3952228 |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust, Series 2023-5C23, Class E<sup>(b)(c)</sup> | 7.70% | 11/15/28 | 4079000 | 3803667 |
| &nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.31% | 06/15/38 | 4200000 | 3525480 |
| &nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.71% | 06/15/38 | 4089000 | 3251573 |
| &nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.61% | 06/15/38 | 2389270 | 1543946 |
| &nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.64% | 06/15/38 | 15300000 | 5143860 |
| &nbsp;&nbsp;&nbsp;BCP Trust, Series 2021-330N, Class F<sup>(b)(c)</sup> | 1M CME TERM SOFR + 4.63% | 06/15/38 | 8500000 | 1011500 |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

---

| | |
|:---|:---|
| **4** | **www.axonicfunds.com** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Schedule of Investments** |

---

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity <br>Date** | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;BCRR , Series 2016-FRR3, Class E<sup>(b)(c)</sup> | 30D US SOFR + 18.46% | 05/26/26 | $24057599 | $23898819 |
| &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2025-V13, Class HCB<sup>(b)(c)</sup> | 7.21% | 01/15/30 | 25109991 | 25509240 |
| &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2025-V13, Class HCC<sup>(b)(c)</sup> | 8.10% | 01/15/30 | 8000000 | 8221600 |
| &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2025-V13, Class HCD<sup>(b)(c)</sup> | 9.19% | 01/15/30 | 7373000 | 7638428 |
| &nbsp;&nbsp;&nbsp;BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.85% | 08/15/27 | 16903000 | 16957090 |
| &nbsp;&nbsp;&nbsp;BMD2 Re-Remic Trust, Series 2019-FRR1, Class 3C<sup>(c)</sup> | 0.00% | 05/25/52 | 12585000 | 10289496 |
| &nbsp;&nbsp;&nbsp;BMD2 Re-Remic Trust, Series 2019-FRR1, Class 5C<sup>(c)</sup> | 0.00% | 05/25/52 | 6619500 | 5025524 |
| &nbsp;&nbsp;&nbsp;BMO Mortgage Trust, Series 2025-5C10, Class D<sup>(c)</sup> | 4.50% | 05/15/58 | 2000000 | 1797200 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-KING, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.49% | 05/15/26 | 4935031 | 4953784 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-KING, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.69% | 05/15/26 | 8404358 | 8458987 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2024-MF, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.69% | 02/15/26 | 88545 | 88917 |
| &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LBA, Class EV<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.11% | 02/15/36 | 1186215 | 1185028 |
| &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LBA, Class DV<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.71% | 02/15/36 | 371681 | 371272 |
| &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LBA, Class DJV<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.71% | 02/15/36 | 350000 | 349615 |
| &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-LBA, Class GV<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.11% | 02/15/36 | 379589 | 379209 |
| &nbsp;&nbsp;&nbsp;BX Trust, Series 2021-RISE, Class F<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.76% | 11/15/36 | 14894487 | 14931724 |
| &nbsp;&nbsp;&nbsp;BX Trust, Series 2022-IND, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.99% | 04/15/27 | 10500000 | 10534650 |
| &nbsp;&nbsp;&nbsp;BX Trust, Series 2023-DELC, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 4.39% | 05/15/38 | 3000000 | 3025500 |
| &nbsp;&nbsp;&nbsp;BX Trust, Series 2023-DELC, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.34% | 05/15/38 | 8345000 | 8400911 |
| &nbsp;&nbsp;&nbsp;BX Trust, Series 2023-DELC, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 5.29% | 05/15/38 | 6000000 | 6054600 |
| &nbsp;&nbsp;&nbsp;BX Trust, Series 2024-CNYN, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.69% | 04/15/41 | 4449294 | 4460417 |
| &nbsp;&nbsp;&nbsp;BXP Trust, Series 2021-601L, Class D<sup>(b)(c)</sup> | 2.87% | 01/15/32 | 1699000 | 1376530 |
| &nbsp;&nbsp;&nbsp;BXSC Commercial Mortgage Trust, Series 2022-WSS, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 4.13% | 03/15/27 | 35445000 | 35586780 |
| &nbsp;&nbsp;&nbsp;BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.19% | 03/15/27 | 11550000 | 11589270 |
| &nbsp;&nbsp;&nbsp;BXSC Commercial Mortgage Trust, Series 2022-WSS, Class F<sup>(b)(c)</sup> | 1M CME TERM SOFR + 5.33% | 03/15/27 | 5100000 | 5119890 |
| &nbsp;&nbsp;&nbsp;Cali 2024-Sun, Series 2024-SUN, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.63% | 07/15/26 | 8900000 | 8931150 |
| &nbsp;&nbsp;&nbsp;Cali 2024-Sun, Series 2024-SUN, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.89% | 07/15/26 | 1920000 | 1922688 |
| &nbsp;&nbsp;&nbsp;Cantor Commercial Real Estate Lending, Series 2019-CF1, Class 65D<sup>(b)(c)</sup> | 4.66% | 05/15/52 | 4600000 | 77280 |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

**Annual Report \| October 31, 2025**<sub>5</sub>

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Schedule of Investments** |

---

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate** | **Maturity <br>Date** | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Cantor Commercial Real Estate Lending, Series 2019-CF2, Class SWD<sup>(c)</sup> | 4.52% | 09/15/29 | $4988052 | $4501218 |
| &nbsp;&nbsp;&nbsp;Cascade Funding Mortgage Trust, Series 2021-FRR1, Class CK58<sup>(c)</sup> | 0.00% | 09/29/29 | 24870000 | 22962471 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Series 2020-3, Class A1<sup>(b)(c)</sup> | 1.51% | 04/27/65 | 1046011 | 1036267 |
| &nbsp;&nbsp;&nbsp;Countrywide Alternative Loan, Series 2007-17CB, Class A6 | 4.57% | 08/25/37 | 6494176 | 2675456 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Commercial Mortgage Trust 2020-FACT E | 9.44% | 10/15/25 | 1745000 | 1643964 |
| &nbsp;&nbsp;&nbsp;CSMC, Series 2020-FACT, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.96% | 10/15/37 | 5000000 | 4813500 |
| &nbsp;&nbsp;&nbsp;CSTL Commercial Mortgage Trust, Series 2025-GATE2, Class D<sup>(b)(c)</sup> | 5.63% | 11/10/42 | 4500000 | 4500000 |
| &nbsp;&nbsp;&nbsp;DC Trust, Series 2024-HLTN, Class D<sup>(b)(c)</sup> | 7.98% | 04/13/28 | 2439000 | 2456561 |
| &nbsp;&nbsp;&nbsp;Extended Stay America Trust, Series 2025-ESH, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.60% | 10/15/27 | 10550000 | 10622795 |
| &nbsp;&nbsp;&nbsp;Extended Stay America Trust, Series 2025-ESH, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.35% | 10/15/27 | 11290000 | 11381449 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Mscr Trust Mn1, Series 2021-MN1, Class M2<sup>(b)(c)</sup> | 30D US SOFR + 3.75% | 01/25/51 | 2000000 | 2058400 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Mscr Trust Mn7, Series 2023-MN7, Class M2<sup>(b)(c)</sup> | 30D US SOFR + 5.70% | 04/25/33 | 2300000 | 2484000 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Mscr Trust Mn8, Series 2024-MN8, Class M2<sup>(b)(c)</sup> | 30D US SOFR + 4.25% | 06/25/33 | 2300000 | 2421440 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Mscr Trust Mn8, Series 2024-MN8, Class M1<sup>(b)(c)</sup> | 30D US SOFR + 2.85% | 05/25/29 | 10868557 | 11032673 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Mscr Trust Mn9, Series 2024-MN9, Class M2<sup>(b)(c)</sup> | 30D US SOFR + 3.25% | 10/25/44 | 2500000 | 2534500 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates, Series 2022-151, Class X3<sup>(b)(f)</sup> | 4.53% | 11/25/54 | 6840000 | 1653912 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates, Series 2023-153, Class X3<sup>(b)(f)</sup> | 4.84% | 01/25/33 | 19488345 | 5129333 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates, Series 2023-154, Class X3<sup>(b)(f)</sup> | 5.28% | 01/25/33 | 11437000 | 3300718 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates, Series 2024-162, Class X3<sup>(b)(f)</sup> | 6.09% | 01/25/34 | 8700000 | 3195510 |
| &nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2018-K156, Class C<sup>(c)</sup> | 0.00% | 07/25/33 | 6449682 | 3444775 |
| &nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2018-KF49, Class C<sup>(b)(c)</sup> | 30D US SOFR + 6.11% | 06/25/25 | 4014924 | 3993645 |
| &nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2019-KL05, Class CP<sup>(b)(c)</sup> | 4.09% | 06/25/29 | 28878000 | 24863958 |
| &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2019-SB66, Class X1<sup>(b)(f)</sup> | 0.99% | 07/25/29 | 26802782 | 639898 |
| &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2020-SB74, Class X1<sup>(b)(f)</sup> | 0.00% | 03/25/30 | 18911561 | 529524 |
| &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2020-SB79, Class X1<sup>(b)(f)</sup> | 0.41% | 07/25/40 | 14059489 | 491639 |
| &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2020-SB80, Class X1<sup>(b)(f)</sup> | 0.01% | 09/25/30 | 47775581 | 2045636 |
| &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2020-SB81, Class X1<sup>(b)(f)</sup> | 0.60% | 10/25/30 | 17661811 | 636850 |
| &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2021-SB82, Class X1<sup>(b)(f)</sup> | 1.02% | 10/25/40 | 35047216 | 720644 |
| &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2021-SB83, Class X1<sup>(b)(f)</sup> | 0.95% | 01/25/41 | 24799189 | 671143 |
| &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2021-SB84, Class X1<sup>(b)(f)</sup> | 0.56% | 01/25/31 | 24595302 | 583890 |
| &nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2022-SB95, Class X1<sup>(b)(f)</sup> | 0.08% | 11/25/41 | 106119308 | 1261313 |
| &nbsp;&nbsp;&nbsp;FS Commercial Mortgage Trust, Series 2023-4SZN, Class E<sup>(b)(c)</sup> | 10.76% | 11/10/39 | 15740000 | 16297196 |
| &nbsp;&nbsp;&nbsp;FS Trust, Series 2024-HULA, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.44% | 08/15/26 | 5000000 | 5007500 |
| &nbsp;&nbsp;&nbsp;FS Trust, Series 2024-HULA, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.94% | 08/15/26 | 4400000 | 4405720 |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

---

| | |
|:---|:---|
| **6** | **www.axonicfunds.com** |

---

Axonic Strategic Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate** | **Maturity <br>Date** | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2018-16, Class IO<sup>(b)(f)</sup> | 0.59% | 03/16/59 | $67338854 | $2478070 |
| &nbsp;&nbsp;&nbsp;Great Wolf Trust, Series 2024-WOLF, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.89% | 03/15/29 | 7600000 | 7646360 |
| &nbsp;&nbsp;&nbsp;Great Wolf Trust, Series 2024-WOLF, Class E | 7.60% | 03/15/39 | 24100000 | 24273520 |
| &nbsp;&nbsp;&nbsp;HILT Commercial Mortgage Trust, Series 2024-ORL, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.19% | 05/15/26 | 2093000 | 2092163 |
| &nbsp;&nbsp;&nbsp;Hilton USA Trust, Series 2025-NVIL, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.74% | 07/15/27 | 10000000 | 10039000 |
| &nbsp;&nbsp;&nbsp;Hilton USA Trust, Series 2025-NVIL, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.12% | 07/15/27 | 8000000 | 8030400 |
| &nbsp;&nbsp;&nbsp;Hilton USA Trust, Series 2025-NVIL, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.64% | 07/15/27 | 13000000 | 13055900 |
| &nbsp;&nbsp;&nbsp;Hilton USA Trust, Series 2016-HHV, Class E<sup>(b)(c)</sup> | 4.19% | 11/05/38 | 6500000 | 6394050 |
| &nbsp;&nbsp;&nbsp;Hilton USA Trust, Series 2016-HHV, Class F<sup>(b)(c)</sup> | 4.19% | 11/05/38 | 10000000 | 9730000 |
| &nbsp;&nbsp;&nbsp;HIT Trust, Series 2022-HI32, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.39% | 07/15/39 | 1866244 | 1867550 |
| &nbsp;&nbsp;&nbsp;HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.34% | 06/15/26 | 16000000 | 16072000 |
| &nbsp;&nbsp;&nbsp;HLTN Commercial Mortgage Trust, Series 2024-DPLO, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.54% | 06/15/26 | 3076000 | 3082460 |
| &nbsp;&nbsp;&nbsp;Hudsons Bay Simon JV Trust, Series 2015-HB7, Class A7<sup>(c)</sup> | 3.91% | 08/05/34 | 979101 | 974695 |
| &nbsp;&nbsp;&nbsp;Hudsons Bay Simon JV Trust 2015-HBS, Series 2015-HB10, Class A10<sup>(c)</sup> | 4.15% | 08/05/34 | 2764207 | 2758402 |
| &nbsp;&nbsp;&nbsp; Hudsons Bay Simon JV Trust 2015-HBS, Series 2015-HB7, Class B7<sup>(c)</sup> | 4.67% | 08/05/34 | 3000000 | 2950200 |
| &nbsp;&nbsp;&nbsp;Hudsons Bay Simon JV Trust 2015-HBS, Series 2015-HB10, Class B10<sup>(c)</sup> | 4.91% | 08/05/34 | 4250000 | 4238950 |
| &nbsp;&nbsp;&nbsp;HYT Commercial Mortgage Trust, Series 2024-RGCY, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.44% | 09/15/26 | 12900000 | 12916770 |
| &nbsp;&nbsp;&nbsp;INTOWN Mortgage Trust, Series 2025-STAY, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.25% | 03/15/27 | 13100000 | 13100000 |
| &nbsp;&nbsp;&nbsp;INTOWN Mortgage Trust, Series 2025-STAY, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.85% | 03/15/27 | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;INTOWN Mortgage Trust, Series 2025-STAY, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.85% | 03/15/27 | 11000000 | 11000000 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust 2007- LDP12, Series 2007-LD12, Class AJ<sup>(b)</sup> | 6.56% | 02/15/51 | 2442570 | 2437929 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-MHC, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.06% | 04/15/26 | 1713000 | 1712486 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.11% | 04/15/27 | 14983516 | 14769252 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.17% | 04/15/27 | 6351077 | 6231042 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2025-BHR5, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.54% | 03/15/30 | 3040000 | 3036656 |
| &nbsp;&nbsp;&nbsp;JPMCC Multifamily Housing Mortgage Loan Trust, Series 2025- Q032, Class C<sup>(b)(c)</sup> | 6.50% | 10/25/29 | 8933106 | 8708885 |
| &nbsp;&nbsp;&nbsp;JW Commercial Mortgage Trust, Series 2024-MRCO, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.19% | 06/15/26 | 10000000 | 10048000 |

