# EDGAR Filing Document

**Accession Number:** 0001506768
**File Stem:** 0001133228-25-009394
**Filing Date:** 2025-9
**Character Count:** 626310
**Document Hash:** 503ee4d5064b1761cd26cc52d15622af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009394.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001133228-25-009394

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LOCORR INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0001506768

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22509
- **FILM NUMBER:** 251292748

**BUSINESS ADDRESS:**
- **STREET 1:** 687 EXCELSIOR BLVD
- **CITY:** EXCELSIOR
- **STATE:** MN
- **ZIP:** 55331
- **BUSINESS PHONE:** 952-767-6900

**MAIL ADDRESS:**
- **STREET 1:** 687 EXCELSIOR BLVD
- **CITY:** EXCELSIOR
- **STATE:** MN
- **ZIP:** 55331

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LoCorr Investment Trust
- **DATE OF NAME CHANGE:** 20101201

## Series and Classes Contracts Data

### LoCorr Macro Strategies Fund (Series ID: S000031540)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000098137 | Class A      | LFMAX           |
| C000098138 | Class C      | LFMCX           |
| C000098139 | Class I      | LFMIX           |

### LoCorr Long/Short Commodities Strategy Fund (Series ID: S000035412)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000108780 | Class A      | LCSAX           |
| C000108781 | Class C      | LCSCX           |
| C000108782 | Class I      | LCSIX           |

### LoCorr Dynamic Opportunity Fund (Series ID: S000040449)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125631 | Class A      | LEQAX           |
| C000125632 | Class C      | LEQCX           |
| C000125633 | Class I      | LEQIX           |

### LoCorr Spectrum Income Fund (Series ID: S000043632)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000135273 | Class A      | LSPAX           |
| C000135274 | Class C      | LSPCX           |
| C000135275 | Class I      | LSPIX           |

### LoCorr Market Trend Fund (Series ID: S000045488)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000141580 | Class A      | LOTAX           |
| C000141581 | Class C      | LOTCX           |
| C000141582 | Class I      | LOTIX           |

### LoCorr Hedged Core Fund (Series ID: S000084437)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248819 | Class A      | LHEAX           |
| C000248820 | Class I      | LHEIX           |

### LoCorr Strategic Allocation Fund (Series ID: S000086678)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000252270 | Class A      | LSAAX           |
| C000252271 | Class I      | LSAIX           |

?xml version='1.0' encoding='ASCII'? 2025-07-03194566_LoCorrDynamicOpportunityFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22509</u>**

**<u>LoCorr Investment Trust</u>**

(Exact name of registrant as specified in charter)

**687 Excelsior Blvd**

**<u>Excelsior, MN 55331</u>**

(Address of principal executive offices) (Zip code)

**CT Corporation System**

**1300 East Ninth Street**

**<u>Cleveland, OH 44114</u>**

(Name and address of agent for service)

**<u>952.767.2920</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31</u>**

Date of reporting period: **<u>June 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Dynamic Opportunity Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class A \| LEQAX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Dynamic Opportunity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $123 | 2.49% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $41129878 |
| **Number of Holdings** | 54 |
| **Net Advisory Fee** | $277616 |
| **Portfolio Turnover** | 857% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4915img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Wynn Resorts Ltd.  | 4.0% |
|  Penn National Gaming, Inc.  | 3.9% |
|  Abercrombie & Fitch Co.  | 3.9% |
|  Jefferies Financial Group, Inc.  | 3.7% |
|  Healthcare Realty Trust, Inc.  | 3.2% |
|  Rocket Cos., Inc.  | 3.1% |
|  Williams-Sonoma, Inc.  | 3.1% |
|  Builders FirstSource, Inc.  | 3.0% |
|  International Flavors & Fragrances, Inc.  | 3.0% |
|  Evercore Partners, Inc.  | 2.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Dynamic Opportunity Fund PAGE 1 TSR-SAR-540132701

43.856.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Dynamic Opportunity Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class C \| LEQCX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Dynamic Opportunity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class C | $159 | 3.24% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $41129878 |
| **Number of Holdings** | 54 |
| **Net Advisory Fee** | $277616 |
| **Portfolio Turnover** | 857% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4916img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Wynn Resorts Ltd.  | 4.0% |
|  Penn National Gaming, Inc.  | 3.9% |
|  Abercrombie & Fitch Co.  | 3.9% |
|  Jefferies Financial Group, Inc.  | 3.7% |
|  Healthcare Realty Trust, Inc.  | 3.2% |
|  Rocket Cos., Inc.  | 3.1% |
|  Williams-Sonoma, Inc.  | 3.1% |
|  Builders FirstSource, Inc.  | 3.0% |
|  International Flavors & Fragrances, Inc.  | 3.0% |
|  Evercore Partners, Inc.  | 2.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Dynamic Opportunity Fund PAGE 1 TSR-SAR-540132800

43.856.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Dynamic Opportunity Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class I \| LEQIX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Dynamic Opportunity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $110 | 2.24% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $41129878 |
| **Number of Holdings** | 54 |
| **Net Advisory Fee** | $277616 |
| **Portfolio Turnover** | 857% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4917img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Wynn Resorts Ltd.  | 4.0% |
|  Penn National Gaming, Inc.  | 3.9% |
|  Abercrombie & Fitch Co.  | 3.9% |
|  Jefferies Financial Group, Inc.  | 3.7% |
|  Healthcare Realty Trust, Inc.  | 3.2% |
|  Rocket Cos., Inc.  | 3.1% |
|  Williams-Sonoma, Inc.  | 3.1% |
|  Builders FirstSource, Inc.  | 3.0% |
|  International Flavors & Fragrances, Inc.  | 3.0% |
|  Evercore Partners, Inc.  | 2.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Dynamic Opportunity Fund PAGE 1 TSR-SAR-540132883

43.856.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Hedged Core Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class A \| LHEAX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Hedged Core Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $104 | 2.08% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $235787341 |
| **Number of Holdings** | 420 |
| **Net Advisory Fee** | $1485569 |
| **Portfolio Turnover** | 53% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4927img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 23.7% |
|  Galaxy Commodity-Polaris II Fund LLC  | 8.9% |
|  Federal Home Loan Banks  | 3.7% |
|  Federal Farm Credit Banks Funding Corp  | 3.5% |
|  Fannie Mae Connecticut Avenue Securities  | 2.4% |
|  Freddie Mac Structured Agency Credit Risk Debt Notes  | 1.6% |
|  Mars, Inc.  | 1.5% |
|  Bank of America Corp.  | 1.0% |
|  SREIT Trust  | 0.7% |
|  Verizon Master Trust  | 0.7% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

LoCorr Hedged Core Fund PAGE 1 TSR-SAR-540132719

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Hedged Core Fund PAGE 2 TSR-SAR-540132719

23.718.58.98.27.36.52.60.20.124.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Hedged Core Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class I \| LHEIX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Hedged Core Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $91 | 1.83% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $235787341 |
| **Number of Holdings** | 420 |
| **Net Advisory Fee** | $1485569 |
| **Portfolio Turnover** | 53% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4931img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 23.7% |
|  Galaxy Commodity-Polaris II Fund LLC  | 8.9% |
|  Federal Home Loan Banks  | 3.7% |
|  Federal Farm Credit Banks Funding Corp  | 3.5% |
|  Fannie Mae Connecticut Avenue Securities  | 2.4% |
|  Freddie Mac Structured Agency Credit Risk Debt Notes  | 1.6% |
|  Mars, Inc.  | 1.5% |
|  Bank of America Corp.  | 1.0% |
|  SREIT Trust  | 0.7% |
|  Verizon Master Trust  | 0.7% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

LoCorr Hedged Core Fund PAGE 1 TSR-SAR-540132685

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Hedged Core Fund PAGE 2 TSR-SAR-540132685

23.718.58.98.27.36.52.60.20.124.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Long/Short Commodities Strategy** **Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class A \| LCSAX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Long/Short Commodities Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $105 | 2.09% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $467548013 |
| **Number of Holdings** | 167 |
| **Net Advisory Fee** | $3722109 |
| **Portfolio Turnover** | 25% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4932img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 24.6% |
|  Galaxy Commodity - Polaris Fund LLC  | 13.5% |
|  LoCorr Commodities Index  | 4.4% |
|  Fannie Mae Connecticut Avenue Securities  | 3.5% |
|  Federal National Mortgage Association  | 2.9% |
|  Federal Home Loan Banks  | 1.9% |
|  Mars, Inc.  | 1.7% |
|  Freddie Mac Structured Agency Credit Risk Debt Notes  | 1.6% |
|  Toyota Auto Receivables Owner Trust  | 1.2% |
|  Bank of America Corp.  | 1.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

LoCorr Long/Short Commodities Strategy Fund PAGE 1 TSR-SAR-540132404

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Long/Short Commodities Strategy Fund PAGE 2 TSR-SAR-540132404

24.620.313.59.58.74.94.41.70.511.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Long/Short Commodities Strategy** **Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class C \| LCSCX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Long/Short Commodities Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class C | $142 | 2.84% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $467548013 |
| **Number of Holdings** | 167 |
| **Net Advisory Fee** | $3722109 |
| **Portfolio Turnover** | 25% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4933img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 24.6% |
|  Galaxy Commodity - Polaris Fund LLC  | 13.5% |
|  LoCorr Commodities Index  | 4.4% |
|  Fannie Mae Connecticut Avenue Securities  | 3.5% |
|  Federal National Mortgage Association  | 2.9% |
|  Federal Home Loan Banks  | 1.9% |
|  Mars, Inc.  | 1.7% |
|  Freddie Mac Structured Agency Credit Risk Debt Notes  | 1.6% |
|  Toyota Auto Receivables Owner Trust  | 1.2% |
|  Bank of America Corp.  | 1.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

LoCorr Long/Short Commodities Strategy Fund PAGE 1 TSR-SAR-540132503

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Long/Short Commodities Strategy Fund PAGE 2 TSR-SAR-540132503

24.620.313.59.58.74.94.41.70.511.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Long/Short Commodities Strategy** **Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class I \| LCSIX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Long/Short Commodities Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $92 | 1.84% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $467548013 |
| **Number of Holdings** | 167 |
| **Net Advisory Fee** | $3722109 |
| **Portfolio Turnover** | 25% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4934img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 24.6% |
|  Galaxy Commodity - Polaris Fund LLC  | 13.5% |
|  LoCorr Commodities Index  | 4.4% |
|  Fannie Mae Connecticut Avenue Securities  | 3.5% |
|  Federal National Mortgage Association  | 2.9% |
|  Federal Home Loan Banks  | 1.9% |
|  Mars, Inc.  | 1.7% |
|  Freddie Mac Structured Agency Credit Risk Debt Notes  | 1.6% |
|  Toyota Auto Receivables Owner Trust  | 1.2% |
|  Bank of America Corp.  | 1.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

LoCorr Long/Short Commodities Strategy Fund PAGE 1 TSR-SAR-540132602

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Long/Short Commodities Strategy Fund PAGE 2 TSR-SAR-540132602

24.620.313.59.58.74.94.41.70.511.9 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Macro Strategies Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class A \| LFMAX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Macro Strategies Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $105 | 2.13% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1537620282 |
| **Number of Holdings** | 500 |
| **Net Advisory Fee** | $12940941 |
| **Portfolio Turnover** | 36% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4935img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 33.8% |
|  Federal National Mortgage Association  | 3.8% |
|  Fannie Mae Connecticut Avenue Securities  | 2.8% |
|  Freddie Mac Structured Agency Credit Risk Debt Notes  | 2.2% |
|  Mars, Inc.  | 2.0% |
|  Federal Farm Credit Banks Funding Corp.  | 1.9% |
|  Bank of America Corp.  | 1.4% |
|  Federal Home Loan Banks  | 1.1% |
|  Ford Credit Auto Owner Trust  | 1.0% |
|  JPMorgan Chase & Co.  | 0.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

LoCorr Macro Strategies Fund PAGE 1 TSR-SAR-540132107

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Macro Strategies Fund PAGE 2 TSR-SAR-540132107

33.824.69.88.56.82.70.50.30.213.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Macro Strategies Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class C \| LFMCX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Macro Strategies Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class C | $142 | 2.88% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1537620282 |
| **Number of Holdings** | 500 |
| **Net Advisory Fee** | $12940941 |
| **Portfolio Turnover** | 36% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4936img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 33.8% |
|  Federal National Mortgage Association  | 3.8% |
|  Fannie Mae Connecticut Avenue Securities  | 2.8% |
|  Freddie Mac Structured Agency Credit Risk Debt Notes  | 2.2% |
|  Mars, Inc.  | 2.0% |
|  Federal Farm Credit Banks Funding Corp.  | 1.9% |
|  Bank of America Corp.  | 1.4% |
|  Federal Home Loan Banks  | 1.1% |
|  Ford Credit Auto Owner Trust  | 1.0% |
|  JPMorgan Chase & Co.  | 0.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

LoCorr Macro Strategies Fund PAGE 1 TSR-SAR-540132206

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Macro Strategies Fund PAGE 2 TSR-SAR-540132206

33.824.69.88.56.82.70.50.30.213.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Macro Strategies Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class I \| LFMIX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Macro Strategies Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $93 | 1.88% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1537620282 |
| **Number of Holdings** | 500 |
| **Net Advisory Fee** | $12940941 |
| **Portfolio Turnover** | 36% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4937img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 33.8% |
|  Federal National Mortgage Association  | 3.8% |
|  Fannie Mae Connecticut Avenue Securities  | 2.8% |
|  Freddie Mac Structured Agency Credit Risk Debt Notes  | 2.2% |
|  Mars, Inc.  | 2.0% |
|  Federal Farm Credit Banks Funding Corp.  | 1.9% |
|  Bank of America Corp.  | 1.4% |
|  Federal Home Loan Banks  | 1.1% |
|  Ford Credit Auto Owner Trust  | 1.0% |
|  JPMorgan Chase & Co.  | 0.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

LoCorr Macro Strategies Fund PAGE 1 TSR-SAR-540132305

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Macro Strategies Fund PAGE 2 TSR-SAR-540132305

33.824.69.88.56.82.70.50.30.213.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Market Trend Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class A \| LOTAX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Market Trend Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $98 | 2.05% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $273204823 |
| **Number of Holdings** | 257 |
| **Net Advisory Fee** | $2477873 |
| **Portfolio Turnover** | 49% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4938img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 28.8% |
|  Fannie Mae Connecticut Avenue Securities  | 4.8% |
|  Federal Home Loan Banks  | 3.5% |
|  Mars, Inc.  | 1.9% |
|  Ford Credit Auto Owner Trust  | 1.6% |
|  Bank of America Corp.  | 1.3% |
|  Federal National Mortgage Association  | 1.3% |
|  Freddie Mac Structured Agency Credit Risk Debt Notes  | 1.2% |
|  Toyota Auto Receivables Owner Trust  | 1.1% |
|  MVW Owner Trust  | 1.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

LoCorr Market Trend Fund PAGE 1 TSR-SAR-540132842

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Market Trend Fund PAGE 2 TSR-SAR-540132842

28.823.311.210.74.91.71.20.30.218.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Market Trend Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class C \| LOTCX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Market Trend Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class C | $134 | 2.80% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $273204823 |
| **Number of Holdings** | 257 |
| **Net Advisory Fee** | $2477873 |
| **Portfolio Turnover** | 49% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4939img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 28.8% |
|  Fannie Mae Connecticut Avenue Securities  | 4.8% |
|  Federal Home Loan Banks  | 3.5% |
|  Mars, Inc.  | 1.9% |
|  Ford Credit Auto Owner Trust  | 1.6% |
|  Bank of America Corp.  | 1.3% |
|  Federal National Mortgage Association  | 1.3% |
|  Freddie Mac Structured Agency Credit Risk Debt Notes  | 1.2% |
|  Toyota Auto Receivables Owner Trust  | 1.1% |
|  MVW Owner Trust  | 1.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

LoCorr Market Trend Fund PAGE 1 TSR-SAR-540132834

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Market Trend Fund PAGE 2 TSR-SAR-540132834

28.823.311.210.74.91.71.20.30.218.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Market Trend Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class I \| LOTIX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Market Trend Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $86 | 1.80% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $273204823 |
| **Number of Holdings** | 257 |
| **Net Advisory Fee** | $2477873 |
| **Portfolio Turnover** | 49% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4940img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 28.8% |
|  Fannie Mae Connecticut Avenue Securities  | 4.8% |
|  Federal Home Loan Banks  | 3.5% |
|  Mars, Inc.  | 1.9% |
|  Ford Credit Auto Owner Trust  | 1.6% |
|  Bank of America Corp.  | 1.3% |
|  Federal National Mortgage Association  | 1.3% |
|  Freddie Mac Structured Agency Credit Risk Debt Notes  | 1.2% |
|  Toyota Auto Receivables Owner Trust  | 1.1% |
|  MVW Owner Trust  | 1.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

LoCorr Market Trend Fund PAGE 1 TSR-SAR-540132826

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Market Trend Fund PAGE 2 TSR-SAR-540132826

28.823.311.210.74.91.71.20.30.218.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Spectrum Income Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class A \| LSPAX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Spectrum Income Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $104 | 2.05% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $72144052 |
| **Number of Holdings** | 75 |
| **Net Advisory Fee** | $459450 |
| **Portfolio Turnover** | 20% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4941img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  AGNC Investment Corp.  | 2.7% |
|  Barrick Mining Corp.  | 2.6% |
|  Hess Midstream LP  | 2.5% |
|  Williams Cos., Inc.  | 2.2% |
|  Iron Mountain, Inc.  | 2.2% |
|  Cheniere Energy Partners LP  | 2.2% |
|  Energy Transfer LP  | 2.2% |
|  Digital Realty Trust, Inc.  | 2.1% |
|  Blackstone Secured Lending Fund  | 2.1% |
|  MPLX LP  | 2.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

LoCorr Spectrum Income Fund PAGE 1 TSR-SAR-540132875

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Spectrum Income Fund PAGE 2 TSR-SAR-540132875

24.223.421.714.09.52.11.14.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Spectrum Income Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class C \| LSPCX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Spectrum Income Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class C | $142 | 2.80% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $72144052 |
| **Number of Holdings** | 75 |
| **Net Advisory Fee** | $459450 |
| **Portfolio Turnover** | 20% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4942img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  AGNC Investment Corp.  | 2.7% |
|  Barrick Mining Corp.  | 2.6% |
|  Hess Midstream LP  | 2.5% |
|  Williams Cos., Inc.  | 2.2% |
|  Iron Mountain, Inc.  | 2.2% |
|  Cheniere Energy Partners LP  | 2.2% |
|  Energy Transfer LP  | 2.2% |
|  Digital Realty Trust, Inc.  | 2.1% |
|  Blackstone Secured Lending Fund  | 2.1% |
|  MPLX LP  | 2.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

LoCorr Spectrum Income Fund PAGE 1 TSR-SAR-540132867

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Spectrum Income Fund PAGE 2 TSR-SAR-540132867

24.223.421.714.09.52.11.14.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Spectrum Income Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class I \| LSPIX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Spectrum Income Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $91 | 1.80% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $72144052 |
| **Number of Holdings** | 75 |
| **Net Advisory Fee** | $459450 |
| **Portfolio Turnover** | 20% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4943img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  AGNC Investment Corp.  | 2.7% |
|  Barrick Mining Corp.  | 2.6% |
|  Hess Midstream LP  | 2.5% |
|  Williams Cos., Inc.  | 2.2% |
|  Iron Mountain, Inc.  | 2.2% |
|  Cheniere Energy Partners LP  | 2.2% |
|  Energy Transfer LP  | 2.2% |
|  Digital Realty Trust, Inc.  | 2.1% |
|  Blackstone Secured Lending Fund  | 2.1% |
|  MPLX LP  | 2.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

LoCorr Spectrum Income Fund PAGE 1 TSR-SAR-540132859

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Spectrum Income Fund PAGE 2 TSR-SAR-540132859

24.223.421.714.09.52.11.14.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Strategic Allocation Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class A \| LSAAX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Strategic Allocation Fund for the period of January 8, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $84 | 1.84% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $37996473 |
| **Number of Holdings** | 647 |
| **Net Advisory Fee** | -$124124 |
| **Portfolio Turnover** | 39% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4944img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 3.6% |
|  Microsoft Corp.  | 3.5% |
|  Apple, Inc.  | 2.8% |
|  Amazon.com, Inc.  | 2.0% |
|  Alphabet, Inc.  | 1.7% |
|  Meta Platforms, Inc.  | 1.5% |
|  Broadcom, Inc.  | 1.2% |
|  Berkshire Hathaway, Inc.  | 0.9% |
|  Tesla Motors, Inc.  | 0.8% |
|  JPMorgan Chase & Co.  | 0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Strategic Allocation Fund PAGE 1 TSR-SAR-540132677

49.90.30.149.7 ------

---

| | | |
|:---|:---|:---|
| ![image](img62494_202407101049952.jpg) | **LoCorr Strategic Allocation Fund**  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Class I \| LSAIX  | ![image](img36355_202412301833819.jpg) |
| ![image](img62494_202407101049952.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img36355_202412301833819.jpg) |

---

This semi-annual shareholder report contains important information about the LoCorr Strategic Allocation Fund for the period of January 8, 2025 to June 30, 2025. You can find additional information about the Fund at https://locorrfunds.com/literature/. You can also request this information by contacting us at 1-855-523-8637.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $74 | 1.59% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $37996473 |
| **Number of Holdings** | 647 |
| **Net Advisory Fee** | -$124124 |
| **Portfolio Turnover** | 39% |

---

Visit https://locorrfunds.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Security Type Breakdown (%)**

![image](ts4945img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 3.6% |
|  Microsoft Corp.  | 3.5% |
|  Apple, Inc.  | 2.8% |
|  Amazon.com, Inc.  | 2.0% |
|  Alphabet, Inc.  | 1.7% |
|  Meta Platforms, Inc.  | 1.5% |
|  Broadcom, Inc.  | 1.2% |
|  Berkshire Hathaway, Inc.  | 0.9% |
|  Tesla Motors, Inc.  | 0.8% |
|  JPMorgan Chase & Co.  | 0.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://locorrfunds.com/literature/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your LoCorr Fund Management, LLC documents not be householded, please contact LoCorr Fund Management, LLC at 1-855-523-8637, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by LoCorr Fund Management, LLC or your financial intermediary.

LoCorr Strategic Allocation Fund PAGE 1 TSR-SAR-540132669

49.90.30.149.7 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](locorr_logo.jpg)

**LoCorr Investment Trust**

Semi-Annual Financial Statements and Additional Information

June 30, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#sai001)<br>|  |
| &nbsp;&nbsp;&nbsp; [LoCorr Dynamic Opportunity Fund](#tsoi1) | [1](#tsoi1) |
| &nbsp;&nbsp;&nbsp; [LoCorr Hedged Core Fund](#tsoi2) | [4](#tsoi2) |
| &nbsp;&nbsp;&nbsp; [LoCorr Long/Short Commodities Strategy Fund](#tsoi3) | [21](#tsoi3) |
| &nbsp;&nbsp;&nbsp; [LoCorr Macro Strategies Fund](#tsoi4) | [31](#tsoi4) |
| &nbsp;&nbsp;&nbsp; [LoCorr Market Trend Fund](#tsoi5) | [48](#tsoi5) |
| &nbsp;&nbsp;&nbsp; [LoCorr Spectrum Income Fund](#tsoi6) | [59](#tsoi6) |
| &nbsp;&nbsp;&nbsp; [LoCorr Strategic Allocation Fund](#tsoi7) | [63](#tsoi7) |
| [Statements of Assets and Liabilities](#tsal) | [82](#tsal) |
| [Statements of Operations](#tsop) | [86](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [89](#tscna) |
| [Financial Highlights](#tfihi) | [96](#tfihi) |
| [Notes to the Financial Statements](#tnote) | [115](#tnote) |
| [Portfolio Holdings Disclosure](#tport) | [145](#tport) |
| [Proxy Voting Policies, Procedures and Record](#tproxy) | [146](#tproxy) |
| [Additional Information](#taddinf) | [147](#taddinf) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Dynamic Opportunity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 67.9%**  | **COMMON STOCKS - 67.9%**  | **COMMON STOCKS - 67.9%**  |
| **Airlines - 1.6%** <br>|  |  |
| Southwest Airlines Co. | 20928 | $678904  |
| **Banks - 2.1%** <br>|  |  |
| Fifth Third Bancorp | 10322 | 424544  |
| Zions Bancorporation | 8182 | 424973  |
|  |  | 849517  |
| **Building Materials - 3.0%** <br>|  |  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 10564 | 1232713  |
| **Chemicals - 3.0%** <br>|  |  |
| International Flavors & Fragrances, Inc. | 16729 | 1230418  |
| **Commercial Services - 1.0%** <br>|  |  |
| Rentokil Initial PLC - ADR | 16745 | 401880  |
| **Diversified Financial Services - 11.8%** <br>|  |  |
| Evercore Partners, Inc. - Class A | 4490 | 1212390  |
| Franklin Resources, Inc. | 35934 | 857026  |
| Jefferies Financial Group, Inc. | 27544 | 1506381  |
| Rocket Cos., Inc. - Class A | 90451 | 1282595  |
|  |  | 4858392  |
| **Electric - 7.4%** <br>|  |  |
| Consolidated Edison, Inc. | 9815 | 984935  |
| Duke Energy Corp. | 8353 | 985654  |
| Exelon Corp. | 9439 | 409842  |
| PPL Corp. | 19279 | 653365  |
|  |  | 3033796  |
| **Electrical Components & Equipment - 0.4%** <br>|  |  |
| Energizer Holdings, Inc. | 7192 | 144991  |
| **Entertainment - 3.9%** <br>|  |  |
| Penn National Gaming, Inc.<sup>(a)</sup> | 90295 | 1613572  |
| **Healthcare-Products - 1.9%** <br>|  |  |
| Teleflex, Inc. | 6540 | 774075  |
| **Home Builders - 2.0%** <br>|  |  |
| PulteGroup, Inc. | 3969 | 418571  |
| Toll Brothers, Inc. | 3688 | 420911  |
|  |  | 839482  |
| **Internet - 1.0%** <br>|  |  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 11807 | 423399  |
| **Lodging - 4.0%** <br>|  |  |
| Wynn Resorts Ltd. | 17611 | 1649622  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Dynamic Opportunity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Media - 0.4%** <br>|  |  |
| Cable One, Inc. | 1251 | $169898  |
| **Oil & Gas Services - 0.9%** <br>|  |  |
| Atlas Energy Solutions, Inc. | 28595 | 382315  |
| **REITS - 6.2%** <br>|  |  |
| Healthcare Realty Trust, Inc. | 82837 | 1313795  |
| Hudson Pacific Properties, Inc. | 59238 | 162312  |
| Pebblebrook Hotel Trust | 65660 | 655943  |
| SL Green Realty Corp. | 6843 | 423582  |
|  |  | 2555632  |
| **Retail - 10.0%** <br>|  |  |
| Abercrombie & Fitch Co. - Class A<sup>(a)</sup> | 19373 | 1605053  |
| CarMax, Inc.<sup>(a)</sup> | 5968 | 401109  |
| Signet Jewelers Ltd. | 10656 | 847685  |
| Williams-Sonoma, Inc. | 7803 | 1274776  |
|  |  | 4128623  |
| **Semiconductors - 2.0%** <br>|  |  |
| NXP Semiconductors NV | 2989 | 653067  |
| Vishay Precision Group, Inc.<sup>(a)</sup> | 5710 | 160451  |
|  |  | 813518  |
| **Software - 4.5%** <br>|  |  |
| Unity Software, Inc.<sup>(a)</sup> | 42217 | 1021651  |
| Zoom Communications, Inc. - Class A<sup>(a)</sup> | 10464 | 815983  |
|  |  | 1837634  |
| **Transportation - 0.8%** <br>|  |  |
| International Seaways, Inc. | 8580 | 312999  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $26,716,242)** |  | 27931380  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 67.9%** <br>**(Cost $26,716,242)** |  | $27931380 |
| Money Market Deposit Account - 25.2%<sup>(b)</sup> |  | 10352245 |
| Other Assets in Excess of Liabilities - 6.9%<sup>(c)</sup> |  | 2846253  |
| **TOTAL NET ASSETS - 100.0%** |  | $41129878 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.20%.

<sup>(c)</sup> Includes assets pledged as collateral for securities sold short. As of the reporting date, the value of these assets total $15,929,580. 

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Dynamic Opportunity Fund** 

**Schedule of Securities Sold Short** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (24.1)%** <br>|  |  |
| **Apparel - (3.3)%** <br>|  |  |
| On Holding AG - Class A  | (11693) | $(608621)  |
| Tapestry, Inc.  | (8341) | (732423)  |
|  |  | (1341044)  |
| **Auto Parts & Equipment - (0.3)%** <br>|  |  |
| Miller Industries, Inc.  | (3090) | (137381)  |
| **Commercial Services - (2.3)%** <br>|  |  |
| Automatic Data Processing, Inc.  | (2405) | (741702)  |
| Rollins, Inc.  | (3620) | (204240)  |
|  |  | (945942)  |
| **Electronics - (1.2)%** <br>|  |  |
| Badger Meter, Inc.  | (1976) | (484021)  |
| **Hand & Machine Tools - (1.9)%** <br>|  |  |
| Snap-on, Inc.  | (2482) | (772349)  |
| **Healthcare-Products - (2.0)%** <br>|  |  |
| ResMed, Inc.  | (3272) | (844176)  |
| **Internet - (0.3)%** <br>|  |  |
| Robinhood Markets, Inc. - Class A  | (1174) | (109922)  |
| **Lodging - (2.4)%** <br>|  |  |
| Hilton Grand Vacations, Inc.  | (8280) | (343868)  |
| Las Vegas Sands Corp.  | (15035) | (654173)  |
|  |  | (998041)  |
| **Media - (1.3)%** <br>|  |  |
| New York Times Co. - Class A  | (9475) | (530411)  |
| **Pipelines - (1.5)%** <br>|  |  |
| Kinder Morgan, Inc.  | (21668) | (637039)  |
| **Retail - (3.3)%** <br>|  |  |
| McDonald's Corp.  | (2504) | (731594)  |
| Urban Outfitters, Inc.  | (8468) | (614269)  |
|  |  | (1345863)  |
| **Semiconductors - (4.3)%** <br>|  |  |
| Allegro MicroSystems, Inc.  | (15178) | (518936)  |
| Cirrus Logic, Inc.  | (1991) | (207572)  |
| Texas Instruments, Inc.  | (5046) | (1047650)  |
|  |  | (1774158)  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Proceeds $9,582,924)** |  | (9920347)  |
| &nbsp;&nbsp;&nbsp; **TOTAL SECURITIES SOLD SHORT - (24.1)%** <br>**(Proceeds $9,582,924)** |  | $(9920347) |

---

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR HEDGED CORE FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 23.7%** <br>|  |  |
| United States Treasury Note <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2027 | $2054400 | $2079839  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/31/2028 | 17560800 | 17469566  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2028 | 6210100 | 6198456  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2029 | 2481300 | 2558550  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 | 21316900 | 20924702  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030 | 6645000 | 6708595  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $55,142,282)** |  | 55939708  |
| **CORPORATE BONDS - 18.5%**<br>|  |  |
| **Aerospace & Defense - 0.6%**<br>|  |  |
| Boeing Co., 3.25%, 02/01/2028 | 745000 | 722505  |
| L3Harris Technologies, Inc., 5.40%, 01/15/2027 | 440000 | 447259  |
| RTX Corp., 4.13%, 11/16/2028 | 205000 | 204151  |
|  |  | 1373915  |
| **Agriculture - 0.2%**<br>|  |  |
| Philip Morris International, Inc., 4.63%, 11/01/2029 | 375000 | 378437  |
| **Apparel - 0.1%**<br>|  |  |
| Tapestry, Inc., 5.10%, 03/11/2030 | 180000 | 182215  |
| **Auto Manufacturers - 0.9%**<br>|  |  |
| Ford Motor Credit Co. LLC, 5.85%, 05/17/2027 | 635000 | 639775  |
| General Motors Financial Co., Inc., 5.35%, 01/07/2030 | 600000 | 607115  |
| Toyota Motor Credit Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 09/11/2025 | 170000 | 170358  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/07/2026 | 155000 | 155528  |
| Volkswagen Group of America Finance LLC, 1.25%, 11/24/2025<sup>(a)</sup> | 570000 | 562235  |
|  |  | 2135011  |
| **Banks - 7.0%**<br>|  |  |
| Bank of America Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38% to 04/27/2027 then SOFR + 1.58%, 04/27/2028 | 1165000 | 1164609  |
| &nbsp;&nbsp;&nbsp; 5.16% to 01/24/2030 then SOFR + 1.00%, 01/24/2031 | 1265000 | 1296123  |
| Bank of America NA, 5.53%, 08/18/2026 | 1335000 | 1353907  |
| Bank of New York Mellon, 4.59% to 04/20/2026 then SOFR + 0.69%, 04/20/2027 | 1250000 | 1252859  |
| Canadian Imperial Bank of Commerce, 3.45%, 04/07/2027 | 270000 | 266549  |
| Citibank NA, 4.58%, 05/29/2027 | 695000 | 698747  |
| Credit Agricole SA, 5.22% to 05/27/2030 then SOFR + 1.46%, 05/27/2031<sup>(a)</sup> | 250000 | 254579  |
|  Deutsche Bank AG/New York NY, 5.00% to 09/11/2029 then SOFR + 1.70%, 09/11/2030 | 290000 | 292130  |
| Federation des Caisses Desjardins du Quebec, 5.70%, 03/14/2028<sup>(a)</sup> | 410000 | 424195  |
| Goldman Sachs Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80% to 08/10/2025 then SOFR + 1.08%, 08/10/2026 | 1220000 | 1221685  |
| &nbsp;&nbsp;&nbsp; 6.48% to 10/24/2028 then SOFR + 1.77%, 10/24/2029 | 250000 | 265171  |
| HSBC Holdings PLC, 6.16% to 03/09/2028 then SOFR + 1.97%, 03/09/2029 | 550000 | 571836  |
| JPMorgan Chase & Co., 5.10% to 04/22/2030 then SOFR + 1.44%, 04/22/2031 | 1485000 | 1521392  |

---

The accompanying notes are an integral part of these consolidated financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR HEDGED CORE FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Banks - (Continued)** | **Banks - (Continued)** | **Banks - (Continued)** |
| Morgan Stanley, 5.19% to 04/17/2030 then SOFR + 1.51%, 04/17/2031 | $770000 | $789225  |
| Morgan Stanley Bank NA, 4.95% to 01/14/2027 then SOFR + 1.08%, 01/14/2028 | 1300000 | 1310378  |
| NatWest Markets PLC, 5.41%, 05/17/2029<sup>(a)</sup> | 395000 | 407975  |
| PNC Bank NA, 4.54% to 05/13/2026 then SOFR + 0.63%, 05/13/2027 | 785000 | 785382  |
| State Street Corp., 4.54%, 02/28/2028 | 355000 | 359002  |
| Toronto-Dominion Bank, 1.25%, 09/10/2026 | 635000 | 612715  |
| UBS Group AG, 6.33% to 12/22/2026 then 1 yr. CMT Rate + 1.60%, 12/22/2027<sup>(a)</sup> | 725000 | 744366  |
| Wells Fargo & Co., 5.15% to 04/23/2030 then SOFR + 1.50%, 04/23/2031 | 990000 | 1013601  |
|  |  | 16606426  |
| **Beverages - 0.2%**<br>|  |  |
| PepsiCo, Inc., 5.13%, 11/10/2026 | 400000 | 405000  |
| **Biotechnology - 0.2%**<br>|  |  |
| Amgen, Inc., 5.15%, 03/02/2028 | 505000 | 515924  |
| **Building Materials - 0.1%**<br>|  |  |
| Trane Technologies Financing Ltd., 3.50%, 03/21/2026 | 195000 | 193702  |
| **Chemicals - 0.1%**<br>|  |  |
| Nutrien Ltd., 4.90%, 03/27/2028 | 170000 | 172362  |
| **Computers - 0.2%**<br>|  |  |
| Hewlett Packard Enterprise Co., 4.55%, 10/15/2029 | 440000 | 437533  |
| **Cosmetics & Personal Care - 0.5%**<br>|  |  |
| Haleon US Capital LLC, 3.38%, 03/24/2027 | 755000 | 743848  |
| Unilever Capital Corp., 4.25%, 08/12/2027 | 420000 | 421826  |
|  |  | 1165674  |
| **Diversified Financial Services - 0.5%**<br>|  |  |
| AerCap Ireland Capital/Global Aviation Trust, 6.10%, 01/15/2027 | 810000 | 827910  |
| Air Lease Corp., 5.85%, 12/15/2027 | 440000 | 455015  |
|  |  | 1282925  |
| **Electric - 1.0%**<br>|  |  |
| Duke Energy Carolinas LLC, 4.85%, 03/15/2030 | 225000 | 229960  |
| Florida Power & Light Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/01/2028 | 490000 | 501846  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/15/2028 | 610000 | 614506  |
| Georgia Power Co., 5.00%, 02/23/2027 | 535000 | 542539  |
| NSTAR Electric Co., 3.20%, 05/15/2027 | 400000 | 393279  |
| Southern California Edison Co., 1.20%, 02/01/2026 | 125000 | 121841  |
|  |  | 2403971  |
| **Electronics - 0.3%**<br>|  |  |
| Honeywell International, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 07/30/2027 | 510000 | 515306  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/01/2029 | 185000 | 189340  |
|  |  | 704646  |

---

The accompanying notes are an integral part of these consolidated financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR HEDGED CORE FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Food - 1.8%**<br>|  |  |
| General Mills, Inc., 4.88%, 01/30/2030 | $470000 | $477671  |
| Mars, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/01/2028<sup>(a)</sup> | 1790000 | 1804258  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/2030<sup>(a)</sup> | 1675000 | 1696511  |
| Sysco Corp., 3.25%, 07/15/2027 | 335000 | 328463  |
|  |  | 4306903  |
| **Healthcare-Services - 0.5%**<br>|  |  |
| HCA, Inc., 5.00%, 03/01/2028 | 260000 | 263831  |
| UnitedHealth Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 06/15/2028 | 230000 | 231105  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029 | 685000 | 683367  |
|  |  | 1178303  |
| **Insurance - 0.4%**<br>|  |  |
| Brown & Brown, Inc., 4.60%, 12/23/2026 | 310000 | 311443  |
| Equitable Financial Life Global, 1.40%, 07/07/2025<sup>(a)</sup> | 270000 | 269852  |
| Metropolitan Life Global Funding I, 5.05%, 01/06/2028<sup>(a)</sup> | 155000 | 158133  |
| Principal Life Global Funding II, 0.88%, 01/12/2026<sup>(a)</sup> | 275000 | 269851  |
|  |  | 1009279  |
| **Machinery-Diversified - 0.1%**<br>|  |  |
| John Deere Capital Corp., 4.95%, 07/14/2028 | 210000 | 215107  |
| **Media - 0.0%<sup>(b)</sup>** <br>|  |  |
| Charter Communications Operating LLC, 4.91%, 07/23/2025 | 125000 | 124991  |
| **Packaging & Containers - 0.1%**<br>|  |  |
| Amcor Group Finance PLC, 5.45%, 05/23/2029 | 200000 | 205598  |
| **Pharmaceuticals - 0.6%**<br>|  |  |
| AbbVie, Inc., 4.80%, 03/15/2029 | 200000 | 203876  |
| Astrazeneca Finance LLC, 4.80%, 02/26/2027 | 185000 | 187031  |
| CVS Health Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/01/2026 | 800000 | 787711  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/30/2029 | 135000 | 137022  |
|  |  | 1315640  |
| **Pipelines - 0.7%**<br>|  |  |
| Enbridge, Inc., 6.00%, 11/15/2028 | 360000 | 377866  |
| Energy Transfer LP, 6.05%, 12/01/2026 | 770000 | 786025  |
| South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027<sup>(a)</sup> | 215000 | 216345  |
| Williams Cos., Inc., 4.90%, 03/15/2029 | 260000 | 263537  |
|  |  | 1643773  |
| **REITS - 0.9%**<br>|  |  |
| American Homes 4 Rent LP, 4.90%, 02/15/2029 | 200000 | 202219  |
| Brixmor Operating Partnership LP, 4.13%, 06/15/2026 | 235000 | 234081  |
| Essex Portfolio LP, 1.70%, 03/01/2028 | 200000 | 186447  |
| Kite Realty Group LP, 4.00%, 10/01/2026 | 575000 | 569878  |

---

The accompanying notes are an integral part of these consolidated financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR HEDGED CORE FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **REITS - (Continued)** | **REITS - (Continued)** | **REITS - (Continued)** |
| Lineage OP LP, 5.25%, 07/15/2030<sup>(a)</sup> | $390000 | $392076  |
| Prologis Targeted US Logistics Fund LP, 5.25%, 04/01/2029<sup>(a)</sup> | 445000 | 457066  |
|  |  | 2041767  |
| **Retail - 0.5%**<br>|  |  |
| Home Depot, Inc., 4.88%, 06/25/2027 | 320000 | 324986  |
| O'Reilly Automotive, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/20/2026 | 465000 | 473191  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/01/2030 | 205000 | 202909  |
| Walmart, Inc., 4.35%, 04/28/2030 | 120000 | 121329  |
|  |  | 1122415  |
| **Semiconductors - 0.1%**<br>|  |  |
| Texas Instruments, Inc., 4.60%, 02/08/2027 | 260000 | 262343  |
| **Software - 0.1%**<br>|  |  |
| Oracle Corp., 4.80%, 08/03/2028 | 305000 | 309970  |
| **Telecommunications - 0.8%**<br>|  |  |
| AT&T, Inc., 2.30%, 06/01/2027 | 490000 | 472365  |
| T-Mobile USA, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 07/15/2028 | 320000 | 324194  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/15/2029 | 645000 | 653874  |
| Verizon Communications, Inc., 2.10%, 03/22/2028 | 500000 | 473675  |
|  |  | 1924108  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $43,247,370)** |  | 43617938  |
|  | **Shares** |  |
| **COMMODITY POOL - 8.9%**<br>|  |  |
| Galaxy Commodity-Polaris II Fund LLC<sup>(c)(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Galaxy Plus Fund – Core Commodity I Feeder Fund (558) LLC  | N/A | 6484249  |
| &nbsp;&nbsp;&nbsp; Galaxy Plus Fund – East Alpha Feeder Fund (548) LLC | N/A | 5670043  |
| &nbsp;&nbsp;&nbsp; Galaxy Plus Fund – Millburn Resource Oppty Feeder Fund (557)  | N/A | 8806972  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMODITY POOL** <br>**(Cost $22,830,682)** |  | 20961264  |
|  | **Par** |  |
| **ASSET-BACKED SECURITIES - 8.2%**<br>|  |  |
| Bank of America Auto Trust, Series 2024-1A, Class A3, 5.35%, 11/15/2028<sup>(a)</sup> | $250000 | 252501  |
| BMW Vehicle Lease Trust, Series 2024-2, Class A3, 4.18%, 10/25/2027 | 250000 | 248795  |
| Capital One Financial Corp., Series 2024-A1, Class A, 3.92%, 09/15/2029 | 600000 | 598021  |
| CarMax Auto Owner Trust, Series 2024-4, Class A3, 4.60%, 10/15/2029 | 400000 | 402632  |
| Carvana Auto Receivables Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-P1, Class A4, 5.94%, 01/10/2029<sup>(a)</sup> | 500000 | 509257  |
| &nbsp;&nbsp;&nbsp; Series 2024-P4, Class A3, 4.64%, 01/10/2030 | 500000 | 500494  |
| CNH Equipment Trust, Series 2024-C, Class A3, 4.03%, 01/15/2030 | 250000 | 249308  |
| Enterprise Fleet Financing, Series 2025-1, Class A3, 4.82%, 02/20/2029<sup>(a)</sup> | 1000000 | 1013763  |
| Financial Holding Corp., Series 2025-B, Class A, 4.85%, 02/15/2030<sup>(a)</sup> | 1250000 | 1266614  |

---

The accompanying notes are an integral part of these consolidated financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR HEDGED CORE FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
| Ford Credit Auto Owner Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.07%, 07/15/2029 | $250000 | $249252  |
| &nbsp;&nbsp;&nbsp; Series 2024-D, Class A3, 4.61%, 08/15/2029 | 75000 | 75576  |
| GM Financial Leasing Trust, Series 2024-3, Class A3, 4.21%, 10/20/2027 | 250000 | 249953  |
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, Series 2024-4, Class A3, <br>4.33%, 05/15/2029 | 500000 | 501112  |
| Hyundai Auto Receivables Trust, Series 2025-A, Class A2A, 4.33%, 12/15/2027 | 1500000 | 1499061  |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52%, 03/15/2029<sup>(a)</sup> | 350000 | 350464  |
|  M&T Bank Auto Receivables Trust, Series 2025-1A, Class A3, 4.73%, 06/17/2030<sup>(a)</sup> | 1250000 | 1259563  |
|  Mercedes-Benz Auto Receivables Trust, Series 2025-1, Class A3, 4.78%, 12/17/2029 | 1000000 | 1008003  |
| MVW Owner Trust, Series 2025-1A, Class A, 4.97%, 09/22/2042<sup>(a)</sup> | 829887 | 838674  |
| OneMain Financial Issuance Trust, Series 2025-1A, Class A, 4.82%, 07/14/2038<sup>(a)</sup> | 750000 | 754069  |
|  Porsche Financial Auto Securitization Trust, Series 2024-1A, Class A3, 4.44%, 01/22/2030<sup>(a)</sup> | 500000 | 501956  |
|  Porsche Innovative Lease Owner Trust, Series 2024-2A, Class A3, 4.35%, 10/20/2027<sup>(a)</sup> | 250000 | 250012  |
| Tesla Auto Lease Trust, Series 2024-B, Class A3, 4.82%, 10/20/2027<sup>(a)</sup> | 1100000 | 1104306  |
| T-Mobile US Trust, Series 2024-2A, Class A, 4.25%, 05/21/2029<sup>(a)</sup> | 250000 | 250227  |
| Toyota Auto Receivables Owner Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-D, Class A3, 4.40%, 06/15/2029 | 350000 | 350936  |
| &nbsp;&nbsp;&nbsp; Series 2025-A, Class A3, 4.64%, 08/15/2029 | 1000000 | 1007972  |
| Toyota Lease Owner Trust, Series 2024-A, Class A3, 5.25%, 04/20/2027<sup>(a)</sup> | 216885 | 217865  |
| Verizon Master Trust, Series 2025-3, Class A1A, 4.51%, 03/20/2030 | 1590000 | 1599544  |
| World Omni Auto Receivables Trust, Series 2024-A, Class A3, 4.86%, 03/15/2029 | 250000 | 251358  |
| World Omni Auto Trust, Series 2025-A, Class A3, 4.73%, 03/15/2030 | 1000000 | 1013540  |
|  World Omni Automobile Lease Securitization Trust, Series 2025-A, Class A2A, 4.35%, 12/15/2027 | 1000000 | 998802  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $19,269,335)** |  | 19373630  |
| **U.S. GOVERNMENT AGENCY ISSUES - 7.3%**<br>|  |  |
| Federal Farm Credit Banks Funding Corp <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/03/2026 | 400000 | 399674  |
| &nbsp;&nbsp;&nbsp; 1.00%, 10/07/2026 | 1000000 | 963091  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/23/2027 | 425000 | 421902  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/14/2028 | 2000000 | 2019726  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/28/2028 | 2388000 | 2416845  |
| &nbsp;&nbsp;&nbsp; 3.80%, 04/26/2028 | 2000000 | 1998976  |
| Federal Home Loan Banks <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/12/2026 | 500000 | 501383  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/04/2026 | 250000 | 248969  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/11/2026 | 250000 | 252085  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/09/2026 | 700000 | 700395  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/10/2027 | 3000000 | 3011033  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/12/2027 | 2400000 | 2425870  |

---

The accompanying notes are an integral part of these consolidated financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR HEDGED CORE FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. GOVERNMENT AGENCY ISSUES - (Continued)** | **U.S. GOVERNMENT AGENCY ISSUES - (Continued)** | **U.S. GOVERNMENT AGENCY ISSUES - (Continued)** |
| &nbsp;&nbsp;&nbsp; 4.13%, 09/10/2027 | $425000 | $427524  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/10/2027 | 1100000 | 1112010  |
| Federal National Mortgage Association, 1.88%, 09/24/2026 | 250000 | 243632  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY ISSUES** <br>**(Cost $17,050,242)** |  | 17143115  |
| **MORTGAGE-BACKED SECURITIES - 6.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; ARDN 2025-ARCP Mortgage Trust, Series 2025-ARCP, Class A, 6.05% <br>(1 mo. Term SOFR + 1.75%), 06/15/2035, (1.75% Floor)<sup>(a)</sup> | 1000000 | 1000437  |
|  Banc of America-Remic Trust, Series 2022-DKLX, Class A, 5.46% (1 mo. Term SOFR + 1.15%), 01/15/2039, (0.00% Floor)<sup>(a)</sup> | 906906 | 904072  |
| BX Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-AHP, Class A, 5.30% (1 mo. Term SOFR + 0.99%), 01/17/2039, (0.99% Floor)<sup>(a)</sup> | 900000 | 899438  |
| &nbsp;&nbsp;&nbsp; Series 2023-DELC, Class A, 7.00% (1 mo. Term SOFR + 2.69%), 05/15/2038, (2.69% Floor)<sup>(a)</sup> | 520000 | 523243  |
| Fannie Mae Connecticut Avenue Securities <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 7.41% (30 day avg SOFR US + 3.10%), 03/25/2042, (0.00% Floor)<sup>(a)</sup> | 550000 | 566535  |
| &nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M2, 8.96% (30 day avg SOFR US + 4.65%), 06/25/2042, (0.00% Floor)<sup>(a)</sup> | 550000 | 586339  |
| &nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 7.91% (30 day avg SOFR US + 3.60%), 07/25/2042, (0.00% Floor)<sup>(a)</sup> | 500000 | 521486  |
| &nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M2, 8.06% (30 day avg SOFR US + 3.75%), 12/25/2042, (0.00% Floor)<sup>(a)</sup> | 250000 | 263653  |
| &nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M2, 7.66% (30 day avg SOFR US + 3.35%), 01/25/2043, (0.00% Floor)<sup>(a)</sup> | 970000 | 1011344  |
| &nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M2, 7.86% (30 day avg SOFR US + 3.55%), 05/25/2043, (0.00% Floor)<sup>(a)</sup> | 1260000 | 1329867  |
| Freddie Mac Structured Agency Credit Risk Debt Notes <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B, 8.81% (30 day avg SOFR US + 4.50%), 06/25/2042, (0.00% Floor)<sup>(a)</sup> | 365000 | 387942  |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1B, 7.56% (30 day avg SOFR US + 3.25%), 04/25/2043, (0.00% Floor)<sup>(a)</sup> | 945000 | 990137  |
|  ILPT Trust, Series 2022-LPF2, Class A, 6.56% (1 mo. Term SOFR + 2.25%), 10/15/2039, (2.25% Floor)<sup>(a)</sup> | 960000 | 958800  |
|  KREST Commercial Mortgage Securities Trust, Series 2025-AIP4, Class A, 5.61% (1 mo. Term SOFR + 1.30%), 03/15/2042, (1.30% Floor)<sup>(a)</sup> | 1000000 | 997500  |
|  KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, 5.85% (1 mo. Term SOFR + 1.54%), 12/15/2039, (1.54% Floor)<sup>(a)</sup> | 250000 | 249375  |
|  MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 5.72% (1 mo. Term SOFR + 1.40%), 03/15/2039, (1.40% Floor)<sup>(a)</sup> | 825000 | 824484  |
|  NRTH PARK Mortgage Trust, Series 2024-PARK, Class A, 5.95% (1 mo. Term SOFR + 1.64%), 03/15/2039, (1.64% Floor)<sup>(a)</sup> | 761000 | 761474  |
|  NYC Commercial Mortgage Trust, Series 2024-3ELV, Class A, 6.30% (1 mo. Term SOFR + 1.99%), 08/15/2029, (1.99% Floor)<sup>(a)</sup> | 800000 | 800988  |

---

The accompanying notes are an integral part of these consolidated financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR HEDGED CORE FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** |
| SREIT Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-MFP2, Class A, 5.25% (1 mo. Term SOFR + 0.94%), 11/15/2036, (0.82% Floor)<sup>(a)</sup> | $975000 | $974391  |
| &nbsp;&nbsp;&nbsp; Series 2021-PALM, Class A, 5.02% (1 mo. Term SOFR + 0.70%), 10/15/2034, (0.59% Floor)<sup>(a)</sup> | 700000 | 696938  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $15,302,340)** |  | 15248443  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 2.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Computershare Corporate Trust, Series 2024-SVEN, Class A, <br>6.01%, 06/10/2037<sup>(a)</sup> | 500000 | 514269  |
| Fannie Mae Connecticut Avenue Securities <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M2, 7.41% (30 day avg SOFR US + 3.10%), 06/25/2043, (0.00% Floor)<sup>(a)</sup> | 750000 | 782503  |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M2, 7.01% (30 day avg SOFR US + 2.70%), 07/25/2043, (0.00% Floor)<sup>(a)</sup> | 600000 | 619314  |
| Freddie Mac Structured Agency Credit Risk Debt Notes <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA1, Class M1B, 7.81% (30 day avg SOFR US + 3.50%), 05/25/2043, (0.00% Floor)<sup>(a)</sup> | 1505000 | 1589586  |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA3, Class M2, 7.66% (30 day avg SOFR US + 3.35%), 11/25/2043, (0.00% Floor)<sup>(a)</sup> | 850000 | 896889  |
|  Natixis Commercial Mortgage Securities Trust, Series 2019-LVL, Class A, 3.89%, 08/15/2038<sup>(a)</sup> | 350000 | 336815  |
|  ONNI Commerical Mortgage Trust, Series 2024-APT, Class A, 5.75%, 07/15/2039<sup>(a)(e)</sup> | 750000 | 766373  |
| Stellar Management, Series 2025-IP, Class A, 5.25%, 06/10/2042<sup>(a)(e)</sup> | 750000 | 760742  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $6,254,269)** |  | 6266491  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 75.7%** <br>**(Cost $179,096,520)** |  | $178550589  |
| Money Market Deposit Account - 13.9%<sup>(f)(g)</sup> |  | 32826806  |
| Other Assets in Excess of Other Assets - 10.4%<sup>(h)</sup> |  | 24409946  |
| **TOTAL NET ASSETS - 100.0%** |  | $235787341 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $37,741,647 or 16.0% of the Fund's net assets.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Non-income producing security.

