AXS Alternative Value Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2023 (Unaudited)
Number of Shares | Value | |
COMMON STOCKS — 112.0% | ||
AEROSPACE/DEFENSE — 4.8% | ||
683 | General Dynamics Corp.1 | $177,354 |
758 | L3Harris Technologies, Inc.1 | 159,650 |
408 | Lockheed Martin Corp.1 | 184,922 |
241 | Northrop Grumman Corp.1 | 112,822 |
634,748 | ||
AGRICULTURE — 2.7% | ||
4,236 | Altria Group, Inc.1 | 170,880 |
2,001 | Philip Morris International, Inc.1 | 188,254 |
359,134 | ||
BANKS — 0.9% | ||
875 | M&T Bank Corp.1 | 119,945 |
BEVERAGES — 4.2% | ||
1,057 | Brown-Forman Corp. - Class B1 | 60,355 |
3,139 | Coca-Cola Co.1 | 184,981 |
1,944 | Molson Coors Beverage Co. - Class B1 | 118,992 |
1,060 | PepsiCo, Inc.1 | 180,031 |
544,359 | ||
BIOTECHNOLOGY — 9.0% | ||
757 | Amgen, Inc.1 | 218,031 |
535 | Biogen, Inc.*,1 | 138,442 |
2,371 | Gilead Sciences, Inc.1 | 192,075 |
2,808 | Incyte Corp.*,1 | 176,314 |
248 | Regeneron Pharmaceuticals, Inc.*,1 | 217,816 |
567 | Vertex Pharmaceuticals, Inc.*,1 | 230,707 |
1,173,385 | ||
COMMERCIAL SERVICES — 2.7% | ||
459 | MarketAxess Holdings, Inc.1 | 134,418 |
994 | Rollins, Inc.1 | 43,408 |
751 | Verisk Analytics, Inc. - Class A1 | 179,384 |
357,210 | ||
COMPUTERS — 3.3% | ||
1,358 | International Business Machines Corp.1 | 222,101 |
1,978 | Leidos Holdings, Inc.1 | 214,099 |
436,200 | ||
COSMETICS/PERSONAL CARE — 3.0% | ||
2,498 | Colgate-Palmolive Co.1 | 199,115 |
1,309 | Procter & Gamble Co.1 | 191,821 |
390,936 |
AXS Alternative Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Number of Shares | Value | |
COMMON STOCKS (Continued) | ||
DIVERSIFIED FINANCIAL SERVICES — 2.2% | ||
453 | Cboe Global Markets, Inc.1 | $80,887 |
998 | CME Group, Inc.1 | 210,179 |
291,066 | ||
ELECTRIC — 1.8% | ||
799 | Dominion Energy, Inc.1 | 37,553 |
350 | DTE Energy Co.1 | 38,591 |
382 | Entergy Corp.1 | 38,654 |
764 | NRG Energy, Inc.1 | 39,499 |
626 | Public Service Enterprise Group, Inc.1 | 38,280 |
623 | Xcel Energy, Inc.1 | 38,570 |
231,147 | ||
ENVIRONMENTAL CONTROL — 3.6% | ||
1,334 | Republic Services, Inc.1 | 219,990 |
465 | Veralto Corp.1 | 38,251 |
1,171 | Waste Management, Inc.1 | 209,726 |
467,967 | ||
FOOD — 10.4% | ||
3,884 | Campbell Soup Co.1 | 167,905 |
5,652 | Conagra Brands, Inc.1 | 161,986 |
2,475 | General Mills, Inc.1 | 161,222 |
837 | Hershey Co.1 | 156,050 |
4,853 | Hormel Foods Corp.1 | 155,830 |
312 | J M Smucker Co.1 | 39,431 |
2,957 | Kellanova1 | 165,326 |
883 | Kraft Heinz Co.1 | 32,653 |
1,134 | Lamb Weston Holdings, Inc.1 | 122,574 |
2,401 | McCormick & Co., Inc.1 | 164,276 |
498 | Tyson Foods, Inc. - Class A1 | 26,768 |
1,354,021 | ||
GAS — 0.6% | ||
338 | Atmos Energy Corp.1 | 39,174 |
1,459 | NiSource, Inc.1 | 38,737 |
77,911 | ||
HEALTHCARE-PRODUCTS — 3.3% | ||
797 | Abbott Laboratories1 | 87,726 |
616 | Danaher Corp.1 | 142,505 |
223 | ResMed, Inc.1 | 38,361 |
132 | Thermo Fisher Scientific, Inc.1 | 70,064 |
296 | Waters Corp.*,1 | 97,452 |
436,108 |
AXS Alternative Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Number of Shares | Value | |
COMMON STOCKS (Continued) | ||
HEALTHCARE-SERVICES — 7.0% | ||
2,709 | Centene Corp.*,1 | $201,035 |
253 | Elevance Health, Inc.1 | 119,305 |
381 | Humana, Inc.1 | 174,426 |
614 | Molina Healthcare, Inc.*,1 | 221,844 |
373 | UnitedHealth Group, Inc.1 | 196,373 |
912,983 | ||
HOUSEHOLD PRODUCTS/WARES — 4.3% | ||
2,162 | Church & Dwight Co., Inc.1 | 204,439 |
1,250 | Clorox Co.1 | 178,237 |
1,488 | Kimberly-Clark Corp.1 | 180,807 |