---

 

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

Annual Report \| October 31, 2025 7

Axonic Strategic Income Fund Consolidated Schedule of Investments

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate** | **Maturity <br>Date** | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust, Series 2024-LGND, Class D<sup>(c)(d)</sup> | 7.79% | 11/05/39 | $5401000 | $5458251 |
| &nbsp;&nbsp;&nbsp;Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust, Series 2024-LGND, Class E<sup>(c)(d)</sup> | 8.76% | 11/05/27 | 9140000 | 9235056 |
| &nbsp;&nbsp;&nbsp;MAC Trust, Series 2025-801B, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.70% | 10/15/27 | 6700000 | 6714070 |
| &nbsp;&nbsp;&nbsp;MAC Trust, Series 2025-801B, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.15% | 10/15/27 | 12200000 | 12226840 |
| &nbsp;&nbsp;&nbsp;MAC Trust, Series 2025-801B, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.70% | 10/15/27 | 20500000 | 20545100 |
| &nbsp;&nbsp;&nbsp;MAD Commercial Mortgage Trust, Series 2025-11MD, Class D<sup>(b)(c)</sup> | 6.57% | 10/15/30 | 11945000 | 11929472 |
| &nbsp;&nbsp;&nbsp;MCR Mortgage Trust, Series 2024-TWA, Class E<sup>(c)</sup> | 8.73% | 06/12/27 | 25695000 | 25962228 |
| &nbsp;&nbsp;&nbsp;Merchants Bank of Indiana Multifamily Housing Mortgage Loan Trust, Series 2024-Q025, Class B<sup>(b)</sup> | 30D US SOFR + 3.85% | 12/25/30 | 16232000 | 16331015 |
| &nbsp;&nbsp;&nbsp;MRCD 2019-MARK Mortgage Trust, Series 2019-PARK, Class G<sup>(c)</sup> | 2.72% | 12/15/36 | 8944000 | 4787894 |
| &nbsp;&nbsp;&nbsp;MTN Commercial Mortgage Trust, Series 2022-LPFL, Class F<sup>(b)(c)</sup> | 1M US SOFR + 5.29% | 03/15/27 | 5000000 | 5018500 |
| &nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities, Series 2019-01, Class M10<sup>(b)(c)</sup> | 30D US SOFR + 3.36% | 10/25/49 | 1507080 | 1530440 |
| &nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities, Series 2020-01, Class M10<sup>(b)(c)</sup> | 30D US SOFR + 3.86% | 03/25/50 | 12028484 | 12325588 |
| &nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust, Series 2023-01, Class M10<sup>(b)(c)</sup> | 30D US SOFR + 6.50% | 02/25/32 | 5000000 | 5681500 |
| &nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust, Series 2024-01, Class M10<sup>(b)(c)</sup> | 30D US SOFR + 3.85% | 07/25/54 | 1400000 | 1472240 |
| &nbsp;&nbsp;&nbsp;NRTH Commercial Mortgage Trust, Series 2025-PARK, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.39% | 10/15/27 | 13000000 | 12990900 |
| &nbsp;&nbsp;&nbsp;PGA Trust, Series 2024-RSR2, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.39% | 06/15/26 | 4910000 | 4900180 |
| &nbsp;&nbsp;&nbsp;PGA Trust, Series 2024-RSR2, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.49% | 06/15/26 | 2000000 | 1999800 |
| &nbsp;&nbsp;&nbsp;PRM7 Trust, Series 2025-PRM7, Class D<sup>(b)(c)</sup> | 5.85% | 11/10/42 | 6020000 | 5948964 |
| &nbsp;&nbsp;&nbsp;RFM Reremic Trust, Series 2022-FRR1, Class CK55<sup>(c)</sup> | 0.00% | 03/28/49 | 15460000 | 14880250 |
| &nbsp;&nbsp;&nbsp;SB Multifamily Repack Trust, Series 2020-FRR1, Class A<sup>(c)</sup> | 5.60% | 05/27/26 | 8121020 | 8047931 |
| &nbsp;&nbsp;&nbsp;SCG Commercial Mortgage Trust, Series 2025-FLWR, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.75% | 08/15/27 | 2700000 | 2703240 |
| &nbsp;&nbsp;&nbsp;SCG Trust, Series 2025-SNIP, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.50% | 09/15/27 | 15000000 | 15019500 |
| &nbsp;&nbsp;&nbsp;SCG Trust, Series 2025-SNIP, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.60% | 09/15/27 | 3500000 | 3523450 |
| &nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A1<sup>(b)(c)</sup> | 3.87% | 01/05/35 | 6497500 | 5537819 |
| &nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2A<sup>(b)(c)</sup> | 3.66% | 01/05/35 | 3195000 | 2745783 |
| &nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2B<sup>(b)(c)</sup> | 4.14% | 01/05/35 | 14945000 | 13168040 |
| &nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class B<sup>(b)(c)</sup> | 4.39% | 01/05/35 | 4991000 | 4300246 |
| &nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class C<sup>(b)(c)</sup> | 4.39% | 01/05/35 | 8133239 | 6666816 |

---

 

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

8 www.axonicfunds.com

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Schedule of Investments** |

---

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity <br>Date** | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class D<sup>(b)(c)</sup> | 4.39% | 01/05/35 | $8100000 | $6431400 |
| &nbsp;&nbsp;&nbsp;SLG Office Trust, Series 2021-OVA, Class F<sup>(c)</sup> | 2.85% | 07/15/31 | 9500000 | 7809950 |
| &nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.95% | 02/15/39 | 6713745 | 6721801 |
| &nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.95% | 02/15/39 | 5075617 | 5081707 |
| &nbsp;&nbsp;&nbsp;SMR Mortgage Trust, Series 2022-IND, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 5.00% | 02/15/39 | 10347152 | 10353360 |
| &nbsp;&nbsp;&nbsp;SREIT Trust, Series 2021-MFP2, Class G<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.08% | 11/15/36 | 3024000 | 3022488 |
| &nbsp;&nbsp;&nbsp;STWD Mortgage Trust, Series 2021-HTS, Class B<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.61% | 04/15/34 | 1253713 | 1250202 |
| &nbsp;&nbsp;&nbsp;THPT Mortgage Trust, Series 2023-THL, Class C<sup>(b)(c)</sup> | 8.82% | 12/10/34 | 4844448 | 4914208 |
| &nbsp;&nbsp;&nbsp; THPT Mortgage Trust, Series 2023-THL, Class F<sup>(b)(c)</sup> | 7.43% | 12/10/34 | 9158000 | 8894250 |
| &nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2019-2, Class M5<sup>(b)(c)</sup> | 4.93% | 03/25/27 | 199899 | 163773 |
| &nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2019-1, Class M6<sup>(b)(c)</sup> | 6.79% | 10/29/29 | 1029682 | 840153 |
| &nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2021-1, Class M6<sup>(b)(c)</sup> | 5.03% | 03/25/31 | 1523135 | 952890 |
| &nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2021-3, Class M6<sup>(b)(c)</sup> | 5.03% | 10/25/51 | 576875 | 446055 |
| &nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2022-1, Class M5<sup>(b)(c)</sup> | 5.86% | 06/25/32 | 3223350 | 2363156 |
| &nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2022-1, Class M6<sup>(b)(c)</sup> | 5.86% | 08/25/33 | 1215814 | 837919 |
| &nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2022-2, Class M5<sup>(b)(c)</sup> | 5.74% | 04/25/52 | 2918886 | 2343281 |
| &nbsp;&nbsp;&nbsp;WB Commercial Mortgage Trust, Series 2024-HQ, Class C<sup>(b)(c)</sup> | 7.13% | 03/15/28 | 8500000 | 8536550 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2025-B33RP, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.00% | 08/15/27 | 6000000 | 6012600 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2025-B33RP, Class D<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.50% | 08/15/27 | 6000000 | 6045000 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2025-B33RP, Class E<sup>(b)(c)</sup> | 1M CME TERM SOFR + 3.50% | 08/15/27 | 12400000 | 12490520 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2025-HI, Class A<sup>(b)(c)</sup> | 1M CME TERM SOFR + 1.69% | 10/15/27 | 4000000 | 4005600 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2025-HI, Class C<sup>(b)(c)</sup> | 1M CME TERM SOFR + 2.69% | 10/15/27 | 16500000 | 16501650 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |  |  |
| **(Cost $1,051,571,968)** |  |  |  | **1015073443** |
| **CONVERTIBLE CORPORATE BONDS (0.39%)** |  |  |  |  |
| **United States (0.39%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;PennyMac Corp. | 5.50% | 03/15/26 | 10682000 | 10665977 |
| &nbsp;&nbsp;&nbsp;PennyMac Corp. | 8.50% | 06/01/29 | 3000000 | 3088681 |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

**Annual Report \| October 31, 2025**<sub>9</sub>

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Schedule of Investments** |

---

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Rate** | **Maturity <br>Date** | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | 7.75% | 06/15/27 | $1000000 | $1000785 |
| **TOTAL CONVERTIBLE CORPORATE BONDS** |  |  |  |  |
| **(Cost $14,483,685)** |  |  |  | **14755443** |
| **CORPORATE BONDS (0.12%)** |  |  |  |  |
| **United States (0.12%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GKN Subordinated CTL Pass-Through Trust/Auburn MI<sup>(b)(c)</sup> | 0.00% | 03/15/30 | 7076849 | 4603490 |
| **TOTAL CORPORATE BONDS** |  |  |  |  |
| **(Cost $5,201,965)** |  |  |  | **4603490** |
| **GOVERNMENT BONDS (10.19%)** |  |  |  |  |
| **United States (10.19%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 3.88% | 08/15/34 | 250000000 | 247167975 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note<sup>(g)</sup> | 4.63% | 02/15/35 | 100000000 | 104273440 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | 4.25% | 05/15/35 | 34000000 | 34446250 |
| **TOTAL GOVERNMENT BONDS** |  |  |  |  |
| **(Cost $383,431,644)** |  |  |  | **385887665** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (34.36%)** |  |  |  |  |
| **United States (34.36%)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2023-NQM4, Class A3<sup>(c)(d)</sup> | 8.10% | 10/25/27 | 1700172 | 1729293 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2023-NQM5, Class B1<sup>(b)(c)</sup> | 8.11% | 11/25/68 | 3000000 | 3029116 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2024-NQM1, Class B1<sup>(b)(c)</sup> | 8.47% | 02/25/69 | 3017000 | 3056116 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2024-NQM4, Class A3<sup>(c)(d)</sup> | 5.82% | 08/25/69 | 4527101 | 4541423 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2024-NQM4, Class M1<sup>(b)(c)</sup> | 5.93% | 08/25/69 | 6800000 | 6771005 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2024-NQM4, Class B1B<sup>(b)(c)</sup> | 7.99% | 08/25/69 | 2572667 | 2588510 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM2, Class A1<sup>(b)(c)</sup> | 5.79% | 05/25/29 | 9545620 | 9634171 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM2, Class A2<sup>(c)(d)</sup> | 5.94% | 05/25/29 | 1909124 | 1922201 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM3, Class A1<sup>(c)(d)</sup> | 5.37% | 08/25/70 | 13219406 | 13267003 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM4, Class A3<sup>(c)(d)</sup> | 5.73% | 09/25/29 | 24894375 | 24922762 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM4, Class A2<sup>(c)(d)</sup> | 5.48% | 09/25/29 | 5532526 | 5538911 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM4, Class A1B<sup>(c)(d)</sup> | 5.23% | 09/25/29 | 8961866 | 8952660 |
| &nbsp;&nbsp;&nbsp;A&D Mortgage Trust, Series 2025-NQM4, Class A1<sup>(c)(d)</sup> | 5.23% | 09/25/29 | 13940850 | 13956918 |
| &nbsp;&nbsp;&nbsp;ADMT, Series 2024-NQM6, Class M1<sup>(b)(c)</sup> | 6.57% | 01/25/70 | 5000000 | 5041316 |
| &nbsp;&nbsp;&nbsp;ADMT, Series 2024-NQM6, Class A3<sup>(c)(d)</sup> | 6.07% | 01/25/70 | 3423879 | 3443493 |
| &nbsp;&nbsp;&nbsp;AlphaFlow Transitional Mortgage Trust, Series 2021-WL1, Class A2<sup>(c)(d)</sup> | 5.61% | 01/25/26 | 173893 | 6749 |
| &nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-18CB, Class A1<sup>(b)</sup> | 1M CME TERM SOFR + 0.58% | 07/25/36 | 8844494 | 3320319 |
| &nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-18CB, Class A7<sup>(b)</sup> | 1M CME TERM SOFR + 0.46% | 07/25/36 | 23413399 | 8598370 |
| &nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-24CB, Class A5<sup>(b)</sup> | 1M CME TERM SOFR + 0.71% | 08/25/36 | 4997964 | 2067536 |
| &nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-24CB, Class A19<sup>(b)</sup> | 1M CME TERM SOFR + 0.61% | 08/25/36 | 2306270 | 937361 |
| &nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2006-6CB, Class 2A1<sup>(b)</sup> | 1M CME TERM SOFR + 0.81% | 05/25/36 | 9910239 | 2705756 |
| &nbsp;&nbsp;&nbsp;Alternative Loan Trust, Series 2007-5CB, Class 1A19<sup>(b)</sup> | 1M CME TERM SOFR + 0.56% | 04/25/37 | 12464054 | 4829325 |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

---

| | |
|:---|:---|
| **10** | **www.axonicfunds.com** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Schedule of Investments** |

