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Campbell Systematic Macro Fund
Consolidated Schedule of Investments
November 30, 2024 (Unaudited)
SHORT-TERM INVESTMENTS - 71.3%
U.S. Treasury Bills - 71.3%	Par		Value
5.25%, 12/05/2024 (a)		175,000,000	$	174,935,250
5.21%, 01/02/2025 (a)		145,000,000		144,439,373
4.86%, 02/06/2025 (a)		150,000,000		148,791,375
4.69%, 03/06/2025 (a)		140,000,000		138,396,581
4.40%, 04/10/2025 (a)		200,000,000		196,900,774
4.34%, 05/15/2025 (a)		175,000,000		171,573,938
TOTAL SHORT-TERM INVESTMENTS (Cost $974,713,535)				975,037,291
TOTAL INVESTMENTS - 71.3% (Cost $974,713,535)				975,037,291
Other Assets in Excess of Liabilities - 28.7%				392,254,981
TOTAL NET ASSETS - 100.0%			$	1,367,292,272
two				–	%
Percentages are stated as a percent of net assets.				–	%

(a) The rate shown is the annualized effective yield as of November 30, 2024.

Campbell Systematic Macro Fund
Consolidated Schedule of Futures Contracts
November 30, 2024 (Unaudited)
Description	Contracts Purchased		Expiration Date	Notional Value		Value / Unrealized Appreciation (Depreciation)
3 Month Canadian Overnight Repo Rate Average		2,121	06/16/2026	$	368,264,410	$	1,108,189
3 Month Euribor		1,075	12/15/2025		278,988,231		226,498
3-Month Secured Overnight Financing Rate		1,014	06/16/2026		244,082,475		263,954
Arabica Coffee		129	03/19/2025		15,385,669		2,308,373
ASX SPI 200 Index		384	12/19/2024		52,960,767		26,149
Austrailian Government 10 Year Bonds		1,301	12/16/2024		96,114,265		1,697,136
Australian 90 Day Bank Bills		34	03/12/2026		21,971,728		4,183
Brent Crude Oil		674	01/31/2025		48,191,000		(699,919	)
Canadian 10 Year Government Bonds		3,419	03/20/2025		301,398,507		7,027,440
Copper		384	03/27/2025		39,744,000		(205,898	)
Crude Oil		983	12/19/2024		66,844,000		(2,210,509	)
Dow Jones Industrial Average Index		12	12/20/2024		2,703,300		9,823
Euro BUXL 30 Year Bonds		31	03/06/2025		4,578,421		22,073
Euro STOXX 50 Quanto Index		713	12/20/2024		36,294,209		253,342
Euro-BOBL		3,407	03/06/2025		428,944,288		1,230,974
Euro-BTP Italian Government Bonds		89	03/06/2025		11,497,675		63,297
Euro-Bund		3,608	03/06/2025		520,096,460		3,017,102
Euro-Schatz		8,301	03/06/2025		941,724,458		1,459,331
Feeder Cattle		381	01/30/2025		49,429,987		2,264,749
French Government Bonds		537	03/06/2025		71,547,036		598,824
FTSE 100 Index		49	12/20/2024		5,180,324		7,162
FTSE China A50 Index		2,447	12/30/2024		32,258,801		301,577
FTSE/JSE Top 40 Index		975	12/19/2024		41,296,760		(629,792	)
FTSE/MIB Index		272	12/20/2024		48,116,665		(558,639	)
German Stock Index		313	12/20/2024		162,643,903		2,173,656
Gold		67	02/26/2025		17,962,700		101,605
Hang Seng Index		390	12/30/2024		48,887,853		642,850
IBEX 35 Index		369	12/20/2024		45,474,386		449,495
Lean Hogs		909	02/14/2025		31,387,770		222,667
Live Cattle		767	02/28/2025		57,870,150		920,144
London Metals - Aluminum		1,414	12/16/2024		91,414,747		1,628,871
London Metals - Aluminum		599	03/17/2025		38,940,840		151,756
London Metals - Copper		663	12/16/2024		147,774,910		(8,941,881	)
London Metals - Copper		172	03/17/2025		38,856,866		35,820
London Metals - Lead		1,448	12/16/2024		74,540,506		708,538
London Metals - Lead		198	03/17/2025		10,292,634		217,987
London Metals - Nickel		749	12/16/2024		70,628,915		(3,969,008	)
London Metals - Nickel		122	03/17/2025		11,678,159		(63,408	)
London Metals - Zinc		1,556	12/16/2024		120,738,598		4,867,526
London Metals - Zinc		400	03/17/2025		31,076,300		453,443
MSCI Singapore Index		2,105	12/30/2024		58,782,200		52,001
Nasdaq 100 Index		69	12/20/2024		28,971,030		36,710