The accompanying notes are an integral part of these consolidated financial statements.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR HEDGED CORE FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

<sup>(d)</sup> Investment values using net asset value per share as practical expedient and is made through an investment in Galaxy Commodity – Polaris II Fund, LLC ("Galaxy"). Galaxy's Investment objective is to generate diversified investment returns that are uncorrelated with the equity and debt markets by committing its assets to the investment discretion of a select group of experienced sub-managers that pursue various alternative investment strategies. Specifically, Galaxy accesses the sub-managers through an affiliated platform called Galaxy Plus Fund, LLC (the "Platform"), which is a series fund for which each series invests in a separate master fund that is managed by a different sub-manager. The Platform identifies sub-managers that, in its judgement, are capable of generating attractive investment returns whose correlation to the U.S. equity and fixed income markets is minimal. In implementing their strategies, the sub-managers selected by the Platform will have the discretion to invest and trade independent of other sub-managers in the Platform. In a broad variety of securities and other financial instruments (including derivatives). Galaxy has no unfunded commitments or redemption lock-up period, as the investment offers daily redemptions. However, the managers of Galaxy may temporarily suspend redemptions in a certain limited circumstances. The individual series of the Platform offer weekly redemptions.

<sup>(e)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2025.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.20%.

<sup>(g)</sup> A portion of this deposit account is pledged as collateral for derivative contracts. As of the reporting date, the value of this collateral totals $10,532. 

<sup>(h)</sup> Includes assets pledged as collateral for deriviative contracts. As of the reporting date, the net value of these assets totals $21,504,209 

The accompanying notes are an integral part of these consolidated financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR HEDGED CORE FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 09/19/2025 | $1713984 | &nbsp;&nbsp;&nbsp;&nbsp; $9041  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 03/16/2026 | 2024725 | &nbsp;&nbsp;&nbsp;&nbsp;(385)  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 06/15/2026 | 2602821 | &nbsp;&nbsp;&nbsp;&nbsp;(680)  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 09/14/2026 | 2601760 | &nbsp;&nbsp;&nbsp;&nbsp;(371)  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 12/14/2026 | 37556100 | &nbsp;&nbsp;&nbsp;&nbsp; (9998)  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 03/15/2027 | 2020809 | &nbsp;&nbsp;&nbsp;&nbsp;(208)  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 06/14/2027 | 2019262 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 09/13/2027 | 1441226 | &nbsp;&nbsp;&nbsp;&nbsp;(266)  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 06/16/2026 | 241500 | &nbsp;&nbsp;&nbsp;&nbsp; 48  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 09/15/2026 | 1936400 | &nbsp;&nbsp;&nbsp;&nbsp; 1850  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; 12/15/2026 | 2908050 | &nbsp;&nbsp;&nbsp;&nbsp; 3006  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp; 03/16/2027 | 31515250 | &nbsp;&nbsp;&nbsp;&nbsp; 72567  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 06/15/2027 | 1696712 | &nbsp;&nbsp;&nbsp;&nbsp; 2201  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 09/14/2027 | 1938100 | &nbsp;&nbsp;&nbsp;&nbsp; 2612  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 12/14/2027 | 1694787 | &nbsp;&nbsp;&nbsp;&nbsp; 2389  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp; 03/14/2028 | 8952613 | &nbsp;&nbsp;&nbsp;&nbsp; 16674  |
| Arabica Coffee | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 09/18/2025 | 450150 | &nbsp;&nbsp;&nbsp;&nbsp; (83149)  |
| Austrailian Government 10 Year Bonds | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp; 09/15/2025 | 4752511 | &nbsp;&nbsp;&nbsp;&nbsp; 16252  |
| Austrailian Government 3 Year Bonds | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 09/15/2025 | 141820 | &nbsp;&nbsp;&nbsp;&nbsp;(120)  |
| Australian Dollar | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp; 09/15/2025 | 2569905 | &nbsp;&nbsp;&nbsp;&nbsp; 14158  |
| Brent Crude Oil | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp; 07/31/2025 | 2936560 | &nbsp;&nbsp;&nbsp;&nbsp; (251047)  |
| Brent Crude Oil | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 08/29/2025 | 658600 | &nbsp;&nbsp;&nbsp;&nbsp; (50002)  |
| Brent Crude Oil | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 09/30/2025 | 130500 | &nbsp;&nbsp;&nbsp;&nbsp; (8102)  |
| Brent Crude Oil | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 10/31/2025 | 64910 | &nbsp;&nbsp;&nbsp;&nbsp; (8041)  |
| Brent Crude Oil | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 11/28/2025 | 64770 | &nbsp;&nbsp;&nbsp;&nbsp;(101)  |
| British Pound | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp; 09/15/2025 | 3688594 | &nbsp;&nbsp;&nbsp;&nbsp; 20679  |
| CAC40 10 Euro Index | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp; 07/18/2025 | 1897330 | &nbsp;&nbsp;&nbsp;&nbsp; 610  |
| Canadian 10 Year Government Bonds | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 09/18/2025 | 268772 | &nbsp;&nbsp;&nbsp;&nbsp; 1215  |
| Canadian Dollar | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp; 09/16/2025 | 1252560 | &nbsp;&nbsp;&nbsp;&nbsp; 6782  |
| CME Bitcoin Reference Rate (BRR) | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 07/25/2025 | 2164700 | &nbsp;&nbsp;&nbsp;&nbsp; 36573  |
| Copper | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 09/26/2025 | 1016500 | &nbsp;&nbsp;&nbsp;&nbsp; (4679)  |
| Crude Oil | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 07/22/2025 | 2604400 | &nbsp;&nbsp;&nbsp;&nbsp; (146806)  |
| Crude Oil | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 08/20/2025 | 510800 | &nbsp;&nbsp;&nbsp;&nbsp; (22964)  |
| Crude Oil | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 09/22/2025 | 125520 | &nbsp;&nbsp;&nbsp;&nbsp; (7274)  |
| Crude Oil | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 10/21/2025 | 62060 | &nbsp;&nbsp;&nbsp;&nbsp;(192)  |
| Crude Oil | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 11/20/2025 | 61650 | &nbsp;&nbsp;&nbsp;&nbsp; 58  |
| Crude Soybean Oil | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp; 12/12/2025 | 727950 | &nbsp;&nbsp;&nbsp;&nbsp; (27353)  |
| Dow Jones Industrial Average Index | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 09/19/2025 | 1331670 | &nbsp;&nbsp;&nbsp;&nbsp; 52029  |
| Ether Dollar Reference Rate | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 07/25/2025 | 126600 | &nbsp;&nbsp;&nbsp;&nbsp; 505  |
| Euro | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp; 09/15/2025 | 3698750 | &nbsp;&nbsp;&nbsp;&nbsp; 37700  |
| Euro BUXL 30 Year Bonds | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/08/2025 | 139870 | &nbsp;&nbsp;&nbsp;&nbsp; 353  |
| Euro STOXX 50 Quanto Index | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 09/19/2025 | 2196235 | &nbsp;&nbsp;&nbsp;&nbsp; 5029  |
| Euro-BOBL | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 09/08/2025 | 7624186 | &nbsp;&nbsp;&nbsp;&nbsp; (27066)  |
| Euro-BTP Italian Government Bonds | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp; 09/08/2025 | 3848374 | &nbsp;&nbsp;&nbsp;&nbsp; 2417  |
| Euro-Bund | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 09/08/2025 | 459932 | &nbsp;&nbsp;&nbsp;&nbsp;(2)  |
| Euro-Schatz | &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp; 09/08/2025 | 22993062 | &nbsp;&nbsp;&nbsp;&nbsp; (34765)  |

---

The accompanying notes are an integral part of these consolidated financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR HEDGED CORE FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| French Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; 09/08/2025 | $2625800 | &nbsp;&nbsp;&nbsp;&nbsp; $(5841)  |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; 09/19/2025 | 2171677 | &nbsp;&nbsp;&nbsp;&nbsp; (10534)  |
| FTSE China A50 Index | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp; 07/30/2025 | 896996 | &nbsp;&nbsp;&nbsp;&nbsp; (9842)  |
| FTSE/MIB Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/19/2025 | 234719 | &nbsp;&nbsp;&nbsp;&nbsp; 5458  |
| German Stock Index | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 09/19/2025 | 2832860 | &nbsp;&nbsp;&nbsp;&nbsp; 51690  |
| Gold | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 08/27/2025 | 3307700 | &nbsp;&nbsp;&nbsp;&nbsp; (36602)  |
| Hang Seng Index | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp; 07/30/2025 | 3374850 | &nbsp;&nbsp;&nbsp;&nbsp; (44606)  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 06/16/2026 | 331271 | &nbsp;&nbsp;&nbsp;&nbsp; 256  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 09/15/2026 | 994482 | &nbsp;&nbsp;&nbsp;&nbsp; 701  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 12/15/2026 | 994688 | &nbsp;&nbsp;&nbsp;&nbsp; 443  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 03/16/2027 | 6630909 | &nbsp;&nbsp;&nbsp;&nbsp; 13524  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 06/15/2027 | 662885 | &nbsp;&nbsp;&nbsp;&nbsp; 616  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/14/2027 | 331322 | &nbsp;&nbsp;&nbsp;&nbsp; 274  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 12/14/2027 | 331202 | &nbsp;&nbsp;&nbsp;&nbsp; 256  |
| Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 09/15/2025 | 174862 | &nbsp;&nbsp;&nbsp;&nbsp;(61)  |
| KOSPI 200 Index | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; 09/11/2025 | 925052 | &nbsp;&nbsp;&nbsp;&nbsp; 4511  |
| Lean Hogs | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/14/2025 | 43000 | &nbsp;&nbsp;&nbsp;&nbsp;(633)  |
| Live Cattle | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 08/29/2025 | 171100 | &nbsp;&nbsp;&nbsp;&nbsp; 3295  |
| London Cocoa | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/15/2025 | 81521 | &nbsp;&nbsp;&nbsp;&nbsp; (5231)  |
| London Metals - Aluminum<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 09/15/2025 | 520012 | &nbsp;&nbsp;&nbsp;&nbsp; 18513  |
| London Metals - Copper<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 09/15/2025 | 2223603 | &nbsp;&nbsp;&nbsp;&nbsp; 58852  |
| London Metals - Nickel<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/15/2025 | 91175 | &nbsp;&nbsp;&nbsp;&nbsp; 52  |
| London Metals - Zinc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 09/15/2025 | 206451 | &nbsp;&nbsp;&nbsp;&nbsp; 4991  |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/26/2025 | 127697 | &nbsp;&nbsp;&nbsp;&nbsp;(619)  |
| Low Sulphur Gas Oil | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp; 08/12/2025 | 2710100 | &nbsp;&nbsp;&nbsp;&nbsp; (200675)  |
| Low Sulphur Gas Oil | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 09/11/2025 | 457100 | &nbsp;&nbsp;&nbsp;&nbsp; (6733)  |
| Low Sulphur Gas Oil | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 10/10/2025 | 64875 | &nbsp;&nbsp;&nbsp;&nbsp; 324  |
| Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp; 09/15/2025 | 872850 | &nbsp;&nbsp;&nbsp;&nbsp; 12143  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 09/19/2025 | 431725 | &nbsp;&nbsp;&nbsp;&nbsp; 1830  |
| MSCI Singapore Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 07/30/2025 | 32344 | &nbsp;&nbsp;&nbsp;&nbsp; 292  |
| Nasdaq 100 Index | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 09/19/2025 | 3205055 | &nbsp;&nbsp;&nbsp;&nbsp; 80585  |
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 07/29/2025 | 241920 | &nbsp;&nbsp;&nbsp;&nbsp; (25544)  |
| New Zealand Dollar | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 09/15/2025 | 427735 | &nbsp;&nbsp;&nbsp;&nbsp; 3019  |
| Nifty 50 Index | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 07/31/2025 | 409616 | &nbsp;&nbsp;&nbsp;&nbsp;(356)  |
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 09/11/2025 | 2813097 | &nbsp;&nbsp;&nbsp;&nbsp; 71578  |
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 09/11/2025 | 280928 | &nbsp;&nbsp;&nbsp;&nbsp; 16  |
| NY Harbor ULSD | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp; 07/31/2025 | 3346161 | &nbsp;&nbsp;&nbsp;&nbsp; (95143)  |
| NY Harbor ULSD | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 08/29/2025 | 189151 | &nbsp;&nbsp;&nbsp;&nbsp; (11197)  |
| NY Harbor ULSD | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/30/2025 | 94038 | &nbsp;&nbsp;&nbsp;&nbsp; 1145  |
| Platinum | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 10/29/2025 | 67150 | &nbsp;&nbsp;&nbsp;&nbsp; (2257)  |
| Reformulated Gasoline Blendstock | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 07/31/2025 | 1131367 | &nbsp;&nbsp;&nbsp;&nbsp; (83413)  |
| Russell 2000 Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 09/19/2025 | 219170 | &nbsp;&nbsp;&nbsp;&nbsp; 2651  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 09/19/2025 | 2814187 | &nbsp;&nbsp;&nbsp;&nbsp; 57062  |
| S&P/Toronto Stock Exchange 60 Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 09/18/2025 | 469983 | &nbsp;&nbsp;&nbsp;&nbsp; 1892  |
| SGX FTSE Taiwan Index | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 07/30/2025 | 364700 | &nbsp;&nbsp;&nbsp;&nbsp; 132  |
| Silver | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 09/26/2025 | 1627740 | &nbsp;&nbsp;&nbsp;&nbsp; (6746)  |

---

The accompanying notes are an integral part of these consolidated financial statements.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR HEDGED CORE FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Soybean Meal | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 12/12/2025 | $28930 | &nbsp;&nbsp;&nbsp;&nbsp; $68  |
| Swiss Franc | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 09/15/2025 | 1431731 | &nbsp;&nbsp;&nbsp;&nbsp; 19638  |
| TOPIX Index | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; 09/11/2025 | 2379501 | &nbsp;&nbsp;&nbsp;&nbsp; 44988  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp; 09/19/2025 | 6615375 | &nbsp;&nbsp;&nbsp;&nbsp; 37376  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp; 09/30/2025 | 12689430 | &nbsp;&nbsp;&nbsp;&nbsp; 23517  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp; 09/30/2025 | 7630000 | &nbsp;&nbsp;&nbsp;&nbsp; 23026  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; 09/19/2025 | 1385625 | &nbsp;&nbsp;&nbsp;&nbsp; 6990  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 09/19/2025 | 953000 | &nbsp;&nbsp;&nbsp;&nbsp; 3709  |
| Zinc - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/20/2025 | 68693 | &nbsp;&nbsp;&nbsp;&nbsp; 1257  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(368173) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 10 Year Japanese Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp; 09/11/2025 | $1255720 | &nbsp;&nbsp;&nbsp;&nbsp; $(4039)  |
| Arabica Coffee | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/18/2025 | 112538 | &nbsp;&nbsp;&nbsp;&nbsp; 9991  |
| ASX SPI 200 Index | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 09/18/2025 | 280931 | &nbsp;&nbsp;&nbsp;&nbsp; 426  |
| Austrailian Government 3 Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp; 09/15/2025 | 425459 | &nbsp;&nbsp;&nbsp;&nbsp;(903)  |
| Australian Dollar | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/15/2025 | 65895 | &nbsp;&nbsp;&nbsp;&nbsp;(207)  |
| BOVESPA Index | &nbsp;&nbsp;&nbsp;&nbsp;(119) | &nbsp;&nbsp; 08/13/2025 | 618547 | &nbsp;&nbsp;&nbsp;&nbsp; 3635  |
| British Pound | &nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp; 09/15/2025 | 514688 | &nbsp;&nbsp;&nbsp;&nbsp; (4561)  |
| Canadian Dollar | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp; 09/16/2025 | 736800 | &nbsp;&nbsp;&nbsp;&nbsp; (1146)  |
| Corn No. 2 Yellow | &nbsp;&nbsp;&nbsp;&nbsp;(98) | &nbsp;&nbsp; 12/12/2025 | 2084950 | &nbsp;&nbsp;&nbsp;&nbsp; 59435  |
| Cotton No.2 | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp; 12/08/2025 | 340650 | &nbsp;&nbsp;&nbsp;&nbsp; (1561)  |
| Dollar Index | &nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp; 09/15/2025 | 385972 | &nbsp;&nbsp;&nbsp;&nbsp; 7544  |
| Dow Jones Industrial Average Index | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/19/2025 | 221945 | &nbsp;&nbsp;&nbsp;&nbsp;(77)  |
| Euro | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/15/2025 | 147950 | &nbsp;&nbsp;&nbsp;&nbsp;(627)  |
| Euro BUXL 30 Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 09/08/2025 | 279740 | &nbsp;&nbsp;&nbsp;&nbsp; 2685  |
| Euro STOXX 50 Quanto Index | &nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp; 09/19/2025 | 313748 | &nbsp;&nbsp;&nbsp;&nbsp; 31  |
| Euro-BOBL | &nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp; 09/08/2025 | 831729 | &nbsp;&nbsp;&nbsp;&nbsp;(124)  |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp; 09/08/2025 | 3832766 | &nbsp;&nbsp;&nbsp;&nbsp; 10544  |
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp;(45) | &nbsp;&nbsp; 09/08/2025 | 5685098 | &nbsp;&nbsp;&nbsp;&nbsp; 1629  |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp; 09/19/2025 | 723892 | &nbsp;&nbsp;&nbsp;&nbsp; 3769  |
| Gold | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/27/2025 | 330770 | &nbsp;&nbsp;&nbsp;&nbsp; 2808  |
| Hang Seng China Enterprises Index | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 07/30/2025 | 110434 | &nbsp;&nbsp;&nbsp;&nbsp; 763  |
| Hard Red Winter Wheat | &nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp; 09/12/2025 | 526750 | &nbsp;&nbsp;&nbsp;&nbsp; 41812  |
| Japanese 10 Year Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp; 09/12/2025 | 2896149 | &nbsp;&nbsp;&nbsp;&nbsp; (10557)  |
| Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp; 09/15/2025 | 961744 | &nbsp;&nbsp;&nbsp;&nbsp; (2747)  |
| Lean Hogs | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/14/2025 | 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 2058  |
| London Metals - Aluminum<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp; 09/15/2025 | 1040024 | &nbsp;&nbsp;&nbsp;&nbsp; (51255)  |
| London Metals - Copper<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 09/15/2025 | 494134 | &nbsp;&nbsp;&nbsp;&nbsp; (6941)  |
| London Metals - Nickel<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/15/2025 | 91175 | &nbsp;&nbsp;&nbsp;&nbsp; (1504)  |
| London Metals - Zinc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp; 09/15/2025 | 619353 | &nbsp;&nbsp;&nbsp;&nbsp; (10808)  |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp; 09/26/2025 | 2809339 | &nbsp;&nbsp;&nbsp;&nbsp; (27741)  |
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp; 07/29/2025 | 622080 | &nbsp;&nbsp;&nbsp;&nbsp; 21621  |
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp; 07/30/2025 | 144159 | &nbsp;&nbsp;&nbsp;&nbsp; 884  |

---

The accompanying notes are an integral part of these consolidated financial statements.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR HEDGED CORE FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp; 08/27/2025 | $139600 | &nbsp;&nbsp;&nbsp;&nbsp; $6592  |
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 09/26/2025 | 71860 | &nbsp;&nbsp;&nbsp;&nbsp; 2856  |
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 10/29/2025 | 39850 | &nbsp;&nbsp;&nbsp;&nbsp; 1158  |
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 11/25/2025 | 45600 | &nbsp;&nbsp;&nbsp;&nbsp;(242)  |
| New Zealand Dollar | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/15/2025 | 61105 | &nbsp;&nbsp;&nbsp;&nbsp;(292)  |
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/11/2025 | 140464 | &nbsp;&nbsp;&nbsp;&nbsp; 363  |
| Reformulated Gasoline Blendstock | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 07/31/2025 | 174056 | &nbsp;&nbsp;&nbsp;&nbsp; 575  |
| Reformulated Gasoline Blendstock | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/29/2025 | 85772 | &nbsp;&nbsp;&nbsp;&nbsp;(145)  |
| Russell 2000 Index | &nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp; 09/19/2025 | 657510 | &nbsp;&nbsp;&nbsp;&nbsp; (18362)  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 09/19/2025 | 625375 | &nbsp;&nbsp;&nbsp;&nbsp;(328)  |
| SET50 Index | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp; 09/29/2025 | 43244 | &nbsp;&nbsp;&nbsp;&nbsp; 312  |
| Soybean Meal | &nbsp;&nbsp;&nbsp;&nbsp;(56) | &nbsp;&nbsp; 12/12/2025 | 1620080 | &nbsp;&nbsp;&nbsp;&nbsp; 16071  |
| Soybeans | &nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp; 11/14/2025 | 2054000 | &nbsp;&nbsp;&nbsp;&nbsp; 41397  |
| Sugar #11 | &nbsp;&nbsp;&nbsp;&nbsp;(34) | &nbsp;&nbsp; 09/30/2025 | 616896 | &nbsp;&nbsp;&nbsp;&nbsp; 22903  |
| Swiss Franc | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 09/15/2025 | 318163 | &nbsp;&nbsp;&nbsp;&nbsp; (3641)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp; 09/30/2025 | 10401172 | &nbsp;&nbsp;&nbsp;&nbsp; (7536)  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 09/30/2025 | 218000 | &nbsp;&nbsp;&nbsp;&nbsp;(315)  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp; 09/19/2025 | 923750 | &nbsp;&nbsp;&nbsp;&nbsp; (24260)  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp; 09/19/2025 | 714750 | &nbsp;&nbsp;&nbsp;&nbsp; (12288)  |
| Wheat | &nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp; 09/12/2025 | 349863 | &nbsp;&nbsp;&nbsp;&nbsp; 4852  |
| Wheat | &nbsp;&nbsp;&nbsp;&nbsp;(26) | &nbsp;&nbsp; 12/12/2025 | 728000 | &nbsp;&nbsp;&nbsp;&nbsp; 44971  |
| Zinc - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/20/2025 | 68693 | &nbsp;&nbsp;&nbsp;&nbsp; (1657)  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $117821  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(250352) |

---

<sup>(a)</sup> London Metal Exchange ("LME") futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts on the Fund's consolidated Statement of Assets and Liabilities. 

The accompanying notes are an integral part of these consolidated financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Hedged Core Fund** 

**Consolidated Schedule of Forward Currency Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Bank of America | 07/01/2025 | AUD | 85000 | USD | 55561 | $382  |
| Bank of America | 07/02/2025 | AUD | 79000 | USD | 51909 | 86  |
| Bank of America | 09/17/2025 | AUD | 1962000 | USD | 1276863 | 16585  |
| Bank of America | 07/02/2025 | CAD | 18000 | USD | 13172 | 47  |
| Bank of America | 07/16/2025 | CAD | 4420000 | USD | 3234714 | 13975  |
| Bank of America | 09/17/2025 | CAD | 1327000 | USD | 976780 | 1647  |
| Bank of America | 07/01/2025 | CHF | 14000 | USD | 17504 | 143  |
| Bank of America | 07/02/2025 | CHF | 98000 | USD | 122834 | 708  |
| Bank of America | 09/17/2025 | CHF | 4293000 | USD | 5302897 | 162507  |
| Bank of America | 07/16/2025 | CNH | 27320000 | USD | 3812686 | 8946  |
| Bank of America | 07/01/2025 | EUR | 143000 | USD | 167587 | 871  |
| Bank of America | 07/02/2025 | EUR | 289000 | USD | 339015 | 1457  |
| Bank of America | 07/16/2025 | EUR | 5320000 | USD | 6130208 | 143571  |
| Bank of America | 09/17/2025 | EUR | 5012000 | USD | 5802190 | 133257  |
| Bank of America | 07/02/2025 | GBP | 53000 | USD | 72752 | (1)  |
| Bank of America | 07/16/2025 | GBP | 1760000 | USD | 2382027 | 34023  |
| Bank of America | 09/17/2025 | GBP | 5858000 | USD | 7915985 | 129151  |
| Bank of America | 07/01/2025 | JPY | 13890000 | USD | 96031 | 435  |
| Bank of America | 07/02/2025 | JPY | 7883000 | USD | 54649 | 104  |
| Bank of America | 07/16/2025 | JPY | 369000000 | USD | 2571462 | (4138)  |
| Bank of America | 08/20/2025 | JPY | 41000000 | USD | 283597 | 2819  |
| Bank of America | 09/17/2025 | JPY | 34053000 | USD | 238829 | (208)  |
| Bank of America | 07/16/2025 | MXN | 37040000 | USD | 1927091 | 43366  |
| Bank of America | 09/17/2025 | MXN | 45833000 | USD | 2389086 | 32677  |
| Bank of America | 07/01/2025 | NZD | 7000 | USD | 4245 | 22  |
| Bank of America | 09/17/2025 | NZD | 2287000 | USD | 1383108 | 14705  |
| Bank of America | 07/01/2025 | USD | 55722 | AUD | 85000 | (222)  |
| Bank of America | 07/02/2025 | USD | 51685 | AUD | 79000 | (310)  |
| Bank of America | 09/17/2025 | USD | 1222611 | AUD | 1872000 | (11504)  |
| Bank of America | 07/02/2025 | USD | 13206 | CAD | 18000 | (14)  |
| Bank of America | 07/16/2025 | USD | 6371214 | CAD | 8710000 | (30615)  |
| Bank of America | 09/17/2025 | USD | 2074202 | CAD | 2821000 | (5786)  |
| Bank of America | 07/01/2025 | USD | 17524 | CHF | 14000 | (122)  |
| Bank of America | 07/02/2025 | USD | 123354 | CHF | 98000 | (188)  |
| Bank of America | 09/17/2025 | USD | 577284 | CHF | 460000 | (8341)  |
| Bank of America | 07/16/2025 | USD | 3963926 | CNH | 28420000 | (11578)  |
| Bank of America | 08/20/2025 | USD | 1326185 | CNH | 9470000 | (2214)  |
| Bank of America | 07/01/2025 | USD | 167643 | EUR | 143000 | (815)  |
| Bank of America | 07/02/2025 | USD | 339892 | EUR | 289000 | (581)  |
| Bank of America | 07/16/2025 | USD | 4418285 | EUR | 3830000 | (98364)  |
| Bank of America | 09/17/2025 | USD | 1374318 | EUR | 1177000 | (19541)  |
| Bank of America | 07/02/2025 | USD | 72636 | GBP | 53000 | (115)  |
| Bank of America | 07/16/2025 | USD | 4792979 | GBP | 3530000 | (52849)  |
| Bank of America | 09/17/2025 | USD | 1169941 | GBP | 858000 | (8401)  |
| Bank of America | 07/01/2025 | USD | 96295 | JPY | 13890000 | (171)  |
| Bank of America | 07/02/2025 | USD | 54791 | JPY | 7883000 | 38  |

---

The accompanying notes are an integral part of these consolidated financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Hedged Core Fund** 

**Consolidated Schedule of Forward Currency Contracts** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Bank of America | 07/16/2025 | USD | 4125502 | JPY | 591000000 | $13609  |
| Bank of America | 08/20/2025 | USD | 2200141 | JPY | 316000000 | (7362)  |
| Bank of America | 09/17/2025 | USD | 568622 | JPY | 81496000 | (2450)  |
| Bank of America | 07/16/2025 | USD | 1058018 | MXN | 20180000 | (15519)  |
| Bank of America | 07/01/2025 | USD | 4251 | NZD | 7000 | (16)  |
| Bank of America | 09/17/2025 | USD | 213122 | NZD | 352000 | (2020)  |
| Deutsche Bank | 07/16/2025 | AUD | 3700000 | USD | 2411774 | 24108  |
| Deutsche Bank | 08/20/2025 | AUD | 380000 | USD | 248111 | 2255  |
| Deutsche Bank | 07/16/2025 | BRL | 17060000 | USD | 2969235 | 157940  |
| Deutsche Bank | 07/16/2025 | CAD | 2260000 | USD | 1651867 | 9228  |
| Deutsche Bank | 07/16/2025 | CHF | 4540000 | USD | 5603952 | 130226  |
| Deutsche Bank | 07/17/2025 | CLP | 410000000 | USD | 438519 | 1573  |
| Deutsche Bank | 07/16/2025 | CNH | 11870000 | USD | 1657332 | 3091  |
| Deutsche Bank | 07/16/2025 | EUR | 920000 | USD | 1067361 | 17578  |
| Deutsche Bank | 07/16/2025 | GBP | 920000 | USD | 1245590 | 17346  |
| Deutsche Bank | 07/16/2025 | ILS | 880000 | USD | 256150 | 5128  |
| Deutsche Bank | 08/20/2025 | ILS | 50000 | USD | 14773 | 78  |
| Deutsche Bank | 07/16/2025 | INR | 33560000 | USD | 390627 | 410  |
| Deutsche Bank | 08/20/2025 | INR | 24740000 | USD | 287695 | 140  |
| Deutsche Bank | 07/16/2025 | JPY | 222000000 | USD | 1532542 | 12027  |
| Deutsche Bank | 08/20/2025 | JPY | 63000000 | USD | 438153 | 1951  |
| Deutsche Bank | 07/16/2025 | KRW | 634000000 | USD | 464479 | 5797  |
| Deutsche Bank | 08/20/2025 | KRW | 168000000 | USD | 124032 | 861  |
| Deutsche Bank | 07/16/2025 | MXN | 19750000 | USD | 1033924 | 16738  |
| Deutsche Bank | 07/16/2025 | NOK | 11610000 | USD | 1152126 | (156)  |
| Deutsche Bank | 07/16/2025 | NZD | 2980000 | USD | 1794933 | 22504  |
| Deutsche Bank | 08/20/2025 | NZD | 40000 | USD | 24292 | 133  |
| Deutsche Bank | 07/16/2025 | PLN | 3700000 | USD | 995275 | 30841  |
| Deutsche Bank | 07/16/2025 | SEK | 7530000 | USD | 790268 | 6518  |
| Deutsche Bank | 07/16/2025 | SGD | 1080000 | USD | 842041 | 8423  |
| Deutsche Bank | 07/16/2025 | USD | 2389861 | AUD | 3700000 | (46020)  |
| Deutsche Bank | 08/20/2025 | USD | 91557 | AUD | 140000 | (683)  |
| Deutsche Bank | 07/16/2025 | USD | 277429 | BRL | 1540000 | (4859)  |
| Deutsche Bank | 07/16/2025 | USD | 7514843 | CHF | 6110000 | (202300)  |
| Deutsche Bank | 07/17/2025 | USD | 238453 | CLP | 224000000 | (1988)  |
| Deutsche Bank | 07/16/2025 | USD | 1501755 | CNH | 10770000 | (4796)  |
| Deutsche Bank | 07/16/2025 | USD | 981633 | EUR | 850000 | (20757)  |
| Deutsche Bank | 07/16/2025 | USD | 134757 | GBP | 100000 | (2518)  |
| Deutsche Bank | 07/16/2025 | USD | 250890 | ILS | 880000 | (10389)  |
| Deutsche Bank | 07/16/2025 | USD | 389873 | INR | 33560000 | (1163)  |
| Deutsche Bank | 07/16/2025 | USD | 464017 | KRW | 634000000 | (6259)  |
| Deutsche Bank | 08/20/2025 | USD | 88033 | KRW | 119000000 | (433)  |
| Deutsche Bank | 07/16/2025 | USD | 1151036 | NOK | 11610000 | (933)  |
| Deutsche Bank | 08/20/2025 | USD | 1000000 | NOK | 99013 | (231)  |
| Deutsche Bank | 07/16/2025 | USD | 1790053 | NZD | 2980000 | (27384)  |
| Deutsche Bank | 08/20/2025 | USD | 316271 | NZD | 520000 | (1253)  |

---

The accompanying notes are an integral part of these consolidated financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Hedged Core Fund** 

**Consolidated Schedule of Forward Currency Contracts** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Deutsche Bank | 07/16/2025 | USD | 198542 | PLN | 730000 | $(3908)  |
| Deutsche Bank | 07/16/2025 | USD | 1462612 | SEK | 13950000 | (13505)  |
| Deutsche Bank | 07/16/2025 | USD | 587334 | SGD | 750000 | (3266)  |
| Deutsche Bank | 07/16/2025 | USD | 1117507 | ZAR | 20110000 | (16937)  |
| Deutsche Bank | 08/20/2025 | USD | 76230 | ZAR | 1360000 | (292)  |
| Deutsche Bank | 07/16/2025 | ZAR | 20110000 | USD | 1126002 | 8442  |
| **Net Unrealized Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) |  |  |  |  |  | $584992 |

---

AUD - Australian Dollars

BRL - Brazilian Real

CAD - Canadian Dollar

CHF - Swiss Franc

CLP - Chilean Peso

CNH - Chinese Offshore Renminbi

EUR - Euro

GBP - British Pound

ILS - Israeli New Shekel

INR - Indian Rupee

JPY - Japanese Yen

KRW - South Korean Won

MXN - Mexican Peso

NOK - Norwegian Krone

NZD - New Zealand Dollar

PLN - Polish Zloty

SEK - Swedish Krona

SGD - Singapore Dollar

USD - United States Dollar

ZAR - South African Rand

The accompanying notes are an integral part of these consolidated financial statements.

18<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Hedged Core Fund** 

**Consolidated Schedule of Swap Contracts** 

**June 30, 2025 (Unaudited)** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Termination** <br>**Date** | **Reference** <br>**Index** | **Financing** <br>**Rate** | **Payment** <br>**Frequency** | **Notional** <br>**Amount** | **Value** | **Advance** <br>**Receipt on** <br>**Swap Contracts** <br>**(Received)/Paid** | **Unrealized** <br>(Depreciation) | **Counterparty**  |
| 07-20-2029 | LoCorr <br>HC Basket#  | &nbsp;&nbsp;&nbsp; 0.50% | Quarterly | $45628071 | $(599189) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(599189) | Deutsche Bank AG |

---

**The underlying components of the basket as of June 30, 2025 are shown below:#** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Number of** <br>**Contracts** <br>**Purchased** <br>(Sold) | **Notional** <br>**Amount** | **Concentration** <br>**% of Exposure**  |
| **Futures Contracts:** <br>|  |  |  |  |
| **Purchase Contracts:<sup>(1)</sup>** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Jan-26 | &nbsp;&nbsp;&nbsp; 458 | $20939069 | &nbsp;&nbsp;&nbsp;&nbsp; 13.21%  |
| &nbsp;&nbsp;&nbsp; WTI Crude (NYMEX) | Jul-25 | &nbsp;&nbsp;&nbsp; 233 | 15113641 | &nbsp;&nbsp;&nbsp;&nbsp; 9.54%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Aug-25 | &nbsp;&nbsp;&nbsp; 176 | 6125913 | &nbsp;&nbsp;&nbsp;&nbsp; 3.87%  |
| &nbsp;&nbsp;&nbsp; Brent Crude (ICE) | Jul-25 | &nbsp;&nbsp;&nbsp; 78 | 5149182 | &nbsp;&nbsp;&nbsp;&nbsp; 3.25%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Feb-26 | &nbsp;&nbsp;&nbsp; 63 | 2609864 | &nbsp;&nbsp;&nbsp;&nbsp; 1.65%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Apr-26 | &nbsp;&nbsp;&nbsp; 62 | 2396836 | &nbsp;&nbsp;&nbsp;&nbsp; 1.51%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Feb-26 | &nbsp;&nbsp;&nbsp; 172 | 1768308 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12%  |
| &nbsp;&nbsp;&nbsp; Heating Oil | Jul-25 | &nbsp;&nbsp;&nbsp; 17 | 1641680 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Sep-25 | &nbsp;&nbsp;&nbsp; 41 | 1476872 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93%  |
| &nbsp;&nbsp;&nbsp; Copper (COMEX) | Dec-25 | &nbsp;&nbsp;&nbsp; 11 | 1390860 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88%  |
| &nbsp;&nbsp;&nbsp; Low Sulphur Gasoil | Jul-25 | &nbsp;&nbsp;&nbsp; 18 | 1201877 | &nbsp;&nbsp;&nbsp;&nbsp; 0.76%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Sep-27 | &nbsp;&nbsp;&nbsp; 93 | 897772 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Jul-27 | &nbsp;&nbsp;&nbsp; 93 | 890418 | &nbsp;&nbsp;&nbsp;&nbsp; 0.56%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Jun-27 | &nbsp;&nbsp;&nbsp; 93 | 879327 | &nbsp;&nbsp;&nbsp;&nbsp; 0.55%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Aug-27 | &nbsp;&nbsp;&nbsp; 90 | 853488 | &nbsp;&nbsp;&nbsp;&nbsp; 0.54%  |
| &nbsp;&nbsp;&nbsp; Lean Hogs | Jul-25 | &nbsp;&nbsp;&nbsp; 19 | 827072 | &nbsp;&nbsp;&nbsp;&nbsp; 0.52%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | May-27 | &nbsp;&nbsp;&nbsp; 90 | 811921 | &nbsp;&nbsp;&nbsp;&nbsp; 0.51%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Apr-27 | &nbsp;&nbsp;&nbsp; 93 | 806244 | &nbsp;&nbsp;&nbsp;&nbsp; 0.51%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Mar-27 | &nbsp;&nbsp;&nbsp; 90 | 788878 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50%  |
| &nbsp;&nbsp;&nbsp; Endex Dutch TTF Gas Future | Feb-26 | &nbsp;&nbsp;&nbsp; 26 | 780127 | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%  |
| &nbsp;&nbsp;&nbsp; Lean Hogs | Oct-25 | &nbsp;&nbsp;&nbsp; 20 | 755372 | &nbsp;&nbsp;&nbsp;&nbsp; 0.48%  |
| &nbsp;&nbsp;&nbsp; Copper (LME) | Sep-25 | &nbsp;&nbsp;&nbsp; 3 | 729522 | &nbsp;&nbsp;&nbsp;&nbsp; 0.46%  |
| &nbsp;&nbsp;&nbsp; Coffee | Sep-25 | &nbsp;&nbsp;&nbsp; 5 | 607517 | &nbsp;&nbsp;&nbsp;&nbsp; 0.38%  |
| &nbsp;&nbsp;&nbsp; Soybean Meal | Sep-25 | &nbsp;&nbsp;&nbsp; 19 | 538155 | &nbsp;&nbsp;&nbsp;&nbsp; 0.34%  |
| &nbsp;&nbsp;&nbsp; Gasoline RBOB | Aug-25 | &nbsp;&nbsp;&nbsp; 6 | 492250 | &nbsp;&nbsp;&nbsp;&nbsp; 0.31%  |
| &nbsp;&nbsp;&nbsp; Live Cattle | Aug-25 | &nbsp;&nbsp;&nbsp; 6 | 490722 | &nbsp;&nbsp;&nbsp;&nbsp;0.31%  |
| **Total Purchase Contracts** |  |  | 70962887 | &nbsp;&nbsp;&nbsp;&nbsp;44.79%  |
| **Sale Contracts:<sup>(1)</sup>** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Dec-25 | &nbsp;&nbsp;&nbsp;&nbsp;(495) | 24112887 | &nbsp;&nbsp;&nbsp;&nbsp; 15.22%  |
| &nbsp;&nbsp;&nbsp; WTI Crude (NYMEX) | Aug-25 | &nbsp;&nbsp;&nbsp;&nbsp;(193) | 12274196 | &nbsp;&nbsp;&nbsp;&nbsp; 7.74%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Jul-25 | &nbsp;&nbsp;&nbsp;&nbsp;(239) | 8258822 | &nbsp;&nbsp;&nbsp;&nbsp; 5.21%  |
| &nbsp;&nbsp;&nbsp; Brent Crude (ICE) | Aug-25 | &nbsp;&nbsp;&nbsp;&nbsp;(56) | 3694937 | &nbsp;&nbsp;&nbsp;&nbsp; 2.33%  |
| **Futures Contracts - (Continued)**  | **Futures Contracts - (Continued)**  | **Futures Contracts - (Continued)**  | **Futures Contracts - (Continued)**  | **Futures Contracts - (Continued)**  |
| **Sale Contracts - (Continued)**  | **Sale Contracts - (Continued)**  | **Sale Contracts - (Continued)**  | **Sale Contracts - (Continued)**  | **Sale Contracts - (Continued)**  |

---

The accompanying notes are an integral part of these consolidated financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Hedged Core Fund** 

**Consolidated Schedule of Swap Contracts** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Number of** <br>**Contracts** <br>**Purchased** <br>(Sold) | **Notional** <br>**Amount** | **Concentration** <br>**% of Exposure**  |
| &nbsp;&nbsp;&nbsp; Soybean | Nov-25 | &nbsp;&nbsp;&nbsp;&nbsp;(56) | $2907915 | &nbsp;&nbsp;&nbsp;&nbsp; 1.83%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Oct-25 | &nbsp;&nbsp;&nbsp;&nbsp;(73) | 2898881 | &nbsp;&nbsp;&nbsp;&nbsp; 1.83%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Nov-25 | &nbsp;&nbsp;&nbsp;&nbsp;(45) | 2070242 | &nbsp;&nbsp;&nbsp;&nbsp; 1.31%  |
| &nbsp;&nbsp;&nbsp; Lean Hogs | Aug-25 | &nbsp;&nbsp;&nbsp;&nbsp;(46) | 1984569 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25%  |
| &nbsp;&nbsp;&nbsp; Milling Wheat | Sep-25 | &nbsp;&nbsp;&nbsp;&nbsp;(132) | 1512895 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95%  |
| &nbsp;&nbsp;&nbsp; Corn | Dec-25 | &nbsp;&nbsp;&nbsp;&nbsp;(65) | 1380862 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87%  |
| &nbsp;&nbsp;&nbsp; Copper (COMEX) | Sep-25 | &nbsp;&nbsp;&nbsp;&nbsp;(9) | 1194739 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| &nbsp;&nbsp;&nbsp; Wheat | Dec-25 | &nbsp;&nbsp;&nbsp;&nbsp;(37) | 1048228 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66%  |
| &nbsp;&nbsp;&nbsp; WTI Crude (NYMEX) | Sep-25 | &nbsp;&nbsp;&nbsp;&nbsp;(16) | 983092 | &nbsp;&nbsp;&nbsp;&nbsp; 0.62%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Mar-26 | &nbsp;&nbsp;&nbsp;&nbsp;(84) | 805287 | &nbsp;&nbsp;&nbsp;&nbsp; 0.51%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Mar-26 | &nbsp;&nbsp;&nbsp;&nbsp;(20) | 768419 | &nbsp;&nbsp;&nbsp;&nbsp; 0.48%  |
| &nbsp;&nbsp;&nbsp; Gold | Aug-25 | &nbsp;&nbsp;&nbsp; 2 | 741758 | &nbsp;&nbsp;&nbsp;&nbsp; 0.47%  |
| &nbsp;&nbsp;&nbsp; Platinum | Oct-25 | &nbsp;&nbsp;&nbsp;&nbsp;(9) | 631870 | &nbsp;&nbsp;&nbsp;&nbsp; 0.40%  |
| &nbsp;&nbsp;&nbsp; Gasoline RBOB | Jul-25 | &nbsp;&nbsp;&nbsp;&nbsp;(7) | 621816 | &nbsp;&nbsp;&nbsp;&nbsp; 0.39%  |
| &nbsp;&nbsp;&nbsp; Nickel | Sep-25 | &nbsp;&nbsp;&nbsp;&nbsp;(6) | 589162 | &nbsp;&nbsp;&nbsp;&nbsp; 0.37%  |
| &nbsp;&nbsp;&nbsp; Heating Oil | Aug-25 | &nbsp;&nbsp;&nbsp;&nbsp;(6) | 581797 | &nbsp;&nbsp;&nbsp;&nbsp; 0.37%  |
| &nbsp;&nbsp;&nbsp; Endex Dutch TTF Gas Future | Dec-25 | &nbsp;&nbsp;&nbsp;&nbsp;(17) | 537478 | &nbsp;&nbsp;&nbsp;&nbsp; 0.34%  |
| &nbsp;&nbsp;&nbsp; Soybean Meal | Aug-25 | &nbsp;&nbsp;&nbsp;&nbsp;(19) | 530409 | &nbsp;&nbsp;&nbsp;&nbsp; 0.33%  |
| &nbsp;&nbsp;&nbsp; Aluminum | Sep-25 | &nbsp;&nbsp;&nbsp;&nbsp;(8) | 520846 | &nbsp;&nbsp;&nbsp;&nbsp;0.33%  |
| **Total Sale Contracts** |  |  | 70651107 | &nbsp;&nbsp;&nbsp;&nbsp;44.56%  |
| Other Futures Contracts |  |  | 12241169 | &nbsp;&nbsp;&nbsp;&nbsp;7.74%  |
| Total Futures Contracts |  |  | 153855163 | &nbsp;&nbsp;&nbsp;&nbsp;97.09%  |
| **Cash and Foreign Currency:** <br>|  |  |  |  |
| **Cash and Foreign Currency Purchased:<sup>(1)</sup>** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar |  |  | $3896721 | &nbsp;&nbsp;&nbsp;&nbsp;2.46%  |
| Other Cash and Foreign Currency |  |  | 592738 | &nbsp;&nbsp;&nbsp;&nbsp;0.37%  |
| Total Cash and Foreign Currency |  |  | 4489459 | &nbsp;&nbsp;&nbsp;&nbsp; 2.83%  |
| Forward Currency Contracts |  |  | 134699 | &nbsp;&nbsp;&nbsp;&nbsp;0.08%  |
| Total Underlying Positions |  |  | $158479321 | &nbsp;&nbsp;&nbsp;&nbsp;100.00% |

---

# The investment is not a direct holding of LoCorr Hedged Core Fund. The top 50 holdings and other futures contracts, other forward currency contracts, and other cash and foreign currency were determined based on the absolute notional amount of the positions within the underlying swap basket. 

<sup>(1)</sup> Represents the 50 largest components of the basket.

