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

__________________

form n-csr

__________________

certified shareholder report of registered management
investment companies

Investment Company Act file number:    811-23962

__________________

Sardis Credit Opportunities Fund

(Exact name of registrant as specified in charter)

__________________

4200 Northside Parkway Building 4, Suite 300 Atlanta, GA 30327 (Address of principal executive offices) (Zip code)

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington, DE 19801

(Name and address of agent for service)

With Copies To:

Terrence Davis, Esq. & Tanya Boyle, Esq.

DLA Piper, LLP

1201 West Peachtree Street

Suite 2900

Atlanta, GA 30309

__________________

Registrant’s telephone number, including area code:    404-282-5552

Date of fiscal year end:    June 30

Date of reporting period:    June 30, 2026

Item 1. Reports to Stockholders.

(a)

Sardis Credit Opportunities Fund

Class I — SGSIX

Annual Report

June 30, 2026

This shareholder report contains important information about the Sardis Credit Opportunities Fund. You can find additional information about the Fund at https://sardisfunds.com. You can also request this information by contacting us at (833) 442-7381.

Sardis Credit Opportunities Fund
Management’s Discussion of Fund Performance (Unaudited)

This report provides certain performance data for Sardis Credit Opportunities Fund (the “Fund”) for the fiscal period ended June 30, 2026.

The Sardis Credit Opportunities Fund (“SGSIX” or the “Fund”) is a closed-end interval fund that launched on November 28, 2025. As of June 30, 2026, the Fund had net assets of approximately $24 million. The Fund’s investment objective is to seek total return through current income and capital appreciation. The Fund pursues this objective by investing primarily in securitized credit instruments, including residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), and asset-backed securities (ABS).

Overview

SGSIX launched with a straightforward view: consumer and mortgage credit offers attractive risk-adjusted returns through complexity and liquidity premiums. We believe the interval fund structure provides the optimal asset-liability structure to allow for fundamentals, rather than technicals, to drive returns and harvest the complexity and liquidity premiums. Moreover, the self-amortizing nature of the Fund’s investment universe should provide ballast and liquidity when volatility eventually arrives. It did not take long to have our views tested, as within three months of inception, the first test arrived.

After a quiet December 2025, markets opened 2026 constructively, with investment grade and high yield credit spreads at their narrowest levels in three decades and the Federal Reserve signaling roughly two rate cuts for the year. That changed abruptly on February 27 with the onset of the Iran conflict. Oil surged from $67 a barrel to nearly $120, the Strait of Hormuz faced effective closure, and risk assets repriced almost overnight. By the end of March, the S&P 500 had fallen 6.36% from its peak, investment grade spreads had widened to 89 basis points, high yield spreads had widened to 320 basis points and Fed funds futures had gone from pricing nearly two and a half cuts by year- end to essentially zero, well below the roughly two cuts the Federal Reserve had signaled.

The shock proved temporary for markets, even if the underlying geopolitics took longer to resolve. An April ceasefire reversed sentiment quickly, sending the S&P 500 up 10.5% for the month as spreads snapped back in, and May extended the rally on resilient growth and strong technology earnings. A formal U.S.-Iran peace agreement in June pushed energy prices lower still, but firm growth and stubborn inflation pushed the Federal Reserve from an easing bias toward genuinely debating a hike, leaving risk assets on softer footing to close the period. The S&P 500 nonetheless finished the six months from January through June up 15.20% on a total return basis, its best half-year performance since 2020.

We built the Sardis Credit Opportunities Fund for exactly this kind of environment: geopolitically uncertain but fundamentally resilient, and the first seven months since inception gave us a genuine chance to see whether our thesis would hold up. We believe it did.

Since inception, the Fund has outperformed the Bloomberg U.S. Aggregate Bond Index by 526 basis points and the Bloomberg U.S. Corporate High Yield Bond Index by 319 basis points.

Portfolio Activity

In residential mortgage credit, collateral performance has remained a source of stability. Delinquencies have climbed at a meaningfully slower pace than the previous few vintages, and that improvement holds after controlling for FICO credit scores and loan-to-value ratios (“LTV”). Origination standards remain robust, and paydown activity is tracking 2025’s elevated levels. Taken together, we view residential mortgage credit as a defensive allocation: strong structures, conservative underwriting, and collateral that continues to deliver as loans season, which is why we have preferred the top of the capital structure while selectively adding exposure further down the stack. We also have found value in newer subsectors such as home equity contracts as that area of the market continues to evolve.

