# EDGAR Filing Document

**Accession Number:** 0002003867
**File Stem:** 0001580642-26-003656
**Filing Date:** 2026-6
**Character Count:** 141405
**Document Hash:** 335c8aeaf6c3a16e3e6951a5feb0f219
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003656.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001580642-26-003656

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Axxes Opportunistic Credit Fund
- **CENTRAL INDEX KEY:** 0002003867

**ORGANIZATION NAME:**
- **EIN:** 936929577
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23949
- **FILM NUMBER:** 261072710

**BUSINESS ADDRESS:**
- **STREET 1:** 3011 PONCE DE LEON BLVD.
- **STREET 2:** SUITE 1420
- **CITY:** CORAL GABLES
- **STATE:** FL
- **ZIP:** 33134
- **BUSINESS PHONE:** 786-883-5442

**MAIL ADDRESS:**
- **STREET 1:** 3011 PONCE DE LEON BLVD.
- **STREET 2:** SUITE 1420
- **CITY:** CORAL GABLES
- **STATE:** FL
- **ZIP:** 33134

united states<br> securities and exchange commission<br> washington, d.c. 20549

**form n-csr**

**certified shareholder report of registered management<br> investment companies**

Investment Company Act file number <u>811-23949</u>

<u>Axxes Opportunistic Credit Fund</u>

(Exact name of registrant as specified in charter)

<u>3011 Ponce de Leon Blvd. Suite 1420 Coral Gables, FL 33134</u>

(Address of principal executive offices) (Zip code)

<u>Joseph DaGrosa, Jr.</u>

<u>3011 Ponce de Leon Blvd. Suite 1420 Coral Gables, FL 33134</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: 1-<u>(877) 462-9937</u>

Date of fiscal year end: <u>3/31</u>

Date of reporting period: <u>3/31/26</u>

**Item 1. Reports to Stockholders.** 

(a) [Annual Report]

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| |
|:---|
| ![(AXXES LOGO)](ax001_v1.jpg) |
| **Axxes Opportunistic Credit Fund** |
| **Class I Shares (AXOIX)** |
| Annual Report |
| March 31, 2026 |
| 1-877-462-9937 |
| ***<u>www.axxescapital.com</u>*** |
| **Distributed by Ultimus Fund Distributors, LLC** |
| **Member FINRA** |

---

---

| |
|:---|
| **Axxes Opportunistic Credit Fund** |
| **PORTFOLIO REVIEW (Unaudited)** |
| **March 31, 2026** |

---

The Fund's performance figures(\*) for the year ended March 31, 2026, compared to its benchmarks:

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| | |
|:---|:---|
| | Since Inception |
| Axxes Opportunistic Credit Fund - Class I | -3.59% |
| Bloomberg U.S. Corporate High Yield Index <sup>(a)</sup> | 1.81% |
| J.P. Morgan Collateralized Loan Obligation BBB Index <sup>(b)</sup> | -1.08% |
| Morningstar LSTA U.S. Leveraged Loan Index <sup>(c)</sup> | 1.23% |
| SOFR Index <sup>(d)</sup> | 2.38% |

---

\* The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gain distributions. Total returns would have been lower had the Adviser not waived its fees or reimbursed other expenses. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Past performance is no guarantee of future results. For performance information current to the most recent month-end, please call toll-free 1-877-462-9937 or visit www.axxescapital.com.

<sup>(a)</sup> The Bloomberg U.S. Corporate High Yield Bond Index measures the USD-denominated, high-yield, fixed-rate corporate bond market. The Bloomberg U.S. Corporate Investment Grade Index is a broad based benchmark that measures the investment grade, fixed-rate, taxable, corporate bond market.

<sup>(b)</sup> The J.P. Morgan Collateralized Loan Obligation BBB Index aims to track the performance of BBB-rated debt tranches of broadly syndicated, arbitrage US dollar-denominated debt as part of the flagship J.P. Morgan CLOIE Index ($CLOIE). The index includes 2500+ tranches managed by 140+ CLO managers across the BBB original rating bucket.

<sup>(c)</sup> The Morningstar LSTA US Leveraged Loan Index is a market-value-weighted, weekly-rebalanced index designed to measure the performance of the US leveraged loan market, providing comprehensive coverage of senior secured corporate loans. It captures the performance of USD-denominated loans, often featuring floating-rate coupons.

<sup>(d)</sup> The SOFR Index is a daily, non-seasonally adjusted, Federal Reserve Bank of New York published measure representing the cumulative impact of compounding the Secured Overnight Financing Rate (SOFR) on a $1 investment since April 2, 2018.

**Comparison of the Change in Value of a $1,000,000 Investment**

![(BAR GRAPH)](ax002_v1.jpg)

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| | |
|:---|:---|
| **Portfolio Composition as of March 31, 2026:** | **Portfolio Composition as of March 31, 2026:** |
| Asset Backed Securities | 89.5% |
| Short-term Investment | 10.1% |
| Other Assets In Excess of Liabilities | 0.4% |
|  | 100.0% |

---

Please refer to the Consolidated Schedule of Investments in this report for a detailed listing of the Fund's consolidated holdings.

Dear Shareholder,

We thank you for your investment in the Axxes Opportunistic Credit Fund ("The Fund"). The Fund's Class I (AXOIX) shares commenced operations on August 26, 2025. This report covers the fiscal year from April 1, 2025 to March 31, 2026.

The Period was characterized by a U.S. economy that remained broadly resilient but grew increasingly uneven. Headline CPI inflation reaccelerated from 2.9% for the twelve months ended August 2025 to 3.3% for the twelve months ended March 2026, including a sharp month-over-month increase in energy prices late in the Period, keeping inflation above the Federal Reserve's (the "Fed") 2% long-run target.¹ The labor market cooled but held together, with the unemployment rate beginning and ending the Period at 4.3%, reaching 4.6% in November 2025, while monthly payroll growth was uneven.² Real GDP growth decelerated sharply, from an annualized 4.4% in the third quarter of 2025 to just 0.5% in the fourth quarter, according to the Bureau of Economic Analysis' Third Estimate released April 9, 2026.³ The Fed cut its target federal funds rate three times during the Period — on September 17, October 29, and December 10, 2025 — for a cumulative 75 basis points (one hundredth of one percent, or 0.01%), lowering the target range to 3.50%–3.75%, before pausing at its March 18, 2026 meeting.⁴ Three-month Term SOFR, the primary benchmark for the Fund's floating-rate portfolio, declined from approximately 4.4% at the start of the Period to roughly 3.9% at year-end 2025 and approximately 3.7% by March 31, 2026, based on prevailing 3-month CME Term SOFR settings during the Period.⁵

2025 was broadly constructive for leveraged loans and CLO markets. U.S. CLO issuance exceeded $200 billion, while approximately $337 billion of refinancing and reset activity reflected managers extending deal lives and optimizing funding costs.⁶ The Morningstar LSTA U.S. Leveraged Loan Index returned 5.9% for full-year 2025.⁶

The Period nevertheless included several idiosyncratic credit events that increased investor focus on collateral integrity and financing structures, including the September 2025 restructuring of First Brands Group and the Chapter 7 liquidation of Tricolor Holdings.⁷ United Site Services followed in December 2025 with a prepackaged Chapter 11 filing seeking to eliminate approximately $2.4 billion in funded debt.⁸ These developments contributed to increased dispersion across credit markets.

Investor sentiment weakened further during the first quarter of 2026 as software-sector borrowers — a meaningful component of the broadly syndicated loan universe underlying many CLO portfolios — experienced spread widening across equity, leveraged-loan, and private credit markets.⁹ This repricing flowed through to CLO tranche valuations and contributed to mark-to-market volatility during the Period. Mark-to-market or fair value accounting allows for measuring the fair value of accounts, such as assets and liabilities, based on their current market price. Lower-rated CLO tranches experienced greater price sensitivity than higher-rated tranches, reflecting their higher spread exposure despite continued stability in underlying loan-collateral performance. Price weakness in BB- and B-rated CLO tranches<sup>10</sup> — the core of the Fund's strategy — appeared primarily mark-to-market in nature rather than driven by realized credit impairment.

The Axxes Opportunistic Credit Fund's Class I shares (AXOIX) commenced operations on August 26, 2025, with an initial net asset value ("NAV") of $10.00 per share. The Fund's Class I NAV ended the Period at $9.26 per share as of March 31, 2026.<sup>11</sup> The Fund paid two distributions from net investment income during the Period: $0.2375 per share on December 30, 2025 and $0.1584 per share on March 31, 2026, for total distributions of $0.3959 per share.<sup>12</sup> Including the reinvestment of those distributions, the Fund's total return since inception through March 31, 2026 was -3.59%, with income substantially offsetting mark-to-market price weakness — consistent with the design of a floating-rate, income-first strategy.<sup>11</sup> Based on the most recent quarterly distribution annualized, the distribution

20260518-5491954

rate is approximately 6.84% of the March 31, 2026 NAV per share.<sup>12</sup> Total net assets were approximately $6.8 million as of March 31, 2026.

We appreciate your continued support and confidence in the Fund.

Sincerely,

**Joseph E. DaGrosa**

Chairman & CEO

Axxes Capital Inc

April 2026

------

**Investors should carefully consider the investment objectives, risks, charges and expenses of the fund before investing. This and other important information about the fund is contained in the fund's prospectus and supplements which can be obtained by calling 877-462-9937. The prospectus should be read carefully before investing. The fund is distributed by Ultimus Fund Distributors, LLC. Ultimus Fund Distributors, LLC and Axxes Capital are not affiliated.**

**Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. For performance current to the most recent month-end, please call 877-462-9937.**

1 Source: U.S. Bureau of Labor Statistics, "Consumer Price Index — All Urban Consumers, "August 2025 release and March 2026 release. CPI figures are 12-month percentage change, not seasonally adjusted. Energy month-over-month figure is from the March 2026 release. The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

2 Source: U.S. Bureau of Labor Statistics, "The Employment Situation," August 2025, November 2025, and March 2026 releases. Unemployment rate of 4.6% in November 2025 is from the November 2025 release (December 16, 2025).

3 Source: U.S. Bureau of Economic Analysis, *Gross Domestic Product (Third Estimate), Fourth Quarter and Year 2025*, April 9, 2026.

4 Source: Board of Governors of the Federal Reserve System, FOMC statements dated September 17, 2025, October 29, 2025, December 10, 2025, and March 18, 2026.

5 Source: Federal Reserve Bank of NY, Secured Overnight Financing Rate Data (5/12/26 website accessed). The Secured Overnight Financing Rate (SOFR) is a benchmark interest rate for dollar-denominated derivatives and loans.

