AXS Dynamic Opportunity Fund
SCHEDULE OF INVESTMENTS
As of June 30, 2025 (Unaudited)
| Number
of Shares | Value | |||||||
| COMMON STOCKS — 63.1% | ||||||||
| ADVERTISING — 0.7% | ||||||||
| 5,000 | Trade Desk, Inc. - Class A* | $ | 359,950 | |||||
| AEROSPACE/DEFENSE — 1.2% | ||||||||
| 5,500 | FTAI Aviation Ltd. | 632,720 | ||||||
| AUTO MANUFACTURERS — 3.0% | ||||||||
| 5,093 | Tesla, Inc.* | 1,617,842 | ||||||
| COMMERCIAL SERVICES — 1.5% | ||||||||
| 1,837 | Automatic Data Processing, Inc. | 566,531 | ||||||
| 350 | United Rentals, Inc. | 263,690 | ||||||
| 830,221 | ||||||||
| COMPUTERS — 5.0% | ||||||||
| 9,177 | Apple, Inc. | 1,882,845 | ||||||
| 1,261 | Crowdstrike Holdings, Inc. - Class A* | 642,240 | ||||||
| 600 | Leidos Holdings, Inc. | 94,656 | ||||||
| 1,000 | Parsons Corp.* | 71,770 | ||||||
| 2,691,511 | ||||||||
| DIVERSIFIED FINANCIAL SERVICES — 1.1% | ||||||||
| 2,300 | Apollo Global Management, Inc. | 326,301 | ||||||
| 700 | Visa, Inc. - Class A | 248,535 | ||||||
| 574,836 | ||||||||
| ENGINEERING & CONSTRUCTION — 1.6% | ||||||||
| 600 | Comfort Systems USA, Inc. | 321,726 | ||||||
| 6,000 | Granite Construction, Inc. | 561,060 | ||||||
| 882,786 | ||||||||
| HEALTHCARE-PRODUCTS — 1.1% | ||||||||
| 1,049 | Intuitive Surgical, Inc.* | 570,037 | ||||||
| INSURANCE — 1.3% | ||||||||
| 12,000 | Equitable Holdings, Inc. | 673,200 | ||||||
| INTERNET — 16.3% | ||||||||
| 5,000 | Alphabet, Inc. - Class A | 881,150 | ||||||
| 8,500 | Amazon.com, Inc.* | 1,864,815 | ||||||
| 2,800 | Meta Platforms, Inc. - Class A | 2,066,652 | ||||||
| 1,618 | Netflix, Inc.* | 2,166,712 | ||||||
| 2,995 | Palo Alto Networks, Inc.* | 612,897 | ||||||
| 1,500 | Spotify Technology S.A.* | 1,151,010 | ||||||
| 8,743,236 | ||||||||
AXS Dynamic Opportunity Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2025 (Unaudited)
| Number
of Shares | Value | |||||||
| COMMON STOCKS (Continued) | ||||||||
| MACHINERY-CONSTRUCTION & MINING — 3.0% | ||||||||
| 12,500 | Vertiv Holdings Co. - Class A | $ | 1,605,125 | |||||
| METAL FABRICATE/HARDWARE — 0.7% | ||||||||
| 3,300 | Advanced Drainage Systems, Inc. | 379,038 | ||||||
| OIL & GAS SERVICES — 0.1% | ||||||||
| 1,500 | Tidewater, Inc.* | 69,195 | ||||||
| PHARMACEUTICALS — 0.8% | ||||||||
| 6,000 | Novo Nordisk A/S - ADR | 414,120 | ||||||
| SEMICONDUCTORS — 14.2% | ||||||||
| 6,000 | Advanced Micro Devices, Inc.* | 851,400 | ||||||
| 2,465 | Broadcom, Inc. | 679,477 | ||||||
| 32,495 | NVIDIA Corp. | 5,133,885 | ||||||
| 4,300 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 973,907 | ||||||
| 7,638,669 | ||||||||
| SOFTWARE — 10.7% | ||||||||
| 5,583 | Microsoft Corp. | 2,777,040 | ||||||
| 19,480 | Palantir Technologies, Inc. - Class A* | 2,655,514 | ||||||
| 300 | ServiceNow, Inc.* | 308,424 | ||||||
| 5,740,978 | ||||||||
| TELECOMMUNICATIONS — 0.8% | ||||||||
| 4,000 | Arista Networks, Inc.* | 409,240 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $22,853,467) | 33,832,704 | |||||||
| EXCHANGE-TRADED FUNDS — 7.5% | ||||||||
| 55,000 | ProShares Short S&P500 | 2,182,400 | ||||||
| 110,600 | ProShares UltraShort S&P500 | 1,841,490 | ||||||
| TOTAL EXCHANGE-TRADED FUNDS | ||||||||
| (Cost $5,014,413) | 4,023,890 | |||||||
| MUTUAL FUNDS — 17.9% | ||||||||
| EQUITY FUND — 17.9% | ||||||||
| 888,870 | AXS Adaptive Plus Fund - Class I1 | 9,608,677 | ||||||
| TOTAL MUTUAL FUNDS | ||||||||
| (Cost $10,388,534) | 9,608,677 | |||||||
| SHORT-TERM INVESTMENTS — 10.3% | ||||||||
| 5,227,825 | Fidelity Investments Money Market Government Portfolio - Class I, 4.12%2 | 5,227,825 | ||||||
AXS Dynamic Opportunity Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2025 (Unaudited)
| Number
of Shares | Value | |||||||
| SHORT-TERM INVESTMENTS (Continued) | ||||||||
| 305,116 | Goldman Sachs Financial Square Government Fund, 3.87%2 | $ | 305,116 | |||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $5,532,941) | 5,532,941 | |||||||
| TOTAL INVESTMENTS — 98.8% | ||||||||
| (Cost $43,789,355) | 52,998,212 | |||||||
| Other Assets in Excess of Liabilities — 1.2% | 652,390 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 53,650,602 | ||||||
ADR – American Depository Receipt
| * | Non-income producing security. |
| 1 | Affiliated company. |
| 2 | The rate is the annualized seven-day yield at period end. |
AXS Dynamic Opportunity Fund
| Value Beginning of Period | Additions | Reductions | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value End of Period | Dividend Income | ||||||||||||||||||||||
| Mutual Funds - 17.9% | ||||||||||||||||||||||||||||
| AXS Adaptive Plus Fund - Class I | $ | 10,165,191 | $ | 388,534 | $ | - | $ | - | $ | (945,048 | ) | $ | 9,608,677 | $ | 388,534 | |||||||||||||
| Total | $ | 10,165,191 | $ | 388,534 | $ | - | $ | - | $ | (945,048 | ) | $ | 9,608,677 | $ | 388,534 | |||||||||||||
| Shares Beginning of Period | Additions | Reductions | Shares End of Period | |||||||||||||
| Mutual Funds | ||||||||||||||||
| AXS Adaptive Plus Fund - Class I | 854,937 | 33,933 | - | 888,870 | ||||||||||||
| Total | 854,937 | 33,933 | - | 888,870 | ||||||||||||