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-0.011 0.011 0.054 0.028 1.022 0.267 0.057 -0.011 0.119 0001587982 false N-1A N-CSRS INVESTMENT MANAGERS SERIES TRUST II 2026-03-31 AXS Adaptive Plus Fund Class I AXSPX This semi-annual shareholder report contains important information about the AXS Adaptive Plus Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 125, 209);font-family:'arial';font-size:9pt">www.axsinvestments.com/axspx/#fundliterature</span>. You can also request this information by contacting us at (833) 297-2587. www.axsinvestments.com/axspx/#fundliterature (833) 297-2587 <div style="font-family:'arial';margin-top:0px;font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);">Fund Expenses</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; vertical-align: bottom;">Fund (Ticker)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; vertical-align: bottom;">AXS Adaptive Plus Fund<br/> (Class I/AXSPX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom;"><span style="float:none">$</span>100</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; vertical-align: bottom;">1.99<span>%</span><sup style="font-size:smaller">1</sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; width: 6pt; vertical-align: top;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);vertical-align:top;font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="font-size:smaller;vertical-align:super">1</sup></div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; vertical-align: top;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);vertical-align:top;font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 100 0.0199 <div style="font-family:'arial';font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);margin-top:10pt;">Key Fund Statistics</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial';">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap;"><span style="float:none">$</span>31,296,579</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap;">4</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial';">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap;">0<span>%</span></td> </tr> </table> 31296579 4 0 <div style="font-family:'arial';margin-top:0px;font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);">Graphical Representation of Holdings</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any. </div><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(0, 125, 209);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">United States Treasury Bill, 8/6/2026</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">31.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">United States Treasury Bill, 6/4/2026</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">25.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Nomura Galaxy Option-ProfitScore Regime-Adaptive Equity Index, 6/16/2026</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">23.1<span>%</span></td> </tr> </table><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(0, 125, 209);"> <b>Asset Allocation</b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1105338.jpg" style="width: 172.8pt;"/> </div> <div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(0, 125, 209);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">United States Treasury Bill, 8/6/2026</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">31.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">United States Treasury Bill, 6/4/2026</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">25.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Nomura Galaxy Option-ProfitScore Regime-Adaptive Equity Index, 6/16/2026</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">23.1<span>%</span></td> </tr> </table> 0.315 0.254 0.231 <div style="font-family:'arial';font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:10pt;">There were no changes in or disagreements with the Fund's<span style="white-space:nowrap"> </span>accountants during the reporting period.</div> AXS Tactical Income Fund Class I TINIX This semi-annual shareholder report contains important information about the AXS Tactical Income Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 125, 209);font-family:'arial';font-size:9pt">www.axsinvestments.com/tinix/#fundliterature</span>. You can also request this information by contacting us at (833) 297-2587. www.axsinvestments.com/tinix/#fundliterature (833) 297-2587 <div style="font-family:'arial';margin-top:0px;font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);">Fund Expenses</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; vertical-align: bottom;">Fund (Ticker)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; vertical-align: bottom;">AXS Tactical Income Fund<br/> (Class I/TINIX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom;"><span style="float:none">$</span>81</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; vertical-align: bottom;">1.62<span>%</span><sup style="font-size:smaller">1</sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; width: 6pt; vertical-align: top;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);vertical-align:top;font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="font-size:smaller;vertical-align:super">1</sup></div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; vertical-align: top;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);vertical-align:top;font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 81 0.0162 <div style="font-family:'arial';font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);margin-top:10pt;">Key Fund Statistics</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial';">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap;"><span style="float:none">$</span>30,606,688</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap;">12</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial';">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap;">59<span>%</span></td> </tr> </table> 30606688 12 0.59 <div style="font-family:'arial';margin-top:0px;font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);">Graphical Representation of Holdings</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any. </div><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(0, 125, 209);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">State Street SPDR Bloomberg Convertible Securities ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">8.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">iShares Interest Rate Hedged High Yield Bond ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">State Street Blackstone Senior Loan ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">WisdomTree Trust Interest Rate Hedged U.S. Aggregate Bond Fund</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Vanguard Short-Term Corporate Bond ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Vanguard Mortgage-Backed Securities ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Vanguard Short-Term Treasury ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Vanguard Short-Term Inflation-Protected Securities ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">iShares 0-1 Year Treasury Bond ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Janus Henderson AAA CLO ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.8<span>%</span></td> </tr> </table><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(0, 125, 209);"> <b>Asset Allocation</b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1105410.jpg" style="width: 172.8pt;"/> </div> <div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(0, 125, 209);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">State Street SPDR Bloomberg Convertible Securities ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">8.