LCAM
Strategic
Income
Fund
Portfolio
of
Investments
May
31,
2026
(Unaudited)
Principal
Amount
Value
Investments
—
100.8%
of
net
assets
Asset
Backed
Securities
—
14.4%
BANK
2017-BNK8,
4.225%,
11/15/50
$
500,000
$
426,989
CFCRE
Commercial
Mortgage
Trust
2016-C3,
3.052%,
01/10/48
(a)
93,447
90,754
JPMBB
Commercial
Mortgage
Securities
Trust,
4.509%,
02/15/47
(a)
500,000
458,082
JPMDB
Commercial
Mortgage
Securities
Trust
2016-C2,
3.990%,
06/15/49
500,000
448,018
LSTAR
Commercial
Mortgage
Trust
2017-5,
4.689%,
03/10/50
(a)
500,000
473,487
MetroNet
Infrastructure
Issuer
LLC,
7.100%,
04/20/56
(a)
500,000
506,250
Wells
Fargo
Commercial
Mortgage
Trust
2015-SG1,
4.432%,
09/15/48
365,301
352,394
Wells
Fargo
Commercial
Mortgage
Trust
2017-RC1,
3.250%,
01/15/60
(a)
500,000
461,069
WFRBS
Commercial
Mortgage
Trust
2013-C15,
4.149%,
08/15/46
500,000
466,216
Total
Asset
Backed
Securities
(Cost
$3,674,829)
3,683,259
Business
Development
Companies
—
1.4%
Ares
Capital
Corp.,
5.800%,
03/08/32
(Cost
$346,297)
350,000
348,561
Total
Business
Development
Companies
(Cost
$346,297)
348,561
Collateralized
Loan
Obligations
—
21.1%
Diameter
Capital
CLO
6
Ltd.,
9.680%,
04/15/39
(a)
375,000
381,365
Diameter
Capital
CLO
14
Ltd.,
0.000%,
07/20/39
(a)
500,000
501,250
GoldenTree
Loan
Management
US
CLO
19
Ltd.,
7.925%,
07/20/39
(a)
500,000
498,306
GoldenTree
Loan
Management
US
CLO
21
Ltd.,
9.375%,
07/20/37
(a)
500,000
502,786
GoldenTree
Loan
Management
US
CLO
22
Ltd.,
8.925%,
10/20/37
(a)
500,000
503,151
GoldenTree
Loan
Management
US
CLO
30
Ltd.,
0.000%,
07/20/39
(a)
500,000
501,268
Neuberger
Berman
CLO
32R
Ltd.,
8.825%,
07/20/39
(a)
500,000
503,010
OCP
CLO
2020-20
Ltd.,
10.222%,
04/18/37
(a)
500,000
495,923
OCP
CLO
2026-50
Ltd.,
0.000%,
07/15/39
(a)
500,000
502,500
Regatta
XVII
Funding
Ltd.,
10.173%,
10/15/37
(a)
500,000
497,272
Regatta
XXVIII
Funding
Ltd.,
10.517%,
04/25/37
(a)
500,000
499,979
Total
Collateralized
Loan
Obligations
(Cost
$5,324,775)
5,386,810
Commercial
Mortgage-Backed
Securities
—
1.5%
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
4.731%,
06/15/47
(Cost
$363,711)
(a)
394,267
377,512
Total
Commercial
Mortgage-Backed
Securities
(Cost
$363,711)
377,512
Corporate
Bonds
—
57.3%
Asset
Management
—
1.4%
Icahn
Enterprises
LP,
10.000%,
11/15/29
(a)
350,000
350,838
Automotive
—
1.4%
American
Axle
&
Manufacturing,
Inc.,
7.750%,
10/15/33
(a)
350,000
351,287
Cable
&
Satellite
—
1.3%
Block
Communications,
Inc.,
10.250%,
03/01/31
(a)
350,000
327,509
Electric
Utilities
—
1.4%
COX
Asset
Mexico
SA
de
CV,
7.125%,
01/08/32
(a)
350,000
356,825
Electrical
Equipment
—
1.3%
BWX
Technologies,
Inc.,
4.125%,
04/15/29
(a)
350,000
339,224
LCAM
Strategic
Income
Fund
Portfolio
of
Investments
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
Value
Entertainment
Content
—
3.8%
Oak-Eagle
AcquireCo
,
Inc.,
8.750%,
07/01/34
(a)
250,000
$
264,363
Paramount
Global,
7.875%,
07/30/30
350,000
367,397
Roblox
Corp.,
3.875%,
05/01/30
(a)
350,000
330,673
Total
Entertainment
Content
962,433
Food
—
2.9%
Grupo
Nutresa
SA,
9.000%,
05/12/35
(a)
350,000
384,136
Industrial
F&B
Investments
III,
Inc.,
7.750%,
02/11/33
(a)
350,000
357,711
Total
Food
741,847
Health
Care
Facilities
&
Services
—
7.1%
Global
Medical
Response,
Inc.,
7.375%,
10/01/32
(a)
350,000
363,900
LifePoint
Health,
Inc.,
10.000%,
06/01/32
(a)
350,000
358,646
National
Mentor
Holdings,
Inc.,
10.500%,
12/15/30
(a)
350,000
368,727
Prime
Healthcare
Services,
Inc.,
9.375%,
09/01/29
(a)
350,000
366,284
Radiology
Partners,
Inc.,
8.500%,
07/15/32
(a)
350,000
359,188
Total
Health
Care
Facilities
&
Services
1,816,745
Home
Construction
—
1.4%
Masterbrand,
Inc.,
7.000%,
07/15/32
(a)
350,000
349,545
Insurance
—
1.3%
Asurion
LLC
and
Asurion
Co-Issuer,
Inc.,
8.375%,
02/01/34
(a)
350,000
341,574
Leisure
Facilities
&
Services
—
2.7%
Flutter
Treasury
DAC,
5.875%,
06/04/31
(a)
350,000
346,213
NCL
Corp.