---

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate** | **Maturity <br>Date** | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;American Home Mortgage Investment Trust, Series 2006-3, Class 3A2<sup>(d)</sup> | 6.75% | 12/25/36 | $7620281 | $2386375 |
| &nbsp;&nbsp;&nbsp;Anchor Mortgage Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 6.36% | 05/25/40 | 3400000 | 3417375 |
| &nbsp;&nbsp;&nbsp;Anchor Mortgage Trust, Series 2025-RTL1, Class M1<sup>(b)(c)</sup> | 7.96% | 05/25/40 | 1500000 | 1506302 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2020-R1, Class A1<sup>(b)(c)</sup> | 0.99% | 04/25/53 | 1371993 | 1306747 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage Trust, Series 2021-6, Class A1<sup>(b)(c)</sup> | 1.46% | 09/25/66 | 9601336 | 8214867 |
| &nbsp;&nbsp;&nbsp;Arixa Mortgage Trust, Series 2025-RTL1, Class A1<sup>(c)</sup> | 5.74% | 02/25/28 | 11000000 | 11044179 |
| &nbsp;&nbsp;&nbsp;Banc of America Funding 2006 8T2 Trust, Series 2006-8T2, Class A6<sup>(d)</sup> | 6.55% | 10/25/36 | 1699696 | 1516883 |
| &nbsp;&nbsp;&nbsp;Banc of America Funding , Series 2015-R2, Class 9A2<sup>(c)(d)</sup> | 4.70% | 07/27/27 | 9676263 | 9014347 |
| &nbsp;&nbsp;&nbsp;BCAP LLC-I Trust, Series 2010-RR5, Class 2A10<sup>(b)(c)</sup> | 6.10% | 04/26/37 | 8403247 | 4193299 |
| &nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Funding Trust, Series 2007-AR2, Class A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.51% | 03/25/37 | 5616425 | 5180431 |
| &nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Funding Trust, Series 2007-AR4, Class 1A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.59% | 04/25/37 | 2357118 | 2219013 |
| &nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Funding Trust, Series 2007-AR4, Class G2AB<sup>(b)</sup> | 1M CME TERM SOFR + 0.35% | 04/25/37 | 4921681 | 4424137 |
| &nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Funding Trust, Series 2007-AR5, Class 1A2G<sup>(b)</sup> | 1M CME TERM SOFR + 0.55% | 06/25/37 | 700656 | 597647 |
| &nbsp;&nbsp;&nbsp;Bear Stearns Mortgage Funding Trust, Series 2007-AR5, Class 2A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.34% | 06/25/37 | 1791287 | 1578200 |
| &nbsp;&nbsp;&nbsp;Boston Lending Trust, Series 2022-1, Class M2<sup>(b)(c)</sup> | 2.75% | 02/25/27 | 2769548 | 2449388 |
| &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Series 2021-NQM1, Class A1<sup>(b)(c)</sup> | 0.94% | 02/25/49 | 1963243 | 1837129 |
| &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust, Series 2021-NQM1, Class A3<sup>(b)(c)</sup> | 1.33% | 02/25/49 | 626329 | 589108 |
| &nbsp;&nbsp;&nbsp;CAFL Issuer LP, Series 2025-RRTL1, Class A1<sup>(c)(d)</sup> | 5.68% | 05/28/40 | 13450000 | 13532622 |
| &nbsp;&nbsp;&nbsp;CAFL Issuer LP, Series 2025-RRTL1, Class A2<sup>(c)(d)</sup> | 6.32% | 05/28/40 | 6000000 | 6045158 |
| &nbsp;&nbsp;&nbsp;Center Street Lending Resi-Investor ABS Mortgage Trust, Series 2024-RTL1, Class A2<sup>(c)(d)</sup> | 8.34% | 05/25/27 | 10526000 | 10639405 |
| &nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Series 2022-1, Class A1<sup>(b)(c)</sup> | 3.01% | 01/25/67 | 7593028 | 7311595 |
| &nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Series 2023-2, Class A1<sup>(c)(d)</sup> | 6.53% | 05/25/27 | 678895 | 681067 |
| &nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Series 2023-3, Class A1<sup>(c)(d)</sup> | 7.10% | 06/25/27 | 2793657 | 2813560 |
| &nbsp;&nbsp;&nbsp;CHNGE Mortgage Trust, Series 2023-4, Class A1<sup>(c)(d)</sup> | 7.57% | 09/25/58 | 4111671 | 4164581 |
| &nbsp;&nbsp;&nbsp;CIM Trust, Series 2025-NR1, Class A1<sup>(c)(d)</sup> | 5.00% | 06/25/64 | 19539155 | 19138822 |
| &nbsp;&nbsp;&nbsp; CitiMortgage Alternative Loan Trust, Series 2007-A2, Class 1A1<sup>(b)</sup> | 1M CME TERM SOFR + 0.71% | 02/25/37 | 1123212 | 969546 |
| &nbsp;&nbsp;&nbsp;COLTMortgage Pass-Through Certificates, Series 2021-1R, Class A3<sup>(b)(c)</sup> | 1.42% | 05/25/65 | 2023467 | 1830664 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust, Series 2025-5, Class A2<sup>(c)(d)</sup> | 5.79% | 05/25/70 | 1517557 | 1529830 |
| &nbsp;&nbsp;&nbsp;Cribs Mortgage Trust, Series 2025-RTL1, Class A1<sup>(c)(d)</sup> | 5.81% | 10/25/27 | 3350000 | 3383571 |
| &nbsp;&nbsp;&nbsp;Cribs Mortgage Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 6.44% | 10/25/27 | 5850000 | 5912711 |
| &nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Series 2024-H6, Class B1A<sup>(b)(c)</sup> | 6.64% | 09/25/69 | 1079000 | 1079969 |
| &nbsp;&nbsp;&nbsp;Cross Mortgage Trust, Series 2025-CES1, Class A1A | 5.30% | 11/25/60 | 4512000 | 4511929 |
| &nbsp;&nbsp;&nbsp;Deephaven Residential Mortgage Trust, Series 2021-1, Class A3<sup>(b)(c)</sup> | 1.13% | 05/25/65 | 1218368 | 1173473 |
| &nbsp;&nbsp;&nbsp;Dominion Mortgage Trust, Series 2021-RTL1, Class A1<sup>(c)(d)</sup> | 3.49% | 07/25/27 | 12000918 | 11911815 |
| &nbsp;&nbsp;&nbsp;Dominion Mortgage Trust, Series 2021-RTL1, Class M<sup>(c)(d)</sup> | 5.73% | 07/25/27 | 3500000 | 3359193 |
| &nbsp;&nbsp;&nbsp;Dominion Mortgage Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 8.02% | 09/25/27 | 4000000 | 4089380 |
| &nbsp;&nbsp;&nbsp; DSLA Mortgage Loan Trust, Series 2006-AR2, Class 2A1A<sup>(b)</sup> | 1M CME TERM SOFR + 0.31% | 10/19/36 | 18691454 | 12756859 |
| &nbsp;&nbsp;&nbsp;Easy Street Mortgage Loan Trust, Series 2025-RTL2, Class A2<sup>(c)(d)</sup> | 7.16% | 10/25/40 | 3600000 | 3599581 |
| &nbsp;&nbsp;&nbsp;Easy Street Mortgage Loan Trust, Series 2025-RTL2, Class A1<sup>(c)(d)</sup> | 5.61% | 10/25/40 | 14000000 | 13998338 |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

**Annual Report \| October 31, 2025**<sub>11</sub>

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Schedule of Investments** |

---

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate** | **Maturity <br>Date** | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust, Series 2021-3, Class A3<sup>(b)(c)</sup> | 1.55% | 09/25/66 | $906419 | $765744 |
| &nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust, Series 2021-3, Class A1<sup>(b)(c)</sup> | 1.24% | 09/25/66 | 3774218 | 3186295 |
| &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Series 2025-RTL1, Class A2<sup>(b)(c)</sup> | 6.22% | 02/27/40 | 1750000 | 1761678 |
| &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Series 2025-RTL2, Class A1<sup>(b)(c)</sup> | 5.57% | 07/25/40 | 13000000 | 13057754 |
| &nbsp;&nbsp;&nbsp;Fidelis Mortgage Trust, Series 2025-RTL2, Class A2<sup>(b)(c)</sup> | 6.06% | 07/25/40 | 2250000 | 2260004 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE4, Class E<sup>(b)(c)</sup> | 6.81% | 09/25/54 | 1000000 | 1023179 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2024-HE4, Class D<sup>(b)(c)</sup> | 5.92% | 09/25/54 | 2000000 | 2019772 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-FL1, Class A2<sup>(c)(d)</sup> | 5.47% | 07/25/55 | 6152900 | 6169116 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-FL1, Class A1<sup>(c)(d)</sup> | 5.27% | 07/25/55 | 5469244 | 5483769 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE3, Class B<sup>(b)(c)</sup> | 5.71% | 05/25/55 | 2711561 | 2728565 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE3, Class C<sup>(b)(c)</sup> | 5.91% | 05/25/55 | 1581744 | 1594512 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE4, Class C<sup>(b)(c)</sup> | 5.71% | 07/25/55 | 3236374 | 3250664 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE4, Class A<sup>(b)(c)</sup> | 5.41% | 07/25/55 | 4623391 | 4635480 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE5, Class C<sup>(b)(c)</sup> | 5.69% | 08/25/55 | 9535974 | 9574596 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE5, Class A<sup>(b)(c)</sup> | 5.29% | 08/25/55 | 4767987 | 4769524 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-HE6, Class A<sup>(b)(c)</sup> | 5.04% | 09/25/55 | 17000000 | 16947548 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF1, Class A<sup>(b)(c)</sup> | 5.76% | 06/25/55 | 4424815 | 4494834 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF1, Class B<sup>(b)(c)</sup> | 5.91% | 06/25/55 | 2655800 | 2693771 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF1, Class C<sup>(b)(c)</sup> | 6.11% | 06/25/55 | 3501229 | 3561439 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF2, Class A<sup>(b)(c)</sup> | 5.02% | 10/25/55 | 7391441 | 7328243 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF2, Class B<sup>(b)(c)</sup> | 5.12% | 10/25/55 | 2463814 | 2442808 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF2, Class C<sup>(b)(c)</sup> | 5.22% | 10/25/55 | 2266709 | 2247511 |
| &nbsp;&nbsp;&nbsp;FIGRE Trust, Series 2025-PF2, Class D<sup>(b)(c)</sup> | 6.14% | 10/25/55 | 2100000 | 2096083 |
| &nbsp;&nbsp;&nbsp;GCAT , Series 2025-NQM6, Class M1<sup>(b)(c)</sup> | 5.78% | 10/25/29 | 4206500 | 4181082 |
| &nbsp;&nbsp;&nbsp;GCAT, Series 2021-NQM4, Class A1<sup>(b)(c)</sup> | 1.09% | 08/25/66 | 521785 | 441968 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2021-NQM1, Class B2<sup>(b)(c)</sup> | 4.21% | 07/25/61 | 1000000 | 831629 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2022-GR2, Class A2<sup>(b)(c)</sup> | 3.00% | 08/26/52 | 20937788 | 18282942 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust 2022-LTV2, Series 2022- MM1, Class A2<sup>(b)(c)</sup> | 2.50% | 07/25/52 | 14015209 | 11769491 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A6<sup>(b)(c)</sup> | 3.00% | 01/25/43 | 7628053 | 6660840 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2022-PJ6, Class A4<sup>(b)(c)</sup> | 3.00% | 03/25/42 | 20256823 | 17688321 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-DSC2, Class A1<sup>(c)(d)</sup> | 5.04% | 01/25/66 | 15000000 | 14960566 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-DSC2, Class A3<sup>(c)(d)</sup> | 5.49% | 01/25/66 | 15000000 | 14961231 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-DSC2, Class M1<sup>(b)(c)</sup> | 5.79% | 01/25/66 | 3856000 | 3840571 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-DSC2, Class B1<sup>(b)(c)</sup> | 6.74% | 01/25/66 | 5339000 | 5318283 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class A1<sup>(b)(c)</sup> | 5.65% | 06/25/65 | 10765215 | 10850914 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class A3<sup>(b)(c)</sup> | 5.90% | 06/25/65 | 9905792 | 9958941 |
| &nbsp;&nbsp;&nbsp; HarborView Mortgage Loan Trust, Series 2006-4, Class 1A2A<sup>(b)</sup> | 1M CME TERM SOFR + 0.49% | 05/19/46 | 14884496 | 7703983 |
| &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2020-NQM1, Class A1<sup>(b)(c)</sup> | 1.38% | 10/25/55 | 3745178 | 3541253 |
| &nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2023-NQM1, Class B1<sup>(b)(c)</sup> | 8.09% | 02/25/68 | 4500000 | 4497928 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Trust, Series 2024-7, Class A3<sup>(b)(c)</sup> | 3.00% | 04/25/53 | 13743789 | 12001119 |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

---

| | |
|:---|:---|
| **12** | **www.axonicfunds.com** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Schedule of Investments** |