The accompanying notes are an integral part of these consolidated financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Long/Short Commodities Strategy Fund** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 24.6%** <br>|  |  |
| United States Treasury Note<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2026 | $1730000 | $1739022  |
| &nbsp;&nbsp;&nbsp; 1.38%, 10/31/2028 | 13010000 | 12061185  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 | 5520000 | 5523450  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 | 31920000 | 32477353  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2029 | 39715000 | 40951440  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 | 7810000 | 7666308  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030 | 14265000 | 14401520  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $113,164,507)** |  | 114820278  |
| **CORPORATE BONDS - 20.3%** <br>|  |  |
| **Aerospace & Defense - 0.6%** <br>|  |  |
| Boeing Co., 3.25%, 02/01/2028 | 1595000 | 1546839  |
| L3Harris Technologies, Inc., 5.40%, 01/15/2027 | 935000 | 950425  |
| RTX Corp., 4.13%, 11/16/2028 | 430000 | 428220  |
|  |  | 2925484  |
| **Agriculture - 0.2%** <br>|  |  |
| Philip Morris International, Inc., 4.63%, 11/01/2029 | 795000 | 802287  |
| **Apparel - 0.1%** <br>|  |  |
| Tapestry, Inc., 5.10%, 03/11/2030 | 385000 | 389737  |
| **Auto Manufacturers - 0.9%** <br>|  |  |
| Ford Motor Credit Co. LLC, 5.85%, 05/17/2027 | 1425000 | 1435715  |
| General Motors Financial Co., Inc., 5.35%, 01/07/2030 | 1275000 | 1290119  |
| Toyota Motor Credit Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 09/11/2025 | 395000 | 395833  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/07/2026 | 320000 | 321091  |
| Volkswagen Group of America Finance LLC, 1.25%, 11/24/2025<sup>(a)</sup> | 850000 | 838420  |
|  |  | 4281178  |
| **Banks - 7.5%** <br>|  |  |
| Bank of America Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38% to 04/27/2027 then SOFR + 1.58%, 04/27/2028 | 2495000 | 2494163  |
| &nbsp;&nbsp;&nbsp; 5.16% to 01/24/2030 then SOFR + 1.00%, 01/24/2031 | 2720000 | 2786920  |
| Bank of America NA, 5.53%, 08/18/2026 | 3290000 | 3336595  |
| Bank of New York Mellon, 4.59% to 04/20/2026 then SOFR + 0.69%, 04/20/2027 | 2850000 | 2856519  |
| Canadian Imperial Bank of Commerce, 3.45%, 04/07/2027 | 590000 | 582459  |
| Citibank NA, 4.58%, 05/29/2027 | 1530000 | 1538250  |
| Credit Agricole SA, 5.22% to 05/27/2030 then SOFR + 1.46%, 05/27/2031<sup>(a)</sup> | 325000 | 330952  |
| Credit Suisse AG, 5.00%, 07/09/2027 | 700000 | 710711  |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG/New York NY, 5.00% to 09/11/2029 then <br>SOFR + 1.70%, 09/11/2030 | 385000 | 387828  |
| Federation des Caisses Desjardins du Quebec, 5.70%, 03/14/2028<sup>(a)</sup> | 935000 | 967371  |
| Goldman Sachs Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80% to 08/10/2025 then SOFR + 1.08%, 08/10/2026 | 2635000 | 2638640  |
| &nbsp;&nbsp;&nbsp; 6.48% to 10/24/2028 then SOFR + 1.77%, 10/24/2029 | 535000 | 567465  |

---

The accompanying notes are an integral part of these consolidated financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Long/Short Commodities Strategy Fund** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Banks - (Continued)**  | **Banks - (Continued)**  | **Banks - (Continued)**  |
| HSBC Holdings PLC, 6.16% to 03/09/2028 then SOFR + 1.97%, 03/09/2029 | $825000 | $857754  |
| JPMorgan Chase & Co., 5.10% to 04/22/2030 then SOFR + 1.44%, 04/22/2031 | 3180000 | 3257929  |
| Morgan Stanley, 5.19% to 04/17/2030 then SOFR + 1.51%, 04/17/2031 | 1680000 | 1721946  |
| Morgan Stanley Bank NA, 4.95% to 01/14/2027 then SOFR + 1.08%, 01/14/2028 | 2390000 | 2409080  |
| NatWest Markets PLC, 5.41%, 05/17/2029<sup>(a)</sup> | 885000 | 914069  |
| PNC Bank NA, 4.54% to 05/13/2026 then SOFR + 0.63%, 05/13/2027 | 1740000 | 1740847  |
| State Street Corp., 4.54%, 02/28/2028 | 765000 | 773624  |
| Toronto-Dominion Bank, 1.25%, 09/10/2026 | 1375000 | 1326746  |
|  UBS Group AG, 6.33% to 12/22/2026 then 1 yr. CMT Rate + 1.60%, 12/22/2027<sup>(a)</sup> | 860000 | 882972  |
| Wells Fargo & Co., 5.15% to 04/23/2030 then SOFR + 1.50%, 04/23/2031 | 2130000 | 2180778  |
|  |  | 35263618  |
| **Beverages - 0.2%** <br>|  |  |
| PepsiCo, Inc., 5.13%, 11/10/2026 | 845000 | 855562  |
| **Biotechnology - 0.2%** <br>|  |  |
| Amgen, Inc., 5.15%, 03/02/2028 | 1095000 | 1118687  |
| **Building Materials - 0.1%** <br>|  |  |
| Trane Technologies Financing Ltd., 3.50%, 03/21/2026 | 420000 | 417203  |
| **Chemicals - 0.1%** <br>|  |  |
| Nutrien Ltd., 4.90%, 03/27/2028 | 420000 | 425837  |
| **Computers - 0.2%** <br>|  |  |
| Hewlett Packard Enterprise Co., 4.55%, 10/15/2029 | 950000 | 944673  |
| **Cosmetics & Personal Care - 0.6%** <br>|  |  |
| Haleon US Capital LLC, 3.38%, 03/24/2027 | 1690000 | 1665037  |
| Unilever Capital Corp., 4.25%, 08/12/2027 | 970000 | 974218  |
|  |  | 2639255  |
| **Diversified Financial Services - 0.6%** <br>|  |  |
| AerCap Ireland Capital/Global Aviation Trust, 6.10%, 01/15/2027 | 1840000 | 1880683  |
| Air Lease Corp., 5.85%, 12/15/2027 | 980000 | 1013443  |
|  |  | 2894126  |
| **Electric - 1.4%** <br>|  |  |
| Duke Energy Carolinas LLC, 4.85%, 03/15/2030 | 495000 | 505912  |
| Florida Power & Light Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/01/2028 | 1055000 | 1080504  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/15/2028 | 1310000 | 1319677  |
| Georgia Power Co., 5.00%, 02/23/2027 | 1165000 | 1181417  |
| NSTAR Electric Co., 3.20%, 05/15/2027 | 870000 | 855382  |
| Southern California Edison Co., 1.20%, 02/01/2026 | 255000 | 248555  |
| Virginia Power Fuel Securitization LLC, 5.09%, 05/01/2027 | 1190187 | 1196579  |
|  |  | 6388026  |

---

The accompanying notes are an integral part of these consolidated financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Long/Short Commodities Strategy Fund** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Electronics - 0.3%** <br>|  |  |
| Honeywell International, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 07/30/2027 | $1080000 | $1091237  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/01/2029 | 425000 | 434969  |
|  |  | 1526206  |
| **Food - 2.0%** <br>|  |  |
| General Mills, Inc., 4.88%, 01/30/2030 | 1015000 | 1031567  |
| Mars, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/01/2028<sup>(a)</sup> | 3855000 | 3885706  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/2030<sup>(a)</sup> | 3845000 | 3894378  |
| Sysco Corp., 3.25%, 07/15/2027 | 730000 | 715755  |
|  |  | 9527406  |
| **Healthcare-Services - 0.5%** <br>|  |  |
| HCA, Inc., 5.00%, 03/01/2028 | 550000 | 558103  |
| UnitedHealth Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 06/15/2028 | 515000 | 517475  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029 | 1435000 | 1431579  |
|  |  | 2507157  |
| **Insurance - 0.5%** <br>|  |  |
| Brown & Brown, Inc., 4.60%, 12/23/2026 | 660000 | 663072  |
| Equitable Financial Life Global, 1.40%, 07/07/2025<sup>(a)</sup> | 600000 | 599672  |
| Metropolitan Life Global Funding I, 5.05%, 01/06/2028<sup>(a)</sup> | 330000 | 336670  |
| Principal Life Global Funding II, 0.88%, 01/12/2026<sup>(a)</sup> | 615000 | 603486  |
|  |  | 2202900  |
| **Machinery-Diversified - 0.1%** <br>|  |  |
| John Deere Capital Corp., 4.95%, 07/14/2028 | 460000 | 471187  |
| **Media - 0.1%** <br>|  |  |
| Charter Communications Operating LLC, 4.91%, 07/23/2025 | 289000 | 288979  |
| **Packaging & Containers - 0.1%** <br>|  |  |
| Amcor Group Finance PLC, 5.45%, 05/23/2029 | 415000 | 426616  |
| **Pharmaceuticals - 0.6%** <br>|  |  |
| AbbVie, Inc., 4.80%, 03/15/2029 | 435000 | 443431  |
| Astrazeneca Finance LLC, 4.80%, 02/26/2027 | 375000 | 379117  |
| CVS Health Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/01/2026 | 1720000 | 1693579  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/30/2029 | 280000 | 284193  |
|  |  | 2800320  |
| **Pipelines - 0.8%** <br>|  |  |
| Enbridge, Inc., 6.00%, 11/15/2028 | 755000 | 792468  |
| Energy Transfer LP, 6.05%, 12/01/2026 | 1665000 | 1699652  |
| South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027<sup>(a)</sup> | 450000 | 452815  |
| Williams Cos., Inc., 4.90%, 03/15/2029 | 550000 | 557484  |
|  |  | 3502419  |

---

The accompanying notes are an integral part of these consolidated financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Long/Short Commodities Strategy Fund** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **REITS - 1.0%** <br>|  |  |
| American Homes 4 Rent LP, 4.90%, 02/15/2029 | $415000 | $419605  |
| Brixmor Operating Partnership LP, 4.13%, 06/15/2026 | 510000 | 508006  |
| Essex Portfolio LP, 1.70%, 03/01/2028 | 420000 | 391538  |
| Kite Realty Group LP, 4.00%, 10/01/2026 | 1310000 | 1298329  |
| Lineage OP LP, 5.25%, 07/15/2030<sup>(a)</sup> | 840000 | 844472  |
| Prologis Targeted US Logistics Fund LP, 5.25%, 04/01/2029<sup>(a)</sup> | 950000 | 975759  |
|  |  | 4437709  |
| **Retail - 0.5%** <br>|  |  |
| Home Depot, Inc., 4.88%, 06/25/2027 | 705000 | 715985  |
| O'Reilly Automotive, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/20/2026 | 1000000 | 1017616  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/01/2030 | 430000 | 425614  |
| Walmart, Inc., 4.35%, 04/28/2030 | 270000 | 272989  |
|  |  | 2432204  |
| **Semiconductors - 0.1%** <br>|  |  |
| Texas Instruments, Inc., 4.60%, 02/08/2027 | 545000 | 549911  |
| **Software - 0.1%** <br>|  |  |
| Oracle Corp., 4.80%, 08/03/2028 | 685000 | 696163  |
| **Telecommunications - 0.9%** <br>|  |  |
| AT&T, Inc., 2.30%, 06/01/2027 | 1065000 | 1026671  |
| T-Mobile USA, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 07/15/2028 | 700000 | 709174  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/15/2029 | 1355000 | 1373642  |
| Verizon Communications, Inc., 2.10%, 03/22/2028 | 1130000 | 1070507  |
|  |  | 4179994  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $93,507,323)** |  | 94894844  |
|  | **Shares** |  |
| **COMMODITY POOL - 13.5%** <br>|  |  |
| Galaxy Commodity - Polaris Fund LLC<sup>(b)(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Galaxy Plus Fund – Core Commodity I Feeder Fund (558) LLC | N/A | 21315818  |
| &nbsp;&nbsp;&nbsp; Galaxy Plus Fund – East Alpha Feeder Fund (548) LLC | N/A | 24352038  |
| &nbsp;&nbsp;&nbsp; Galaxy Plus Fund – Millburn Resource Oppty Feeder Fund (557) | N/A | 17539455  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMODITY POOL** <br>**(Cost $87,150,934)** |  | 63207311  |
|  | **Par** |  |
| **MORTGAGE-BACKED SECURITIES - 9.5%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; ARES Commercial Mortgage Trust, Series 2024-IND, Class A, 6.00% <br>(1 mo. Term SOFR + 1.69%), 07/15/2041<sup>(a)</sup> | $500000 | 500782  |
| &nbsp;&nbsp;&nbsp; Banc of America-Remic Trust, Series 2022-DKLX, Class A, 5.46% <br>(1 mo. Term SOFR + 1.15%), 01/15/2039<sup>(a)</sup> | 2493992 | 2486198  |

---

The accompanying notes are an integral part of these consolidated financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Long/Short Commodities Strategy Fund** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** |
| BX Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-XL2, Class B, 5.42% (1 mo. Term SOFR + 1.11%), 10/15/2038<sup>(a)</sup> | $2450000 | $2448469  |
| &nbsp;&nbsp;&nbsp; Series 2023-DELC, Class A, 7.00% (1 mo. Term SOFR + 2.69%), 05/15/2038<sup>(a)</sup> | 700000 | 704366  |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2021-PRM2, Class A, 5.38% <br>(1 mo. Term SOFR + 1.06%), 10/15/2038<sup>(a)</sup> | 1050000 | 1046137  |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Pass Through Certificates, Series 2015-CR27, <br>Class AM, 3.98%, 10/10/2048 | 1000000 | 990708  |
| &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Capital Certificates, Series 2017-CALI, <br>Class A, 3.43%, 11/10/2032<sup>(a)</sup> | 1750000 | 1417587  |
| &nbsp;&nbsp;&nbsp; ELP Commercial Mortgage Trust, Series 2021-ELP, Class B, 5.55% <br>(1 mo. Term SOFR + 1.23%), 11/15/2038<sup>(a)</sup> | 2646919 | 2643610  |
| Fannie Mae Connecticut Avenue Securities <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 7.41% (30 day avg SOFR US + 3.10%), 03/25/2042<sup>(a)</sup> | 1640000 | 1689305  |
| &nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2, 7.31% (30 day avg SOFR US + 3.00%), 04/25/2042<sup>(a)</sup> | 130000 | 133481  |
| &nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M2, 8.16% (30 day avg SOFR US + 3.85%), 05/25/2042<sup>(a)</sup> | 915000 | 956730  |
| &nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M2, 8.96% (30 day avg SOFR US + 4.65%), 06/25/2042<sup>(a)</sup> | 1870000 | 1993554  |
| &nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 7.91% (30 day avg SOFR US + 3.60%), 07/25/2042<sup>(a)</sup> | 2140000 | 2231959  |
| &nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M2, 8.06% (30 day avg SOFR US + 3.75%), 12/25/2042<sup>(a)</sup> | 2830000 | 2984553  |
| &nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M2, 7.66% (30 day avg SOFR US + 3.35%), 01/25/2043<sup>(a)</sup> | 2000000 | 2085246  |
| &nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M2, 7.86% (30 day avg SOFR US + 3.55%), 05/25/2043<sup>(a)</sup> | 2000000 | 2110900  |
|  Freddie Mac Multifamily Structured Pass Through Certificates, Series K059, Class A1, 2.76%, 09/25/2025 | 208070 | 207410  |
| Freddie Mac Structured Agency Credit Risk Debt Notes <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B, 8.81% (30 day avg SOFR US + 4.50%), 06/25/2042<sup>(a)</sup> | 1485000 | 1578338  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1B, 8.01% (30 day avg SOFR US + 3.70%), 09/25/2042<sup>(a)</sup> | 1830000 | 1927795  |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1B, 7.41% (30 day avg SOFR US + 3.10%), 03/25/2043<sup>(a)</sup> | 760000 | 791350  |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1B, 7.56% (30 day avg SOFR US + 3.25%), 04/25/2043<sup>(a)</sup> | 2195000 | 2299842  |
|  FRESB Multifamily Structured Pass Through Certificates, Series 2016-SB23, Class A10F, 2.31%, 09/25/2026<sup>(d)</sup> | 393228 | 385920  |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2021-NQM1, <br>Class A3, 1.53%, 07/25/2061<sup>(a)(d)</sup> | 675104 | 610593  |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, <br>Class AS, 4.11%, 09/15/2047 | 800624 | 776605  |
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 5.23% <br>(1 mo. Term SOFR + 0.92%), 04/15/2038<sup>(a)</sup> | 246786 | 246786  |

---

The accompanying notes are an integral part of these consolidated financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Long/Short Commodities Strategy Fund** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2016-1A, <br>Class A1, 3.75%, 03/25/2056<sup>(a)(d)</sup> | $76056 | $73379  |
| &nbsp;&nbsp;&nbsp; NRTH PARK Mortgage Trust, Series 2024-PARK, Class A, 5.95% <br>(1 mo. Term SOFR + 1.64%), 03/15/2039<sup>(a)</sup> | 700000 | 700436  |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust, Series 2024-3ELV, Class A, 6.30% <br>(1 mo. Term SOFR + 1.99%), 08/15/2029<sup>(a)</sup> | 1000000 | 1001236  |
| &nbsp;&nbsp;&nbsp; PKHL Commercial Mortgage Trust, Series 2021-MF, Class A, 5.31% <br>(1 mo. Term SOFR + 0.99%), 07/15/2038<sup>(a)</sup> | 3250000 | 3069890  |
| &nbsp;&nbsp;&nbsp; SMR Mortgage Trust, Series 2022-IND, Class A, 5.96% <br>(1 mo. Term SOFR + 1.65%), 02/15/2039<sup>(a)</sup> | 3433789 | 3439733  |
|  TX Trust, Series 2024-HOU, Class A, 5.90% (1 mo. Term SOFR + 1.59%), 06/15/2039<sup>(a)</sup> | 600000 | 596250  |
|  UBS Commercial Mortgage Trust, Series 2017-C6, Class ASB, 3.50%, 12/15/2050 | 413009 | 408055  |
| Verus Securitization Trust, Series 2020-1, Class A1, 3.42%, 01/25/2060<sup>(a)(e)</sup> | 75036 | 73602  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $45,314,454)** |  | 44610805  |
| **ASSET-BACKED SECURITIES - 8.7%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; American Express Travel Related Services Co., Inc., Series 2024-1, <br>Class A, 5.23%, 04/15/2029 | 2810000 | 2867016  |
| Angel Oak Mortgage Trust LLC, Series 2020-5, Class A3, 2.04%, 05/25/2065<sup>(a)(d)</sup> | 23327 | 22511  |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-W6, Class M1, 5.48% (1 mo. Term SOFR + 1.16%), 01/25/2034 | 262120 | 274107  |
|  Asset Backed Securities Corp. Home Equity Loan Trust, Series 2002-HE1, Class M1, 6.08% (1 mo. Term SOFR + 1.76%), 03/15/2032 | 65184 | 68789  |
| Bank of America Auto Trust, Series 2024-1A, Class A3, 5.35%, 11/15/2028<sup>(a)</sup> | 3475000 | 3509770  |
| Barclays Dryrock Funding LLC, Series 2023-1, Class A, 4.72%, 02/15/2029 | 4900000 | 4912725  |
| CarMax Auto Owner Trust, Series 2024-4, Class A3, 4.60%, 10/15/2029 | 2875000 | 2893914  |
| DB Master Finance Parent LLC, Series 2021-1A, Class A2I, 2.05%, 11/20/2051<sup>(a)</sup> | 1978250 | 1904339  |
| Diamond Resorts Owner Trust, Series 2021-1A, Class A, 1.51%, 11/21/2033<sup>(a)</sup> | 179688 | 178708  |
| Elara Depositor LLC, Series 2021-A, Class A, 1.36%, 08/27/2035<sup>(a)</sup> | 798078 | 754978  |
| Financial Holding Corp., Series 2024-D, Class A, 5.34%, 04/15/2029<sup>(a)</sup> | 1890000 | 1930614  |
| Ford Credit Auto Owner Trust, Series 2024-D, Class A3, 4.61%, 08/15/2029 | 800000 | 806144  |
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2023-4, <br>Class A3, 5.78%, 08/16/2028 | 1560000 | 1578138  |
| Hilton Grand Vacations, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-AA, Class A, 2.34%, 07/25/2033<sup>(a)</sup> | 434786 | 427264  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.50%, 03/25/2038<sup>(a)</sup> | 1103776 | 1115826  |
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, Series 2024-1, Class A3, <br>5.21%, 08/15/2028 | 2080000 | 2098339  |
| Marriott Vacations Worldwide Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, 2.22%, 10/20/2038<sup>(a)</sup> | 124808 | 122760  |
| &nbsp;&nbsp;&nbsp; Series 2021-1WA, Class A, 1.14%, 01/22/2041<sup>(a)</sup> | 294086 | 281711  |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84%, 05/15/2069<sup>(a)</sup> | 419147 | 381954  |
| &nbsp;&nbsp;&nbsp; Planet Fitness SPV Guarantor LLC, Series 2022-1A, Class A2I, <br>3.25%, 12/05/2051<sup>(a)</sup> | 2322000 | 2273031  |

---

The accompanying notes are an integral part of these consolidated financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Long/Short Commodities Strategy Fund** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
|  SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, 1.14%, 02/15/2047<sup>(a)</sup> | $1101127 | $958646  |
| Taco Bell Corp., Series 2021-1A, Class A2I, 1.95%, 08/25/2051<sup>(a)</sup> | 2480813 | 2364288  |
| T-Mobile US Trust, Series 2024-1A, Class A, 5.05%, 09/20/2029<sup>(a)</sup> | 1330000 | 1340281  |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, Series 2024-B, Class A3, <br>5.33%, 01/16/2029 | 5500000 | 5577556  |
| Volkswagen Auto Lease Trust, Series 2024-A, Class A3, 5.21%, 06/21/2027 | 2000000 | 2017029  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $40,763,030)** |  | 40660438  |
| **U.S. GOVERNMENT AGENCY ISSUES - 4.9%** <br>|  |  |
| Federal Home Loan Banks <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.60%, 02/12/2026 | 3100000 | 3031918  |
| &nbsp;&nbsp;&nbsp; 1.10%, 02/25/2028 | 6475000 | 6033444  |
| Federal National Mortgage Association, 0.75%, 10/08/2027 | 14670000 | 13723028  |
| &nbsp;&nbsp;&nbsp; United States of America Executive Branch, Series 2012-20K, Class 1, <br>2.09%, 11/01/2032 | 3152 | 2938  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY ISSUES** <br>**(Cost $22,452,153)** |  | 22791328  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 1.7%** <br>|  |  |
| BBCMS Trust, Series 2023-C19, Class A2B, 5.75%, 04/15/2056 | 2750000 | 2799647  |
| &nbsp;&nbsp;&nbsp; BLP Commercial Mortgage Trust, Series 2024-IND2, Class B, 6.00% <br>(1 mo. Term SOFR + 1.69%), 03/15/2041<sup>(a)</sup> | 1257196 | 1258768  |
| Fannie Mae Connecticut Avenue Securities <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M2, 7.41% (30 day avg SOFR US + 3.10%), 06/25/2043<sup>(a)</sup> | 225000 | 234751  |
| &nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M2, 6.81% (30 day avg SOFR US + 2.50%), 10/25/2043<sup>(a)</sup> | 880000 | 904608  |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2023-HQA1, Class M1B, 7.81% (30 day avg SOFR US + 3.50%), 05/25/2043<sup>(a)</sup> | 1010000 | 1066765  |
| &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, Series 2019-LVL, Class A, <br>3.89%, 08/15/2038<sup>(a)</sup> | 1800000 | 1732190  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $7,917,267)** |  | 7996729  |
| **MUNICIPAL BONDS - 0.5%** <br>|  |  |
| County of King WA Sewer Revenue, 0.80%, 07/01/2025 | 320000 | 320000  |
| State of Hawaii, 1.03%, 08/01/2025 | 1955000 | 1949505  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $2,275,000)** |  | 2269505  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 83.7%** <br>**(Cost $412,544,668)** |  | $391251238 |
| Money Market Deposit Account - 6.1%<sup>(f)(g)</sup> |  | 28485426 |
| Other Assets in Excess of Liabilities - 10.2%<sup>(h)</sup> |  | 47811349  |
| **TOTAL NET ASSETS - 100.0%** |  | $467548013 |

---

The accompanying notes are an integral part of these consolidated financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Long/Short Commodities Strategy Fund** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $80,132,612 or 17.1% of the Fund's net assets.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Investment valued using net asset value per share as practical expedient. See Note 2. Galaxy Commodity - Polaris Fund, LLC's ("Galaxy") investment objective is to generate diversified investment returns that are uncorrelated with the equity and debt markets by committing its assets to the investment discretion of a select group of experienced sub-managers that pursue various alternative investment strategies. Specifically, Galaxy accesses the sub-managers through an affiliated platform called Galaxy Plus Fund, LLC (the "Platform"). The Platform identifies sub-managers that, in its judgment, are capable of generating attractive investment returns whose correlation to the U.S. equity and fixed-income markets is minimal. In implementing their strategies, the sub-managers selected by the Platform will have the discretion to invest and trade in a broad variety of securities and other financial instruments (including derivatives). Galaxy has no unfunded commitments or redemption lock-up period, as the investment offers daily redemptions. However, the managers of Galaxy may temporarily suspend redemptions in certain limited circumstances.

<sup>(d)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2025.

<sup>(e)</sup> Step coupon bond. The rate disclosed is as of June 30, 2025.

<sup>(f)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.20%.

<sup>(g)</sup> A portion of this deposit account is held by LCLSCS Fund Limited and pledged as collateral for derivative contracts. As of the reporting date, the value of this collateral totals $44,918.

<sup>(h)</sup> Includes assets pledged as collateral for derivative contracts. As of the reporting date, the value of these assets totals $439,062. 

The accompanying notes are an integral part of these consolidated financial statements.

28<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Long/Short Commodities Strategy Fund** 

**Consolidated Schedule of Swap Contracts** 

**June 30, 2025 (Unaudited)** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Termination** <br>**Date** | **Reference** <br>**Index** | **Financing** <br>**Rate** | **Payment** <br>**Frequency** | **Notional** <br>**Amount** | **Value** | **Advance** <br>**Receipt on** <br>**Swap Contracts** <br>**(Received)/Paid** | **Unrealized** <br>**Appreciation** | **Counterparty**  |
| 12-17-2027 | LoCorr <br>Commodities <br>Index# | &nbsp;&nbsp;&nbsp; 0.50% | Quarterly | $111811224 | $45414624 | &nbsp;&nbsp; $(24748501) | $20666123 | Deutsche Bank AG |

---

# *Comprised of a proprietary basket of Commodity Trading Advisor's "CTA") Programs investing in various futures contracts, forward currency contracts, foreign currency and other similar investments. See Notes 2 & 3.*

**The underlying components of the basket as of June 30, 2025 are shown below:#** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Number of** <br>**Contracts** <br>**Purchased** <br>(Sold) | **Notional** <br>**Amount** | **Concentration %** <br>**of Exposure**  |
| **Futures Contracts:** <br>|  |  |  |  |
| **Purchase Contracts:<sup>(1)</sup>** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; WTI Crude (NYMEX) | Jul-25 | 1425 | $92229789 | &nbsp;&nbsp;&nbsp;&nbsp; 11.84%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Jan-26 | 1807 | 82639381 | &nbsp;&nbsp;&nbsp;&nbsp; 10.62%  |
| &nbsp;&nbsp;&nbsp; Brent Crude (ICE) | Jul-25 | 474 | 31422469 | &nbsp;&nbsp;&nbsp;&nbsp; 4.04%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Aug-25 | 758 | 26462502 | &nbsp;&nbsp;&nbsp;&nbsp; 3.40%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Feb-26 | 251 | 10300246 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32%  |
| &nbsp;&nbsp;&nbsp; Heating Oil | Jul-25 | 106 | 10018224 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Apr-26 | 247 | 9459494 | &nbsp;&nbsp;&nbsp;&nbsp; 1.22%  |
| &nbsp;&nbsp;&nbsp; Copper (COMEX) | Dec-25 | 66 | 8487610 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09%  |
| &nbsp;&nbsp;&nbsp; Low Sulphur Gasoil | Jul-25 | 109 | 7334358 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Feb-26 | 679 | 6978909 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90%  |
| &nbsp;&nbsp;&nbsp; Lean Hogs | Jul-25 | 114 | 5047139 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| &nbsp;&nbsp;&nbsp; Lean Hogs | Oct-25 | 124 | 4609597 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59%  |
| &nbsp;&nbsp;&nbsp; Gold | Aug-25 | 14 | 4526516 | &nbsp;&nbsp;&nbsp;&nbsp; 0.58%  |
| &nbsp;&nbsp;&nbsp; Copper (LME) | Sep-25 | 18 | 4451847 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Sep-25 | 113 | 4071879 | &nbsp;&nbsp;&nbsp;&nbsp; 0.52%  |
| &nbsp;&nbsp;&nbsp; Coffee | Sep-25 | 33 | 3707324 | &nbsp;&nbsp;&nbsp;&nbsp; 0.48%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Sep-27 | 369 | 3543203 | &nbsp;&nbsp;&nbsp;&nbsp; 0.46%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Jul-27 | 369 | 3514175 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Jun-27 | 369 | 3470403 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Aug-27 | 357 | 3368427 | &nbsp;&nbsp;&nbsp;&nbsp; 0.43%  |
| &nbsp;&nbsp;&nbsp; Soybean Meal | Sep-25 | 117 | 3284050 | &nbsp;&nbsp;&nbsp;&nbsp; 0.42%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | May-27 | 357 | 3204374 | &nbsp;&nbsp;&nbsp;&nbsp; 0.41%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Apr-27 | 369 | 3181971 | &nbsp;&nbsp;&nbsp;&nbsp; 0.41%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Mar-27 | 357 | 3113432 | &nbsp;&nbsp;&nbsp;&nbsp; 0.40%  |
| &nbsp;&nbsp;&nbsp; Endex Dutch TTF Gas Future | Feb-26 | 101 | 3078896 | &nbsp;&nbsp;&nbsp;&nbsp; 0.40%  |
| &nbsp;&nbsp;&nbsp; Gasoline RBOB | Aug-25 | 35 | 3003915 | &nbsp;&nbsp;&nbsp;&nbsp; 0.39%  |
| &nbsp;&nbsp;&nbsp; Live Cattle | Aug-25 | 35 | 2994590 | &nbsp;&nbsp;&nbsp;&nbsp;0.38%  |
| **Total Purchase Contracts** |  |  | 347504720 | &nbsp;&nbsp;&nbsp;&nbsp;44.65%  |

---

The accompanying notes are an integral part of these consolidated financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Long/Short Commodities Strategy Fund** 

**Consolidated Schedule of Swap Contracts** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Expiration** <br>**Date** | **Number of** <br>**Contracts** <br>**Purchased** <br>(Sold) | **Notional** <br>**Amount** | **Concentration %** <br>**of Exposure**  |
| **Futures Contracts - (Continued)** | **Futures Contracts - (Continued)** | **Futures Contracts - (Continued)** | **Futures Contracts - (Continued)** | **Futures Contracts - (Continued)** |
| **Sale Contracts:<sup>(1)</sup>** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Dec-25 | &nbsp;&nbsp; (1955) | $95165363 | &nbsp;&nbsp;&nbsp;&nbsp; 12.23%  |
| &nbsp;&nbsp;&nbsp; WTI Crude (NYMEX) | Aug-25 | &nbsp;&nbsp; (1180) | 74902303 | &nbsp;&nbsp;&nbsp;&nbsp; 9.62%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Jul-25 | (992) | 34260109 | &nbsp;&nbsp;&nbsp;&nbsp; 4.40%  |
| &nbsp;&nbsp;&nbsp; Brent Crude (ICE) | Aug-25 | (344) | 22548055 | &nbsp;&nbsp;&nbsp;&nbsp; 2.90%  |
| &nbsp;&nbsp;&nbsp; Soybean | Nov-25 | (342) | 17745319 | &nbsp;&nbsp;&nbsp;&nbsp; 2.28%  |
| &nbsp;&nbsp;&nbsp; Lean Hogs | Aug-25 | (282) | 12110671 | &nbsp;&nbsp;&nbsp;&nbsp; 1.56%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Oct-25 | (294) | 11743336 | &nbsp;&nbsp;&nbsp;&nbsp; 1.51%  |
| &nbsp;&nbsp;&nbsp; Milling Wheat | Sep-25 | (803) | 9232320 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19%  |
| &nbsp;&nbsp;&nbsp; Corn | Dec-25 | (395) | 8426603 | &nbsp;&nbsp;&nbsp;&nbsp; 1.08%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Nov-25 | (180) | 8212109 | &nbsp;&nbsp;&nbsp;&nbsp; 1.06%  |
| &nbsp;&nbsp;&nbsp; Copper (COMEX) | Sep-25 | (58) | 7290801 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94%  |
| &nbsp;&nbsp;&nbsp; Wheat | Dec-25 | (227) | 6396730 | &nbsp;&nbsp;&nbsp;&nbsp; 0.82%  |
| &nbsp;&nbsp;&nbsp; WTI Crude (NYMEX) | Sep-25 | (96) | 5999239 | &nbsp;&nbsp;&nbsp;&nbsp; 0.77%  |
| &nbsp;&nbsp;&nbsp; Platinum | Oct-25 | (58) | 3855937 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50%  |
| &nbsp;&nbsp;&nbsp; Gasoline RBOB | Jul-25 | (44) | 3794579 | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%  |
| &nbsp;&nbsp;&nbsp; Nickel | Sep-25 | (39) | 3595316 | &nbsp;&nbsp;&nbsp;&nbsp; 0.46%  |
| &nbsp;&nbsp;&nbsp; Heating Oil | Aug-25 | (38) | 3550368 | &nbsp;&nbsp;&nbsp;&nbsp; 0.46%  |
| &nbsp;&nbsp;&nbsp; Soybean Meal | Aug-25 | (117) | 3236777 | &nbsp;&nbsp;&nbsp;&nbsp; 0.42%  |
| &nbsp;&nbsp;&nbsp; Aluminum | Sep-25 | (49) | 3178423 | &nbsp;&nbsp;&nbsp;&nbsp; 0.41%  |
| &nbsp;&nbsp;&nbsp; Natural Gas (NYMEX) | Mar-26 | (331) | 3178194 | &nbsp;&nbsp;&nbsp;&nbsp; 0.41%  |
| &nbsp;&nbsp;&nbsp; Natural Gas | Mar-26 | (79) | 3032686 | &nbsp;&nbsp;&nbsp;&nbsp; 0.39%  |
| &nbsp;&nbsp;&nbsp; Cotton No.2 | Dec-25 | (81) | 2773487 | &nbsp;&nbsp;&nbsp;&nbsp;0.36%  |
| **Total Sale Contracts** |  |  | 344228725 | &nbsp;&nbsp;&nbsp;&nbsp;44.26%  |
| Other Futures Contracts |  |  | 64088267 | &nbsp;&nbsp;&nbsp;&nbsp;8.23%  |
| Total Futures Contracts |  |  | 755821712 | &nbsp;&nbsp;&nbsp;&nbsp;97.14%  |
| **Cash and Foreign Currency:** <br>|  |  |  |  |
| **Cash and Foreign Currency Purchased:<sup>(1)</sup>** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar |  |  | $19172009 | &nbsp;&nbsp;&nbsp;&nbsp;2.46%  |
| Other Cash and Foreign Currency |  |  | 2779869 | &nbsp;&nbsp;&nbsp;&nbsp;0.36%  |
| Total Cash and Foreign Currency |  |  | 21951878 | &nbsp;&nbsp;&nbsp;&nbsp; 2.82%  |
| Forward Currency Contracts |  |  | 586215 | &nbsp;&nbsp;&nbsp;&nbsp;0.08%  |
| Total Underlying Positions |  |  | $778359805 | &nbsp;&nbsp;&nbsp;&nbsp;100.04% |

---

# The investment is not a direct holding of LoCorr Long/Short Commodities Strategy Fund. The top 50 holdings and other futures contracts, other forward currency contracts, and other cash and foreign currency were determined based on the absolute notional amount of the positions within the underlying swap basket. 

<sup>(1)</sup> Represents the 50 largest components of the basket.

The accompanying notes are an integral part of these consolidated financial statements.

30<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 33.8%** <br>|  |  |
| United States Treasury Note <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2026 | $14255000 | $14329338  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/15/2027 | 58315000 | 58590629  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2027 | 9525000 | 9642946  |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/30/2027 | 2850000 | 2860576  |
| &nbsp;&nbsp;&nbsp; 1.38%, 10/31/2028 | 21830000 | 20237945  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 | 4675000 | 4677922  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 | 96330000 | 98012013  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2029 | 132755000 | 136888036  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 | 90490000 | 88825125  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030 | 84610000 | 85419744  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $511,630,139)** |  | 519484274  |
| **CORPORATE BONDS - 24.6%** <br>|  |  |
| **Aerospace & Defense - 0.8%** <br>|  |  |
| Boeing Co., 3.25%, 02/01/2028 | 6460000 | 6264940  |
| L3Harris Technologies, Inc., 5.40%, 01/15/2027 | 3810000 | 3872855  |
| RTX Corp., 4.13%, 11/16/2028 | 1745000 | 1737776  |
|  |  | 11875571  |
| **Agriculture - 0.2%** <br>|  |  |
| Philip Morris International, Inc., 4.63%, 11/01/2029 | 3265000 | 3294929  |
| **Apparel - 0.1%** <br>|  |  |
| Tapestry, Inc., 5.10%, 03/11/2030 | 1595000 | 1614624  |
| **Auto Manufacturers - 1.1%** <br>|  |  |
| Ford Motor Credit Co. LLC, 5.85%, 05/17/2027 | 5835000 | 5878877  |
| General Motors Financial Co., Inc., 5.35%, 01/07/2030 | 5185000 | 5246483  |
| Toyota Motor Credit Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 09/11/2025 | 1590000 | 1593352  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/07/2026 | 1305000 | 1309449  |
| Volkswagen Group of America Finance LLC, 1.25%, 11/24/2025<sup>(a)</sup> | 3305000 | 3259974  |
|  |  | 17288135  |
| **Banks - 9.2%** <br>|  |  |
| Bank of America Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38% to 04/27/2027 then SOFR + 1.58%, 04/27/2028 | 10090000 | 10086615  |
| &nbsp;&nbsp;&nbsp; 5.16% to 01/24/2030 then SOFR + 1.00%, 01/24/2031 | 11035000 | 11306493  |
| Bank of America NA, 5.53%, 08/18/2026 | 12490000 | 12666889  |
|  Bank of New York Mellon, 4.59% to 04/20/2026 then SOFR + 0.69%, 04/20/2027 | 11625000 | 11651592  |
| Canadian Imperial Bank of Commerce, 3.45%, 04/07/2027 | 2370000 | 2339706  |
| Citibank NA, 4.58%, 05/29/2027 | 6130000 | 6163053  |
| Credit Agricole SA, 5.22% to 05/27/2030 then SOFR + 1.46%, 05/27/2031<sup>(a)</sup> | 1305000 | 1328900  |
| Credit Suisse AG, 5.00%, 07/09/2027 | 2240000 | 2274274  |
|  Deutsche Bank AG/New York NY, 5.00% to 09/11/2029 then SOFR + 1.70%, 09/11/2030 | 1610000 | 1621827  |

---

The accompanying notes are an integral part of these consolidated financial statements.

31<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Banks - (Continued)**  | **Banks - (Continued)**  | **Banks - (Continued)**  |
| Federation des Caisses Desjardins du Quebec, 5.70%, 03/14/2028<sup>(a)</sup> | $3780000 | $3910869  |
| Goldman Sachs Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80% to 08/10/2025 then SOFR + 1.08%, 08/10/2026 | 10665000 | 10679734  |
| &nbsp;&nbsp;&nbsp; 6.48% to 10/24/2028 then SOFR + 1.77%, 10/24/2029 | 2150000 | 2280466  |
| HSBC Holdings PLC, 6.16% to 03/09/2028 then SOFR + 1.97%, 03/09/2029 | 3420000 | 3555780  |
| JPMorgan Chase & Co., 5.10% to 04/22/2030 then SOFR + 1.44%, 04/22/2031 | 12900000 | 13216128  |
| Morgan Stanley, 5.19% to 04/17/2030 then SOFR + 1.51%, 04/17/2031 | 6745000 | 6913408  |
|  Morgan Stanley Bank NA, 4.95% to 01/14/2027 then SOFR + 1.08%, 01/14/2028 | 9635000 | 9711917  |
| NatWest Markets PLC, 5.41%, 05/17/2029<sup>(a)</sup> | 3615000 | 3733741  |
| PNC Bank NA, 4.54% to 05/13/2026 then SOFR + 0.63%, 05/13/2027 | 6810000 | 6813317  |
| State Street Corp., 4.54%, 02/28/2028 | 3150000 | 3185512  |
| Toronto-Dominion Bank, 1.25%, 09/10/2026 | 5590000 | 5393825  |
|  UBS Group AG, 6.33% to 12/22/2026 then 1 yr. CMT Rate + 1.60%, 12/22/2027<sup>(a)</sup> | 3540000 | 3634560  |
| Wells Fargo & Co., 5.15% to 04/23/2030 then SOFR + 1.50%, 04/23/2031 | 8565000 | 8769185  |
|  |  | 141237791  |
| **Beverages - 0.2%** <br>|  |  |
| PepsiCo, Inc., 5.13%, 11/10/2026 | 3490000 | 3533622  |
| **Biotechnology - 0.3%** <br>|  |  |
| Amgen, Inc., 5.15%, 03/02/2028 | 4385000 | 4479856  |
| **Building Materials - 0.1%** <br>|  |  |
| Trane Technologies Financing Ltd., 3.50%, 03/21/2026 | 1760000 | 1748281  |
| **Chemicals - 0.1%** <br>|  |  |
| Nutrien Ltd., 4.90%, 03/27/2028 | 1545000 | 1566471  |
| **Computers - 0.2%** <br>|  |  |
| Hewlett Packard Enterprise Co., 4.55%, 10/15/2029 | 3830000 | 3808523  |
| **Cosmetics & Personal Care - 0.7%** <br>|  |  |
| Haleon US Capital LLC, 3.38%, 03/24/2027 | 6910000 | 6807934  |
| Unilever Capital Corp., 4.25%, 08/12/2027 | 3870000 | 3886827  |
|  |  | 10694761  |
| **Diversified Financial Services - 0.8%** <br>|  |  |
| AerCap Ireland Capital/Global Aviation Trust, 6.10%, 01/15/2027 | 7390000 | 7553396  |
| Air Lease Corp., 5.85%, 12/15/2027 | 4020000 | 4157185  |
|  |  | 11710581  |
| **Electric - 1.5%** <br>|  |  |
| Duke Energy Carolinas LLC, 4.85%, 03/15/2030 | 1990000 | 2033868  |
| Florida Power & Light Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/01/2028 | 4240000 | 4342500  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/15/2028 | 5375000 | 5414707  |
| Georgia Power Co., 5.00%, 02/23/2027 | 4670000 | 4735811  |

---

The accompanying notes are an integral part of these consolidated financial statements.

32<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Electric - (Continued)**  | **Electric - (Continued)**  | **Electric - (Continued)**  |
| NSTAR Electric Co., 3.20%, 05/15/2027 | $3510000 | $3451022  |
| Southern California Edison Co., 1.20%, 02/01/2026 | 1060000 | 1033208  |
| Virginia Power Fuel Securitization LLC, 5.09%, 05/01/2027 | 1892264 | 1902426  |
|  |  | 22913542  |
| **Electronics - 0.4%** <br>|  |  |
| Honeywell International, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 07/30/2027 | 4405000 | 4450833  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/01/2029 | 1665000 | 1704057  |
|  |  | 6154890  |
| **Food - 2.4%** <br>|  |  |
| General Mills, Inc., 4.88%, 01/30/2030 | 4110000 | 4177083  |
| Mars, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/01/2028<sup>(a)</sup> | 15540000 | 15663782  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/2030<sup>(a)</sup> | 14590000 | 14777367  |
| Sysco Corp., 3.25%, 07/15/2027 | 2855000 | 2799287  |
|  |  | 37417519  |
| **Healthcare-Services - 0.7%** <br>|  |  |
| HCA, Inc., 5.00%, 03/01/2028 | 2300000 | 2333886  |
| UnitedHealth Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 06/15/2028 | 2060000 | 2069899  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029 | 5810000 | 5796149  |
|  |  | 10199934  |
| **Insurance - 0.6%** <br>|  |  |
| Brown & Brown, Inc., 4.60%, 12/23/2026 | 2640000 | 2652286  |
| Equitable Financial Life Global, 1.40%, 07/07/2025<sup>(a)</sup> | 2480000 | 2478646  |
| Metropolitan Life Global Funding I, 5.05%, 01/06/2028<sup>(a)</sup> | 1430000 | 1458903  |
| Principal Life Global Funding II, 0.88%, 01/12/2026<sup>(a)</sup> | 2530000 | 2482633  |
|  |  | 9072468  |
| **Machinery-Diversified - 0.1%** <br>|  |  |
| John Deere Capital Corp., 4.95%, 07/14/2028 | 1835000 | 1879627  |
| **Media - 0.1%** <br>|  |  |
| Charter Communications Operating LLC, 4.91%, 07/23/2025 | 1159000 | 1158915  |
| **Packaging & Containers - 0.1%** <br>|  |  |
| Amcor Group Finance PLC, 5.45%, 05/23/2029 | 1695000 | 1742443  |
| **Pharmaceuticals - 0.7%** <br>|  |  |
| AbbVie, Inc., 4.80%, 03/15/2029 | 1695000 | 1727851  |
| Astrazeneca Finance LLC, 4.80%, 02/26/2027 | 1580000 | 1597345  |
| CVS Health Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/01/2026 | 6990000 | 6882626  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/30/2029 | 1145000 | 1162148  |
|  |  | 11369970  |

---

The accompanying notes are an integral part of these consolidated financial statements.

