Campbell Systematic Macro Fund
Consolidated Schedule of Investments
May 31, 2026 (Unaudited)

U.S. TREASURY BILLS - 70.0%
Par  

Value  
3.60%, 06/04/2026 (a)

    $        225,000,000

    $        224,932,335
3.50%, 07/09/2026 (a)

             220,000,000

             219,158,775
3.57%, 08/06/2026 (a)

             300,000,000

             298,015,416
3.56%, 09/03/2026 (a)

             200,000,000

             198,125,222
3.62%, 10/08/2026 (a)

             300,000,000

             296,123,280
3.65%, 11/12/2026 (a)

             250,000,000

             245,874,260
TOTAL U.S. TREASURY BILLS (Cost $1,482,480,405)

             1,482,229,288






MONEY MARKET FUNDS - 5.3%
Shares  

Value  
BlackRock Liquidity Funds T-Fund - Institutional Class, 3.51% (b)

            112,962,395

             112,962,395
TOTAL MONEY MARKET FUNDS (Cost $112,962,395)

             112,962,395






TOTAL INVESTMENTS - 75.3% (Cost $1,595,442,800)

             1,595,191,683
Other Assets in Excess of Liabilities - 24.7%
0.24664
            522,257,292
TOTAL NET ASSETS - 100.0%




    $        2,117,448,975


Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.




(a)

The rate shown is the annualized yield as of May 31, 2026.
(b)

The rate shown represents the 7-day annualized yield as of May 31, 2026.




Campbell Systematic Macro Fund
Consolidated Schedule of Futures Contracts
May 31, 2026 (Unaudited)

Description

Contracts Purchased

Expiration Date

Notional Value

Value / Unrealized Appreciation (Depreciation)
   3 Month Canadian Overnight Repo Rate Average

899

12/14/2027

    $        158,326,769

    $        77,045
   3-Month Secured Overnight Financing Rate

3,749

12/14/2027

             900,837,837

             1,118,210
   Arabica Coffee

292

07/21/2026

             29,083,200

             (1,026,657)
   Brent Crude Oil

218

07/31/2026

             19,425,980

             (841,075)
   CAC40 10 Euro Index

438

06/19/2026

             41,792,743

             (53,251)
   Canadian 10 Year Government Bonds

5,623

09/18/2026

             490,373,401

             1,155,329
   Copper

147

07/29/2026

             23,479,575

             803,662
   Crude Oil

137

06/22/2026

             11,968,320

             (1,354,602)
   Crude Soybean Oil

1,408

07/14/2026

             65,657,856

             4,332,200
   Dow Jones Industrial Average Index

110

06/18/2026

             28,092,350

             243,097
   Euro STOXX 50 Quanto Index

917

06/19/2026

             64,859,776

             (20,586)
   Euro-BOBL

1,097

06/08/2026

             148,567,278

             288,186
   Euro-BTP Italian Government Bonds

209

06/08/2026

             29,011,932

             137,909
   Feeder Cattle

423

08/27/2026

             73,691,887

             (4,633,502)
   French Government Bonds

410

06/08/2026

             57,778,944

             358,169
   FTSE 100 Index

463

06/19/2026

             65,114,051

             (121,143)
   FTSE China A50 Index

325

06/29/2026

             5,122,975

             84,096
   FTSE/JSE Top 40 Index

584

06/18/2026

             38,610,630

             (1,282,654)
   FTSE/MIB Index

216

06/19/2026

             63,110,225

             2,561,491
   German Stock Index

115

06/19/2026

             84,435,142

             (396,960)
   Gold

545

08/27/2026

             250,318,500

             2,743,674


   Hang Seng Index

134

06/29/2026

             21,363,843

             (87,781)
   IBEX 35 Index

374

06/19/2026

             80,472,338

             2,585,956
   ICE 3 Month SONIA Rate

2,206

09/14/2027

             712,064,513

             1,174,606
   Japanese 10 Year Government Bonds

659

06/15/2026

             533,315,606

             1,580,100
   Live Cattle

694

08/31/2026

             66,360,280

             (1,841,626)
   London Metals - Aluminum(a)

2,584

06/15/2026

             240,224,144

             23,403,830
   London Metals - Aluminum(a)

1,912

09/14/2026

             174,753,932

             3,263,154
   London Metals - Copper(a)

1,605

06/15/2026

             546,708,341

             27,173,019
   London Metals - Copper(a)

496

09/14/2026

             169,085,656

             (2,268,285)
   London Metals - Lead(a)

1,658

06/15/2026

             83,034,712

             2,280,013
   London Metals - Lead(a)