Sardis Credit Opportunities Fund
Management’s Discussion of Fund Performance (Unaudited) (Continued)

In ABS, the continuously evolving nature of the space allows us to apply the Fund’s underwriting capabilities to find bespoke issuers and sectors that are mispriced due to slower market adoption. We feel that we can apply conservative loss scenarios and still identify attractive bonds. We have mostly preferred the prime consumer versus subprime, favoring prime auto credit linked notes over subprime auto, where delinquencies crossed 6% to start the year and spreads are set to widen further even as the broader deterioration looks more like a mix-shift than a true credit story.

Home improvement is a sector we continue to like for the same reason: borrowers are homeowners by definition, and homeownership screens for higher FICOs and income than the broader consumer unsecured pool. Loss curves bear this out. Home improvement collateral has run flatter than consumer unsecured loans across every recent vintage, and 90+ day delinquencies have stayed low and stable even as a comparable sector, residential solar, has deteriorated meaningfully on the back of tax credit and lending-practice issues that home improvement has not faced. Issuance in the esoteric niches, such as digital infrastructure and data centers, has also stayed healthy, giving us continued room to add exposure at what we consider attractive pricing. As a result, we feel the ABS space is where we can be the most tactical, find the most opportunity, and is why we are the most heavily allocated to the sector.

In commercial real estate, fundamentals remain the most bifurcated of any sector we cover. Roughly $155 billion of CMBS loans are scheduled for refinancing in calendar year 2026, including an estimated $38 billion already past their maturity date, and property-type delinquency data show conduit loans running near 8%, single-asset/single-borrower deals near 5%, and commercial real estate collateralized loan obligation collateral near 3.5% as of the June 2026 remittance period. Leverage has also drifted higher across CMBS, with a growing share of new issuance underwritten above 60% LTV relative to recent trends. That combination, a real maturity wall concentrated in specific property types alongside gradually improving delinquency trends elsewhere, is why we’ve stayed more selective in commercial real estate, picking specific opportunities where we have underwriting conviction rather than taking broad exposure. That said, there are real signs commercial real estate is finding its footing, with national prices up roughly 1.7% year-over-year, and as that stabilization continues, we’d expect more transaction activity, more clarity on cap rates, and greater willingness from special servicers to finally resolve the legacy problem loans still working through the system.

Finally, the Fund’s cash position contributed materially over this period. Having launched in late November, we entered 2026 with nearly 37% in cash, as much a function of recent subscriptions as anything else, and put much of it to work early in the year. By February, with valuations feeling full and spreads at narrowest point of the recent cycle, we reduced risk exposure. That proved timely. When the Iranian conflict hit at the end of February and took markets lower, the added cash muted the Fund’s drawdown and kept the Fund’s beta low. We then redeployed into the dislocation as it opened better entry points, ending March near 21% and bringing cash under 6% by June. As of June 30, 2026, the portfolio was just over 28% floating rate, with roughly 30% invested in investment grade paper overall.

Market Insights

Even with the war, one topic stayed in the headlines throughout the period: redemption pressure across private credit vehicles, and how differently those structures behave when requests run high. We think it’s worth addressing directly. Software-exposed private credit came under real pressure from the threat of AI displacement and the resulting rise in default risk, and this feels like the start of a genuine credit cycle for that market. Some borrowers will use AI to widen their moat and expand margins. Others will see their revenue models crushed by the same innovation. Neither the market nor the companies themselves can yet reliably tell the difference, and if funds had been forced to sell into that uncertainty, prices would have traded down precipitously, crystallizing losses for anyone selling. Shareholder repurchase requests in the Fund’s quarterly repurchase offers during the period were well below the 5% minimum the Fund offered, and no offer was oversubscribed. Where other vehicles limited redemptions, investors who remained invested were insulated from selling pressures created by the smaller group that wanted out. That prevention of technically-driven pain allows us to focus on credits with strong fundamentals that we expect to pay us back over time.

Sardis Credit Opportunities Fund
Management’s Discussion of Fund Performance (Unaudited) (Continued)

That said, it’s worth drawing a clear line between what those vehicles hold and what SGSIX holds. The Fund’s exposure is fundamentally different. The Fund does not participate in private corporate credit, the actual source of stress behind those redemptions. The Fund’s portfolio is built entirely around securitized credit: RMBS, CMBS, and ABS, priced daily or weekly, mostly settling T+1, and backed predominantly by amortizing loans that return principal and generate cash flow on their own, independent of a functioning primary market.

A similar dynamic has started showing up in CLOs, which again, is not a core allocation for us but an area we watch closely. Through the fiscal period end, CLO mezzanine tranches underperformed. BB rated paper widened 35 basis points in June alone and finished roughly 90 basis points wider on the year, driven by an estimated $17.6 billion of CLO software exposure still marked below a price of 80. We see this as an early version of the same AI-driven credit dispersion story we’ve been watching in private credit, just resurfacing in a different corner of the leveraged loan market. It reinforces our conviction in staying focused on quality and away from corporate loan collateral wherever it sits.