33<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Pipelines - 0.9%** <br>|  |  |
| Enbridge, Inc., 6.00%, 11/15/2028 | $3125000 | $3280085  |
| Energy Transfer LP, 6.05%, 12/01/2026 | 6785000 | 6926208  |
| South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027<sup>(a)</sup> | 1880000 | 1891760  |
| Williams Cos., Inc., 4.90%, 03/15/2029 | 2305000 | 2336363  |
|  |  | 14434416  |
| **REITS - 1.2%** <br>|  |  |
| American Homes 4 Rent LP, 4.90%, 02/15/2029 | 1740000 | 1759306  |
| Brixmor Operating Partnership LP, 4.13%, 06/15/2026 | 2025000 | 2017083  |
| Essex Portfolio LP, 1.70%, 03/01/2028 | 1740000 | 1622087  |
| Kite Realty Group LP, 4.00%, 10/01/2026 | 5270000 | 5223050  |
| Lineage OP LP, 5.25%, 07/15/2030<sup>(a)</sup> | 3445000 | 3463341  |
| Prologis Targeted US Logistics Fund LP, 5.25%, 04/01/2029<sup>(a)</sup> | 3825000 | 3928713  |
|  |  | 18013580  |
| **Retail - 0.6%** <br>|  |  |
| Home Depot, Inc., 4.88%, 06/25/2027 | 2820000 | 2863942  |
| O'Reilly Automotive, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/20/2026 | 4035000 | 4106079  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/01/2030 | 1805000 | 1786587  |
| Walmart, Inc., 4.35%, 04/28/2030 | 1060000 | 1071737  |
|  |  | 9828345  |
| **Semiconductors - 0.2%** <br>|  |  |
| Texas Instruments, Inc., 4.60%, 02/08/2027 | 2285000 | 2305588  |
| **Software - 0.2%** <br>|  |  |
| Oracle Corp., 4.80%, 08/03/2028 | 2715000 | 2759245  |
| **Telecommunications - 1.1%** <br>|  |  |
| AT&T, Inc., 2.30%, 06/01/2027 | 4345000 | 4188626  |
| T-Mobile USA, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 07/15/2028 | 2855000 | 2892417  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/15/2029 | 5545000 | 5621289  |
| Verizon Communications, Inc., 2.10%, 03/22/2028 | 4625000 | 4381498  |
|  |  | 17083830  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $374,004,853)** |  | 379187457  |
| **ASSET-BACKED SECURITIES - 9.8%** <br>|  |  |
| American Express Travel Related Services Co., Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 5.23%, 04/15/2029 | 9350000 | 9539715  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A, 4.28%, 04/15/2030 | 570000 | 573131  |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust LLC, Series 2020-5, Class A3, <br>2.04%, 05/25/2065<sup>(a)(b)</sup> | 55986 | 54027  |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-W6, Class M1, 5.48% (1 mo. Term SOFR + 1.16%), 01/25/2034, (1.05% Floor) | 611717 | 639691  |
| Bank of America Auto Trust, Series 2024-1A, Class A3, 5.35%, 11/15/2028<sup>(a)</sup> | 5225000 | 5277280  |

---

The accompanying notes are an integral part of these consolidated financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| CarMax Auto Owner Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A3, 0.56%, 09/15/2026 | $89878 | $89732  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A3, 4.60%, 10/15/2029 | 11090000 | 11162960  |
| Carvana Auto Receivables Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-P4, Class A3, 1.31%, 01/11/2027 | 77662 | 77593  |
| &nbsp;&nbsp;&nbsp; Series 2022-P3, Class A3, 4.61%, 11/10/2027 | 1922178 | 1921431  |
| &nbsp;&nbsp;&nbsp; Series 2024-P4, Class A3, 4.64%, 01/10/2030 | 265000 | 265262  |
| CNH Equipment Trust, Series 2024-C, Class A3, 4.03%, 01/15/2030 | 2775000 | 2767318  |
| &nbsp;&nbsp;&nbsp; DB Master Finance Parent LLC, Series 2021-1A, Class A2I, <br>2.05%, 11/20/2051<sup>(a)</sup> | 3956500 | 3808678  |
| Diamond Resorts Owner Trust, Series 2021-1A, Class A, 1.51%, 11/21/2033<sup>(a)</sup> | 445314 | 442886  |
| Elara Depositor LLC, Series 2021-A, Class A, 1.36%, 08/27/2035<sup>(a)</sup> | 798078 | 754978  |
| Financial Holding Corp., Series 2024-D, Class A, 5.34%, 04/15/2029<sup>(a)</sup> | 4440000 | 4535412  |
| Ford Credit Auto Owner Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 5.09%, 12/15/2028 | 3825000 | 3860683  |
| &nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.07%, 07/15/2029 | 8075000 | 8050850  |
| &nbsp;&nbsp;&nbsp; Series 2024-D, Class A3, 4.61%, 08/15/2029 | 3400000 | 3426114  |
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2024-2, <br>Class A3, 5.10%, 03/16/2029 | 5170000 | 5216782  |
| GM Financial Leasing Trust, Series 2024-2, Class A3, 5.39%, 07/20/2027 | 12820000 | 12924614  |
| Hilton Grand Vacations, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-AA, Class A, 2.34%, 07/25/2033<sup>(a)</sup> | 454254 | 446395  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.50%, 03/25/2038<sup>(a)</sup> | 2976851 | 3009348  |
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, Series 2024-1, Class A3, <br>5.21%, 08/15/2028 | 3410000 | 3440065  |
| IPFS Corp., Series 2024-B, Class A, 4.95%, 02/15/2029<sup>(a)</sup> | 4000000 | 4038526  |
| Marriott Vacations Worldwide Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, 2.22%, 10/20/2038<sup>(a)</sup> | 299538 | 294623  |
| &nbsp;&nbsp;&nbsp; Series 2021-1WA, Class A, 1.14%, 01/22/2041<sup>(a)</sup> | 720003 | 689707  |
| MVW Owner Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.32%, 02/20/2043<sup>(a)</sup> | 3798897 | 3862229  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.97%, 09/22/2042<sup>(a)</sup> | 4709129 | 4758989  |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84%, 05/15/2069<sup>(a)</sup> | 1152654 | 1050373  |
| &nbsp;&nbsp;&nbsp; Planet Fitness SPV Guarantor LLC, Series 2022-1A, Class A2I, <br>3.25%, 12/05/2051<sup>(a)</sup> | 2476800 | 2424566  |
| &nbsp;&nbsp;&nbsp; Porsche Financial Auto Securitization Trust, Series 2024-1A, Class A3, <br>4.44%, 01/22/2030<sup>(a)</sup> | 1500000 | 1505868  |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Conduit Receivables Funding LLC, Series 2023-2A, <br>Class A, 5.80%, 04/20/2040<sup>(a)</sup> | 435300 | 444753  |
| &nbsp;&nbsp;&nbsp; SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, <br>1.14%, 02/15/2047<sup>(a)</sup> | 1101127 | 958646  |
| Synchrony Bank, Series 2024-A1, Class A, 5.04%, 03/15/2030 | 1300000 | 1317550  |
| Taco Bell Corp., Series 2021-1A, Class A2I, 1.95%, 08/25/2051<sup>(a)</sup> | 5767275 | 5496385  |
| Tesla Auto Lease Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 5.30%, 06/21/2027<sup>(a)</sup> | 3790000 | 3798258  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 4.82%, 10/20/2027<sup>(a)</sup> | 3730000 | 3744602  |
| T-Mobile US Trust, Series 2024-1A, Class A, 5.05%, 09/20/2029<sup>(a)</sup> | 2140000 | 2156542  |

---

The accompanying notes are an integral part of these consolidated financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| Toyota Auto Receivables Owner Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-C, Class A3, 3.76%, 04/15/2027 | $1212560 | $1208898  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 5.33%, 01/16/2029 | 11650000 | 11814278  |
| Toyota Lease Owner Trust, Series 2024-A, Class A3, 5.25%, 04/20/2027<sup>(a)</sup> | 6636687 | 6666684  |
| Volkswagen Auto Lease Trust, Series 2024-A, Class A3, 5.21%, 06/21/2027 | 4750000 | 4790443  |
| &nbsp;&nbsp;&nbsp; World Omni Automobile Lease Securitization Trust, Series 2024-A, <br>Class A3, 5.26%, 10/15/2027 | 6720000 | 6791182  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $149,603,187)** |  | 150098047  |
| **MORTGAGE-BACKED SECURITIES - 8.5%** <br>|  |  |
|  Alen Mortgage Trust, Series 2021-ACEN, Class A, 5.58% (1 mo. Term SOFR + 1.26%), 04/15/2034, (1.15% Floor)<sup>(a)</sup> | 3150000 | 3016125  |
|  ARDN 2025-ARCP Mortgage Trust, Series 2025-ARCP, Class A, 6.05% (1 mo. Term SOFR + 1.75%), 06/15/2035, (1.75% Floor)<sup>(a)</sup> | 10000000 | 10004367  |
|  ARES Commercial Mortgage Trust, Series 2024-IND, Class A, 6.00% (1 mo. Term SOFR + 1.69%), 07/15/2041, (1.69% Floor)<sup>(a)</sup> | 1420000 | 1422221  |
| BBCMS Trust, Series 2015-VFM, Class A1, 2.47%, 03/10/2036<sup>(a)</sup> | 192008 | 189371  |
| BX Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-CIP, Class A, 5.35% (1 mo. Term SOFR + 1.04%), 12/15/2038, (0.92% Floor)<sup>(a)</sup> | 1913228 | 1912032  |
| &nbsp;&nbsp;&nbsp; Series 2021-XL2, Class B, 5.42% (1 mo. Term SOFR + 1.11%), 10/15/2038, (1.00% Floor)<sup>(a)</sup> | 3850000 | 3847594  |
| &nbsp;&nbsp;&nbsp; Series 2022-AHP, Class A, 5.30% (1 mo. Term SOFR + 0.99%), 01/17/2039, (0.99% Floor)<sup>(a)</sup> | 965000 | 964397  |
| &nbsp;&nbsp;&nbsp; Series 2022-PSB, Class B, 7.26% (1 mo. Term SOFR + 2.95%), 08/15/2039, (2.95% Floor)<sup>(a)</sup> | 770000 | 770000  |
| &nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class B, 5.59% (1 mo. Term SOFR + 1.28%), 01/15/2039, (1.28% Floor)<sup>(a)</sup> | 1750000 | 1746719  |
| &nbsp;&nbsp;&nbsp; Series 2023-DELC, Class A, 7.00% (1 mo. Term SOFR + 2.69%), 05/15/2038, (2.69% Floor)<sup>(a)</sup> | 850000 | 855301  |
| &nbsp;&nbsp;&nbsp; Series 2024-XL5, Class A, 5.70% (1 mo. Term SOFR + 1.39%), 03/15/2041, (1.39% Floor)<sup>(a)</sup> | 2719784 | 2722334  |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2021-PRM2, Class A, 5.38% <br>(1 mo. Term SOFR + 1.06%), 10/15/2038, (0.95% Floor)<sup>(a)</sup> | 5250000 | 5230683  |
| ELP Commercial Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-ELP, Class A, 5.13% (1 mo. Term SOFR + 0.82%), 11/15/2038, (0.70% Floor)<sup>(a)</sup> | 1997675 | 1995178  |
| &nbsp;&nbsp;&nbsp; Series 2021-ELP, Class B, 5.55% (1 mo. Term SOFR + 1.23%), 11/15/2038, (1.12% Floor)<sup>(a)</sup> | 5393722 | 5386980  |
| Fannie Mae Connecticut Avenue Securities <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M2, 7.81% (30 day avg SOFR US + 3.50%), 03/25/2042, (0.00% Floor)<sup>(a)</sup> | 5000000 | 5194550  |
| &nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 7.41% (30 day avg SOFR US + 3.10%), 03/25/2042, (0.00% Floor)<sup>(a)</sup> | 3350000 | 3450715  |
| &nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2, 7.31% (30 day avg SOFR US + 3.00%), 04/25/2042, (0.00% Floor)<sup>(a)</sup> | 380000 | 390175  |

---

The accompanying notes are an integral part of these consolidated financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - (Continued)**  | **MORTGAGE-BACKED SECURITIES - (Continued)**  | **MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M2, 8.16% (30 day avg SOFR US + 3.85%), 05/25/2042, (0.00% Floor)<sup>(a)</sup> | $1675000 | $1751391  |
| &nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M2, 8.96% (30 day avg SOFR US + 4.65%), 06/25/2042, (0.00% Floor)<sup>(a)</sup> | 4255706 | 4536887  |
| &nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 7.91% (30 day avg SOFR US + 3.60%), 07/25/2042, (0.00% Floor)<sup>(a)</sup> | 6105000 | 6367341  |
| &nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M2, 8.06% (30 day avg SOFR US + 3.75%), 12/25/2042, (0.00% Floor)<sup>(a)</sup> | 4400000 | 4640295  |
| &nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M2, 7.66% (30 day avg SOFR US + 3.35%), 01/25/2043, (0.00% Floor)<sup>(a)</sup> | 5000000 | 5213115  |
| &nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M2, 7.86% (30 day avg SOFR US + 3.55%), 05/25/2043, (0.00% Floor)<sup>(a)</sup> | 5302000 | 5595996  |
|  Freddie Mac Multifamily Structured Pass Through Certificates, Series K059, Class A1, 2.76%, 09/25/2025 | 464838 | 463362  |
| Freddie Mac Structured Agency Credit Risk Debt Notes <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B, 8.81% (30 day avg SOFR US + 4.50%), 06/25/2042, (0.00% Floor)<sup>(a)</sup> | 7820000 | 8311515  |
| &nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1B, 8.01% (30 day avg SOFR US + 3.70%), 09/25/2042, (0.00% Floor)<sup>(a)</sup> | 3010000 | 3170854  |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1B, 7.41% (30 day avg SOFR US + 3.10%), 03/25/2043, (0.00% Floor)<sup>(a)</sup> | 2085000 | 2171006  |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1B, 7.56% (30 day avg SOFR US + 3.25%), 04/25/2043, (0.00% Floor)<sup>(a)</sup> | 5210000 | 5458851  |
|  FRESB Multifamily Structured Pass Through Certificates, Series 2016-SB23, Class A10F, 2.31%, 09/25/2026<sup>(b)</sup> | 807469 | 792462  |
|  GS Mortgage-Backed Securities Trust, Series 2021-NQM1, Class A3, 1.53%, 07/25/2061<sup>(a)(b)</sup> | 975150 | 881967  |
|  GSAT Trust 2025-BMF, Series 2025-BMF, Class A, 5.82% (1 mo. Term SOFR + 1.50%), 07/15/2030, (1.50% Floor)<sup>(a)</sup> | 2900000 | 2900906  |
|  KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, 5.85% (1 mo. Term SOFR + 1.54%), 12/15/2039, (1.54% Floor)<sup>(a)</sup> | 750000 | 748124  |
|  Ladder Capital Commercial Mortgage Securities LLC, Series 2013-GCP, Class A1, 3.57%, 02/15/2036<sup>(a)</sup> | 1000457 | 968221  |
|  MCR Mortgage Trust, Series 2024-HTL, Class A, 6.07% (1 mo. Term SOFR + 1.76%), 02/15/2037, (1.76% Floor)<sup>(a)</sup> | 946688 | 945801  |
|  MHC Commercial Mortgage Trust, Series 2021-MHC, Class B, 5.53% (1 mo. Term SOFR + 1.22%), 04/15/2038, (1.10% Floor)<sup>(a)</sup> | 2760000 | 2760000  |
| New Residential Mortgage Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-1A, Class A1, 3.75%, 03/25/2056<sup>(a)(b)</sup> | 475210 | 458486  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class A3, 4.00%, 03/25/2057<sup>(a)(b)</sup> | 704462 | 680779  |
|  NRTH PARK Mortgage Trust, Series 2024-PARK, Class A, 5.95% (1 mo. Term SOFR + 1.64%), 03/15/2039, (1.64% Floor)<sup>(a)</sup> | 3270000 | 3272038  |
|  NYC Commercial Mortgage Trust, Series 2024-3ELV, Class A, 6.30% (1 mo. Term SOFR + 1.99%), 08/15/2029, (1.99% Floor)<sup>(a)</sup> | 5450000 | 5456734  |
|  PKHL Commercial Mortgage Trust, Series 2021-MF, Class A, 5.31% (1 mo. Term SOFR + 0.99%), 07/15/2038, (0.88% Floor)<sup>(a)</sup> | 5750000 | 5431345  |
|  SMR Mortgage Trust, Series 2022-IND, Class A, 5.96% (1 mo. Term SOFR + 1.65%), 02/15/2039, (1.65% Floor)<sup>(a)</sup> | 1922922 | 1926251  |

---

The accompanying notes are an integral part of these consolidated financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - (Continued)**  | **MORTGAGE-BACKED SECURITIES - (Continued)**  | **MORTGAGE-BACKED SECURITIES - (Continued)**  |
|  SREIT Trust, Series 2021-MFP2, Class A, 5.25% (1 mo. Term SOFR + 0.94%), 11/15/2036, (0.82% Floor)<sup>(a)</sup> | $4500000 | $4497187  |
|  TX Trust, Series 2024-HOU, Class A, 5.90% (1 mo. Term SOFR + 1.59%), 06/15/2039, (1.59% Floor)<sup>(a)</sup> | 2000000 | 1987500  |
| Verus Securitization Trust, Series 2020-1, Class A1, 3.42%, 01/25/2060<sup>(a)(c)</sup> | 187590 | 184005  |
| &nbsp;&nbsp;&nbsp; WF-RBS Commercial Mortgage Trust, Series 2014-C22, Class AS, <br>4.07%, 09/15/2057<sup>(b)</sup> | 326975 | 309772  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $131,544,433)** |  | 130980933  |
| **U.S. GOVERNMENT AGENCY ISSUES - 6.8%** <br>|  |  |
| Federal Farm Credit Banks Funding Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/05/2026 | 13745000 | 13787782  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/14/2026 | 11900000 | 11964801  |
| &nbsp;&nbsp;&nbsp; 4.75%, 12/14/2026 | 3725000 | 3765765  |
| Federal Home Loan Banks <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.60%, 02/12/2026 | 7100000 | 6944069  |
| &nbsp;&nbsp;&nbsp; 1.10%, 02/25/2028 | 11160000 | 10398955  |
| Federal National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 09/24/2026 | 26835000 | 26151403  |
| &nbsp;&nbsp;&nbsp; 0.75%, 10/08/2027 | 34505000 | 32277647  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY ISSUES** <br>**(Cost $104,214,033)** |  | 105290422  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 2.7%** <br>|  |  |
| BBCMS Trust, Series 2023-C19, Class A2B, 5.75%, 04/15/2056 | 7135000 | 7263812  |
|  BLP Commercial Mortgage Trust, Series 2024-IND2, Class B, 6.00% (1 mo. Term SOFR + 1.69%), 03/15/2041, (1.69% Floor)<sup>(a)</sup> | 3259222 | 3263296  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2017-CD6, Class A5, 3.46%, 11/13/2050 | 2300000 | 2235851  |
| Fannie Mae Connecticut Avenue Securities <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M2, 7.41% (30 day avg SOFR US + 3.10%), 06/25/2043, (0.00% Floor)<sup>(a)</sup> | 1875000 | 1956258  |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M2, 7.01% (30 day avg SOFR US + 2.70%), 07/25/2043, (0.00% Floor)<sup>(a)</sup> | 3060000 | 3158501  |
| &nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M2, 6.81% (30 day avg SOFR US + 2.50%), 10/25/2043, (0.00% Floor)<sup>(a)</sup> | 740000 | 760693  |
| Freddie Mac Structured Agency Credit Risk Debt Notes <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA1, Class M1B, 7.81% (30 day avg SOFR US + 3.50%), 05/25/2043, (0.00% Floor)<sup>(a)</sup> | 10230000 | 10804957  |
| &nbsp;&nbsp;&nbsp; Series 2023-HQA3, Class M2, 7.66% (30 day avg SOFR US + 3.35%), 11/25/2043, (0.00% Floor)<sup>(a)</sup> | 4150000 | 4378929  |
| GS Mortgage Securities Corp. II, Series 2017-GS6, Class A3, 3.43%, 05/10/2050 | 2000000 | 1946605  |
|  Natixis Commercial Mortgage Securities Trust, Series 2019-LVL, Class A, 3.89%, 08/15/2038<sup>(a)</sup> | 3700000 | 3560614  |

---

The accompanying notes are an integral part of these consolidated financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)**<br>|  |  |
|  ONNI Commerical Mortgage Trust, Series 2024-APT, Class A, 5.75%, 07/15/2039<sup>(a)(b)</sup> | $1600000 | $1634930  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $40,564,254)** |  | 40964446  |
| **MUNICIPAL BONDS - 0.3%** <br>|  |  |
| State of Hawaii, 1.03%, 08/01/2025 | 4220000 | 4208137  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $4,220,000)** |  | 4208137  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 86.5%** <br>**(Cost $1,315,780,899)** |  | $1330213716  |
| Money Market Deposit Account - 3.5%<sup>(d)(e)</sup> |  | 53121380  |
| Other Assets in Excess of Liabilities - 10.0%<sup>(f)</sup> |  | 154285186  |
| **TOTAL NET ASSETS - 100.0%** |  | $1537620282 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $281,166,459 or 18.3% of the Fund's net assets.

<sup>(b)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2025.

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of June 30, 2025.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.20%.

<sup>(e)</sup> A portion of this deposit account is pledged as collateral for derivative contracts. As of the reporting date, the value of this collateral totals $14,045. 

<sup>(f)</sup> Includes assets pledged as collateral for derivative contracts. As of the reporting date, the value of these assets totals $233,150,542. 

The accompanying notes are an integral part of these consolidated financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | 189 | &nbsp;&nbsp; 09/19/2025 | $21596203 | &nbsp;&nbsp; $40245  |
| 3 Month Euribor | 88 | &nbsp;&nbsp; 03/16/2026 | 25453689 | &nbsp;&nbsp; (4914)  |
| 3 Month Euribor | 117 | &nbsp;&nbsp; 06/15/2026 | 33836668 | &nbsp;&nbsp; (9429)  |
| 3 Month Euribor | 118 | &nbsp;&nbsp; 09/14/2026 | 34111970 | &nbsp;&nbsp; (4275)  |
| 3 Month Euribor | 1693 | &nbsp;&nbsp; 12/14/2026 | 489095980 | &nbsp;&nbsp; (133341)  |
| 3 Month Euribor | 86 | &nbsp;&nbsp; 03/15/2027 | 24827076 | &nbsp;&nbsp; (1321)  |
| 3 Month Euribor | 93 | &nbsp;&nbsp; 06/14/2027 | 26827344 | &nbsp;&nbsp; (1441)  |
| 3 Month Euribor | 64 | &nbsp;&nbsp; 09/13/2027 | 18447693 | &nbsp;&nbsp; (1359)  |
| 3-Month Secured Overnight Financing Rate | 14 | &nbsp;&nbsp; 06/16/2026 | 3381000 | &nbsp;&nbsp; 828  |
| 3-Month Secured Overnight Financing Rate | 103 | &nbsp;&nbsp; 09/15/2026 | 24931150 | &nbsp;&nbsp; 22473  |
| 3-Month Secured Overnight Financing Rate | 160 | &nbsp;&nbsp; 12/15/2026 | 38774000 | &nbsp;&nbsp; 40807  |
| 3-Month Secured Overnight Financing Rate | 1700 | &nbsp;&nbsp; 03/16/2027 | 412122500 | &nbsp;&nbsp; 942916  |
| 3-Month Secured Overnight Financing Rate | 93 | &nbsp;&nbsp; 06/15/2027 | 22542037 | &nbsp;&nbsp; 29476  |
| 3-Month Secured Overnight Financing Rate | 102 | &nbsp;&nbsp; 09/14/2027 | 24710775 | &nbsp;&nbsp; 34550  |
| 3-Month Secured Overnight Financing Rate | 95 | &nbsp;&nbsp; 12/14/2027 | 23000687 | &nbsp;&nbsp; 33448  |
| 3-Month Secured Overnight Financing Rate | 479 | &nbsp;&nbsp; 03/14/2028 | 115900038 | &nbsp;&nbsp; 213926  |
| Aluminum - 90 day settlement<sup>(a)</sup> | 1 | &nbsp;&nbsp; 07/10/2025 | 64945 | &nbsp;&nbsp; 5490  |
| Aluminum - 90 day settlement<sup>(a)</sup> | 2 | &nbsp;&nbsp; 08/06/2025 | 129832 | &nbsp;&nbsp; 9307  |
| Aluminum - 90 day settlement<sup>(a)</sup> | 1 | &nbsp;&nbsp; 08/08/2025 | 64939 | &nbsp;&nbsp; 3142  |
| Aluminum - 90 day settlement<sup>(a)</sup> | 2 | &nbsp;&nbsp; 09/19/2025 | 129884 | &nbsp;&nbsp; 1745  |
| Arabica Coffee | 42 | &nbsp;&nbsp; 09/18/2025 | 4726575 | &nbsp;&nbsp; (827141)  |
| Austrailian Government 10 Year Bonds | 826 | &nbsp;&nbsp; 09/15/2025 | 62310703 | &nbsp;&nbsp; 211385  |
| Austrailian Government 3 Year Bonds | 22 | &nbsp;&nbsp; 09/15/2025 | 1560015 | &nbsp;&nbsp; (1247)  |
| Australian Dollar | 503 | &nbsp;&nbsp; 09/15/2025 | 33145185 | &nbsp;&nbsp; 184175  |
| Brent Crude Oil | 581 | &nbsp;&nbsp; 07/31/2025 | 38775940 | &nbsp;&nbsp; (3193948)  |
| Brent Crude Oil | 124 | &nbsp;&nbsp; 08/29/2025 | 8166640 | &nbsp;&nbsp; (584717)  |
| Brent Crude Oil | 28 | &nbsp;&nbsp; 09/30/2025 | 1827000 | &nbsp;&nbsp; (117433)  |
| Brent Crude Oil | 17 | &nbsp;&nbsp; 10/31/2025 | 1103470 | &nbsp;&nbsp; (58140)  |
| Brent Crude Oil | 8 | &nbsp;&nbsp; 11/28/2025 | 518160 | &nbsp;&nbsp; (17209)  |
| Brent Crude Oil | 5 | &nbsp;&nbsp; 12/30/2025 | 323600 | &nbsp;&nbsp; (10486)  |
| British Pound | 555 | &nbsp;&nbsp; 09/15/2025 | 47608594 | &nbsp;&nbsp; 234406  |
| CAC40 10 Euro Index | 274 | &nbsp;&nbsp; 07/18/2025 | 24755634 | &nbsp;&nbsp; 5774  |
| Canadian 10 Year Government Bonds | 47 | &nbsp;&nbsp; 09/18/2025 | 4210758 | &nbsp;&nbsp; 14681  |
| Canadian Dollar | 221 | &nbsp;&nbsp; 09/16/2025 | 16283280 | &nbsp;&nbsp; 64311  |
| CME Bitcoin Reference Rate (BRR) | 48 | &nbsp;&nbsp; 07/25/2025 | 25976400 | &nbsp;&nbsp; 377732  |
| Copper | 106 | &nbsp;&nbsp; 09/26/2025 | 13468625 | &nbsp;&nbsp; (73413)  |
| Copper - 90 day settlement<sup>(a)</sup> | 2 | &nbsp;&nbsp; 07/01/2025 | 501459 | &nbsp;&nbsp; 29965  |
| Copper - 90 day settlement<sup>(a)</sup> | 1 | &nbsp;&nbsp; 07/08/2025 | 249381 | &nbsp;&nbsp; 24776  |
| Copper - 90 day settlement<sup>(a)</sup> | 1 | &nbsp;&nbsp; 07/25/2025 | 247831 | &nbsp;&nbsp; 11794  |
| Copper - 90 day settlement<sup>(a)</sup> | 1 | &nbsp;&nbsp; 07/30/2025 | 247831 | &nbsp;&nbsp; 17216  |
| Copper - 90 day settlement<sup>(a)</sup> | 1 | &nbsp;&nbsp; 08/06/2025 | 247706 | &nbsp;&nbsp; 11589  |
| Crude Oil | 524 | &nbsp;&nbsp; 07/22/2025 | 34117640 | &nbsp;&nbsp; (1934314)  |
| Crude Oil | 102 | &nbsp;&nbsp; 08/20/2025 | 6512700 | &nbsp;&nbsp; (356085)  |
| Crude Oil | 23 | &nbsp;&nbsp; 09/22/2025 | 1443480 | &nbsp;&nbsp; (45862)  |
| Crude Oil | 12 | &nbsp;&nbsp; 10/21/2025 | 744720 | &nbsp;&nbsp; (18312)  |
| Crude Oil | 9 | &nbsp;&nbsp; 11/20/2025 | 554850 | &nbsp;&nbsp; (11366)  |

---

The accompanying notes are an integral part of these consolidated financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Crude Oil | 2 | &nbsp;&nbsp; 12/19/2025 | $122880 | &nbsp;&nbsp; $(504)  |
| Crude Soybean Oil | 291 | &nbsp;&nbsp; 12/12/2025 | 9210150 | &nbsp;&nbsp; (330365)  |
| Dow Jones Industrial Average Index | 88 | &nbsp;&nbsp; 09/19/2025 | 19531160 | &nbsp;&nbsp; 619675  |
| Ether Dollar Reference Rate | 8 | &nbsp;&nbsp; 07/25/2025 | 1012800 | &nbsp;&nbsp; 7613  |
| Euro | 321 | &nbsp;&nbsp; 09/15/2025 | 47491950 | &nbsp;&nbsp; 363564  |
| Euro BUXL 30 Year Bonds | 11 | &nbsp;&nbsp; 09/08/2025 | 1538572 | &nbsp;&nbsp; 1478  |
| Euro STOXX 50 Quanto Index | 445 | &nbsp;&nbsp; 09/19/2025 | 27923563 | &nbsp;&nbsp; 51144  |
| Euro-BOBL | 713 | &nbsp;&nbsp; 09/08/2025 | 98837171 | &nbsp;&nbsp; (354334)  |
| Euro-BTP Italian Government Bonds | 360 | &nbsp;&nbsp; 09/08/2025 | 51311651 | &nbsp;&nbsp; 17272  |
| Euro-Bund | 40 | &nbsp;&nbsp; 09/08/2025 | 6132425 | &nbsp;&nbsp; 331  |
| Euro-Schatz | 2375 | &nbsp;&nbsp; 09/08/2025 | 300046824 | &nbsp;&nbsp; (439879)  |
| French Government Bonds | 241 | &nbsp;&nbsp; 09/08/2025 | 35156538 | &nbsp;&nbsp; (74240)  |
| FTSE 100 Index | 238 | &nbsp;&nbsp; 09/19/2025 | 28714394 | &nbsp;&nbsp; (139778)  |
| FTSE China A50 Index | 866 | &nbsp;&nbsp; 07/30/2025 | 11594008 | &nbsp;&nbsp; (101310)  |
| FTSE/MIB Index | 19 | &nbsp;&nbsp; 09/19/2025 | 4459661 | &nbsp;&nbsp; 77382  |
| German Stock Index | 56 | &nbsp;&nbsp; 09/19/2025 | 39660043 | &nbsp;&nbsp; 691164  |
| Gold | 132 | &nbsp;&nbsp; 08/27/2025 | 43661640 | &nbsp;&nbsp; (491279)  |
| Hang Seng Index | 297 | &nbsp;&nbsp; 07/30/2025 | 45560469 | &nbsp;&nbsp; (573604)  |
| IBEX 35 Index | 1 | &nbsp;&nbsp; 07/18/2025 | 163981 | &nbsp;&nbsp; 830  |
| ICE 3 Month SONIA Rate | 15 | &nbsp;&nbsp; 06/16/2026 | 4969064 | &nbsp;&nbsp; 3417  |
| ICE 3 Month SONIA Rate | 35 | &nbsp;&nbsp; 09/15/2026 | 11602290 | &nbsp;&nbsp; 9026  |
| ICE 3 Month SONIA Rate | 35 | &nbsp;&nbsp; 12/15/2026 | 11604692 | &nbsp;&nbsp; 10159  |
| ICE 3 Month SONIA Rate | 272 | &nbsp;&nbsp; 03/16/2027 | 90180366 | &nbsp;&nbsp; 179467  |
| ICE 3 Month SONIA Rate | 24 | &nbsp;&nbsp; 06/15/2027 | 7954620 | &nbsp;&nbsp; 5966  |
| ICE 3 Month SONIA Rate | 17 | &nbsp;&nbsp; 09/14/2027 | 5632481 | &nbsp;&nbsp; 5028  |
| ICE 3 Month SONIA Rate | 15 | &nbsp;&nbsp; 12/14/2027 | 4968034 | &nbsp;&nbsp; 4069  |
| Japanese Yen | 24 | &nbsp;&nbsp; 09/15/2025 | 2098350 | &nbsp;&nbsp; (2668)  |
| KOSPI 200 Index | 156 | &nbsp;&nbsp; 09/11/2025 | 12025674 | &nbsp;&nbsp; 40897  |
| Lean Hogs | 14 | &nbsp;&nbsp; 08/14/2025 | 602000 | &nbsp;&nbsp; (14038)  |
| Live Cattle | 22 | &nbsp;&nbsp; 08/29/2025 | 1882100 | &nbsp;&nbsp; 20936  |
| London Cocoa | 10 | &nbsp;&nbsp; 09/15/2025 | 815214 | &nbsp;&nbsp; (85679)  |
| London Metals - Aluminum<sup>(a)</sup> | 99 | &nbsp;&nbsp; 09/15/2025 | 6435149 | &nbsp;&nbsp; 220573  |
| London Metals - Copper<sup>(a)</sup> | 128 | &nbsp;&nbsp; 09/15/2025 | 31624575 | &nbsp;&nbsp; 904128  |
| London Metals - Lead<sup>(a)</sup> | 13 | &nbsp;&nbsp; 09/15/2025 | 664745 | &nbsp;&nbsp; 15517  |
| London Metals - Nickel<sup>(a)</sup> | 9 | &nbsp;&nbsp; 09/15/2025 | 820575 | &nbsp;&nbsp; (11738)  |
| London Metals - Zinc<sup>(a)</sup> | 25 | &nbsp;&nbsp; 09/15/2025 | 1720425 | &nbsp;&nbsp; 38182  |
| Long Gilt | 12 | &nbsp;&nbsp; 09/26/2025 | 1532367 | &nbsp;&nbsp; (6673)  |
| Low Sulphur Gas Oil | 537 | &nbsp;&nbsp; 08/12/2025 | 35495700 | &nbsp;&nbsp; (2294725)  |
| Low Sulphur Gas Oil | 88 | &nbsp;&nbsp; 09/11/2025 | 5746400 | &nbsp;&nbsp; (47005)  |
| Low Sulphur Gas Oil | 19 | &nbsp;&nbsp; 10/10/2025 | 1232625 | &nbsp;&nbsp; 5002  |
| Mexican Peso | 430 | &nbsp;&nbsp; 09/15/2025 | 11373500 | &nbsp;&nbsp; 159689  |
| MSCI Emerging Markets Index | 85 | &nbsp;&nbsp; 09/19/2025 | 5242375 | &nbsp;&nbsp; 20933  |
| MSCI Singapore Index | 16 | &nbsp;&nbsp; 07/30/2025 | 517499 | &nbsp;&nbsp; 3605  |
| Nasdaq 100 Index | 88 | &nbsp;&nbsp; 09/19/2025 | 40292120 | &nbsp;&nbsp; 1055468  |
| Natural Gas | 86 | &nbsp;&nbsp; 07/29/2025 | 2972160 | &nbsp;&nbsp; (310952)  |
| New Zealand Dollar | 91 | &nbsp;&nbsp; 09/15/2025 | 5560555 | &nbsp;&nbsp; 39540  |

---

The accompanying notes are an integral part of these consolidated financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Nickel - 90 day settlement<sup>(a)</sup> | 1 | &nbsp;&nbsp; 07/01/2025 | $90358 | &nbsp;&nbsp; $(6443)  |
| Nifty 50 Index | 103 | &nbsp;&nbsp; 07/31/2025 | 5273806 | &nbsp;&nbsp; (8527)  |
| Nikkei 225 Index | 134 | &nbsp;&nbsp; 09/11/2025 | 37695497 | &nbsp;&nbsp; 1005306  |
| Nikkei 225 Index | 21 | &nbsp;&nbsp; 09/11/2025 | 2949741 | &nbsp;&nbsp; 6421  |
| NY Harbor ULSD | 458 | &nbsp;&nbsp; 07/31/2025 | 43786907 | &nbsp;&nbsp; (771856)  |
| NY Harbor ULSD | 27 | &nbsp;&nbsp; 08/29/2025 | 2553541 | &nbsp;&nbsp; (41448)  |
| NY Harbor ULSD | 7 | &nbsp;&nbsp; 09/30/2025 | 658266 | &nbsp;&nbsp; (11588)  |
| NY Harbor ULSD | 2 | &nbsp;&nbsp; 10/31/2025 | 186446 | &nbsp;&nbsp; (1982)  |
| Platinum | 12 | &nbsp;&nbsp; 10/29/2025 | 805800 | &nbsp;&nbsp; (8762)  |
| Reformulated Gasoline Blendstock | 177 | &nbsp;&nbsp; 07/31/2025 | 15403991 | &nbsp;&nbsp; (1086577)  |
| Russell 2000 Index | 28 | &nbsp;&nbsp; 09/19/2025 | 3068380 | &nbsp;&nbsp; 9996  |
| S&P 500 Index | 125 | &nbsp;&nbsp; 09/19/2025 | 39085938 | &nbsp;&nbsp; 811464  |
| S&P/Toronto Stock Exchange 60 Index | 21 | &nbsp;&nbsp; 09/18/2025 | 4934826 | &nbsp;&nbsp; 25516  |
| SGX FTSE Taiwan Index | 71 | &nbsp;&nbsp; 07/30/2025 | 5178740 | &nbsp;&nbsp; 1041  |
| Silver | 125 | &nbsp;&nbsp; 09/26/2025 | 22607500 | &nbsp;&nbsp; (116141)  |
| Soybean Meal | 12 | &nbsp;&nbsp; 12/12/2025 | 347160 | &nbsp;&nbsp; 831  |
| Swiss Franc | 113 | &nbsp;&nbsp; 09/15/2025 | 17976181 | &nbsp;&nbsp; 220747  |
| TOPIX Index | 150 | &nbsp;&nbsp; 09/11/2025 | 29743759 | &nbsp;&nbsp; 632912  |
| U.S. Cocoa | 4 | &nbsp;&nbsp; 09/15/2025 | 360000 | &nbsp;&nbsp; 13400  |
| U.S. Treasury 10 Year Notes | 765 | &nbsp;&nbsp; 09/19/2025 | 85775626 | &nbsp;&nbsp; 351709  |
| U.S. Treasury 2 Year Notes | 795 | &nbsp;&nbsp; 09/30/2025 | 165378633 | &nbsp;&nbsp; 302880  |
| U.S. Treasury 5 Year Note | 897 | &nbsp;&nbsp; 09/30/2025 | 97773000 | &nbsp;&nbsp; 274807  |
| U.S. Treasury Long Bonds | 152 | &nbsp;&nbsp; 09/19/2025 | 17551250 | &nbsp;&nbsp; 91859  |
| U.S. Treasury Ultra Bonds | 104 | &nbsp;&nbsp; 09/19/2025 | 12389000 | &nbsp;&nbsp; 46867  |
| Zinc - 90 day settlement<sup>(a)</sup> | 1 | &nbsp;&nbsp; 07/04/2025 | 68617 | &nbsp;&nbsp; 4491  |
| Zinc - 90 day settlement<sup>(a)</sup> | 1 | &nbsp;&nbsp; 08/20/2025 | 68693 | &nbsp;&nbsp; 1257  |
|  |  |  |  | &nbsp;&nbsp; $(3798132) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 10 Year Japanese Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp; 09/11/2025 | $965939 | &nbsp;&nbsp; $603  |
| Aluminum - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/10/2025 | 64945 | &nbsp;&nbsp; (4982)  |
| Aluminum - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 08/06/2025 | 129832 | &nbsp;&nbsp; (9339)  |
| Aluminum - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/08/2025 | 64939 | &nbsp;&nbsp; (2996)  |
| Aluminum - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 09/19/2025 | 129884 | &nbsp;&nbsp;&nbsp;&nbsp;(746)  |
| Arabica Coffee | &nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp; 09/18/2025 | 1012837 | &nbsp;&nbsp; 53281  |
| ASX SPI 200 Index | &nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp; 09/18/2025 | 2949780 | &nbsp;&nbsp; 341  |
| Austrailian Government 3 Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(79) | &nbsp;&nbsp; 09/15/2025 | 5601873 | &nbsp;&nbsp; (11657)  |
| Australian Dollar | &nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp; 09/15/2025 | 988425 | &nbsp;&nbsp; (4388)  |
| British Pound | &nbsp;&nbsp;&nbsp;&nbsp;(79) | &nbsp;&nbsp; 09/15/2025 | 6776719 | &nbsp;&nbsp; (62281)  |
| Canadian Dollar | &nbsp;&nbsp;&nbsp;&nbsp;(134) | &nbsp;&nbsp; 09/16/2025 | 9873120 | &nbsp;&nbsp; (18374)  |
| Copper - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 07/01/2025 | 501459 | &nbsp;&nbsp; (32784)  |
| Copper - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/08/2025 | 249381 | &nbsp;&nbsp; (25735)  |
| Copper - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/25/2025 | 247831 | &nbsp;&nbsp; (12216)  |
| Copper - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/30/2025 | 247831 | &nbsp;&nbsp; (17563)  |
| Copper - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/06/2025 | 247706 | &nbsp;&nbsp; (11568)  |

---

The accompanying notes are an integral part of these consolidated financial statements.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Corn No. 2 Yellow | (1262) | &nbsp;&nbsp; 12/12/2025 | $26849050 | &nbsp;&nbsp; $713195  |
| Cotton No.2 | (137) | &nbsp;&nbsp; 12/08/2025 | 4666905 | &nbsp;&nbsp; (25557)  |
| Dollar Index | (57) | &nbsp;&nbsp; 09/15/2025 | 5500101 | &nbsp;&nbsp; 107166  |
| Dow Jones Industrial Average Index | (7) | &nbsp;&nbsp; 09/19/2025 | 1553615 | &nbsp;&nbsp; (1601)  |
| Euro | (15) | &nbsp;&nbsp; 09/15/2025 | 2219250 | &nbsp;&nbsp; (9198)  |
| Euro BUXL 30 Year Bonds | (27) | &nbsp;&nbsp; 09/08/2025 | 3776495 | &nbsp;&nbsp; 44135  |
| Euro STOXX 50 Quanto Index | (72) | &nbsp;&nbsp; 09/19/2025 | 4517970 | &nbsp;&nbsp; 225  |
| Euro-BOBL | (73) | &nbsp;&nbsp; 09/08/2025 | 10119374 | &nbsp;&nbsp;&nbsp;&nbsp;(648)  |
| Euro-Bund | (322) | &nbsp;&nbsp; 09/08/2025 | 49366025 | &nbsp;&nbsp; 133765  |
| Euro-Schatz | (572) | &nbsp;&nbsp; 09/08/2025 | 72263909 | &nbsp;&nbsp; 12015  |
| FTSE 100 Index | (76) | &nbsp;&nbsp; 09/19/2025 | 9169302 | &nbsp;&nbsp; 61931  |
| FTSE/JSE Top 40 Index | (2) | &nbsp;&nbsp; 09/18/2025 | 101424 | &nbsp;&nbsp;&nbsp;&nbsp;(81)  |
| German Stock Index | (1) | &nbsp;&nbsp; 09/19/2025 | 708215 | &nbsp;&nbsp;&nbsp;&nbsp;(296)  |
| Gold | (10) | &nbsp;&nbsp; 08/27/2025 | 3307700 | &nbsp;&nbsp; (20061)  |
| Hang Seng China Enterprises Index | (22) | &nbsp;&nbsp; 07/30/2025 | 1214772 | &nbsp;&nbsp; 8840  |
| Hard Red Winter Wheat | (264) | &nbsp;&nbsp; 09/12/2025 | 6953100 | &nbsp;&nbsp; 553703  |
| ICE European Climate Exchange Emissions | (4) | &nbsp;&nbsp; 12/15/2025 | 324974 | &nbsp;&nbsp; 4774  |
| Japanese 10 Year Government Bonds | (57) | &nbsp;&nbsp; 09/12/2025 | 55026839 | &nbsp;&nbsp; (177125)  |
| Japanese Yen | (139) | &nbsp;&nbsp; 09/15/2025 | 12152944 | &nbsp;&nbsp; (9743)  |
| Lean Hogs | (19) | &nbsp;&nbsp; 08/14/2025 | 817000 | &nbsp;&nbsp; 25784  |
| London Metals - Aluminum<sup>(a)</sup> | (207) | &nbsp;&nbsp; 09/15/2025 | 13455311 | &nbsp;&nbsp; (588229)  |
| London Metals - Copper<sup>(a)</sup> | (32) | &nbsp;&nbsp; 09/15/2025 | 7906144 | &nbsp;&nbsp; (230041)  |
| London Metals - Lead<sup>(a)</sup> | (11) | &nbsp;&nbsp; 09/15/2025 | 562477 | &nbsp;&nbsp; (17062)  |
| London Metals - Nickel<sup>(a)</sup> | (14) | &nbsp;&nbsp; 09/15/2025 | 1276450 | &nbsp;&nbsp; 14458  |
| London Metals - Zinc<sup>(a)</sup> | (106) | &nbsp;&nbsp; 09/15/2025 | 7294602 | &nbsp;&nbsp; (108654)  |
| Long Gilt | (295) | &nbsp;&nbsp; 09/26/2025 | 37670689 | &nbsp;&nbsp; (369688)  |
| Nasdaq 100 Index | (7) | &nbsp;&nbsp; 09/19/2025 | 3205055 | &nbsp;&nbsp; (2322)  |
| Natural Gas | (238) | &nbsp;&nbsp; 07/29/2025 | 8225280 | &nbsp;&nbsp; 294469  |
| Natural Gas | (35) | &nbsp;&nbsp; 07/30/2025 | 1009110 | &nbsp;&nbsp; 33267  |
| Natural Gas | (52) | &nbsp;&nbsp; 08/27/2025 | 1814800 | &nbsp;&nbsp; 81651  |
| Natural Gas | (26) | &nbsp;&nbsp; 09/26/2025 | 934180 | &nbsp;&nbsp; 39760  |
| Natural Gas | (17) | &nbsp;&nbsp; 10/29/2025 | 677450 | &nbsp;&nbsp; 19778  |
| Natural Gas | (7) | &nbsp;&nbsp; 11/25/2025 | 319200 | &nbsp;&nbsp; 8697  |
| New Zealand Dollar | (15) | &nbsp;&nbsp; 09/15/2025 | 916575 | &nbsp;&nbsp; (8049)  |
| Nickel - 90 day settlement<sup>(a)</sup> | (1) | &nbsp;&nbsp; 07/01/2025 | 90358 | &nbsp;&nbsp; 6168  |
| Nikkei 225 Index | (13) | &nbsp;&nbsp; 09/11/2025 | 1826030 | &nbsp;&nbsp; 10432  |
| Platinum | (2) | &nbsp;&nbsp; 10/29/2025 | 134300 | &nbsp;&nbsp; 1036  |
| Reformulated Gasoline Blendstock | (39) | &nbsp;&nbsp; 07/31/2025 | 3394100 | &nbsp;&nbsp; (3650)  |
| Reformulated Gasoline Blendstock | (8) | &nbsp;&nbsp; 08/29/2025 | 686179 | &nbsp;&nbsp; (2791)  |
| Reformulated Gasoline Blendstock | (5) | &nbsp;&nbsp; 09/30/2025 | 396984 | &nbsp;&nbsp; 201  |
| Russell 2000 Index | (81) | &nbsp;&nbsp; 09/19/2025 | 8876385 | &nbsp;&nbsp; (257534)  |
| S&P 500 Index | (20) | &nbsp;&nbsp; 09/19/2025 | 6253750 | &nbsp;&nbsp; (7622)  |
| S&P Mid Cap 400 Index | (4) | &nbsp;&nbsp; 09/19/2025 | 1250200 | &nbsp;&nbsp; (30567)  |
| Sao Paulo Stock Exchange Index (Bovespa) | (295) | &nbsp;&nbsp; 08/13/2025 | 7666873 | &nbsp;&nbsp; 32807  |
| SET50 Index | (127) | &nbsp;&nbsp; 09/29/2025 | 549195 | &nbsp;&nbsp; 3589  |
| Silver | (4) | &nbsp;&nbsp; 09/26/2025 | 723440 | &nbsp;&nbsp; 1978  |

---

The accompanying notes are an integral part of these consolidated financial statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Soybean Meal | (717) | &nbsp;&nbsp; 12/12/2025 | $20742810 | &nbsp;&nbsp; $138754  |
| Soybeans | (517) | &nbsp;&nbsp; 11/14/2025 | 26547950 | &nbsp;&nbsp; 548224  |
| Sugar #11 | (441) | &nbsp;&nbsp; 09/30/2025 | 8001504 | &nbsp;&nbsp; 307888  |
| Swiss Franc | (28) | &nbsp;&nbsp; 09/15/2025 | 4454275 | &nbsp;&nbsp; (46385)  |
| U.S. Treasury 2 Year Notes | (651) | &nbsp;&nbsp; 09/30/2025 | 135423258 | &nbsp;&nbsp; (100838)  |
| U.S. Treasury 5 Year Note | (26) | &nbsp;&nbsp; 09/30/2025 | 2834000 | &nbsp;&nbsp; (4082)  |
| U.S. Treasury Long Bonds | (110) | &nbsp;&nbsp; 09/19/2025 | 12701563 | &nbsp;&nbsp; (332469)  |
| U.S. Treasury Ultra Bonds | (76) | &nbsp;&nbsp; 09/19/2025 | 9053500 | &nbsp;&nbsp; (148897)  |
| Wheat | (175) | &nbsp;&nbsp; 09/12/2025 | 4709687 | &nbsp;&nbsp; 50943  |
| Wheat | (335) | &nbsp;&nbsp; 12/12/2025 | 9380000 | &nbsp;&nbsp; 578767  |
| Zinc - 90 day settlement<sup>(a)</sup> | (1) | &nbsp;&nbsp; 07/04/2025 | 68617 | &nbsp;&nbsp; (3875)  |
| Zinc - 90 day settlement<sup>(a)</sup> | (1) | &nbsp;&nbsp; 08/20/2025 | 68693 | &nbsp;&nbsp; (1657)  |
|  |  |  |  | &nbsp;&nbsp; $1169274  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp; $(2628858) |

---

<sup>(a)</sup> London Metal Exchange ("LME") futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts on the Fund's consolidated Stement of Assets and Liabilities. 

The accompanying notes are an integral part of these consolidated financial statements.

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF FORWARD CURRENCY CONTRACTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Bank of America | 07/01/2025 | AUD | 1114000 | USD | 728179 | $5009  |
| Bank of America | 07/02/2025 | AUD | 1030000 | USD | 676794 | 1117  |
| Bank of America | 09/17/2025 | AUD | 25639000 | USD | 16685853 | 216653  |
| Bank of America | 07/02/2025 | CAD | 238000 | USD | 174167 | 625  |
| Bank of America | 07/16/2025 | CAD | 57630000 | USD | 42174865 | 183045  |
| Bank of America | 09/17/2025 | CAD | 17383000 | USD | 12794850 | 22035  |
| Bank of America | 07/01/2025 | CHF | 177000 | USD | 221295 | 1809  |
| Bank of America | 07/02/2025 | CHF | 1278000 | USD | 1601859 | 9230  |
| Bank of America | 09/17/2025 | CHF | 55970000 | USD | 69134858 | 2120366  |
| Bank of America | 07/16/2025 | CNH | 357380000 | USD | 49874755 | 116998  |
| Bank of America | 07/01/2025 | EUR | 1878000 | USD | 2200898 | 11442  |
| Bank of America | 07/02/2025 | EUR | 3767000 | USD | 4418928 | 18997  |
| Bank of America | 07/16/2025 | EUR | 69570000 | USD | 80164697 | 1877942  |
| Bank of America | 09/17/2025 | EUR | 65461000 | USD | 75780823 | 1741194  |
| Bank of America | 07/01/2025 | GBP | 2000 | USD | 2743 | 2  |
| Bank of America | 07/02/2025 | GBP | 694000 | USD | 952644 | (18)  |
| Bank of America | 07/16/2025 | GBP | 23160000 | USD | 31343469 | 449552  |
| Bank of America | 09/17/2025 | GBP | 76497000 | USD | 103371699 | 1686130  |
| Bank of America | 07/01/2025 | JPY | 181374000 | USD | 1253963 | 5674  |
| Bank of America | 07/02/2025 | JPY | 102944000 | USD | 713662 | 1361  |
| Bank of America | 07/16/2025 | JPY | 4827000000 | USD | 33636684 | (52748)  |
| Bank of America | 08/20/2025 | JPY | 532000000 | USD | 3679848 | 36583  |
| Bank of America | 09/17/2025 | JPY | 445320000 | USD | 3123232 | (2716)  |
| Bank of America | 07/16/2025 | MXN | 487080000 | USD | 25342198 | 569519  |
| Bank of America | 09/17/2025 | MXN | 600128000 | USD | 31282455 | 427622  |
| Bank of America | 07/01/2025 | NZD | 87000 | USD | 52758 | 275  |
| Bank of America | 07/02/2025 | NZD | 2000 | USD | 1218 | 2  |
| Bank of America | 09/17/2025 | NZD | 29868000 | USD | 18063762 | 191532  |
| Bank of America | 07/01/2025 | USD | 730280 | AUD | 1114000 | (2908)  |
| Bank of America | 07/02/2025 | USD | 673873 | AUD | 1030000 | (4038)  |
| Bank of America | 09/17/2025 | USD | 15974914 | AUD | 24460000 | (150337)  |
| Bank of America | 07/02/2025 | USD | 174613 | CAD | 238000 | (180)  |
| Bank of America | 07/16/2025 | USD | 83432730 | CAD | 114060000 | (401094)  |
| Bank of America | 09/17/2025 | USD | 27125651 | CAD | 36892000 | (75669)  |
| Bank of America | 07/01/2025 | USD | 221560 | CHF | 177000 | (1545)  |
| Bank of America | 07/02/2025 | USD | 1608636 | CHF | 1278000 | (2453)  |
| Bank of America | 09/17/2025 | USD | 7428814 | CHF | 5919000 | (106646)  |
| Bank of America | 07/16/2025 | USD | 52048587 | CNH | 373170000 | (151935)  |
| Bank of America | 08/20/2025 | USD | 17314558 | CNH | 123640000 | (28965)  |
| Bank of America | 07/01/2025 | USD | 2201630 | EUR | 1878000 | (10710)  |
| Bank of America | 07/02/2025 | USD | 4430357 | EUR | 3767000 | (7568)  |
| Bank of America | 07/16/2025 | USD | 57667659 | EUR | 49990000 | (1284642)  |
| Bank of America | 09/17/2025 | USD | 17962927 | EUR | 15384000 | (255535)  |
| Bank of America | 07/01/2025 | USD | 2749 | GBP | 2000 | 4  |
| Bank of America | 07/02/2025 | USD | 951124 | GBP | 694000 | (1501)  |
| Bank of America | 07/16/2025 | USD | 62822565 | GBP | 46270000 | (694841)  |

---

The accompanying notes are an integral part of these consolidated financial statements.

