AXS Sustainable Income Fund
SCHEDULE OF INVESTMENTS
As of June 30, 2022 (Unaudited)
Principal Amount | Value | |
CORPORATE BONDS — 82.0% | ||
AEROSPACE/DEFENSE — 0.7% | ||
$10,000 | TransDigm, Inc. 6.250%, 3/15/20261,2 | $9,647 |
AGRICULTURE — 0.3% | ||
5,000 | Darling Ingredients, Inc. 5.250%, 4/15/20271,2 | 4,838 |
AIRLINES — 3.8% | ||
33,000 | American Airlines, Inc. 11.750%, 7/15/20252 | 34,289 |
12,000 | Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. 5.750%, 1/20/20261,2,3 | 10,676 |
10,000 | United Airlines, Inc. 4.375%, 4/15/20261,2 | 8,925 |
53,890 | ||
AUTO MANUFACTURERS — 0.8% | ||
10,000 | Ford Motor Co. 9.000%, 4/22/20251 | 10,731 |
AUTO PARTS & EQUIPMENT — 2.8% | ||
9,000 | American Axle & Manufacturing, Inc. 6.875%, 7/1/20281 | 8,080 |
12,000 | Clarios Global LP 6.750%, 5/15/20251,2,3 | 11,885 |
20,000 | Tenneco, Inc. 5.375%, 12/15/20241 | 19,363 |
39,328 | ||
BUILDING MATERIALS — 1.6% | ||
18,000 | CP Atlas Buyer, Inc. 7.000%, 12/1/20281,2 | 12,999 |
11,000 | Koppers, Inc. 6.000%, 2/15/20251,2 | 10,216 |
23,215 | ||
CHEMICALS — 5.0% | ||
8,000 | CVR Partners LP / CVR Nitrogen Finance Corp. 6.125%, 6/15/20281,2 | 7,077 |
24,000 | GPD Cos., Inc. 10.125%, 4/1/20261,2 | 22,869 |
15,000 | Innophos Holdings, Inc. 9.375%, 2/15/20281,2 | 13,667 |
5,000 | Iris Holdings, Inc. 8.750%, 2/15/20261,2 | 4,000 |
AXS Sustainable Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2022 (Unaudited)
Principal Amount | Value | |
CORPORATE BONDS (Continued) | ||
CHEMICALS (Continued) | ||
$7,000 | Rayonier AM Products, Inc. 7.625%, 1/15/20261,2 | $6,108 |
17,000 | Venator Finance Sarl / Venator Materials LLC 9.500%, 7/1/20251,2,3 | 17,000 |
70,721 | ||
COMMERCIAL SERVICES — 1.4% | ||
9,000 | Alta Equipment Group, Inc. 5.625%, 4/15/20261,2 | 7,695 |
8,000 | Prime Security Services Borrower LLC / Prime Finance, Inc. 5.250%, 4/15/20242 | 7,820 |
5,000 | WASH Multifamily Acquisition, Inc. 5.750%, 4/15/20261,2 | 4,713 |
20,228 | ||
COMPUTERS — 2.2% | ||
6,000 | NCR Corp. 5.750%, 9/1/20271,2 | 5,325 |
12,000 | Unisys Corp. 6.875%, 11/1/20271,2 | 10,474 |
19,000 | Virtusa Corp. 7.125%, 12/15/20281,2 | 15,267 |
31,066 | ||
DISTRIBUTION/WHOLESALE — 1.1% | ||
20,000 | BCPE Empire Holdings, Inc. 7.625%, 5/1/20271,2 | 16,282 |
DIVERSIFIED FINANCIAL SERVICES — 3.7% | ||
13,000 | LFS Topco LLC 5.875%, 10/15/20261,2 | 10,270 |
15,000 | Nationstar Mortgage Holdings, Inc. 6.000%, 1/15/20271,2 | 13,025 |
10,000 | Navient Corp. 7.250%, 9/25/2023 | 9,892 |
OneMain Finance Corp. | ||
8,000 | 5.625%, 3/15/2023 | 7,895 |
12,000 | 6.125%, 3/15/20241 | 11,460 |
52,542 | ||
ELECTRICAL COMPONENTS & EQUIPMENT — 0.7% | ||
10,000 | WESCO Distribution, Inc. 7.125%, 6/15/20251,2 | 9,942 |
AXS Sustainable Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2022 (Unaudited)
Principal Amount | Value | |
CORPORATE BONDS (Continued) | ||
ENGINEERING & CONSTRUCTION — 1.4% | ||
$8,000 | Artera Services LLC 9.033%, 12/4/20251,2 | $6,446 |
15,000 | Railworks Holdings LP / Railworks Rally, Inc. 8.250%, 11/15/20281,2 | 13,538 |
19,984 | ||
ENTERTAINMENT — 2.6% | ||
Cinemark USA, Inc. | ||
7,000 | 5.875%, 3/15/20261,2 | 6,242 |
16,000 | 5.250%, 7/15/20281,2 | 12,858 |
4,000 | Powdr Corp. 6.000%, 8/1/20251,2 | 3,970 |