Outlook

The backdrop for the next twelve months looks different than it did at inception, though not necessarily calmer. The acute geopolitical risk has faded, but growth and inflation are both running hotter than expected, and the Fed has gone from an easing bias to genuinely weighing a hike. We think that kind of environment rewards selectivity over broad exposure, not the other way around.

We still see securitized credit as one of the more compelling risk-adjusted opportunities in fixed income right now. Consumer fundamentals remain broadly healthy, issuance across RMBS, CMBS, and ABS is running at some of its fastest paces since before the 2008 financial crisis, and spreads remain attractive relative to comparably rated corporates. We’re also keeping a close eye on the CLO mezzanine dynamic. If software-driven dispersion in leveraged loan collateral keeps widening, we’d expect continued pressure on BB and BBB CLO tranches specifically, which only reinforces the value of staying in structures without that exposure.

Market Data Source: Morgan Stanley Research, Goldman Sachs Research

The views expressed in this discussion are those of the Adviser as of June 30, 2026, are subject to change without notice, and do not constitute investment advice or a recommendation to buy or sell any security. Portfolio holdings are subject to change and should not be considered a recommendation to purchase or sell any security. There is no assurance that any forecast, projection, or estimate will be realized.

Sardis Credit Opportunities Fund
Growth of a Hypothetical $10,000 Investment (Unaudited)

Comparison of the Change in Value of a $10,000 Investment in Sardis Credit Opportunities Fund — Class I (since inception on 11/28/2025) versus the Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Bond Index

The chart above assumes an initial investment of $10,000 in Class I shares at net asset value on November 28, 2025 (commencement of operations). Returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that a Shareholder would pay on Fund distributions or share repurchases. Performance is net of the Fund’s expenses after the fee waiver and expense reimbursement described in the Notes to the Financial Statements. In the absence of fee waivers and reimbursements, when they are necessary to keep expenses at the expense cap, total return would be reduced. Past performance is not predictive of future results. Investment return and principal value will fluctuate so that your shares, when repurchased, may be worth more or less than the original cost. Index returns do not reflect the effect of fees or expenses. It is not possible to invest directly in an index.

Sardis Credit Opportunities Fund
Portfolio Information
June 30, 2026 (Unaudited)

ASSET ALLOCATION (% of Net Assets)*

* Holdings are subject to change.

Percentages are based on net assets of the Fund.

Asset Backed Securities		48.84	%
Commercial Mortgage-Backed Securities		16.21	%
Corporate Bonds		1.81	%
Residential Mortgage-Backed Securities		31.79	%
Money Market Funds and Other Liabilities, net		1.35	%
		100.00	%

Sardis Credit Opportunities Fund
Schedule of Investments (Continued)
June 30, 2026

		Principal Amount			Fair Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES – (Continued)
VCC Trust, Series 2026-MC2, Class A1, 7.60%, 6/25/2056(a)(b)		$	1,000,000		$	1,001,250
VCC Trust, Series 2026-MC2, Class A2, 9.52%, 6/25/2056(a)(b)			500,000			500,625
Total Residential Mortgage-Backed Securities (Cost $7,626,276)						7,662,794
		Shares
MONEY MARKET FUNDS – 5.46%
First American Government Obligations Fund, Class X, 3.56%(f)			1,315,931			1,315,931
Total Money Market Funds (Cost $1,315,931)						1,315,931
Total Investments – 104.11% (Cost $25,223,584)						25,098,268
Liabilities in Excess of Other Assets – (4.11)%						(991,452	)
NET ASSETS – 100.00%					$	24,106,816

____________

(a)      Security is exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2026, the total fair value of these securities amounts to $21,367,365 which represents 88.64% of net assets.

(b)      Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2026. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

(c)      The rate shown represents effective yield at time of purchase.

(d)      Security is exempt from registration under the Securities Act of 1933, and is deemed to be a “restricted” security. As of June 30, 2026, the total fair value of these securities amounts to $1,978,574 which represents 8.21% of net assets.

(e)      Security has no stated maturity date. Principal is received periodically as the underlying mortgage loans are repaid or matures.

(f)      Rate disclosed is the seven day effective yield as of June 30, 2026.

SOFR – Secured Overnight Financing Rate

SOFR30A – Secured Overnight Financing Rate 30-Day Average

TSFR1M – 1-Month CME Term SOFR Reference Rate

See accompanying notes which are an integral part of these financial statements.