6 Source: PitchBook LCD / Morningstar LSTA U.S. Leveraged Loan Index, full-year 2025 return; Deutsche Bank Research, U.S. CLO new issue and refi/reset volume, full-year 2025. A leveraged loan involves providing financing to companies or individuals with substantial existing debt, often attracting investors seeking higher returns in exchange for taking on greater risk. Collateralized loan obligations (CLOs) are structured securities that bundle a pool of lower-rated corporate loans and sell them to investors in tranches. The Morningstar LSTA US Leveraged Loan Index is a market-value weighted index designed to measure the performance of the US leveraged loan market.

7 Source: Reuters, "US Justice Department opens inquiry into First Brands collapse," October 9, 2025; Reuters, "US unseals charges against bankrupt Tricolor's executives over fraud," December 17, 2025; Cambridge Associates, "Do the Recent Bankruptcies of First Brands and Tricolor Suggest Trouble Ahead in Private Credit?" November 26, 2025.

8 Source: Reuters, "Port-a-potty company files for bankruptcy to wipe away $2.4 billion in debt," December 29, 2025.

9 Source: Morgan Stanley Investment Management, *Software Sell-Off: Framing Concerns About Private Credit*, April 1, 2026; BIS Quarterly Review, March 2026; PitchBook LCD leveraged-loan market commentary, First Quarter 2026. Broadly syndicated loans are a type of loan that will typically be arranged by an investment bank and then syndicated to a large group of commercial banks and specialist loan investors (such as CLOs and other types of funds).

10 Credit ratings are assigned to underlying securities utilizing ratings from a Nationally Recognized Statistical Rating Organization (NRSRO) such as Moody's and Fitch, or other rating agencies and applying the following hierarchy: security is determined to be Investment Grade if it has been rated at least BBB- by one credit rating agency; once determined to be Investment Grade (BBB- and above) or Non-Investment Grade (BB+ and below) where multiple ratings are available, then the lowest rating is assigned. Securities that are not rated do not necessarily indicate low quality. Ratings are shown in the Fitch scale (e.g., AAA). Ratings and portfolio credit quality may change over time. The Fund itself has not been rated by a credit rating agency.

20260518-5491954

11 Source: Ultimus Fund Solutions LLC ("Fund Administrator") official NAV calculation report for the Axxes Opportunistic Credit Fund, Class I shares, pricing date March 31, 2026. Net assets of approximately $6.7 million are as reported by the Fund's administrator. Returns shown are for Class I shares (AXOIX) on a no-load basis. Total return assumes reinvestment of distributions.

12 Source: Axxes Opportunistic Credit Fund, December 2025 Distribution Matrix (pay date December 30, 2025, $0.2375 per Class I share) and March 2026 Distribution Matrix (pay date March 31, 2026, $0.1584 per Class I share). Annualized distribution rate calculated as the most recent quarterly distribution ($0.1584 per share) multiplied by four, divided by the March 31, 2026 NAV per share ($9.26). Distribution rate is not guaranteed and may vary from period to period.

*Returns shown are based on NAV and assume reinvestment of all distributions. The Fund's shares are not listed on any securities exchange, and it is not anticipated that a secondary market for shares will develop. Shares are subject to substantial restrictions on transfer. The Fund operates as an interval fund and offers quarterly repurchases of up to 5% of outstanding shares at NAV. There is no guarantee that Shareholders will be able to sell all of the Shares they desire in a quarterly repurchase offer. Limited liquidity will be provided only through the Fund's quarterly repurchases and shareholders have no right to require the Fund to redeem their shares in the Fund.*

20260518-5491954

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| |
|:---|
| **AXXES OPPORTUNISTIC CREDIT FUND** |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| **March 31, 2026** |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br>**Amount ($)** |  | <br>**Spread** | **Coupon Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **ASSET BACKED SECURITIES — 89.5%** |  |  |  |  |
|  | **CLO — 89.5%** |  |  |  |  |
| 250000 | Aimco CLO 14 Ltd. Series 14X E2R<sup>(a),(b)</sup> | TSFR3M + 6.500% | 10.1680 | 10/20/38 | $249341 |
| 325000 | Allegro CLO XII Ltd. Series 1X E1R<sup>(a),(b)</sup> | TSFR3M + 7.400% | 11.0700 | 07/21/37 | 309956 |
| 325000 | Allegro Clo XVIII Ltd. Series 4X E1<sup>(a),(b)</sup> | TSFR3M + 6.360% | 10.0280 | 01/25/38 | 296347 |
| 325000 | Ares LXIII CLO Ltd. Series 63X ER<sup>(a),(b)</sup> | TSFR3M + 6.000% | 9.6720 | 10/15/38 | 305514 |
| 350000 | Battalion CLO XXVIII Ltd. Series 28X E<sup>(a),(b)</sup> | TSFR3M + 5.700% | 9.3680 | 01/20/38 | 344423 |
| 325000 | Cedar Funding VIII Clo Ltd. Series 8X ERR<sup>(a),(b)</sup> | TSFR3M + 6.420% | 10.0880 | 01/17/38 | 292044 |
| 325000 | Dryden 87 CLO Ltd. Series 87X ER<sup>(a),(b)</sup> | TSFR3M + 6.350% | 10.0060 | 08/20/38 | 318318 |
| 325000 | Elevation CLO 2021-12 Ltd. Series 12X ER<sup>(a),(b)</sup> | TSFR3M + 7.480% | 11.1480 | 04/20/37 | 301635 |
| 250000 | Elmwood CLO 16 Ltd. Series 3X ER<sup>(a),(b)</sup> | TSFR3M + 6.750% | 10.4180 | 04/20/37 | 234999 |
| 250000 | Empower CLO 2023-2 Ltd. Series 2X ER<sup>(a),(b)</sup> | TSFR3M + 5.600% | 9.2720 | 10/15/38 | 235744 |
| 325000 | Generate CLO 8 Ltd. Series 8X ER2<sup>(a),(b)</sup> | TSFR3M + 6.350% | 10.0180 | 01/20/38 | 302334 |
| 325000 | KKR CLO 29 Ltd. Series 29X ER<sup>(a),(b)</sup> | TSFR3M + 7.080% | 10.7520 | 07/15/37 | 299533 |
| 325000 | KKR CLO 30 Ltd. Series 30X ER2<sup>(a),(b)</sup> | TSFR3M + 6.860% | 10.5280 | 04/17/37 | 302143 |
| 325000 | KKR CLO 49 Ltd. Series 49X ER<sup>(a),(b)</sup> | TSFR3M + 6.820% | 10.4880 | 10/20/37 | 305197 |
| 325000 | Madison Park Funding LV Ltd. Series 55X ER<sup>(a),(b)</sup> | TSFR3M + 6.000% | 9.6680 | 07/18/37 | 282672 |
| 325000 | Morgan Stanley Eaton Vance CLO 2023-19 Ltd. Series 19X ER<sup>(a),(b)</sup> | TSFR3M + 5.500% | 9.1720 | 07/15/38 | 299984 |
| 325000 | Palmer Square CLO 2021-4 Ltd. Series 4X FR<sup>(a),(b)</sup> | TSFR3M + 8.000% | 11.6720 | 07/15/38 | 275375 |
| 325000 | Regatta XI Funding Ltd. Series 1X FR<sup>(a),(b)</sup> | TSFR3M + 8.620% | 12.2880 | 07/17/37 | 284510 |
| 325000 | Rockford Tower CLO 2021-3 Ltd. Series 3X ER<sup>(a),(b)</sup> | TSFR3M + 7.420% | 11.0920 | 01/15/38 | 283590 |
| 325000 | Rockford Tower CLO 2022-3 Ltd. Series 3X ER<sup>(a),(b)</sup> | TSFR3M + 7.420% | 11.0880 | 07/20/37 | 290646 |
| 325000 | Symphony CLO XXXII Ltd. Series 32X ER<sup>(a),(b)</sup> | TSFR3M + 5.800% | 9.4710 | 10/23/35 | 311076 |
|  | **TOTAL ASSET BACKED SECURITIES (Cost $6,644,913)** |  |  |  | 6125381 |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENT — 10.1%** |  |  |  |  |
|  | **MONEY MARKET FUND - 10.1%** |  |  |  |  |
| 691757 | Fidelity Investments Money Market Treasury Portfolio, Class I, 3.55% **(Cost $691,757)**<sup>(c)</sup> | Fidelity Investments Money Market Treasury Portfolio, Class I, 3.55% **(Cost $691,757)**<sup>(c)</sup> | Fidelity Investments Money Market Treasury Portfolio, Class I, 3.55% **(Cost $691,757)**<sup>(c)</sup> | Fidelity Investments Money Market Treasury Portfolio, Class I, 3.55% **(Cost $691,757)**<sup>(c)</sup> | 691757 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $7,336,670)** | **TOTAL INVESTMENTS - 99.6% (Cost $7,336,670)** |  |  | $6817138 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%** |  |  | 25727 |
|  | **NET ASSETS - 100.0%** |  |  |  | $6842865 |

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TSFR3M - Term Secured Overnight Financing Rate (SOFR) 3 month

<sup>(a)</sup> Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(b)</sup> All or a portion of this investment is a holding of the AOCF Cayman SPV.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

See accompanying notes to consolidated financial statements.

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| |
|:---|
| **Axxes Opportunistic Credit Fund** |
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** |
| **March 31, 2026** |

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| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $7336670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $6817138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from Adviser | 196204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 136554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs | 70517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 51398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 7271811 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees payable | 129015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub-administration and fund accounting fees payable | 102694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees fees and expenses payable | 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees payable | 50336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees payable | 20305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 36596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 428946 |
| **NET ASSETS** | $**6842865** |
| **Net Assets Consist Of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid in capital | $7372181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (529316) |
| **NET ASSETS** | $**6842865** |
| **Net Asset Value Per Share:** |  |
| **Class I Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $**6842865** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value. unlimited shares authorized) | **738594** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**9.26** |

---

See accompanying notes to consolidated financial statements.

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| |
|:---|
| **Axxes Opportunistic Credit Fund** |
| **CONSOLIDATED STATEMENT OF OPERATIONS** |
| **For the Year Ended March 31, 2026** |

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| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $424664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 424664 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees (See Note 4) | 63099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 169015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees fees and expenses | 120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 103394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub-administrative services fees | 78802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 50336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees (See Note 4) | 45815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 34214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 23993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 19002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing | 5088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 13176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 726236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived/reimbursed by the Adviser (See Note 4) | (575984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 150252 |
| **NET INVESTMENT INCOME** | 274412 |
| **REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss from investments | (6263) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (519532) |
| **NET REALIZED AND UNREALIZED LOSS FROM INVESTMENTS** | (525795) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**(251383)** |

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See accompanying notes to consolidated financial statements.