251

09/14/2026

             12,723,002

             31,907
   London Metals - Nickel(a)

820

06/15/2026

             93,057,618

             5,348,157
   London Metals - Nickel(a)

75

09/14/2026

             8,599,320

             67,917
   London Metals - Zinc(a)

2,499

06/15/2026

             220,496,141

             12,594,457
   London Metals - Zinc(a)

713

09/14/2026

             63,080,179

             (291,277)
   Long Gilt

1,215

09/28/2026

             145,199,176

             1,099,878
   Low Sulphur Gas Oil

468

07/10/2026

             46,858,500

             (2,738,705)
   MSCI Singapore Index

1,676

06/29/2026

             60,513,285

             (166,145)
   Natural Gas

1,239

06/26/2026

             40,763,100

             (445,808)
   Natural Gas

175

07/30/2026

             6,982,300

             (180,057)
   Nikkei 225 Index

155

06/11/2026

             64,689,982

             1,130,344
   NY Harbor ULSD

103

06/30/2026

             15,091,684

             (839,754)
   OMXS30 Index

2,439

06/18/2026

             83,051,370

             1,942,903
   Physcial Electricity Index

73

07/30/2026

             6,388,156

             97,248
   Reformulated Gasoline Blendstock

204

06/30/2026

             25,998,739

             (2,721,657)
   Robusta Coffee

919

09/24/2026

             30,758,930

             1,545,112
   Russell 2000 Index

90

06/18/2026

             13,159,350

             458,376
   S&P 500 Index

533

06/18/2026

             202,426,738

             1,173,173
   S&P Mid Cap 400 Index

50

06/18/2026

             18,660,000

             327,007
   S&P/Toronto Stock Exchange 60 Index

249

06/18/2026

             73,071,788

             256,366
   SGX FTSE Taiwan Index

190

06/29/2026

             29,944,000

             1,027,110
   SGX TSI Iron Ore

2,928

07/31/2026

             30,814,272

             (580,673)
   Silver

147

07/29/2026

             55,768,125

             1,116,937
   Soybean Meal

184

07/14/2026

             6,068,320

             7,954
   Sugar #11

178

06/30/2026

             2,803,002

             (190,624)
   TOPIX Index

118

06/11/2026

             29,354,598

             758,449
   U.S. Treasury Long Bonds

3,210

09/21/2026

             360,222,188

             631,135
   UK Natural Gas

295

07/30/2026

             13,675,135

             (376,227)








    $        82,519,127








             –
Description

Contracts Sold

Expiration Date

Notional Value

Value / Unrealized Appreciation (Depreciation)
   3 Month Euribor

(3,390)

06/14/2027

    $        962,376,216

    $        (1,770,707)
   ASX SPI 200 Index

(204)

06/18/2026

             32,074,319

             (390,978)
   Austrailian Government 10 Year Bonds

(8,018)

06/15/2026

             628,321,211

             (8,878,064)
   Austrailian Government 3 Year Bonds

(9,795)

06/15/2026

             733,747,242

             (4,152,602)
   Australian 90 Day Bank Bills

(4,237)

06/10/2027

             3,011,496,918

             (1,432,983)
   Canadian Canola Oil

(816)

07/14/2026

             9,007,281

             (176,422)
   Corn No. 2 Yellow

(2,880)

07/14/2026

             64,332,000

             2,438,690
   Cotton No.2

(265)

07/09/2026

             10,089,875

             566,895
   Euro BUXL 30 Year Bonds

(276)

06/08/2026

             35,444,048

             (1,061,961)
   Euro-Bund

(431)

06/08/2026

             63,588,763

             (217,243)
   Euro-Schatz

(9,055)

06/08/2026

             1,119,702,598

             (2,340,052)
   Hang Seng China Enterprises Index

(24)

06/29/2026

             1,280,557

             19,088
   Hard Red Winter Wheat

(16)

07/14/2026

             519,800

             12,064
   ICE European Climate Exchange Emissions

(81)

12/14/2026

             7,617,783

             (768,878)
   Lean Hogs

(1,533)

07/15/2026

             61,013,400

             3,277,110
   London Metals - Aluminum(a)

(2,584)

06/15/2026

             240,224,144

             (18,205,953)
   London Metals - Aluminum(a)

(1,152)

09/14/2026

             105,291,072

             (2,438,924)


   London Metals - Copper(a)

(1,605)

06/15/2026

             546,708,341

             (18,529,078)
   London Metals - Copper(a)

(954)

09/14/2026

             325,217,169

             161,658
   London Metals - Lead(a)

(1,658)

06/15/2026

             83,034,713

             (2,254,074)
   London Metals - Lead(a)