Sardis Credit Opportunities Fund
Statement of Assets and Liabilities
As of June 30, 2026

Assets
Investments in securities, at fair value (cost $25,223,584)		$	25,098,268
Receivable for fund shares sold			1,020,000
Receivable for investments sold			1,026,105
Dividend and interest receivable			89,862
Receivable from Adviser			90,287
Deferred offering costs			10,485
Prepaid expenses and other assets			24,614
Total assets			27,359,621
Liabilities
Payable to administrator			69,374
Payable for investments purchased			3,039,024
Payable for distributions to shareholders			38,163
Payable for audit and tax services fees			35,500
Payable to trustees			41,560
Other accrued expenses			29,184
Total liabilities			3,252,805
Net Assets		$	24,106,816
Net Assets consist of:
Paid-in capital		$	24,051,639
Accumulated earnings			55,177
Net Assets		$	24,106,816
Net Asset Value Per Share
Class I
Net assets applicable to shares outstanding		$	24,106,816
Shares outstanding (unlimited number of shares authorized, no par value)			2,368,202
Net asset value per share		$	10.18

See accompanying notes which are an integral part of these financial statements.

Sardis Credit Opportunities Fund
Statement of Operations
For the period ended June 30, 2026(a)

Investment Income
Dividend income		$	45,555
Interest income			682,092
Total Investment Income			727,647
Expenses
Administration fees			90,500
Management fees			82,613
Trustee fees			56,625
Transfer agent fees			47,399
Audit and tax services fees			35,500
Legal fees			29,167
Compliance fees			28,583
Offering fees			22,251
Fund accounting fees			18,768
Custodian fees			8,079
Printing fees			7,900
Shareholder servicing fees			6,090
Pricing fees			3,741
Registration and filing fees			1,163
Miscellaneous			21,947
Total Expenses			460,326
Fees contractually waived and expenses reimbursed by Adviser			(360,282	)
Net operating expenses			100,044
Net investment income			627,603
Net Realized and Change in Unrealized Gain/(Loss) on Investments
Realized gain (loss) from:
Investments			33,356
Net change in unrealized appreciation (depreciation) on:
Investments			(125,316	)
Net realized and change in unrealized loss on investments			(91,960	)
Net increase in net assets resulting from operations		$	535,643

____________

(a)      For the period November 28, 2025 (commencement of operations) to June 30, 2026.

See accompanying notes which are an integral part of these financial statements.

Sardis Credit Opportunities Fund
Statement of Changes in Net Assets

		For the period ended June 30, 2026(a)
Increase/(Decrease) In Net Assets due to:
Operations
Net investment income		$	627,603
Net realized gain on investments			33,356
Change in unrealized depreciation on investments			(125,316	)
Net increase in net assets resulting from operations			535,643
Distributions to Shareholders From:
From distributable earnings			(480,466	)
Total distributions			(480,466	)
Capital Transactions – Class I
Proceeds from shares sold			23,708,626
Reinvestment of distributions			398,393
Amount paid for shares redeemed			(155,380	)
Net increase in net assets resulting from capital transactions			23,951,639
Total Increase in Net Assets			24,006,816
Net Assets
Beginning of period			100,000
End of period		$	24,106,816
Share Transactions – Class I
Shares issued			2,344,265
Shares issued in reinvestment of distributions			39,170
Shares redeemed			(15,233	)
Net increase in shares outstanding			2,368,202

____________

(a)      For the period November 28, 2025 (commencement of operations) to June 30, 2026.

See accompanying notes which are an integral part of these financial statements.

Sardis Credit Opportunities Fund
Notes to the Financial Statements
June 30, 2026

1. ORGANIZATION

The Sardis Credit Opportunities Fund (the “Fund”) was organized as a Delaware statutory trust on April 23, 2024, and is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a continuously offered, non-diversified, closed-end management investment company that is operated as an interval fund. Sardis Group, LLC (the “Adviser”) serves as the Fund’s investment adviser.

The Fund’s investment objective is to seek total return through current income and capital appreciation.

Class I shares of the Fund are currently the only class offered to investors at a minimum initial investment of $1,000. Class I shares are offered on a continuous basis at the net asset value (“NAV”) per share.

2. SIGNIFICANT ACCOUNTING POLICIES

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies”, including Accounting Standard Update 2013-08. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).

Operating Segments — The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by 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 Principal Executive 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 financial statements and financial highlights.

Estimates — The preparation of financial statements in conformity with GAAP 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 financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Securities Valuation — The Board has adopted procedures pursuant to which the Fund values its investments (the “Valuation Policy and Procedures”). As permitted by Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund’s valuation designee (“Valuation Designee”) to perform fair value determinations relating to all portfolio investments. The Adviser carries out its designated responsibilities as Valuation Designee through various teams pursuant to the Valuation Policy and Procedures, which govern the Valuation Designee’s selection and application of methodologies and independent pricing services for determining and calculating the fair value of portfolio investments. The Valuation Designee fair values portfolio investments utilizing inputs from various external and internal sources including, but not limited to, independent pricing services, dealer quotation reporting systems, independent third-party valuation firms and proprietary information. When determining the fair value of an investment, one or more fair value methodologies may be used. Fair value determinations are based upon all available factors that the Valuation Designee deems relevant at the time of the determination.