563,483 | ||
INSURANCE — 11.2% | ||
123 | Aon PLC - Class A1,2 | 35,795 |
517 | Arch Capital Group Ltd.*,1,2 | 38,398 |
593 | Arthur J. Gallagher & Co.1 | 133,354 |
509 | Assurant, Inc.1 | 85,761 |
2,984 | Brown & Brown, Inc.1 | 212,192 |
175 | Chubb Ltd.1,2 | 39,550 |
376 | Cincinnati Financial Corp.1 | 38,901 |
106 | Everest Group Ltd.1,2 | 37,480 |
736 | Globe Life, Inc.1 | 89,586 |
1,141 | Hartford Financial Services Group, Inc.1 | 91,714 |
2,544 | Loews Corp.1 | 177,037 |
248 | Progressive Corp.1 | 39,501 |
381 | Travelers Cos., Inc.1 | 72,577 |
2,443 | W R Berkley Corp.1 | 172,769 |
836 | Willis Towers Watson PLC1,2 | 201,643 |
1,466,258 | ||
MEDIA — 2.5% | ||
451 | FactSet Research Systems, Inc.1 | 215,149 |
3,589 | Fox Corp. - Class A1 | 106,486 |
321,635 | ||
OIL & GAS — 1.4% | ||
7,242 | Coterra Energy, Inc.1 | 184,816 |
PACKAGING & CONTAINERS — 0.3% | ||
272 | Packaging Corp. of America1 | 44,312 |
PHARMACEUTICALS — 12.8% | ||
1,281 | AbbVie, Inc.1 | 198,517 |
2,234 | Cardinal Health, Inc.1 | 225,187 |
AXS Alternative Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Number of Shares | Value | |
COMMON STOCKS (Continued) | ||
PHARMACEUTICALS (Continued) | ||
672 | Cigna Group1 | $201,230 |
2,447 | CVS Health Corp.1 | 193,215 |
1,175 | Johnson & Johnson1 | 184,170 |
386 | McKesson Corp.1 | 178,710 |
1,769 | Merck & Co., Inc.1 | 192,856 |
6,735 | Organon & Co.1 | 97,119 |
5,163 | Pfizer, Inc.1 | 148,643 |
254 | Zoetis, Inc.1 | 50,132 |
1,669,779 | ||
REITS — 1.5% | ||
649 | Public Storage - REIT1 | 197,945 |
RETAIL — 8.6% | ||
76 | AutoZone, Inc.*,1 | 196,506 |
351 | Costco Wholesale Corp.1 | 231,688 |
730 | Dollar General Corp.1 | 99,243 |
449 | Domino's Pizza, Inc.1 | 185,091 |
668 | McDonald's Corp.1 | 198,069 |
78 | O'Reilly Automotive, Inc.*,1 | 74,106 |
366 | Starbucks Corp.1 | 35,140 |
520 | Tractor Supply Co.1 | 111,816 |
1,131,659 | ||
SEMICONDUCTORS — 0.5% | ||
1,354 | Intel Corp.1 | 68,038 |
SOFTWARE — 5.0% | ||
2,022 | Akamai Technologies, Inc.*,1 | 239,304 |
863 | Electronic Arts, Inc.1 | 118,067 |
411 | Fiserv, Inc.*,1 | 54,597 |
1,147 | Jack Henry & Associates, Inc.1 | 187,431 |
118 | Tyler Technologies, Inc.*,1 | 49,338 |
648,737 | ||
TELECOMMUNICATIONS — 3.0% | ||
11,412 | AT&T, Inc.1 | 191,493 |
5,227 | Verizon Communications, Inc.1 | 197,058 |
388,551 | ||
TOYS/GAMES/HOBBIES — 0.3% | ||
739 | Hasbro, Inc.1 | 37,733 |
AXS Alternative Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of December 31, 2023 (Unaudited)
Number of Shares | Value | |
COMMON STOCKS (Continued) | ||
TRANSPORTATION — 1.1% | ||
1,627 | C.H. Robinson Worldwide, Inc.1 | $140,557 |
TOTAL COMMON STOCKS | ||
(Cost $13,926,882) | 14,650,623 |
Principal Amount | ||
SHORT-TERM INVESTMENTS — 0.9% | ||
$114,030 | UMB Bank, Money Market Fiduciary Deposit Investment, 0.01%3 | 114,030 |
TOTAL SHORT-TERM INVESTMENTS | ||
(Cost $114,030) | 114,030 | |
TOTAL INVESTMENTS — 112.9% | ||
(Cost $14,040,912) | 14,764,653 | |
Liabilities in Excess of Other Assets — (12.9)% | (1,690,661) | |
TOTAL NET ASSETS — 100.0% | $13,073,992 |
PLC – Public Limited Company |
REIT – Real Estate Investment Trusts |
*Non-income producing security. |
1All or a portion of the security is segregated as collateral for line of credit borrowings. As of December 31, 2023, the aggregate value of those securities was $14,650,623, representing 112.0% of net assets. |
2Foreign security denominated in U.S. Dollars. |
3The rate is the annualized seven-day yield at period end. |