AXS Chesapeake Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of June 30, 2025 (Unaudited)
| Principal
Amount | Value | |||||||
| SHORT-TERM INVESTMENTS — 83.9% | ||||||||
| $ | 11,820,399 | UMB Bank, Money Market Fiduciary Deposit Investment, 0.01%1, 2 | $ | 11,820,399 | ||||
| 3,388,246 | UMB Bank, Institutional Banking Money Market II Deposit Investment, 3.80%1 | 3,388,246 | ||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $15,208,645) | 15,208,645 | |||||||
| TOTAL INVESTMENTS — 83.9% | ||||||||
| (Cost $15,208,645) | 15,208,645 | |||||||
| Other Assets in Excess of Liabilities — 16.1% | 2,915,466 | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 18,124,111 | ||||||
| 1 | The rate is the annualized seven-day yield at period end. |
| 2 | All or a portion of this investment is a holding of AXS Chesapeake Strategy Fund Limited. |
AXS Chesapeake Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2025 (Unaudited)
FUTURES CONTRACTS
| Long Contracts | Expiration
Date | Number
of Contracts | Notional
Value | Value/Unrealized
Appreciation (Depreciation) | |||||||||
| Commodity Futures | |||||||||||||
| CBOT Soybean Oil1 | December 2025 | 12 | 377,558 | $ | 2,242 | ||||||||
| CME Lean Hogs1 | August 2025 | 12 | 537,720 | (21,720 | ) | ||||||||
| CME Live Cattle1 | August 2025 | 12 | 1,016,323 | 10,277 | |||||||||
| COMEX Copper1 | September 2025 | 2 | 248,425 | 5,700 | |||||||||
| COMEX Gold1 | August 2025 | 4 | 1,333,640 | (10,560 | ) | ||||||||
| COMEX Silver1 | September 2025 | 4 | 737,140 | (13,700 | ) | ||||||||
| Euronext Rapeseed1 | August 2025 | 12 | 89,260 | (13,252 | ) | ||||||||
| ICE Gas Oil1 | August 2025 | 8 | 589,525 | (60,725 | ) | ||||||||
| LME Tin1 | September 2025 | 1 | 159,850 | 9,210 | |||||||||
| MDE Crude Palm Oil1 | September 2025 | 23 | 559,083 | (14,612 | ) | ||||||||
| NYBOT CSC Coffee 'C'1 | September 2025 | 2 | 249,263 | (24,188 | ) | ||||||||
| NYMEX Natural Gas1 | August 2025 | 11 | 399,469 | (19,309 | ) | ||||||||
| NYMEX NY Harbor ULSD1 | August 2025 | 6 | 623,047 | (49,419 | ) | ||||||||
| NYMEX Palladium1 | September 2025 | 1 | 113,950 | (3,240 | ) | ||||||||
| NYMEX Platinum1 | October 2025 | 6 | 419,949 | (17,049 | ) | ||||||||
| WCE Canola1 | November 2025 | 39 | 409,555 | (3,238 | ) | ||||||||
| Currency Futures | |||||||||||||
| CME Brazil Real | August 2025 | 111 | 2,004,105 | 25,530 | |||||||||
| CME British Pound | September 2025 | 22 | 1,869,863 | 17,325 | |||||||||
| CME Euro | September 2025 | 21 | 3,066,794 | 40,156 | |||||||||
| CME Indian Rupee | July 2025 | 17 | 979,030 | 11,560 | |||||||||
| CME Mexican Peso | September 2025 | 139 | 3,637,220 | 39,330 | |||||||||
| CME Swiss Franc | September 2025 | 5 | 778,531 | 16,875 | |||||||||
| Index Futures | |||||||||||||
| CME E-Mini NASDAQ 100 | September 2025 | 1 | 456,064 | 1,800 | |||||||||
| FTSE 100 | September 2025 | 10 | 1,216,941 | (10,089 | ) | ||||||||
| FTSE/MIB | September 2025 | 2 | 462,588 | 7,033 | |||||||||
| ICE US Mini MSCI EAFE | September 2025 | 3 | 392,295 | 9,960 | |||||||||
| ICE US MSCI Emerging Markets EM | September 2025 | 16 | 960,320 | 26,480 | |||||||||