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF FORWARD CURRENCY CONTRACTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Bank of America | 09/17/2025 | USD | 15282934 | GBP | 11208000 | $(109671)  |
| Bank of America | 07/01/2025 | USD | 1257407 | JPY | 181374000 | (2231)  |
| Bank of America | 07/02/2025 | USD | 715516 | JPY | 102944000 | 493  |
| Bank of America | 07/16/2025 | USD | 53994811 | JPY | 7735000000 | 178415  |
| Bank of America | 08/20/2025 | USD | 28657532 | JPY | 4116000000 | (95902)  |
| Bank of America | 09/17/2025 | USD | 7429802 | JPY | 1064854000 | (32009)  |
| Bank of America | 07/16/2025 | USD | 13969936 | MXN | 266450000 | (204690)  |
| Bank of America | 09/17/2025 | USD | 83499 | MXN | 1614000 | (1782)  |
| Bank of America | 07/01/2025 | USD | 52829 | NZD | 87000 | (203)  |
| Bank of America | 07/02/2025 | USD | 1215 | NZD | 2000 | (4)  |
| Bank of America | 09/17/2025 | USD | 2782707 | NZD | 4596000 | (26364)  |
| Deutsche Bank | 07/16/2025 | AUD | 48530000 | USD | 31633416 | 316135  |
| Deutsche Bank | 08/20/2025 | AUD | 5090000 | USD | 3323944 | 29640  |
| Deutsche Bank | 07/16/2025 | BRL | 220650000 | USD | 38387019 | 2059113  |
| Deutsche Bank | 07/16/2025 | CAD | 29880000 | USD | 21839470 | 122258  |
| Deutsche Bank | 07/16/2025 | CHF | 59450000 | USD | 73384149 | 1703269  |
| Deutsche Bank | 07/17/2025 | CLP | 5383000000 | USD | 5757338 | 20757  |
| Deutsche Bank | 07/16/2025 | CNH | 155980000 | USD | 21778574 | 40537  |
| Deutsche Bank | 07/16/2025 | EUR | 12110000 | USD | 14049208 | 231896  |
| Deutsche Bank | 07/16/2025 | GBP | 11950000 | USD | 16178765 | 225665  |
| Deutsche Bank | 07/16/2025 | ILS | 11580000 | USD | 3370831 | 67357  |
| Deutsche Bank | 08/20/2025 | ILS | 700000 | USD | 206828 | 1098  |
| Deutsche Bank | 07/16/2025 | INR | 440040000 | USD | 5121902 | 5379  |
| Deutsche Bank | 08/20/2025 | INR | 323840000 | USD | 3765945 | 1739  |
| Deutsche Bank | 07/16/2025 | JPY | 2908000000 | USD | 20075604 | 156856  |
| Deutsche Bank | 08/20/2025 | JPY | 818000000 | USD | 5689030 | 25331  |
| Deutsche Bank | 07/16/2025 | KRW | 8338000000 | USD | 6108525 | 76268  |
| Deutsche Bank | 08/20/2025 | KRW | 2184000000 | USD | 1612367 | 11237  |
| Deutsche Bank | 07/16/2025 | MXN | 257390000 | USD | 13474429 | 218223  |
| Deutsche Bank | 07/16/2025 | NOK | 151960000 | USD | 15080085 | (2280)  |
| Deutsche Bank | 07/16/2025 | NZD | 39020000 | USD | 23501584 | 295859  |
| Deutsche Bank | 08/20/2025 | NZD | 570000 | USD | 346158 | 1898  |
| Deutsche Bank | 07/16/2025 | PLN | 48250000 | USD | 12977162 | 403934  |
| Deutsche Bank | 07/16/2025 | SEK | 98460000 | USD | 10333031 | 85501  |
| Deutsche Bank | 07/16/2025 | SGD | 14210000 | USD | 11078648 | 111242  |
| Deutsche Bank | 07/16/2025 | USD | 31347081 | AUD | 48530000 | (602470)  |
| Deutsche Bank | 08/20/2025 | USD | 1236019 | AUD | 1890000 | (9221)  |
| Deutsche Bank | 07/16/2025 | USD | 3255926 | BRL | 18070000 | (56386)  |
| Deutsche Bank | 07/16/2025 | USD | 98346349 | CHF | 79960000 | (2645914)  |
| Deutsche Bank | 07/17/2025 | USD | 3151804 | CLP | 2961000000 | (26524)  |
| Deutsche Bank | 07/16/2025 | USD | 19547891 | CNH | 140190000 | (62451)  |
| Deutsche Bank | 07/16/2025 | USD | 13049876 | EUR | 11300000 | (276009)  |
| Deutsche Bank | 07/16/2025 | USD | 1724896 | GBP | 1280000 | (32232)  |
| Deutsche Bank | 07/16/2025 | USD | 3301487 | ILS | 11580000 | (136701)  |
| Deutsche Bank | 07/16/2025 | USD | 5112082 | INR | 440040000 | (15200)  |
| Deutsche Bank | 07/16/2025 | USD | 6102532 | KRW | 8338000000 | (82261)  |

---

The accompanying notes are an integral part of these consolidated financial statements.

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MACRO STRATEGIES FUND** 

**CONSOLIDATED SCHEDULE OF FORWARD CURRENCY CONTRACTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Deutsche Bank | 08/20/2025 | USD | 1139241 | KRW | 1540000000 | $(5609)  |
| Deutsche Bank | 07/16/2025 | USD | 15065030 | NOK | 151960000 | (12775)  |
| Deutsche Bank | 08/20/2025 | USD | 1291123 | NOK | 13040000 | (3018)  |
| Deutsche Bank | 07/16/2025 | USD | 23438729 | NZD | 39020000 | (358714)  |
| Deutsche Bank | 08/20/2025 | USD | 4123656 | NZD | 6780000 | (16374)  |
| Deutsche Bank | 07/16/2025 | USD | 2562879 | PLN | 9430000 | (52328)  |
| Deutsche Bank | 07/16/2025 | USD | 19110041 | SEK | 182260000 | (175776)  |
| Deutsche Bank | 07/16/2025 | USD | 7783948 | SGD | 9940000 | (43463)  |
| Deutsche Bank | 07/16/2025 | USD | 14677901 | ZAR | 264130000 | (222186)  |
| Deutsche Bank | 08/20/2025 | USD | 996592 | ZAR | 17780000 | (3817)  |
| Deutsche Bank | 07/16/2025 | ZAR | 264130000 | USD | 14788654 | 111434  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $7645638 |

---

AUD - Australian Dollars

BRL - Brazilian Real

CAD - Canadian Dollar

CHF - Swiss Franc

CLP - Chilean Peso

CNH - Chinese Offshore Renminbi

EUR - Euro

GBP - British Pound

ILS - Israeli New Shekel

INR - Indian Rupee

JPY - Japanese Yen

KRW - South Korean Won

MXN - Mexican Peso

NOK - Norwegian Krone

NZD - New Zealand Dollar

PLN - Polish Zloty

SEK - Swedish Krona

SGD - Singapore Dollar

USD - United States Dollar

ZAR - South African Rand

The accompanying notes are an integral part of these consolidated financial statements.

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MARKET TREND FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 28.8%** <br>|  |  |
| **United States Treasury Note**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2026 | $2170000 | $2181316  |
| &nbsp;&nbsp;&nbsp; 1.38%, 10/31/2028 | 2465000 | 2285229  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 | 14750000 | 15007549  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2029 | 23205000 | 23927437  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 | 17505000 | 17182935  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030 | 18010000 | 18182361  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $77,465,721)** |  | 78766827  |
| **CORPORATE BONDS - 23.3%**<br>|  |  |
| **Aerospace & Defense - 0.7%**<br>|  |  |
| Boeing Co., 3.25%, 02/01/2028 | 1085000 | 1052238  |
| L3Harris Technologies, Inc., 5.40%, 01/15/2027 | 645000 | 655641  |
| RTX Corp., 4.13%, 11/16/2028 | 300000 | 298758  |
|  |  | 2006637  |
| **Agriculture - 0.2%**<br>|  |  |
| Philip Morris International, Inc., 4.63%, 11/01/2029 | 550000 | 555042  |
| **Apparel - 0.1%**<br>|  |  |
| Tapestry, Inc., 5.10%, 03/11/2030 | 265000 | 268260  |
| **Auto Manufacturers - 1.0%**<br>|  |  |
| Ford Motor Credit Co. LLC, 5.85%, 05/17/2027 | 1025000 | 1032708  |
| General Motors Financial Co., Inc., 5.35%, 01/07/2030 | 875000 | 885376  |
| Toyota Motor Credit Corp. <br>|  |  |
| 5.60%, 09/11/2025 | 300000 | 300632  |
| 4.55%, 08/07/2026 | 230000 | 230784  |
| Volkswagen Group of America Finance LLC, 1.25%, 11/24/2025<sup>(a)</sup> | 405000 | 399482  |
|  |  | 2848982  |
| **Banks - 8.8%**<br>|  |  |
| Bank of America Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38% to 04/27/2027 then SOFR + 1.58%, 04/27/2028 | 1705000 | 1704428  |
| &nbsp;&nbsp;&nbsp; 5.16% to 01/24/2030 then SOFR + 1.00%, 01/24/2031 | 1865000 | 1910884  |
| Bank of America NA, 5.53%, 08/18/2026 | 2080000 | 2109458  |
| Bank of New York Mellon, 4.59% to 04/20/2026 then SOFR + 0.69%, 04/20/2027 | 1900000 | 1904346  |
| Canadian Imperial Bank of Commerce, 3.45%, 04/07/2027 | 395000 | 389951  |
| Citibank NA, 4.58%, 05/29/2027 | 1100000 | 1105931  |
| Credit Agricole SA, 5.22% to 05/27/2030 then SOFR + 1.46%, 05/27/2031<sup>(a)</sup> | 250000 | 254579  |
| Credit Suisse AG, 5.00%, 07/09/2027 | 425000 | 431503  |
|  Deutsche Bank AG/New York NY, 5.00% to 09/11/2029 then SOFR + 1.70%, 09/11/2030 | 185000 | 186359  |
| Federation des Caisses Desjardins du Quebec, 5.70%, 03/14/2028<sup>(a)</sup> | 590000 | 610427  |
| Goldman Sachs Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80% to 08/10/2025 then SOFR + 1.08%, 08/10/2026 | 1990000 | 1992749  |
| &nbsp;&nbsp;&nbsp; 6.48% to 10/24/2028 then SOFR + 1.77%, 10/24/2029 | 365000 | 387149 |
| HSBC Holdings PLC, 6.16% to 03/09/2028 then SOFR + 1.97%, 03/09/2029  | 485000  | 504255  |

---

The accompanying notes are an integral part of these consolidated financial statements.

48<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MARKET TREND FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Banks - (Continued)** | **Banks - (Continued)** | **Banks - (Continued)** |
| JPMorgan Chase & Co., 5.10% to 04/22/2030 then SOFR + 1.44%, 04/22/2031 | $2170000 | $2223178  |
| Morgan Stanley, 5.19% to 04/17/2030 then SOFR + 1.51%, 04/17/2031 | 1125000 | 1153089  |
| Morgan Stanley Bank NA, 4.95% to 01/14/2027 then SOFR + 1.08%, 01/14/2028 | 1770000 | 1784130  |
| NatWest Markets PLC, 5.41%, 05/17/2029<sup>(a)</sup> | 555000 | 573230  |
| PNC Bank NA, 4.54% to 05/13/2026 then SOFR + 0.63%, 05/13/2027 | 1095000 | 1095533  |
| State Street Corp., 4.54%, 02/28/2028 | 540000 | 546088  |
| Toronto-Dominion Bank, 1.25%, 09/10/2026 | 930000 | 897363  |
| UBS Group AG, 6.33% to 12/22/2026 then 1 yr. CMT Rate + 1.60%, 12/22/2027<sup>(a)</sup> | 665000 | 682763  |
| Wells Fargo & Co., 5.15% to 04/23/2030 then SOFR + 1.50%, 04/23/2031 | 1445000 | 1479448  |
|  |  | 23926841  |
| **Beverages - 0.2%**<br>|  |  |
| PepsiCo, Inc., 5.13%, 11/10/2026 | 590000 | 597375  |
| **Biotechnology - 0.3%**<br>|  |  |
| Amgen, Inc., 5.15%, 03/02/2028 | 735000 | 750899  |
| **Building Materials - 0.1%**<br>|  |  |
| Trane Technologies Financing Ltd., 3.50%, 03/21/2026 | 335000 | 332770  |
| **Chemicals - 0.1%**<br>|  |  |
| Nutrien Ltd., 4.90%, 03/27/2028 | 245000 | 248405  |
| **Computers - 0.2%**<br>|  |  |
| Hewlett Packard Enterprise Co., 4.55%, 10/15/2029 | 645000 | 641383  |
| **Cosmetics & Personal Care - 0.7%**<br>|  |  |
| Haleon US Capital LLC, 3.38%, 03/24/2027 | 1200000 | 1182275  |
| Unilever Capital Corp., 4.25%, 08/12/2027 | 715000 | 718109  |
|  |  | 1900384  |
| **Diversified Financial Services - 0.7%**<br>|  |  |
| AerCap Ireland Capital/Global Aviation Trust, 6.10%, 01/15/2027 | 1225000 | 1252085  |
| Air Lease Corp., 5.85%, 12/15/2027 | 670000 | 692864  |
|  |  | 1944949  |
| **Electric - 1.3%**<br>|  |  |
| Duke Energy Carolinas LLC, 4.85%, 03/15/2030 | 330000 | 337275  |
| Florida Power & Light Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/01/2028 | 715000 | 732285  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/15/2028 | 895000 | 901612  |
| Georgia Power Co., 5.00%, 02/23/2027 | 785000 | 796062  |
| NSTAR Electric Co., 3.20%, 05/15/2027 | 585000 | 575170  |
| Southern California Edison Co., 1.20%, 02/01/2026 | 185000 | 180324  |
|  |  | 3522728  |
| **Electronics - 0.4%**<br>|  |  |
| Honeywell International, Inc. <br>|  |  |
| 4.65%, 07/30/2027 | 745000 | 752752  |
| 4.88%, 09/01/2029 | 265000 | 271216  |
|  |  | 1023968  |

---

The accompanying notes are an integral part of these consolidated financial statements.

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MARKET TREND FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Food - 2.3%**<br>|  |  |
| General Mills, Inc., 4.88%, 01/30/2030 | $690000 | $701262  |
| Mars, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/01/2028<sup>(a)</sup> | 2615000 | 2635830  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/2030<sup>(a)</sup> | 2445000 | 2476399  |
| Sysco Corp., 3.25%, 07/15/2027 | 490000 | 480438  |
|  |  | 6293929  |
| **Healthcare-Services - 0.6%**<br>|  |  |
| HCA, Inc., 5.00%, 03/01/2028 | 380000 | 385599  |
| UnitedHealth Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 06/15/2028 | 345000 | 346658  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029 | 960000 | 957711  |
|  |  | 1689968  |
| **Insurance - 0.6%**<br>|  |  |
| Brown & Brown, Inc., 4.60%, 12/23/2026 | 435000 | 437024  |
| Equitable Financial Life Global, 1.40%, 07/07/2025<sup>(a)</sup> | 410000 | 409776  |
| Metropolitan Life Global Funding I, 5.05%, 01/06/2028<sup>(a)</sup> | 295000 | 300963  |
| Principal Life Global Funding II, 0.88%, 01/12/2026<sup>(a)</sup> | 420000 | 412137  |
|  |  | 1559900  |
| **Machinery-Diversified - 0.1%**<br>|  |  |
| John Deere Capital Corp., 4.95%, 07/14/2028 | 310000 | 317539  |
| **Media - 0.1%**<br>|  |  |
| Charter Communications Operating LLC, 4.91%, 07/23/2025 | 201000 | 200985  |
| **Packaging & Containers - 0.1%**<br>|  |  |
| Amcor Group Finance PLC, 5.45%, 05/23/2029 | 290000 | 298117  |
| **Pharmaceuticals - 0.7%**<br>|  |  |
| AbbVie, Inc., 4.80%, 03/15/2029 | 290000 | 295620  |
| Astrazeneca Finance LLC, 4.80%, 02/26/2027 | 270000 | 272964  |
| CVS Health Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 06/01/2026 | 1170000 | 1152028  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/30/2029 | 200000 | 202995  |
|  |  | 1923607  |
| **Pipelines - 0.9%**<br>|  |  |
| Enbridge, Inc., 6.00%, 11/15/2028 | 525000 | 551054  |
| Energy Transfer LP, 6.05%, 12/01/2026 | 1130000 | 1153517  |
| South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027<sup>(a)</sup> | 315000 | 316971  |
| Williams Cos., Inc., 4.90%, 03/15/2029 | 380000 | 385171  |
|  |  | 2406713  |
| **REITS - 1.1%**<br>|  |  |
| American Homes 4 Rent LP, 4.90%, 02/15/2029 | 290000 | 293218  |
| Brixmor Operating Partnership LP, 4.13%, 06/15/2026 | 345000 | 343651  |
| Essex Portfolio LP, 1.70%, 03/01/2028 | 295000 | 275009  |
| Kite Realty Group LP, 4.00%, 10/01/2026 | 880000 | 872160  |

---

The accompanying notes are an integral part of these consolidated financial statements.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MARKET TREND FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **REITS - (Continued)**<br>|  |  |
| Lineage OP LP, 5.25%, 07/15/2030<sup>(a)</sup> | $575000 | $578061  |
| Prologis Targeted US Logistics Fund LP, 5.25%, 04/01/2029<sup>(a)</sup> | 645000 | 662489  |
|  |  | 3024588  |
| **Retail - 0.6%**<br>|  |  |
| Home Depot, Inc., 4.88%, 06/25/2027 | 465000 | 472246  |
| O'Reilly Automotive, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/20/2026 | 675000 | 686890  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/01/2030 | 300000 | 296940  |
| Walmart, Inc., 4.35%, 04/28/2030 | 180000 | 181993  |
|  |  | 1638069  |
| **Semiconductors - 0.1%**<br>|  |  |
| Texas Instruments, Inc., 4.60%, 02/08/2027 | 380000 | 383424  |
| **Software - 0.2%**<br>|  |  |
| Oracle Corp., 4.80%, 08/03/2028 | 445000 | 452252  |
| **Telecommunications - 1.1%**<br>|  |  |
| AT&T, Inc., 2.30%, 06/01/2027 | 720000 | 694087  |
| T-Mobile USA, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 07/15/2028 | 470000 | 476160  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/15/2029 | 940000 | 952933  |
| Verizon Communications, Inc., 2.10%, 03/22/2028 | 780000 | 738934  |
|  |  | 2862114  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $62,832,271)** |  | 63619828  |
| **MORTGAGE-BACKED SECURITIES - 11.2%**<br>|  |  |
|  Alen Mortgage Trust, Series 2021-ACEN, Class A, 5.58% (1 mo. Term SOFR + 1.26%), 04/15/2034<sup>(a)</sup> | 600000 | 574500  |
| &nbsp;&nbsp;&nbsp; ARDN 2025-ARCP Mortgage Trust, Series 2025-ARCP, Class A, 6.05% <br>(1 mo. Term SOFR + 1.75%), 06/15/2035<sup>(a)</sup> | 1000000 | 1000437  |
|  Banc of America-Remic Trust, Series 2022-DKLX, Class A, 5.46% (1 mo. Term SOFR + 1.15%), 01/15/2039<sup>(a)</sup> | 1133633 | 1130090  |
| BANK-2022, Series 2022-BNK39, Class A1, 1.74%, 02/15/2055 | 235553 | 229816  |
| BX Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class B, 5.59% (1 mo. Term SOFR + 1.28%), 01/15/2039<sup>(a)</sup> | 250000 | 249531  |
| &nbsp;&nbsp;&nbsp; Series 2023-DELC, Class A, 7.00% (1 mo. Term SOFR + 2.69%), 05/15/2038<sup>(a)</sup> | 330000 | 332058  |
| &nbsp;&nbsp;&nbsp; Series 2024-XL5, Class A, 5.70% (1 mo. Term SOFR + 1.39%), 03/15/2041<sup>(a)</sup> | 1165622 | 1166715  |
| ELP Commercial Mortgage Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-ELP, Class A, 5.13% (1 mo. Term SOFR + 0.82%), 11/15/2038<sup>(a)</sup> | 1445318 | 1443511  |
| &nbsp;&nbsp;&nbsp; Series 2021-ELP, Class B, 5.55% (1 mo. Term SOFR + 1.23%), 11/15/2038<sup>(a)</sup> | 948896 | 947709  |
| Fannie Mae Connecticut Avenue Securities <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M2, 7.81% (30 day avg SOFR US + 3.50%), 03/25/2042<sup>(a)</sup> | 2000000 | 2077820  |
| &nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 7.41% (30 day avg SOFR US + 3.10%), 03/25/2042<sup>(a)</sup> | 1150000 | 1184574  |

---

The accompanying notes are an integral part of these consolidated financial statements.

51<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MARKET TREND FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - (Continued)**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2, 7.31% (30 day avg SOFR US + 3.00%), 04/25/2042<sup>(a)</sup> | $35000 | $35937  |
| &nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M2, 8.16% (30 day avg SOFR US + 3.85%), 05/25/2042<sup>(a)</sup> | 605000 | 632592  |
| &nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1M2, 8.96% (30 day avg SOFR US + 4.65%), 06/25/2042<sup>(a)</sup> | 1050000 | 1119375  |
| &nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 7.91% (30 day avg SOFR US + 3.60%), 07/25/2042<sup>(a)</sup> | 1930000 | 2012935  |
| &nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M2, 8.06% (30 day avg SOFR US + 3.75%), 12/25/2042<sup>(a)</sup> | 865000 | 912240  |
| &nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M2, 7.66% (30 day avg SOFR US + 3.35%), 01/25/2043<sup>(a)</sup> | 1445000 | 1506590  |
| &nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M2, 7.86% (30 day avg SOFR US + 3.55%), 05/25/2043<sup>(a)</sup> | 600000 | 633270  |
| Freddie Mac Structured Agency Credit Risk Debt Notes <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1B, 7.41% (30 day avg SOFR US + 3.10%), 03/25/2043<sup>(a)</sup> | 745000 | 775731  |
| &nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1B, 7.56% (30 day avg SOFR US + 3.25%), 04/25/2043<sup>(a)</sup> | 1605000 | 1681661  |
|  JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, Class AS, 4.11%, 09/15/2047 | 406242 | 394055  |
|  KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, 5.85% (1 mo. Term SOFR + 1.54%), 12/15/2039<sup>(a)</sup> | 2130000 | 2124671  |
|  MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 5.72% (1 mo. Term SOFR + 1.40%), 03/15/2039<sup>(a)</sup> | 1500000 | 1499063  |
|  NRTH PARK Mortgage Trust, Series 2024-PARK, Class A, 5.95% (1 mo. Term SOFR + 1.64%), 03/15/2039<sup>(a)</sup> | 1400000 | 1400873  |
|  NYC Commercial Mortgage Trust, Series 2024-3ELV, Class A, 6.30% (1 mo. Term SOFR + 1.99%), 08/15/2029<sup>(a)</sup> | 1875000 | 1877317  |
|  PKHL Commercial Mortgage Trust, Series 2021-MF, Class A, 5.31% (1 mo. Term SOFR + 0.99%), 07/15/2038<sup>(a)</sup> | 1000000 | 944582  |
|  SMR Mortgage Trust, Series 2022-IND, Class A, 5.96% (1 mo. Term SOFR + 1.65%), 02/15/2039<sup>(a)</sup> | 1144596 | 1146578  |
|  SREIT Trust, Series 2021-MFP2, Class A, 5.25% (1 mo. Term SOFR + 0.94%), 11/15/2036<sup>(a)</sup> | 1500000 | 1499063  |
| Verus Securitization Trust, Series 2020-1, Class A1, 3.42%, 01/25/2060<sup>(a)(b)</sup> | 35311 | 34636  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $30,620,367)** |  | 30567930  |
| **ASSET-BACKED SECURITIES - 10.7%**<br>|  |  |
|  American Express Travel Related Services Co., Inc., Series 2024-1, Class A, 5.23%, 04/15/2029 | 1870000 | 1907943  |
| Angel Oak Mortgage Trust LLC, Series 2020-5, Class A3, 2.04%, 05/25/2065<sup>(a)(c)</sup> | 9331 | 9004  |
| Avis Budget Car Rental LLC, Series 2023-2A, Class A, 5.20%, 10/20/2027<sup>(a)</sup> | 200000 | 201466  |
| CarMax Auto Owner Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class A3, 0.56%, 09/15/2026 | 14055 | 14032  |
| &nbsp;&nbsp;&nbsp; Series 2024-4, Class A3, 4.60%, 10/15/2029 | 2450000 | 2466118  |

---

The accompanying notes are an integral part of these consolidated financial statements.

52<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MARKET TREND FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**<br>|  |  |
| Carvana Auto Receivables Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-P3, Class A3, 4.61%, 11/10/2027 | $770873 | $770574  |
| &nbsp;&nbsp;&nbsp; Series 2024-P4, Class A3, 4.64%, 01/10/2030 | 400000 | 400395  |
| CNH Equipment Trust, Series 2024-C, Class A3, 4.03%, 01/15/2030 | 1000000 | 997232  |
| DB Master Finance Parent LLC, Series 2021-1A, Class A2I, 2.05%, 11/20/2051<sup>(a)</sup> | 627250 | 603815  |
| Financial Holding Corp., Series 2024-D, Class A, 5.34%, 04/15/2029<sup>(a)</sup> | 1240000 | 1266646  |
| Ford Credit Auto Owner Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 5.09%, 12/15/2028 | 1175000 | 1185961  |
| &nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.07%, 07/15/2029 | 2450000 | 2442673  |
| &nbsp;&nbsp;&nbsp; Series 2024-D, Class A3, 4.61%, 08/15/2029 | 750000 | 755760  |
| GM Financial Consumer Automobile Receivables Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-4, Class A3, 5.78%, 08/16/2028 | 1380000 | 1396045  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A3, 5.10%, 03/16/2029 | 825000 | 832465  |
| GM Financial Leasing Trust, Series 2024-2, Class A3, 5.39%, 07/20/2027 | 2280000 | 2298605  |
| Hilton Grand Vacations, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-AA, Class A, 2.34%, 07/25/2033<sup>(a)</sup> | 129787 | 127541  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.72%, 01/25/2038<sup>(a)</sup> | 66505 | 67865  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.50%, 03/25/2038<sup>(a)</sup> | 334478 | 338129  |
| Honda Auto Receivables Owner Trust, Series 2024-1, Class A3, 5.21%, 08/15/2028 | 940000 | 948288  |
| IPFS Corp., Series 2024-B, Class A, 4.95%, 02/15/2029<sup>(a)</sup> | 500000 | 504816  |
| MVW Owner Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.32%, 02/20/2043<sup>(a)</sup> | 2046084 | 2080195  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.97%, 09/22/2042<sup>(a)</sup> | 554867 | 560742  |
|  Planet Fitness SPV Guarantor LLC, Series 2022-1A, Class A2I, 3.25%, 12/05/2051<sup>(a)</sup> | 774000 | 757677  |
|  Sierra Timeshare Conduit Receivables Funding LLC, Series 2023-2A, Class A, 5.80%, 04/20/2040<sup>(a)</sup> | 111140 | 113554  |
| Taco Bell Corp., Series 2021-1A, Class A2I, 1.95%, 08/25/2051<sup>(a)</sup> | 1007063 | 959761  |
| T-Mobile US Trust, Series 2024-1A, Class A, 5.05%, 09/20/2029<sup>(a)</sup> | 610000 | 614715  |
| Toyota Auto Receivables Owner Trust, Series 2024-B, Class A3, 5.33%, 01/16/2029 | 2850000 | 2890188  |
| Toyota Lease Owner Trust, Series 2024-A, Class A3, 5.25%, 04/20/2027<sup>(a)</sup> | 303639 | 305012  |
| Volkswagen Auto Lease Trust, Series 2024-A, Class A3, 5.21%, 06/21/2027 | 1300000 | 1311069  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $28,954,490)** |  | 29128286  |
| **U.S. GOVERNMENT AGENCY ISSUES - 4.8%**<br>|  |  |
| Federal Home Loan Banks <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.07%, 08/28/2025 | 2145000 | 2136954  |
| &nbsp;&nbsp;&nbsp; 0.60%, 02/12/2026 | 1990000 | 1946295  |
| &nbsp;&nbsp;&nbsp; 1.00%, 03/23/2026 | 1950000 | 1905348  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/10/2027 | 1500000 | 1505517  |
| &nbsp;&nbsp;&nbsp; 1.10%, 02/25/2028 | 2365000 | 2203721  |
| Federal National Mortgage Association, 0.75%, 10/08/2027 | 3825000 | 3578090  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY ISSUES** <br>**(Cost $13,169,951)** |  | 13275925  |

---

The accompanying notes are an integral part of these consolidated financial statements.

53<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MARKET TREND FUND** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 1.6%**<br>|  |  |
|  BLP Commercial Mortgage Trust, Series 2024-IND2, Class B, 6.00% (1 mo. Term SOFR + 1.69%), 03/15/2041<sup>(a)</sup> | $502879 | $503507  |
| Fannie Mae Connecticut Avenue Securities <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M2, 7.41% (30 day avg SOFR US + 3.10%), 06/25/2043<sup>(a)</sup> | 550000 | 573836  |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M2, 7.01% (30 day avg SOFR US + 2.70%), 07/25/2043<sup>(a)</sup> | 2050000 | 2115989  |
| &nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M2, 6.81% (30 day avg SOFR US + 2.50%), 10/25/2043<sup>(a)</sup> | 380000 | 390626  |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2023-HQA1, Class M1B, 7.81% (30 day avg SOFR US + 3.50%), 05/25/2043<sup>(a)</sup> | 890000 | 940021  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $4,534,882)** |  | 4523979  |
| **MUNICIPAL BONDS - 0.3%**<br>|  |  |
| State of Hawaii, 1.03%, 08/01/2025 | 720000 | 717976  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $720,000)** |  | 717976  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 80.7%**<br>**(Cost $218,297,682)** |  | $220600751  |
| Money Market Deposit Account - 6.7%<sup>(d)(e)</sup> |  | 18386826  |
| Other Assets in Excess of Liabilities - 12.6%<sup>(f)</sup> |  | 34217246  |
| **TOTAL NET ASSETS - 100.0%** |  | $273204823 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $53,292,083 or 18.8% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of June 30, 2025.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2025.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.20%.

<sup>(e)</sup> A portion of this security is pledged as collateral for derivative contracts. As of the reporting date, the value of this collateral totals $422,439.

<sup>(f)</sup> Includes assets pledged as collateral for derivative contracts. As of the reporting date, the value of these assets totals $29,809,870. 

The accompanying notes are an integral part of these consolidated financial statements.

54<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MARKET TREND FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 3 Month Euribor | &nbsp;&nbsp; 908 | &nbsp;&nbsp; 12/14/2026 | $262314914 | &nbsp;&nbsp; $(66516)  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp; 883 | &nbsp;&nbsp; 03/16/2027 | 214061275 | &nbsp;&nbsp; 511412  |
| Arabica Coffee | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 09/18/2025 | 2138213 | &nbsp;&nbsp; (383360)  |
| Austrailian Government 10 Year Bonds | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 09/15/2025 | 32060591 | &nbsp;&nbsp; 131366  |
| Brent Crude Oil | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 07/31/2025 | 8209020 | &nbsp;&nbsp; (809350)  |
| CAC40 10 Euro Index | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 07/18/2025 | 13823401 | &nbsp;&nbsp; 2341  |
| Canadian 10 Year Government Bonds | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 09/18/2025 | 2239765 | &nbsp;&nbsp; 8719  |
| Crude Oil | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 07/22/2025 | 7096990 | &nbsp;&nbsp; (774318)  |
| Crude Soybean Oil | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 12/12/2025 | 3006750 | &nbsp;&nbsp; (105441)  |
| Dow Jones Industrial Average Index | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 09/19/2025 | 9099745 | &nbsp;&nbsp; 321187  |
| Euro STOXX 50 Quanto Index | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 09/19/2025 | 14683402 | &nbsp;&nbsp; 18952  |
| Euro-BOBL | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 09/08/2025 | 56280353 | &nbsp;&nbsp; (202412)  |
| Euro-Schatz | &nbsp;&nbsp; 1352 | &nbsp;&nbsp; 09/08/2025 | 170805602 | &nbsp;&nbsp; (259231)  |
| FTSE 100 Index | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 09/19/2025 | 14477845 | &nbsp;&nbsp; (89250)  |
| German Stock Index | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 09/19/2025 | 21246451 | &nbsp;&nbsp; 371177  |
| Gold | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 08/27/2025 | 22492360 | &nbsp;&nbsp; (284362)  |
| Hang Seng Index | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 07/30/2025 | 18868477 | &nbsp;&nbsp; (238735)  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 03/16/2027 | 45090183 | &nbsp;&nbsp; 95093  |
| London Cocoa | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 09/15/2025 | 407607 | &nbsp;&nbsp; (45153)  |
| London Metals - Aluminum<sup>(a)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 09/15/2025 | 2145050 | &nbsp;&nbsp; 44767  |
| London Metals - Copper<sup>(a)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 09/15/2025 | 14329885 | &nbsp;&nbsp; 457859  |
| London Metals - Zinc<sup>(a)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 09/15/2025 | 550536 | &nbsp;&nbsp; 10684  |
| Low Sulphur Gas Oil | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 08/12/2025 | 12625100 | &nbsp;&nbsp; (997685)  |
| Nasdaq 100 Index | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 09/19/2025 | 22435385 | &nbsp;&nbsp; 597247  |
| Natural Gas | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 07/29/2025 | 1693440 | &nbsp;&nbsp; (174798)  |
| Nikkei 225 Index | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 09/11/2025 | 11533697 | &nbsp;&nbsp; 533986  |
| NY Harbor ULSD | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 07/31/2025 | 14627504 | &nbsp;&nbsp; (117853)  |
| Reformulated Gasoline Blendstock | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 07/31/2025 | 8528764 | &nbsp;&nbsp; (605658)  |
| S&P 500 Index | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 09/19/2025 | 21262750 | &nbsp;&nbsp; 443322  |
| Silver | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 09/26/2025 | 12298480 | &nbsp;&nbsp; (60789)  |
| TOPIX Index | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 09/11/2025 | 15665046 | &nbsp;&nbsp; 357921  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 09/19/2025 | 7624500 | &nbsp;&nbsp; 28791  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 09/30/2025 | 81129141 | &nbsp;&nbsp; 164806  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 09/30/2025 | 26487000 | &nbsp;&nbsp; 56855  |
|  |  |  |  | &nbsp;&nbsp; $(1058426) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 10 Year Japanese Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp; 09/11/2025 | $869345 | &nbsp;&nbsp;&nbsp; $159  |
| Corn No. 2 Yellow | &nbsp;&nbsp;&nbsp;&nbsp;(444) | &nbsp;&nbsp; 12/12/2025 | 9446100 | &nbsp;&nbsp;&nbsp; 297401  |
| Cotton No.2 | &nbsp;&nbsp;&nbsp;&nbsp;(68) | &nbsp;&nbsp; 12/08/2025 | 2316420 | &nbsp;&nbsp;&nbsp; (12449)  |
| Dollar Index | &nbsp;&nbsp;&nbsp;&nbsp;(33) | &nbsp;&nbsp; 09/15/2025 | 3184269 | &nbsp;&nbsp;&nbsp; 61954  |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp; 09/08/2025 | 766553 | &nbsp;&nbsp;&nbsp; 4861  |
| Hard Red Winter Wheat | &nbsp;&nbsp;&nbsp;&nbsp;(136) | &nbsp;&nbsp; 09/12/2025 | 3581900 | &nbsp;&nbsp;&nbsp; 285214  |
| Japanese 10 Year Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(31) | &nbsp;&nbsp; 09/12/2025 | 29926878 | &nbsp;&nbsp;&nbsp; (100923)  |
| London Metals - Aluminum<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(85) | &nbsp;&nbsp; 09/15/2025 | 5525127 | &nbsp;&nbsp;&nbsp; (229017)  |

---

The accompanying notes are an integral part of these consolidated financial statements.

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MARKET TREND FUND** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| London Metals - Copper<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp; 09/15/2025 | $1482402 | &nbsp;&nbsp;&nbsp; $(37093)  |
| London Metals - Zinc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(52) | &nbsp;&nbsp; 09/15/2025 | 3578484 | &nbsp;&nbsp;&nbsp; (41720)  |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp;(76) | &nbsp;&nbsp; 09/26/2025 | 9704991 | &nbsp;&nbsp;&nbsp; (188537)  |
| Russell 2000 Index | &nbsp;&nbsp;&nbsp;&nbsp;(46) | &nbsp;&nbsp; 09/19/2025 | 5040910 | &nbsp;&nbsp;&nbsp; (143971)  |
| Soybean Meal | &nbsp;&nbsp;&nbsp;&nbsp;(109) | &nbsp;&nbsp; 12/12/2025 | 3153370 | &nbsp;&nbsp;&nbsp; 99791  |
| Soybeans | &nbsp;&nbsp;&nbsp;&nbsp;(164) | &nbsp;&nbsp; 11/14/2025 | 8421400 | &nbsp;&nbsp;&nbsp; 327843  |
| Sugar #11 | &nbsp;&nbsp;&nbsp;&nbsp;(226) | &nbsp;&nbsp; 09/30/2025 | 4100544 | &nbsp;&nbsp;&nbsp; 171594  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(63) | &nbsp;&nbsp; 09/19/2025 | 7274531 | &nbsp;&nbsp;&nbsp; (190385)  |
| Wheat | &nbsp;&nbsp;&nbsp;&nbsp;(191) | &nbsp;&nbsp; 12/12/2025 | 5348000 | &nbsp;&nbsp;&nbsp; 323686  |
|  |  |  |  | &nbsp;&nbsp;&nbsp; $628408  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp;&nbsp; $(430018) |

---

<sup>(a)</sup> London Metal Exchange ("LME") futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts on the Fund's consolidated Statement of Assets and Liabilities. 

The accompanying notes are an integral part of these consolidated financial statements.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MARKET TREND FUND** 

**CONSOLIDATED SCHEDULE OF FORWARD CURRENCY CONTRACTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Merrill Lynch | 07/01/2025 | AUD | 633000  | USD | 413768  | $2846  |
| Merrill Lynch | 07/02/2025 | AUD | 587000  | USD | 385707  | 636  |
| Merrill Lynch | 09/17/2025 | AUD | 15088000  | USD | 9820140  | 126622  |
| Merrill Lynch | 07/02/2025 | CAD | 135000  | USD | 98792  | 355  |
| Merrill Lynch | 09/17/2025 | CAD | 10897000  | USD | 8018625  | 15984  |
| Merrill Lynch | 07/01/2025 | CHF | 101000  | USD | 126276  | 1032  |
| Merrill Lynch | 07/02/2025 | CHF | 728000  | USD | 912483  | 5258  |
| Merrill Lynch | 09/17/2025 | CHF | 32127000  | USD | 39683043  | 1217736  |
| Merrill Lynch | 07/01/2025 | EUR | 1069000  | USD | 1252801  | 6513  |
| Merrill Lynch | 07/02/2025 | EUR | 2145000  | USD | 2516220  | 10817  |
| Merrill Lynch | 09/17/2025 | EUR | 37339000  | USD | 43225378  | 993235  |
| Merrill Lynch | 07/01/2025 | GBP | 1000  | USD | 1372  | 1  |
| Merrill Lynch | 07/02/2025 | GBP | 395000  | USD | 542211  | (11)  |
| Merrill Lynch | 09/17/2025 | GBP | 43890000  | USD | 59320767  | 955951  |
| Merrill Lynch | 07/01/2025 | JPY | 103248000  | USD | 713824  | 3230  |
| Merrill Lynch | 07/02/2025 | JPY | 58601000  | USD | 406253  | 775  |
| Merrill Lynch | 09/17/2025 | JPY | 265112000  | USD | 1859389  | (1655)  |
| Merrill Lynch | 09/17/2025 | MXN | 357438000  | USD | 18631774  | 254841  |
| Merrill Lynch | 07/01/2025 | NZD | 50000  | USD | 30321  | 158  |
| Merrill Lynch | 07/02/2025 | NZD | 1000  | USD | 609  | 1  |
| Merrill Lynch | 09/17/2025 | NZD | 17058000  | USD | 10320824  | 105009  |
| Merrill Lynch | 07/01/2025 | USD | 414962  | AUD | 633000  | (1652)  |
| Merrill Lynch | 07/02/2025 | USD | 384042  | AUD | 587000  | (2301)  |
| Merrill Lynch | 09/17/2025 | USD | 9415662  | AUD | 14417000  | (88742)  |
| Merrill Lynch | 07/02/2025 | USD | 99045  | CAD | 135000  | (102)  |
| Merrill Lynch | 09/17/2025 | USD | 16178188  | CAD | 22003000  | (45130)  |
| Merrill Lynch | 07/01/2025 | USD | 126427  | CHF | 101000  | (881)  |
| Merrill Lynch | 07/02/2025 | USD | 916343  | CHF | 728000  | (1398)  |
| Merrill Lynch | 09/17/2025 | USD | 4558343  | CHF | 3635000  | (69363)  |
| Merrill Lynch | 07/01/2025 | USD | 1253218  | EUR | 1069000  | (6096)  |
| Merrill Lynch | 07/02/2025 | USD | 2522728  | EUR | 2145000  | (4309)  |
| Merrill Lynch | 09/17/2025 | USD | 10312440  | EUR | 8832000  | (146833)  |
| Merrill Lynch | 07/01/2025 | USD | 1375  | GBP | 1000  | 2  |
| Merrill Lynch | 07/02/2025 | USD | 541346  | GBP | 395000  | (855)  |
| Merrill Lynch | 09/17/2025 | USD | 9163239  | GBP | 6724000  | (71225)  |
| Merrill Lynch | 07/01/2025 | USD | 715785  | JPY | 103248000  | (1270)  |
| Merrill Lynch | 07/02/2025 | USD | 407308  | JPY | 58601000  | 281  |
| Merrill Lynch | 09/17/2025 | USD | 4310455  | JPY | 617784000  | (18577)  |
| Merrill Lynch | 09/17/2025 | USD | 868718  | MXN | 16731000  | (15329)  |
| Merrill Lynch | 07/01/2025 | USD | 30362  | NZD | 50000  | (117)  |
| Merrill Lynch | 07/02/2025 | USD | 608  | NZD | 1000  | (2)  |
| Merrill Lynch | 09/17/2025 | USD | 1617865  | NZD | 2672000  | (15259)  |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  | $3210176 |

---

The accompanying notes are an integral part of these consolidated financial statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR MARKET TREND FUND** 

**CONSOLIDATED SCHEDULE OF FORWARD CURRENCY CONTRACTS** 

**June 30, 2025 (Unaudited)(Continued)** 

AUD - Australian Dollars

CAD - Canadian Dollar

CHF - Swiss Franc

EUR - Euro

GBP - British Pound

JPY - Japanese Yen

MXN - Mexican Peso

NZD - New Zealand Dollar

USD - United States Dollar

The accompanying notes are an integral part of these consolidated financial statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Spectrum Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 24.2%** <br>|  |  |
| **Diversified Financial Services - 2.0%** <br>|  |  |
| Artisan Partners Asset Management, Inc. - Class A | 16636 | $737474  |
| OneMain Holdings, Inc. | 12556 | 715692  |
|  |  | 1453166  |
| **Electric - 1.1%** <br>|  |  |
| Clearway Energy, Inc. - Class C | 23574 | 754368  |
| **Mining - 7.4%** <br>|  |  |
| Agnico Eagle Mines Ltd. | 11608 | 1380539  |
| Barrick Mining Corp. | 88885 | 1850586  |
| Newmont Corp. | 23906 | 1392764  |
| Rio Tinto PLC - ADR | 12227 | 713201  |
|  |  | 5337090  |
| **Pipelines - 9.8%** <br>|  |  |
| Antero Midstream Corp. | 36381 | 689420  |
| Enbridge, Inc. | 18984 | 860355  |
| Hess Midstream LP - Class A | 46149 | 1777198  |
| Kinetik Holdings, Inc. | 22662 | 998261  |
| ONEOK, Inc. | 13949 | 1138657  |
| Williams Cos., Inc. | 25796 | 1620246  |
|  |  | 7084137  |
| **Transportation - 3.9%** <br>|  |  |
| Dorian LPG Ltd. | 28192 | 687321  |
| FLEX LNG Ltd. | 37272 | 819239  |
| Frontline PLC | 44774 | 734741  |
| Genco Shipping & Trading Ltd. | 45518 | 594920  |
|  |  | 2836221  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $16,353,860)** |  | 17464982 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **MASTER LIMITED PARTNERSHIPS - 23.4%** | **MASTER LIMITED PARTNERSHIPS - 23.4%** | **MASTER LIMITED PARTNERSHIPS - 23.4%** |
| **Chemicals - 1.9%** <br>|  |  |
| CVR Partners LP<sup>(a)</sup> | 15420 | 1369913  |
| **Coal - 1.2%** <br>|  |  |
| Alliance Resource Partners LP | 33135 | 866149  |
| **Diversified Financial Services - 1.1%** <br>|  |  |
| AllianceBernstein Holding LP | 19399 | 792061  |
| **Gas - 1.5%** <br>|  |  |
| Global Partners LP | 20304 | 1070630  |
| **Investment Companies - 0.5%** <br>|  |  |
| Icahn Enterprises LP<sup>(a)</sup> | 47597 | 382918 |

---

The accompanying notes are an integral part of these financial statements.

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Spectrum Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
| **MASTER LIMITED PARTNERSHIPS - (Continued)** | **MASTER LIMITED PARTNERSHIPS - (Continued)** | **MASTER LIMITED PARTNERSHIPS - (Continued)** |
| **Oil & Gas - 2.5%** <br>|  |  |
| Black Stone Minerals LP | 61024 | $798194  |
| Mach Natural Resources LP | 30117 | 434890  |
| TXO Partners LP | 38628 | 580965  |
|  |  | 1814049  |
| **Oil & Gas Services - 2.8%** <br>|  |  |
| CrossAmerica Partners LP | 45273 | 947111  |
| USA Compression Partners LP | 44117 | 1072484  |
|  |  | 2019595  |
| **Pipelines - 11.9%** <br>|  |  |
| Cheniere Energy Partners LP | 28809 | 1614745  |
| Delek Logistics Partners LP | 22954 | 985874  |
| Energy Transfer LP<sup>(a)</sup> | 86193 | 1562679  |
| Enterprise Products Partners LP | 44535 | 1381030  |
| MPLX LP | 27473 | 1415134  |
| Plains All American Pipeline LP | 52401 | 959986  |
| Western Midstream Partners LP | 16728 | 647374  |
|  |  | 8566822  |
| &nbsp;&nbsp;&nbsp; **TOTAL MASTER LIMITED PARTNERSHIPS** <br>**(Cost $12,537,214)** |  | 16882137 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **REITS - 21.7%** <br>|  |  |
| AGNC Investment Corp.<sup>(a)</sup> | 210404 | 1933613  |
| American Homes 4 Rent - Class A | 19063 | 687603  |
| Annaly Capital Management, Inc. | 67876 | 1277426  |
| Apollo Commercial Real Estate Finance, Inc. | 65631 | 635308  |
| Brandywine Realty Trust | 143664 | 616319  |
| Camden Property Trust | 5538 | 624077  |
| Digital Realty Trust, Inc. | 8825 | 1538462  |
| Dynex Capital, Inc. | 53641 | 655493  |
| Essex Property Trust, Inc. | 2251 | 637933  |
| Gaming and Leisure Properties, Inc. | 14931 | 696979  |
| Global Net Lease, Inc.<sup>(a)</sup> | 96236 | 726582  |
| Healthpeak Properties, Inc. | 35837 | 627506  |
| Iron Mountain, Inc. | 15765 | 1617016  |
| Omega Healthcare Investors, Inc. | 15843 | 580646  |
| Rithm Capital Corp. | 80427 | 908021  |
| Sabra Health Care, Inc. | 47245 | 871198  |
| Starwood Property Trust, Inc. | 51375 | 1031096  |
| &nbsp;&nbsp;&nbsp; **TOTAL REITS** <br>**(Cost $15,084,069)** |  | 15665278 |

---

The accompanying notes are an integral part of these financial statements.

60<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Spectrum Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **CLOSED-END FUNDS - 14.0%** <br>|  |  |
| FS Credit Opportunities Corp. | 156605 | $1136952  |
| KKR Income Opportunities Fund | 44182 | 554926  |
| Morgan Stanley Emerging Markets Debt Fund, Inc. | 78840 | 609433  |
| Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | 131360 | 672563  |
| Neuberger Berman High Yield Strategies Fund, Inc. | 92114 | 698224  |
| Nuveen Credit Strategies Income Fund | 137766 | 742559  |
| Nuveen Floating Rate Income Fund | 102678 | 869683  |
| Nuveen Preferred & Income Opportunities Fund | 70603 | 566236  |
| Nuveen Variable Rate Preferred & Income Fund | 36084 | 695700  |
| NYLI CBRE Global Infrastructure Megatrends Term Fund | 64430 | 915550  |
| PIMCO Access Income Fund | 40947 | 618709  |
| PIMCO Dynamic Income Opportunities Fund | 48855 | 658565  |
| Templeton Emerging Markets Income Fund | 119936 | 719616  |
| Western Asset Diversified Income Fund | 43951 | 652233  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED-END FUNDS** <br>**(Cost $9,598,907)** |  | 10110949  |
| **BUSINESS DEVELOPMENT COMPANIES - 9.5%** <br>|  |  |
| Ares Capital Corp. | 64081 | 1407219  |
| Blackstone Secured Lending Fund | 48848 | 1502076  |
| Blue Owl Capital Corp. | 45804 | 656829  |
| FS KKR Capital Corp. | 66835 | 1386826  |
| Oaktree Specialty Lending Corp. | 40848 | 557984  |
| Sixth Street Specialty Lending, Inc. | 29829 | 710229  |
| Hercules Capital, Inc. | 34818 | 636473  |
| &nbsp;&nbsp;&nbsp; **TOTAL BUSINESS DEVELOPMENT COMPANIES** <br>**(Cost $6,494,703)** |  | 6857636  |
| **PREFERRED STOCKS - 2.1%** <br>|  |  |
| **Aerospace & Defense - 1.2%** <br>|  |  |
|  FTAI Aviation Ltd., Series D, 9.50% to 06/15/2028 then 5 yr. CMT Rate + 5.16%, Perpetual | 31664 | 849229  |
| **REITS - 0.9%** <br>|  |  |
| Chimera Investment Corp., Series B, 10.35% (3 mo. Term SOFR + 6.05%), Perpetual | 27829 | 679584  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $1,290,654)** |  | 1528813  |

---

The accompanying notes are an integral part of these financial statements.

61<br>

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**LoCorr Spectrum Income Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **ROYALTY TRUSTS - 1.1%** <br>|  |  |
| **Oil & Gas - 1.1%** <br>|  |  |
| Kimbell Royalty Partners LP | 53339 | $744612  |
| &nbsp;&nbsp;&nbsp; **TOTAL ROYALTY TRUSTS** <br>**(Cost $696,059)** |  | 744612  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 96.0%** <br>**(Cost $62,055,466)** |  | $69254407  |
| Money Market Deposit Account - 3.6%<sup>(a)</sup> |  | 2621574  |
| Other Assets in Excess of Liabilities - 0.4%<sup>(b)</sup> |  | 268071  |
| **TOTAL NET ASSETS - 100.0%** |  | $72144052 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

CMT - Constant Maturity Treasury

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> All or a portion of this security is held as collateral for options written. As of the reporting date, the value of this collateral is $4,502,354.

<sup>(b)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.20%.

<sup>(c)</sup> Includes assets pledged as collateral for derivatives. As of the reporting date, the value of these assets totals $285,099. 

The accompanying notes are an integral part of these financial statements.