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| |
|:---|
| **Axxes Opportunistic Credit Fund** |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** |

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| | | |
|:---|:---|:---|
|  | <br>**Year Ended**<br>**March 31, 2026** | **Period from**<br>**October 1, 2024**<br>**(Effective Date of the Fund's**<br>**Registration Statement)**<br>**through March 31, 2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $274412 | $(179759) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursement of expenses (deemed contribution) |  | 179759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss from investments | (6263) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (519532) |  |
| Net decrease in net assets resulting from operations | (251383) |  |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distribution paid from earnings: | (279684) |  |
| Net Decrease in net assets from distributions to shareholders | (279684) |  |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 6999000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 274932 |  |
| Net increase in net assets from shares of beneficial interest | 7273932 |  |
| **TOTAL INCREASE IN NET ASSETS** | 6742865 |  |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | $**6842865** | $**100000** |
| **SHARE ACTIVITY** |  |  |
| **Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 699900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 28694 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase from share activity | 738594 | 10000 |

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See accompanying notes to consolidated financial statements.

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| |
|:---|
| **Axxes Opportunistic Credit Fund** |
| **CONSOLIDATED FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout the Period Presented |

---

---

| | |
|:---|:---|
| **Year Ended March 31, 2026 <sup>(a)</sup>** | **Class I Shares** |
| Net asset value, beginning of period | $10.00 |
| Activity from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income <sup>(b)</sup> | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.98) |
| Total from investment operations | (0.35) |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.39) |
| Total distributions | (0.39) |
| Net asset value, end of period | $9.26 |
| Total return <sup>(c)(d)</sup> | (3.59)% |
| Net assets, end of period (000s) | $6843 |
| Ratio of gross expenses to average net assets <sup>(e)(f)</sup> | 17.03% |
| Ratio of net expenses to average net assets | 3.52% |
| Ratio of net investment income to average net assets <sup>(f)</sup> | 6.43% |
| Portfolio Turnover Rate | 9% |

---

(a) Since
the Fund commenced investment operations was August 26, 2025, a financial highlights table for the Fund has not been included for prior
periods.

(b) Per
share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(c) Total
return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day
of the Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share
on their respective payment dates.

(d) Total
return was calculated from the commencement of investment activities as of August 26, 2025.

(e) Represents
the ratio of expenses to average net assets net of fee waivers and/or expense reimbursements by the Adviser.

(f) During
the fiscal year ended March 31, 2026, the Adviser voluntarily waived a portion of its management fees. If these voluntary fee waivers
had not occurred, the ratio of gross expenses to average net assets would have been higher by 74 basis points (0.74%) and net investment
income would have been lower by 74 basis points (0.74%) .

See accompanying notes to consolidated financial statements.

---

| |
|:---|
| **Axxes Opportunistic Credit Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** |
| **March 31, 2026** |

---

**1.** **ORGANIZATION** 

Axxes Opportunistic Credit Fund (the "Fund") was organized as a Delaware statutory trust on December 4, 2023, and is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as a non-diversified, closed-end management investment company that operates as an interval fund with a continuous offering of Fund shares. The Fund's investment objective is to generate attractive risk-adjusted returns primarily from current income and, to a lesser extent, from capital appreciation. The Fund commenced investment operations on August 26, 2025.

The Fund offers three classes of shares of beneficial interest ("Shares"), designated as Class A Shares, Class C Shares, and Class I Shares. Class C and Class I Shares are offered at net asset value. Class A Shares are offered at net asset value plus a maximum sales charge of 5.75%. The Fund's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. There were no Class A or Class C shares issued or outstanding for the year ended March 31, 2026.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its consolidated financial statements.

*Basis of Presentation and Use of Estimates* — The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services — Investment Companies*. The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which 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. Actual results could differ from those estimates.

*Basis of Consolidation* – The Fund will generally not consolidate its investment in a company other than a wholly-owned or substantially wholly-owned investment company subsidiary whose design and purpose is to act as an extension of the Fund's investment operations and facilitate the execution of the Fund's investment strategy. Accordingly, the Fund has consolidated the results of the Fund's direct wholly-owned subsidiaries including: AOCF Cayman SPV ("ACS"), a Delaware limited liability company. The effects of all intercompany transactions between the Fund and its wholly-owned subsidiaries have been eliminated in consolidation. As of March 31, 2026, the net assets of ACS were $6,259,806, which is 92% of the Fund's consolidated net assets.

*Operating Segments* - 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 the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief or Principal Financial Officer of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the consolidated financial statements and consolidated financial highlights.

*Security Valuation* – Pursuant to the valuation procedures approved by the Fund's Board of Trustees (the "Board") pursuant to Rule 2a-5 under the 1940 Act, the Fund relies on certain security pricing services to provide the current market value of securities. Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". The Fund may fair value a particular bond if the adviser does not believe that the round lot value

---

| |
|:---|
| **Axxes Opportunistic Credit Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2026** |

---

provided by the independent pricing service reflects fair value of the Fund's holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

When the Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its net asset value ("NAV"), such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by the valuation designee pursuant to Rule 2a-5. Fair valuation may require subjective determinations about the value of a security. Although the Fund's policy is intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values determined by the Board or persons acting at its direction will accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

There is no single standard for determining fair value of a security. Rather, the valuation designee's fair value calculations will involve significant professional judgment in the application of both observable and unobservable attributes, and as a result, the fair value determined for a security may differ from its actual realizable value or future fair value. As part of its due diligence, the Valuation Designee will attempt to obtain current information on an ongoing basis from market sources or issuers to value all fair valued securities.

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Fund recognizes transfers into and out of Levels 1, 2, and 3 as of the beginning of the reporting period in which the transfer occurs.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of March 31, 2026, for the Fund's assets measured at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level I | Level 2 | Level 3 | Total |
| Asset Backed Securities | $— | $6125381 | $— | $6125381 |
| Short-Term Investment | 691757 |  |  | 691757 |
| Total | $691757 | $6125381 | $— | $6817138 |

---

\* Refer to Consolidated Schedule of Investments for classifications of individual securities.

The Fund did not hold any Level 3 securities.

---

| |
|:---|
| **Axxes Opportunistic Credit Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2026** |

---

*Security 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. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities using the effective interest method or where applicable, the first call date of the security.

*Federal Income Taxes* – It is the Fund's policy to intend to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code of 1986, as amended, that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax year ended September 30, 2025. The Fund identifies its major tax jurisdictions as U.S. federal, Delaware and Florida and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. In accounting for income taxes, the Fund follows the guidance in ASC 740, Accounting for Uncertainty in Income Taxes ("ASC 740"). ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the consolidated financial statements. The Fund will recognize interest and penalties, if any, related to unrecognized tax benefits as tax expense in the Consolidated Statement of Operations. For the fiscal year ended March 31, 2026, the Fund did not incur any interest or penalties. The Fund did not have any unrecognized tax benefits as of March 31, 2026.

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. The Fund has adopted ASU 2023-09 for the year ended March 31, 2026, and concluded that the application of this guidance did not have an impact on its consolidated financial statements.

*Distributions to Shareholders* – Distributions from investment income are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and paid annually and are recorded on the ex-dividend date. The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. All or a portion of a distribution may consist of return of capital, shareholders should not assume that the source of a distribution is net income.

*Cash –* Cash includes cash held or deposited in bank accounts. The Fund deposits cash with financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Corporation up to an insurance limit. Deposits, at times, may exceed the insurance limit guaranteed by the Federal Deposit Insurance Corporation. The Fund has not experienced any losses on deposits and does not believe it is exposed to significant credit risk on such deposits

*Indemnification* – The Fund indemnifies its officers and the Board 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 and 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, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

*Organizational and Offering Costs –* Organizational costs are charged to expense as incurred. Offering costs incurred by the Fund are treated as deferred charges until operations commence and thereafter will be amortized into Consolidated Statement of Operations over 12 months using the straight-line method. During the year ended March 31, 2026, $103,394 of offering costs were amortized and are reflected in offering costs in the Statement of Operations.

---

| |
|:---|
| **Axxes Opportunistic Credit Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2026** |

---

**3.** **PRINCIPAL INVESTMENT RISKS** 

*Debt Securities Risk* – Under normal market conditions, the Fund expects to primarily invest in debt and debt-related securities. One of the fundamental risks associated with such investments is credit risk, which is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due. Adverse changes in the financial condition of an issuer or in general economic conditions (or both) may impair the ability of such issuer to make such payments and result in defaults on, and declines in, the value of its debt. The Fund's return to Shareholders would be adversely impacted if an issuer of debt securities in which the Fund invests becomes unable to make such payments when due. Other risk factors include interest rate risk (a rise in interest rates causes a decline in the value of debt securities) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

*Interest Rate Risk* – The Fund is subject to the risks of changes in interest rates. While it is expected that the majority of the Fund's investments will be in floating rate loans, which typically re-price every 90 days, some of the Fund's investments may be in fixed rate loans and similar debt obligations. The value of such fixed rate loans is susceptible to general changes in interest rates. A decline in interest rates could reduce the amount of current income the Fund is able to achieve from interest on fixed-income securities and convertible debt. An increase in interest rates could reduce the value of any fixed income securities and convertible securities owned by the Fund. To the extent that the cash flow from a fixed income security is known in advance, the present value (i.e., discounted value) of that cash flow decreases as interest rates increase; to the extent that the cash flow is contingent, the dollar value of the payment may be linked to then prevailing interest rates. Moreover, the value of many fixed income securities depends on the shape of the yield curve, not just on a single interest rate. Thus, for example, a callable cash flow, the coupons of which depend on a short rate such as three-month Secured Overnight Financing Rate ("SOFR"), may shorten (i.e., be called away) if the long rate decreases. In this way, such securities are exposed to the difference between long rates and short rates.

*High Yield Debt Risk* – The Fund may invest in high yield debt (or "junk bonds"). A substantial portion of the high yield debt in which the Fund intends to invest are rated below investment-grade by one or more nationally recognized statistical rating organizations or are unrated but of comparable credit quality to obligations rated below investment-grade and have greater credit and liquidity risk than more highly rated debt obligations. Lower-rated securities may include securities that have the lowest rating or are in default. High yield debt is generally unsecured and may be subordinate to other obligations of the obligor. The lower rating of high yield debt reflects a greater possibility that adverse changes in the financial condition of the obligor or in general economic conditions (including, for example, a substantial period of rising interest rates or declining earnings) or both may impair the ability of the obligor to make payment of principal and interest. Many issuers of high yield debt are highly leveraged, and their relatively high debt-to-equity ratios create increased risks that their operations might not generate sufficient cash flow to service their debt obligations. In addition, many issuers of high yield debt may be in poor financial condition, experiencing poor operating results, having substantial capital needs or negative net worth or be facing special competitive or product obsolescence problems, and may include companies involved in bankruptcy or other reorganizations or liquidation proceedings. High yield debt may be more susceptible to real or perceived adverse economic and individual corporate developments than would investment grade debt securities. Certain of these securities may not be publicly traded, and therefore, it may be difficult to accurately value certain portfolio securities and to obtain information as to the true condition of the issuers. Overall declines in the below investment-grade bond and other markets may adversely affect such issuers by inhibiting their ability to refinance their debt at maturity. High yield debt is often less liquid than higher rated securities. Because investment in high yield debt involves greater investment risk, achievement of the Fund's investment objectives will be more dependent on the Sub-Adviser's analysis than would be the case if the Fund were investing in higher quality debt securities.