---

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate** | **Maturity <br>Date** | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Mortgage Trust, Series 2025-NQM4, Class M1B<sup>(b)(c)</sup> | 5.99% | 03/25/66 | $1500000 | $1494677 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Resecuritization Trust, Series 2015-1, Class 4A2<sup>(b)(c)</sup> | 3.91% | 09/27/36 | 8095601 | 7581005 |
| &nbsp;&nbsp;&nbsp;Lehman Mortgage Trust, Series 2006-7, Class 3A1<sup>(b)</sup> | 1M CME TERM SOFR + 0.46% | 11/25/36 | 34331415 | 3820582 |
| &nbsp;&nbsp;&nbsp;Lehman Mortgage Trust, Series 2006-9, Class 1A5<sup>(b)</sup> | 1M CME TERM SOFR + 0.71% | 01/25/37 | 1593942 | 829851 |
| &nbsp;&nbsp;&nbsp;Lehman Mortgage Trust, Series 2007-2, Class 2A1<sup>(b)</sup> | 1M CME TERM SOFR + 0.42% | 02/25/37 | 24989968 | 4418494 |
| &nbsp;&nbsp;&nbsp;Lehman XS Trust, Series 2007-6, Class 3A31<sup>(d)</sup> | 4.20% | 05/25/37 | 2976480 | 2744697 |
| &nbsp;&nbsp;&nbsp;Lehman XS Trust, Series 2007-6, Class 3A32<sup>(b)</sup> | 1M CME TERM SOFR + 0.61% | 05/25/37 | 6313227 | 5878358 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2023-RTL3, Class A1<sup>(c)(d)</sup> | 8.00% | 08/25/28 | 19725116 | 19756165 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2023-RTL3, Class A2<sup>(c)(d)</sup> | 9.00% | 08/25/28 | 3000000 | 3003089 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2023-RTL4, Class A1<sup>(c)(d)</sup> | 7.63% | 06/25/26 | 13750000 | 13815416 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL1, Class A2<sup>(c)(d)</sup> | 9.17% | 01/25/29 | 6000000 | 6054635 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL1, Class A1<sup>(c)(d)</sup> | 7.02% | 01/25/29 | 10190000 | 10237296 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL2, Class A1<sup>(c)(d)</sup> | 7.13% | 10/25/26 | 18306000 | 18445338 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL2, Class A2<sup>(c)(d)</sup> | 8.90% | 10/25/26 | 4100000 | 4151860 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL3, Class M<sup>(c)(d)</sup> | 10.73% | 05/25/29 | 1250000 | 1263628 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL3, Class A1<sup>(c)(d)</sup> | 6.90% | 05/25/29 | 10636000 | 10745212 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL3, Class A2<sup>(c)(d)</sup> | 8.37% | 05/25/29 | 10500000 | 10665645 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL4, Class M1<sup>(b)(c)</sup> | 7.79% | 01/25/27 | 2000000 | 2029322 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2024-RTL5, Class M1<sup>(b)(c)</sup> | 6.82% | 09/25/39 | 9400000 | 9439689 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2025-RTL1, Class M1<sup>(b)(c)</sup> | 7.02% | 01/25/40 | 6000000 | 6054377 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust 2025-Rtl2, Series 2025-RTL2, Class A2<sup>(b)(c)</sup> | 6.10% | 04/25/40 | 4400000 | 4427656 |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust, Series 2025-RTL3, Class M1<sup>(b)(c)</sup> | 6.89% | 08/25/40 | 2500000 | 2516382 |
| &nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Series 2021-INV1, Class A3<sup>(b)(c)</sup> | 2.50% | 05/25/43 | 11254885 | 9451465 |
| &nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A3<sup>(b)(c)</sup> | 3.00% | 10/25/44 | 6336594 | 5531153 |
| &nbsp;&nbsp;&nbsp;Merrill Lynch Alternative Note Asset Trust, Series 2007-AF1, Class 1A10<sup>(b)</sup> | 1M CME TERM SOFR + 0.46% | 05/25/37 | 15944155 | 2247250 |
| &nbsp;&nbsp;&nbsp;MFA, Series 2021-INV2, Class A1<sup>(b)(c)</sup> | 1.91% | 11/25/56 | 2247283 | 2031906 |
| &nbsp;&nbsp;&nbsp;MFA, Series 2023-RTL2, Class A1<sup>(c)(d)</sup> | 8.50% | 04/25/26 | 27486000 | 27532509 |
| &nbsp;&nbsp;&nbsp;MFA, Series 2024-RTL3, Class A2<sup>(c)(d)</sup> | 6.54% | 05/25/28 | 1600000 | 1615548 |
| &nbsp;&nbsp;&nbsp;MFA, Series 2025-NQM3, Class A3<sup>(c)(d)</sup> | 5.72% | 08/25/70 | 14693103 | 14698830 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC1, Class A3<sup>(c)(d)</sup> | 5.97% | 04/25/29 | 2867169 | 2893041 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC1, Class A2<sup>(c)(d)</sup> | 5.76% | 04/25/29 | 2628239 | 2649831 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC2, Class A1<sup>(c)(d)</sup> | 5.44% | 07/25/29 | 2950379 | 2969355 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC2, Class A2<sup>(c)(d)</sup> | 5.70% | 07/25/29 | 2065265 | 2080351 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC2, Class A3<sup>(c)(d)</sup> | 5.85% | 07/25/29 | 9834596 | 9906023 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM7, Class A1<sup>(c)(d)</sup> | 4.98% | 09/25/70 | 8925105 | 8907106 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM8, Class A2<sup>(c)(d)</sup> | 5.22% | 10/25/29 | 4000000 | 3986968 |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

**Annual Report \| October 31, 2025**<sub>13</sub>

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Schedule of Investments** |

---

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate** | **Maturity <br> Date** | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2025- NQM8, Class A3<sup>(c)(d)</sup> | 5.42% | 10/25/29 | $5000000 | $4983709 |
| &nbsp;&nbsp;&nbsp;Nomura Resecuritization Trust, Series 2014-8R, Class 1A2<sup>(b)(c)</sup> | 4.67% | 10/26/36 | 2011406 | 1958785 |
| &nbsp;&nbsp;&nbsp;OBX, Series 2020-EXP2, Class A3<sup>(b)(c)</sup> | 2.50% | 05/25/60 | 9142909 | 7834369 |
| &nbsp;&nbsp;&nbsp;OBX, Series 2023-INV1, Class A1<sup>(b)(c)</sup> | 3.00% | 01/25/52 | 18469513 | 16127636 |
| &nbsp;&nbsp;&nbsp;PRKCM, Series 2021-AFC1, Class A1<sup>(b)(c)</sup> | 1.51% | 08/25/56 | 10975836 | 9277489 |
| &nbsp;&nbsp;&nbsp;PRKCM, Series 2023-AFC1, Class A3<sup>(c)(d)</sup> | 7.30% | 02/25/27 | 869976 | 870891 |
| &nbsp;&nbsp;&nbsp;PRKCM, Series 2025-AFC1, Class A1<sup>(b)(c)</sup> | 5.10% | 10/25/60 | 2982321 | 2980365 |
| &nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-2, Class A1<sup>(c)(d)</sup> | 6.47% | 05/25/30 | 6419208 | 6429143 |
| &nbsp;&nbsp;&nbsp;PRPM, Series 2025-3, Class A1<sup>(c)(d)</sup> | 6.26% | 05/25/28 | 22912756 | 22925205 |
| &nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-5, Class A1<sup>(c)(d)</sup> | 5.73% | 07/25/28 | 14671571 | 14653911 |
| &nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-5, Class A2<sup>(c)(d)</sup> | 8.57% | 07/25/28 | 4072000 | 4085427 |
| &nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-6, Class A1<sup>(c)(d)</sup> | 5.77% | 08/25/28 | 18727129 | 18718344 |
| &nbsp;&nbsp;&nbsp;PRPM LLC, Series 2025-6, Class A2<sup>(c)(d)</sup> | 8.33% | 08/25/28 | 4400000 | 4413548 |
| &nbsp;&nbsp;&nbsp;Rain City Mortgage Trust, Series 2024-RTL1, Class A2<sup>(b)(c)</sup> | 8.02% | 09/25/29 | 10000000 | 10092549 |
| &nbsp;&nbsp;&nbsp;RALI, Series 2006-QS2, Class 1A14<sup>(b)</sup> | 1M CME TERM SOFR + 0.81% | 02/25/36 | 4480522 | 3476660 |
| &nbsp;&nbsp;&nbsp;RALI, Series 2006-QS4, Class A5<sup>(b)</sup> | 1M CME TERM SOFR + 0.61% | 04/25/36 | 1448342 | 1060466 |
| &nbsp;&nbsp;&nbsp;RALI, Series 2007-QO5, Class A<sup>(b)</sup> | 12M US FED + 3.12% | 08/25/47 | 9462102 | 1366246 |
| &nbsp;&nbsp;&nbsp;RALI, Series 2007-QS7, Class 2A1 | 6.75% | 06/25/37 | 28029154 | 11257072 |
| &nbsp;&nbsp;&nbsp;RBSSP Resecuritization Trust, Series 2009-7, Class 5A3<sup>(b)(c)</sup> | 1M CME TERM SOFR + 0.51% | 06/26/37 | 2912702 | 2119920 |
| &nbsp;&nbsp;&nbsp;RCO X Mortgage LLC, Series 2025-5, Class A1<sup>(c)(d)</sup> | 5.42% | 10/25/28 | 25000000 | 24974555 |
| &nbsp;&nbsp;&nbsp;Residential Asset Securitization Trust, Series 2006-R1, Class A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.51% | 01/25/46 | 9860549 | 2729999 |
| &nbsp;&nbsp;&nbsp;Residential Asset Securitization Trust, Series 2007-A1, Class A3<sup>(b)</sup> | 1M CME TERM SOFR + 0.71% | 03/25/37 | 30466903 | 7158677 |
| &nbsp;&nbsp;&nbsp;Residential Asset Securitization Trust, Series 2007-A1, Class A9 | 5.75% | 03/25/37 | 4623792 | 1502063 |
| &nbsp;&nbsp;&nbsp;Residential Asset Securitization Trust, Series 2007-A1, Class A1 | 6.00% | 03/25/37 | 3534189 | 1160814 |
| &nbsp;&nbsp;&nbsp;Residential Mortgage Loan Trust, Series 2020-1, Class A3<sup>(b)(c)</sup> | 2.68% | 01/26/60 | 131452 | 130429 |
| &nbsp;&nbsp;&nbsp;RMF Proprietary Issuance Trust, Series 2022-1, Class M2<sup>(b)(c)</sup> | 3.00% | 01/25/28 | 5000000 | 4355000 |
| &nbsp;&nbsp;&nbsp;Roc Mortgage Trust, Series 2021-RTL1, Class M<sup>(b)(c)</sup> | 6.68% | 08/25/28 | 6745000 | 6700709 |
| &nbsp;&nbsp;&nbsp;SAIF Securitization Trust, Series 2024-CES1, Class M1<sup>(c)(d)</sup> | 6.73% | 08/25/28 | 3036000 | 3028119 |
| &nbsp;&nbsp;&nbsp;SAIF Securitization Trust, Series 2024-CES1, Class A1<sup>(c)(d)</sup> | 5.97% | 08/25/28 | 10003673 | 10056344 |
| &nbsp;&nbsp;&nbsp;SAIF Securitization Trust, Series 2024-CES1, Class A3<sup>(c)(d)</sup> | 6.33% | 08/25/28 | 745000 | 746297 |
| &nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-INV1, Class M1<sup>(b)(c)</sup> | 6.60% | 07/25/28 | 2000000 | 2020871 |
| &nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-RTL4, Class A1<sup>(c)(d)</sup> | 7.50% | 02/25/30 | 23750000 | 23864672 |
| &nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-RTL5, Class A1<sup>(c)(d)</sup> | 7.76% | 04/25/30 | 20500000 | 20709801 |
| &nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-RTL6, Class A2<sup>(c)(d)</sup> | 8.68% | 12/25/26 | 12250000 | 12358665 |
| &nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2024-RTL6, Class A1<sup>(c)(d)</sup> | 7.44% | 12/25/26 | 23389000 | 23562455 |
| &nbsp;&nbsp;&nbsp;Santander Mortgage Asset Receivable Trust, Series 2025-NQM2, Class A2<sup>(c)(d)</sup> | 5.94% | 02/25/65 | 2805977 | 2829344 |
| &nbsp;&nbsp;&nbsp;Santander Mortgage Asset Receivable Trust, Series 2025-NQM3, Class A3<sup>(c)(d)</sup> | 6.06% | 05/25/65 | 13427939 | 13538703 |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

---

| | |
|:---|:---|
| **14** | **www.axonicfunds.com** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Schedule of Investments** |

---

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate** | **Maturity <br>Date** | **Principal <br>Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;Santander Mortgage Asset Receivable Trust, Series 2025-NQM5, Class A1<sup>(b)(c)</sup> | 5.07% | 08/25/65 | $12840707 | $12831943 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Series 2025-S1, Class A4<sup>(b)(c)</sup> | 2.50% | 09/25/54 | 10268307 | 9148930 |
| &nbsp;&nbsp;&nbsp;SG Residential Mortgage Trust, Series 2021-2, Class A1<sup>(b)(c)</sup> | 1.74% | 12/25/61 | 14214292 | 12182629 |
| &nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3<sup>(b)(c)</sup> | 2.92% | 09/27/49 | 2208336 | 2186256 |
| &nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Series 2021-2, Class A2<sup>(b)(c)</sup> | 1.17% | 05/25/65 | 510094 | 488510 |
| &nbsp;&nbsp;&nbsp;Starwood Mortgage Residential Trust, Series 2021-2, Class A3<sup>(b)(c)</sup> | 1.43% | 05/25/65 | 622066 | 596759 |
| &nbsp;&nbsp;&nbsp;Structured Asset Mortgage Investments II Trust, Series 2007-AR2, Class 1A2<sup>(b)</sup> | 1M CME TERM SOFR + 0.49% | 02/25/37 | 4360344 | 5304547 |
| &nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-1, Class A2<sup>(c)(d)</sup> | 9.60% | 02/25/31 | 7000000 | 7035638 |
| &nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-1, Class M1<sup>(c)(d)</sup> | 12.55% | 02/25/31 | 6000000 | 6032822 |
| &nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-1, Class A1<sup>(c)(d)</sup> | 7.33% | 02/25/31 | 20000000 | 20074712 |
| &nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-RRTL1, Class A2<sup>(c)(d)</sup> | 7.57% | 03/25/26 | 6500000 | 6547122 |
| &nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-RRTL1, Class M1<sup>(b)(c)</sup> | 9.16% | 03/25/26 | 4000000 | 4026899 |
| &nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-RRTL2, Class A2<sup>(c)(d)</sup> | 5.90% | 09/25/39 | 13875000 | 13908766 |
| &nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2024-RRTL2, Class M1<sup>(b)(c)</sup> | 7.26% | 09/25/39 | 6000000 | 5995776 |
| &nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2025-RRTL1, Class A2<sup>(c)(d)</sup> | 6.16% | 03/25/27 | 15750000 | 15835855 |
| &nbsp;&nbsp;&nbsp;Toorak Mortgage Trust, Series 2025-RRTL1, Class M1<sup>(b)(c)</sup> | 6.79% | 03/25/27 | 4000000 | 3995770 |
| &nbsp;&nbsp;&nbsp;TVC Mortgage Trust, Series 2024-RRTL1, Class A2<sup>(c)(d)</sup> | 5.96% | 02/25/27 | 2000000 | 2004162 |
| &nbsp;&nbsp;&nbsp;TVC Mortgage Trust, Series 2025-RRTL1, Class A2<sup>(c)(d)</sup> | 6.68% | 04/25/40 | 6797000 | 6866762 |
| &nbsp;&nbsp;&nbsp;Velocity Commercial Capital Loan Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 8.52% | 03/25/30 | 5863000 | 5938518 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R1, Class A1<sup>(b)(c)</sup> | 0.82% | 10/25/63 | 832817 | 808933 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R1, Class A2<sup>(b)(c)</sup> | 1.06% | 10/25/63 | 618404 | 601375 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R1, Class A3<sup>(b)(c)</sup> | 1.26% | 10/25/63 | 1480900 | 1441513 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R3, Class A1<sup>(b)(c)</sup> | 1.02% | 04/25/64 | 14760146 | 13942060 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust, Series 2021-R3, Class B2<sup>(b)(c)</sup> | 4.07% | 04/25/64 | 3000000 | 2860977 |
| &nbsp;&nbsp;&nbsp;Vontive Mortgage Trust, Series 2025-RTL1, Class A1<sup>(c)(d)</sup> | 6.51% | 03/25/27 | 8000000 | 8141023 |
| &nbsp;&nbsp;&nbsp;Vontive Mortgage Trust, Series 2025-RTL1, Class A2<sup>(c)(d)</sup> | 8.01% | 03/25/27 | 2000000 | 2043651 |
| **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |  |  |  |  |
| **(Cost $1,319,155,620)** |  |  |  | **1301129231** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day <br>Yield** | **Shares** | **Value** |
| **SHORT TERM INVESTMENTS - COMMON SHARES (9.01%)** |  |  |  |
| **Money Market Fund (9.01%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund | 4.06% | 341185817 | 341185817 |
| &nbsp;&nbsp;&nbsp;JPMorgan US Treasury Plus Money Market Fund | 3.99% | 61939 | 61939 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $341,247,756)** |  |  | **341247756** |
| **TOTAL INVESTMENTS (103.18%)** |  |  |  |
| **(Cost $3,959,233,697)** |  |  | $**3907323907** |
| **Liabilities in Excess of Other Assets (-3.18%)** |  |  | (120526524) |
| **NET ASSETS (100.00%)** |  |  | $**3786797383** |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