62<br>

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**LOCORR STRATEGIC ALLOCATION FUND** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 49.9%** <br>|  |  |
| **Advertising - 0.0%<sup>(a)</sup>** <br>|  |  |
| Omnicom Group, Inc. | 132 | $9496  |
| **Aerospace & Defense - 1.1%** <br>|  |  |
| Boeing Co.<sup>(b)</sup> | 260 | 54478  |
| General Dynamics Corp. | 124 | 36166  |
| General Electric Co. | 418 | 107589  |
| Howmet Aerospace, Inc. | 108 | 20102  |
| L3Harris Technologies, Inc. | 65 | 16305  |
| Lockheed Martin Corp. | 104 | 48166  |
| Northrop Grumman Corp. | 16 | 8000  |
| RTX Corp. | 531 | 77537  |
| TransDigm Group, Inc. | 21 | 31933  |
|  |  | 400276  |
| **Agriculture - 0.5%** <br>|  |  |
| Altria Group, Inc. | 784 | 45966  |
| Archer-Daniels-Midland Co. | 241 | 12720  |
| Philip Morris International, Inc. | 603 | 109824  |
|  |  | 168510  |
| **Airlines - 0.1%** <br>|  |  |
| Southwest Airlines Co. | 601 | 19496  |
| **Apparel - 0.2%** <br>|  |  |
| Deckers Outdoor Corp.<sup>(b)</sup> | 193 | 19893  |
| NIKE, Inc. - Class B | 624 | 44329  |
|  |  | 64222  |
| **Auto Manufacturers - 1.1%** <br>|  |  |
| Cummins, Inc. | 91 | 29803  |
| Ford Motor Co. | 2417 | 26224  |
| General Motors Co. | 623 | 30658  |
| Tesla Motors, Inc.<sup>(b)</sup> | 993 | 315436  |
|  |  | 402121  |
| **Banks - 2.3%** <br>|  |  |
| Bank of America Corp. | 2716 | 128521  |
| Bank of New York Mellon Corp. | 290 | 26422  |
| Citigroup, Inc. | 790 | 67245  |
| Fifth Third Bancorp | 649 | 26693  |
| Goldman Sachs Group, Inc. | 116 | 82099  |
| Huntington Bancshares, Inc. | 543 | 9101  |
| JPMorgan Chase & Co. | 1006 | 291649  |
| M&T Bank Corp. | 44 | 8536  |
| Morgan Stanley | 446 | 62824  |
| Northern Trust Corp. | 75 | 9509  |
| PNC Financial Services Group, Inc. | 212 | 39521  |
| State Street Corp. | 89 | 9464  |
| Truist Financial Corp. | 210 | 9028  |

---

The accompanying notes are an integral part of these consolidated financial statements.

63<br>

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**LOCORR STRATEGIC ALLOCATION FUND** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Banks - (Continued)** | **Banks - (Continued)** | **Banks - (Continued)** |
| US Bancorp | 842 | $38100  |
| Wells Fargo & Co. | 925 | 74111  |
|  |  | 882823  |
| **Beverages - 0.5%** <br>|  |  |
| Brown-Forman Corp. - Class B | 538 | 14478  |
| Coca-Cola Co. | 1012 | 71599  |
| Keurig Dr Pepper, Inc. | 453 | 14976  |
| Monster Beverage Corp.<sup>(b)</sup> | 499 | 31257  |
| PepsiCo, Inc. | 547 | 72226  |
|  |  | 204536  |
| **Biotechnology - 0.6%** <br>|  |  |
| Amgen, Inc. | 247 | 68965  |
| Corteva, Inc. | 304 | 22657  |
| Gilead Sciences, Inc. | 529 | 58650  |
| Moderna, Inc.<sup>(b)</sup> | 639 | 17630  |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 115 | 51198  |
|  |  | 219100  |
| **Building Materials - 0.3%** <br>|  |  |
| Carrier Global Corp. | 470 | 34399  |
| Johnson Controls International PLC | 191 | 20174  |
| Martin Marietta Materials, Inc. | 25 | 13724  |
| Trane Technologies PLC | 113 | 49427  |
| Vulcan Materials Co. | 40 | 10433  |
|  |  | 128157  |
| **Chemicals - 0.5%** <br>|  |  |
| Albemarle Corp. | 117 | 7332  |
| CF Industries Holdings, Inc. | 86 | 7912  |
| Dow, Inc. | 555 | 14697  |
| Eastman Chemical Co. | 128 | 9557  |
| Ecolab, Inc. | 69 | 18591  |
| Linde PLC | 192 | 90083  |
| LyondellBasell Industries NV - Class A | 265 | 15333  |
| Sherwin-Williams Co. | 115 | 39486  |
|  |  | 202991  |
| **Commercial Services - 0.7%** <br>|  |  |
| Automatic Data Processing, Inc. | 72 | 22205  |
| Cintas Corp. | 113 | 25184  |
| Corpay, Inc.<sup>(b)</sup> | 69 | 22896  |
| Equifax, Inc. | 36 | 9337  |
| Global Payments, Inc. | 124 | 9925  |
| Moody's Corp. | 80 | 40127  |
| PayPal Holdings, Inc.<sup>(b)</sup> | 151 | 11222  |
| Quanta Services, Inc. | 64 | 24197  |
| Rollins, Inc. | 171 | 9648  |
| S&P Global, Inc. | 128 | 67493  |

---

The accompanying notes are an integral part of these consolidated financial statements.

64<br>

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**LOCORR STRATEGIC ALLOCATION FUND** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Commercial Services - (Continued)**<br>|  |  |
| United Rentals, Inc. | 12 | $9041  |
| Verisk Analytics, Inc. | 83 | 25855  |
|  |  | 277130  |
| **Computers - 3.7%** <br>|  |  |
| Accenture PLC - Class A | 243 | 72630  |
| Amentum Holdings, Inc.<sup>(b)</sup> | 0<sup>(c)</sup> | 5  |
| Apple, Inc. | 5253 | 1077758  |
| Cognizant Technology Solutions Corp. - Class A | 371 | 28949  |
| Crowdstrike Holdings, Inc. - Class A<sup>(b)</sup> | 82 | 41763  |
| Dell Technologies, Inc. - Class C | 87 | 10666  |
| Fortinet, Inc.<sup>(b)</sup> | 229 | 24210  |
| HP, Inc. | 917 | 22430  |
| International Business Machines Corp. | 348 | 102583  |
| NetApp, Inc. | 230 | 24507  |
| Super Micro Computer, Inc.<sup>(b)</sup> | 200 | 9802  |
|  |  | 1415303  |
| **Cosmetics & Personal Care - 0.6%** <br>|  |  |
| Colgate-Palmolive Co. | 420 | 38178  |
| Estee Lauder Cos., Inc. - Class A | 302 | 24402  |
| Kenvue, Inc. | 1400 | 29302  |
| Procter & Gamble Co. | 803 | 127934  |
|  |  | 219816  |
| **Distribution & Wholesale - 0.2%** <br>|  |  |
| Copart, Inc.<sup>(b)</sup> | 575 | 28215  |
| Fastenal Co. | 201 | 8442  |
| WW Grainger, Inc. | 30 | 31207  |
|  |  | 67864  |
| **Diversified Financial Services - 2.1%** <br>|  |  |
| American Express Co. | 122 | 38916  |
| Ameriprise Financial, Inc. | 60 | 32024  |
| Apollo Global Management, Inc. | 63 | 8938  |
| Blackrock, Inc. | 37 | 38822  |
| Capital One Financial Corp. | 280 | 59573  |
| Cboe Global Markets, Inc. | 40 | 9328  |
| Charles Schwab Corp. | 706 | 64415  |
| CME Group, Inc. | 117 | 32248  |
| Coinbase Global, Inc. - Class A<sup>(b)</sup> | 54 | 18927  |
| Intercontinental Exchange, Inc. | 222 | 40730  |
| Invesco Ltd. | 1161 | 18309  |
| Mastercard, Inc. - Class A | 296 | 166334  |
| Nasdaq, Inc. | 329 | 29419  |
| Raymond James Financial, Inc. | 53 | 8129  |
| Synchrony Financial | 143 | 9544  |
| Visa, Inc. - Class A | 627 | 222616  |
|  |  | 798272  |

---

The accompanying notes are an integral part of these consolidated financial statements.

65<br>

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**LOCORR STRATEGIC ALLOCATION FUND** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Electric - 1.1%** <br>|  |  |
| AES Corp. | 794 | $8353  |
| Alliant Energy Corp. | 55 | 3326  |
| Ameren Corp. | 69 | 6627  |
| American Electric Power Co., Inc. | 227 | 23553  |
| CenterPoint Energy, Inc. | 209 | 7679  |
| Consolidated Edison, Inc. | 150 | 15052  |
| Constellation Energy Corp. | 88 | 28403  |
| Dominion Energy, Inc. | 345 | 19499  |
| DTE Energy Co. | 59 | 7815  |
| Duke Energy Corp. | 373 | 44014  |
| Entergy Corp. | 165 | 13715  |
| Eversource Energy | 258 | 16414  |
| Exelon Corp. | 487 | 21145  |
| FirstEnergy Corp. | 214 | 8616  |
| NextEra Energy, Inc. | 860 | 59701  |
| NRG Energy, Inc. | 86 | 13810  |
| PG&E Corp. | 1890 | 26346  |
| PPL Corp. | 194 | 6575  |
| Public Service Enterprise Group, Inc. | 176 | 14816  |
| Southern Co. | 430 | 39487  |
| Vistra Energy Corp. | 132 | 25583  |
| WEC Energy Group, Inc. | 103 | 10733  |
| Xcel Energy, Inc. | 126 | 8581  |
|  |  | 429843  |
| **Electrical Components & Equipment - 0.2%** <br>|  |  |
| AMETEK, Inc. | 69 | 12486  |
| Eaton Corp. PLC | 113 | 40340  |
| Emerson Electric Co. | 204 | 27199  |
| Hubbell, Inc. | 22 | 8985  |
|  |  | 89010  |
| **Electronics - 0.6%** <br>|  |  |
| Amphenol Corp. - Class A | 502 | 49572  |
| Garmin Ltd. | 90 | 18785  |
| Honeywell International, Inc. | 270 | 62878  |
| Jabil, Inc. | 41 | 8942  |
| Keysight Technologies, Inc.<sup>(b)</sup> | 153 | 25071  |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 20 | 23494  |
| TE Connectivity PLC | 51 | 8602  |
| Trimble, Inc.<sup>(b)</sup> | 312 | 23706  |
|  |  | 221050  |
| **Engineering & Construction - 0.0%<sup>(a)</sup>** <br>|  |  |
| Jacobs Solutions, Inc. | 69 | 9070  |
| **Entertainment - 0.0%<sup>(a)</sup>** <br>|  |  |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 57 | 8623  |

---

The accompanying notes are an integral part of these consolidated financial statements.

66<br>

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**LOCORR STRATEGIC ALLOCATION FUND** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Environmental Control - 0.2%** <br>|  |  |
| Pentair PLC | &nbsp;&nbsp;&nbsp; 140 | $14373  |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp; 69 | 17016  |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp; 165 | 37755  |
|  |  | 69144  |
| **Food - 0.3%** <br>|  |  |
| Hershey Co. | &nbsp;&nbsp;&nbsp; 142 | 23565  |
| Hormel Foods Corp. | &nbsp;&nbsp;&nbsp; 429 | 12977  |
| Kellanova | &nbsp;&nbsp;&nbsp; 168 | 13361  |
| Kroger Co. | &nbsp;&nbsp;&nbsp; 318 | 22810  |
| Mondelez International, Inc. - Class A | &nbsp;&nbsp;&nbsp; 529 | 35676  |
| Sysco Corp. | &nbsp;&nbsp;&nbsp; 107 | 8104  |
| Tyson Foods, Inc. - Class A | &nbsp;&nbsp;&nbsp; 58 | 3245  |
|  |  | 119738  |
| **Gas - 0.0%<sup>(a)</sup>** <br>|  |  |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp; 46 | 7089  |
| **Healthcare-Products - 1.4%** <br>|  |  |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp; 651 | 88543  |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp; 237 | 27968  |
| Align Technology, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 56 | 10602  |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp; 264 | 13583  |
| Boston Scientific Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 606 | 65090  |
| Cooper Cos., Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 194 | 13805  |
| Danaher Corp. | &nbsp;&nbsp;&nbsp; 322 | 63608  |
| Edwards Lifesciences Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 222 | 17363  |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 30 | 16090  |
| Insulet Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 32 | 10054  |
| Intuitive Surgical, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 70 | 38039  |
| Medtronic PLC | &nbsp;&nbsp;&nbsp; 679 | 59188  |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp; 57 | 14706  |
| STERIS PLC | &nbsp;&nbsp;&nbsp; 42 | 10089  |
| Stryker Corp. | &nbsp;&nbsp;&nbsp; 147 | 58158  |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp; 61 | 24733  |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp; 74 | 16191  |
|  |  | 547810  |
| **Healthcare-Services - 0.6%** <br>|  |  |
| Charles River Laboratories International, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 72 | 10924  |
| Cigna Group | &nbsp;&nbsp;&nbsp; 117 | 38678  |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp; 131 | 50954  |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp; 96 | 36777  |
| Humana, Inc. | &nbsp;&nbsp;&nbsp; 108 | 26404  |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp; 209 | 65202  |
|  |  | 228939  |

---

The accompanying notes are an integral part of these consolidated financial statements.

67<br>

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**LOCORR STRATEGIC ALLOCATION FUND** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Home Builders - 0.1%** <br>|  |  |
| DR Horton, Inc. | 78 | $10056  |
| PulteGroup, Inc. | 229 | 24150  |
|  |  | 34206  |
| **Household Products & Wares - 0.0%<sup>(a)</sup>** <br>|  |  |
| Kimberly-Clark Corp. | 65 | 8380  |
| **Insurance - 1.9%** <br>|  |  |
| Aflac, Inc. | 229 | 24150  |
| Allstate Corp. | 58 | 11676  |
| American International Group, Inc. | 343 | 29357  |
| Aon PLC - Class A | 24 | 8562  |
| Arch Capital Group Ltd. | 311 | 28317  |
| Arthur J Gallagher & Co. | 107 | 34253  |
| Berkshire Hathaway, Inc. - Class B<sup>(b)</sup> | 692 | 336153  |
| Chubb Ltd. | 100 | 28972  |
| Cincinnati Financial Corp. | 68 | 10127  |
| Hartford Insurance Group, Inc. | 135 | 17127  |
| Loews Corp. | 146 | 13382  |
| Marsh & McLennan Cos., Inc. | 263 | 57502  |
| MetLife, Inc. | 106 | 8525  |
| Principal Financial Group, Inc. | 160 | 12709  |
| Progressive Corp. | 256 | 68316  |
| Prudential Financial, Inc. | 80 | 8595  |
| Travelers Cos., Inc. | 75 | 20066  |
| W R Berkley Corp. | 56 | 4114  |
|  |  | 721903  |
| **Internet - 6.7%** <br>|  |  |
| Airbnb, Inc. - Class A<sup>(b)</sup> | 255 | 33747  |
| Alphabet, Inc. - Class A | 2017 | 355456  |
| Alphabet, Inc. - Class C | 1629 | 288968  |
| Amazon.com, Inc.<sup>(b)</sup> | 3396 | 745048  |
| Booking Holdings, Inc. | 12 | 69471  |
| CDW Corp. | 139 | 24824  |
| DoorDash, Inc. - Class A<sup>(b)</sup> | 180 | 44372  |
| EBAY, Inc. | 292 | 21742  |
| Expedia Group, Inc. | 56 | 9446  |
| Gen Digital, Inc. | 274 | 8056  |
| Match Group, Inc. | 267 | 8248  |
| Meta Platforms, Inc. - Class A | 770 | 568329  |
| Netflix, Inc.<sup>(b)</sup> | 150 | 200869  |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 286 | 58527  |
| Uber Technologies, Inc.<sup>(b)</sup> | 946 | 88262  |
| VeriSign, Inc. | 82 | 23682  |
|  |  | 2549047  |
| **Iron & Steel - 0.1%** <br>|  |  |
| Nucor Corp. | 189 | 24483  |

---

The accompanying notes are an integral part of these consolidated financial statements.

68<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR STRATEGIC ALLOCATION FUND** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Leisure Time - 0.1%** <br>|  |  |
| Carnival Corp.<sup>(b)</sup> | 354 | $9955  |
| Royal Caribbean Cruises Ltd. | 100 | 31314  |
|  |  | 41269  |
| **Lodging - 0.1%** <br>|  |  |
| Hilton Worldwide Holdings, Inc. | 52 | 13850  |
| Las Vegas Sands Corp. | 217 | 9441  |
| Marriott International, Inc. - Class A | 85 | 23223  |
|  |  | 46514  |
| **Machinery-Construction & Mining - 0.4%** <br>|  |  |
| Caterpillar, Inc. | 209 | 81136  |
| GE Vernova, Inc. | 97 | 51327  |
|  |  | 132463  |
| **Machinery-Diversified - 0.3%** <br>|  |  |
| Deere & Co. | 109 | 55425  |
| Ingersoll Rand, Inc. | 99 | 8235  |
| Nordson Corporation | 94 | 20151  |
| Otis Worldwide Corp. | 82 | 8119  |
| Rockwell Automation, Inc. | 45 | 14948  |
| Xylem, Inc. | 103 | 13324  |
|  |  | 120202  |
| **Media - 0.5%** <br>|  |  |
| Charter Communications, Inc. - Class A<sup>(b)</sup> | 28 | 11447  |
| Comcast Corp. - Class A | 1623 | 57925  |
| FactSet Research Systems, Inc. | 21 | 9393  |
| Fox Corp. - Class A | 52 | 2914  |
| News Corp. - Class B | 650 | 22301  |
| Walt Disney Co. | 699 | 86683  |
|  |  | 190663  |
| **Mining - 0.1%** <br>|  |  |
| Freeport-McMoRan, Inc. | 574 | 24883  |
| Newmont Corp. | 486 | 28314  |
|  |  | 53197  |
| **Miscellaneous Manufacturing - 0.4%** <br>|  |  |
| 3M Co. | 238 | 36233  |
| A.O. Smith Corp. | 143 | 9376  |
| Axon Enterprise, Inc.<sup>(b)</sup> | 23 | 19043  |
| Illinois Tool Works, Inc. | 146 | 36098  |
| Parker-Hannifin Corp. | 63 | 44004  |
|  |  | 144754  |
| **Oil & Gas - 1.3%** <br>|  |  |
| Chevron Corp. | 422 | 60426  |
| ConocoPhillips | 579 | 51959  |
| Diamondback Energy, Inc. | 174 | 23908  |
| EOG Resources, Inc. | 303 | 36242  |

---

The accompanying notes are an integral part of these consolidated financial statements.

69<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR STRATEGIC ALLOCATION FUND** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Oil & Gas - (Continued)** | **Oil & Gas - (Continued)** | **Oil & Gas - (Continued)** |
| EQT Corp. | 141 | $8223  |
| Expand Energy Corp. | 67 | 7835  |
| Exxon Mobil Corp. | 1653 | 178193  |
| Marathon Petroleum Corp. | 200 | 33222  |
| Occidental Petroleum Corp. | 451 | 18947  |
| Phillips 66 | 265 | 31615  |
| Texas Pacific Land Corp. | 19 | 20071  |
| Valero Energy Corp. | 60 | 8065  |
|  |  | 478706  |
| **Oil & Gas Services - 0.1%** <br>|  |  |
| Halliburton Co. | 1223 | 24925  |
| **Packaging & Containers - 0.1%** <br>|  |  |
| Ball Corp. | 160 | 8974  |
| Smurfit WestRock PLC | 513 | 22136  |
|  |  | 31110  |
| **Pharmaceuticals - 2.0%** <br>|  |  |
| AbbVie, Inc. | 448 | 83158  |
| Bristol-Myers Squibb Co. | 953 | 44114  |
| Cardinal Health, Inc. | 96 | 16128  |
| Cencora, Inc. | 64 | 19190  |
| CVS Health Corp. | 635 | 43802  |
| Dexcom, Inc.<sup>(b)</sup> | 103 | 8991  |
| Eli Lilly & Co. | 281 | 219048  |
| Johnson & Johnson | 973 | 148626  |
| McKesson Corp. | 47 | 34441  |
| Merck & Co., Inc. | 513 | 40609  |
| Pfizer, Inc. | 2425 | 58782  |
| Zoetis, Inc. | 231 | 36025  |
|  |  | 752914  |
| **Pipelines - 0.1%** <br>|  |  |
| Kinder Morgan, Inc. | 459 | 13494  |
| Williams Cos., Inc. | 549 | 34483  |
|  |  | 47977  |
| **Private Equity - 0.2%** <br>|  |  |
| Blackstone, Inc. | 61 | 9125  |
| KKR & Co., Inc. | 338 | 44964  |
|  |  | 54089  |
| **Real Estate - 0.2%** <br>|  |  |
| CBRE Group, Inc. - Class A<sup>(b)</sup> | 216 | 30266  |
| CoStar Group, Inc.<sup>(b)</sup> | 343 | 27577  |
|  |  | 57843  |
| **REITS - 0.9%** <br>|  |  |
| Alexandria Real Estate Equities, Inc. | 286 | 20772  |
| American Tower Corp. | 217 | 47961  |

---

The accompanying notes are an integral part of these consolidated financial statements.

70<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR STRATEGIC ALLOCATION FUND** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **REITS - (Continued)**  | **REITS - (Continued)**  | **REITS - (Continued)**  |
| Camden Property Trust | 82 | $9241  |
| Crown Castle, Inc. | 115 | 11814  |
| Digital Realty Trust, Inc. | 110 | 19176  |
| Equinix, Inc. | 17 | 13523  |
| Extra Space Storage, Inc. | 115 | 16956  |
| Host Hotels & Resorts, Inc. | 527 | 8095  |
| Invitation Homes, Inc. | 105 | 3444  |
| Iron Mountain, Inc. | 79 | 8103  |
| Prologis, Inc. | 431 | 45307  |
| Public Storage | 29 | 8509  |
| Realty Income Corp. | 305 | 17571  |
| SBA Communications Corp. | 34 | 7984  |
| Simon Property Group, Inc. | 190 | 30544  |
| VICI Properties, Inc. | 351 | 11443  |
| Welltower, Inc. | 290 | 44582  |
|  |  | 325025  |
| **Retail - 2.1%** <br>|  |  |
| AutoZone, Inc.<sup>(b)</sup> | 9 | 33410  |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 207 | 11623  |
| Costco Wholesale Corp. | 122 | 120773  |
| Darden Restaurants, Inc. | 73 | 15912  |
| Dollar General Corp. | 124 | 14183  |
| Dollar Tree, Inc.<sup>(b)</sup> | 122 | 12083  |
| Domino's Pizza, Inc. | 22 | 9913  |
| Genuine Parts Co. | 182 | 22078  |
| Home Depot, Inc. | 406 | 148856  |
| Lowe's Cos., Inc. | 67 | 14865  |
| McDonald's Corp. | 323 | 94371  |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 185 | 16674  |
| Starbucks Corp. | 93 | 8522  |
| Target Corp. | 83 | 8188  |
| TJX Cos., Inc. | 472 | 58287  |
| Ulta Beauty, Inc.<sup>(b)</sup> | 33 | 15438  |
| Walgreens Boots Alliance, Inc. | 822 | 9437  |
| Walmart, Inc. | 1698 | 166030  |
| Williams-Sonoma, Inc. | 118 | 19278  |
| Yum! Brands, Inc. | 54 | 8002  |
|  |  | 807923  |
| **Semiconductors - 6.4%** <br>|  |  |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 583 | 82728  |
| Analog Devices, Inc. | 153 | 36417  |
| Applied Materials, Inc. | 391 | 71580  |
| Broadcom, Inc. | 1686 | 464746  |
| Intel Corp. | 974 | 21818  |
| KLA Corp. | 38 | 34038  |
| Lam Research Corp. | 389 | 37865  |

---

The accompanying notes are an integral part of these consolidated financial statements.

71<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR STRATEGIC ALLOCATION FUND** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Semiconductors - (Continued)**  | **Semiconductors - (Continued)**  | **Semiconductors - (Continued)**  |
| Microchip Technology, Inc. | 420 | $29555  |
| Micron Technology, Inc. | 503 | 61995  |
| Monolithic Power Systems, Inc. | 38 | 27793  |
| NVIDIA Corp. | 8736 | 1380201  |
| NXP Semiconductors NV | 160 | 34958  |
| ON Semiconductor Corp.<sup>(b)</sup> | 457 | 23951  |
| QUALCOMM, Inc. | 199 | 31693  |
| Texas Instruments, Inc. | 368 | 76404  |
|  |  | 2415742  |
| **Software - 5.7%** <br>|  |  |
| Adobe, Inc.<sup>(b)</sup> | 172 | 66543  |
| Akamai Technologies, Inc.<sup>(b)</sup> | 179 | 14277  |
| ANSYS, Inc.<sup>(b)</sup> | 29 | 10185  |
| Autodesk, Inc.<sup>(b)</sup> | 92 | 28480  |
| Broadridge Financial Solutions, Inc. | 56 | 13610  |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 139 | 42833  |
| Electronic Arts, Inc. | 100 | 15970  |
| Fidelity National Information Services, Inc. | 150 | 12212  |
| Fiserv, Inc.<sup>(b)</sup> | 272 | 46896  |
| Intuit, Inc. | 107 | 84276  |
| Jack Henry & Associates, Inc. | 47 | 8468  |
| Microsoft Corp. | 2685 | 1335546  |
| Oracle Corp. | 587 | 128336  |
| Palantir Technologies, Inc. - Class A<sup>(b)</sup> | 754 | 102785  |
| Paychex, Inc. | 166 | 24146  |
| Roper Technologies, Inc. | 48 | 27208  |
| Salesforce, Inc. | 224 | 61083  |
| ServiceNow, Inc.<sup>(b)</sup> | 84 | 86359  |
| Synopsys, Inc.<sup>(b)</sup> | 81 | 41527  |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 48 | 11657  |
| Tyler Technologies, Inc.<sup>(b)</sup> | 15 | 8893  |
| Workday, Inc. - Class A<sup>(b)</sup> | 35 | 8400  |
|  |  | 2179690  |
| **Telecommunications - 0.9%** <br>|  |  |
| Arista Networks, Inc.<sup>(b)</sup> | 501 | 51258  |
| AT&T, Inc. | 2720 | 78717  |
| Cisco Systems, Inc. | 1485 | 103029  |
| Juniper Networks, Inc. | 254 | 10142  |
| Motorola Solutions, Inc. | 21 | 8830  |
| T-Mobile US, Inc. | 197 | 46937  |
| Verizon Communications, Inc. | 1364 | 59020  |
|  |  | 357933  |
| **Transportation - 0.3%** <br>|  |  |
| CSX Corp. | 318 | 10376  |
| Expeditors International of Washington, Inc. | 209 | 23878  |
| FedEx Corp. | 37 | 8410  |

---

The accompanying notes are an integral part of these consolidated financial statements.

72<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LOCORR STRATEGIC ALLOCATION FUND** 

**Consolidated Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Transportation - (Continued)**  | **Transportation - (Continued)**  | **Transportation - (Continued)**  |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp; 66 | $16894  |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp; 155 | 25157  |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp; 122 | 28070  |
| United Parcel Service, Inc. - Class B | &nbsp;&nbsp;&nbsp; 139 | 14031  |
|  |  | 126816  |
| **Water - 0.0%<sup>(a)</sup>** <br>|  |  |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp; 56 | 7790  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $17,594,224)** |  | 18945993  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 49.9%** <br>**(Cost $17,594,224)** |  | $18945993  |
| Money Market Deposit Account - 43.7%<sup>(d)(e)</sup> |  | 16618623  |
| Other Assets in Excess of Liabilities - 6.4%<sup>(f)</sup> |  | 2431857  |
| **TOTAL NET ASSETS - 100.0%** |  | $37996473 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Rounds to zero.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.20%.

<sup>(e)</sup> A portion of this deposit account is pledged as collateral for derivative contracts. As of the reporting date, the value of this collateral totals $43,581. 

<sup>(f)</sup> Includes assets pledged as collateral for derivative contracts. As of the reporting date, the value of these assets totals $2,547,783. 

The accompanying notes are an integral part of these consolidated financial statements.

73<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Strategic Allocation Fund** 

**Consolidated Schedule of Futures Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/15/2025 | $288923 | &nbsp;&nbsp;&nbsp;&nbsp; $(45)  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 03/16/2026 | 2892465 | &nbsp;&nbsp;&nbsp;&nbsp; 1100  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp; 06/15/2026 | 7808462 | &nbsp;&nbsp;&nbsp;&nbsp; (1702)  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 09/14/2026 | 1445422 | &nbsp;&nbsp;&nbsp;&nbsp;(738)  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 12/14/2026 | 3755610 | &nbsp;&nbsp;&nbsp;&nbsp; (1694)  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 06/14/2027 | 1730796 | &nbsp;&nbsp;&nbsp;&nbsp; 1057  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 12/13/2027 | 2880243 | &nbsp;&nbsp;&nbsp;&nbsp; (1002)  |
| 3 Month Euribor | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 06/19/2028 | 287642 | &nbsp;&nbsp;&nbsp;&nbsp; 412  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 09/15/2026 | 2178450 | &nbsp;&nbsp;&nbsp;&nbsp; 1949  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 12/15/2026 | 242337 | &nbsp;&nbsp;&nbsp;&nbsp; 1012  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp; 03/16/2027 | 2666675 | &nbsp;&nbsp;&nbsp;&nbsp; 3761  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 12/14/2027 | 726338 | &nbsp;&nbsp;&nbsp;&nbsp; 2187  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; 03/14/2028 | 4355325 | &nbsp;&nbsp;&nbsp;&nbsp; 5823  |
| Aluminum - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 07/11/2025 | 64945 | &nbsp;&nbsp;&nbsp;&nbsp; 5553  |
| Aluminum - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 07/21/2025 | 64877 | &nbsp;&nbsp;&nbsp;&nbsp; 3430  |
| Aluminum - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/22/2025 | 64870 | &nbsp;&nbsp;&nbsp;&nbsp; 477  |
| Aluminum - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/27/2025 | 64888 | &nbsp;&nbsp;&nbsp;&nbsp; 2909  |
| Austrailian Government 3 Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp; 09/15/2025 | 1347286 | &nbsp;&nbsp;&nbsp;&nbsp; 1137  |
| Australian 90 Day Bank Bills | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 06/11/2026 | 653333 | &nbsp;&nbsp;&nbsp;&nbsp; 558  |
| Australian Dollar | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp; 09/15/2025 | 1120215 | &nbsp;&nbsp;&nbsp;&nbsp; 10879  |
| British Pound | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp; 09/15/2025 | 2401875 | &nbsp;&nbsp;&nbsp;&nbsp; 34511  |
| CAC40 10 Euro Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 07/18/2025 | 90349 | &nbsp;&nbsp;&nbsp;&nbsp; 1425  |
| Canadian 10 Year Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 09/18/2025 | 179181 | &nbsp;&nbsp;&nbsp;&nbsp; 1135  |
| Canadian Canola Oil | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 11/14/2025 | 93810 | &nbsp;&nbsp;&nbsp;&nbsp; (1780)  |
| Canadian Canola Oil | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 01/14/2026 | 10550 | &nbsp;&nbsp;&nbsp;&nbsp; 373  |
| Canadian Dollar | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp; 09/16/2025 | 1915680 | &nbsp;&nbsp;&nbsp;&nbsp; 4698  |
| Copper | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 09/26/2025 | 762375 | &nbsp;&nbsp;&nbsp;&nbsp; 20109  |
| Copper - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/24/2025 | 246719 | &nbsp;&nbsp;&nbsp;&nbsp; 939  |
| Crude Oil | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 09/22/2025 | 188280 | &nbsp;&nbsp;&nbsp;&nbsp; (11375)  |
| Crude Oil | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 10/21/2025 | 62060 | &nbsp;&nbsp;&nbsp;&nbsp; (4782)  |
| Crude Palm Oil | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 10/15/2025 | 23679 | &nbsp;&nbsp;&nbsp;&nbsp;(762)  |
| Crude Soybean Oil | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 12/12/2025 | 411450 | &nbsp;&nbsp;&nbsp;&nbsp; (14693)  |
| Crude Soybean Oil | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 01/14/2026 | 95220 | &nbsp;&nbsp;&nbsp;&nbsp; (3301)  |
| Euro | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/15/2025 | 146887 | &nbsp;&nbsp;&nbsp;&nbsp; 3210  |
| Euro | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp; 09/15/2025 | 2515150 | &nbsp;&nbsp;&nbsp;&nbsp; 58280  |
| Euro STOXX 50 Quanto Index | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 09/19/2025 | 501997 | &nbsp;&nbsp;&nbsp;&nbsp; 1643  |
| Euro STOXX Banks Index | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 09/19/2025 | 71207 | &nbsp;&nbsp;&nbsp;&nbsp; 927  |
| Euro-BTP Italian Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 09/08/2025 | 2137985 | &nbsp;&nbsp;&nbsp;&nbsp; 2693  |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 09/08/2025 | 306621 | &nbsp;&nbsp;&nbsp;&nbsp; (2148)  |
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp; 09/08/2025 | 2147704 | &nbsp;&nbsp;&nbsp;&nbsp; (3276)  |
| Eurpoean Rapeseed | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 10/31/2025 | 56836 | &nbsp;&nbsp;&nbsp;&nbsp; (1034)  |
| Feeder Cattle | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 08/28/2025 | 310675 | &nbsp;&nbsp;&nbsp;&nbsp; 16608  |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 09/19/2025 | 1568433 | &nbsp;&nbsp;&nbsp;&nbsp; (10131)  |
| FTSE China A50 Index | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp; 07/30/2025 | 147268 | &nbsp;&nbsp;&nbsp;&nbsp; (2213)  |
| FTSE/JSE Top 40 Index | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 09/18/2025 | 202847 | &nbsp;&nbsp;&nbsp;&nbsp; 4430  |
| German Stock Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/19/2025 | 708215 | &nbsp;&nbsp;&nbsp;&nbsp; 12427  |

---

The accompanying notes are an integral part of these consolidated financial statements.

74<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Strategic Allocation Fund** 

**Consolidated Schedule of Futures Contracts** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Gold | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 08/27/2025 | $661540 | &nbsp;&nbsp;&nbsp;&nbsp; $(5822)  |
| Hang Seng China Enterprises Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 07/30/2025 | 11043 | &nbsp;&nbsp;&nbsp;&nbsp;(164)  |
| Hang Seng China Enterprises Index | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 07/30/2025 | 441735 | &nbsp;&nbsp;&nbsp;&nbsp; (5223)  |
| Hang Seng Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 07/30/2025 | 30680 | &nbsp;&nbsp;&nbsp;&nbsp;(323)  |
| Hang Seng Index | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 07/30/2025 | 613609 | &nbsp;&nbsp;&nbsp;&nbsp; (3943)  |
| Hard Red Winter Wheat | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/12/2025 | 26337 | &nbsp;&nbsp;&nbsp;&nbsp; (1277)  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 06/16/2026 | 1325084 | &nbsp;&nbsp;&nbsp;&nbsp;(549)  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 09/15/2026 | 3314940 | &nbsp;&nbsp;&nbsp;&nbsp; 2522  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 12/15/2026 | 331563 | &nbsp;&nbsp;&nbsp;&nbsp; 17  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 03/16/2027 | 3315455 | &nbsp;&nbsp;&nbsp;&nbsp; 3105  |
| ICE 3 Month SONIA Rate | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp; 03/14/2028 | 4634911 | &nbsp;&nbsp;&nbsp;&nbsp; 3345  |
| Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 09/15/2025 | 524588 | &nbsp;&nbsp;&nbsp;&nbsp; 1312  |
| KOSPI 200 Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/11/2025 | 77088 | &nbsp;&nbsp;&nbsp;&nbsp;(75)  |
| Lead - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 07/03/2025 | 50530 | &nbsp;&nbsp;&nbsp;&nbsp; 1631  |
| Lead - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 07/10/2025 | 50661 | &nbsp;&nbsp;&nbsp;&nbsp; 2618  |
| Lead - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/13/2025 | 50906 | &nbsp;&nbsp;&nbsp;&nbsp; 1034  |
| Lead - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/20/2025 | 50921 | &nbsp;&nbsp;&nbsp;&nbsp; 1129  |
| Lead - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/22/2025 | 50921 | &nbsp;&nbsp;&nbsp;&nbsp; 480  |
| Lead - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/27/2025 | 50921 | &nbsp;&nbsp;&nbsp;&nbsp; 2004  |
| Lead - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/22/2025 | 51116 | &nbsp;&nbsp;&nbsp;&nbsp; 937  |
| Lean Hogs | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 10/14/2025 | 110880 | &nbsp;&nbsp;&nbsp;&nbsp; 6563  |
| Lean Hogs | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 12/12/2025 | 100530 | &nbsp;&nbsp;&nbsp;&nbsp; (2777)  |
| Live Cattle | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/29/2025 | 85550 | &nbsp;&nbsp;&nbsp;&nbsp; 9188  |
| Live Cattle | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 10/31/2025 | 252210 | &nbsp;&nbsp;&nbsp;&nbsp; 6763  |
| Live Cattle | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 12/31/2025 | 84260 | &nbsp;&nbsp;&nbsp;&nbsp; 1918  |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/26/2025 | 127697 | &nbsp;&nbsp;&nbsp;&nbsp;(137)  |
| Low Sulphur Gas Oil | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/12/2025 | 66100 | &nbsp;&nbsp;&nbsp;&nbsp; (9376)  |
| Low Sulphur Gas Oil | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 11/12/2025 | 63975 | &nbsp;&nbsp;&nbsp;&nbsp; (6651)  |
| Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp; 09/15/2025 | 1454750 | &nbsp;&nbsp;&nbsp;&nbsp; 25170  |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 09/19/2025 | 268170 | &nbsp;&nbsp;&nbsp;&nbsp; 1447  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 09/19/2025 | 308375 | &nbsp;&nbsp;&nbsp;&nbsp; 4008  |
| MSCI Singapore Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 07/30/2025 | 64687 | &nbsp;&nbsp;&nbsp;&nbsp; 772  |
| Nasdaq 100 Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 09/19/2025 | 915730 | &nbsp;&nbsp;&nbsp;&nbsp; 15697  |
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/27/2025 | 34900 | &nbsp;&nbsp;&nbsp;&nbsp; (5462)  |
| New Zealand Dollar | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; 09/15/2025 | 733260 | &nbsp;&nbsp;&nbsp;&nbsp; 5694  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 07/03/2025 | 90206 | &nbsp;&nbsp;&nbsp;&nbsp; (3583)  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 07/28/2025 | 90523 | &nbsp;&nbsp;&nbsp;&nbsp; (2788)  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/22/2025 | 90914 | &nbsp;&nbsp;&nbsp;&nbsp; 2372  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/16/2025 | 91160 | &nbsp;&nbsp;&nbsp;&nbsp;(26)  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/19/2025 | 91193 | &nbsp;&nbsp;&nbsp;&nbsp;(26)  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/23/2025 | 91217 | &nbsp;&nbsp;&nbsp;&nbsp; 882  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/24/2025 | 91231 | &nbsp;&nbsp;&nbsp;&nbsp;(94)  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/30/2025 | 91290 | &nbsp;&nbsp;&nbsp;&nbsp; 175  |
| Nifty 50 Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 07/31/2025 | 102404 | &nbsp;&nbsp;&nbsp;&nbsp; 1115  |
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/11/2025 | 140464 | &nbsp;&nbsp;&nbsp;&nbsp; 7516  |
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; 09/11/2025 | 506357 | &nbsp;&nbsp;&nbsp;&nbsp; 21252  |

---

The accompanying notes are an integral part of these consolidated financial statements.

75<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Strategic Allocation Fund** 

**Consolidated Schedule of Futures Contracts** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| NY Harbor ULSD | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 07/31/2025 | $95605 | &nbsp;&nbsp;&nbsp;&nbsp; $(6251)  |
| NY Harbor ULSD | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/29/2025 | 94576 | &nbsp;&nbsp;&nbsp;&nbsp; 717  |
| Palladium | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/26/2025 | 110710 | &nbsp;&nbsp;&nbsp;&nbsp; 108  |
| Red Spring Wheat | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/12/2025 | 31038 | &nbsp;&nbsp;&nbsp;&nbsp;(665)  |
| Reformulated Gasoline Blendstock | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 10/31/2025 | 77414 | &nbsp;&nbsp;&nbsp;&nbsp; (6629)  |
| Russell 2000 Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/19/2025 | 109585 | &nbsp;&nbsp;&nbsp;&nbsp; 865  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 09/19/2025 | 938062 | &nbsp;&nbsp;&nbsp;&nbsp; 23183  |
| Sao Paulo Stock Exchange Index (Bovespa) | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 08/13/2025 | 259894 | &nbsp;&nbsp;&nbsp;&nbsp;(712)  |
| Short-term Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp; 09/08/2025 | 3687471 | &nbsp;&nbsp;&nbsp;&nbsp; (7230)  |
| Silver | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/26/2025 | 180860 | &nbsp;&nbsp;&nbsp;&nbsp; (3340)  |
| STOXX 600 Bank Spread Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/19/2025 | 16170 | &nbsp;&nbsp;&nbsp;&nbsp; 217  |
| STOXX Europe 600 Index | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/19/2025 | 27906 | &nbsp;&nbsp;&nbsp;&nbsp; 253  |
| STOXX Europe 600 Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 09/19/2025 | 63916 | &nbsp;&nbsp;&nbsp;&nbsp; 459  |
| Swiss Franc | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp; 09/15/2025 | 2545300 | &nbsp;&nbsp;&nbsp;&nbsp; 65697  |
| Swiss Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/08/2025 | 203378 | &nbsp;&nbsp;&nbsp;&nbsp; (1324)  |
| Tin - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 07/24/2025 | 169059 | &nbsp;&nbsp;&nbsp;&nbsp; 9104  |
| Tin - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/22/2025 | 168886 | &nbsp;&nbsp;&nbsp;&nbsp; 4714  |
| Tin - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/05/2025 | 169133 | &nbsp;&nbsp;&nbsp;&nbsp; 6478  |
| Tin - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/08/2025 | 169142 | &nbsp;&nbsp;&nbsp;&nbsp; 5438  |
| Tin - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/22/2025 | 168763 | &nbsp;&nbsp;&nbsp;&nbsp; 5218  |
| U.S. Cocoa | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 12/15/2025 | 82990 | &nbsp;&nbsp;&nbsp;&nbsp;(652)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 09/19/2025 | 1009125 | &nbsp;&nbsp;&nbsp;&nbsp; 6046  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 09/30/2025 | 416047 | &nbsp;&nbsp;&nbsp;&nbsp; 45  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 09/30/2025 | 1635000 | &nbsp;&nbsp;&nbsp;&nbsp; 9670  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 09/19/2025 | 230937 | &nbsp;&nbsp;&nbsp;&nbsp; 1875  |
| Wheat | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 12/12/2025 | 56000 | &nbsp;&nbsp;&nbsp;&nbsp;(905)  |
| White Maize | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 12/22/2025 | 27090 | &nbsp;&nbsp;&nbsp;&nbsp;(550)  |
| WTI Light Sweet Crude Oil | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 07/21/2025 | 130220 | &nbsp;&nbsp;&nbsp;&nbsp; (1201)  |
| WTI Light Sweet Crude Oil | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/19/2025 | 63850 | &nbsp;&nbsp;&nbsp;&nbsp; (5921)  |
| Yellow Maize | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 12/22/2025 | 24481 | &nbsp;&nbsp;&nbsp;&nbsp;(305)  |
| Zinc - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 07/22/2025 | 68601 | &nbsp;&nbsp;&nbsp;&nbsp; 1135  |
| Zinc - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 08/22/2025 | 68699 | &nbsp;&nbsp;&nbsp;&nbsp; 1633  |
| Zinc - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 09/03/2025 | 68755 | &nbsp;&nbsp;&nbsp;&nbsp; 1987  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $336503 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp; 09/19/2025 | $342797 | &nbsp;&nbsp;&nbsp;&nbsp; $(6182)  |
| 3-Month Secured Overnight Financing Rate | &nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp; 06/16/2026 | 2173500 | &nbsp;&nbsp;&nbsp;&nbsp; (4988)  |
| Aluminum - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/11/2025 | 64945 | &nbsp;&nbsp;&nbsp;&nbsp; (4198)  |
| Aluminum - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/21/2025 | 64877 | &nbsp;&nbsp;&nbsp;&nbsp; (4445)  |
| Aluminum - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/22/2025 | 64870 | &nbsp;&nbsp;&nbsp;&nbsp; (3329)  |
| Aluminum - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/27/2025 | 64888 | &nbsp;&nbsp;&nbsp;&nbsp;(475)  |
| Austrailian Government 10 Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 09/15/2025 | 150873 | &nbsp;&nbsp;&nbsp;&nbsp;(925)  |
| Australian Dollar | &nbsp;&nbsp;&nbsp;&nbsp;(51) | &nbsp;&nbsp; 09/15/2025 | 3360645 | &nbsp;&nbsp;&nbsp;&nbsp; (33775)  |

---

The accompanying notes are an integral part of these consolidated financial statements.

76<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Strategic Allocation Fund** 

**Consolidated Schedule of Futures Contracts** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| BMF US Dollar Fut Aug 25 | &nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp; 07/31/2025 | $754911 | &nbsp;&nbsp;&nbsp;&nbsp; $7857  |
| BOVESPA Index | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/13/2025 | 5198 | &nbsp;&nbsp;&nbsp;&nbsp;(69)  |
| Brent Crude Oil | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/31/2025 | 66740 | &nbsp;&nbsp;&nbsp;&nbsp; 8519  |
| British Pound | &nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp; 09/15/2025 | 343125 | &nbsp;&nbsp;&nbsp;&nbsp; (5381)  |
| Canadian Dollar | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/16/2025 | 73680 | &nbsp;&nbsp;&nbsp;&nbsp; 89  |
| Corn No. 2 Yellow | &nbsp;&nbsp;&nbsp;&nbsp;(23) | &nbsp;&nbsp; 12/12/2025 | 489325 | &nbsp;&nbsp;&nbsp;&nbsp; 16101  |
| Corn No. 2 Yellow | &nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp; 03/13/2026 | 66150 | &nbsp;&nbsp;&nbsp;&nbsp; 1718  |
| Corn No. 2 Yellow | &nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp; 05/14/2026 | 112750 | &nbsp;&nbsp;&nbsp;&nbsp; 1338  |
| Cotton No.2 | &nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp; 12/08/2025 | 442845 | &nbsp;&nbsp;&nbsp;&nbsp;(578)  |
| Cotton No.2 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 03/09/2026 | 34730 | &nbsp;&nbsp;&nbsp;&nbsp;(112)  |
| Crude Palm Oil | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 11/14/2025 | 23720 | &nbsp;&nbsp;&nbsp;&nbsp; 520  |
| Dollar Index | &nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp; 09/15/2025 | 385972 | &nbsp;&nbsp;&nbsp;&nbsp; 6603  |
| Euro | &nbsp;&nbsp;&nbsp;&nbsp;(72) | &nbsp;&nbsp; 09/15/2025 | 10652400 | &nbsp;&nbsp;&nbsp;&nbsp; (293366)  |
| Euro | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/15/2025 | 147963 | &nbsp;&nbsp;&nbsp;&nbsp;(877)  |
| Euro BUXL 30 Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 09/08/2025 | 279740 | &nbsp;&nbsp;&nbsp;&nbsp; 2520  |
| Euro STOXX 50 Quanto Index | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/19/2025 | 62750 | &nbsp;&nbsp;&nbsp;&nbsp;(978)  |
| Euro-BOBL | &nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp; 09/08/2025 | 415865 | &nbsp;&nbsp;&nbsp;&nbsp; 1247  |
| Euro-BTP Italian Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/08/2025 | 142532 | &nbsp;&nbsp;&nbsp;&nbsp;(218)  |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/08/2025 | 153311 | &nbsp;&nbsp;&nbsp;&nbsp; 153  |
| Eurpoean Rapeseed | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/31/2025 | 27535 | &nbsp;&nbsp;&nbsp;&nbsp;(31)  |
| French Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp; 09/08/2025 | 1021144 | &nbsp;&nbsp;&nbsp;&nbsp; 7662  |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/19/2025 | 120649 | &nbsp;&nbsp;&nbsp;&nbsp; 1748  |
| Japanese 10 Year Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/12/2025 | 965383 | &nbsp;&nbsp;&nbsp;&nbsp; 137  |
| Japanese Yen | &nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp; 09/15/2025 | 1923488 | &nbsp;&nbsp;&nbsp;&nbsp; (1782)  |
| Lead - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/03/2025 | 50529 | &nbsp;&nbsp;&nbsp;&nbsp; (2472)  |
| Lead - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/10/2025 | 50661 | &nbsp;&nbsp;&nbsp;&nbsp; (1997)  |
| Lead - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/13/2025 | 50906 | &nbsp;&nbsp;&nbsp;&nbsp; (1186)  |
| Lead - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/20/2025 | 50921 | &nbsp;&nbsp;&nbsp;&nbsp; (1037)  |
| Lead - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/22/2025 | 50921 | &nbsp;&nbsp;&nbsp;&nbsp; (1199)  |
| Lead - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/27/2025 | 50921 | &nbsp;&nbsp;&nbsp;&nbsp;(674)  |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp; 09/26/2025 | 383092 | &nbsp;&nbsp;&nbsp;&nbsp; (9310)  |
| Mexican Peso | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 09/15/2025 | 52900 | &nbsp;&nbsp;&nbsp;&nbsp; (1034)  |
| Milling Wheat No. 2 | &nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp; 09/10/2025 | 80395 | &nbsp;&nbsp;&nbsp;&nbsp; 1904  |
| Milling Wheat No. 2 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 03/10/2026 | 12663 | &nbsp;&nbsp;&nbsp;&nbsp; 396  |
| Mini Dollar Futur Aug 25 | &nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp; 07/31/2025 | 221441 | &nbsp;&nbsp;&nbsp;&nbsp; 2815  |
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 07/28/2025 | 17280 | &nbsp;&nbsp;&nbsp;&nbsp; 2981  |
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/29/2025 | 34560 | &nbsp;&nbsp;&nbsp;&nbsp; 6048  |
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/27/2025 | 34900 | &nbsp;&nbsp;&nbsp;&nbsp; 50  |
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/26/2025 | 35930 | &nbsp;&nbsp;&nbsp;&nbsp; 58  |
| New Zealand Dollar | &nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp; 09/15/2025 | 244420 | &nbsp;&nbsp;&nbsp;&nbsp; (2009)  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/03/2025 | 90206 | &nbsp;&nbsp;&nbsp;&nbsp; 988  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/28/2025 | 90523 | &nbsp;&nbsp;&nbsp;&nbsp; 2712  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/22/2025 | 90914 | &nbsp;&nbsp;&nbsp;&nbsp; 2672  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/09/2025 | 91085 | &nbsp;&nbsp;&nbsp;&nbsp; 350  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/12/2025 | 91155 | &nbsp;&nbsp;&nbsp;&nbsp;(200)  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/16/2025 | 91160 | &nbsp;&nbsp;&nbsp;&nbsp; (1255)  |

---

The accompanying notes are an integral part of these consolidated financial statements.