*Liquidity Risk* – the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities. Inventories of municipal bonds held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease the Fund's ability to buy or sell bonds, and increase bond price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of

---

| |
|:---|
| **Axxes Opportunistic Credit Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2026** |

---

municipal bonds, which may further decrease the Fund's ability to buy or sell bonds. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of bonds to raise cash (such as to meet heavy shareholder redemptions), those sales could further reduce the bonds' prices and hurt performance. The Fund may invest in securities which are, or which become, illiquid. Illiquid securities may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in market value. Also, the Fund may not be able to dispose readily of illiquid securities when that would be beneficial at a favorable time or price or at prices approximating those at which the Fund currently values them. Further, the lack of an established secondary market for illiquid securities may make it more difficult to value such securities, which may negatively affect the price the Fund would receive upon disposition of such securities.

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Axxes Advisors I LLC serves as the Fund's investment adviser (the "Adviser"). The Adviser is a SEC registered investment adviser under the Investment Advisers Act of 1940. Pursuant to an investment advisory agreement with the Fund, the Adviser maintains overall responsibility for the oversight and management of the Fund's business and activities, subject to the general supervision of the Board. As compensation for these services and the related expenses borne by the Adviser, the Fund has agreed to pay the Adviser as compensation under the Investment Management Agreement (the "Management Fee"). The management fee is calculated and payable monthly in arrears at the annual rate of 1.50% of the Fund's average daily net assets.

During the year ended March 31, 2026, the Adviser agreed to waive its portion of the Management Fee, effectively reducing the annual rate from 1.50% to 0.75%. This fee waiver will be in effect through July 31, 2027. The fee waiver terminates at the end of the contract term and is included in the definition of "Specific Expenses".

The Fund also pays an incentive fee, calculated and payable quarterly in arrears in an amount equal to 3.75% of the Fund's "pre-incentive fee net income" for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund's "adjusted capital," equal to 1.5% per quarter (or an annualized hurdle rate of 6%), subject to a "catch-up" feature, which allows the Adviser to recover foregone incentive fees that were previously limited by the hurdle rate. For this purpose, "pre-incentive fee net investment income" means interest income, including deferred interest income investments such as original issue discount, debt instruments with payment in-kind, and zero-coupon securities, dividend income and any other income accrued during the calendar quarter, minus the Fund's operating expenses for the quarter (including the Management Fee, expenses reimbursed to the Adviser for any administrative services provided by the Adviser and any interest expense and distributions paid on any issued and outstanding preferred shares, but excluding the incentive fee). "Adjusted capital" means the cumulative gross proceeds received by the Fund from the sale of the Fund's shares (including pursuant to the DRP), reduced by amounts paid in connection with purchases of the Fund's shares pursuant to the Fund's share repurchase program.

The calculation of the incentive fee on pre-incentive fee net investment income for each quarter is as follows:

● No incentive fee is payable in any calendar quarter in which the Fund's pre-incentive fee net investment income does not exceed the hurdle rate of 1.50% per quarter (or an annualized rate of 6.00%);

● 100% of the pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 1.765%. This portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than or equal to 1.765%) is referred to as the "catch-up." The "catch-up" provision is intended to provide the Adviser with an incentive fee of 15.00% on all of the Fund's pre-incentive fee net investment income when the pre-incentive fee net investment income reaches 1.765% in any calendar quarter; and

● 15.00% of the amount of the pre-incentive fee net investment income, if any, that exceeds 1.765% in any calendar quarter is payable to the Adviser once the hurdle rate is reached and the catch-up is achieved (15.00% of all pre-incentive fee net investment income thereafter will be allocated to the Adviser).

---

| |
|:---|
| **Axxes Opportunistic Credit Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2026** |

---

For the period ended March 31, 2026, the Adviser earned $63,099 in management fees and $45,815 in incentive fees and waived $31,550 in fees.

The Adviser has engaged Greywolf Capital Management LP to act as the Fund's Sub-Adviser. Pursuant to the investment sub-advisory agreement dated July 31, 2024, (the "Sub-Advisory Agreement"), by and between the Adviser and the Sub-Adviser, the Sub-Adviser has been delegated broad authority to provide day-to-day portfolio management services to the Fund and determine the composition and allocation of the Fund's portfolio, the nature and timing of changes therein and the manner of implementing such changes; place orders with respect to, and arrange for, any investment (including executing and delivering all documents relating to investment on behalf of the Fund); identify, evaluate and negotiate the structure of Fund investments; monitor and service Fund investments; and determine securities and other assets that the Fund will purchase, retain or sell. In return the Adviser will pay the Sub-Adviser 50% of the management fee and incentive fee. For the period ended March 31, 2026, the Sub-Adviser earned $31,550 in management fees and $22,908 in incentive fees

The Fund entered into an Expense Limitation and Reimbursement Agreement (the "Expense Limitation Agreement") with the Adviser on July 31, 2024, as amended and restated on May 22, 2025 pursuant to which the Adviser agreed to waive its monthly fee and pay, absorb or reimburse the Fund's "Specified Expenses" (as defined below) to the extent necessary so that the Fund's Specified Expenses do not exceed 2.50% of the average daily value of the Fund's net assets with respect to any class (the "Expense Cap"). The Expense Limitation Agreement shall remain in effect until July 31, 2026, unless terminated earlier and shall thereafter continue in effect for successive twelve-month periods, provided that such continuance is specifically approved at least annually by a majority of the Trustees of the Fund.

"Specified Expenses" of the Fund means all expenses incurred in the business of the Fund, including organizational and offering expenses, with the exception of: (i) incentive fee payable by the Fund pursuant to the Investment Advisory Agreement; (ii) distribution and servicing fees in respect of any class of share; (iii) interest expense and other expenses incurred in connection with a possible credit facility for the Fund; (iv) expenses incurred in connection with secondary offerings, co-investments and other investment-related expenses of the Fund; (v) taxes; and (vi) extraordinary expenses (as determined in the sole discretion by the Investment Adviser). To the extent that the Adviser bears Specified Expenses in respect of a class of shares, the Adviser may receive reimbursement for any expense amounts that were previously paid or borne by the Adviser, for a period not to exceed three years from the date on which such expenses were paid or borne by the Adviser, even if such reimbursement occurs after the termination of the Expense Limitation Agreement, provided that the Fund may only make a repayment to the Adviser if such repayment does not cause the Fund's expense ratio (after the repayment is taken into account) to exceed either: (1) the Expense Cap in place at the time such amounts were paid or borne by the Adviser; or (2) the Fund's current Expense Cap.

During the period ended March 31, 2026, the Adviser reimbursed expenses in the amount of $544,435 which are subject to recapture by March 31, 2029.

*Administration Agreement*

Axxes Capital Inc. (the "Administrator") serves as the Fund's administrator. Pursuant to the Administration Agreement, the Administrator is responsible for, or will oversee the performance of, required administrative services, which includes providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the U.S. Securities and Exchange Commission (the "SEC"), and managing the payment of expenses and the performance of administrative and professional services rendered by others. The Fund will reimburse the Administrator for services performed for the Fund pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Fund will reimburse the Administrator for any services performed for the Fund by such affiliate or third party.

Unless earlier terminated as described below, the Administration Agreement will remain in effect for a period of two years from the date it first becomes effective and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Fund's outstanding voting securities and, in each case, a majority of the Independent Trustees. The Fund may terminate the Administration Agreement, without payment of any penalty, upon 60 days'

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| |
|:---|
| **Axxes Opportunistic Credit Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2026** |

---

written notice. The decision to terminate the agreement may be made by a majority of the Board or by the affirmative vote of a majority of the outstanding Shares. In addition, the Administrator may terminate the Administration Agreement, without payment of any penalty, upon 60 days' written notice.

*Sub-Administration Agreement*

Ultimus Fund Solutions LLC (the "Sub-Administrator") serves as the Fund's Sub-Administrator. Pursuant to the Sub-Administration Services Agreement, the Sub-Administrator provides certain administrative services necessary for the Fund's operation. Pursuant to the Sub-Administration Services Agreement, the Sub-Administrator will receive compensation from the Adviser. For the year ended March 31, 2026, the Sub-Administrator service fees earned $153,131, in sub-administrative service fees, fund accounting fees and transfer agent fees, recorded on the Consolidated Statement of Operations, of which $153,030 was payable as of March 31, 2026, and on the Consolidated Statement of Assets and Liabilities.

*Distributor*

Under the terms of a distribution agreement (the "Distribution Agreement") between the Fund and Ultimus Fund Distributors LLC (the "Distributor"), the Distributor distributes the Fund's shares on a "best efforts" basis. The Distributor may enter into selected dealer agreements with various brokers and dealers and their agents that have agreed to participate in the distribution of shares. Additionally, the Distributor is authorized to retain other service providers to provide ongoing investor services and account maintenance services to shareholders. The Fund will pay a monthly fee to the Distributor out of the net assets of Class A Shares for shareholder servicing at an annual rate of 0.25% of the aggregate net asset value of Class A Shares and a monthly fee out of the net assets of Class C Shares at the annual rate of 0.75% for distribution and 0.25% for shareholder servicing of the aggregate net asset value of Class C Shares, determined and accrued as of the last day of each calendar month (before any repurchases of Shares). The Fund will not pay any fee to the Distributor with respect to the distribution of Class I Shares.

**5.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the period ended March 31, 2026, amounted to $7,218,269 and $566,563 respectively.

**6.** **TAX INFORMATION** 

The Fund has selected a tax year end of September 30. The Fund intends to elect to be treated as a regulated investment company ("RIC") for U.S. federal income tax purposes and expects each year to continue to qualify as a RIC for U.S. federal income tax purposes. As such, the Fund generally will not be subject to U.S. federal corporate income tax, provided that it distributes all of its net taxable income and gains each year. As of September 30, 2025, the Fund intends to continue to qualify as a regulated investment company.

To avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The Fund had no distributions for the period through tax year end September 30, 2025.