---

| | |
|:---|:---|
| **Annual Report \| October 31, 2025** | **15** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Schedule of Investments** |

---

October 31, 2025

** 

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

*<sup>(b)</sup>* *Floating or variable rate security. The Reference Rates are described below. Interest rate shown reflects the rate in effect at October 31, 2025. 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>(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 $2,915,708,194, which represents 77.00% of net assets as of October 31, 2025.*

*<sup>(d)</sup>* *Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at October 31, 2025.*

*<sup>(e)</sup>* *The Fund's interest in these loans are held through a wholly-owned LLC of the fund. See Notes 1 and 2 to the Consolidated Financial Statements and Consolidated Financial Highlights.*

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

*<sup>(g)</sup>* *On October 31, 2025, securities valued at $54,743,556 were pledged as collateral for reverse repurchase agreements.*

**Investment Abbreviations:**

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

FED - Federal Funds Rate

**Reference Rates:**

12M US FED - 12 Month US FED as of October 31, 2025 was 4.03%

1M US SOFR - 1 Month US SOFR as of October 31, 2025 was 4.20%

1M CME TERM SOFR - 1 Month CME SOFR as of October 31, 2025 was 4.00%

30D US SOFR - 30 Day US SOFR as of October 31, 2025 was 4.21%

**INTEREST RATE SWAP CONTRACTS (CENTRALLY CLEARED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate<sup>\*</sup>**  | **Clearing House** | **Floating Rate** | **Expiration Date** | **Notional**<br> **Amount<sup>\*\*</sup>** | **Currency** | **Fixed Rate** | **Fair Value** | **Unrealized Appreciation/ (Depreciation)** |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 01/22/2034 | 13256000 | USD | 3.74% | $147308 | $147308 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 05/25/2026 | 20000000 | USD | 0.91% | 353303 | 353303 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 08/05/2026 | 50000000 | USD | 0.73% | 1219059 | 1219059 |
| Receive | Goldman Sachs & Co. LLC | 1D US SOFR | 02/13/2034 | 26664000 | USD | 3.82% | 451275 | 451275 |
|  |  |  |  |  |  |  | $2170945 | $2170945 |
| Pay | Goldman Sachs & Co. LLC | 1D US SOFR | 10/11/2034 | 21500000 | USD | 3.60% | $(35397) | $(35397) |
| Pay | Goldman Sachs & Co. LLC | 1D US SOFR | 04/24/2033 | 35542920 | USD | 3.38% | (582867) | (582867) |
| Pay | Goldman Sachs & Co. LLC | 1D US SOFR | 04/03/2033 | 34745115 | USD | 3.39% | (521648) | (521648) |
|  |  |  |  |  |  |  | $(1139912) | $(1139912) |
|  |  |  |  |  |  |  | $1031033 | $1031033 |

---

---

| | |
|:---|:---|
| ***<sup>\*</sup>*** | ***The swap contracts with the floating 1D US SOFR pay and receive amounts annually, while 1M US SOFR pay amounts semiannually and receive amounts quarterly, and while 3M US SOFR pay amounts monthly and receive amounts semiannually.*** |
| ***<sup>\*\*</sup>*** | ***The notional amount of each interest rate swap contract is stated in the currency in which the derivative is denominated.*** |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

---

| | |
|:---|:---|
| **16** | **www.axonicfunds.com** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Schedule of Investments** |

---

October 31, 2025

**FUTURES CONTRACTS - LONG (CENTRALLY CLEARED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Position** | **Contracts** | **Expiration** <br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| US 10yr Ultra Future | Wells Fargo Securities, LLC | Long | 950 | December 2025 | $(109799219) | $(489844) |
|  |  |  |  |  | $(109799219) | $(489844) |

---

**REVERSE REPURCHASE AGREEMENTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest Rate** | **Acquisition Date** | **Maturity Date** | **Amount** |
| Barclays | 4.24% | 10/22/2025 | 11/21/2025 | $52500000 |
|  |  |  |  | $**52500000** |

---

**All agreements can be terminated by either party on demand at value plus accrued interest.**

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

---

| | |
|:---|:---|
| **Annual Report \| October 31, 2025** | **17** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Statement of Assets and Liabilities** |

---

October 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments, at fair value (Cost $3,959,233,697) | $3907323907 |
| Net unrealized appreciation on interest rate swap contracts | 1031033 |
| Receivable for investment securities sold | 2464193 |
| Dividend receivable | 1293995 |
| Interest receivable | 14272611 |
| Receivable for shares sold | 8956043 |
| Deposit held with broker for reverse repurchase agreements | 1431000 |
| Deposit held with broker for futures contracts | 3000000 |
| Deposit held with broker for interest rate swap contracts | 7135568 |
| Prepaid expenses and other assets | 101234 |
| Total Assets | 3947009584 |
| **LIABILITIES:** |  |
| Payable for investments purchased | 87971388 |
| Interest payable on loan | 61833 |
| Income distribution payable | 5678650 |
| Unrealized depreciation on futures contracts | 489844 |
| Capital shares payable | 9481463 |
| Accrued legal and audit fees payable | 71488 |
| Due to Adviser | 2695578 |
| Payable for reverse repurchase agreements (Cost $52,500,000) | 52500000 |
| Accrued fund accounting and administration fees payable | 945264 |
| Distribution and shareholder service fees payable | 59305 |
| Accrued Chief Compliance Officer fee payable | 3014 |
| Other payables and accrued expenses | 254374 |
| Total Liabilities | 160212201 |
| Net Assets | $3786797383 |
| **COMPOSITION OF NET ASSETS:** |  |
| Paid-in capital | $3870125129 |
| Total distributable earnings (accumulated deficit) | (83327746) |
| Net Assets | $3786797383 |
| **PRICING OF SHARES:** |  |
| **Class A** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $110972428 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares, no par value common share authorized) | 12602511 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share | $8.81 |
| Maximum Offering Price per Share (Including Maximum Sales Load of 2.25%) | $9.01 |
| **Class I** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $3675824955 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares, no par value common share authorized) | 409132869 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share | $8.98 |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

---

| | |
|:---|:---|
| **18** | **www.axonicfunds.com** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Statement of Operations** |

---

For the Year Ended October 31, 2025

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends | $11834037 |
| Interest | 220681830 |
| Total Investment Income | 232515867 |
| **EXPENSES:** |  |
| Advisory fees (Note 5) | 27811684 |
| Audit and tax fees | 60204 |
| Chief Compliance Officer fee (Note 5) | 35970 |
| Custodian fees | 223240 |
| Distribution fees |  |
| &nbsp;&nbsp;&nbsp;Class A | 218962 |
| Fund accounting and administration fees (Note 5) | 3026109 |
| Insurance expenses | 49714 |
| Interest on line of credit agreement | 54167 |
| Interest on reverse repurchase agreements | 488256 |
| Legal fees | 674895 |
| Printing expenses | 96031 |
| Registration expenses | 331908 |
| Shareholder service fees |  |
| &nbsp;&nbsp;&nbsp;Class A | 127377 |
| Transfer agent fees (Note 5) | 340227 |
| Trustees' fees and expenses (Note 5) | 225893 |
| Other expenses | 76514 |
| Total expenses | 33841151 |
| **Net Investment Income** | 198674716 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |
| Net realized loss on investments | (14436240) |
| Net realized gain on interest rate swap contracts | 5761508 |
| Net change in unrealized appreciation on investments | 34531582 |
| Net change in unrealized (depreciation) on interest rate swap contracts | (191551) |
| Net change in unrealized (depreciation) on futures contracts | (489844) |
| Net Realized and Unrealized Gain on Investments | 25175455 |
| **Net Increase in Net Assets from Operations** | $223850171 |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

---

| | |
|:---|:---|
| **Annual Report \| October 31, 2025** | **19** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Consolidated Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
| | **For the Year Ended <br>October 31, 2025** | **For the Year Ended <br>October 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $198674716 | $176367406 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (8674732) | 2501646 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 33850187 | 67405956 |
| **Net Increase in Net Assets from Operations** | 223850171 | 246275008 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (6098301) | (5727142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (223405089) | (185237615) |
| **Decrease in Net Assets from Distributions to Shareholders** | (229503390) | (190964757) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares of beneficial interest | 54591540 | 26674786 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 4725463 | 4822169 |
| &nbsp;&nbsp;&nbsp;Disbursements for redemption of shares of beneficial interest | (27802618) | (15446284) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares of beneficial interest | 1636439220 | 1367847706 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 165247291 | 141142030 |
| &nbsp;&nbsp;&nbsp;Disbursements for redemption of shares of beneficial interest | (997528722) | (541395601) |
| **Net Increase from Capital Share Transactions** | 835672174 | 983644806 |
| **Net Increase in Net Assets** | 830018955 | 1038955057 |
| **NET ASSETS:** |  |  |
| Beginning of period | 2956778428 | 1917823371 |
| End of period | $3786797383 | $2956778428 |
| **OTHER INFORMATION:** |  |  |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 9018504 | 7196036 |
| &nbsp;&nbsp;&nbsp;Issued | 6203488 | 3028752 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 536633 | 549566 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3156114) | (1755850) |
| Net increase in capital shares | 3584007 | 1822468 |
| Ending shares | 12602511 | 9018504 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning shares | 319345016 | 211105129 |
| &nbsp;&nbsp;&nbsp;Issued | 182634586 | 153014959 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 18426779 | 15838470 |
| &nbsp;&nbsp;&nbsp;Redeemed | (111273512) | (60613542) |
| Net increase in capital shares | 89787853 | 108239887 |
| Ending shares | 409132869 | 319345016 |

---

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

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| | |
|:---|:---|
| **20** | **www.axonicfunds.com** |

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| | |
|:---|:---|
| **Axonic Strategic Income Fund Class A** | **Consolidated Financial Highlights** |

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For a Share Outstanding Throughout each Period Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the <br>Year Ended <br>October 31, <br>2025** | **For the <br>Year Ended <br>October 31, <br>2024** | **For the <br>Year Ended <br>October 31, <br>2023** | **For the <br>Year Ended <br>October 31, <br>2022** | **For the <br>Year Ended <br>October 31, <br>2021** |
| **OPERATING PERFORMANCE:** |  |  |  |  |  |
| Net asset value - beginning of period | $8.86 | $8.67 | $8.78 | $9.94 | $9.68 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.50 | 0.62 | 0.60 | 0.37 | 0.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.07 | 0.29 | (0.16) | (0.90) | 0.30 <sup>(b)</sup> |
| **Total Income/(Loss) from Investment Operations** | 0.57 | 0.91 | 0.44 | (0.53) | 0.74 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.62) | (0.72) | (0.53) | (0.43) | (0.43) |
| &nbsp;&nbsp;&nbsp;From net realized gains | – | – | (0.02) | (0.20) | (0.05) |
| **Total Distributions to Shareholders** | (0.62) | (0.72) | (0.55) | (0.63) | (0.48) |
| Net asset value - end of period | $8.81 | $8.86 | $8.67 | $8.78 | $9.94 |
| **Total Investment Return - Net Asset Value<sup>(c)</sup>** | 6.63 %<sup>(d)</sup> | 10.93 %<sup>(d)</sup> | 5.25 %<sup>(d)</sup> | (5.29 %)<sup>(d)</sup> | 7.85 %<sup>(d)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets end of period (000s) | $110972 | $79893 | $62415 | $44534 | $40414 |
| **Including Interest Expense**<br> Ratio of expenses to average net assets excluding reimbursement/recoupment<sup>(e)</sup> | 1.42% | 1.42% | 1.42% | 1.39% | 1.60% |
| Ratio of expenses to average net assets including reimbursement/recoupment<sup>(e)</sup> | 1.42% | 1.42% | 1.44% | 1.50% | 1.50% |
| **Excluding Interest Expense** |  |  |  |  |  |
| Ratio of expenses to average net assets excluding reimbursement/recoupment<sup>(e)</sup> | 1.40% | 1.42% | 1.42% | 1.39% | 1.60% |
| Ratio of expenses to average net assets including reimbursement/recoupment<sup>(e)</sup> | 1.40% | 1.42% | 1.44% | 1.50% | 1.50% |
| Ratio of net investment income to average net assets<sup>(e)</sup> | 5.65% | 7.04% | 6.90% | 3.93% | 4.40% |
| Portfolio turnover rate | 63% | 72% | 38% | 32% | 66% |

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*<sup>(a)</sup>* *Calculated using average shares method.*

*<sup>(b)</sup>* *Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions for the period.*

*<sup>(c)</sup>* *During periods in which certain expenses were reimbursed, total returns would have been lower. During periods in which certain expenses were recouped, total returns would have been higher. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude applicable sales charges.*