77<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Strategic Allocation Fund** 

**Consolidated Schedule of Futures Contracts** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration Date** | **Notional Value** | **Value / Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp; 91193 | &nbsp;&nbsp;&nbsp;&nbsp; $(2429)  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/22/2025 | &nbsp;&nbsp; 91202 | &nbsp;&nbsp;&nbsp;&nbsp; (2404)  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/23/2025 | &nbsp;&nbsp; 91217 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| Nickel - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/24/2025 | &nbsp;&nbsp; 91231 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| Reformulated Gasoline Blendstock | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/29/2025 | &nbsp;&nbsp; 85772 | &nbsp;&nbsp;&nbsp;&nbsp;(262)  |
| Reformulated Gasoline Blendstock | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp; 79397 | &nbsp;&nbsp;&nbsp;&nbsp; 6953  |
| Robusta Coffee | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/24/2025 | &nbsp;&nbsp; 36200 | &nbsp;&nbsp;&nbsp;&nbsp; 7139  |
| Robusta Coffee | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 11/24/2025 | &nbsp;&nbsp; 71320 | &nbsp;&nbsp;&nbsp;&nbsp; 14528  |
| Rough Rice | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/12/2025 | &nbsp;&nbsp; 26660 | &nbsp;&nbsp;&nbsp;&nbsp; 278  |
| SGX TSI Iron Ore | &nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp; 08/29/2025 | &nbsp;&nbsp; 56412 | &nbsp;&nbsp;&nbsp;&nbsp; 93  |
| Soybean Meal | &nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp; 578600 | &nbsp;&nbsp;&nbsp;&nbsp; 16015  |
| Soybeans | &nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp; 11/14/2025 | &nbsp;&nbsp; 359450 | &nbsp;&nbsp;&nbsp;&nbsp; 5778  |
| Soybeans | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 01/14/2026 | &nbsp;&nbsp; 52112 | &nbsp;&nbsp;&nbsp;&nbsp; 273  |
| Soybeans | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp; 52738 | &nbsp;&nbsp;&nbsp;&nbsp; 1860  |
| Sugar #11 | &nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp; 254016 | &nbsp;&nbsp;&nbsp;&nbsp; 7889  |
| Sugar #11 | &nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp; 02/27/2026 | &nbsp;&nbsp; 75891 | &nbsp;&nbsp;&nbsp;&nbsp; 1548  |
| Sugar #11 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp; 18581 | &nbsp;&nbsp;&nbsp;&nbsp;(148)  |
| Tin - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/24/2025 | &nbsp;&nbsp; 169059 | &nbsp;&nbsp;&nbsp;&nbsp; (5219)  |
| Tin - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/22/2025 | &nbsp;&nbsp; 168886 | &nbsp;&nbsp;&nbsp;&nbsp; (5227)  |
| U.S. Dollar | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/15/2025 | &nbsp;&nbsp; 99598 | &nbsp;&nbsp;&nbsp;&nbsp; 1372  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp; 1794000 | &nbsp;&nbsp;&nbsp;&nbsp; (26579)  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; (2864)  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp; 230938 | &nbsp;&nbsp;&nbsp;&nbsp; (6846)  |
| Wheat | &nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp; 09/12/2025 | &nbsp;&nbsp; 242212 | &nbsp;&nbsp;&nbsp;&nbsp; 5056  |
| Wheat | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp; 28962 | &nbsp;&nbsp;&nbsp;&nbsp; 523  |
| White Sugar | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/16/2025 | &nbsp;&nbsp; 23645 | &nbsp;&nbsp;&nbsp;&nbsp; 814  |
| Zinc - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 07/22/2025 | &nbsp;&nbsp; 68601 | &nbsp;&nbsp;&nbsp;&nbsp; (2717)  |
| Zinc - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 08/22/2025 | &nbsp;&nbsp; 68699 | &nbsp;&nbsp;&nbsp;&nbsp; (1233)  |
| Zinc - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/03/2025 | &nbsp;&nbsp; 68755 | &nbsp;&nbsp;&nbsp;&nbsp; (1645)  |
| Zinc - 90 day settlement<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp; 09/10/2025 | &nbsp;&nbsp; 68784 | &nbsp;&nbsp;&nbsp;&nbsp; (3489)  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(297801)  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $38702 |

---

<sup>(a)</sup> London Metal Exchange ("LME") futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts on the Fund's consolidated Statement of Assets and Liabilities. 

The accompanying notes are an integral part of these consolidated financial statements.

78<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Strategic Allocation Fund** 

**Consolidated Schedule of Forward Currency Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Deutsche Bank | 07/11/2025 | AUD | 200000  | CAD | 178395  | &nbsp;&nbsp; $572  |
| Deutsche Bank | 07/11/2025 | AUD | 400000  | JPY | 37552970  | &nbsp;&nbsp; 2197  |
| Deutsche Bank | 07/11/2025 | AUD | 100000  | USD | 65099  | &nbsp;&nbsp; 728  |
| Deutsche Bank | 07/11/2025 | CAD | 533359  | AUD | 600000  | &nbsp;&nbsp; (3058)  |
| Deutsche Bank | 07/11/2025 | CAD | 700000  | USD | 512441  | &nbsp;&nbsp; 1907  |
| Deutsche Bank | 07/11/2025 | CHF | 350820  | EUR | 375000  | &nbsp;&nbsp; 717  |
| Deutsche Bank | 07/11/2025 | CHF | 275742  | GBP | 250000  | &nbsp;&nbsp; 4844  |
| Deutsche Bank | 07/11/2025 | CHF | 375000  | USD | 455876  | &nbsp;&nbsp; 17426  |
| Deutsche Bank | 07/07/2025 | CLP | 93631830  | USD | 100000  | &nbsp;&nbsp; 503  |
| Deutsche Bank | 07/11/2025 | CNH | 1434279  | USD | 200000  | &nbsp;&nbsp; 549  |
| Deutsche Bank | 07/11/2025 | EUR | 625000  | AUD | 1098376  | &nbsp;&nbsp; 13749  |
| Deutsche Bank | 07/11/2025 | EUR | 500000  | CAD | 782841  | &nbsp;&nbsp; 14202  |
| Deutsche Bank | 07/11/2025 | EUR | 125000  | CHF | 117507  | (955)  |
| Deutsche Bank | 07/11/2025 | EUR | 900000  | GBP | 769337  | &nbsp;&nbsp; 4872  |
| Deutsche Bank | 07/11/2025 | EUR | 500000  | JPY | 83517137  | &nbsp;&nbsp; 8716  |
| Deutsche Bank | 07/11/2025 | EUR | 250000  | NOK | 2887236  | &nbsp;&nbsp; 8242  |
| Deutsche Bank | 07/11/2025 | EUR | 125000  | SEK | 1386777  | &nbsp;&nbsp; 667  |
| Deutsche Bank | 07/11/2025 | EUR | 250000  | USD | 285458  | &nbsp;&nbsp; 9252  |
| Deutsche Bank | 07/11/2025 | GBP | 125000  | AUD | 262013  | (885)  |
| Deutsche Bank | 07/11/2025 | GBP | 125000  | CHF | 136822  | &nbsp;&nbsp; (1098)  |
| Deutsche Bank | 07/11/2025 | GBP | 167915  | EUR | 200000  | &nbsp;&nbsp; (5267)  |
| Deutsche Bank | 07/11/2025 | GBP | 500000  | JPY | 97462575  | &nbsp;&nbsp; 8692  |
| Deutsche Bank | 07/11/2025 | GBP | 437500  | USD | 590865  | &nbsp;&nbsp; 9701  |
| Deutsche Bank | 07/11/2025 | HUF | 142666240  | USD | 400000  | &nbsp;&nbsp; 20276  |
| Deutsche Bank | 07/11/2025 | ILS | 350151  | USD | 100000  | &nbsp;&nbsp; 3959  |
| Deutsche Bank | 07/10/2025 | INR | 34323618  | USD | 400000  | &nbsp;&nbsp; 37  |
| Deutsche Bank | 07/28/2025 | INR | 8616500  | USD | 100000  | &nbsp;&nbsp; 346  |
| Deutsche Bank | 07/11/2025 | JPY | 37318484  | AUD | 400000  | &nbsp;&nbsp; (3828)  |
| Deutsche Bank | 07/11/2025 | JPY | 42534326  | CAD | 400000  | &nbsp;&nbsp; 1833  |
| Deutsche Bank | 07/11/2025 | JPY | 16915912  | EUR | 100000  | (266)  |
| Deutsche Bank | 07/11/2025 | JPY | 69225852  | NZD | 800000  | &nbsp;&nbsp; (6478)  |
| Deutsche Bank | 07/11/2025 | JPY | 37500000  | USD | 259071  | &nbsp;&nbsp; 1671  |
| Deutsche Bank | 07/02/2025 | KRW | 411742800  | USD | 304244  | &nbsp;&nbsp; 879  |
| Deutsche Bank | 07/11/2025 | KRW | 412223290  | USD | 300000  | &nbsp;&nbsp; 5662  |
| Deutsche Bank | 07/14/2025 | KRW | 136779763  | USD | 100000  | &nbsp;&nbsp; 1443  |
| Deutsche Bank | 07/18/2025 | KRW | 408581505  | USD | 300000  | &nbsp;&nbsp; 3113  |
| Deutsche Bank | 07/11/2025 | MXN | 1500000  | USD | 77885  | &nbsp;&nbsp; 1959  |
| Deutsche Bank | 07/11/2025 | NOK | 5791193  | EUR | 500000  | &nbsp;&nbsp; (14824)  |
| Deutsche Bank | 07/11/2025 | NOK | 1500000  | SEK | 1429219  | &nbsp;&nbsp; (2349)  |
| Deutsche Bank | 07/11/2025 | NOK | 5087984  | USD | 500000  | &nbsp;&nbsp; 4824  |
| Deutsche Bank | 07/11/2025 | NZD | 431638  | AUD | 400000  | (109)  |
| Deutsche Bank | 07/11/2025 | NZD | 400000  | JPY | 34891292  | &nbsp;&nbsp; 1304  |
| Deutsche Bank | 07/11/2025 | NZD | 200000  | USD | 120712  | &nbsp;&nbsp; 1241  |
| Deutsche Bank | 07/11/2025 | PLN | 1877832  | USD | 500000  | &nbsp;&nbsp; 20848  |
| Deutsche Bank | 07/11/2025 | SEK | 2724020  | EUR | 250000  | &nbsp;&nbsp; (6574)  |
| Deutsche Bank | 07/11/2025 | SEK | 6138564  | NOK | 6500000  | &nbsp;&nbsp; 4390  |

---

The accompanying notes are an integral part of these consolidated financial statements.

79<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Strategic Allocation Fund** 

**Consolidated Schedule of Forward Currency Contracts** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Deutsche Bank | 07/11/2025 | SEK | 4808527  | USD | 500000  | &nbsp;&nbsp; $8627  |
| Deutsche Bank | 07/11/2025 | SGD | 902196  | USD | 700000  | &nbsp;&nbsp; 10151  |
| Deutsche Bank | 07/11/2025 | TRY | 4014160  | USD | 100000  | (138)  |
| Deutsche Bank | 07/07/2025 | TWD | 2976397  | USD | 100000  | &nbsp;&nbsp; 1948  |
| Deutsche Bank | 07/28/2025 | TWD | 2935356  | USD | 100000  | &nbsp;&nbsp; 729  |
| Deutsche Bank | 07/11/2025 | USD | 257806  | AUD | 400000  | &nbsp;&nbsp; (5502)  |
| Deutsche Bank | 07/11/2025 | USD | 217487  | CAD | 300000  | &nbsp;&nbsp; (2948)  |
| Deutsche Bank | 07/07/2025 | USD | 100000  | CLP | 93620190  | (490)  |
| Deutsche Bank | 07/11/2025 | USD | 100000  | CNH | 718578  | (476)  |
| Deutsche Bank | 07/11/2025 | USD | 143576  | EUR | 125000  | &nbsp;&nbsp; (3780)  |
| Deutsche Bank | 07/11/2025 | USD | 168922  | GBP | 125000  | &nbsp;&nbsp; (2668)  |
| Deutsche Bank | 07/11/2025 | USD | 100000  | ILS | 362726  | &nbsp;&nbsp; (7692)  |
| Deutsche Bank | 07/10/2025 | USD | 400000  | INR | 34344620  | (282)  |
| Deutsche Bank | 07/21/2025 | USD | 100000  | INR | 8645165  | (711)  |
| Deutsche Bank | 07/28/2025 | USD | 100000  | INR | 8594060  | (85)  |
| Deutsche Bank | 07/31/2025 | USD | 300000  | INR | 25760916  | &nbsp;&nbsp; 31  |
| Deutsche Bank | 08/04/2025 | USD | 200000  | INR | 17132411  | &nbsp;&nbsp; 539  |
| Deutsche Bank | 07/11/2025 | USD | 260781  | JPY | 37500000  | &nbsp;&nbsp; 39  |
| Deutsche Bank | 07/02/2025 | USD | 300000  | KRW | 411742800  | &nbsp;&nbsp; (5123)  |
| Deutsche Bank | 07/11/2025 | USD | 300000  | KRW | 405747000  | (860)  |
| Deutsche Bank | 07/14/2025 | USD | 100000  | KRW | 137421237  | &nbsp;&nbsp; (1919)  |
| Deutsche Bank | 07/18/2025 | USD | 300000  | KRW | 412035900  | &nbsp;&nbsp; (5675)  |
| Deutsche Bank | 07/21/2025 | USD | 100000  | KRW | 135341512  | (427)  |
| Deutsche Bank | 07/11/2025 | USD | 233118  | MXN | 4500000  | &nbsp;&nbsp; (6415)  |
| Deutsche Bank | 07/11/2025 | USD | 59730  | NZD | 100000  | &nbsp;&nbsp; (1247)  |
| Deutsche Bank | 07/11/2025 | USD | 100000  | PLN | 370983  | &nbsp;&nbsp; (2898)  |
| Deutsche Bank | 07/11/2025 | USD | 300000  | SEK | 2873025  | &nbsp;&nbsp; (3897)  |
| Deutsche Bank | 07/11/2025 | USD | 200000  | TRY | 8159260  | &nbsp;&nbsp; (2982)  |
| Deutsche Bank | 08/06/2025 | USD | 100000  | TRY | 4107575  | &nbsp;&nbsp; 220  |
| Deutsche Bank | 07/07/2025 | USD | 100000  | TWD | 2951252  | &nbsp;&nbsp; (1087)  |
| Deutsche Bank | 07/11/2025 | ZAR | 3596178  | USD | 200000  | &nbsp;&nbsp; 2951  |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  | &nbsp;&nbsp; $103563 |

---

AUD - Australian Dollars

CAD - Canadian Dollar

CHF - Swiss Franc

CLP - Chilean Peso

CNH - Chinese Offshore Renminbi

EUR - Euro

GBP - British Pound

HUF - Hungarian Forint

ILS - Israeli New Shekel

INR - Indian Rupee

JPY - Japanese Yen

KRW - South Korean Won

MXN - Mexican Peso

The accompanying notes are an integral part of these consolidated financial statements.

80<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Strategic Allocation Fund** 

**Consolidated Schedule of Forward Currency Contracts** 

**June 30, 2025 (Unaudited)(Continued)** 

NOK - Norwegian Krone

NZD - New Zealand Dollar

PLN - Polish Zloty

SEK - Swedish Krona

SGD - Singapore Dollar

TRY - Turkish Lira

TWD - New Taiwan Dollar

USD - United States Dollar

ZAR - South African Rand

The accompanying notes are an integral part of these consolidated financial statements.

81<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LoCorr** <br>**Dynamic** <br>**Opportunity** <br>**Fund** | **LoCorr** <br>**Hedged Core** <br>**Fund**<br>(Consolidated) | **LoCorr** <br>**Long/Short** <br>**Commodities** <br>**Strategy Fund**<br>(Consolidated) | **LoCorr** <br>**Macro** <br>**Strategies Fund**<br>(Consolidated) | **LoCorr** <br>**Market Trend** <br>**Fund**<br>(Consolidated)  |
| **ASSETS:** <br>|  |  |  |  |  |
| Investments, at value | $27931380 | $178550589 | $391251238 | $1330213716 | $220600751  |
|  Deposit at broker for securities sold short (Note 2) | 14579580 |  |  |  | —  |
|  Cash - interest bearing deposit account (Note 2) | 10352245 | 32826806 | 28485426 | 53121380 | 18386826  |
|  Cash held as collateral for forward currency contracts (Note 2)  |  | 951165 |  | 16780000 | 3560000 |
|  Cash held as collateral for securities sold short (Note 2) | 1350000 |  |  |  | —  |
| Receivable for investments sold | 944455 | 770842 | 281965 | 1153036 | 181263  |
| Interest receivable | 77876 | 1392954 | 2557212 | 11328936 | 1732977  |
| Dividends receivable | 36851 |  |  |  | —  |
| Receivable for fund shares sold | 1450 | 1145949 | 496801 | 2065322 | 317022  |
| Foreign currency, at value | 27 |  |  |  | —  |
| Variation margin on futures contracts |  | 11501 |  | 234170 | 205480  |
|  Receivable for open forward currency contracts, net |  | 584992 |  | 7645638 | 3210176  |
| Receivable for swap contracts, net |  |  | 45414624 |  | —  |
|  Deposit at broker for derivative instruments |  | 11565294 |  | 122891353 | 26249870  |
| Deposit at broker for swap contracts |  | 8976531 | 439062 |  | —  |
| Deferred organizational expenses |  | 1984 |  |  | —  |
| Prepaid expenses and other assets | 45990 | 62350 | 53608 | 168121 | 49608  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 55319854 | 236840957 | 468979936 | 1545601672 | 274493973  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| Securities sold short, at value | 9920347 |  |  |  | —  |
| Payable for investments purchased | 3486166 | 3013 |  | 2939139 | —  |
| Payable for capital shares redeemed | 678284 | 63286 | 466270 | 2371834 | 757610  |
| Payable to adviser (Note 5)  | 41731 | 278962 | 582243 | 2083908 | 344732  |
|  Payable for fund administration and accounting fees | 19167 | 21660 | 90710 | 133896 | 48764  |
| Payable for audit fees | 13509 | 34317 | 27261 | 27895 | 23290  |
|  Payable for transfer agent fees and expenses | 12622 |  | 153304 | 299131 | 65968  |
| Dividends payable | 5992 |  |  |  | —  |
|  Payable for distribution and shareholder servicing fees | 3968 | 37079 | 66246 | 107264 | 37391  |
| Payable for swap contracts, net |  | 599189 |  |  | —  |
| Payable for legal fees |  | 4388 | 951 |  | —  |
|  Payable for expenses and other liabilities | 8190 | 11722 | 44938 | 18323 | 11395  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 14189976 | 1053616 | 1431923 | 7981390 | 1289150  |
| **NET ASSETS** | $41129878  | $235787341 | $467548013 | $1537620282 | $273204823  |

---

The accompanying notes are an integral part of these financial statements.

82<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LoCorr** <br>**Dynamic** <br>**Opportunity** <br>**Fund** | **LoCorr** <br>**Hedged Core** <br>**Fund**<br>(Consolidated) | **LoCorr** <br>**Long/Short** <br>**Commodities** <br>**Strategy Fund**<br>(Consolidated) | **LoCorr** <br>**Macro** <br>**Strategies Fund**<br>(Consolidated) | **LoCorr** <br>**Market Trend** <br>**Fund**<br>(Consolidated)  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $38938788 | $237864686 | $498989034 | $1748273058 | $352563789  |
|  Total distributable earnings/(accumulated losses) | 2191090 | (2077345) | (31441021) | (210652776) | (79358966)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $41129878  | $235787341 | $467548013 | $1537620282 | $273204823  |
| **Class A** <br>|  |  |  |  |  |
| Net assets | $2929832 | $23236337 | $16895477 | $55096827 | $17125083  |
| Shares issued and outstanding<sup>(a)</sup> | 235507 | 2445816 | 1917090 | 7292044 | 1680413  |
| Net asset value per share | $12.44 | $9.50 | $8.81 | $7.56 | $10.19  |
| &nbsp;&nbsp;&nbsp; Max offering price per share <br>(Net asset value per share dividend by 0.9425, 0.9425, 0.9425, 0.9425 and 0.9425)<sup>(1)</sup> | $13.20 | $10.08 | $9.35 | $8.02 | $10.81  |
| **Class C** <br>|  |  |  |  |  |
| Net assets | $580075 | $— | $4237656 | $23106219 | $8163244  |
| Shares issued and outstanding<sup>(a)</sup> | 50860 |  | 510116 | 3264019 | 856457  |
| Net asset value per share | $11.41 | $— | $8.31 | $7.08 | $9.54  |
| **Class I** <br>|  |  |  |  |  |
| Net assets | $37619971 | $212551004 | $446414880 | $1459417236 | $247916496  |
| Shares issued and outstanding<sup>(a)</sup> | 2939877 | 22329786 | 50056293 | 188951690 | 24316069  |
| Net asset value per share | $12.80 | $9.52 | $8.92 | $7.72 | $10.20  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $26716242 | $179096520 | $412544668 | $1315780899 | $218297682  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $27 | $— | $— | $— | $—  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities sold short proceeds | $9582924 | $— | $— | $— | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

<sup>(1)</sup> Reflects a maximum sales charge of 5.75%, 5.75%, 5.75%, 5.75% and 5.75%. 

The accompanying notes are an integral part of these financial statements.

83<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **LoCorr** <br>**Spectrum** <br>**Income Fund** | **LoCorr** <br>**Strategic** <br>**Allocation Fund**<br>(Consolidated)  |
| **ASSETS:** <br>|  |  |
| Investments, at value | $69254407 | $18945993  |
| Cash - interest bearing deposit account (Note 2) | 2621574 | 16618623  |
| Dividends receivable | 328578 | 9614  |
| Cash pledged as collateral for options contracts (Note 2) | 242034 | —  |
| Cash held as collateral for forward currency contracts (Note 2) |  | 371890  |
| Receivable for fund shares sold | 70140 | 109662  |
| Interest receivable | 9569 | 53551  |
| Dividend tax reclaims receivable | 612 | 144  |
| Receivable for investments sold |  | 907  |
| Variation margin on futures contracts |  | 26359  |
| Receivable for open forward currency contracts, net |  | 103563  |
| Receivable from Adviser |  | 8939  |
| Deposit at broker for derivative instruments (Note 2) | 59404 | 1880848 |
| Deferred organizational expenses |  | 32456  |
| Prepaid expenses and other assets | 39862 | 5026  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 72626180 | 38167575  |
| **LIABILITIES:** <br>|  |  |
| Payable for capital shares redeemed | 217454 | 14040  |
| Distributions payable | 117675 | —  |
| Payable to adviser (Note 5)  | 75477 | —  |
| Payable for transfer agent fees and expenses | 17404 | 55613  |
| Payable for fund administration and accounting fees | 16499 | 29365  |
| Payable for distribution and shareholder servicing fees | 15619 | 225  |
| Payable for audit fees | 14766 | 25798  |
| Payable for legal fees |  | 36705  |
| Payable for expenses and other liabilities | 7234 | 9356  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 482128 | 171102  |
| **NET ASSETS** | $72144052 | $37996473  |
| **Net Assets Consists of:** <br>|  |  |
| Paid-in capital | $110402302 | $38958666  |
| Total accumulated losses | (38258250) | (962193)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $72144052 | $37996473  |
| **Class A** <br>|  |  |
| Net assets | $17466943 | $645760  |
| Shares issued and outstanding<sup>(a)</sup> | 3242038 | 67678  |
| Net asset value per share | $5.39 | $9.54  |
|  Max offering price per share (Net asset value per share dividend by 0.9425 and 0.9425)<sup>(2)</sup> | $5.72 | $10.12  |

---

The accompanying notes are an integral part of these financial statements.

84<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **LoCorr** <br>**Spectrum** <br>**Income Fund** | **LoCorr** <br>**Strategic** <br>**Allocation Fund**<br>(Consolidated)  |
| **Class C** <br>|  |  |
| Net assets | $6843452 | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 1249179 | —  |
| Net asset value per share | $5.48 | $—  |
| **Class I** <br>|  |  |
| Net assets | $47833657 | $37350713  |
| Shares issued and outstanding<sup>(a)</sup> | 8928077 | 3913329  |
| Net asset value per share | $5.36 | $9.55  |
| **Cost:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $62055466 | $17594224 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

<sup>(2)</sup> Reflects a maximum sales charge of 5.75% and 5.75%.

The accompanying notes are an integral part of these financial statements.

85<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended June 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LoCorr** <br>**Dynamic** <br>**Opportunity** <br>**Fund** | **LoCorr** <br>**Hedged Core** <br>**Fund**<br>(Consolidated) | **LoCorr** <br>**Long/Short** <br>**Commodities** <br>**Strategy Fund**<br>(Consolidated) | **LoCorr** <br>**Macro** <br>**Strategies Fund**<br>(Consolidated) | **LoCorr** <br>**Market Trend** <br>**Fund**<br>(Consolidated)  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |  |
| Dividend income | $267313 | $— | $— | $— | $—  |
| Less: Dividend withholding taxes | (1839) |  |  |  | —  |
| Less: Issuance fees | (60) |  |  |  | —  |
| Interest income | 518047 | 3923165 | 7560246 | 35415478 | 7318399  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 783461 | 3923165 | 7560246 | 35415478 | 7318399  |
| **EXPENSES:** <br>|  |  |  |  |  |
| Investment advisory fee | 336996 | 1461773 | 3722109 | 12940941 | 2477873  |
| Dividends expenses | 56068 |  |  |  | —  |
| Fund administration and accounting fees | 53901 | 106079 | 226738 | 435002 | 166090  |
| Transfer agent fees | 48872 | 98510 | 437704 | 1001680 | 188489  |
| Federal and state registration fees | 27802 | 24693 | 41690 | 61587 | 37175  |
| Custodian fees | 15313 | 17393 | 14985 | 44451 | 11272  |
| Audit fees | 13009 | 39317 | 29761 | 30395 | 24789  |
| Distribution expenses - Class A | 3851 | 27988 | 22180 | 72470 | 22939  |
| Distribution expenses - Class C | 2810 |  | 23320 | 119837 | 50232  |
| Trustees' fees | 3963 | 15211 | 48366 | 129439 | 29960  |
| Reports to shareholders | 3067 | 10643 | 41621 | 87537 | 19713  |
| Legal fees | 1860 | 9592 | 14279 | 23294 | 7838  |
| Other expenses and fees | 1678 | 37852 | 6971 | 13663 | 4358  |
| &nbsp;&nbsp;&nbsp; Total expenses | 569190 | 1849051 | 4629724 | 14960296 | 3040728  |
| &nbsp;&nbsp;&nbsp; Expense (reimbursement) recoupment by Adviser | (59380) | 23796 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 509810 | 1872847 | 4629724 | 14960296 | 3040728  |
| **Net investment income** | 273651 | 2050318 | 2930522 | 20455182 | 4277671  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (2786336) | (510313) | (12688089) | 2801613 | 955937  |
| &nbsp;&nbsp;&nbsp; Securities sold short | 303454 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts |  | (1888533) |  | (27115062) | (26164066)  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  | (1087507) |  | (15298128) | (3324663)  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  |  | 1696349 |  | —  |
| &nbsp;&nbsp;&nbsp; Other investments |  | 2861 |  | 40795 | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (1129) | 79090 |  | 972784 | (35303)  |
| Net realized gain (loss) | (2484011) | (3404402) | (10991740) | (38597998) | (28568095)  |

---

The accompanying notes are an integral part of these financial statements.

86<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LoCorr** <br>**Dynamic** <br>**Opportunity** <br>**Fund** | **LoCorr** <br>**Hedged Core** <br>**Fund**<br>(Consolidated) | **LoCorr** <br>**Long/Short** <br>**Commodities** <br>**Strategy Fund**<br>(Consolidated) | **LoCorr** <br>**Macro** <br>**Strategies Fund**<br>(Consolidated) | **LoCorr** <br>**Market Trend** <br>**Fund**<br>(Consolidated)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 1743872 | 1728545 | 15270570 | 13706111 | 2480291  |
| &nbsp;&nbsp;&nbsp; Securities sold short | (400292) |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Future contracts |  | (162714) |  | (3272969) | 37674  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  | (163561) |  | (6847463) | (4695361)  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | 1537020 | 3793808 |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 27 | (43768) |  | (2957564) | (25853)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1343607 | 2895522 | 19064378 | 628115 | (2203249)  |
| &nbsp;&nbsp;&nbsp; **Net realized and unrealized** <br>**gain (loss)** | (1140404)  | (508880) | 8072638 | (37969883)  | (30771344)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(866753)  | $1541438 | $11003160 | $(17514701)  | $(26493673) |

---

The accompanying notes are an integral part of these financial statements.

87<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **LoCorr** <br>**Spectrum** <br>**Income Fund** | **LoCorr** <br>**Strategic** <br>**Allocation Fund**<br>(Consolidated)  |
| **INVESTMENT INCOME:** <br>|  |  |
| Dividend income | $2107248 | $79054  |
| Less: Dividend withholding taxes | (6256) | (135)  |
| Less: Issuance fees | (1198) | —  |
| Interest income | 65703 | 250071  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2165497 | 328990  |
| **EXPENSES:** <br>|  |  |
| Investment advisory fee | 468139 | 148540  |
| Transfer agent fees | 64540 | 71512  |
| Distribution expenses - Class C | 35998 | —  |
| Distribution expenses - Class A | 21865 | 268  |
| Fund administration and accounting fees | 53727 | 76716  |
| Federal and state registration fees | 29221 | 21896  |
| Reports to shareholders | 14965 | 4390  |
| Audit fees | 14266 | 26222  |
| Trustees' fees | 5907 | 2062  |
| Custodian fees | 3690 | 4547  |
| Legal fees | 1083 | 50510  |
| Interest expense | (678) | —  |
| Other expenses and fees | 1342 | 56739  |
| &nbsp;&nbsp;&nbsp; Total expenses | 714065 | 463402  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (8689) | (272664)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 705376 | 190738  |
| **Net investment income** | 1460121 | 138252  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | (1125812) | (494071)  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 1503715 | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts |  | (1787191)  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  | (359737)  |
| &nbsp;&nbsp;&nbsp; Other investments |  | (1)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | 58346  |
| Net realized gain (loss) | 377903 | (2582654)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 1162861 | 1351769  |
| &nbsp;&nbsp;&nbsp; Future contracts |  | 38702  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  | 103563  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | (11825)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1162861 | 1482209  |
| **Net realized and unrealized gain (loss)** | 1540764 | (1100445)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3000885 | $(962193) |

---

The accompanying notes are an integral part of these financial statements.

88<br>

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**LoCorr Investment Trust** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LoCorr Dynamic Opportunity Fund** | **LoCorr Dynamic Opportunity Fund** | **LoCorr Hedged Core Fund (Consolidated)**  | **LoCorr Hedged Core Fund (Consolidated)**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $273651 | &nbsp;&nbsp; $321470 | $2050318 | &nbsp;&nbsp;&nbsp;&nbsp; $638135  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2484011) | &nbsp;&nbsp; 9033382 | (3404402) | &nbsp;&nbsp;&nbsp;&nbsp; (236080)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1343607 | &nbsp;&nbsp; (3870353) | 2895522 | &nbsp;&nbsp;&nbsp;&nbsp; (3740706)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (866753) | &nbsp;&nbsp; 5484499 | 1541438 | &nbsp;&nbsp;&nbsp;&nbsp; (3338651)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  | **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A |  | &nbsp;&nbsp; (25004) |  | &nbsp;&nbsp;&nbsp;&nbsp; (120611)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C |  | &nbsp;&nbsp; (1808) |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I |  | &nbsp;&nbsp; (573954) |  | &nbsp;&nbsp;&nbsp;&nbsp; (796324)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | &nbsp;&nbsp; (600766) |  | &nbsp;&nbsp;&nbsp;&nbsp; (916935)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 175209 | &nbsp;&nbsp; 898846 | 4216491 | &nbsp;&nbsp;&nbsp;&nbsp; 20832919  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A |  | &nbsp;&nbsp; 24446 |  | &nbsp;&nbsp;&nbsp;&nbsp; 120611  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (524530) | &nbsp;&nbsp; (1433008) | (1372651) | &nbsp;&nbsp;&nbsp;&nbsp; (328619)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 92153 | &nbsp;&nbsp; 4200 |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C |  | &nbsp;&nbsp; 1793 |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (178245) | &nbsp;&nbsp; (1318609) |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 4734586 | &nbsp;&nbsp; 21756206 | 134618097 | &nbsp;&nbsp;&nbsp;&nbsp; 190560166  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I |  | &nbsp;&nbsp; 443049 |  | &nbsp;&nbsp;&nbsp;&nbsp; 548143  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (13818137) | &nbsp;&nbsp; (36207144) | (73949979) | &nbsp;&nbsp;&nbsp;&nbsp; (36743689)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (9518964) | &nbsp;&nbsp; (15830221) | 63511958 | &nbsp;&nbsp;&nbsp;&nbsp; 174989531  |
| **Net increase (decrease) in net assets** | (10385717) | &nbsp;&nbsp; (10946488) | 65053396 | &nbsp;&nbsp;&nbsp;&nbsp; 170733945  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 51515595 | &nbsp;&nbsp; 62462083 | 170733945 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $41129878 | &nbsp;&nbsp; $51515595 | $235787341 | &nbsp;&nbsp;&nbsp;&nbsp; $170733945  |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LoCorr Dynamic Opportunity Fund** | **LoCorr Dynamic Opportunity Fund** | **LoCorr Hedged Core Fund (Consolidated)**  | **LoCorr Hedged Core Fund (Consolidated)**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31, 2024<sup>(a)</sup>**  |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 14126 | &nbsp;&nbsp;&nbsp; 74316 | &nbsp;&nbsp; 441258 | &nbsp;&nbsp;&nbsp;&nbsp; 2171345  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A |  | &nbsp;&nbsp;&nbsp; 1937 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12629  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (43511) | &nbsp;&nbsp;&nbsp; (124563) | &nbsp;&nbsp; (145046) | &nbsp;&nbsp;&nbsp;&nbsp; (34370)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 8393 | &nbsp;&nbsp;&nbsp; 399 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C |  | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (15736) | &nbsp;&nbsp;&nbsp; (123863) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 371782 | &nbsp;&nbsp;&nbsp; 1828125 | &nbsp;&nbsp; 14145019 | &nbsp;&nbsp;&nbsp;&nbsp; 19787141  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I |  | &nbsp;&nbsp;&nbsp; 34186 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57337  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (1096958) | &nbsp;&nbsp;&nbsp; (1178298) | &nbsp;&nbsp; (7800040) | &nbsp;&nbsp;&nbsp;&nbsp; (3859671)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (761904) | &nbsp;&nbsp;&nbsp; (1312060) | &nbsp;&nbsp; 6641191 | &nbsp;&nbsp;&nbsp;&nbsp; 18134410 |

---

<sup>(a)</sup> Inception date of the Fund was July 10, 2024.

The accompanying notes are an integral part of these financial statements.

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**LoCorr Investment Trust** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LoCorr Long/Short Commodities** <br>**Strategy Fund (Consolidated)** | **LoCorr Long/Short Commodities** <br>**Strategy Fund (Consolidated)** | **LoCorr Macro Strategies Fund** <br>(Consolidated)  | **LoCorr Macro Strategies Fund** <br>(Consolidated)  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2930522 | $12073709 | $20455182 | $44389029  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (10991740) | (34121932) | (38597998) | 2392338  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 19064378 | (32707303) | 628115 | 51454019  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 11003160 | (54755526) | (17514701) | 98235386  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  | **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A |  | (397613) |  | (1731750)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C |  | (75561) |  | (542117) |
| &nbsp;&nbsp;&nbsp; From earnings - Class I |  | (14058797) |  | (44762428) |
| &nbsp;&nbsp;&nbsp; From Return of Capital - Class A  | —  | (8616)  | —  | (47728) |
| &nbsp;&nbsp;&nbsp; From Return of Capital - Class C  | —  | (1637)  | —  | (14941) |
| &nbsp;&nbsp;&nbsp; From Return of Capital - Class I  | —  | (304660)  | —  | (1233673)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (14846884) |  | (48332637)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 941749 | 10157661 | 4160082 | 20625280  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A |  | 367961 |  | 1735855  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (4448632) | (91685315) | (9841861) | (34395301)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 69780 | 683351 | 1906097 | 5039873  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C |  | 72676 |  | 552081  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (1008744) | (4406365) | (3878535) | (14562744)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 102582268 | 283265865 | 408384829 | 658072601  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I |  | 11709221 |  | 41727557  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (148311113) | (552765686) | (385046816) | (681191797)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (50174692) | (342600631) | 15683796 | (2396595)  |
| **Net increase (decrease) in net assets** | (39171532) | (412203041) | (1830905) | 47506154  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 506719545 | 918922586 | 1539451187 | 1491945033  |
| &nbsp;&nbsp;&nbsp; End of the period | $467548013 | $506719545 | $1537620282 | $1539451187  |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LoCorr Long/Short Commodities** <br>**Strategy Fund (Consolidated)** | **LoCorr Long/Short Commodities** <br>**Strategy Fund (Consolidated)** | **LoCorr Macro Strategies Fund** <br>(Consolidated)  | **LoCorr Macro Strategies Fund** <br>(Consolidated)  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024**  |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 107163 | &nbsp;&nbsp; 1063007 | 546599 | 2634563  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A |  | &nbsp;&nbsp; 41021 |  | 227504  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (505624) | &nbsp;&nbsp; (9535849) | (1296834) | (4406890)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 8399 | &nbsp;&nbsp; 75697 | 266759 | 685053  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C |  | &nbsp;&nbsp; 8560 |  | 76891  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (121843) | &nbsp;&nbsp; (487842) | (543762) | (1989593)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 11568620 | &nbsp;&nbsp; 29227547 | 52513248 | 82185481  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I |  | &nbsp;&nbsp; 1290983 |  | 5356554  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (16756398) | &nbsp;&nbsp; (57900924) | (49768205) | (85497168)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (5699683) | &nbsp;&nbsp; (36327476) | 1717805 | (189613) |

---

The accompanying notes are an integral part of these financial statements.

92<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LoCorr Market** <br>**Trend Fund (Consolidated)** | **LoCorr Market** <br>**Trend Fund (Consolidated)** | **LoCorr Spectrum Income Fund**  | **LoCorr Spectrum Income Fund**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $4277671 | $10664023 | $1460121 | &nbsp;&nbsp; $2574460  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (28568095) | (13678109) | 377903 | &nbsp;&nbsp; 2781641  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2203249) | 24882263 | 1162861 | &nbsp;&nbsp; 808066  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (26493673) | 21868177 | 3000885 | &nbsp;&nbsp; 6164167  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  | **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A |  | (987564) | (747045) | &nbsp;&nbsp; (944110)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C |  | (708177) | (271298) | &nbsp;&nbsp; (482464)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I |  | (18266315) | (2119766) | &nbsp;&nbsp; (3060755)  |
| &nbsp;&nbsp;&nbsp; From Return of Capital - Class A  |  |  |  | &nbsp;&nbsp; (351528) |
| &nbsp;&nbsp;&nbsp; From Return of Capital - Class C  |  |  | —  | &nbsp;&nbsp; (179639) |
| &nbsp;&nbsp;&nbsp; From Return of Capital - Class I  |  |  | —  | &nbsp;&nbsp; (1139633)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (19962056) | (3138109) | &nbsp;&nbsp; (6158129)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 2397491 | 8834557 | 2003855 | &nbsp;&nbsp; 6104844  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A |  | 939492 | 603502 | &nbsp;&nbsp; 992096  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (4723939) | (14605364) | (2622095) | &nbsp;&nbsp; (4869441)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Class A |  |  | 2265 | &nbsp;&nbsp; 3663  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 626192 | 3124805 | 362359 | &nbsp;&nbsp; 678558  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C |  | 700333 | 241285 | &nbsp;&nbsp; 561972  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (4250285) | (9550377) | (1378180) | &nbsp;&nbsp; (3930526)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Class C |  |  | 973 | &nbsp;&nbsp; 2456  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 84040254 | 174302372 | 7623428 | &nbsp;&nbsp; 18651664  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I |  | 17613746 | 1588653 | &nbsp;&nbsp; 3256783  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (123130666) | (240618523) | (6999543) | &nbsp;&nbsp; (36473868)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Class I |  |  | 6087 | &nbsp;&nbsp; 14047  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (45040953) | (59258959) | 1432589 | &nbsp;&nbsp; (15007752)  |
| **Net increase (decrease) in net assets** | (71534626) | (57352838) | 1295365 | &nbsp;&nbsp; (15001714)  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 344739449 | 402092287 | 70848687 | &nbsp;&nbsp; 85850401  |
| &nbsp;&nbsp;&nbsp; End of the period | $273204823 | $344739449 | $72144052 | &nbsp;&nbsp; $70848687  |

---

The accompanying notes are an integral part of these financial statements.

93<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LoCorr Market** <br>**Trend Fund (Consolidated)** | **LoCorr Market** <br>**Trend Fund (Consolidated)** | **LoCorr Spectrum Income Fund**  | **LoCorr Spectrum Income Fund**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024**  |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 227101 | &nbsp;&nbsp; 742877 | 367555 | &nbsp;&nbsp;&nbsp; 1104828  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A |  | &nbsp;&nbsp; 85253 | 110603 | &nbsp;&nbsp;&nbsp; 180409  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (445257) | &nbsp;&nbsp; (1257841) | (480012) | &nbsp;&nbsp;&nbsp; (893957)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 63931 | &nbsp;&nbsp; 283541 | 64381 | &nbsp;&nbsp;&nbsp; 121517  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C |  | &nbsp;&nbsp; 67665 | 43466 | &nbsp;&nbsp;&nbsp; 100818  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (430409) | &nbsp;&nbsp; (872630) | (248397) | &nbsp;&nbsp;&nbsp; (706016)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 7903420 | &nbsp;&nbsp; 14772054 | 1389492 | &nbsp;&nbsp;&nbsp; 3409220  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I |  | &nbsp;&nbsp; 1599795 | 292645 | &nbsp;&nbsp;&nbsp; 596093  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (11997370) | &nbsp;&nbsp; (20750836) | (1289472) | &nbsp;&nbsp;&nbsp; (6720069)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (4678584) | &nbsp;&nbsp; (5637156) | 250261 | &nbsp;&nbsp;&nbsp; (2486448) |

---

The accompanying notes are an integral part of these financial statements.

94<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**Statements of Changes in Net Assets** 

---

| | |
|:---|:---|
|  | **LoCorr** <br>**Strategic** <br>**Allocation Fund** <br>(Consolidated)  |
|  | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited)  |
| **OPERATIONS:** <br>|  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $138252  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2582654)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1482209  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (962193)  |
| **CAPITAL TRANSACTIONS:** <br>|  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 639185  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (2235)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 45337340  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (7015624)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 38958666  |
| **Net increase (decrease) in net assets** | 37996473  |
| **NET ASSETS:** <br>|  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $37996473  |
| **SHARES TRANSACTIONS** <br>|  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 67931  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (253)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 4662961  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (749632)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 3981007 |

---

<sup>(a)</sup> Inception date of the Fund was January 8, 2025.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Dynamic Opportunity Fund - Class A** 

**Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE** <br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $12.62 | $11.43 | $11.22 | $12.46 | $11.62 | $11.20  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.04 | 0.09 | (0.09) | (0.23) | (0.20)  |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | 1.24 | 0.27 | (1.00) | 1.85 | 0.62  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | 1.28 | 0.36 | (1.09) | 1.62 | 0.42  |
| **DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.06) | (0.11) |  |  | —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.03) | (0.04) | (0.15) | (0.78) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.09) | (0.15) | (0.15) | (0.78) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $12.44 | $12.62 | $11.43 | $11.22 | $12.46 | $11.62  |
| Total investment return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1.43) % | 11.24% | 3.19% | (9.18) % | 14.38% | 3.75%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp;&nbsp; $2930 | $3342 | $3557 | $3534 | $4010 | $3828  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;2.75% | 2.60% | 2.53% | 2.82% | 3.90% | 4.51%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;2.49% | 2.40% | 2.47% | 2.51% | 2.67% | 3.15%  |
|  Ratio of expenses to average net assets (excluding dividend, interest, and tax expense): <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;2.50% | 2.44% | 2.30% | 2.55% | 3.47% | 3.60%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | 2.24% | 2.24% | 2.24% | 2.24% | 2.24%  |
| Ratio of net investment income (loss) to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | 0.17% | 0.73% | (1.08) % | (3.02) % | (3.31)%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | 0.38% | 0.79% | (0.77) % | (1.79) % | (1.95)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 857% | 755% | 932% | 686% | 506% | 953% |

---

\* All ratios have been annualized except total investment return and portfolio turnover. 

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period. 

<sup>(c)</sup> Total investment return excludes the effect of applicable sales charges. 

<sup>(d)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes securities sold short.

The accompanying notes are an integral part of these financial statements.

96<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Dynamic Opportunity Fund - Class C** 

**Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE** <br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $11.61 | $10.55 | $10.33 | $11.58 | $10.93 | $10.62  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | (0.04) | 0.00<sup>(c)</sup> | (0.16) | (0.31) | (0.26)  |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) | 1.13 | 0.26 | (0.94) | 1.74 | 0.57  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | 1.09 | 0.26 | (1.10) | 1.43 | 0.31  |
| **DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.03) | (0.04) | (0.15) | (0.78) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.03) | (0.04) | (0.15) | (0.78) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $11.41 | $11.61 | $10.55 | $10.33 | $11.58 | $10.93  |
| Total investment return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1.72)% | 10.34% | 2.43% | (9.80)% | 13.46% | 2.92%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp;&nbsp; $580 | $676 | $1914 | $3086 | $2786 | $2436  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | 3.35% | 3.28% | 3.57% | 4.65% | 5.26%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 3.24% | 3.15% | 3.22% | 3.26% | 3.42% | 3.90%  |
|  Ratio of expenses to average net assets (excluding dividend, interest, and tax expense): <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | 3.19% | 3.05% | 2.30% | 4.22% | 4.35%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.99% | 2.99% | 2.99% | 2.99% | 2.99% | 2.99%  |
| Ratio of net investment income (loss) to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)% | (0.58)% | (0.02)% | (1.83)% | (3.77)% | (4.06)%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | (0.37)% | 0.04% | (1.52)% | (2.54)% | (2.70)%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 857% | 755% | 932% | 686% | 506% | 953% |

---

\* All ratios have been annualized except total investment return and portfolio turnover.

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period. 

<sup>(c)</sup> Amount represents less than $0.005 per share. 

<sup>(d)</sup> Total investment return excludes the effect of applicable sales charges. 

<sup>(e)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes securities sold short.

The accompanying notes are an integral part of these financial statements.

97<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Dynamic Opportunity Fund - Class I** 

**Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE** <br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $12.96 | $11.77 | $11.54 | $12.77 | $11.86 | $11.41  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | 0.08 | 0.12 | (0.06) | (0.20) | (0.17)  |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | 1.27 | 0.29 | (1.02) | 1.89 | 0.62  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.16) | 1.35 | 0.41 | (1.08) | 1.69 | 0.45  |
| **DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.13) | (0.14) |  |  | —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.03) | (0.04) | (0.15) | (0.78) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.16) | (0.18) | (0.15) | (0.78) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $12.80 | $12.96 | $11.77 | $11.54 | $12.77 | $11.86  |
| Total investment return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1.23) % | 11.45% | 3.44% | (8.80)% | 14.58% | 4.03%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp;&nbsp; $37620 | $47498 | $56991 | $75415 | $17713 | $11809  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;2.50% | 2.35% | 2.28% | 2.57% | 3.65% | 4.26%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;2.24% | 2.15% | 2.22% | 2.26% | 2.42% | 2.90%  |
|  Ratio of expenses to average net assets (excluding dividend, interest, and tax expense): <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;2.25% | 2.19% | 2.05% | 2.30% | 3.22% | 3.35%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;1.99% | 1.99% | 1.99% | 1.99% | 1.99% | 1.99%  |
| Ratio of net investment income (loss) to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;0.98% | 0.42% | 0.98% | (0.83)% | (2.77)% | (3.06)%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | 0.63% | 1.04% | (0.52)% | (1.54)% | (1.70)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 857% | 755% | 932% | 686% | 506% | 953% |

---

\* All ratios have been annualized except total investment return and portfolio turnover. 

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period. 

<sup>(c)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes securities sold short.

The accompanying notes are an integral part of these financial statements.

98<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Hedged Core Fund - Class A** 

**Consolidated Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the period)** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024\*<sup>(a)</sup>**  |
| **Per Share**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $9.41 | &nbsp;&nbsp;&nbsp; $10.00  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.08  |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (0.61)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp; (0.53)  |
| **DISTRIBUTIONS:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $9.50 | &nbsp;&nbsp;&nbsp; $9.41  |
| Total investment return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp; (5.33)%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp;&nbsp; $23236 | &nbsp;&nbsp;&nbsp; $20227  |
| **Ratios/Supplemental Data:<sup>(f)</sup>**<br>|  |  |
| Ratio of expenses to average net assets: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.06% | &nbsp;&nbsp;&nbsp; 2.61%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.08% | &nbsp;&nbsp;&nbsp; 2.08%  |
| Ratio of net investment income (loss) to average net assets: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; 1.15%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 1.82% | &nbsp;&nbsp;&nbsp; 1.68%  |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 53% | &nbsp;&nbsp;&nbsp; 82% |

---

\* All ratios have been annualized except total investment return and portfolio turnover. 

<sup>(a)</sup> Inception date of the Fund was July 10, 2024.

<sup>(b)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(c)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period. 

<sup>(d)</sup> Amount represents less than $0.005 per share. 

<sup>(e)</sup> Total investment return excludes the effect of applicable sales charges. 

<sup>(f)</sup> Ratios do not include the income and expenses of the CTAs included in the swap nor the commodity pool in which the Fund invests.

<sup>(g)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

The accompanying notes are an integral part of these consolidated financial statements.