| MEFF Madrid IBEX 35 | July 2025 | 12 | 1,950,608 | 17,924 | |||||||||
| Montreal Exchange S&P/TSX 60 | September 2025 | 23 | 5,335,587 | 66,646 | |||||||||
| SFE S&P ASX Share Price Index 200 | September 2025 | 3 | 419,863 | 1,481 | |||||||||
| SGX FTSE China A50 | July 2025 | 14 | 190,778 | (3,346 | ) | ||||||||
| Interest Rate Futures | |||||||||||||
| CBOT 2-Year U.S. Treasury Note | September 2025 | 16 | 3,316,250 | 12,125 | |||||||||
| CBOT 5-Year U.S. Treasury Note | September 2025 | 12 | 1,295,719 | 12,281 | |||||||||
| Eurex BTP Italian | September 2025 | 18 | 2,563,354 | 3,227 | |||||||||
| ICF 3MO EURO EURIBOR | June 2026 | 75 | 21,705,389 | (6,773 | ) | ||||||||
| MSE Canadian 10 Year Bond | September 2025 | 20 | 1,789,930 | 1,028 | |||||||||
| Total Long Contracts | 62,254,986 | 66,970 | |||||||||||
| Short Contracts | |||||||||||||
| Commodity Futures | |||||||||||||
| CBOT Corn1 | December 2025 | (23 | ) | (494,569 | ) | 5,244 | |||||||
| CBOT Oats1 | December 2025 | (10 | ) | (174,352 | ) | (11,023 | ) | ||||||
| CBOT Rough Rice1 | September 2025 | (30 | ) | (824,942 | ) | 25,142 | |||||||
| CBOT Soybean1 | November 2025 | (11 | ) | (589,875 | ) | 25,025 | |||||||
| CBOT Wheat1 | September 2025 | (8 | ) | (235,000 | ) | 19,700 | |||||||
| CME Class III Milk1 | August 2025 | (3 | ) | (107,460 | ) | (4,740 | ) | ||||||
| ICE Carbon Emissions1 | December 2025 | (4 | ) | (289,669 | ) | (35,431 | ) | ||||||
| LME Lead1 | September 2025 | (11 | ) | (547,388 | ) | (15,089 | ) | ||||||
| LME Nickel1 | September 2025 | (4 | ) | (371,220 | ) | 6,520 | |||||||
| LME Zinc1 | September 2025 | (7 | ) | (473,042 | ) | (8,677 | ) | ||||||
| NYB Orange Juice1 | September 2025 | (3 | ) | (112,382 | ) | 11,312 | |||||||
| NYBOT CSC Cotton #21 | December 2025 | (12 | ) | (407,040 | ) | (1,740 | ) | ||||||
| NYBOT CSC Sugar #111 | October 2025 | (19 | ) | (351,221 | ) | 6,485 | |||||||
| NYMEX RBOB Gasoline1 | August 2025 | (7 | ) | (646,888 | ) | 37,691 | |||||||
| SAFEX Sunflower Seed1 | December 2025 | (20 | ) | (547,658 | ) | (7,084 | ) | ||||||
| Currency Futures | |||||||||||||
| ICE Swedish Krona | September 2025 | (16 | ) | (1,584,709 | ) | (9,200 | ) | ||||||
| Index Futures | |||||||||||||
| CME E-Mini Russell 2000 Index | September 2025 | (6 | ) | (635,700 | ) | (21,810 | ) | ||||||
| CME E-Mini S&P MidCap 400 | September 2025 | (2 | ) | (607,690 | ) | (17,410 | ) | ||||||
| FTSE Taiwan | July 2025 | (4 | ) | (292,000 | ) | 240 | |||||||
| Interest Rate Futures | |||||||||||||
| CBOT U.S. Long Bond | September 2025 | (17 | ) | (1,910,906 | ) | (52,063 | ) | ||||||
| CBOT U.S. Ultra Long-Term Treasury Bond | September 2025 | (12 | ) | (1,388,625 | ) | (40,875 | ) | ||||||
| Eurex 10 Year Euro BUND | September 2025 | (32 | ) | (4,936,122 | ) | 28,272 | |||||||
| Eurex 30 Year Euro BUXL | September 2025 | (12 | ) | (1,706,238 | ) | 22,900 | |||||||
| ICF Long Gilt | September 2025 | (25 | ) | (3,133,685 | ) | (59,712 | ) | ||||||
| Total Short Contracts | (22,368,381 | ) | (96,323 | ) | |||||||||
| TOTAL FUTURES CONTRACTS | 39,886,605 | $ | (29,353 | ) | |||||||||
| 1 | This investment is a holding of AXS Chesapeake Strategy Fund Limited. |