(374)

09/14/2026

             18,957,780

             (276,872)
   London Metals - Nickel(a)

(820)

06/15/2026

             93,057,618

             (6,511,815)
   London Metals - Nickel(a)

(293)

09/14/2026

             33,594,677

             (103,237)
   London Metals - Zinc(a)

(2,499)

06/15/2026

             220,496,141

             (13,961,843)
   London Metals - Zinc(a)

(653)

09/14/2026

             57,771,889

             (515,344)
   MSCI EAFE Index

(24)

06/19/2026

             3,733,560

             (129,674)
   MSCI Emerging Markets Index

(32)

06/19/2026

             2,797,600

             (202,490)
   Nasdaq 100 Index

(8)

06/18/2026

             4,864,840

             7,822
   Nifty 50 Index

(812)

06/30/2026

             38,525,340

             128,629
   Palladium

(45)

09/28/2026

             6,218,550

             19,599
   Platinum

(6)

07/29/2026

             578,850

             (8,220)
   Soybeans

(865)

07/14/2026

             51,326,937

             198,013
   U.S. Treasury 10 Year Notes

(479)

09/21/2026

             52,607,672

             (82,989)
   U.S. Treasury 2 Year Notes

(1,237)

09/30/2026

             255,517,813

             (169,098)
   U.S. Treasury 5 Year Note

(4,824)

09/30/2026

             517,185,565

             (2,750,012)
   U.S. Treasury Ultra Bonds

(17)

09/21/2026

             1,944,906

             (41,445)
   US Cocoa

(658)

07/16/2026

             25,813,340

             (1,784,407)
   Wheat

(1,008)

07/14/2026

             30,769,200

             624,256








    $        (81,701,541)
Net Unrealized Appreciation (Depreciation)



    $        –

    $        –

    $        817,586

The Fund has recorded an asset of $8,967,410 as of May 31, 2026 related to the current day's variation margin related to these contracts.



(a)

London Metal Exchange (“LME”) futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts.



Campbell Systematic Macro Fund
Schedule of Forward Currency Contracts
May 31, 2026 (Unaudited)