The following information is computed on a tax basis for each item as of September 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Accumulated |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | Deficit |
| $42260 | $— | $— | $(6263) | $— | $(30073) | $5924 |

---

---

| |
|:---|
| **Axxes Opportunistic Credit Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2026** |

---

Permanent book and tax differences, primarily attributable to non-deductible expenses, resulted in reclassifications for the tax period ended September 30, 2025, and had no effect on operations or net assets. The reclassifications were as follows:

---

| | |
|:---|:---|
| Paid |  |
| In | Accumulated |
| Capital | Deficit |
| $(1751) | $1751 |

---

**7.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The tax cost and unrealized appreciation (depreciation) for the tax period-ended September 30, 2025 adjusted for March 31, 2026 activity, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|<br>**Cost** |<br>**Unrealized**<br>**Appreciation** |<br>**Unrealized**<br>**Depreciation** | **Total Unrealized**<br>**Appreciation/**<br>**Depreciation** |
| $7336670 | $— | $(519532) | $(519532) |

---

**8.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund creates presumption of the control of the Fund, under section 2[a] 9 of the Act. As of March 31, 2026, Axxes Investments B3, LLC held 98.6% of the voting securities of the Fund.

**9.** **REPURCHASE OFFERS** 

The Fund is an "interval fund" and, in order to provide liquidity to shareholders, it intends to conduct quarterly repurchase offers of the outstanding shares at NAV, subject to approval of the Board. In each quarter, such repurchase offers will be at least 5% of its outstanding shares at NAV, pursuant to Rule 23c-3 under the 1940 Act. The Fund currently expects to conduct quarterly repurchase offers for 5% of its outstanding shares under ordinary circumstances. If shareholders tender for repurchase more than 5% of the outstanding shares (the "Repurchase Offer Amount"), the Fund may, but is not required to, repurchase an additional amount of shares not to exceed 2% of the outstanding shares on the repurchase request deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if shareholders tender shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding shares on the repurchase request deadline, the Fund will repurchase shares pro rata based upon the number of shares tendered by each shareholder. Repurchase offers and the need to fund repurchase obligations may affect the Fund's ability to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant), and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objectives. The Fund may accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund's investments.

During the year ended March 31, 2026, the Fund did not have any repurchase offers.

**10.** **SUBSEQUENT EVENTS** 

Management has evaluated the impact of all subsequent events after the balance sheet date have been evaluated through the date the consolidated financial statements were available to be issued.

On May 15, 2026, the Fund sold all portfolio investments held by ACS for gross proceeds of $6,170,259, which resulted in a realized loss of $474,528.

---

| |
|:---|
| **Axxes Opportunistic Credit Fund** |
| **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)** |
| **March 31, 2026** |

---

On May 18, 2026, the Fund commenced a tender offer pursuant to which the Fund offered to repurchase up to 100% of the outstanding Class I Shares tendered prior to 11:59 p.m., E.T. on June 29, 2026. On May 22, 2026, the Fund declared a dividend of $0.11 per share which was re-invested resulting in an issuance of 8,544 Class I shares. Subsequently, the fund accepted for purchase 736,605 shares at a purchase price per share equal to $9.30. Shares were repurchased on May 26, 2026. Subsequent to the repurchase, 10,532 Class I shares remain outstanding.

Management has evaluated subsequent events after the balance sheet date through the date the consolidated financial statements were available to be issued and has determined there have not been any additional events that have occurred that would require adjustments or disclosures in the consolidated financial statements or the accompanying notes.

---

| | |
|:---|:---|
| ![(KPMG LOGO)](ax003_v1.jpg) |  |
|  | KPMG LLP |
|  | Suite 1000 |
|  | 620 S. Tryon Street |
|  | Charlotte, North Carolina 28202-1842 |

---

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees

Axxes Opportunistic Credit Fund:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statement of assets and liabilities of Axxes Opportunistic Credit Fund and subsidiary (the Fund), including the consolidated schedule of investments, as of March 31, 2026, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for the year then ended and for the period from October 1, 2024 (effective date of the Fund's registration statement) through March 31, 2025, and the related notes (collectively, the consolidated financial statements) and the consolidated financial highlights for the year then ended. In our opinion, the consolidated financial statements and consolidated financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for the year then ended and for the period from October 1, 2024 (effective date of the Fund's registration statement) through March 31, 2025, and the consolidated financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights 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 consolidated financial statements and consolidated financial highlights 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 consolidated financial statements and consolidated financial highlights, 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 consolidated financial statements and consolidated financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2026, by correspondence with custodians and brokers; 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 consolidated financial statements and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![(SIGNATURE)](ax004_v1.jpg)

We have served as the auditor of one or more Axxes Capital investment companies since 2022.

Charlotte, North Carolina

May 29, 2026

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of <br> the KPMG global organization of independent member firms affiliated with KPMG <br> International Limited, a private English company limited by guarantee.

**Axxes Opportunistic Credit Fund**

Trustees and Officers

March 31, 2026 (Unaudited)

The Board consists of five trustees, three of whom are not "interested persons," as such term is defined in Section 2(a)(19) of the 1940 Act, of the Fund or the Adviser and are "independent" as determined by the Board (the "Independent Trustees"). The Board elects the officers of the Fund, who serve at the discretion of the Board. Under the Fund's Declaration of Trust, each trustee shall serve during the continued lifetime of the Fund and will not be subject to a term limit. The Fund does not intend to hold annual meetings of its shareholders. Information regarding the members of the Board is set forth below. The address for each trustee is c/o Axxes Opportunistic Credit Fund, 3011 Ponce de Leon Blvd., Suite 1420, Coral Gables, FL 33134

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and<br> Year of<br> Birth** | &nbsp;&nbsp;**Position(s) Held**<br> **with the Fund;**<br> **Term of Office** | &nbsp;&nbsp;**Length<br> of Time<br> Served\*** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp;**Number of**<br> **Portfolios in**<br> **Fund**<br> **Complex**<br> **Overseen by**<br> **Trustee** | &nbsp;&nbsp;**Other**<br> **Directorships**<br> **Held by**<br> **Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** | &nbsp;&nbsp;**Independent Trustees** |
| &nbsp;&nbsp;Paul Huchro<br> (1962) | &nbsp;&nbsp;Chairman | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Co-CIO, Daemon Investments (Mar. 2022 – Present); Managing Director, Deutsche Bank (Nov. 2017 – Sept. 2019); Partner, Goldman Sachs (Mar. 1986 – Dec. 2016) | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;Gwendolyn Hatten Butler<br> (1956) | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Director, Goldman Sachs Real Estate Income Trust (Apr. 2023 – Present); Director, Mutual of America Financial Group (Aug. 2021 – Present); Director, Ferguson Partners (Jul. 2021 – Present); Director, Wells Enterprises (Dec. 2020 – Jan 2023); President and Chief Investment Officer, Capri Investment Group (Mar. 2007 – Jul. 2021) | &nbsp;&nbsp;2 | &nbsp;&nbsp;Goldman Sachs Real Estate Income Trust; Mutual of America Financial Group; Ferguson Partners; Wells Enterprises |
| &nbsp;&nbsp;Ric Thomas<br> (1965) | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Professor, Suffolk University (July 2019 – Present); Senior Advisor, The World Bank (Aug. 2019 – Present); Head of Investment Strategy, State Street Global Advisors (Sept. 1998 – May 2019) | &nbsp;&nbsp;2 |  |

---

\* Each Trustee serves during the continued lifetime of the Fund and will not be subject to a term limit.

**Axxes Opportunistic Credit Fund**

Trustees and Officers

March 31, 2026 (Unaudited) (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and**<br> **Year of**<br> **Birth** | &nbsp;&nbsp;**Position(s) Held**<br> **with the Fund;**<br> **Term of Office** | &nbsp;&nbsp;**Length of**<br> **Time**<br> **Served\*** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp;**Number of**<br> **Portfolios in**<br> **Fund**<br> **Complex^**<br> **Overseen by**<br> **Trustee** | &nbsp;&nbsp;**Other**<br> **Directorships**<br> **Held by**<br> **Trustee**<br> **During Past 5**<br> **Years** |
| &nbsp;&nbsp;**Interested** **Trustees** | &nbsp;&nbsp;**Interested** **Trustees** | &nbsp;&nbsp;**Interested** **Trustees** | &nbsp;&nbsp;**Interested** **Trustees** | &nbsp;&nbsp;**Interested** **Trustees** | &nbsp;&nbsp;**Interested** **Trustees** |
| &nbsp;&nbsp;Gary J. Bachman\*\*<br> (1968) | &nbsp;&nbsp;Trustee, Chief Financial Officer and President | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Chief Financial Officer, Axxes Capital (April 2023 – Present); Managing Director, GQG Partners (Jan. 2021 – Apr. 2023); Chief Operating Officer, Pzena Investment Management (Sept. 2012 – Mar. 2020) | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;Martha Bejar\*\*\*<br> (1962) | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Chairperson, Afiniti (a data and software company) (Jan. 2022 – Present); Senior Partner, DaGrosa Capital Partners (Sept. 2022 – Present); Director, Quadient SA (Jan. 2019 – Present); Director, Sportsman's Warehouse (Feb. 2019 – Present); Director, Commvault Systems, Inc. (Jul. 2018 – Present); Director, Lumen Technologies (Jan. 2016 – Present); Co-Founder, Red Bison Advisory Group (Jan. 2013 – Jun. 2019) | &nbsp;&nbsp;2 | &nbsp;&nbsp;Lumen Technologies; Commvault Systems, Inc.; Quadient SA; Sportsman's Warehouse |

---

\* Each Trustee serves during the continued lifetime of the Fund and will not be subject to a term limit.

\*\* Mr. Bachman is an interested person of the Fund because of his position with the Fund's Adviser.

\*\*\* Ms. Bejar is an interested person of the Fund because of her position with an affiliate of the Fund's Adviser.

^ The Fund Complex includes Axxes Private Markets Fund.

**Axxes Opportunistic Credit Fund**

Trustees and Officers

March 31, 2026 (Unaudited) (Continued)

**Officers who are Not Trustees**

Information regarding the officers of the Fund who are not Trustees is as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year of**<br> **Birth** | &nbsp;&nbsp;**Position held**<br> **with Fund** | &nbsp;&nbsp;**Length of**<br> **Time**<br> **Served<sup>(1)</sup>** | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| &nbsp;&nbsp;Joseph DaGrosa, Jr<br> (1963) | &nbsp;&nbsp;Chief Executive Officer | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Founder and Chief Executive Officer, Axxes Capital (Jan. 2022 – Present); Chairman, DaGrosa Capital Partners (Jan. 2019 – Present); Co-Founder and Co- Chair, Quinn Residences (2019 – 2020); Chairman, General American Capital Partners LLC (Jan. 2016 – Apr. 2022); Senior Partner, 1848 Capital Partners LLC (2006 – Apr. 2022) |
| &nbsp;&nbsp;Michael Wittke<br> (1971) | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Since December 2025 | &nbsp;&nbsp;Vice President, Senior Compliance Officer, Northern Lights, LLC (June 2024 - present); Chief Compliance Officer, Southeastern Asset Management, Inc. (March 2002-May 2024) |
| &nbsp;&nbsp;Adam Kaplan (1967) | &nbsp;&nbsp;Chief Administrative Officer and Secretary | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Chief Administrative Officer, Axxes Capital Inc. (Jun. 2022 – Present); Chief Operating Officer, DaGrosa Capital Partners (Feb. 2021 – Jun. 2022); Independent Consultant (Nov. 2019 – Jan. 2021); Chief Financial Officer, Ship Supply (Mar. 2018 – Oct. 2019); Chief Portfolio Officer, Banyan Mezzanine Partners (Apr. 2009 – Mar. 2018) |

---

<sup>(1)</sup> Officers are typically elected every year, unless an officer earlier retires, resigns or is removed from office.