*<sup>(d)</sup>* *Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.*

*<sup>(e)</sup>* *Expenses and net investment income/(loss) amounts used to calculate the ratios above include amounts allocated to investors. An individual investor's results may vary based on a variety of factors and the timing of capital transactions.*

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

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| | |
|:---|:---|
| **Annual Report \| October 31, 2025** | **21** |

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| | |
|:---|:---|
| **Axonic Strategic Income Fund Class I** | **Consolidated Financial Highlights** |

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For a Share Outstanding Throughout each Period Presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the <br>Year Ended <br>October 31, <br>2025** | **For the <br>Year Ended <br>October 31, <br>2024** | **For the <br>Year Ended <br>October 31, <br>2023** | **For the <br>Year Ended <br>October 31, <br>2022** | **For the <br>Year Ended <br>October 31, <br>2021** |
| **OPERATING PERFORMANCE:** |  |  |  |  |  |
| Net asset value - beginning of period | $9.01 | $8.79 | $8.86 | $9.99 | $9.69 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.54 | 0.66 | 0.65 | 0.42 | 0.48 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.06 | 0.30 | (0.15) | (0.92) | 0.30 <sup>(b)</sup> |
| **Total Income/(Loss) from Investment Operations** | 0.60 | 0.96 | 0.50 | (0.50) | 0.78 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.63) | (0.74) | (0.55) | (0.43) | (0.43) |
| &nbsp;&nbsp;&nbsp;From net realized gains | – | – | (0.02) | (0.20) | (0.05) |
| **Total Distributions to Shareholders** | (0.63) | (0.74) | (0.57) | (0.63) | (0.48) |
| Net asset value - end of period | $8.98 | $9.01 | $8.79 | $8.86 | $9.99 |
| **Total Investment Return - Net Asset Value<sup>(c)</sup>** | 6.94 %<sup>(d)</sup> | 11.31 %<sup>(d)</sup> | 5.82 %<sup>(d)</sup> | (4.84 %)<sup>(d)</sup> | 8.28 %<sup>(d)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets end of period (000s) | $3675825 | $2876885 | $1855409 | $1313775 | $1306541 |
| **Including Interest Expense** |  |  |  |  |  |
| Ratio of expenses to average net assets excluding reimbursement/recoupment<sup>(e)</sup> | 1.02% | 1.03% | 1.02% | 1.00% | 1.02% |
| Ratio of expenses to average net assets including reimbursement/recoupment<sup>(e)</sup> | 1.02% | 1.03% | 1.02% | 1.00% | 1.04% |
| **Excluding Interest Expense** |  |  |  |  |  |
| Ratio of expenses to average net assets excluding reimbursement/recoupment<sup>(e)</sup> | 1.00% | 1.03% | 1.02% | 1.00% | 1.02% |
| Ratio of expenses to average net assets including reimbursement/recoupment<sup>(e)</sup> | 1.00% | 1.03% | 1.02% | 1.00% | 1.04% |
| Ratio of net investment income to average net assets<sup>(e)</sup> | 6.08% | 7.42% | 7.31% | 4.42% | 4.87% |
| Portfolio turnover rate | 63% | 72% | 38% | 32% | 66% |

---

** 

*<sup>(a)</sup>* *Calculated using average shares method.*

*<sup>(b)</sup>* *Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions for the period.*

*<sup>(c)</sup>* *During periods in which certain expenses were reimbursed, total returns would have been lower. During periods in which certain expenses were recouped, total returns would have been higher. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude applicable sales charges.*

*<sup>(d)</sup>* *Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.*

*<sup>(e)</sup>* *Expenses and net investment income/(loss) amounts used to calculate the ratios above include amounts allocated to investors. An individual investor's results may vary based on a variety of factors and the timing of capital transactions.*

*See Notes to Consolidated Financial Statements and Consolidated Financial Highlights.*

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| | |
|:---|:---|
| **22** | **www.axonicfunds.com** |

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| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Notes to Consolidated Financial Statements <br> and Consolidated Financial Highlights** |

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October 31, 2025

**1. ORGANIZATION**

Axonic Strategic Income Fund (the "Fund"), is a diversified series of the Axonic Funds (the "Trust"), which is registered under the Investment Company Act of 1940, as amended ("1940 Act") as an open-end management investment company. The Trust was organized as a Delaware statutory trust on October 17, 2019 pursuant to a Declaration of Trust governed by the laws of the State of Delaware. 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. 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-Backed Securities ("MBS") and other mortgage-related securities (such as CMOs), which the Fund treats as investments in a group of industries.

The Fund currently offers Class A and Class I shares. Class A shares commenced operations on July 17, 2020 and Class I commenced operations on December 31, 2019. Class A shares are offered subject to a maximum sales charge of 2.25%. Class I shares are offered at NAV and are not subject to sales charges. The Fund may offer additional classes of shares in the future.

The Fund's assets may be invested in wholly-owned and controlled subsidiaries of the Fund, including Axonic Strategic Loan Funds LLC and AXSIX RTL LLC (the "Subsidiaries"). Both of the Subsidiaries have the same investment objective as the Fund and are Delaware limited liability companies. To the extent permitted by the 1940 Act, the Fund may make investments through the Subsidiaries, which are pass-through entities.

**2. 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 October 31, 2025, the total value of investments held by the Subsidiaries is $4,092,632, or 0.11% of the Fund's net assets.

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

**Securities Valuation** – The Fund values it 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 Net Asset Value per share ("NAV") 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 will include in quarterly written reports to the Board confirmation that the policies and procedures provide fair and accurate prices. Securities listed on an exchange 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 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 Board. The Advisor may, in turn and subject to its oversight, delegate pricing of securities for which market prices are readily available to the Funds' 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.

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| | |
|:---|:---|
| **Annual Report \| October 31, 2025** | **23** |

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| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Notes to Consolidated Financial Statements <br> and Consolidated Financial Highlights** |

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October 31, 2025

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. Future contracts listed on an exchange are valued at the last reported sale price or, if unavailable, at the midpoint of the bid-ask spread as of the valuation date. If a contract cannot be liquidated on the valuation date due to exchange-imposed limits or trading restrictions, it is valued at the settlement price on the next day the contract can be liquidated. 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 service or dealer quotation that most accurately reflects the fair market value of the Structured Credit Security while taking into account the information utilized by the pricing service or dealer 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.

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| | |
|:---|:---|
| **24** | **www.axonicfunds.com** |

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| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Notes to Consolidated Financial Statements <br> and Consolidated Financial Highlights** |

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October 31, 2025

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 inputs used in valuing the Fund's investments as of October 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)(b)</sup>** | **Level 1 - <br>Quoted Prices** | **Level 2 - <br>Other Significant <br>Observable Inputs** | **Level 3 - <br>Significant <br>Unobservable Inputs** | **Total** |
| Common Stocks | $234808 | $– | $– | $234808 |
| Preferred Stocks | 8074530 |  |  | 8074530 |
| Asset-Backed Securities |  | 806392034 |  | 806392034 |
| Bank Loans |  | 29925507 |  | 29925507 |
| Commercial Mortgage-Backed Securities |  | 1015073443 |  | 1015073443 |
| Convertible Corporate Bonds |  | 14755443 |  | 14755443 |
| Corporate Bonds |  | 4603490 |  | 4603490 |
| Government Bonds |  | 385887665 |  | 385887665 |
| Residential Mortgage-Backed Securities |  | 1301129231 |  | 1301129231 |
| Short Term Investments | 341247756 | – | – | 341247756 |
| &nbsp;&nbsp;&nbsp;Total | $349557094 | $3557766813 | $– | $3907323907 |
| **Other Financial Instruments<sup>(c)</sup>** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Interest Rate Swap Contracts | $– | $2170945 | $– | $2170945 |
| **Liabilities:** |  |  |  |  |
| Interest Rate Swap Contracts | $– | $(1139912) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $(1139912) |
| Future Contract | $(489844) | $– | $– | $(489844) |
| &nbsp;&nbsp;&nbsp;Total | $(489844) | $1031033 | $– | $541189 |

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

<sup>(c)</sup> *Other financial instruments are derivative instruments reflected in the Consolidated Schedule of Investments. The derivatives shown in this table are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value.*

**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.

**Premium and Discount Amortization/Paydown Gains and Losses** – All premiums and discounts on fixed-income securities are amortized/accreted over the estimated lives of such securities for financial statement purposes using the effective interest method. Gains and losses realized on principal payments of mortgage-backed securities (paydown gains and losses) are classified as part of interest income.

**Concentration of Credit Risk** – The Fund places its cash with one banking institution, which is insured by Federal Deposit Insurance Corporation ("FDIC"). The FDIC limit is $250,000. At various times throughout the year, the amount on deposit may exceed the FDIC limit and subject the Fund to a credit risk. The Fund does not believe that such deposits are subject to any unusual risk associated with investment activities.

---

| | |
|:---|:---|
| **Annual Report \| October 31, 2025** | **25** |

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| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Notes to Consolidated Financial Statements <br> and Consolidated Financial Highlights** |

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October 31, 2025

**Federal and Other Taxes** – No provision for income taxes is included in the accompanying consolidated financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies.

The Fund evaluates tax positions taken (or expected to be taken) in the course of preparing the Fund's tax provisions to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the consolidated financial statements.

As of and during the year ended October 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Consolidated Statement of Operations. The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for all open tax years have incorporated no uncertain tax positions that require a provision for income taxes.

**Distributions to Shareholders** – Distributions from the Fund's net investment income are accrued daily and typically paid monthly. However, there can be no assurances that the Fund will achieve any level of distribution to its Shareholders. The Fund intends to make sufficient distributions of its ordinary taxable income and capital gain net income prior to the end of each calendar year to avoid liability for the excise tax. The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from GAAP.

**Indemnification** – The Fund indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

**3. DERIVATIVE CONTRACTS**

The Fund may transact in derivative transactions in connection with its investment activities. Such transactions are subject to interest risk, market risk, liquidity risk, risk of default by the other party to the transaction, known as "counterparty risk," regulatory risk and risk of imperfect correlation between the value of such instruments and the underlying assets and may involve commissions or other costs.

**Swap Agreements:** Swap agreements are primarily entered into by institutional investors and the value of such agreements may be extremely volatile. Certain swap agreements are traded OTC between two parties, while other more standardized swaps must be transacted through a futures commission merchant and centrally cleared or exchange-traded. While central clearing and exchange-trading are intended to reduce counterparty credit and liquidity risk, they do not make a swap transaction risk-free. The current regulatory environment regarding swap agreements is subject to change. The Adviser will continue to monitor these developments, particularly to the extent regulatory changes affect the Fund's ability to enter into or close out swap agreements.

The swap market has matured in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid; however there is no guarantee that the swap market will continue to provide liquidity and may be subject to liquidity risk, which exists when a particular swap is difficult to purchase or sell. The absence of liquidity may also make it more difficult for the Fund to ascertain a market value for such instruments. The inability to close derivative positions also could have an adverse impact on the Fund's ability to effectively hedge its portfolio. If the Adviser is incorrect in its forecasts of market values, interest rates or currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if these investment techniques were not used. In a total return swap, the Fund pays the counterparty a floating short-term interest rate and receives in exchange the total return of underlying loans or debt securities. The Fund bears the risk of default on the underlying loans or debt securities, based on the notional amount of the swap and, therefore, incurs a form of leverage. The Fund would typically have to post collateral to cover this potential obligation.

**Futures Contracts:** Futures contracts are commitments to either purchase or sell a financial instrument or commodity at a future date for a specified price. Upon entering into futures contracts, the Fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent changes in market value of the contract (which may require additional margin to be deposited) are recorded for financial statement purposes as unrealized gains or losses.

The Fund may use futures contracts to hedge against changes in the value of financial instruments or changes in interest rates. Upon entering into such futures contracts, the Fund bears the risk of interest rates or financial instruments' prices moving adversely to the positions. With futures, counterparty risk is mitigated as these contracts are exchange-traded and the exchange's clearinghouse guarantees against non-performance by the counterparty.

---

| | |
|:---|:---|
| **26** | **www.axonicfunds.com** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Notes to Consolidated Financial Statements <br> and Consolidated Financial Highlights** |

---

October 31, 2025

**Offsetting Arrangements** **:** Certain derivative contracts and reverse repurchase agreements are executed under standardized netting agreements. A netting arrangement creates an enforceable right of off-set that becomes effective, and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material advise changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter, or other legal authorization necessary to perform under the contract. These agreements mitigate counterparty risk by providing for a single net settlement with a counterparty for all financial transactions covered by the agreement in an event of default as defined under such agreement. The Fund invests in futures, interest rate swaps, and credit default swaps that are centrally cleared and not subject to the master netting agreements.

The table below is a summary of the effect of interest rate swaps on the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations for the year ended October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
|  | **Derivative Assets Fair** <br> **Value<sup>(a)</sup>** | **Derivative Liabilities Fair** <br> **Value<sup>(a)</sup>** | **Net Realized Gain/ (Loss)** | **Net Change in Unrealized <br>Appreciation / (Depreciation)** |
| Interest swap contracts | $2170945 | $(1139912) | $5761508 | $(191551) |
| Futures contracts | – | (489844) | – | (489844) |
| Total derivatives | $2170945 | $(1629756) | $5761508 | $(681395) |

---

*<sup>(a)</sup>* *The value presented includes cumulative gain/(loss) on swap contracts; however, the value reflected on the accompanying Consolidated Statement of Assets and Liabilities is the unsettled variation margin receivable/(payable) and/or unrealized appreciation/(depreciation) as of October 31, 2025.*

The average notional value of interest rate swap contracts from the period of initial investment to October 31, 2025, was $313,252,452.

**4. 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.

Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid to cover its obligations under reverse repurchase agreements. The segregated assets are found on the Fund's Consolidated Schedule of Investments as full or partially pledged securities. The total amount of securities pledged at October 31, 2025 was $54,743,556. As all agreements can be terminated by either party on demand, face value approximates fair value at October 31, 2025. This fair value is based on Level 2 inputs under the three-tier fair valuation hierarchy described above. For the year ended October 31, 2025, the average amount of reverse repurchase agreements outstanding was $52,267,628, at a weighted average interest rate of 4.37%.

