AXS Multi-Strategy Alternatives Fund
SCHEDULE OF INVESTMENTS
As of June 30, 2022 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS — 11.1% | ||||||||
BANKS — 2.2% | ||||||||
4,370 | Citizens Financial Group, Inc. | $ | 155,965 | |||||
4,300 | Regions Financial Corp. | 80,625 | ||||||
935 | Western Alliance Bancorp | 66,011 | ||||||
4,475 | Zions Bancorp N.A. | 227,778 | ||||||
530,379 | ||||||||
BUILDING MATERIALS — 0.1% | ||||||||
565 | Builders FirstSource, Inc.* | 30,340 | ||||||
CHEMICALS — 0.8% | ||||||||
1,225 | Celanese Corp. | 144,072 | ||||||
1,130 | Olin Corp. | 52,297 | ||||||
196,369 | ||||||||
COMMERCIAL SERVICES — 0.2% | ||||||||
150 | Avis Budget Group, Inc.* | 22,062 | ||||||
115 | United Rentals, Inc.* | 27,935 | ||||||
49,997 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 1.3% | ||||||||
735 | Capital One Financial Corp. | 76,580 | ||||||
3,130 | Jefferies Financial Group, Inc. | 86,450 | ||||||
5,260 | Synchrony Financial | 145,281 | ||||||
308,311 | ||||||||
FOOD — 0.7% | ||||||||
1,960 | Tyson Foods, Inc. - Class A | 168,677 | ||||||
INSURANCE — 1.2% | ||||||||
2,980 | American International Group, Inc. | 152,367 | ||||||
2,315 | Hartford Financial Services Group, Inc. | 151,471 | ||||||
303,838 | ||||||||
IRON/STEEL — 0.6% | ||||||||
1,955 | Cleveland-Cliffs, Inc.* | 30,049 | ||||||
410 | Nucor Corp. | 42,808 | ||||||
715 | Steel Dynamics, Inc. | 47,297 | ||||||
1,675 | United States Steel Corp. | 29,999 | ||||||
150,153 | ||||||||
MACHINERY-DIVERSIFIED — 0.2% | ||||||||
140 | Deere & Co. | 41,926 | ||||||
OIL & GAS — 2.6% | ||||||||
2,500 | APA Corp. | 87,250 |
AXS Multi-Strategy Alternatives Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2022 (Unaudited)
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
OIL & GAS (Continued) | ||||||||
1,185 | ConocoPhillips | $ | 106,425 | |||||
1,695 | Devon Energy Corp. | 93,411 | ||||||
1,025 | EOG Resources, Inc. | 113,201 | ||||||
10,070 | Marathon Oil Corp. | 226,374 | ||||||
626,661 | ||||||||
PACKAGING & CONTAINERS — 0.6% | ||||||||
3,420 | Westrock Co. | 136,253 | ||||||
REITS — 0.6% | ||||||||
4,680 | Weyerhaeuser Co. - REIT | 155,002 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $3,239,576) | 2,697,906 | |||||||
EXCHANGE-TRADED FUNDS — 44.3% | ||||||||
3,525 | abrdn Bloomberg All Commodity Strategy K-1 Free ETF - ETF | 95,739 | ||||||
3,070 | abrdn Palladium ETF Trust - ETF* | 548,271 | ||||||
21,920 | Direxion Daily S&P 500 Bear 3X Shares - ETF* | 584,387 | ||||||
12,500 | Direxion Daily Small Cap Bear 3X Shares - ETF* | 583,125 | ||||||
12,375 | Energy Select Sector SPDR Fund - ETF | 884,936 | ||||||
25,025 | Financial Select Sector SPDR Fund - ETF | 787,036 | ||||||
1,200 | Invesco KBW Bank ETF - ETF | 62,112 | ||||||
5,700 | Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF - ETF | 102,828 | ||||||
11,000 | iShares 3-7 Year Treasury Bond ETF - ETF | 1,312,740 | ||||||
4,156 | iShares 7-10 Year Treasury Bond ETF - ETF | 425,159 | ||||||
17,273 | iShares MSCI Australia ETF - ETF | 366,533 | ||||||
10,699 | iShares MSCI Canada ETF - ETF | 360,342 | ||||||
1,248 | iShares MSCI China ETF - ETF | 69,651 | ||||||
19,039 | iShares MSCI Emerging Markets ETF - ETF | 763,464 | ||||||
4,218 | iShares MSCI France ETF - ETF | 126,582 | ||||||
11,906 | iShares MSCI Japan ETF - ETF | 628,994 | ||||||
1,239 | iShares MSCI Mexico ETF - ETF | 57,725 | ||||||
8,703 | iShares MSCI Pacific ex Japan ETF - ETF | 362,393 | ||||||