The address for each officer is c/o Axxes Opportunistic Credit Fund, 3011 Ponce de Leon Blvd., Suite 1420, Coral Gables, FL 33134.

PRIVACY NOTICE

Adopted: February 28, 2024

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;WHAT DOES AXXES OPPORTUNISTIC CREDIT FUND DO WITH YOUR PERSONAL INFORMATION? |
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>● Social Security number<br>● Account balances<br>● Account transactions<br>● Transaction history<br>● Wire transfer instructions<br>● Checking account information<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons funds choose to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;**Does the Fund<br> share?** | &nbsp;&nbsp;**Can you limit<br> this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes –** <br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**For our marketing purposes –** <br> to offer our products and services to you | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –** <br> information about your transactions and experiences | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes –** <br> information about your creditworthiness | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For our affiliates to market to you** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call the Axxes CCO at(786) 885-4821 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp;Axxes Opportunistic Credit Fund |
| &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;**How does the Fund protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp;**How does the Fund collect my personal information?** | &nbsp;&nbsp;We collect your personal information, for example, when you<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Open an account<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Provide account information<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Give us your contact information<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Make a wire transfer<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Tell us where to send the money<br>We also collect your information from others, such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sharing for affiliates' everyday business purposes –information about your creditworthiness<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Affiliates from using your information to market to you<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *The Fund does not share with nonaffiliates so they can market to you.*  |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund doesn't jointly market. |

---

**How to Obtain Proxy Voting Information**

Information regarding how the Fund votes proxies relating to portfolio securities during the most recent 12-month period ending June 30th as well as a description of the policies and procedures that the Fund used to determine how to vote proxies is available without charge, upon request, by calling 1-877-462-9937 or by referring to the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

**How to Obtain 1<sup>st</sup> and 3<sup>rd</sup> Fiscal Quarter 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, within sixty days after the end of the period. Form N-PORT reports are available on the SEC's website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-877-462-9937.

---

| |
|:---|
| **Investment Adviser** |
| Axxes Advisors I LLC |
| 3011 Ponce de Leon Blvd, Suite 1420 |
| Coral Gables, Florida 33134 |
| **Sub-Adviser** |
| Greywolf Capital Management LP |
| 4 Manhattanville Rd. Suite 201 |
| Purchase, NY 10577 |
| **Administrator** |
| Axxes Capital Inc. |
| 3011 Ponce de Leon Blvd, Suite 1420 |
| Coral Gables, Florida 33134 |
| **Sub-Administrator** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |

---

(b) Not Applicable

**Item 2. Code of Ethics.** 

(a) As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full,
 fair, accurate, timely, and understandable disclosure in reports and documents that a Registrant
 files with, or submits to, the Commission and in other public communications made by the
 Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance
with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 prompt internal reporting of violations of the code to an appropriate person or persons identified
 in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered by the report, the Registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on Registrant' website.

(f) A copy of the Code of Ethics is attached as an exhibit.

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

a) The Registrant's board of trustees has determined that Ms. Hatten Butler is a financial expert, as defined in Item 3 of Form N-CSR. Ms. Butler is independent for the purposes of this Item.

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

(a)  **<u>Audit Fees</u>** 

2026- $87,000

2025- NA

(b) **Audit-Related Fees** 

There were no fees billed in each of the last two fiscal years 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.

(c)  **<u>Tax Fees</u>** 

2026- $30,000

2025- NA

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) **All Other Fees** 

There were no fees billed in each of the last two fiscal years for products and services provided by the Registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The Registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the Registrant. The Registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the Registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the Registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With
 respect to the services described in paragraphs (b) through (d) of this Item 4, no amount
 was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation
 S-X.

(f) During
 the audit of Registrant's financial statements for the most recent fiscal year, less than
 50 percent of the hours expended on the principal accountant's engagement were attributed
 to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The
 aggregate non-audit fees billed by the Registrant's accountant for services rendered to the
 Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser
 whose role is primarily portfolio management and is subcontracted with or overseen by another
 investment adviser), and any entity controlling, controlled by, or under common control with
 the adviser that provides ongoing services to the Registrant:

2026 - $0

2025- NA

(h) The
 Registrant's audit committee has considered whether the provision of non-audit services to
 the Registrant's investment adviser (not including any sub-adviser whose role is primarily
 portfolio management and is subcontracted with or overseen by another investment adviser),
 and any entity controlling, controlled by, or under common control with the investment adviser
 that provides ongoing services to the Registrant, that were not pre-approved pursuant to
 paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal
 accountant's independence.

(i) Not
applicable.

(j) Not
applicable.

**Item 5. Audit Committee of Listed Registrants.** Not Applicable.

**Item 6. Investments.** Incorporated by reference.

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

(a) Not Applicable

**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.** 

Not applicable

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

Not Applicable

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

(a) Investments in the Investment Funds do not typically convey traditional voting rights, and the occurrence of corporate governance or other consent or voting matters for this type of investment is substantially less than that encountered in connection with registered equity securities. On occasion, however, the Fund may receive notices or proposals from the Investment Funds seeking the consent of or voting by holders ("proxies"). The Fund has delegated any voting of proxies in respect of portfolio holdings to the Adviser to vote the proxies in accordance with the Adviser's proxy voting guidelines and procedures. In general, the Adviser believes that voting proxies in accordance with the policies described below will be in the best interests of the Fund.

(b) The Adviser will generally vote to support management recommendations relating to routine matters, such as the election of board members (where no corporate governance issues are implicated) or the selection of independent auditors. The Adviser will generally vote in favor of management or investor proposals that the Adviser believes will maintain or strengthen the shared interests of investors and management, increase value for investors and maintain or increase the rights of investors. On non-routine matters, the Adviser will generally vote in favor of management proposals for mergers or reorganizations and investor rights plans, so long as it believes such proposals are in the best economic interests of the Fund. In exercising its voting discretion, the Adviser will seek to avoid any direct or indirect conflict of interest presented by the voting decision. If any substantive aspect or foreseeable result of the matter to be voted on presents an actual or potential conflict of interest involving the Adviser, the Adviser will make written disclosure of the conflict to the Independent Trustees indicating how the Adviser proposes to vote on the matter and its reasons for doing so.

(c) The Fund intends to hold its interests in the Investment Funds in non-voting form. Where only voting securities are available for purchase by the Fund, in all, or substantially all, instances, the Fund will seek to create by contract the same result as owning a non-voting security by entering into a contract, typically before the initial purchase, to relinquish the right to vote in respect of its investment.

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

As of March 31, 2026, the personnel of the Advisers who have primary responsibility for management of the Fund are Joseph Marconi and Paul Martin.

**Joseph Marconi**

Mr. Marconi joined the Sub-Adviser in April 2006 and is a Partner and portfolio manager of the Greywolf CLO Credit Funds. Prior to joining the Sub-Adviser, Mr. Marconi was a Managing Director in the Structured Products Group at Goldman Sachs where he was co-head of ABS Finance and a member of the Mortgage Department Capital Committee (which was responsible for approving capital commitments across the CMBS, RMBS, ABS and CDO businesses). Mr. Marconi joined Goldman Sachs in 1993 and became a Managing Director in 2003. During his tenure at Goldman Sachs, Mr. Marconi held senior positions in several different businesses, including Structured Products, Credit Derivatives and Debt Capital Markets. Prior to joining Goldman Sachs, from 1984 to 1993, Mr. Marconi was an attorney with Cravath, Swaine & Moore in New York and London. Mr. Marconi received a B.A. in Economics, summa cum laude, from Columbia College in 1983 and was elected to Phi Beta Kappa. Mr. Marconi also received a J.D. from Columbia Law School in 1984 and was a Harlan Fiske Stone Scholar each of his three years at the Law School.

**Paul Martin**

Mr. Martin has been at the Sub-Adviser since 2015, and previously worked at the firm from 2004 to 2009. As a senior credit analyst, Mr. Martin follows multiple industry sectors to recommend the purchase or sale of positions and to monitor existing investments for various Sub-Adviser fund strategies. Mr. Martin often serves as the Sub-Adviser's representative on creditor committees in restructuring matters and takes a leading role in credit document negotiation and structuring for the firm's investments. Mr. Martin is responsible for the oversight of performing and non-performing credit investments at the Sub-Adviser and has over 25 years of credit investing experience spanning multiple cycles and investment environments and has actively invested in numerous industries. He has also served on multiple ad hoc creditor committees and served as a board member and chair of various committees at portfolio companies. From 2009 through 2015 Mr. Martin was a private investor in debt and equity securities, private partnerships, and direct loans secured by commercial real estate. Previously, Mr. Martin worked at Watershed Asset Management where he invested in distressed credit opportunities. Mr. Martin held senior associate positions at Farallon Capital Management and Goldman Sachs and was an analyst in the proprietary distressed real estate investment group at Merrill Lynch. Mr. Martin received a Bachelor of Commerce degree with distinction in 1998 from the Sauder School of Business, University of British Columbia, and is a CFA charterholder.

**(a)(2)** The following table shows information regarding accounts (other than the Fund) managed by each named portfolio manager as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Paul Martin** | <br>**Number of**<br>**Accounts** | <br>**Total Assets in**<br>**Accounts**<br>**($ million)** | <br>**Number of**<br>**Accounts Subject**<br>**to a Performance-**<br>**Based Advisory**<br>**Fee** | **Total Assets in**<br>**Accounts Subject**<br>**to a Performance-**<br>**Based Advisory**<br>**Fee**<br>**($ million)** |
| **Registered Investment Companies** | **0** | **0** | **0** | **0** |
| **Other Pooled Investment Vehicles** | **0** | **0** | **0** | **0** |
| **Other Accounts** | **0** | **0** | **0** | **0** |
| **Joseph Marconi** | **Number of<br> Accounts** | **Total Assets in<br> Accounts<br> ($ million)** | **Number of Accounts<br> Subject to a<br> Performance- Based<br> Advisory Fee** | **Total Assets in<br> Accounts Subject to<br> a Performance-<br> Based Advisory Fee<br> ($ million)** |
| **Registered Investment Companies** | **0** | **0** | **0** | **0** |
| **Other Pooled Investment Vehicles** | **6** | **48.7** | **0** | **0** |
| **Other Accounts** | **0** | **0** | **0** | **0** |

---

**(a)(3)** Employees are compensated with salary and a discretionary annual bonus ultimately determined by the partners of the Sub-Adviser, with input from the employees' managers. Partner and employee compensation are driven by firm and individual performance.