10,000 | Six Flags Entertainment Corp. 4.875%, 7/31/20241,2 | 9,500 |
5,000 | Vail Resorts, Inc. 6.250%, 5/15/20251,2 | 4,994 |
37,564 | ||
FOOD — 0.4% | ||
9,000 | H-Food Holdings LLC / Hearthside Finance Co., Inc. 8.500%, 6/1/20261,2 | 6,300 |
FOREST PRODUCTS & PAPER — 1.0% | ||
15,000 | Clearwater Paper Corp. 5.375%, 2/1/20252 | 14,588 |
HEALTHCARE-SERVICES — 6.8% | ||
20,000 | CHS/Community Health Systems, Inc. 8.000%, 3/15/20261,2 | 18,085 |
10,000 | Legacy LifePoint Health LLC 6.750%, 4/15/20251,2 | 9,638 |
16,000 | ModivCare, Inc. 5.875%, 11/15/20251,2 | 14,720 |
15,000 | RP Escrow Issuer LLC 5.250%, 12/15/20251,2 | 12,964 |
15,000 | Select Medical Corp. 6.250%, 8/15/20261,2 | 14,002 |
Tenet Healthcare Corp. | ||
4,000 | 4.625%, 7/15/20241 | 3,839 |
10,000 | 6.250%, 2/1/20271,2 | 9,204 |
16,000 | U.S. Acute Care Solutions LLC 6.375%, 3/1/20261,2 | 14,328 |
96,780 |
AXS Sustainable Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2022 (Unaudited)
Principal Amount | Value | |
CORPORATE BONDS (Continued) | ||
HOME BUILDERS — 3.0% | ||
$41,000 | New Home Co., Inc. 7.250%, 10/15/20251,2 | $33,517 |
10,000 | Picasso Finance Sub, Inc. 6.125%, 6/15/20251,2 | 9,750 |
43,267 | ||
INTERNET — 1.9% | ||
10,000 | TripAdvisor, Inc. 7.000%, 7/15/20251,2 | 9,698 |
18,000 | Uber Technologies, Inc. 8.000%, 11/1/20261,2 | 17,919 |
27,617 | ||
IRON/STEEL — 1.7% | ||
10,000 | Cleveland-Cliffs, Inc. 6.750%, 3/15/20261,2 | 9,925 |
20,000 | TMS International Corp. 6.250%, 4/15/20291,2 | 14,478 |
24,403 | ||
LEISURE TIME — 1.2% | ||
18,000 | Carnival Corp. 7.625%, 3/1/20261,2,3 | 13,905 |
5,000 | Royal Caribbean Cruises Ltd. 5.500%, 8/31/20261,2,3 | 3,695 |
17,600 | ||
LODGING — 2.6% | ||
10,000 | Hilton Domestic Operating Co., Inc. 5.375%, 5/1/20251,2 | 9,800 |
17,000 | Marriott Ownership Resorts, Inc. 6.125%, 9/15/20251,2 | 16,823 |
10,000 | Travel + Leisure Co. 5.650%, 4/1/20241 | 9,825 |
36,448 | ||
MACHINERY-CONSTRUCTION & MINING — 0.6% | ||
9,000 | Manitowoc Co., Inc. 9.000%, 4/1/20261,2 | 8,379 |
MACHINERY-DIVERSIFIED — 0.7% | ||
11,000 | Titan Acquisition Ltd. / Titan Co.-Borrower LLC 7.750%, 4/15/20261,2,3 | 10,111 |
AXS Sustainable Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2022 (Unaudited)
Principal Amount | Value | |
CORPORATE BONDS (Continued) | ||
MEDIA — 10.8% | ||
Audacy Capital Corp. | ||
$14,000 | 6.500%, 5/1/20271,2 | $8,331 |
34,000 | 6.750%, 3/31/20291,2 | 18,105 |
20,000 | CCO Holdings LLC / CCO Holdings Capital Corp. 5.500%, 5/1/20261,2 | 19,510 |
14,000 | Cengage Learning, Inc. 9.500%, 6/15/20241,2 | 12,950 |
13,000 | Directv Financing LLC / Directv Financing Co.-Obligor, Inc. 5.875%, 8/15/20271,2 | 11,175 |
21,000 | Gannett Holdings LLC 6.000%, 11/1/20261,2 | 17,588 |
18,000 | iHeartCommunications, Inc. 8.375%, 5/1/20271 | 14,304 |
5,000 | McGraw-Hill Education, Inc. 5.750%, 8/1/20281,2 | 4,281 |
40,000 | Townsquare Media, Inc. 6.875%, 2/1/20261,2 | 35,602 |
8,000 | Univision Communications, Inc. 6.625%, 6/1/20271,2 | 7,605 |
5,000 | Videotron Ltd. 5.375%, 6/15/20241,2,3 | 4,963 |
154,414 | ||
METAL FABRICATE/HARDWARE — 0.8% | ||
15,000 | Park-Ohio Industries, Inc. 6.625%, 4/15/20271 | 11,850 |
MISCELLANEOUS MANUFACTURING — 2.8% | ||
FXI Holdings, Inc. | ||
9,000 | 7.875%, 11/1/20241,2 | 7,808 |