Ltd,
5.875%,
01/15/31
(a)
350,000
338,526
Total
Leisure
Facilities
&
Services
684,739
Machinery
—
1.4%
Columbus
McKinnon
Corp.,
7.125%,
02/01/33
(a)
350,000
354,926
Metals
&
Mining
—
2.8%
First
Quantum
Minerals
Ltd,
7.250%,
02/15/34
(a)
350,000
359,688
Samarco
Mineracao
SA,
9.000%,
06/30/31
(a)
354,375
358,030
Total
Metals
&
Mining
717,718
Oil
&
Gas
Producers
—
6.9%
Comstock
Resources,
Inc.,
6.750%,
03/01/29
(a)
350,000
344,871
Ecopetrol
SA,
7.750%,
02/01/32
350,000
357,270
Genesis
Energy
LP
&
Genesis
Energy
Finance
Corp.,
6.750%,
03/15/34
350,000
351,626
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.,
6.000%,
04/15/30
(a)
350,000
348,114
Venture
Global
LNG,
Inc.,
8.375%,
06/01/31
(a)
350,000
364,384
Total
Oil
&
Gas
Producers
1,766,265
Oil
&
Gas
Services
&
Equipment
—
1.4%
SESI
LLC,
7.875%,
09/30/30
(a)
350,000
361,515
Publishing
&
Broadcasting
—
1.4%
Gray
Media,
Inc.,
9.625%,
07/15/32
(a)
350,000
345,521
Real
Estate
Owners
&
Developers
—
1.4%
Kennedy-Wilson,
Inc.,
7.000%,
06/01/31
(a)
350,000
359,072
Retail
-
Discretionary
—
2.7%
Advance
Auto
Parts,
Inc.,
7.000%,
08/01/30
(a)
350,000
359,832
LCAM
Strategic
Income
Fund
Portfolio
of
Investments
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
Value
Staples,
Inc.,
10.750%,
09/01/29
(a)
350,000
$
333,318
Total
Retail
-
Discretionary
693,150
Software
—
1.4%
Cloud
Software
Group,
Inc.,
6.500%,
03/31/29
(a)
350,000
347,568
Specialty
Finance
—
2.8%
Freedom
Mortgage
Holdings
LLC,
8.375%,
04/01/32
(a)
350,000
355,570
Rithm
Capital
Corp.,
8.000%,
04/01/29
(a)
350,000
351,229
Total
Specialty
Finance
706,799
Technology
Services
—
1.4%
CACI
International,
Inc.,
6.375%,
06/15/33
(a)
350,000
358,057
Telecommunications
—
3.8%
Black
Pearl
Compute
LLC,
6.125%,
02/15/31
(a)
350,000
356,465
Cipher
Compute
LLC,
7.125%,
11/15/30
(a)
350,000
365,164
Meridian
Arc
HoldCo
LLC,
6.250%,
04/30/31
(a)
250,000
251,465
Total
Telecommunications
973,094
Transportation
&
Logistics
—
4.1%
Avianca
Midco
2
PLC,
9.500%,
01/28/31
(a)
350,000
338,625
Grupo
Aeromexico
SAB
de
CV,
8.250%,
11/15/29
(a)
350,000
356,433
LATAM
Airlines
Group
SA,
7.625%,
01/07/31
(a)
350,000
363,346
Total
Transportation
&
Logistics
1,058,404
Total
Corporate
Bonds
(Cost
$14,537,657)
14,664,655
Money
Market
Funds
—
5.2%
First
American
Government
Obligations
Fund,
Class
X,
3.550%,
06/01/26
(b)
1,323,707
1,323,707
Total
Money
Market
Funds
(Cost
$1,323,707)
1,323,707
Total
Investments
—
100.8%
(Cost
$25,570,976)
25,784,504
Liabilities
in
Excess
of
Other
Assets
—
(0.8)%
(205,426)
Net
Assets
—
100.0%
$
25,579,078
LLC
-
Limited
Liability
Company
LP
-
Limited
Partnership
LTD
-
Limited
Company
PLC
-
Public
Limited
Company
SA
de
CV
-
Sociedad
Anonima
de
Capital
Variable
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
As
of
May
31,
2026,
the
total
fair
value
of
these
securities
was
$21,342,326,
which
represents
83.4%
of
net
assets.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
May
31,
2026.