Portfolio Investments for which market quotations are readily available are valued at market value. Investments for which market quotations are not readily available or are deemed to be unreliable are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act.

Sardis Credit Opportunities Fund
Additional Information (Unaudited)

TRUSTEES’ AND OFFICERS’ BIOGRAPHICAL DATA

A list of the Trustees and executive officers of the Trust and their principal occupation and other directorships over the last five years are shown below. Unless otherwise noted, the address of each Trustee and Officer is 4200 Northside Parkway, Building 4, Suite 300, Atlanta, GA 30327.

Name and Year of Birth	Position held with Funds or Trust	Length of Time Served*	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Independent Trustees
Mary Moran Zeven 1961	Independent Trustee, Chair	Since June 2025	Director, Graduate Program in Banking and Financial Law, Boston University School of Law (2019-2022)	1	Trustee, Wisdom Tree Digital Trust (2022-present); Trustee, Beacon Pointe Multi-Alternative Fund (2024-present); Trustee, Booster Income Opportunities Fund (2024-present); Trustee, 83 Investment Group Income Fund (2024-present); Trustee, Private Debt & Income Fund (2025-present); Trustee, IDA Private Access Fund (2025-present); Trustee, 599 Fund LLC (2025-present); Trustee, M Funds Inc. (2019-2026)
Carrie Schoffman 1973	Independent Trustee	Since June 2025	Founder, CPA Concierge Services (tax planning and accounting services) (2020-present); Tax Accountant, Bree Beers & Associates, PC (2017-2021)	1	Trustee, Beacon Pointe Multi-Alternative Fund (2024-present); Trustee, Booster Income Opportunities Fund (2024-present); Trustee, 83 Investment Group Income Fund (2024-present); Trustee, Private Debt & Income Fund (2025-present); Trustee, IDA Private Access Fund (2025-present); Trustee, 599 Fund LLC (2025-present); Trustee, Tortoise Capital Series Trust (2024-present); Trustee, Tortoise Sustainable & Social Impact Term Fund (July 2025-November 2025); Trustee, Tortoise Energy Infrastructure Corporation (2025-present)

Sardis Credit Opportunities Fund
Additional Information (Unaudited) (Continued)

Name and Year of Birth	Position held with Funds or Trust	Length of Time Served*	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Clifford Schireson 1953	Independent Trustee	Since June 2025	Board of Governors, San Diego City Employees’ Retirement System (2019-2025); Board of Governors, San Diego Foundation (2017-2025)	1	Trustee, Ultimus Managers Trust (2019-present); Trustee, Beacon Pointe Multi-Alternative Fund (2024-present); Trustee, Booster Income Opportunities Fund (2024-present); Trustee, 83 Investment Group Income Fund (2024-present); Trustee, Private Debt & Income Fund (2025-present); Trustee, IDA Private Access Fund (2025-present); Trustee, 599 Fund LLC (2025-present)
Other Officers
Samuel Dunlap 1979	President and Principal Executive Officer	Since June 2025	Co-Founder and Managing Partner, Sardis Group, LLC (2024-present); Managing Director and Chief Investment Officer, Angel Oak Capital Advisors (2009-2024)	n/a	n/a
Jessica Chase 1970	Treasurer, Principal Financial Officer, and Principal Accounting Officer	Since June 2025	SVP, Mutual Fund Business Development and Administration, Apex Group (formerly Atlantic Fund Services) (2008-2021); Interested Trustee Forum Funds (2018-2022); Interested Trustee Forum Funds II and U.S. Global Investors Funds (2019-2022); Director, Mutual Fund Operations, Apex Group (2022-2023); SVP Relationship Management, Ultimus Fund Solutions (2023-present)	n/a	n/a
Chad Bitterman 1972	Chief Compliance Officer	Since June 2025	Compliance Officer, Northern Lights Compliance Services, LLC (2010-present)	n/a	n/a
Timothy Shaloo 1970	Anti-Money Laundering Compliance Officer	Since June 2025	AVP, Compliance Officer, Northern Lights Compliance Services, LLC (2015-present)	n/a	n/a

Sardis Credit Opportunities Fund
Additional Information (Unaudited) (Continued)