Nifty 50 Index		786	12/26/2024		38,205,102		(175,031	)
Nikkei 225 Index		228	12/12/2024		58,167,697		(599,790	)
OMXS30 Index		1,580	12/20/2024		36,542,225		(246,583	)
Platinum		1,752	01/29/2025		83,579,160		(3,658,502	)
Robusta Coffee		135	03/25/2025		7,258,950		696,587
S&P 500 Index		504	12/20/2024		152,497,800		613,779
S&P/Toronto Stock Exchange 60 Index		274	12/19/2024		60,262,191		1,673,097
SGX FTSE Taiwan Index		508	12/30/2024		37,805,360		(650,820	)
SGX TSI Iron Ore		2,578	01/31/2025		26,816,356		537,860
Silver		96	03/27/2025		14,931,840		(3,172	)
Soybeans		851	01/14/2025		42,103,225		1,842
Sugar #11		1,042	02/28/2025		24,601,203		(638,803	)
TOPIX Index		177	12/12/2024		31,693,547		(287,664	)
US Cocoa		506	03/14/2025		47,690,500		11,624,632
						$	26,161,624
							–
Description	Contracts Sold		Expiration Date	Notional Value		Value / Unrealized Appreciation (Depreciation)
Austrailian Government 3 Year Bonds		(3,522)	12/16/2024	$	243,190,413	$	(1,098,876	)
CAC40 10 Euro Index		(61)	12/20/2024		4,668,953		(84,659	)
Canadian Canola Oil		(452)	01/14/2025		3,706,913		157,308
Corn No. 2 Yellow		(12)	03/14/2025		259,800		(686	)
Cotton No.2		(580)	03/07/2025		20,859,700		193,263
Crude Soybean Oil		(911)	03/14/2025		22,995,462		2,956,443
Hang Seng China Enterprises Index		(1)	12/30/2024		44,878		(813	)
Hard Red Winter Wheat		(296)	03/14/2025		8,003,100		238,394
ICE 3 Month SONIA Rate		(1,914)	03/17/2026		585,179,033		(721,331	)
ICE European Climate Exchange Emissions		(80)	12/16/2024		5,782,521		64,600
Japanese 10 Year Government Bonds		(249)	12/13/2024		238,090,699		226,509
London Metals - Aluminum		(1,414)	12/16/2024		91,414,746		(1,651,657	)
London Metals - Aluminum		(251)	03/17/2025		16,317,447		104,863
London Metals - Copper		(663)	12/16/2024		147,774,910		7,467,289
London Metals - Copper		(341)	03/17/2025		77,035,995		828,153
London Metals - Lead		(1,448	12/16/2024		74,540,506		(341,344	)
London Metals - Lead		(830)	03/17/2025		43,145,890		(1,214,772	)
London Metals - Nickel		(749)	12/16/2024		70,628,915		3,026,477
London Metals - Nickel		(81)	03/17/2025		7,753,532		(65,068	)
London Metals - Zinc		(1,556)	12/16/2024		120,738,598		(6,675,090	)
London Metals - Zinc		(1,090)	03/17/2025		84,682,918		(4,202,619	)
Long Gilt		(3,154)	03/27/2025		384,833,832		(4,341,553	)
Low Sulphur Gas Oil		(10)	01/10/2025		671,750		(3,067	)
MSCI EAFE Index		(110)	12/20/2024		12,824,350		224,510
MSCI Emerging Markets Index		(274)	12/20/2024		14,941,220		689,284
Natural Gas		(564)	12/27/2024		18,967,320		383,615
Natural Gas		(130)	01/30/2025		4,413,974		55,879
NY Harbor ULSD		(908)	12/31/2024		83,609,366		1,604,567
Palladium		(143)	03/27/2025		14,235,650		395,077
Phelix DE Base M Jan25		(239)	01/30/2025		21,765,220		786,151
Reformulated Gasoline Blendstock		(203)	12/31/2024		16,189,169		317,730
Russell 2000 Index		(169)	12/20/2024		20,656,870		(1,443,335	)
S&P Mid Cap 400 Index		(35)	12/20/2024		11,822,300		(497,339	)
Soybean Meal		(1,416)	03/14/2025		42,140,160		(65,556	)
U.S. Treasury 10 Year Notes		(4,974)	03/20/2025		553,046,625		(3,184,625	)
U.S. Treasury 2 Year Notes		(742)	03/31/2025		152,933,157		(245,330	)
U.S. Treasury 5 Year Note		(5,099)	03/31/2025		548,660,370		(1,442,437	)
U.S. Treasury Long Bonds		(909)	03/20/2025		108,625,500		(932,908	)
U.S. Treasury Ultra Bonds		(60)	03/20/2025		7,631,250		(200,488	)
UK Natural Gas		(370)	01/30/2025		15,824,281		281,374
Wheat		(1,747)	03/14/2025		47,867,800		1,758,174
						$	(6,653,891	)
Total Unrealized Appreciation (Depreciation)						$	19,507,733

