| CAIS Sports, Media and Entertainment Fund | |||||||||||||||||
| SCHEDULE OF INVESTMENTS (Unaudited) | |||||||||||||||||
| June 30, 2026 | |||||||||||||||||
| Investments | Geographic Region | Acquisition Date | Principal Amount / Shares | Cost | Fair Value | % of Net Assets | Unrealized Appreciation / (Depreciation) from Investments | ||||||||||
| CORPORATE BONDS - 22.6% | |||||||||||||||||
| COMMUNICATIONS - 14.4% | |||||||||||||||||
| Comcast Corporation, 2.650%, 02/01/2030 | Americas | $ 1,750,000 | $ 1,661,694 | $ 1,630,718 | 0.8% | $ (30,976) | |||||||||||
| Comcast Corporation, 1.500%, 02/15/2031 | Americas | 2,300,000 | 2,009,818 | 1,985,544 | 1.0 | (24,274) | |||||||||||
| Discovery Global Holdings, Inc., 4.279%, 03/15/2032 | Americas | 3,700,000 | 3,338,222 | 3,322,489 | 1.6 | (15,733) | |||||||||||
| Fox Corporation, 4.709%, 01/25/2029 | Americas | 1,500,000 | 1,516,975 | 1,499,693 | 0.7 | (17,282) | |||||||||||
| Fox Corporation, 6.500%, 10/13/2033 | Americas | 1,800,000 | 1,931,544 | 1,918,825 | 0.9 | (12,719) | |||||||||||
| Meta Platforms, Inc., 4.875%, 11/15/2035 | Americas | 3,500,000 | 3,468,498 | 3,412,553 | 1.7 | (55,945) | |||||||||||
| Netflix, Inc., 6.375%, 05/15/2029 | Americas | 1,500,000 | 1,593,162 | 1,575,879 | 0.8 | (17,283) | |||||||||||
| Netflix, Inc., 4.900%, 08/15/2034 | Americas | 2,000,000 | 2,018,558 | 1,999,079 | 1.0 | (19,479) | |||||||||||
| Nexstar Media Group, Inc., 6.500%, 09/15/2033 (c) | Americas | 2,000,000 | 2,013,067 | 2,001,265 | 1.0 | (11,802) | |||||||||||
| Rogers Communications, Inc., 3.800%, 03/15/2032 | Americas | 3,850,000 | 3,628,646 | 3,595,032 | 1.7 | (33,614) | |||||||||||
| Sirius XM Radio LLC, 3.875%, 09/01/2031 (c) | Americas | 1,500,000 | 1,386,985 | 1,364,595 | 0.6 | (22,390) | |||||||||||
| Sirius XM Radio LLC, 5.875%, 04/15/2032 (c) | Americas | 2,000,000 | 1,990,105 | 1,977,761 | 1.0 | (12,344) | |||||||||||
| Snap Incorporated, 6.875%, 03/01/2033 (c) | Americas | 1,250,000 | 1,288,796 | 1,219,108 | 0.6 | (69,688) | |||||||||||
| Versant Media Group, Inc., 7.250%, 01/30/2031 (c) | Americas | 1,900,000 | 1,956,194 | 1,966,920 | 1.0 | 10,726 | |||||||||||
| TOTAL COMMUNICATIONS | $ 29,802,264 | $ 29,469,461 | 14.4% | $ (332,803) | |||||||||||||
| CONSUMER DISCRETIONARY - 7.6% | |||||||||||||||||
| Boyd Gaming Corporation, 4.750%, 06/15/2031 (c) | Americas | $ 1,250,000 | $ 1,223,409 | $ 1,207,694 | 0.6% | $ (15,715) | |||||||||||
| Caesars Entertainment, Inc., 6.500%, 02/15/2032 (c) | Americas | 3,250,000 | 3,256,283 | 3,176,050 | 1.5 | (80,233) | |||||||||||
| Churchill Downs, Inc., 5.750%, 04/01/2030 (c) | Americas | 1,250,000 | 1,260,840 | 1,249,497 | 0.6 | (11,343) | |||||||||||
| Light & Wonder International, Inc., 6.250%, 10/01/2033 (c) | Americas | 3,250,000 | 3,223,988 | 3,233,782 | 1.6 | 9,794 | |||||||||||
| MGM Resorts International, 6.125%, 09/15/2029 | Americas | 1,250,000 | 1,278,501 | 1,264,598 | 0.6 | (13,903) | |||||||||||
| MGM Resorts International, 6.500%, 04/15/2032 | Americas | 1,900,000 | 1,922,536 | 1,902,544 | 0.9 | (19,992) | |||||||||||