Name and Year of Birth	Position held with Funds or Trust	Length of Time Served*	Principal Occupation During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Kent Barnes 1968	Secretary	Since June 2025	Vice President, U.S. Bancorp Fund Services, LLC (2018-2023); Vice President and Senior Management Counsel, Ultimus Fund Solutions, LLC, (2023-present)	n/a	n/a
Jack Pfirrman 1993	Assistant Secretary	Since June 2025	Associate Counsel, Orphanides and Toner, LLP (2021-2022); Associate Legal Counsel, Ultimus Fund Solutions, LLC (2022-present)	n/a	n/a
James Colantino 1969	Assistant Treasurer	Since June 2025	Senior Vice President Fund Administration, Ultimus Fund Solutions, LLC (since 2020)	n/a	n/a
Brian Curley 1976	Assistant Treasurer	Since June 2025	Vice President, Ultimus Fund Solutions, LLC (2020-present)	n/a	n/a
Zachary Richmond 1980	Assistant Treasurer	Since September 2025	Senior Vice President, Financial Administration for Ultimus Fund Solutions, LLC (August 2024-present); Vice President, Financial Administration for Ultimus Fund Solutions, LLC (February 2019-August 2024)	n/a	n/a

*        The term of office for each Trustee and officer listed above will continue indefinitely.

Sardis Credit Opportunities Fund
Additional Information (Unaudited) (Continued)

PROXY VOTING

A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Fund at (833) 442-7381 or on the Fund’s website at www.sardisfunds.com; and (2) in Fund documents filed with the SEC on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Fund files its complete listing 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. The Fund’s portfolio holdings are available on the SEC’s website at www.sec.gov and on the Fund’s website at www.sardisfunds.com.

DIVIDEND REINVESTMENT

Unless a shareholder is ineligible or otherwise elects, all distributions of dividends (including capital gain dividends) with respect to a class of shares will be automatically reinvested by the Fund in additional shares of the corresponding class, which will be issued at the NAV per share determined as of the ex-dividend date. Election not to reinvest dividends and to instead receive all dividends and capital gain distributions in cash may be made by contacting the Fund’s Transfer Agent by telephone at (833) 442-7381.

Sardis Credit Opportunities Fund
Privacy Notice

FACTS

WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?

Why?

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.

What?		The types of personal information we collect and share depend on the product or service you have with us. This information can include:
		•   Social Security number •   Assets •   Retirement Assets •   Transaction History •   Checking Account Information		•   Purchase History •   Account Balances •   Account Transactions •   Wire Transfer Instructions
		When you are no longer our customer, we continue to share your information as described in this notice.

How?

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 chosen to share; and whether you can limit this sharing.

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

Questions?

Call 1-833-442-7381

Who we are
Who is providing this notice?	The Fund
What we do
How does the Fund protect my personal information?	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. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does the Fund collect my personal information?	We collect your personal information, for example, when you
	•   Open an account
	•   Provide account information
	•   Give us your contact information
	•   Make deposits or withdrawals from your account
	•   Make a wire transfer
	•   Tell us where to send the money
	•   Tell us who receives the money
	•   Show your government-issued ID
	•   Show your driver’s license
	We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only
	•   Sharing for affiliates’ everyday business purposes—information about your creditworthiness
	•   Affiliates from using your information to market to you
	•   Sharing for non-affiliates to market to you
	State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. •  The Fund does not share with our affiliates.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. •  The Fund does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. •  The Fund does not jointly market.

(b)         Not applicable.

Item 2. Code of Ethics.

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. This code of ethics is included as Exhibit 19(a)(1).

During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

(a)(1)     The Registrant’s Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2)     The audit committee financial expert is Carrie Schoffman who is “independent” for purposes of this Item 3 of Form N-CSR.

(a)(3)     Not applicable.

Item 4. Principal Accountant Fees and Services.

(a)         Audit Fees: For the Registrant’s fiscal year ended June 30, 2026, the aggregate fees billed for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements were $30,000.

(b)         Audit-Related Fees: For the Registrant’s fiscal year ended June 30, 2026, the aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s annual financial statements and are not reported under paragraph (a) of this Item were $0.

(c)         Tax Fees: For the Registrant’s fiscal year ended June 30, 2026, the aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $5,500. The fees relate to the preparation of Federal Forms 1120-RIC and 8613, and, state tax returns and review of excise dividend calculations.

(d)         All Other Fees: For the Registrant’s fiscal year ended June 30, 2026, the aggregate fees billed by the principal accountant for services other than the services reported in paragraphs (a) through (c) of this item were $0.

(e)(1)     Audit Committee Pre-Approval Policies and Procedures: All services to be performed by the Registrant’s principal accountant must be pre-approved by the Registrant’s audit committee.

(e)(2)     No services described in paragraphs (b) through (d) were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)          Not applicable.