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">iShares Interest Rate Hedged High Yield Bond ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">State Street Blackstone Senior Loan ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">WisdomTree Trust Interest Rate Hedged U.S. Aggregate Bond Fund</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Vanguard Short-Term Corporate Bond ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Vanguard Mortgage-Backed Securities ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Vanguard Short-Term Treasury ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Vanguard Short-Term Inflation-Protected Securities ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">iShares 0-1 Year Treasury Bond ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Janus Henderson AAA CLO ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">7.8<span>%</span></td> </tr> </table> 0.081 0.079 0.079 0.079 0.079 0.079 0.079 0.079 0.078 0.078 <div style="font-family:'arial';font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:10pt;">There were no changes in or disagreements with the Fund's<span style="white-space:nowrap"> </span>accountants during the reporting period.</div> AXS Income Opportunities Fund Class D OIODX This semi-annual shareholder report contains important information about the AXS Income Opportunities Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 125, 209);font-family:'arial';font-size:9pt">www.axsinvestments.com/oioix/#fundliterature</span>. You can also request this information by contacting us at (833) 297-2587. www.axsinvestments.com/oioix/#fundliterature (833) 297-2587 <div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:10pt;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="font-family:'arial';margin-top:0px;font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);">Fund Expenses</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; vertical-align: bottom;">Fund (Ticker)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; vertical-align: bottom;">AXS Income Opportunities Fund<br/> (Class D/OIODX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom;"><span style="float:none">$</span>129</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; vertical-align: bottom;">2.58<span>%</span><sup style="font-size:smaller">1</sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; width: 6pt; vertical-align: top;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);vertical-align:top;font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="font-size:smaller;vertical-align:super">1</sup></div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; vertical-align: top;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);vertical-align:top;font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 129 0.0258 <div style="font-family:'arial';font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);margin-top:10pt;">Key Fund Statistics</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial';">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap;"><span style="float:none">$</span>14,916,574</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap;">8</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial';">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap;">14<span>%</span></td> </tr> </table> 14916574 8 0.14 <div style="font-family:'arial';margin-top:0px;font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);">Graphical Representation of Holdings</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any.</div><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(0, 125, 209);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">iShares Residential and Multisector Real Estate ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">26.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">iShares Core U.S. REIT ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">26.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">State Street SPDR Bloomberg Convertible Securities ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">12.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">VanEck Mortgage REIT Income ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">10.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Principal Spectrum Preferred Securities Active ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">9.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Janus Henderson AAA CLO ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">9.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Virtus InfraCap U.S. Preferred Stock ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">4.9<span>%</span></td> </tr> </table><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(0, 125, 209);"> <b>Asset Allocation</b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1105266.jpg" style="width: 172.8pt;"/> </div> <div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(0, 125, 209);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">iShares Residential and Multisector Real Estate ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">26.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">iShares Core U.S. REIT ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">26.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">State Street SPDR Bloomberg Convertible Securities ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">12.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">VanEck Mortgage REIT Income ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">10.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Principal Spectrum Preferred Securities Active ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">9.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Janus Henderson AAA CLO ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">9.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Virtus InfraCap U.S. Preferred Stock ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">4.9<span>%</span></td> </tr> </table> 0.267 0.263 0.120 0.109 0.093 0.091 0.049 <div style="font-family:'arial';font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);margin-top:20pt;">Material Fund Changes</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:7.5pt;">On March 10, 2026, the Fund’s Board of Trustees of the Trust approved a Plan of Liquidation for the Fund and the Fund liquidated on April 17, 2026.   </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:7.5pt;">This is a summary of certain planned changes to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus at <span style="text-decoration-line:underline;color:rgb(0, 125, 209);font-family:'arial';font-size:9pt">www.axsinvestments.com/oioix/#fundliterature</span>.