Campbell Systematic Macro Fund

Consolidated Schedule of Forward Currency Contracts

November 30, 2024 (Unaudited)

Counterparty	Settlement Date	Currency Purchased		Currency Sold		Unrealized Appreciation (Depreciation)
UBS AG	12/18/2024	AUD	1,127,000,000	USD	752,954,252	$	(17,740,533	)
UBS AG	12/18/2024	BRL	1,118,750,000	USD	196,879,167		(11,381,591	)
UBS AG	12/18/2024	CAD	564,000,000	USD	409,134,920		(5,997,897	)
UBS AG	12/18/2024	CHF	38,050,000	USD	44,483,147		(1,191,592	)
UBS AG	12/18/2024	CLP	73,520,000,000	USD	78,830,336		(3,373,591	)
UBS AG	12/18/2024	CNH	815,300,000	USD	116,536,872		(3,987,891	)
UBS AG	12/18/2024	COP	689,550,000,000	USD	160,446,271		(5,328,163	)
UBS AG	12/18/2024	CZK	5,309,200,000	USD	229,560,499		(7,246,604	)
UBS AG	12/18/2024	EUR	1,092,950,000	USD	1,194,943,348		(38,984,547	)
UBS AG	12/18/2024	GBP	526,700,000	USD	686,261,809		(16,072,723	)
UBS AG	12/18/2024	HUF	86,661,000,000	USD	237,001,378		(15,417,052	)
UBS AG	12/18/2024	IDR	3,032,750,000,000	USD	195,886,338		(4,584,345	)
UBS AG	12/18/2024	INR	21,004,000,000	USD	249,155,643		(826,374	)
UBS AG	12/18/2024	JPY	64,516,500,000	USD	437,650,507		(5,208,415	)
UBS AG	12/18/2024	KRW	7,350,000,000	USD	5,516,308		(243,821	)
UBS AG	12/18/2024	MXN	4,818,600,000	USD	239,637,445		(3,010,960	)
UBS AG	12/18/2024	NOK	3,913,200,000	USD	360,775,630		(6,328,496	)
UBS AG	12/18/2024	NZD	759,550,000	USD	461,241,879		(11,275,614	)
UBS AG	12/18/2024	PHP	11,393,250,000	USD	200,024,962		(5,847,405	)
UBS AG	12/18/2024	PLN	815,625,000	USD	209,502,106		(8,840,651	)
UBS AG	12/18/2024	SEK	1,925,250,000	USD	182,966,158		(6,096,480	)
UBS AG	12/18/2024	SGD	478,125,000	USD	363,270,040		(5,960,255	)
UBS AG	12/18/2024	TWD	285,300,000	USD	8,960,932		(161,639	)
UBS AG	12/18/2024	USD	816,762,048	AUD	1,225,700,000		17,160,046
UBS AG	12/18/2024	USD	166,341,921	BRL	958,650,000		7,390,187
UBS AG	12/18/2024	USD	473,286,366	CAD	649,200,000		9,249,921
UBS AG	12/18/2024	USD	120,670,802	CHF	102,650,000		3,880,315
UBS AG	12/18/2024	USD	122,123,344	CLP	117,220,000,000		1,815,406
UBS AG	12/18/2024	USD	195,728,255	CNH	1,381,800,000		4,976,162
UBS AG	12/18/2024	USD	128,208,106	COP	560,190,000,000		2,190,249
UBS AG	12/18/2024	USD	208,735,455	CZK	4,828,400,000		6,554,257
UBS AG	12/18/2024	USD	1,542,220,218	EUR	1,406,150,000		55,005,370