(g)         All non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant for the fiscal year ended June 30, 2026, are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant’s principal accountant for the registrant’s adviser.

(h)         Not applicable.

(i)          Not applicable.

(j)          Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable to Registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a)         The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 1 of this form.

(b)         Not applicable.

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

(a)         Not applicable.

(b)         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.

Proxy Policies

SARDIS GROUP, LLC PROXY VOTING POLICY

Rule 206(4)-6 of the Advisors Act requires a registered investment adviser that exercises voting authority with respect to client assets to adopt a written policy reasonably designed to (i) ensure the investment adviser votes in the best interest of its clients, and (ii) addresses how the investment adviser will deal with material conflicts of interest that may arise between the investment adviser and its clients, and (iii) discloses to its clients information about such policies and procedure, and (iv) provide, upon request, information as to how the proxies were voted.

Proxy voting is an important right of shareholders, and reasonable care and diligence must be undertaken to ensure such rights are properly and timely exercised. Sardis has adopted a written proxy voting policy, which may be amended from time to time at the sole discretion of the Firm.

In addition, Sardis may retain a third-party proxy agent to assist it in coordinating and voting proxies. If so, the CCO or designee will conduct documented initial and ongoing due diligence reviews of any proxy service firm selected to provide proxy voting guidance to the Firm. Reviews include but not limited to monitor the third-party to assure that all proxies are properly voted, review fees are appropriate, identify and evaluate any known conflicts of interest, proper disclosures are used, and appropriate records are retained.

Proxy Voting Procedures.    Sardis is committed to voting all proxies in the best interests of its advisory Clients and has established procedures to identify and resolve any conflicts of interest that may arise between the Adviser and its Clients. Clients can direct Sardis to vote their proxies according to guidelines specified in the investment management agreement and may contact Sardis with questions regarding any particular proxy solicitation. When voting securities held in Client accounts, Sardis strives to resolve any conflicts of interest between the Client and its own business interests in a way that most benefits the Client. The Firm does have discretion to vote proxies on behalf of any mutual funds it advises.

When entering into an investment management agreement, each Client decides whether to grant Sardis the authority to vote proxies for account securities. Clients can revoke this authority or provide written instructions regarding specific solicitations. Clients granting Sardis proxy voting authority should ensure that Sardis receives proxy solicitation information from their custodian, while those who do not grant such authority should take steps to receive this information themselves. For accounts where Sardis has been granted proxy voting authority, voting decisions are made in accordance with its Proxy Voting Policy. This policy also governs any voting or consent rights on behalf of Client account securities, including but not limited to plans of reorganization and waivers under applicable indentures.

Voting Guidelines. For Client accounts where Sardis holds proxy voting authority (including Registered Funds), it votes proxies in a manner that it believes serves the best interests of its Clients. For all matters Sardis has identified as routine, unless otherwise instructed, Sardis will vote in accordance with the recommendation of the company’s management, unless otherwise instructed or, in Sardis’s opinion, such recommendation is not in the best interests of the Client. Routine matters are typically proposed by a company’s management and meet the following criteria: they do not measurably change the structure, management, control or operation of the company; (ii) they do not measurably change the terms of, or fees or expenses associated with, an investment in the company; and (iii) they are consistent with customary industry standards and practices, as well as the laws of the state of incorporation applicable to the company.

Conflicts of Interest. Should a conflict of interest exist between the Firm and client accounts as to the outcome of certain proxy votes, the Firm is committed to resolving the conflict in the best interest of participating clients before it votes the proxy in question. The Firm may take the following courses of action to resolve the conflict: (a) disclose the conflict to clients and obtain consent before voting; and/or (b) engage a disinterested, qualified third party to determine how the proxy should be voted. The firm’s CCO, or designee, is responsible for ensuring that all proxies are voted in a timely manner in accordance with proxy policies, that any conflicts of interest are resolved in the best interests of participating clients, and that proxy voting records are retained accordingly.

If a material conflict of interest exists, the investment team will determine whether it is appropriate to disclose the conflict to the affected clients, to give the clients an opportunity to vote the proxies themselves, or to address the voting issue through other objective means such as voting in a manner consistent with a predetermined voting policy or receiving an independent third party voting recommendation.

Recordkeeping. Sardis maintains records of its proxy votes which are available to Clients upon request. Information about how Sardis voted securities held by a Registered Fund it manages during the most recent twelve-month period ended June 30th shall be available no later than the following August 31st on the Registered Fund’s website and upon request and without charge by emailing us at info@sardisgroup.com or calling us at 404-282-5552. This information will also be available on the SEC’s website at http://www.sec.gov.