**(a)(4)** 

As of March, 31 2026, Paul Martin had no beneficial ownership of the Fund.

As of March, 31 2026, Joseph Marconi had no beneficial ownership of the Fund.

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

None

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

None

**Item 16. Controls and Procedures** 

(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 Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are 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.**

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics filed herewith](coe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): <u>[Attached hereto Exhibit 99. CERT](ex99-cert.htm)</u>

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): <u>[Attached hereto Exhibit 99.906CERT](ex99-906cert.htm)</u>

**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.

(Registrant) <u>Axxes Opportunistic Credit Fund</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Joseph DaGrosa, Jr. |
| Joseph DaGrosa, Jr., Principal Executive Officer/ President |

---

Date <u>6/08/2026</u>

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.

By (Signature and Title)

---

| |
|:---|
| /s/ Joseph DaGrosa, Jr. |
| Joseph DaGrosa, Jr., Principal Executive Officer/ President |

---

Date <u>06/08/2026</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Gary Bachman |
| Gary Bachman, Principal Financial Officer/ Treasurer |

---

Date <u>06/08/2026</u>

## Ex-99.Cert

**Certification**

I, Joseph DaGrosa, Jr., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of Axxes Opportunistic Credit Fund;

&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;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;4. The
 registrant's other certifying officer(s) 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;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;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;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;d. Disclosed
 in this 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;5. The
 registrant's other certifying officer(s) 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;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;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.

---

| | | |
|:---|:---|:---|
| Date: | 06/08/2026 | /s/Joseph DaGrosa, Jr. |
|  |  | Joseph DaGrosa, Jr. |
|  |  | President/Principal Executive Officer |

---

**Certification** 

I, Gary Bachman, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of Axxes Opportunistic Credit Fund;

&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;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;4. The
 registrant's other certifying officer(s) 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;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;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;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;d. Disclosed
 in this 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;5. The
 registrant's other certifying officer(s) 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;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;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.

---

| | | |
|:---|:---|:---|
| Date: | 06/08/2026 | /s/ Gary Bachman |
|  |  | Gary Bachman |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**certification** 

Joseph DaGrosa, Jr., President/Principal Executive Officer, and Gary Bachman Treasurer/Principal Financial Officer of Axxes Opportunistic Credit Fund (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| President/Principal Executive Officer | President/Principal Executive Officer | Treasurer/Principal Financial Officer | Treasurer/Principal Financial Officer |
| /s/ Joseph DaGrosa, Jr. | /s/ Joseph DaGrosa, Jr. | /s/ Gary Bachman | /s/ Gary Bachman |
| Date: | 06/08/2026 | Date: | 06/08/2026 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**Code of Ethics**

**Section I: Statement of General Fiduciary Principles**

This Code of Ethics (the ***"Code"***) has been adopted by each of Axxes Private Markets Fund and Axxes Opportunistic Credit Fund (each a ***"Fund"*** and together, ***"Funds"),*** Axxes Advisors LLC and Axxes Advisors I LLC (each an ***"Adviser***" and together, ***"Advisers"***), in compliance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the ***"1940 Act"***), and, in the case of the Adviser, Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the ***"Advisers Act"***). All Access Persons (as defined below) are expected to adhere to the principles set forth below as well as to comply with all of the specific provisions of this Code that are applicable to them.

The purpose of this Code is to reflect the following: (1) an Access Persons' fiduciary duty to place the interests of the Fund and its shareholders first; (2) the requirement that all Access Persons conduct their personal securities transactions in such a manner as to avoid any actual or potential conflict of interest, any abuse of an Access Person's position of trust and responsibility, or otherwise raise fiduciary or antifraud issues; and (3) the fundamental standard that an Access Person should not take inappropriate advantage of his or her position with the Fund or the Adviser.

**Section II: Definitions**

(A) ***"Access Person(s)"*** means any Advisory Person (as defined below) of the Fund and the Adviser, unless the context specifically limits the definition to an Access Person of either the Fund or the Adviser.

(B) An ***"Advisory Person"*** of the Fund or the Adviser means: (i) any director, officer, manager or employee of the Fund or the Adviser, or any other person who occupies a similar position in or performs a similar function for the Fund or the Adviser, or any company in a Control (as defined below) relationship to the Fund or the Adviser, who in connection with his or her regular functions or duties makes, participates in, or obtains information regarding the purchase or sale of any Covered Security (as defined below) by the Fund, or whose functions relate to the making of any recommendation with respect to such purchases or sales; and (ii) any natural person in a Control relationship to the Fund or the Adviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of any Covered Security by the Fund.

(C) ***"Automatic Investment Plan"*** means a program in which regular periodic purchases or (withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. Specifically, an Automatic Investment Plan includes the Fund's dividend reinvestment plan.

(D) ***"Beneficial Ownership"*** is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (the ***"1934 Act"***) in determining whether a person is a beneficial owner of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder. Rule 16a-1(a)(2) provides that the term "beneficial owner" means any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has or shares a direct or indirect pecuniary interest in any equity

security. Therefore, an Access Person may be deemed to have Beneficial Ownership of securities held by members of his or her immediate family sharing the same household, or by certain partnerships, trusts, corporations, or other arrangements.

(E) ***"Board"*** means the Board of Trustees of the Fund.

(F) ***"Chief Compliance Officer"*** means the Chief Compliance Officer of the Fund and the Adviser.

(G) ***"Control"*** shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

(H) ***"Covered Security"*** means a security as defined in Section 2(a)(36) of the 1940 Act, to wit: any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

***"Covered Security"*** does not include: (i) direct obligations of the Government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (iii) shares issued by open-end investment companies registered under the 1940 Act. References to a Covered Security in this Code (e.g., a prohibition or requirement applicable to the purchase or sale of a Covered Security) shall be deemed to refer to and to include any warrant for, option in, or security immediately convertible into that Covered Security, and shall also include any instrument that has an investment return or value that is based, in whole or in part, on that Covered Security (collectively, ***"Derivatives"***). Therefore, except as otherwise specifically provided by this Code: (i) any prohibition or requirement of this Code applicable to the purchase or sale of a Covered Security shall also be applicable to the purchase or sale of a Derivative relating to that Covered Security; and (ii) any prohibition or requirement of this Code applicable to the purchase or sale of a Derivative shall also be applicable to the purchase or sale of a Covered Security relating to that Derivative.

(I) ***"Independent Director"*** means a director of the Fund (***"Director"***) who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

(J) ***"Initial Public Offering"*** means an offering of securities registered under the Securities Act of 1933 (the ***"1933 Act"***), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

(K) ***"Investment Personnel"*** of the Fund or the Adviser means: (i) any employee of the Fund or the Adviser (or of any company in a Control relationship to the Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund; and (ii) any natural person who controls the Fund or the Adviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

(L) ***"Limited Offering"*** means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(6) thereof or pursuant to Rule 504, Rule 505, or Rule 506 thereunder.

(M) ***"Restricted List Security"*** means any Covered Security that meets the definition of Security Held or to be Acquired.

(N) ***"Security Held or to be Acquired"*** by the Fund means: (i) any Covered Security which, within the most recent 15 days: (A) is or has been held by the Fund; or (B) is being or has been considered by the Fund or the Adviser for purchase by the Fund; and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in this Section II (N)(i).

(O) ***"17j-1 Organization"*** means the Fund or the Adviser, as the context requires.

**Section III: Objective and General Prohibitions**

Access Persons may not engage in any investment transaction under circumstances in which the Access Person benefits from or interferes with the purchase or sale of investments by the Fund. In addition, Access Persons may not use information concerning the investments or investment intentions of the Fund, or their ability to influence such investment intentions, for personal gain or in a manner detrimental to the interests of the Fund.

Access Persons may not engage in conduct that is deceitful, fraudulent or manipulative, or that involves false or misleading statements, in connection with the purchase or sale of investments by the Fund. In this regard, Access Persons should recognize that Rule 17j-1 makes it unlawful for any affiliated person of the Fund, or any affiliated person of the Adviser, in connection with the purchase or sale, directly or indirectly, by the person of a Security Held or to be Acquired by the Fund to:

(i) employ any device, scheme or artifice to defraud the Fund;

(ii) make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

(iii) engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Fund; or

(iv) engage in any manipulative practice with respect to the Fund.

Access Persons should also recognize that a violation of this Code or of Rule 17j-1 may result in the imposition of: (1) sanctions as provided by Section VIII below; or (2) administrative, civil and, in certain cases, criminal fines, sanctions or penalties.

Subject to the general provisions contained in this Code, and in particular Section IV below, an Access Person may purchase or otherwise acquire direct or indirect Beneficial Ownership of a Covered Security, and may sell or otherwise dispose of a Covered Security in which he or she has direct or indirect Beneficial Ownership, so long as such Covered Security is not a Restricted List Security, and so long as he or she does not know, or should not have known, at the time of entering into the transaction that: (1) the Fund has purchased or sold the Covered Security within the last 15 calendar days, or is purchasing or selling or intends to purchase or sell the Covered Security in the next 15 calendar days; or (2) the Adviser has within the last 15 calendar days considered purchasing or selling the Covered Security for the Fund or within the next 15 calendar days intend to consider purchasing or selling the Covered Security for the Fund.

**Section IV: Prohibited Transactions**

(a) An Access Person may not purchase or otherwise acquire direct or indirect Beneficial Ownership of any Restricted List Security, and may not sell or otherwise dispose of any Restricted List Security in which he or she has direct or indirect Beneficial Ownership.

(b) Investment Personnel of the Fund or the Adviser must obtain pre-approval from the Fund or the Adviser, as the case may be, before directly or indirectly acquiring Beneficial Ownership in any securities in an Initial Public Offering or in a Limited Offering. Such approval must be obtained from the Chief Compliance Officer, unless he is the person seeking such approval, in which case it must be obtained from the Chief Executive Officer of the 17j-1 Organization by completing a Pre-Clearance Requests form.

(c) No Access Person shall recommend any transaction in any Covered Securities by the Fund without having disclosed to the Chief Compliance Officer his or her interest, if any, in such Covered Securities or the issuer thereof, including: the Access Person's Beneficial Ownership of any Covered Securities of such issuer; any contemplated transaction by the Access Person in such Covered Securities; any position the Access Person has with such issuer; and any present or proposed business relationship between such issuer and the Access Person (or a party in which the Access Person has a significant interest).