UBS AG	12/18/2024	USD	747,563,142	GBP	575,750,000		14,961,346
UBS AG	12/18/2024	USD	234,499,702	HUF	88,278,000,000		8,780,854
UBS AG	12/18/2024	USD	50,509,550	IDR	795,375,000,000		338,312
UBS AG	12/18/2024	USD	224,387,712	INR	18,918,000,000		721,120
UBS AG	12/18/2024	USD	615,864,028	JPY	91,855,500,000		173,708
UBS AG	12/18/2024	USD	87,978,521	KRW	116,850,000,000		4,156,744
UBS AG	12/18/2024	USD	285,691,418	MXN	5,804,100,000		670,089
UBS AG	12/18/2024	USD	361,931,267	NOK	3,934,050,000		5,595,596
UBS AG	12/18/2024	USD	526,276,154	NZD	854,900,000		19,823,438
UBS AG	12/18/2024	USD	123,764,833	PHP	7,125,750,000		2,319,176
UBS AG	12/18/2024	USD	293,687,039	PLN	1,172,775,000		5,158,931
UBS AG	12/18/2024	USD	432,553,645	SEK	4,548,600,000		14,680,944
UBS AG	12/18/2024	USD	207,067,961	SGD	269,025,000		6,021,655
UBS AG	12/18/2024	USD	169,628,911	TWD	5,373,450,000		3,899,626
UBS AG	12/18/2024	USD	193,477,369	ZAR	3,464,000,000		1,550,049
UBS AG	12/18/2024	ZAR	3,903,000,000	USD	218,683,377		(2,432,704	)
Total Unrealized Appreciation (Depreciation)						$	9,534,157

AUD - Australian Dollar

BRL - Brazilian Real

CAD - Canadian Dollar

CHF - Swiss Franc

CLP - Chilean Peso

CNH - Chinese Yuan Renminbi

COP - Colombian Peso

CZK - Czech 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 November 30, 2024 (Unaudited)

Campbell Systematic Macro Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:

	Level 1			Level 2			Level 3		Total
Assets:
Investments:
U.S. Treasury Bills	$	975,037,291		$	–		$	–	$	975,037,291
Total Investments	$	975,037,291		$	–		$	–	$	975,037,291
Other Financial Instruments:
Forwards*		–			197,073,501			–		197,073,501
Futures Contracts*		71,460,704			–			–		71,460,704
Total Other Financial Instruments	$	71,460,704		$	197,073,501		$	–	$	268,534,205
Liabilities:
Other Financial Instruments:
Forwards*		–			(187,539,344	)		–		(187,539,344	)
Futures Contracts*		(51,952,971	)		–			–		(51,952,971	)
Total Other Financial Instruments	$	(51,952,971	)	$	(187,539,344	)	$	–	$	(239,492,315	)
* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of November 30, 2024.
Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30, 2024, the Fund had no Level 3 transfers.

For more information with regard to significant accounting policies, see the most recent annual report or prospectus filed with the Securities and Exchange Commission.