| Walt Disney Company, 2.000%, 09/01/2029 | Americas | 1,750,000 | 1,652,713 | 1,625,147 | 0.8 | (27,566) | |||||||||||
| Walt Disney Company, 2.650%, 01/13/2031 | Americas | 2,200,000 | 2,051,267 | 2,033,578 | 1.0 | (17,689) | |||||||||||
| TOTAL CONSUMER DISCRETIONARY | $ 15,869,537 | $ 15,692,890 | 7.6% | $ (176,647) | |||||||||||||
| TECHNOLOGY - 0.6% | |||||||||||||||||
| Voyager Parent LLC, 9.250%, 07/01/2032 (c) | Americas | $ 1,184,000 | $ 1,256,795 | $ 1,252,522 | 0.6% | $ (4,273) | |||||||||||
| TOTAL TECHNOLOGY | $ 1,256,795 | $ 1,252,522 | 0.6% | $ (4,273) | |||||||||||||
| TOTAL CORPORATE BONDS | $ 46,928,596 | $ 46,414,873 | 22.6% | $ (513,723) | |||||||||||||
| PRIVATE FUNDS - 77.2% | |||||||||||||||||
| CO-INVESTMENTS - 7.2% | |||||||||||||||||
| AP Crimson Co-Invest, SCSp (a) | Europe | 6/30/2026 | $ 7,587,321 | $ 7,390,159 | 3.6% | $ (197,162) | |||||||||||
| Arctos Sports Partners Elvis Co-Invest II, LP (a) | Americas | 12/18/2025 | 5,714,473 | 7,265,625 | 3.6 | 1,551,152 | |||||||||||
| TOTAL CO-INVESTMENTS | $ 13,301,794 | $ 14,655,784 | 7.2% | $ 1,353,990 | |||||||||||||
| PRIMARY INVESTMENTS - 50.7% | |||||||||||||||||
| Arctos American Football Fund Feeder, LP (a) | Americas | 12/3/2025 | $ 6,685,432 | $ 7,518,464 | 3.6% | $ 833,032 | |||||||||||
| Blue Owl HomeCourt Offshore Investors LP (a) | Americas | 3/31/2026 | 7,035,923 | 7,735,758 | 3.8 | 699,835 | |||||||||||
| Eldridge Sports and Entertainment Fund Offshore LP (a) | Americas | 7/14/2025 | 75,200,000 | 81,390,000 | 39.7 | 6,190,000 | |||||||||||
| T-POP Investment Holdings I, LP (a) | Americas | 6/17/2026 | 7,500,000 | 7,397,130 | 3.6 | (102,870) | |||||||||||
| TOTAL PRIMARY INVESTMENTS | $ 96,421,355 | $ 104,041,352 | 50.7% | $ 7,619,997 | |||||||||||||
| SECONDARY INVESTMENTS - 19.3% | |||||||||||||||||
| Arctos Sports Partners Fund I Feeder, LP (a) | Americas | 4/1/2025 | $ 23,700,068 | $ 27,595,902 | 13.5% | $ 3,895,834 | |||||||||||
| ASP Naismith I Feeder A, LP (a) | Americas | 4/1/2025 | 8,320,885 | 11,992,038 | 5.8 | 3,671,153 | |||||||||||
| TOTAL SECONDARY INVESTMENTS | $ 32,020,953 | $ 39,587,940 | 19.3% | $ 7,566,987 | |||||||||||||
| TOTAL PRIVATE FUNDS | $ 141,744,102 | $ 158,285,076 | 77.2% | $ 16,540,974 | |||||||||||||
| TOTAL INVESTMENTS | $ 188,672,698 | $ 204,699,949 | 99.8% | $ 16,027,251 | |||||||||||||
| SHORT-TERM INVESTMENTS - 0.4% | |||||||||||||||||
| MONEY MARKET FUND - 0.4% | |||||||||||||||||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio - Advisory Class 3.55% (b) | 811,591 | $ 811,591 | $ 811,591 | 0.4% | |||||||||||||
| TOTAL SHORT-TERM INVESTMENTS | $ 811,591 | $ 811,591 | 0.4% | ||||||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)% | $ (480,132) | ||||||||||||||||
| NET ASSETS - 100.0% | $205,031,408 | ||||||||||||||||
| (a) | All or a portion of these securities are restricted to resale. | ||||||||||||||||
| (b) | Money market fund; interest rate reflects seven-day effective yield on June 30, 2026. | ||||||||||||||||
| (c) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2026 the total market value of 144A securities is $18,649,194 or 9.1% of net assets. | ||||||||||||||||