</div> <div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:7.5pt;">This is a summary of certain planned changes to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus at <span style="text-decoration-line:underline;color:rgb(0, 125, 209);font-family:'arial';font-size:9pt">www.axsinvestments.com/oioix/#fundliterature</span>.</div> www.axsinvestments.com/oioix/#fundliterature <div style="font-family:'arial';font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:10pt;">There were no changes in or disagreements with the Fund's<span style="white-space:nowrap"> </span>accountants during the reporting period.</div> AXS Income Opportunities Fund Class I OIOIX This semi-annual shareholder report contains important information about the AXS Income Opportunities Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 125, 209);font-family:'arial';font-size:9pt">www.axsinvestments.com/oioix/#fundliterature</span>. You can also request this information by contacting us at (833) 297-2587. www.axsinvestments.com/oioix/#fundliterature (833) 297-2587 <div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:10pt;"> <b>This report describes changes to the Fund that occurred during the reporting period.</b> </div> <div style="font-family:'arial';margin-top:0px;font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);">Fund Expenses</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;"> <i>(Based on a hypothetical $10,000 investment)</i> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; vertical-align: bottom;">Fund (Ticker)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; vertical-align: bottom;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; vertical-align: bottom;">AXS Income Opportunities Fund<br/> (Class I/OIOIX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; vertical-align: bottom;"><span style="float:none">$</span>79</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; vertical-align: bottom;">1.58<span>%</span><sup style="font-size:smaller">1</sup></td> </tr> </table><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; width: 6pt; vertical-align: top;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);vertical-align:top;font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="font-size:smaller;vertical-align:super">1</sup></div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; vertical-align: top;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);vertical-align:top;font-style:italic;font-size:7.5pt;text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Annualized.</div></td> </tr> </table> 79 0.0158 <div style="font-family:'arial';font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);margin-top:10pt;">Key Fund Statistics</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;">The following table outlines key fund statistics that you should pay attention to.</div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial';">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap;"><span style="float:none">$</span>14,916,574</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap;">8</td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial';">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap;">14<span>%</span></td> </tr> </table> 14916574 8 0.14 <div style="font-family:'arial';margin-top:0px;font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);">Graphical Representation of Holdings</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings exclude short-term holdings, if any. </div><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(0, 125, 209);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">iShares Residential and Multisector Real Estate ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">26.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">iShares Core U.S. REIT ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">26.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">State Street SPDR Bloomberg Convertible Securities ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">12.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">VanEck Mortgage REIT Income ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">10.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Principal Spectrum Preferred Securities Active ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">9.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Janus Henderson AAA CLO ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">9.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Virtus InfraCap U.S. Preferred Stock ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">4.9<span>%</span></td> </tr> </table><div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(0, 125, 209);"> <b>Asset Allocation</b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1105302.jpg" style="width: 172.8pt;"/> </div> <div style="font-size:9pt;margin-top:5pt;margin-bottom:5pt;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;text-align:center;padding-bottom:5pt;border-bottom-color:rgb(10, 52, 79);border-bottom-style:solid;border-bottom-width:1pt;margin-right:0px;margin-left:0px;color:rgb(0, 125, 209);"> <b>Top Ten Holdings</b> </div><table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">iShares Residential and Multisector Real Estate ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">26.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">iShares Core U.S. REIT ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">26.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">State Street SPDR Bloomberg Convertible Securities ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">12.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">VanEck Mortgage REIT Income ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">10.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Principal Spectrum Preferred Securities Active ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">9.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Janus Henderson AAA CLO ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">9.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left;">Virtus InfraCap U.S. Preferred Stock ETF</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap;">4.9<span>%</span></td> </tr> </table> 0.267 0.263 0.120 0.109 0.093 0.091 0.049 <div style="font-family:'arial';font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);margin-top:20pt;">Material Fund Changes</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:7.5pt;">On March 10, 2026, the Fund’s Board of Trustees of the Trust approved a Plan of Liquidation for the Fund and the Fund liquidated on April 17, 2026.   </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:7.5pt;">This is a summary of certain planned changes to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus at <span style="text-decoration-line:underline;color:rgb(0, 125, 209);font-family:'arial';font-size:9pt">www.axsinvestments.com/oioix/#fundliterature</span>.</div> <div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:7.5pt;">This is a summary of certain planned changes to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus at <span style="text-decoration-line:underline;color:rgb(0, 125, 209);font-family:'arial';font-size:9pt">www.axsinvestments.com/oioix/#fundliterature</span>.