| Principal Amount | Value | |
| U.S. TREASURY BILLS — 57.8% | ||
| United States Treasury Bill | ||
| $8,000,000 | 0.000%, 8/7/2025 | $7,965,000 |
| 5,000,000 | 0.000%, 10/9/2025 | 4,942,090 |
| 10,000,000 | 0.000%, 12/4/2025 | 9,821,900 |
| TOTAL U.S. TREASURY BILLS | ||
| (Cost $22,733,969) | 22,728,990 |
| Number of Contracts | ||
| PURCHASED OPTIONS CONTRACTS — 23.1% | ||
| CALL OPTIONS — 23.1% | ||
| 8,270 | Nomura Galaxy Option-ProfitScore Regime-Adaptive Equity Index Counterparty: Nomura Securities, Current Price: $1,096.21, Exercise Price: $0.0001, Notional Amount: $83, Expiration Date: September 16, 2025*,1 | 9,065,589 |
| TOTAL CALL OPTIONS | ||
| (Cost $7,531,065) | 9,065,589 | |
| TOTAL PURCHASED OPTIONS CONTRACTS | ||
| (Cost $7,531,065) | 9,065,589 |
| Number of Shares | ||
| SHORT-TERM INVESTMENTS — 19.3% | ||
| 7,603,095 | Fidelity Investments Money Market Funds - Treasury Portfolio, Class I, 4.11%2 | 7,603,095 |
| TOTAL SHORT-TERM INVESTMENTS | ||
| (Cost $7,603,095) | 7,603,095 | |
| TOTAL INVESTMENTS — 100.2% | ||
| (Cost $37,868,129) | 39,397,674 | |
| Liabilities in Excess of Other Assets — (0.2)% | (87,931) | |
| TOTAL NET ASSETS — 100.0% | $39,309,743 |
| *Non-income producing security. |
| 1The Nomura Call Option is issued by Nomura Securities Ltd. and provides AXS Adaptive Plus Fund exposure to the ProfitScore Trading Program that is designed to produce the returns of Adaptive Equity Index. |
| 2The rate is the annualized seven-day yield at period end. |