27,000 | 12.250%, 11/15/20261,2 | 24,013 |
10,000 | LSB Industries, Inc. 6.250%, 10/15/20281,2 | 8,825 |
40,646 | ||
PACKAGING & CONTAINERS — 5.0% | ||
5,000 | Ball Corp. 5.250%, 7/1/2025 | 4,996 |
10,000 | LABL, Inc. 6.750%, 7/15/20261,2 | 9,005 |
Mauser Packaging Solutions Holding Co. | ||
18,000 | 8.500%, 4/15/20241,2 | 17,740 |
23,000 | 7.250%, 4/15/20251,2 | 20,067 |
Sealed Air Corp. | ||
10,000 | 5.125%, 12/1/20241,2 | 9,925 |
AXS Sustainable Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2022 (Unaudited)
Principal Amount | Value | |
CORPORATE BONDS (Continued) | ||
PACKAGING & CONTAINERS (Continued) | ||
$10,000 | 5.500%, 9/15/20251,2 | $9,983 |
71,716 | ||
PHARMACEUTICALS — 0.7% | ||
12,000 | AdaptHealth LLC 6.125%, 8/1/20281,2 | 10,614 |
REITS — 3.4% | ||
10,000 | Apollo Commercial Real Estate Finance, Inc. 5.375%, 10/15/20234 | 9,719 |
10,000 | HAT Holdings I LLC / HAT Holdings II LLC 6.000%, 4/15/20251,2 | 9,575 |
14,000 | iStar, Inc. 4.750%, 10/1/20241 | 13,181 |
5,000 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 7.500%, 6/1/20251,2 | 4,990 |
12,000 | Starwood Property Trust, Inc. 3.750%, 12/31/20241,2 | 10,920 |
48,385 | ||
RETAIL — 2.6% | ||
13,000 | Dave & Buster's, Inc. 7.625%, 11/1/20251,2 | 12,837 |
12,000 | Guitar Center, Inc. 8.500%, 1/15/20261,2 | 10,590 |
16,000 | LSF9 Atlantis Holdings LLC / Victra Finance Corp. 7.750%, 2/15/20261,2 | 13,547 |
36,974 | ||
SEMICONDUCTORS — 0.7% | ||
10,000 | Amkor Technology, Inc. 6.625%, 9/15/20271,2 | 9,467 |
SOFTWARE — 1.0% | ||
5,000 | Rocket Software, Inc. 6.500%, 2/15/20291,2 | 3,644 |
7,000 | SS&C Technologies, Inc. 5.500%, 9/30/20271,2 | 6,527 |
5,000 | Veritas US, Inc. / Veritas Bermuda Ltd. 7.500%, 9/1/20251,2 | 3,719 |
13,890 | ||
TELECOMMUNICATIONS — 6.2% | ||
8,000 | Avaya, Inc. 6.125%, 9/15/20281,2 | 5,220 |
AXS Sustainable Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of June 30, 2022 (Unaudited)
Principal Amount | Value | |
CORPORATE BONDS (Continued) | ||
TELECOMMUNICATIONS (Continued) | ||
$18,000 | CommScope Technologies LLC 6.000%, 6/15/20251,2 | $15,570 |
20,000 | Level 3 Financing, Inc. 5.375%, 5/1/20251 | 19,250 |
20,000 | Lumen Technologies, Inc. 6.750%, 12/1/2023 | 19,811 |
20,000 | Sprint Corp. 7.875%, 9/15/2023 | 20,625 |
9,000 | Viasat, Inc. 5.625%, 4/15/20271,2 | 7,791 |
88,267 | ||
TOTAL CORPORATE BONDS | ||
(Cost $1,327,937) | 1,171,694 |
Number of Shares | ||
MEDIUM TERM NOTES — 0.3% | ||
DIVERSIFIED FINANCIAL SERVICES — 0.3% | ||
5,000 | Navient Corp. | 4,940 |
TOTAL MEDIUM TERM NOTES | ||
(Cost $5,030) | 4,940 |
Principal Amount | ||
SHORT-TERM INVESTMENTS — 20.7% | ||
$295,530 | UMB Bank Demand Deposit, 0.01%5 | 295,530 |
TOTAL SHORT-TERM INVESTMENTS | ||
(Cost $295,530) | 295,530 | |
TOTAL INVESTMENTS — 103.0% | ||
(Cost $1,628,497) | 1,472,164 | |
Liabilities in Excess of Other Assets — (3.0)% | (42,707) | |
TOTAL NET ASSETS — 100.0% | $1,429,457 |
LP – Limited Partnership |
LLC – Limited Liability Company |
1Callable. |
2Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $976,873, which represents 68.3% of total net assets of the Fund. |
3Foreign security denominated in U.S. Dollars. |
4Convertible security. |
5The rate is the annualized seven-day yield at period end. |