</div> www.axsinvestments.com/oioix/#fundliterature <div style="font-family:'arial';font-size:11.52pt;font-weight:bold;margin-bottom:3pt;color:rgb(10, 52, 79);margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);margin-top:0px;margin-bottom:10pt;">There were no changes in or disagreements with the Fund's<span style="white-space:nowrap"> </span>accountants during the reporting period.</div> AXSFTSE Venture CapitalReturn Tracker Fund Class A LDVAX This semi-annual shareholder report contains important information about the AXS FTSE Venture Capital Return Tracker Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;">www.axsinvestments.com/ldvix/#fundliterature</span>. You can also request this information by contacting us at (833) 297-2587. www.axsinvestments.com/ldvix/#fundliterature (833) 297-2587 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Ticker)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AXS FTSE Venture Capital Return Tracker Fund<br/>(Class A/LDVAX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>75</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.75<span>%</span><sup style="font-size: smaller;">1</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; width: 6pt; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); vertical-align: top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">​<sup style="font-size: smaller; vertical-align: super;">1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); vertical-align: top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 75 0.0175 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>71,152,726</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">145</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">17<span>%</span></td> </tr> </table> 71152726 145 0.17 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks<span style="white-space: nowrap;"> </span>of the Fund.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Palantir Technologies, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Netflix, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mastercard, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Oracle Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Meta Platforms, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">International Business Machines Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Salesforce, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Uber Technologies, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1105158.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Sector </b> <b> Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1105163.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Palantir Technologies, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Netflix, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mastercard, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Oracle Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Meta Platforms, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">International Business Machines Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Salesforce, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Uber Technologies, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> 0.051 0.048 0.046 0.046 0.045 0.045 0.042 0.038 0.031 0.026 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> AXSFTSE Venture CapitalReturn Tracker Fund Class C LDVCX This semi-annual shareholder report contains important information about the AXS FTSE Venture Capital Return Tracker Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;">www.axsinvestments.com/ldvix/#fundliterature</span>. You can also request this information by contacting us at (833) 297-2587. www.axsinvestments.com/ldvix/#fundliterature (833) 297-2587 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Ticker)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AXS FTSE Venture Capital Return Tracker Fund<br/>(Class C/LDVCX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>107</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.50<span>%</span><sup style="font-size: smaller;">1</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; width: 6pt; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); vertical-align: top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">​<sup style="font-size: smaller; vertical-align: super;">1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); vertical-align: top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 107 0.0250 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>71,152,726</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">145</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">17<span>%</span></td> </tr> </table> 71152726 145 0.17 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks<span style="white-space: nowrap;"> </span>of the Fund.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Palantir Technologies, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Netflix, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mastercard, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Oracle Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Meta Platforms, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">International Business Machines Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Salesforce, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Uber Technologies, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1105194.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Sector </b> <b> Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1105199.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Palantir Technologies, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Netflix, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mastercard, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Oracle Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Meta Platforms, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">International Business Machines Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Salesforce, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Uber Technologies, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> 0.051 0.048 0.046 0.046 0.045 0.045 0.042 0.038 0.031 0.026 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> AXSFTSE Venture CapitalReturn Tracker Fund Class I LDVIX This semi-annual shareholder report contains important information about the AXS FTSE Venture Capital Return Tracker Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;">www.axsinvestments.com/ldvix/#fundliterature</span>. You can also request this information by contacting us at (833) 297-2587. www.axsinvestments.com/ldvix/#fundliterature (833) 297-2587 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Ticker)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AXS FTSE Venture Capital Return Tracker Fund<br/>(Class I/LDVIX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>64</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.50<span>%</span><sup style="font-size: smaller;">1</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; width: 6pt; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); vertical-align: top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">​<sup style="font-size: smaller; vertical-align: super;">1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); vertical-align: top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 64 0.0150 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>71,152,726</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">145</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">17<span>%</span></td> </tr> </table> 71152726 145 0.17 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks<span style="white-space: nowrap;"> </span>of the Fund.