---

| | |
|:---|:---|
| **Annual Report \| October 31, 2025** | **27** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Notes to Consolidated Financial Statements <br> and Consolidated Financial Highlights** |

---

October 31, 2025

**Offsetting Arrangements** – Reverse repurchase agreements are executed under standardized netting agreements. A netting arrangement creates an enforceable right of set-off that becomes effective, and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract. These agreements mitigate counterparty credit risk by providing for a single net settlement with a counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Offsetting of Reverse Repurchase Agreements** | **Offsetting of Reverse Repurchase Agreements** | **Offsetting of Reverse Repurchase Agreements** | **Offsetting of Reverse Repurchase Agreements** | **Offsetting of Reverse Repurchase Agreements** | | |
|  | | | | **Gross Amounts Not Offset in the** <br> **Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the** <br> **Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the** <br> **Statements of Assets and Liabilities** |
| |<br>**Gross Amounts of**<br> **Recognized** <br> **Liabilities** |<br>**Gross Amounts Offset in the Statements of Assets and Liabilities** |<br>**Net Amounts Presented in the Statements of Assets and Liabilities** | **Financial Instruments Available for Offset<sup>(a)</sup>** | **Cash Collateral Pledged<sup>(a)</sup>** | **Net Amount Payable** |
| **Axonic Strategic Income Fund** |  |  |  |  |  |  |
| Reverse repurchase agreements | $(52500000) | $– | $(52500000) | $52500000 | $– | $– |
| Total | $(52500000) | $– | $(52500000) | $52500000 | $– | $– |

---

*<sup>(a)</sup>* *These amounts are limited to the derivatives asset/liability balance and, accordingly, do not include excess collateral received/pledged.*

**5. ADVISORY FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS**

**Advisory Fees** – Pursuant to the investment advisory agreement by and between the Trust, on behalf of the Fund, and the Adviser (the "Investment Advisory Agreement"), and in consideration of the advisory services provided by the Adviser to the Fund, the Adviser is entitled to a management fee equal to 0.85% of the Fund's average daily net assets. For the year ended October 31, 2025, the Fund incurred $27,811,684 in Advisory fees.

The Adviser has contractually agreed to waive its fees and/or reimburse certain expenses (inclusive of organizational and offering costs, but exclusive of any taxes, interest on borrowings, dividends on securities sold short, brokerage commissions, 12b-1 fees, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) to limit the Fund's Total Annual Fund Operating Expenses after Fee Waiver/Expense Reimbursement to 1.10% of the Fund's average daily net assets (the "Expense Limit") through February 28, 2026. The Expense Limit excludes certain expenses and, consequently, the Fund's Total Annual Fund Operating Expenses after Fee Waiver/Expense Reimbursement may be higher than the Expense Limit. The contractual waiver and expense reimbursement may be changed or eliminated at any time by the Board of Trustees, on behalf of the Fund, upon 60 days' written notice to the Adviser. The contractual fee waiver and expense reimbursement may not be terminated by the Adviser without the consent of the Board of Trustees. The Adviser may recoup from the Fund any waived amount or reimbursed expenses pursuant to this agreement if such recoupment does not cause the Fund to exceed the current Expense Limit or the Expense Limit in place at the time of the waiver or reimbursement (whichever is lower) and the recoupment is made within three years after the end of the month in which the Adviser incurred the expense. As of October 31, 2025, the Adviser did not have any amounts available for recoupment.

**Compliance Fees** – ALPS Fund Services, Inc. provides Chief Compliance Officer Services to the Fund. Additionally, ALPS provides services in monitoring and testing the policies and procedures of the Fund in conjunction with requirements under Rule 38a-1 under the 1940 Act. ALPS is compensated under the Chief Compliance Officer Services Agreement.

**Fund Accounting and Administration Fees and Expenses** – ALPS Fund Services, Inc. ("ALPS") serves as the Fund's administrator and accounting agent (the "Administrator") and receives customary fees from the Fund for such services.

**Transfer Agent** – DST Systems Inc., an affiliate of ALPS, serves as transfer, dividend paying and shareholder servicing agent for the Fund ("Transfer Agent").

**Distributor** – The Fund has entered into a distribution agreement with ALPS Distributors, Inc. (the "Distributor") to provide distribution services to the Fund. There are no fees paid to the Distributor pursuant to the distribution agreement.

---

| | |
|:---|:---|
| **28** | **www.axonicfunds.com** |

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---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Notes to Consolidated Financial Statements <br> and Consolidated Financial Highlights** |

---

October 31, 2025

The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. The Distributor is an affiliate of ALPS. During the year ended October 31, 2025, no fees were retained by the Distributor.

**Trustees** – Officers of the Trust and the Trustees who are "interested persons" of the Trust or the Adviser receive no salary from the Trust. The Independent Trustees also serve as independent trustees on the Board of Trustees of Axonic Funds, an open-end investment company for which Axonic Capital LLC also serves as the investment adviser. As of January 1, 2025 for their service on the Board and the Board of Trustees of Axonic Funds, the Independent Trustees receive the following fees, which are split between the Fund and the Axonic Strategic Income Fund pro rata based on assets under management: $75,000 annual retainer for each Independent Trustee, $10,000 annually for each Committee Chair, except for the Audit Committee Chair who is paid $15,000 annually, $6,250 for each quarterly meeting, $2,000 for each special meeting, and a fee of $15,000 per year for the Lead Independent Trustee. The Fund reimburses each Trustee and officer of the Trust for his or her travel and other expenses relating to attendance at Board or committee meetings.

**6. INVESTMENT TRANSACTIONS**

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended October 31, 2025, amounted to $2,686,818,663 and $1,930,143,896 respectively.

**7. TAX BASIS INFORMATION**

Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences.

For the year ended October 31, 2025, there were no permanent differences that resulted in adjustments to accumulated deficit or additional paid-in capital.

The tax character of distributions paid for the year ended October 31, 2025, was as follows:

---

| | |
|:---|:---|
| **2025** | **2025** |
| Distributions Paid From: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $229503390 |
| &nbsp;&nbsp;&nbsp;Return of Capital | – |
| Total | $229503390 |

---

The tax character of distributions paid for the year ended October 31, 2024, was as follows:

---

| | |
|:---|:---|
| **2024** | **2024** |
| Distributions Paid From: |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $190964757 |
| &nbsp;&nbsp;&nbsp;Return of Capital | – |
| Total | $190964757 |

---

As of October 31, 2025, the components of distributable earnings / (accumulated deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Accumulated net investment income | $6846735 |
| Accumulated net realized loss | (17888357) |
| Net unrealized depreciation | (51712686) |
| Dividends payable | (20573438) |
| Total | $(83327746) |

---

---

| | |
|:---|:---|
| **Annual Report \| October 31, 2025** | **29** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Notes to Consolidated Financial Statements <br> and Consolidated Financial Highlights** |

---

October 31, 2025

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next year without expiration. As of the current fiscal year end, the following amounts are available as carry forwards to the next tax year:

---

| | |
|:---|:---|
| **Short Term** | **Long Term** |
| $– | $17888357 |

---

As of October 31, 2025, net unrealized appreciation/(depreciation) of investments based on the federal tax cost were as follows:

---

| | |
|:---|:---|
| Cost of investments for income tax purposes | $3960067626 |
| Gross appreciation (excess of value over tax cost) | $30489583 |
| Gross depreciation (excess of tax cost over value) | (83233302) |
| Net appreciation of Interest Rate Swap Contracts | 1031033 |
| Net unrealized depreciation | $(51712686) |

---

The differences between book and tax basis cost of investments and net unrealized appreciation (depreciation) are primarily attributable to wash sales and the tax treatment of derivatives.

**8. NEW ACCOUNTING PRONOUNCEMENTS AND RULE ISSUANCES**

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted disclosures only and did not affect the Fund's financial position nor the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by a public entity's chief operating decision maker (the "CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's Principal Financial Officer, acting as the Fund's CODM, has determined that the Fund has operated as a single segment since inception. The CODM monitors the operating results of the Fund, as a whole, and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of the related Prospectus, based on the defined investment objectives and strategies that are executed by the Fund's portfolio management team. The financial information, in the form of the Fund's holdings, total returns, expense ratios, and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) are used by the CODM to assess the Fund's performance versus the Fund's benchmark and to make resource allocation decisions for the Fund's segment, which is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Fund's Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statement of Operations.

In December 2023, the FASB issued Accounting Standards update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

**9. LINE OF CREDIT**

The Fund entered into an uncommitted, secured, revolving line of credit agreement ("Credit Agreement") with U.S. Bank National Association for redemption purposes, subject to annual renewal and other limitations of the 1940 Act for borrowings. The revolving line of credit agreement's maximum borrowing amounts to the lesser of (i) $450,000,000, (ii) 15% of the gross market value of the Fund, and (iii) 33.33% of the market value of the unencumbered assets of the Fund. On October 31, 2025, the Credit Agreement was amended to extend the termination date to June 26, 2026. Borrowings under the Credit Agreement bear interest of the lender's prime rate at the time of borrowing. This Note shall bear interest at a rate per annum equal to the greater of (i) zero percent (0.00%) and (ii) the Prime Rate minus one percent (1.00%), which interest shall be payable monthly, in arrears. Borrowings under the Credit Agreement are secured by a perfected, first priority security interest in the assets of the Fund. For the year ended October 31, 2025, the average amount of Borrowings under the Credit Agreement was $100,000,000, at a weighted average interest rate of 6.59%. At October 31, 2025, there was no borrowing outstanding on the Credit Agreement.

---

| | |
|:---|:---|
| **30** | **www.axonicfunds.com** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Notes to Consolidated Financial Statements <br> and Consolidated Financial Highlights** |

---

October 31, 2025

**10. SIGNIFICANT SHAREHOLDERS**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund under Section 2(a)(9) of the 1940 Act. As of October 31, 2025, the following entities owned beneficially more than 25% of the Fund's outstanding shares. The shares may be held under omnibus accounts (whereby the transactions of two or more shareholders are combined and carried in the name of the originating broker rather than designated separately). Any transaction by these investors could have a material impact on the share class.

---

| | |
|:---|:---|
| **Name** | **Percentage** |
| **Charles Schwab & Co Inc** | **40.33%** |
| **National Financial Services LLC** | **31.73%** |

---

**11. SUBSEQUENT EVENTS**

Subsequent events after the date of the Consolidated Statement of Assets and Liabilities have been evaluated through the date the consolidated financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these consolidated financial statements.

---

| | |
|:---|:---|
| **Annual Report \| October 31, 2025** | **31** |

---

---

| | |
|:---|:---|
|  | **Report of Independent** |
| **Axonic Strategic Income Fund** | **Registered Public Accounting Firm** |

---

To the Shareholders of Axonic Strategic Income Fund

and the Board of Trustees of Axonic Funds

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Axonic Strategic Income Fund (the "Fund"), a series of Axonic Funds, as of October 31, 2025, the related consolidated statement of operations for the year then ended, the consolidated statement of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, agent banks, brokers and counterparties; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2019.

![](fp0096544-1_02.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

December 30, 2025

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| | |
|:---|:---|
| **32** | **www.axonicfunds.com** |

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| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Additional Information** |

---

October 31, 2025 (Unaudited)

**PROXY VOTING POLICIES AND VOTING RECORD**

A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 888-926-2688, or on the SEC's website at http://www.sec.gov. Information regarding how the Fund voted proxies relating to its portfolio securities during the most recent 12-month period ended June 30th is available without charge upon request by calling toll-free 833-429-6642, or on the SEC's website at http://www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT; the Fund's Form N-PORT reports are available on the SEC's Website at http://www.sec.gov.

---

| | |
|:---|:---|
| **Annual Report \| October 31, 2025** | **33** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Changes in and Disagreements with Accountants <br> for Open-End Management Investment Companies** |

---

October 31, 2025 (Unaudited)

There have been no changes in or disagreement with the Fund's independent accounting firm during the reporting period.

---

| | |
|:---|:---|
| **34** | **www.axonicfunds.com** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | Proxy Disclosures for<br> Open-End Management Investment Companies |

---

October 31, 2025 (Unaudited)

Not applicable for this reporting period.

---

| | |
|:---|:---|
| **Annual Report \| October 31, 2025** | **35** |

---

---

| | |
|:---|:---|
| **Axonic Strategic Income Fund** | **Statement Regarding Basis <br> for Approval of Investment Advisory Contract** |

---

October 31, 2025 (Unaudited)

The following chart provides certain information about the Trustee or Directors fees paid by the Trust for the year ended October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular** <br> **Compensation From the Trust** | **Aggregate Special** <br> **Compensation from the Trust** | **Total Compensation from the** <br> **Trust** |
| Joshua M. Barlow | $73066 | $– | $73066 |
| Charles D. Mires | $76816 | $– | $76816 |
| Thomas S. Vales | $71191 | $– | $71191 |
| Clayton DeGiacinto | $– | $– | $– |
| Lu Chang | $– | $– | $– |
| Chris Hughes | $– | $– | $– |
| Theodore Uhl | $– | $– | $– |
| Total | $221073 | $– | $221073 |

---

Officers who are employed by the Adviser receive no compensation or expense reimbursement from the Trust.

---

| | |
|:---|:---|
| **36** | **www.axonicfunds.com** |

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**AXONIC STRATEGIC INCOME FUND**

**ANNUAL REPORT**

October 31, 2025

Item 8. **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

Item 9. **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

Item 10. **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Any Remuneration Paid to Directors, Officers, and Others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

Item 11. **Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable during the period covered by this Report.

Item 12. **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

Item 13. **Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

Item 14. **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

Item 15. **Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K, or this Item.

Item 16. **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the
 Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended)
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or
 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There was no change in the Registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report that has materially
 affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

Item 18. **Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

Item 19. **Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | [The Code of Ethics that that is the subject of the disclosure required by Item 2 of Form N-CSR is attached hereto.](fp0096544-1_ex99code.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.Cert.](fp0096544-1_ex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [The certifications by the Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906 Cert.](fp0096544-1_ex99906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Axonic Funds

---

| | |
|:---|:---|
| By: | /s/ Clayton DeGiacinto |
|  | Clayton DeGiacinto (Principal Executive Officer) |
|  | Chief Executive Officer and President |
| Date: | January 9, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Axonic Funds

---

| | |
|:---|:---|
| By: | /s/ Clayton DeGiacinto |
|  | Clayton DeGiacinto (Principal Executive Officer) |
|  | Chief Executive Officer and President |
| Date: | January 9, 2026 |
| By: | /s/ Joseph Castellano |
|  | Joseph Castellano (Principal Financial Officer) |
|  | Treasurer and Chief Financial Officer |
| Date: | January 9, 2026 |

---

## Ex-99.Code

**Sarbanes-Oxley Code of Ethics for Principal Executive and Financial Officers**

**I.** **Purpose of the Sarbanes-Oxley Code of Ethics** 

The Sarbanes-Oxley code of ethics of Axonic Strategic Income Fund (the "Fund") is intended to serve as the code of ethics described in Section 406 of the Sarbanes-Oxley and Item 2 of Form N-CSR (the "**Sarbanes-Oxley Code**"). This Sarbanes-Oxley Code shall be the sole code of ethics adopted by the Axonic Funds (the "Trust") for purposes of Section 406 of Sarbanes-Oxley and the rules and forms applicable to registered investment companies. Insofar as other policies or procedures of the Trust, Axonic Capital LLC ("Axonic"), the Trust's investment adviser, the trust's Principal Underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers (as defined below), who are subject to this Sarbanes-Oxley Code, they are superseded by this Sarbanes-Oxley Code to the extent that they overlap or conflict with the provisions of this Sarbanes-Oxley Code. The Trust's, Axonic's, and the Trust's Principal Underwriter's codes of ethics pursuant to Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Sarbanes-Oxley Code.