**Section V: PROCEDURES TO IMPLEMENT CODE OF ETHICS**

The following reporting procedures have been established to assist Access Persons in avoiding a violation of this Code, and to assist the Fund in preventing, detecting, and imposing sanctions for violations of this Code. Every Access Person must follow these procedures. Questions regarding these procedures should be directed to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)**  **<u>Applicability</u>** 

All Access Persons are subject to the reporting requirements set forth in Section V(B) below, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an Access Person need not make *any* report with respect to transactions effected for, and Covered Securities held in, any account over which the Access Person has no direct or indirect influence or Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Independent Director, who would be required to make a report solely by reason of being a Director, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an Initial Holdings Report or an Annual Holdings Report, under any circumstance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a Quarterly Securities Transaction Report, unless the Independent Director knew or, in the ordinary course of fulfilling his or her official duties as a Director, should have known that during the 15-day period immediately before or after such Independent Director's transaction in a Covered Security, the Fund purchased or sold the Covered Security, or the Fund or the Adviser considered purchasing or selling, or recommending the purchase or sale of, the Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an Access Person need not make a "Quarterly Securities Transaction Report" (as set forth in subsection (B)(2) of this Section V below) if the report would duplicate information contained in broker trade confirmations or account statements received by the Fund or the Adviser with respect to the Access Person in the time required by subsection (B)(2) of this Section V, if all of the information required by subsection (B)(2) of this Section V is contained in the broker trade confirmations or account statements, or in the records of the Fund or the Adviser, as specified in subsection (B)(4) of this Section V;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an Access Person *of the Adviser* need not make *any* report if all of the information in such report would duplicate information required to be recorded pursuant to Rules 204-2(a)(12) or (13) under Advisers Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an Access Person need not make a "Quarterly Securities Transaction Report" (as set forth in subsection (B)(2) of this Section V) with respect to transactions effected pursuant to an Automatic Investment Plan.

**(B) <u>Reporting Requirements</u>**

**(1) Initial Holdings Report**

An Access Person must file an "Initial Holdings Report" no later than 10 days after that person became an Access Person by completing the Initial Holdings form. The information in the Initial Holdings Report must be current as of a date no more than 45 days prior to the date the person becomes an Access Person. The Initial Holdings Report shall be submitted to the Chief Compliance Officer, and must:

(i) contain the title, type, exchange ticker symbol or CUSIP number, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect Beneficial Ownership when the person became an Access Person;

(ii) identify any broker, dealer or bank with whom the Access Person maintained an account in which any Covered Securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

(iii) indicate the date that the report is filed with the Designated Person.

**(2) Quarterly Transaction Reports**

No later than 30 days after the end of each calendar quarter, each Access Person shall, as set forth below, make a written report to the Chief Compliance Officer with respect to (1) any transaction during the quarter in a Covered Security in which he or she had any Beneficial Ownership; and (2) any account established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person. A "Quarterly Securities Transaction Report" shall be submitted to the Chief Compliance Officer.

(a) With respect to any transaction made during the reporting quarter in a Covered Security in which such Access Person had any direct or indirect Beneficial Ownership, the Quarterly Securities Transaction Report must contain:

(i) the transaction date, title, exchange ticker symbol or CUSIP number, interest date and maturity date (if applicable), the number of shares and the principal amount of each Covered Security;

(ii) the nature of the transaction (<u>i.e.</u>, purchase, sale or any other type of acquisition or disposition);

(iii) the price of the Covered Security at which the transaction was effected;

(iv) the name of the broker, dealer or bank through which the transaction was effected; and

(v) the date that the report is submitted by the Access Person.

(b) With respect to any account established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person, the Quarterly Securities Transaction Report must contain:

(i) the name of the broker, dealer or bank with whom the Access Person established the account;

(ii) the date the account was established; and

(iii) the date that the report is submitted by the Access Person.

**(3) Annual Holdings Report**

An Access Person must file an "Annual Holdings Report" no later than 30 days after the end of a calendar year. The Annual Holdings Report shall be submitted to the Chief Compliance Officer. The Annual Holdings Report must contain the following information (which information must be current as of a date no more than 45 days before the report is submitted):

(i) the title, type, exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person had any direct or indirect Beneficial Ownership;

(ii) the name of any broker, dealer or bank in which any Covered Securities are held for the direct or indirect benefit of the Access Person; and

(iii) the date the Annual Holdings Report is submitted.

**(4) Brokerage Account Statements**

All brokerage accounts must be provided to the Chief Compliance Officer. However, with prior approval form the Chief Compliance Office, and on a case by case basis, in lieu of providing a Quarterly Securities Transaction Report, an Access Person may direct his or her broker, dealer or bank to provide to the Chief Compliance Officer copies of periodic statements for all investment accounts in which they have Beneficial Ownership that provide the information required in a Quarterly Securities Transaction Report, as set forth in subsection (B)(2) of this Section V. Such statements from an Access Person's broker must be received by the Chief Compliance Officer no later than 30 days after the end of each calendar quarter.

**(C) <u>Responsibility to Report</u>**

It is the responsibility of each Access Person to take the initiative to comply with the requirements of Section V of the Code. Any effort by the Fund, or by the Adviser and its affiliates, to facilitate the reporting process does not change or alter that responsibility.

**(D) <u>Where to File Reports</u>**

All Initial Holdings Reports, Quarterly Securities Transaction Reports, Annual Holdings Reports and statements from an Access Person's broker must be submitted to the Chief Compliance Officer.

**(E) <u>Disclaimer of Beneficial Ownership</u>**

Any report required under Section V of the Code may contain a statement that the report shall not be construed as an admission by the person submitting such duplicate confirmation or account statement or making such report that he or she has any direct or indirect Beneficial Ownership in the Covered Security to which the report relates.

**Section VI: Additional Prohibitions**

**(A) <u>Confidentiality of the Fund's Transactions</u>**

Until disclosed in a public report to shareholders or to the Securities and Exchange Commission in the normal course, all information concerning the securities "being considered for purchase or sale" by the Fund shall be kept confidential by all Access Persons and disclosed by them only on a "need to know" basis. It shall be the responsibility of the Chief Compliance Officer to report any inadequacy found in this regard to the directors of the Fund.

**(B) <u>Outside Business Activities and Directorships</u>**

Access Persons may not engage in any outside business activities that may give rise to conflicts of interest or jeopardize the integrity or reputation of the Fund. Similarly, no such outside business activities may be inconsistent with the interests of the Fund. All directorships of public or private companies held by Access Persons shall be reported to the Chief Compliance Officer.

**(C) <u>Gratuities</u>**

Fund Personnel shall not, directly or indirectly, take, accept or receive gifts or other consideration in merchandise, services or otherwise of more than nominal value from any person, firm, company, association or other entity other than such person's employer that does business, or proposes to do business, with the Fund.

**Section VII: Annual Certification**

**(A) <u>Access Persons</u>**

Access Persons who are directors, managers, officers or employees of the Fund or the Adviser shall be required to certify annually that they have read this Code and that they understand it and recognize that they are subject to it. Further, such Access Persons shall be required to certify annually in writing that they have complied with the requirements of this Code.

**(B) <u>Board Review</u>**

No less frequently than annually, the Fund and the Adviser must furnish to the Board, and the Board must consider, a written report that:

(i) describes any issues arising under the Code or procedures since the last report to the Board, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to material violations; and

(ii) certifies that the Fund or the Adviser, as applicable, has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

**Section VIII: Sanctions**

Any violation of this Code shall be subject to the imposition of such sanctions by the 17j-1 Organization as may be deemed appropriate under the circumstances to achieve the purposes of Rule 17j-1 and this Code. The sanctions to be imposed shall be determined by the Board, including a majority of the Independent Directors, provided, however, that with respect to violations by persons who are directors, managers, officers or employees of the Adviser (or of a company that Controls the Adviser), the sanctions to be imposed shall be determined by the Adviser (or a person that Controls the Adviser). Sanctions may include, but are not limited to, suspension or termination of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by the Fund and the more advantageous price paid or received by the offending person.

**Section IX: Administration and Construction**

**(A) <u>Administration of the Code</u>**

The administration of this Code shall be the responsibility of the Chief Compliance Officer.

**(B) <u>Duties of the Chief Compliance Officer</u>**

The duties of the Chief Compliance Officer are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Continuous maintenance of a current list of the names of all Access Persons with an appropriate description of their title or employment, including a notation of any directorships held by Access Persons who are officers or employees of the Adviser or of any company that Controls the Adviser, and informing all Access Persons of their reporting obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) On an annual basis, providing all Access Persons a copy of this Code and informing such persons of their duties and obligations hereunder including any supplemental training that may be required from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Maintaining or supervising the maintenance of all records and reports required by this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Preparing listings of all transactions effected by Access Persons who are subject to the requirement to file Quarterly Securities Transaction Reports and reviewing such transactions against a listing of all transactions effected by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Issuance either personally or with the assistance of counsel as may be appropriate, of any interpretation of this Code that may appear consistent with the objectives of Rule 17j-1 and this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Conduct such inspections or investigations as shall reasonably be required to detect and report, with recommendations, any apparent violations of this Code to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Submission of a written report to the Board, for each of the Fund and the Adviser, as set forth in Section VII (B) above.

**(C) <u>Records</u>**

The Chief Compliance Officer shall maintain and cause to be maintained in an easily accessible place at the principal place of business of the 17j-1 Organization, the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A copy of all codes of ethics adopted by the Fund or the Adviser, and its affiliates, as the case may be, pursuant to Rule 17j-1 of the 1940 Act that have been in effect at any time during the past five (5) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A record of each violation of such codes of ethics and of any action taken as a result of such violation for at least five (5) years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A copy of each report made by an Access Person for at least two (2) years after the end of the fiscal year in which the report is made, and for an additional three (3) years in a place that need not be easily accessible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A copy of each report made by the Chief Compliance Officer to the Board for two (2) years from the end of the fiscal year of the Fund in which such report is made or issued and for an additional three (3) years in a place that need not be easily accessible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) A list of all persons who are, or within the past five (5) years have been, required to make reports pursuant to the Rule and this Code of Ethics, or who are or were responsible for reviewing such reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) A copy of each report required by Section VII (B) above for at least two (2) years after the end of the fiscal year in which it is made, and for an additional three (3) years in a place that need not be easily accessible; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) A record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment Personnel of securities in an Initial Public Offering or Limited Offering for at least five (5) years after the end of the fiscal year in which the approval is granted.

**(D) <u>Amendment of the Code</u>**

This Code may not be amended or modified except in a written form that is specifically approved by majority vote of the Independent Trustees.