5,295 | iShares MSCI Russia ETF - ETF | 387 | ||||||
1,350 | iShares MSCI South Africa ETF - ETF | 57,361 | ||||||
947 | iShares MSCI South Korea ETF - ETF | 55,106 | ||||||
1,133 | iShares MSCI Taiwan ETF - ETF | 57,126 | ||||||
25,397 | iShares MSCI United Kingdom ETF - ETF | 760,894 | ||||||
955 | iShares U.S. Home Construction ETF - ETF | 50,138 | ||||||
10,190 | ProShares UltraPro Short QQQ - ETF* | 599,580 | ||||||
28,900 | ProShares UltraPro Short S&P 500 - ETF* | 584,647 | ||||||
585 | VanEck Agribusiness ETF - ETF | 50,591 | ||||||
6,377 | Vanguard Long-Term Treasury ETF - ETF | 447,410 | ||||||
TOTAL EXCHANGE-TRADED FUNDS | ||||||||
(Cost $11,676,670) | 10,785,257 |
AXS Multi-Strategy Alternatives Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2022 (Unaudited)
Number of Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 43.6% | ||||||||
10,594,796 | Fidelity Investments Money Market Government Portfolio - Class I, 1.19%1,2 | $ | 10,594,796 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $10,594,796) | 10,594,796 | |||||||
TOTAL INVESTMENTS — 99.0% | ||||||||
(Cost $25,511,042) | 24,077,959 | |||||||
Other Assets in Excess of Liabilities — 1.0% | 244,161 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 24,322,120 |
REIT – Real Estate Investment Trusts
ETF – Exchange-Traded Fund
* | Non-income producing security. |
1 | All or a portion of this security is segregated as collateral for swap agreement. As of June 30, 2022, the aggregate value of those securities was $1,948,082, representing 8.0% of net assets. |
2 | The rate is the annualized seven-day yield at period end. |
AXS Multi-Strategy Alternatives Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2022 (Unaudited)
SWAP CONTRACTS
EQUITY SWAP CONTRACTS
Counterparty | Reference Entity | Pay/Receive Equity on Reference Entity | Financing Rate | Pay/Receive Frequency | Termination Date | Notional Amount | Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||
Cowen | Cowen Financial Product - AXS Multi-Strat Long | Receive | 2.57% (OBRF01* + Spread) | Monthly | 8/31/2022 | $ | 2,676,472 | $ | - | $ | (7,426 | ) | |||
Cowen | Cowen Financial Product - AXS Multi-Strat Short | Pay | 1.07% (OBRF01* - Spread) | Monthly | 8/31/2022 | (2,646,135 | ) | - | 268,785 | ||||||
TOTAL EQUITY SWAP CONTRACTS | $ | 261,359 |
* | OBFR01 - Overnight Bank Funding Rate, 1.57% as of June 30, 2022. |
Equity Swap Top 50 Holdings^
Cowen Financial Product - AXS Multi-Strat Long | EQUITIES | |||||||||||
Number of Shares | Description | Notional Value | Percentage of Equity Swap's Notional Amount | |||||||||
3,800 | Invesco QQQ Trust Series 1 ETF | $ | 1,065,064 | 39.79 | % | |||||||
1,750 | SPDR Dow Jones Industrial Average ETF | 538,685 | 20.13 | % | ||||||||
5,590 | Vanguard Mega Cap Value ETF | 537,646 | 20.09 | % | ||||||||
2,945 | Vanguard Mega Cap Growth ETF | 535,077 | 19.99 | % | ||||||||
Cowen Financial Product - AXS Multi-Strat Short | EQUITIES | |||||||||||
Number of Shares | Description | Notional Value | Percentage of Equity Swap's Notional Amount | |||||||||
(2,150 | ) | SPDR S&P MidCap 400 ETF | $ | (889,004 | ) | 33.60 | % | |||||
(6,580 | ) | Invesco S&P 500 Equal Weight ETF | (883,233 | ) | 33.38 | % | ||||||
(5,160 | ) | iShares Russell 2000 ETF | (873,898 | ) | 33.03 | % |
^ | These investments are not direct holdings of the Fund. The holdings were determined based on the absolute notional values of the positions within the underlying swap basket. This basket contains only 6 investments. |