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Palantir Technologies, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Netflix, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mastercard, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Oracle Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Meta Platforms, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">International Business Machines Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Salesforce, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Uber Technologies, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1105230.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Sector </b> <b> Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1105235.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Palantir Technologies, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Netflix, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Mastercard, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Oracle Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Microsoft Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Alphabet, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Meta Platforms, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">International Business Machines Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Salesforce, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Uber Technologies, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> </table> 0.051 0.048 0.046 0.046 0.045 0.045 0.042 0.038 0.031 0.026 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> AXSDynamic Opportunity Fund Class I ADOIX This semi-annual shareholder report contains important information about the AXS Dynamic Opportunity Fund (“Fund”) for the period of October 1, 2025 to March 31, 2026. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 125, 209); font-family: 'arial'; font-size: 9pt;">www.axsinvestments.com/adoix/#fundliterature</span>. You can also request this information by contacting us at (833) 297-2587. www.axsinvestments.com/adoix/#fundliterature (833) 297-2587 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Fund Expenses</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: auto; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund (Ticker)</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; font-family: 'Arial'; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AXS Dynamic Opportunity Fund<br/>(Class I/ADOIX)</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"></td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>77</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.57<span>%</span><sup style="font-size: smaller;">1</sup></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; width: 6pt; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); vertical-align: top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">​<sup style="font-size: smaller; vertical-align: super;">1</sup></div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0; vertical-align: top; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); vertical-align: top; font-style: italic; font-size: 7.5pt; text-align: left; margin-bottom: 0px; padding: 0px;">Annualized.</div> </td> </tr> </table> 77 0.0157 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 10pt;">Key Fund Statistics</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px;">The following table outlines key fund statistics that you should pay attention to.</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>54,483,522</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">41</td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; width: 40%; font-weight: bold; text-align: left; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">11<span>%</span></td> </tr> </table> 54483522 41 0.11 <div style="font-family: 'arial'; margin-top: 0px; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79);">Graphical Representation of Holdings</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Industry Allocation exclude short-term holdings, if any. The Industry Allocation chart represents Common Stocks of the Fund.</div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">AXS Adaptive Plus Fund - Class I</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">18.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">ProShares UltraPro Short QQQ</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Apple, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Tesla, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Palantir Technologies, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">ASML Holding N.V.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Broadcom, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td> </tr> </table> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Asset Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_1105374.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Industry</b> <b> Allocation</b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_1105379.jpg" style="width: 172.8pt;"/> </div> <div style="font-size: 9pt; font-family: 'arial'; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(10, 52, 79); border-bottom-style: solid; border-bottom-width: 1pt; color: rgb(0, 125, 209); margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">AXS Adaptive Plus Fund - Class I</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">18.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">NVIDIA Corp.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">6.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">ProShares UltraPro Short QQQ</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">6.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Vertiv Holdings Co. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Apple, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Tesla, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Palantir Technologies, Inc. - Class A</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">ASML Holding N.V.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; vertical-align: middle; text-align: left; padding: 6pt 3pt 3pt 12pt;">Broadcom, Inc.</td> <td style="font-family: 'Arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td> </tr> </table> 0.185 0.064 0.063 0.057 0.047 0.041 0.040 0.037 0.033 0.032 <div style="font-family: 'arial'; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; color: rgb(10, 52, 79); margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 10pt;">There were no changes in or disagreements with the Fund's<span style="white-space: nowrap;"> </span>accountants during the reporting period.</div> Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized. Annualized.