Counterparty

Settlement Date

Currency Purchased

Currency Sold

Unrealized Appreciation (Depreciation)
UBS AG

06/17/2026

AUD
716,200,000

USD
509,419,226

    $        5,157,442
UBS AG

06/17/2026

BRL
2,012,200,000

USD
380,917,113

             16,198,431
UBS AG

06/17/2026

CHF
190,350,000

USD
244,161,232

             202,646
UBS AG

06/17/2026

CLP
86,170,000,000

USD
96,179,884

             649,943
UBS AG

06/17/2026

CNH
705,000,000

USD
103,309,480

             1,043,295
UBS AG

06/17/2026

COP
663,450,000,000

USD
175,111,425

             3,939,195
UBS AG

06/17/2026

CZK
2,375,600,000

USD
113,714,508

             403,636
UBS AG

06/17/2026

EUR
1,604,950,000

USD
1,872,648,598

             937,857
UBS AG

06/17/2026

HUF
63,162,000,000

USD
195,524,936

             12,411,509
UBS AG

06/17/2026

MXN
5,775,300,000

USD
325,449,391

             7,132,724
UBS AG

06/17/2026

NOK
7,662,900,000

USD
799,389,138

             29,097,378
UBS AG

06/17/2026

NZD
783,900,000

USD
464,373,778

             5,358,592
UBS AG

06/17/2026

PLN
813,825,000

USD
223,795,570

             590,988
UBS AG

06/17/2026

SEK
2,217,750,000

USD
239,270,258

             1,162,242
UBS AG

06/17/2026

TWD
3,762,000,000

USD
118,304,786

             1,909,651
UBS AG

06/17/2026

USD
1,740,527,762

CAD
2,383,550,000

             10,196,097
UBS AG

06/17/2026

USD
483,116,236

CHF
375,850,000

             614,720
UBS AG

06/17/2026

USD
2,579,035,817

EUR
2,205,550,000

             4,320,962
UBS AG

06/17/2026

USD
57,415,348

IDR
982,625,000,000

             2,512,162
UBS AG

06/17/2026

USD
121,705,086

INR
11,495,000,000

             937,225
UBS AG

06/17/2026

USD
1,458,074,356

JPY
230,283,000,000

             9,886,104
UBS AG

06/17/2026

USD
144,514,087

KRW
213,825,000,000

             2,565,619


UBS AG

06/17/2026

USD
162,274,901

PHP
9,735,750,000

             4,287,896
UBS AG

06/17/2026

USD
489,930,762

SEK
4,494,000,000

             2,723,611
UBS AG

06/17/2026

USD
203,684,172

SGD
258,315,000

             1,005,713
UBS AG

06/17/2026

ZAR
4,041,000,000

USD
244,994,673

             3,829,673
UBS AG

06/17/2026

CAD
1,685,000,000

USD
1,235,131,790

             (11,910,605)
UBS AG

06/17/2026

GBP
1,266,050,000

USD
1,706,096,225

             (1,169,064)
UBS AG

06/17/2026

IDR
3,648,750,000,000

USD
210,135,380

             (6,265,134)
UBS AG

06/17/2026

INR
26,598,000,000

USD
281,688,212

             (2,246,406)
UBS AG

06/17/2026

JPY
167,686,500,000

USD
1,064,244,496

             (9,708,906)
UBS AG

06/17/2026

KRW
285,435,000,000

USD
192,783,789

             (3,296,775)
UBS AG

06/17/2026

PHP
14,699,250,000

USD
244,236,263

             (5,703,999)
UBS AG

06/17/2026

SGD
107,559,000

USD
84,498,647

             (105,978)
UBS AG

06/17/2026

USD
669,053,365

AUD
939,200,000

             (5,744,746)
UBS AG

06/17/2026

USD
271,474,124

BRL
1,407,850,000

             (6,370,582)
UBS AG

06/17/2026

USD
163,237,821

CLP
147,900,000,000

             (2,958,436)
UBS AG

06/17/2026

USD
163,500,775

CNH
1,118,900,000

             (2,116,701)
UBS AG

06/17/2026

USD
92,702,628

COP
345,510,000,000

             (542,952)
UBS AG

06/17/2026

USD
139,850,532

CZK
2,938,000,000

             (1,283,963)
UBS AG

06/17/2026

USD
1,929,093,317

GBP
1,433,150,000

             (859,182)
UBS AG

06/17/2026

USD
169,972,237

HUF
54,657,000,000

             (9,964,786)
UBS AG

06/17/2026

USD
382,141,482

MXN
6,687,300,000

             (2,959,964)
UBS AG

06/17/2026

USD
575,549,451

NOK
5,440,200,000

             (12,626,350)
UBS AG

06/17/2026

USD
711,790,873

NZD
1,213,600,000

             (15,428,422)
UBS AG

06/17/2026

USD
131,618,624

PLN
484,125,000

             (1,863,565)
UBS AG

06/17/2026

USD
33,917,619

TWD
1,080,900,000

             (622,462)
UBS AG

06/17/2026

USD
189,638,928

ZAR
3,161,800,000

             (5,048,728)
Net Unrealized Appreciation (Depreciation)
    $        20,277,605

AUD - Australian Dollars
BRL - Brazilian Real
CAD - Canadian Dollar
CHF - Swiss Franc
CLP - Chilean Peso
CNH - Chinese Offshore Renminbi
COP - Colombian Peso
CZK - Czech Republic Koruna
EUR - Euro
GBP - British Pound
HUF - Hungarian Forint
IDR - Indonesian Rupiah
INR - Indian Rupee
JPY - Japanese Yen
KRW - South Korean Won
MXN - Mexican Peso
NOK - Norwegian Krone
NZD - New Zealand Dollar
PHP - Philippine Peso
PLN - Polish Zloty
SEK - Swedish Krona
SGD - Singapore Dollar
TWD - New Taiwan Dollar
USD - United States Dollar
ZAR - South African Rand























Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
Campbell Systematic Macro Fund has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2026:



Level 1

Level 2

Level 3

Total
Assets:







Investments:







  U.S. Treasury Bills
    $        –

    $        1,482,229,288

    $        –

    $        1,482,229,288
  Money Market Funds
            112,962,395

            –

            –

            112,962,395
Total Investments
    $        112,962,395

    $        1,482,229,288

    $        –

    $        1,595,191,683

Other Financial Instruments:







  Forward Currency Contracts *
    $        –

    $        129,075,311

    $        –

    $        129,075,311
  Futures Contracts *
            112,432,000

            –

            –

            112,432,000
Total Other Financial Instruments
    $        112,432,000

    $        129,075,311

    $        –

    $        241,507,311








Liabilities:







Other Financial Instruments:







  Futures Contracts *
    $        (111,614,414)

    $        –

    $        –

    $        (111,614,414)
  Forward Currency Contracts *
            –

            (108,797,706)

            –

            (108,797,706)
Total Other Financial Instruments
    $        (111,614,414)

    $        (108,797,706)

    $        –

    $        (220,412,120)

* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of May 31, 2026.

Refer to the Schedule of Investments for further disaggregation of investment categories.