A summary of this Proxy Voting Policy and Procedures will be included in Sardis’s Form ADV Part 2 and will be updated whenever these policies and procedures are updated. Clients may contact us, via mail or telephone, in order to obtain information on how the client’s proxies have been voted, and to request a copy of these policies and procedures.

Sardis will maintain files relating to our proxy voting procedures in an easily accessible place. Records will be maintained and preserved for five years from the end of the fiscal year during which the last entry was made on a record, with records for the first two years kept in our offices. The Firm will also maintain a record of the voting resolution of any conflict of interest.

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

(a)(1) Portfolio Managers.

As of June 30, 2026, Colin McBurnette and Sam Dunlap are the Fund’s portfolio managers and oversee the day-to-day investment operations of the Fund. The biographical information for Mr. McBurnette and Mr. Dunlap is presented below.

Sam Dunlap

Sam is Co-Founder and Managing Partner of Sardis Group, LLC. He was previously a Managing Director and Chief Investment Officer of the public strategies at Angel Oak Capital Advisors from 2009 to 2024. Sam began his capital markets career in 2002 and has investment experience across multiple sectors of the fixed income market. Prior to joining Angel Oak, he spent six years marketing and structuring interest rate derivatives with SunTrust Robinson Humphrey where he focused on both interest rate hedging products and interest rate linked structured notes. Before SunTrust, Sam spent two years at Wachovia in Charlotte, NC supporting the agency mortgage pass-through trading desk. Sam holds a B.A. degree in Economics from the University of Georgia.

Colin McBurnette

Colin is the Co-Founder and Managing Partner of Sardis Group, LLC. He was previously a Senior Portfolio Manager at Angel Oak Capital Advisors from 2012 to 2024 where he focused on security and portfolio analytics and was responsible for building and managing strategies within the residential mortgage-backed securities market. Prior to Angel Oak, Colin worked for Prodigus Capital Management where he was responsible for the acquisition and management of their distressed debt portfolio, as well as the development of their proprietary financial technology platform. Previously, Colin worked in the Real Estate Capital Markets group for Wachovia Bank and Wells Fargo where he focused on risk management for their commercial real estate REPO lines. Colin holds B.B.A. degrees in Banking & Finance and Real Estate from the Terry College of Business at the University of Georgia.

(a)(2) Other Accounts Managed by Portfolio Managers and Potential Conflicts of Interest.

Because the Portfolio Managers may manage assets for other clients (“Client Accounts”) or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in conflicts of interest. For example, the Adviser may, directly or indirectly, receive fees from Client Accounts that are higher than the fee the Adviser receives from the Fund. In those instances, a portfolio manager may have an incentive to favor the Client Accounts over the Fund. Notwithstanding the difference in principal investment strategies between the Fund and the Client Accounts, the Adviser has various policies and procedures that it believes are reasonably designed to address these and other conflicts of interest.

		Total Number of Accounts by Account Type		Total Assets By Account Type		Number of Accounts by Type Subject to a Performance Fee		Total Assets By Account Type Subject to a Performance Fee
Sam Dunlap
Registered Investment Companies		2		$196,082,040		0		$0
Other Pooled Investment Vehicles		0		$0		0		$0
Other Accounts		9		$461,629,043		0		$0
Colin McBurnette
Registered Investment Companies		2		$196,082,040		0		$0
Other Pooled Investment Vehicles		0		$0		0		$0
Other Accounts		9		$461,629,043		0		$0

(a)(3) Portfolio Manager Compensation.

Mr. Dunlap and Mr. McBurnette each receive a fixed salary and retirement plan benefits and are also entitled to receive distributions based upon, among other things, the overall performance of the Adviser.

(a)(4)     Portfolio Manager Ownership of Equity Securities.

Portfolio Manager		Dollar Range of Equity Securities in the Fund
Sam Dunlap		$500,001 – $1,000,000
Colin McBurnette		$500,001 – $1,000,000

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

Not applicable.

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

The guidelines applicable to shareholders desiring to submit recommendations for nominees to the Registrant’s board of trustees are contained in the statement of additional information of the Fund with respect to the Fund for which this Form N-CSR is being filed. There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

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 is filed herewith.

(a)(2)     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)): Attached hereto.

(a)(3)     Not applicable

(a)(4)     Change in the registrant’s independent public accountant: Not applicable

(b)         Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto.

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)         Sardis Credit Opportunities Fund

By (Signature and Title)		/s/ Samuel Dunlap
		Samuel Dunlap, President and Principal Executive Officer

Date

9/03/2026

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

By (Signature and Title)		/s/ Samuel Dunlap
		Samuel Dunlap, President and Principal Executive Officer

Date

9/03/2026

By (Signature and Title)		/s/ Jessica Chase
		Jessica Chase, Treasurer and Principal Financial Officer

Date

9/03/2026