All Covered Officers must become familiar and fully comply with this Sarbanes-Oxley Code. Because this Sarbanes-Oxley Code cannot and does not cover every applicable law or provide answers to all questions that might arise, all Covered Officers are expected to use common sense about what is right and wrong, including a sense of when it is proper to seek guidance from others on the appropriate course of conduct.

The purpose of this Sarbanes-Oxley Code is to set standards for the Covered Officers that are reasonably designed to deter wrongdoing and to promote:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust file with, or submit to, the SEC and in any other public communications by the Trust;

● compliance with applicable governmental laws, rules and regulations;

● the prompt internal reporting of violations of the Sarbanes-Oxley Code to the appropriate persons as set forth in the Sarbanes-Oxley Code; and

● accountability for adherence to the Sarbanes-Oxley Code.

**II.** **C overed Officers** 

This Sarbanes-Oxley Code applies to the Trust's Principal Executive Officer, Principal Financial Officer, and any persons performing similar functions on behalf of the Trust (the "**Covered Officers**"). Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Covered Officers are expected to act in accordance with the standards set forth in this Sarbanes-Oxley Code.

**III.** **Honest and Ethical Conduct** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Honesty, Diligence and Professional Responsibility** 

Covered Officers are expected to observe both the form and the spirit of the ethical principles contained in this Sarbanes-Oxley Code. Covered Officers must perform their duties and responsibilities for the Trust:

● with honesty, diligence, and a commitment to professional and ethical responsibility;

● carefully, thoroughly and in a timely manner; and

● in conformity with applicable professional and technical standards.

Covered Officers who are certified public accountants are expected to carry out their duties and responsibilities in a manner consistent with the principles governing the accounting profession, including any guidelines or principles issued by the Public Company Accounting Oversight Board or the American Institute of Certified Public Accountants from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Objectivity/Avoidance of Undisclosed Conflicts of Interest** 

Covered Officers are expected to maintain objectivity and avoid undisclosed conflicts of interest. In the performance of their duties and responsibilities for the Trust, Covered Officers must not subordinate their judgment to personal gain and advantage, or be unduly influenced by their own interests or by the interests of others. Covered Officers must avoid participation in any activity or relationship that constitutes a conflict of interest unless that conflict has been completely disclosed to affected parties and waived by the Trustees on behalf of the Trust. Further, Covered Officers should avoid participation in any activity or relationship that could create the appearance of a conflict of interest.

A conflict of interest would generally arise if, for instance, a Covered Officer directly or indirectly participates in any investment, interest, association, activity or relationship that may impair or appear to impair the Covered Officer's objectivity or interfere with the interests of, or the Covered Officer's service to, the Trust.

Any Covered Officer who may be involved in a situation or activity that might be a conflict of interest or give the appearance of a conflict of interest must report such situation or activity using the reporting procedures set forth in Section VI of this Sarbanes-Oxley Code.

Each Covered Officer must not:

● use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

● cause the Trust to take action, or fail to take actions, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust; or

● use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer is responsible for his or her compliance with this conflict of interest policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Preparation of Financial Statements** 

Covered Officers must not knowingly make any misrepresentations regarding the Trust's financial statements or any facts in the preparation of the Trust's financial statements, and must comply with all applicable laws, standards, principles, guidelines, rules and regulations in the preparation of the Trust's financial statements. This section is intended to prohibit:

● making, or permitting or directing another to make, materially false or misleading entries in the Trust's financial statements or records;

● failing to correct the Trust's financial statements or records that are materially false or misleading when he or she has the authority to record an entry; and

● signing or permitting or directing another to sign, a document containing materially false or misleading financial information.

Covered Officers must be scrupulous in their application of generally accepted accounting principles. No Covered Officer may (i) express an opinion or state affirmatively that the financial statements or other financial data of the Trust is presented in conformity with generally accepted accounting principles, or (ii) state that he or she is not aware of any material modifications that should be made to such statements or data in order for them to be in conformity with generally accepted accounting principles, if such statements or data contain any departure from generally accepted accounting principles then in effect in the United States.

Covered Officers must follow the laws, standards, principles, guidelines, rules and regulations established by all applicable governmental bodies, commissions or other regulatory agencies in the preparation of financial statements, records and related information. If a Covered Officer prepares financial statements, records or related information for purposes of reporting to such bodies, commissions or regulatory agencies, the Covered Officer must follow the requirements of such organizations in addition to generally accepted accounting principles.

If a Covered Officer and his or her supervisor have a disagreement or dispute relating to the preparation of financial statements or the recording of transactions, the Covered Officer should take the following steps to ensure that the situation does not constitute an impermissible subordination of judgment:

● The Covered Officer should consider whether (i) the entry or the failure to record a transaction in the records, or (ii) the financial statement presentation or the nature or omission of disclosure in the financial statements, as proposed by the supervisor, represents the use of an acceptable alternative and does not materially misrepresent the facts or result in an omission of a material fact. If, after appropriate research or consultation, the Covered Officer concludes that the matter has authoritative support and/or does not result in a material misrepresentation, the Covered Officer need do nothing further.

● If the Covered Officer concludes that the financial statements or records could be materially misstated as a result of the supervisor's determination, the Covered Officer should follow the reporting procedures set forth in Section VI of this Sarbanes-Oxley Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Obligations to the Independent Auditor of the Trust** 

In dealing with the Trust's independent auditor, Covered Officers must be candid and not knowingly misrepresent facts or knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Trust's independent auditor.

Covered Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead the Trust's independent auditor in the performance of an audit of the Trust's financial statements for the purpose of rendering such financial statements materially misleading.

**IV.** **Full, Fair, Accurate, Timely and Understandable Disclosure** 

It is the Trust's policy to provide full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC and in any other public communications by the Trust. The Trust has designed and implemented Disclosure Controls and Procedures to carry out this policy.

Covered Officers are expected to familiarize themselves with the disclosure requirements generally applicable to the Trust, and to use their best efforts to promote, facilitate, and prepare full, fair, accurate, timely, and understandable disclosure in all reports and documents that the Trust files with, or submits to, the SEC and in any other public communications by the Trust.

Covered Officers must review the Trust's Disclosure Controls and Procedures to ensure they are aware of and carry out their duties and responsibilities in accordance with the Disclosure Controls and Procedures and the disclosure obligations of the Trust. Covered Officers are responsible for monitoring the integrity and effectiveness of the Trust's Disclosure Controls and Procedures.

**V.** **Compliance with Applicable Laws, Rules and Regulations** 

Covered Officers are expected to know, respect and comply with all laws, rules and regulations applicable to the conduct of the Trust's business. If a Covered Officer is in doubt about the legality or propriety of an action, business practice or policy, the Covered Officer should seek advice from the Covered Officer's supervisor or the Trust's legal counsel.

In the performance of their work, Covered Officers must not knowingly be a party to any illegal activity or engage in acts that are discreditable to the Trust.

Covered Officers are expected to promote the Trust's compliance with applicable laws, rules and regulations. To promote such compliance, Covered Officers may establish and maintain mechanisms to educate employees carrying out the finance and compliance functions of the Trust about any applicable laws, rules or regulations that affect the operation of the finance and compliance functions and the Trust generally.

**VI.** **Reporting and Accountability** 

All Covered Officers will be held accountable for adherence to this Sarbanes-Oxley Code. Each Covered Officer must, upon the Trust's adoption of this Sarbanes-Oxley Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read, and understands this Sarbanes-Oxley Code by signing the Acknowledgement Form attached hereto as **Appendix A**. Thereafter, each Covered Officer, on an annual basis, must affirm to the Board that he/she has complied with the requirements of this Sarbanes-Oxley Code.

Covered Officers may not retaliate against any other Covered Officer of the Trust or its affiliated persons for reports of potential violations that are made in good faith.

The Trust will follow these procedures in investigating and enforcing this Sarbanes-Oxley Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Any
 Covered Officer who knows of any violation of this Sarbanes-Oxley Code or who questions
 whether a situation, activity or practice is acceptable must immediately report such
 practice to the Trust's Audit Committee. The Audit Committee shall take appropriate
 action to investigate any reported potential violations. If, after such investigation,
 the Audit Committee believes that no violation has occurred, the Audit Committee is not
 required to take any further action. Any matter that the Audit Committee believes is
 a violation will be reported to the Chairman of the Board. The Audit Committee shall
 respond to the Covered Officer within a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** If
 the Covered Officer is not satisfied with the response of the Audit Committee, the Covered
 Officer shall report the matter to the Chairman of the Board. If the Chairman is unavailable,
 the Covered Officer may report the matter to any other member of the Board. The person
 receiving the report shall consider the matter, refer it to the full Board if he or she
 deems appropriate, and respond to the Covered Officer within a reasonable amount of time.
 If the Board concurs that a violation has occurred, it will consider appropriate action,
 which may include review of and appropriate modifications to applicable policies and
 procedures or notification to appropriate personnel of Axonic or its governing body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** If
 the Board determines that a Covered Officer violated this Sarbanes-Oxley Code, failed
 to report a known or suspected violation of this Sarbanes-Oxley Code, or provided intentionally
 false or malicious information in connection with an alleged violation of this Sarbanes-Oxley
 Code, the Board may take disciplinary action against any such Covered Officer to the
 extent the Board deems appropriate. No Covered Officer will be disciplined for reporting
 a concern in good faith.

To the extent possible and as allowed by law, reports will be treated as confidential. The Trust may report violations of the law to the appropriate authorities.

**VII.** **Disclosure of this Sarbanes-Oxley Code** 

This Sarbanes-Oxley Code shall be disclosed to the public by at least one of the following methods in the manner prescribed by the SEC, unless otherwise required by law:

● Filing a copy of this Sarbanes-Oxley Code as an exhibit to the Trust's annual report on Form N-CSR;

● Posting the text of this Sarbanes-Oxley Code on the Trust's Internet website and disclosing, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted this Sarbanes-Oxley Code on its Internet website; or

● Providing an undertaking in the Trust's most recent report on Form N-CSR to provide a copy of this Sarbanes-Oxley Code to any person without charge upon request, and explaining the manner in which such a request may be made.

**VIII.** **Waivers** 

Any waiver of this Sarbanes-Oxley Code, including an implicit waiver, granted to a Covered Officer may be made only by the Board or a committee of the Board to which such responsibility has been delegated, and must be disclosed by the Trust in accordance with Item 2 of Form N-CSR under the Investment Company Act of 1940 and as set forth above in Section VII (Disclosure of this Sarbanes-Oxley Code).

**IX.** **Amendments** 

This Sarbanes-Oxley Code may be amended by the affirmative vote of a majority of the Board, including a majority of the Independent Trustees. Any amendment of this Sarbanes-Oxley Code must be disclosed by the Trust in accordance with Item 2 of Form N-CSR under the Investment Company Act of 1940 and as set forth above in Section VII (Disclosure of this Sarbanes-Oxley Code), unless such amendment is deemed to be technical, administrative, or otherwise non-substantive. Any amendments to this Sarbanes-Oxley Code will be provided to the Covered Officers.

**X.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Sarbanes-Oxley Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Sarbanes-Oxley Code, such matters shall not be disclosed to anyone other than the Board of the Trust, the Audit Committee, the legal counsel to the Trust, legal counsel to the Independent Trustees and such other persons as a majority of the Board, including a majority of the Independent Trustees, shall determine to be appropriate.

Adopted: December 19, 2019

**<u>Appendix A</u>**

**Axonic Funds**

**PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICER ANNUAL CERTIFICATE**

Pursuant to the requirements of the Sarbanes-Oxley Code for Principal Executive and Senior Financial Officers of the Trust, the undersigned hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have read the Trust's Sarbanes-Oxley Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I
 understand the Sarbanes-Oxley Code and acknowledge that I am subject to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I
affirm that I have complied with the requirements of this Sarbanes-Oxley Code.

    <br> Date Print Name

Signature

## Ex-99.Cert

**Exhibit 99.Cert**

I, Clayton DeGiacinto, President and Chief Executive Officer of the Axonic Funds, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Axonic Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in the report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Clayton DeGiacinto |
|  | Clayton DeGiacinto (Principal Executive Officer) |
|  | President and Chief Executive Officer |
| Date: | January 9, 2026 |

---

I, Joseph Castellano, Treasurer and Chief Financial Officer of the Axonic Funds, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Axonic Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in the report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Joseph Castellano |
|  | Joseph Castellano (Principal Financial Officer) |
|  | Treasurer and Chief Financial Officer |
| Date: | January 9, 2026 |

---

## Exhibit 99.906

**Exhibit 99.906Cert**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended October 31, 2025 (the "Report") of the Axonic Funds (the "Registrant").

I, Clayton DeGiacinto, the President and Chief Executive Officer of the Registrant, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange
Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.

---

| | |
|:---|:---|
| Dated: | January 9, 2026 |
| By: | /s/ Clayton DeGiacinto |
|  | Clayton DeGiacinto (Principal Executive Officer) |
|  | President and Chief Executive Officer |

---

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended October 31, 2025 (the "Report") of the Axonic Funds (the "Registrant").

I, Joseph Castellano, the Treasurer and Chief Financial Officer of the Registrant, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable of the Securities Exchange Act
of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.

---

| | |
|:---|:---|
| Dated: | January 9, 2026 |
| By: | /s/ Joseph Castellano |
|  | Joseph Castellano (Principal Financial Officer) |
|  | Treasurer and Chief Financial Officer |

---