99<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Hedged Core Fund - Class I** 

**Consolidated Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the period)** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **Per Share**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp;&nbsp; $10.00  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09  |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (0.61)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (0.52)  |
| **DISTRIBUTIONS:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $9.52 | &nbsp;&nbsp;&nbsp; $9.42  |
| Total investment return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp; (5.29)%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp; $212551 | &nbsp;&nbsp;&nbsp; $150507  |
| **Ratios/Supplemental Data:<sup>(f)</sup>**<br>|  |  |
| Ratio of expenses to average net assets: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp; 1.81% | &nbsp;&nbsp;&nbsp; 2.36%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp; 1.83% | &nbsp;&nbsp;&nbsp; 1.83%  |
| Ratio of net investment income (loss) to average net assets: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp; 2.09% | &nbsp;&nbsp;&nbsp; 1.40%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp; 2.07% | &nbsp;&nbsp;&nbsp; 1.93%  |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 53% | &nbsp;&nbsp;&nbsp; 82% |

---

\* All ratios have been annualized except total investment return and portfolio turnover. 

<sup>(a)</sup> Inception date of the Fund was July 10, 2024.

<sup>(b)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(c)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period. 

<sup>(d)</sup> Amount represents less than $0.005 per share. 

<sup>(e)</sup> Total investment return excludes the effect of applicable sales charges. 

<sup>(f)</sup> Ratios do not include the income and expenses of the CTAs included in the swap nor the commodity pool in which the Fund invests.

<sup>(g)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

The accompanying notes are an integral part of these consolidated financial statements.

100<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Long/Short Commodities Strategy Fund - Class A** 

**Consolidated Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE** <br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $8.63 | $9.61 | $10.10 | $10.58 | $9.89 | $9.26  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.12 | 0.13 | (0.05) | (0.14) | (0.07)  |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | (0.93) | (0.46) | 0.66 | 1.57 | 0.96  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | (0.81) | (0.33) | 0.61 | 1.43 | 0.89  |
| **Distributions From:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.17) | (0.16) | (1.09) | (0.74) | (0.26)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  | (0.00) <sup>(c)</sup>  |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.00) <sup>(c)</sup> | (0.00) <sup>(c)</sup> |  |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.17) | (0.16) | (1.09) | (0.74) | (0.26)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $8.81 | $8.63 | $9.61 | $10.10 | $10.58 | $9.89  |
| Total investment return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.09% | (8.54)% | (3.26)% | 5.84% | 14.55% | 9.66%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp;&nbsp; $16895 | $19974 | $103239 | $187553 | $35149 | $26546  |
| **Ratios/Supplemental Data:<sup>(e)</sup>** <br>|  |  |  |  |  |  |
| Ratio of expenses to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; 2.09% | 2.00% | 1.94% | 2.00%<sup>(f)</sup> | 2.08%<sup>(f)</sup> | 2.08%<sup>(f)</sup>  |
| Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | 1.27% | 1.37% | (0.46)%<sup>(f)</sup> | (1.31)%<sup>(f)</sup> | (0.65)%<sup>(f)</sup>  |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25% | 109% | 64% | 90% | 66% | 60% |

---

\* All ratios have been annualized except total investment return and portfolio turnover. 

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period. 

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Total investment return excludes the effect of applicable sales charges. 

<sup>(e)</sup> Ratios do not include the income and expenses of the CTAs included in the swap nor the commodity pool in which the Fund invests.

<sup>(f)</sup> Includes 0.07%, 0.08% and 0.02% service fees paid for options for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively. 

<sup>(g)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

The accompanying notes are an integral part of these consolidated financial statements.

101<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Long/Short Commodities Strategy Fund - Class C** 

**Consolidated Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE** <br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $8.16 | $9.12 | $9.58 | $10.08 | $9.47 | $8.89  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.05 | 0.06 | (0.13) | (0.21) | (0.13)  |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | (0.89) | (0.45) | 0.63 | 1.50 | 0.91  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | (0.84) | (0.39) | 0.50 | 1.29 | 0.78  |
| **Distributions From:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.12) | (0.07) | (1.00) | (0.68) | (0.20)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  | (0.00) <sup>(c)</sup>  |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.00) <sup>(c)</sup> | (0.00) <sup>(c)</sup> |  |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.12) | (0.07) | (1.00) | (0.68) | (0.20)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $8.31 | $8.16 | $9.12 | $9.58 | $10.08 | $9.47  |
| Total investment return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | (9.25)% | (4.03)% | 5.03% | 13.66% | 8.83%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp;&nbsp; $4238 | $5089 | $9369 | $13384 | $11058 | $7938  |
| **Ratios/Supplemental Data:<sup>(e)</sup>** <br>|  |  |  |  |  |  |
| Ratio of expenses to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; 2.84% | 2.75% | 2.69% | 2.75%<sup>(f)</sup> | 2.83%<sup>(f)</sup> | 2.83%<sup>(f)</sup>  |
| Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | 0.52% | 0.62% | (1.21)%<sup>(f)</sup> | (2.06)%<sup>(f)</sup> | (1.40)%<sup>(f)</sup>  |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25% | 109% | 64% | 90% | 66% | 60% |

---

\* All ratios have been annualized except total investment return and portfolio turnover. 

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period. 

<sup>(c)</sup> Amount represents less than $0.005 per share. 

<sup>(d)</sup> Total investment return excludes the effect of applicable sales charges. 

<sup>(e)</sup> Ratios do not include the income and expenses of the CTAs included in the swap nor the commodity pool in which the Fund invests.

<sup>(f)</sup> Includes 0.07%, 0.08% and 0.02% service fees paid for options for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively. 

<sup>(g)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

The accompanying notes are an integral part of these consolidated financial statements.

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**LoCorr Long/Short Commodities Strategy Fund - Class I** 

**Consolidated Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE** <br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp; $8.72 | $9.76 | $10.26 | $10.72 | $10.00 | $9.38  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.15 | 0.16 | (0.02) | (0.11) | (0.04)  |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 0.15 | (0.95) | (0.48) | 0.66 | 1.59 | 0.95  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 0.20 | (0.80) | (0.32) | 0.64 | 1.48 | 0.91  |
| **Distributions From:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.23) | (0.18) | (1.10) | (0.76) | (0.29)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  |  |  | (0.00) <sup>(c)</sup>  |
| Return of capital | &nbsp;&nbsp;&nbsp; — | (0.01) | (0.00) <sup>(c)</sup> |  |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.24) | (0.18) | (1.10) | (0.76) | (0.29)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $8.92 | $8.72 | $9.76 | $10.26 | $10.72 | $10.00  |
| Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;2.29% | (8.34)% | (3.07)% | 6.06% | 14.82% | 9.91%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp; $446415 | $481656 | $806315 | $1165464 | $852152 | $443351  |
| **Ratios/Supplemental Data:<sup>(d)</sup>** <br>|  |  |  |  |  |  |
| Ratio of expenses to average net assets: | &nbsp;&nbsp;&nbsp; 1.84% | 1.75% | 1.69% | 1.75%<sup>(e)</sup> | 1.83%<sup>(e)</sup> | 1.83%<sup>(e)</sup>  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net <br>assets: | &nbsp;&nbsp;&nbsp; 1.20% | 1.52% | 1.62% | (0.21)%<sup>(e)</sup> | (1.06)%<sup>(e)</sup> | (0.40)%<sup>(e)</sup>  |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 25% | 109% | 64% | 90% | 66% | 60% |

---

\* All ratios have been annualized except total investment return and portfolio turnover. 

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period. 

<sup>(c)</sup> Amount represents less than $0.005 per share. 

<sup>(d)</sup> Ratios do not include the income and expenses of the CTAs included in the swap nor the commodity pool in which the Fund invests.

<sup>(e)</sup> Includes 0.07%, 0.08% and 0.02% service fees paid for options for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively. 

<sup>(f)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

The accompanying notes are an integral part of these consolidated financial statements.

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**LoCorr Macro Strategies Fund - Class A** 

**Consolidated Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **Per Share**<br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $7.64 | $7.38 | $8.15 | $8.13 | $8.53 | $8.56  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | 0.20 | 0.17 | (0.01) | (0.10) | (0.04)  |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) | 0.28 | (0.72) | 1.21 | 0.09 | 0.49  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | 0.48 | (0.55) | 1.20 | (0.01) | 0.45  |
| **Distributions From:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.21) | (0.22) | (0.24) | (0.39) | (0.39)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (0.94) |  | (0.09)  |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.01) |  |  |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.22) | (0.22) | (1.18) | (0.39) | (0.48)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $7.56 | $7.64 | $7.38 | $8.15 | $8.13 | $8.53  |
| Total investment return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1.05)% | 6.54% | (6.71)% | 15.01% | (0.15)% | 5.41%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp;&nbsp; $55097 | $61449 | $70795 | $79936 | $84981 | $77035  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.13% | 2.13% | 2.14% | 2.13% | 2.15% | 2.17%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.13% | 2.13% | 2.14% | 2.13% | 2.15% | 2.18%  |
| Ratio of net investment income (loss) to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 2.53% | 2.17% | (0.11)% | (1.10)% | (0.49)%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 2.53% | 2.17% | (0.11)% | (1.10)% | (0.50)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 36% | 90% | 74% | 76% | 75% | 56% |

---

\* All ratios have been annualized except total investment return and portfolio turnover. 

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period. 

<sup>(c)</sup> Total investment return excludes the effect of applicable sales charges. 

<sup>(d)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

The accompanying notes are an integral part of these consolidated financial statements.

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**LoCorr Macro Strategies Fund - Class C** 

**Consolidated Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE** <br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $7.19 | $6.95 | $7.67 | $7.72 | $8.11 | $8.15  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.13 | 0.11 | (0.07) | (0.15) | (0.10)  |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) | 0.27 | (0.68) | 1.14 | 0.08 | 0.47  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) | 0.40 | (0.57) | 1.07 | (0.07) | 0.37  |
| **Distributions From:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.16) | (0.15) | (0.18) | (0.32) | (0.32)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (0.94) |  | (0.09)  |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.00) <sup>(c)</sup> |  |  |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.16) | (0.15) | (1.12) | (0.32) | (0.41)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $7.08 | $7.19 | $6.95 | $7.67 | $7.72 | $8.11  |
| Total investment return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1.53)% | 5.77% | (7.48)% | 14.17% | (0.91)% | 4.69%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp;&nbsp; $23106 | $25444 | $33146 | $51327 | $34789 | $43684  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.88% | 2.88% | 2.89% | 2.88% | 2.90% | 2.92%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.88% | 2.88% | 2.89% | 2.88% | 2.90% | 2.93%  |
| Ratio of net investment income (loss) to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | 1.78% | 1.42% | (0.86)% | (1.85)% | (1.24)%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | 1.78% | 1.42% | (0.86)% | (1.85)% | (1.25)%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 36% | 90% | 74% | 76% | 75% | 56% |

---

\* All ratios have been annualized except total investment return and portfolio turnover. 

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period. 

<sup>(c)</sup> Amount represents less than $0.005 per share. 

<sup>(d)</sup> Total investment return excludes the effect of applicable sales charges. 

<sup>(e)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

The accompanying notes are an integral part of these consolidated financial statements.

105<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Macro Strategies Fund - Class I** 

**Consolidated Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE** <br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp; $7.80 | $7.54 | $8.31 | $8.27 | $8.67 | $8.69  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 0.22 | 0.20 | 0.01 | (0.08) | (0.02)  |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.18) | 0.29 | (0.73) | 1.23 | 0.09 | 0.50  |
| **Total from investment operations** | &nbsp;&nbsp; (0.08) | 0.51 | (0.53) | 1.24 | 0.01 | 0.48  |
| **Distributions From:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | (0.24) | (0.24) | (0.26) | (0.41) | (0.41)  |
| Net realized gains | &nbsp;&nbsp; — |  |  | (0.94) |  | (0.09)  |
| Return of capital | &nbsp;&nbsp; — | (0.01) |  |  |  | —  |
| **Total distributions** | &nbsp;&nbsp; — | (0.25) | (0.24) | (1.20) | (0.41) | (0.50)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $7.72 | $7.80 | $7.54 | $8.31 | $8.27 | $8.67  |
| Total investment return | &nbsp;&nbsp; (1.03)% | 6.70% | (6.58)% | 15.40% | 0.08% | 5.70%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp; $1459417 | $1452558 | $1388004 | $2234445 | $1306255 | $1063447  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp; 1.88% | 1.88% | 1.89% | 1.88% | 1.90% | 1.92%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp; 1.88% | 1.88% | 1.89% | 1.88% | 1.90% | 1.93%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp; 2.63% | 2.78% | 2.42% | 0.14% | (0.85)% | (0.24)%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp; 2.63% | 2.78% | 2.42% | 0.14% | (0.85)% | (0.25)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 36% | 90% | 74% | 76% | 75% | 56% |

---

\* All ratios have been annualized except total investment return and portfolio turnover.

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period. 

<sup>(c)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

The accompanying notes are an integral part of these consolidated financial statements.

106<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Market Trend Fund - Class A** 

**Consolidated Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE** <br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $10.97 | $10.89 | $12.55 | $11.41 | $11.70 | $11.19  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 0.29 | 0.26 | (0.01) | (0.13) | (0.06)  |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.90) | 0.32 | (1.65) | 3.34 | 0.22 | 0.57  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.78) | 0.61 | (1.39) | 3.33 | 0.09 | 0.51  |
| **DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.53) | (0.27) | (0.53) | (0.38) | —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (1.66) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.53) | (0.27) | (2.19) | (0.38) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $10.19 | $10.97 | $10.89 | $12.55 | $11.41 | $11.70  |
| Total investment return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (7.11)% | 5.60% | (11.18)% | 29.59% | 0.87% | 4.47%  |
| **Net Assets, End of Period, in Thousands** | &nbsp;&nbsp;&nbsp;&nbsp; $17125 | $20822 | $25345 | $27903 | $15109 | $16952  |
| **RATIOS/SUPPLEMENTAL DATA:** <br>|  |  |  |  |  |  |
| Ratio of expenses to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; 2.05% | 2.02% | 2.00% | 2.00% | 2.02% | 2.04%  |
| Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; 2.38% | 2.47% | 2.13% | (0.10)% | (1.10)% | (0.52)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49% | 140% | 77% | 100% | 110% | 125% |

---

\* All ratios have been annualized except total investment return and portfolio turnover. 

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period. 

<sup>(c)</sup> Total investment return excludes the effect of applicable sales charges. 

<sup>(d)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

The accompanying notes are an integral part of these consolidated financial statements.

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**LoCorr Market Trend Fund - Class C** 

**Consolidated Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE** <br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $10.30 | $10.36 | $11.95 | $11.02 | $11.30 | $10.89  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | 0.20 | 0.16 | (0.12) | (0.22) | (0.13)  |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.84) | 0.31 | (1.57) | 3.23 | 0.23 | 0.54  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.76) | 0.51 | (1.41) | 3.11 | 0.01 | 0.41  |
| **DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.57) | (0.18) | (0.52) | (0.29) | —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (1.66) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.57) | (0.18) | (2.18) | (0.29) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $9.54 | $10.30 | $10.36 | $11.95 | $11.02 | $11.30  |
| Total investment return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (7.48)% | 4.90% | (11.90)% | 28.67% | 0.05% | 3.76%  |
| **Net Assets, End of Period, in Thousands** | &nbsp;&nbsp;&nbsp;&nbsp; $8163 | $12592 | $18079 | $19569 | $10825 | $13170  |
| **RATIOS/SUPPLEMENTAL DATA:** <br>|  |  |  |  |  |  |
| Ratio of expenses to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 2.77% | 2.75% | 2.75% | 2.77% | 2.79%  |
| Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | 1.72% | 1.38% | (0.85)% | (1.85)% | (1.27)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49% | 140% | 77% | 100% | 110% | 125% |

---

\* All ratios have been annualized except total investment return and portfolio turnover.

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

<sup>(c)</sup> Total investment return excludes the effect of applicable sales charges.

<sup>(d)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

The accompanying notes are an integral part of these consolidated financial statements.

108<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Market Trend Fund - Class I** 

**Consolidated Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE** <br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp; $10.96 | $10.94 | $12.61 | $11.45 | $11.74 | $11.23  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.32 | 0.30 | 0.02 | (0.10) | (0.03)  |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.90) | 0.32 | (1.67) | 3.36 | 0.22 | 0.57  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.76) | 0.64 | (1.37) | 3.38 | 0.12 | 0.54  |
| **DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.62) | (0.30) | (0.56) | (0.41) | (0.03)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  | (1.66) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.62) | (0.30) | (2.22) | (0.41) | (0.03)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $10.20 | $10.96 | $10.94 | $12.61 | $11.45 | $11.74  |
| Total investment return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (6.93)% | 5.87% | (10.98)% | 29.94% | 1.04% | 4.81%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp; $247916 | $311326 | $358668 | $457260 | $240507 | $225995  |
| **RATIOS/SUPPLEMENTAL DATA:** <br>|  |  |  |  |  |  |
| Ratio of expenses to average net assets: | &nbsp;&nbsp;&nbsp; 1.80% | 1.77% | 1.75% | 1.75% | 1.77% | 1.79%  |
|  Ratio of net investment income (loss) to average net assets: | &nbsp;&nbsp;&nbsp; 2.63% | 2.72% | 2.38% | 0.15% | (0.85)% | (0.27)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 49% | 140% | 77% | 100% | 110% | 125% |

---

\* All ratios have been annualized except total investment return and portfolio turnover. 

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period. 

<sup>(c)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

The accompanying notes are an integral part of these consolidated financial statements.

109<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Spectrum Income Fund - Class A** 

**Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE** <br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $5.39 | $5.38 | $5.76 | $6.98 | $6.15 | $6.89  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | 0.19 | 0.17 | 0.17 | 0.08 | 0.12  |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 0.28 | (0.09) | (0.93) | 1.21 | (0.40)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.47 | 0.08 | (0.76) | 1.29 | (0.28)  |
| **Distributions From:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | (0.34) | (0.24) | (0.17) | (0.28) | (0.18)  |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.12) | (0.22) | (0.29) | (0.18) | (0.28)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | (0.46) | (0.46) | (0.46) | (0.46) | (0.46)  |
| Redemption fees<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $5.39 | $5.39 | $5.38 | $5.76 | $6.98 | $6.15  |
| Total investment return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.32% | 8.96% | 1.70% | (11.31)% | 21.33% | (2.75)%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp;&nbsp; $17467 | $17480 | $15350 | $15696 | $13838 | $13635  |
| **Ratios/Supplemental Data:<sup>(e)</sup>** <br>|  |  |  |  |  |  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.07% | 2.07% | 2.02% | 2.02% | 2.06% | 2.19%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.05% | 2.05% | 2.03% | 2.09% | 2.05% | 2.06%  |
|  Ratio of expenses to average net assets (excluding dividend and interest expense): <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.07% | 2.07% | 2.02% | 1.98% | 2.06% | 2.18%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.05% | 2.05% | 2.03% | 2.05% | 2.05% | 2.04%  |
| Ratio of net investment income (loss) to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 3.94% | 3.44% | 3.07% | 2.63% | 1.21% | 1.93%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 3.97% | 3.47% | 3.06% | 2.56% | 1.22% | 2.07%  |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20% | 57% | 38% | 50% | 53% | 88% |

---

\* All ratios have been annualized except total investment return and portfolio turnover. 

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Total investment return excludes the effect of applicable sales charges.

<sup>(e)</sup> Ratios do not include the income and expenses of the investment companies in which the Fund invests.

<sup>(f)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Spectrum Income Fund - Class C** 

**Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE** <br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $5.47 | $5.45 | $5.83 | $7.05 | $6.21 | $6.96  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | 0.15 | 0.13 | 0.12 | 0.03 | 0.07  |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 0.29 | (0.09) | (0.92) | 1.23 | (0.40)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 0.44 | 0.04 | (0.80) | 1.26 | (0.33)  |
| **Distributions From:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) | (0.31) | (0.21) | (0.15) | (0.26) | (0.17)  |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.11) | (0.21) | (0.27) | (0.16) | (0.25)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) | (0.42) | (0.42) | (0.42) | (0.42) | (0.42)  |
| Redemption fees<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $5.48 | $5.47 | $5.45 | $5.83 | $7.05 | $6.21  |
| Total investment return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.00% | 8.12% | 0.82% | (11.83)% | 20.47% | (3.70)%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp;&nbsp; $6843 | $7606 | $10218 | $14617 | $17777 | $13295  |
| **Ratios/Supplemental Data:<sup>(e)</sup>** <br>|  |  |  |  |  |  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.82% | 2.82% | 2.77% | 2.77% | 2.81% | 2.94%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 2.80% | 2.78% | 2.84% | 2.80% | 2.81%  |
|  Ratio of expenses to average net assets (excluding dividend and interest expense): <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.82% | 2.82%  | 2.77% | 2.73% | 2.81% | 2.93% |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | 2.80%  | 2.78% | 2.80% | 2.80% | 2.79%  |
| Ratio of net investment income (loss) to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 3.19% | 2.69% | 2.32% | 1.88% | 0.46% | 1.18%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 3.22% | 2.72% | 2.31% | 1.81% | 0.47% | 1.32%  |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20% | 57% | 38% | 50% | 53% | 88% |

---

\* All ratios have been annualized except total investment return and portfolio turnover. 

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Total investment return excludes the effect of applicable sales charges.

<sup>(e)</sup> Ratios do not include the income and expenses of the investment companies in which the Fund invests.

<sup>(f)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

The accompanying notes are an integral part of these financial statements.

111<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Spectrum Income Fund - Class I** 

**Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the year)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025\*** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE** <br>|  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp; $5.36 | $5.36 | $5.74 | $6.95 | $6.13 | $6.88  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | 0.20 | 0.18 | 0.18 | 0.10 | 0.13  |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 0.28 | (0.08) | (0.91) | 1.20 | (0.40)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | 0.48 | 0.10 | (0.73) | 1.30 | (0.27)  |
| **Distributions From:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | (0.35) | (0.25) | (0.18) | (0.29) | (0.19)  |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.13) | (0.23) | (0.30) | (0.19) | (0.29)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.24) | (0.48) | (0.48) | (0.48) | (0.48) | (0.48)  |
| Redemption fees<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $5.36 | $5.36 | $5.36 | $5.74 | $6.95 | $6.13  |
| Total investment return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.50% | 9.13% | 2.02% | (10.99)% | 21.53% | (2.60)%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp;&nbsp; $47834 | $45762 | $60282 | $86170 | $44192 | $21215  |
| **Ratios/Supplemental Data:<sup>(d)</sup>**<br>|  |  |  |  |  |  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 1.82% | 1.82% | 1.77% | 1.77% | 1.81% | 1.94%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 1.80% | 1.80% | 1.78% | 1.84% | 1.80% | 1.81%  |
|  Ratio of expenses to average net assets (excluding dividend and interest expense): <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 1.82% | 1.82% | 1.77% | 1.73% | 1.81% | 1.93%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 1.80% | 1.80% | 1.78% | 1.80% | 1.80% | 1.79%  |
| Ratio of net investment income (loss) to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 4.19% | 3.69% | 3.32% | 2.88% | 1.46% | 2.18%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 4.22% | 3.72% | 3.31% | 2.81% | 1.47% | 2.32%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20% | 57% | 38% | 50% | 53% | 88% |

---

\* All ratios have been annualized except total investment return and portfolio turnover.

<sup>(a)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(b)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Ratios do not include the income and expenses of the investment companies in which the Fund invests.

<sup>(e)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

The accompanying notes are an integral part of these financial statements.

112<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Strategic Allocation Fund - Class A** 

**Consolidated Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the period)** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*<sup>(a)</sup>** <br>(Unaudited)  |
| **Per Share**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.50)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46)  |
| **DISTRIBUTIONS:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.54  |
| Total investment return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.60)%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $646  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |
| Ratio of expenses to average net assets: <br>|  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.12%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.84%  |
| Ratio of net investment income (loss) to average net assets: <br>|  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.37)%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.91%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39% |

---

\* All ratios have been annualized except total investment return and portfolio turnover.

<sup>(a)</sup> Inception date of the Fund was January 8, 2025.

<sup>(b)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(c)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period. 

<sup>(d)</sup> Total investment return excludes the effect of applicable sales charges. 

<sup>(e)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

The accompanying notes are an integral part of these consolidated financial statements.

113<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Strategic Allocation Fund - Class I** 

**Consolidated Financial Highlights** 

**Selected Data and Ratios (for a share outstanding throughout the period)** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**June 30, 2025\*<sup>(a)</sup>** <br>(Unaudited)  |
| **Per Share**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $10.00  |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:**<br>|  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.50)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.45)  |
| **DISTRIBUTIONS:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $9.55  |
| Total investment return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (4.50)%  |
| **Net assets, end of period, in thousands** | &nbsp;&nbsp;&nbsp;&nbsp; $37351  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |
| Ratio of expenses to average net assets: <br>|  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 3.87%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 1.59%  |
| Ratio of net investment income (loss) to average net assets: <br>|  |
| &nbsp;&nbsp;&nbsp; Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; (1.12)%  |
| &nbsp;&nbsp;&nbsp; After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp; 1.16%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 39% |

---

\* All ratios have been annualized except total investment return and portfolio turnover. 

<sup>(a)</sup> Inception date of the Fund was January 8, 2025.

<sup>(b)</sup> Net investment income (loss) per share is based on average shares outstanding.

<sup>(c)</sup> Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period. 

<sup>(d)</sup> Total investment return excludes the effect of applicable sales charges. 

<sup>(e)</sup> Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes derivative instruments.

The accompanying notes are an integral part of these consolidated financial statements.

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)** 

1. Organization

LoCorr Investment Trust (the "Trust"), an Ohio business trust, was formed on November 15, 2010 and is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). Each fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codiﬁcation ("ASC") Topic 946, Financial Services- Investment Companies. The LoCorr Dynamic Opportunity Fund, LoCorr Hedged Core Fund, LoCorr Long/Short Commodities Strategy Fund, LoCorr Macro Strategies Fund, LoCorr Market Trend Fund, LoCorr Spectrum Income Fund and the LoCorr Strategic Allocation Fund (individually a "Fund" and collectively the "Funds") are series within the Trust. The Funds are each diversified funds.

The **LoCorr Dynamic Opportunity Fund's** primary investment objective is long-term capital appreciation with reduced volatility compared to traditional broad-based equity market indices as a secondary objective.

The **LoCorr Hedged Core Fund's** primary investment objective is capital appreciation in rising and falling equity and commodities markets with managing volatility as a secondary objective.

The **LoCorr Long/Short Commodities Strategy Fund's** primary investment objective is capital appreciation in rising and falling commodities markets with managing volatility as a secondary objective.

The **LoCorr Macro Strategies Fund's** primary investment objective is capital appreciation in rising and falling equity markets with managing volatility as a secondary objective.

The **LoCorr Market Trend Fund's** primary investment objective is capital appreciation in rising and falling equity markets with managing volatility as a secondary objective.

The **LoCorr Spectrum Income Fund's** primary investment objective is current income with capital appreciation as a secondary objective.

The **LoCorr Strategic Allocation Fund's** primary investment objective is capital appreciation.

**Wholly-owned and Controlled Subsidiaries** 

In order to achieve their investment objectives, the LoCorr Hedged Core Fund, the LoCorr Long/Short Commodities Strategy Fund, the LoCorr Macro Strategies Fund, the LoCorr Market Trend Fund, and the LoCorr Strategic Allocation Fund each invest up to 25% of their total assets (measured at the time of purchase) in wholly-owned subsidiaries, LCHC Fund Limited ("LCHC"), LCLSCS Fund Limited ("LCLSCS"), LCMFS Fund Limited ("LCMFS"), LCMT Fund Limited ("LCMT"), and LCSA Fund Limited ("LCSA"), respectively; each company is incorporated under the laws of the Cayman Islands. LCHC, LCLSCS, LCMFS, LCMT, and LCSA act as investment vehicles in order to enter into certain investments for the LoCorr Hedged Core Fund, the LoCorr Long/Short Commodities Strategy Fund, the LoCorr Macro Strategies Fund, the LoCorr Market Trend Fund, and the LoCorr Strategic Allocation Fund, respectively, consistent with their investment objectives and policies speciﬁed in the Prospectuses and Statement of Additional Information.

At June 30, 2025, investments in LCHC, LCLSCS, LCMFS, LCMT, and LCSA represented 15.02%, 23.34%, 4.00%, 3.81%, and 1.56% of the total net assets of LoCorr Hedged Core Fund, LoCorr Long/Short Commodities Strategy Fund, LoCorr Macro Strategies Fund, LoCorr Market Trend Fund, and LoCorr Strategic Allocation Fund, respectively.

The consolidated ﬁnancial statements of the LoCorr Hedged Core Fund, the LoCorr Long/Short Commodities Strategy Fund, the LoCorr Macro Strategies Fund, the LoCorr Market Trend Fund, and the LoCorr Strategic Allocation Fund each include the investment activity and ﬁnancial statements of LCHC, LCLSCS, LCMFS, LCMT, and LCSA, respectively. All intercompany accounts and transactions have been eliminated in consolidation. Because each Fund may invest a substantial portion of its assets in its respective subsidiary, the Fund may be considered to be investing indirectly in some of those investments through its subsidiary. For that reason, references to the Fund may also encompass its subsidiary. The subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund when viewed on a consolidated basis. Each Fund and its subsidiary area "commodity pool" under the U.S. Commodity Exchange Act and LoCorr Fund Management, LLC (the

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

"Adviser" or "Management") is a "commodity pool operator" registered with and regulated by the Commodity Futures Trading Commission ("CFTC"). As a result, additional CFTC- mandated disclosure, reporting and recordkeeping obligations apply with respect to each Fund and its respective subsidiary under CFTC and the U.S. Securities and Exchange Commission (the "SEC") harmonized regulations.

**Share Classes** 

The LoCorr Dynamic Opportunity Fund, LoCorr Long/Short Commodities Strategy Fund, LoCorr Macro Strategies Fund, LoCorr Market Trend Fund, and LoCorr Spectrum Income Fund all currently offer three classes of shares: Class A, Class C and Class I shares. The LoCorr Hedged Core Fund and LoCorr Strategic Allocation Fund currently offer two classes of shares: Class A and Class I shares. Each share class represents an interest in the same assets of the Fund, has the same rights and is identical in all material respects except that (i) Class A shares have a maximum front end sales load of 5.75% and maximum deferred sales charge of 1.00% and Class C shares have a maximum deferred sales charge of 1.00%, (ii) Class A shares have a 12b-1 fee of 0.25% and Class C shares have a 12b-1 fee of 1.00%; (iii) certain other class-speciﬁc expenses will be borne solely by the class to which such expenses are attributable and (iv) each class will have exclusive voting rights with respect to matters relating to its own distribution arrangements.

All classes with respect to the LoCorr Spectrum Income Fund are subject to a 2.00% redemption fee on redemptions made within 60 days of the original purchase. As of May 1, 2017, none of the other Funds are subject to a redemption fee.

The following table presents the class-speciﬁc commencement of operations dates for each of the Funds:

---

| | | | |
|:---|:---|:---|:---|
|  | **Commencement of Operations**  | **Commencement of Operations**  | **Commencement of Operations**  |
|  | **Class A** | **Class C** | **Class I**  |
| LoCorr Macro Strategies Fund | March 22, 2011 | March 24, 2011 | March 24, 2011  |
| LoCorr Long/Short Commodities Strategy Fund | January 1, 2012 | January 1, 2012 | January 1, 2012  |
| LoCorr Dynamic Opportunity Fund | May 10, 2013 | May 10, 2013 | May 10, 2013  |
| LoCorr Spectrum Income Fund | January 1, 2014 | January 1, 2014 | January 1, 2014  |
| LoCorr Market Trend Fund | July 1, 2014 | July 1, 2014 | July 1, 2014  |
| LoCorr Hedged Core Fund | July 10, 2024 | N/A | July 10, 2024  |
| LoCorr Strategic Allocation Fund | January 8, 2025 | N/A | January 8, 2025 |

---

The Funds may issue an unlimited number of shares of beneﬁcial interest, with no par value. All shares of the Funds have equal rights and privileges, except as to class-speciﬁc rights and privileges described above.

2. SIGNIFICANT Accounting Policies

The following is a summary of signiﬁcant accounting policies consistently followed by the Funds in the preparation of the ﬁnancial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Investment Valuation** 

The Funds follow fair valuation accounting standards in accordance with GAAP, 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 and changes in valuation techniques and related inputs during the period. These inputs are summarized in three broad levels listed below:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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.  |

---

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' 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.  |

---

Generally, the Funds' investments are valued each day at the last quoted sales price on each investment's primary exchange. Investments traded or dealt in one or more exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the last bid on the primary exchange. Investments primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Ofﬁcial Closing Price.

The Funds may use independent pricing services to assist in calculating the value of the Funds' investments. In addition, market prices for foreign investments are not determined at the same time of day as the net asset value ("NAV") for the Funds. Because the Funds may invest in portfolio investments primarily listed on foreign exchanges and these exchanges may trade on weekends or other days when the Funds do not price their shares, the value of some of the Funds' portfolio investments may change on days when you may not be able to buy or sell the Funds' shares. In computing the NAV, the Funds value foreign investments held by the Funds at the latest closing price on the exchange in which they are traded immediately prior to closing of the New York Stock Exchange. Prices of foreign investments quoted in foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of an investment in the Funds' portfolio, particularly foreign investments, occur after the close of trading on a foreign market but before the Funds price their shares, the investment will be valued at fair value.

Certain investments such as commodity pools are measured based upon NAV as a practical expedient to determine fair value and are not required to be categorized in the fair value hierarchy.

American Depositary Receipts

The Funds may invest in sponsored and unsponsored American Depositary Receipts ("ADRs"), which are receipts issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign issuer. ADRs, in registered form, are designed for use in U.S. securities markets. Unsponsored ADRs may be created without the participation of the foreign issuer. Holders of unsponsored ADRs generally bear all the costs of the ADR facility, whereas foreign issuers typically bear certain costs in a sponsored ADR. The bank or trust company depositary of an unsponsored ADR may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights. ADRs are generally categorized in Level 1 or Level 2 of the fair value hierarchy depending on inputs used and market activity levels for speciﬁc securities.

Cash and Cash Equivalents

Idle cash may be swept into various overnight demand deposits and is classified as Cash held in interest bearing deposit account on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day.

Equity Securities

Equity securities, including common stocks, preferred stocks, securities convertible into common stocks such as convertible bonds, warrants, rights, options, master limited partnership ("MLP") interests, real estate investment trusts ("REITs"), business development companies ("BDCs") and royalty trusts are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reﬂect the fair market value of such securities. MLP interests are limited partnerships, the interests in which (known as "units") typically trade publicly, like stock. MLPs are also called publicly traded partnerships and public limited partnerships. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Equity securities are generally categorized in Level 1 or Level 2 of the fair value hierarchy depending on inputs used and market activity levels for speciﬁc securities.

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Exchange Traded Funds

The Funds may invest in Exchange Traded Funds ("ETFs"). They are managed by professionals and provide the investor with diversiﬁcation, cost and tax efﬁciency, liquidity, marginability, usability for hedging, the ability to go long and short, and (for some ETFs) the provision of periodic distributions. Additionally, some ETFs are unit investment trusts ("UITs"), which are unmanaged portfolios overseen by trustees. ETFs generally have two markets. The primary market is where institutions swap "creation units" in block-multiples of shares, typically 25,000 or 50,000, for in-kind securities and cash in the form of dividends. The secondary market is where individual investors can trade as little as a single share during trading hours on the exchange. This is different from open-ended mutual funds that are traded after hours once the NAV is calculated. ETF shares may trade at a premium or discount to NAV per share. ETFs share many similar risks with open-end and closed-end funds. ETFs are generally categorized in Level 1 of the fair value hierarchy.

The Funds may invest in ETFs and other investment companies that hold a portfolio of foreign securities. Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and ﬁnancial standards and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers and listed companies than exists in the United States. Interest and dividends paid by foreign issuers may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to the Funds by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, conﬁscatory taxation, political, economic or social instability, or diplomatic developments that could affect assets of the Funds held in foreign countries. Finally, the establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations.

Fixed Income Securities

Fixed income securities and certificates of deposit with maturities more than 60 days when acquired generally are valued using an evaluated price supplied by an independent pricing service. Inputs used by the pricing service for U.S. government and treasury securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker dealer quotes, yields, bids, offers and reference data. Agency issued debt securities, foreign issued bonds and municipal bonds are generally valued in a manner similar to U.S. government securities. Evaluations for corporate bonds are typically based on valuation methodologies such as market pricing and other analytical pricing models as well as market transactions and dealer quotations based on observable inputs. Fixed income securities are generally categorized in Level 2 of the fair value hierarchy depending on inputs used and market activity levels for specific securities.

The fair value of asset backed securities and mortgage-backed securities is estimated on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche. Additional inputs such as creditworthiness of the underlying collateral and quotes from outside brokers for the same or similar issuance may also be considered in the development of fair value. Asset backed and mortgage-backed securities are generally categorized in Level 2 of the fair value hierarchy.

Short-term investments in fixed income securities and certificates of deposit with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued using an amortized cost method of valuation, and are generally categorized in Level 2.

Investment Companies

With respect to any portion of the Funds' assets that are invested in one or more open-end management investment companies, including money market funds, registered under the 1940 Act, the Funds' NAV is calculated based upon the NAVs of those open-end management investment companies, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The Funds generally will purchase shares of closed-end investment companies only in the secondary market. The shares of many closed end investment companies, after their initial public offering, frequently trade at a price per share that is less than the NAV per share, the difference representing the "market discount" of such shares. This market discount may be due in part to the investment objective of long-term appreciation, which is sought by many closed-end investment companies, as well as to the fact that the shares of closed-end investment companies are not redeemable by the holder upon demand to the issuer at the next determined NAV but rather are subject to the principles of supply and demand in the secondary market. A relative lack of secondary market purchasers of closed-end investment company shares also may contribute to such shares trading at a discount to their NAV. Closed-end investment companies are generally categorized in Level 1 or Level 2 of the fair value hierarchy depending on inputs used and market activity levels for specific securities.

Financial Derivative Instruments

Financial derivative instruments, such as forward currency contracts, futures contracts, options, or swap agreements, derive their value from underlying asset prices, indices, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker- dealer quotations or a pricing service at the settlement price determined by the relevant exchange. Depending on the product and the terms of the transaction, the value of the derivative contracts can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, dividends and exchange rates.

Forward currency contracts represent the purchase or sale of a speciﬁc quantity of a foreign currency at the current or spot price, with delivery and settlement at a speciﬁed future date. Forward currency contracts are presented at fair value using spot currency rates and are adjusted for the time value of money (forward points) and contractual prices of the underlying ﬁnancial instruments. Forward currency contracts are generally categorized in Level 2.

Futures contracts are carried at fair value using the primary exchange's closing (settlement) price and are generally categorized in Level 1.

The Funds may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. Purchased or written options are generally categorized in Level 1 of the fair value hierarchy.

Total return swap contracts are stated at fair value daily based on the fair value of the underlying futures, forward currency and foreign currency contracts constituting the contract's stated index, taking into account any fees and expenses associated with the swap agreement. Total return swap contracts are generally categorized in Level 2.

Fair Value Pricing

If market quotations are not readily available, investments will be valued at their fair value as determined in good faith by the Adviser in accordance with procedures approved by the Board of Trustees (the "Board") and evaluated by the Board as to the reliability of the fair value method used. In these cases, a Fund's NAV will reﬂect certain portfolio investments' fair value rather than their market price. Fair value pricing involves subjective judgments, and it is possible that the fair value determined for an investment is materially different than the value that could be realized upon the sale of that investment. The fair value prices can differ from market prices when they become available or when a price becomes available.

Fair value determinations are required for the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;• securities for which market quotations are
 not readily available at the valuation time on a particular business day (including without limitation securities for which there is a
 short and temporary lapse in the provision of a price by the regular pricing source);

&nbsp;&nbsp;&nbsp;&nbsp;• securities determined to be illiquid in accordance
 with the Trust's Liquidity Procedures; and

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• securities with respect to which an event that
 will affect the value thereof has occurred subsequent to the determination by the Adviser/relevant Sub-Adviser of the closing prices reported
 on the principal exchange on which the securities are traded, but prior to the relevant Fund's calculation of its NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• For any open-end mutual funds that do not provide
 timely NAV information, the Adviser/relevant Sub-Adviser shall evaluate those 'similar' funds and determine which are most
 appropriate based on funds having similar benchmarks or similar objectives. The Adviser/relevant Sub-Adviser shall then calculate the
 NAV percentage move of those 'similar' funds for the day to create an aggregate average percentage move, which it shall use
 to calculate the price movement for the day of the Fund at issue. For closed-end funds, the aforementioned practice shall be utilized,
 in addition to monitoring secondary market activity during the day.

Performing Fair Value Pricing

The Adviser considers all appropriate factors relevant to the value of securities for which market quotations are not readily available. No single standard for determining fair value can be established, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be the amount that the owner might reasonably expect to receive for them upon their current sale.

As a general matter, the Funds' Adviser will value the portfolio security or other asset primarily by reference to the public market if there is a public market for securities of the same class or similar securities; primarily by reference to private transactions if public market reference is not available and private transaction reports are available; and primarily by use of one or more analytical methods or models if public and private market references are not available or not reliable. The Adviser will use cost only if no better method of valuation is available.

The Adviser regularly evaluates whether its pricing methodologies continue to result in values that the Funds might reasonably expect to receive upon a current sale. In order to do this, the Adviser compares its fair value prices with values that are available from other sources (if there are any). The next actual sales price of a security might be one such source. However, the next-day opening prices or next actual sales prices for a security may differ from the fair value of that security as of the time for NAV calculation, given the subjectivity inherent in fair valuation and the fact that events could occur after NAV calculation. Thus, discrepancies between fair values and next-day opening prices or next actual sales prices may occur on a regular and recurring basis. These discrepancies do not necessarily indicate that the Adviser's fair value methodology is inappropriate. Nonetheless, systematic comparisons of fair values to the next-day opening prices or next actual sales prices are useful to assist the Adviser with ongoing monitoring and evaluation of the appropriateness of its fair value methodologies. The above guidance does not purport to delineate all factors that may be considered. The Adviser takes into consideration all indications of value available to it in determining the fair value assigned to a particular security.

The following table summarizes LoCorr Dynamic Opportunity Fund's investments and securities sold short as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Classification** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| **Investments** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $27931380 | $— | $— | $27931380  |
| **Total Investments** | $27931380 | $— | $— | $27931380  |
| **Liabilities:** <br>|  |  |  |  |
| **Securities Sold Short**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $(9920347) | $— | $— | $(9920347)  |
| **Total Securities Sold Short** | $(9920347) | $— | $— | $(9920347) |

---

See the Fund's schedule of investments and schedule of securities sold short for detail by industry classification.

The LoCorr Dynamic Opportunity Fund did not hold any Level 3 assets during the period.

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The following table summarizes LoCorr Hedged Core Fund's consolidated investments, other financial instruments and swap contracts as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Classification** | **Level 1** | **Level 2** | **Level 3** | **NAV as Practical** <br>**Expedient** | **Total**  |
| **Assets:** <br>|  |  |  |  |  |
| **Investments** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $55939708 | $— | $— | $55939708  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 43617938 |  |  | 43617938  |
| &nbsp;&nbsp;&nbsp; Commodity Pool |  |  |  | 20961264 | 20961264  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 19373630 |  |  | 19373630  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Issues |  | 17143115 |  |  | 17143115  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securitities |  | 15248443 |  |  | 15248443  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 6266491 |  |  | 6266491  |
| **Total Investments** | $— | $157589325 | $— | $20961264 | $178550589  |
| **Other Financial Instruments\***<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $1173116 | $— | $— | $— | $1173116  |
| &nbsp;&nbsp;&nbsp; Forwards |  | 1238468 |  |  | 1238468  |
| **Total Other Financial Instruments** | $1173116 | $1238468 | $— | $— | $2411584  |
| **Liabilities:** <br>|  |  |  |  |  |
| **Other Financial Instruments\***<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Long Total Return Swap Contracts | $— | $(599189) | $— | $— | $(599189)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (1423468) |  |  |  | (1423468)  |
| &nbsp;&nbsp;&nbsp; Forwards |  | (653476) |  |  | (653476)  |
| **Total Other Financial Instruments** | $(1423468) | $(1252665) | $— | $— | $(2676133) |

---

See the Fund's consolidated schedule of investments and schedule of securities sold short for the investments detailed by industry classification.

\* The fair value of the Fund's investment in swap contracts represents the net unrealized depreciation at June 30, 2025.

The LoCorr Hedged Core Fund did not hold any Level 3 assets during the period

The following table summarizes LoCorr Long/Short Commodities Strategy Fund's consolidated investments and swap contracts as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security Classification** | **Level 1** | **Level 2** | **Level 3** | **NAV as Practical** <br>**Expedient** | **Total**  |
| **Assets:**<br>|  |  |  |  |  |
| **Investments** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $114820278 | $— | $— | $114820278  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 94894844 |  |  | 94894844  |
| &nbsp;&nbsp;&nbsp; Commodity Pool |  |  |  | 63207311 | 63207311  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 44610805 |  |  | 44610805  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 40660438 |  |  | 40660438  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Issues |  | 22791328 |  |  | 22791328  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 7996729 |  |  | 7996729  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 2269505 |  |  | 2269505  |
| **Total Investments** | $— | $328043927 | $— | $63207311 | $391251238  |
| **Swap Contracts\***<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Long Total Return Swap Contracts | $— | $20666123 | $— | $— | $20666123  |
| **Total Swap Contracts** | $— | $20666123 | $— | $— | $20666123 |

---

See the Fund's consolidated schedule of investments for the investments detailed by industry classification.

\* The fair value of the Fund's investment in swap contracts represents the net unrealized appreciation at June 30, 2025.

The LoCorr Long/Short Commodities Strategy Fund did not hold any Level 3 assets during the period.

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The following table summarizes LoCorr Macro Strategies Fund's consolidated investments and other financial instruments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Classification** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:** <br>|  |  |  |  |
| **Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $519484274 | $— | $519484274  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 379187457 |  | 379187457  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 150098047 |  | 150098047  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 130980933 |  | 130980933  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Issues |  | 105290422 |  | 105290422  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 40964446 |  | 40964446  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 4208137 |  | 4208137  |
| **Total Investments** | $— | $1330213716 | $— | $1330213716  |
| **Other Financial Instruments\*** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $14832341 | $— | $— | $14832341  |
| &nbsp;&nbsp;&nbsp; Forwards |  | 16196250 |  | 16196250  |
| **Total Other Financial Instruments** | $14832341 | $16196250 | $— | $31028591  |
| **Liabilities:** <br>|  |  |  |  |
| **Other Financial Instruments\*** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(17461199) | $— | $— | $(17461199)  |
| &nbsp;&nbsp;&nbsp; Forwards |  | (8550612) |  | (8550612)  |
| **Total Other Financial Instruments** | $(17461199) | $(8550612) | $— | $(26011811) |

---

See the Fund's consolidated schedule of investments for the investments detailed by industry classification.

\* The fair value of the Fund's other financial instruments represent the net unrealized appreciation (depreciation) at June 30, 2025.

The LoCorr Macro Strategies Fund did not hold any Level 3 assets during the period.

The following table summarizes LoCorr Market Trend Fund's consolidated investments and other financial instruments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Classification** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| **Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $78766827 | $— | $78766827  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 63619828 |  | 63619828  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 30567930 |  | 30567930  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 29128286 |  | 29128286  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Issues |  | 13275925 |  | 13275925  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 4523979  |  | 4523979 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 717976 |  | 717976  |
| **Total Investments** | $— | $220600751 | $— | $220600751  |
| **Other Financial Instruments\***<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $5728989 | $— | $— | $5728989  |
| &nbsp;&nbsp;&nbsp; Forwards |  | 3701283 |  | 3701283  |
| **Total Other Financial Instruments** | $5728989 | $3701283 | $— | $9430272  |

---

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Classification** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Liabilities:**<br>|  |  |  |  |
| **Other Financial Instruments\*** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(6159007) | $— | $— | $(6159007)  |
| &nbsp;&nbsp;&nbsp; Forwards |  | (491107) |  | (491107)  |
| **Total Other Financial Instruments** | $(6159007) | $(491107) | $— | $(6650114) |

---

See the Fund's consolidated schedule of investments for the investments detailed by industry classification.

\* The fair value of the Fund's other financial instruments represent the net unrealized appreciation (depreciation) at June 30, 2025.

The LoCorr Market Trend Fund did not hold any Level 3 assets during the period.

The following table summarizes LoCorr Spectrum Income Fund's investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Classification** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| **Investments** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $17464982 | $— | $— | $17464982  |
| &nbsp;&nbsp;&nbsp; Master Limited Partnerships | 16882137 |  |  | 16882137  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 15665278 |  |  | 15665278  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | 10110949 |  |  | 10110949  |
| &nbsp;&nbsp;&nbsp; Business Development Companies | 6857636 |  |  | 6857636  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 1528813 |  |  | 1528813  |
| &nbsp;&nbsp;&nbsp; Royalty Trusts | 744612 |  |  | 744612  |
| **Total Investments** | $69254407 | $— | $— | $69254407 |

---

See the Fund's schedule of investments for detail by industry classification.

The LoCorr Spectrum Income Fund did not hold any Level 3 assets during the period.

The following table summarizes LoCorr Strategic Allocation Fund's consolidated investments and other financial instruments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Classification** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| **Investments** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $18945993 | $— | $— | $18945993  |
| **Total Investments** | $18945993 | $— | $— | $18945993  |
| **Other Financial Instruments\*** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $628504 | $— | $— | $628504  |
| &nbsp;&nbsp;&nbsp; Forwards |  | 206554 |  | 206554  |
| **Total Other Financial Instruments** | $628504 | $206554 | $— | $835058  |
| **Liabilities:** <br>|  |  |  |  |
| **Other Financial Instruments\*** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(589802) | $— | $— | $(589802)  |
| &nbsp;&nbsp;&nbsp; Forwards |  | (102991) |  | (102991)  |
| **Total Other Financial Instruments** | $(589802) | $(102991) | $— | $(692793) |

---

See the Fund's consolidated schedule of investments for the investments detailed by industry classification.

\* The fair value of the Fund's other financial instruments represent the net unrealized appreciation (depreciation) at June 30, 2025.

The LoCorr Strategic Allocation Fund did not hold any Level 3 assets during the period.

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

**Allocation of Income and Expenses** 

Net investment income, other than class speciﬁc expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative NAV of outstanding shares of each class of shares at the beginning of the day (after adjusting for the current capital shares activity of the respective class). Expenses associated with a speciﬁc Fund in the Trust are charged to that Fund. Common expenses are typically allocated based upon the relative net assets of each Fund, or by other equitable means.

**Deposits with Broker** 

Forward Currency and Futures Contracts

When trading derivative instruments, such as futures contracts, a Fund is only required to post initial or variation margin with the exchange or clearing broker. The use of margin in trading these instruments has the effect of creating leverage, which can expose the Fund to substantial gains or losses occurring from relatively small price changes in the value of the underlying instrument and can increase the volatility of the Fund's returns. Volatility is a statistical measure of the dispersion of returns of an investment, where higher volatility generally indicates greater risk. At June 30, 2025, the LoCorr Hedged Core Fund, the LoCorr Macro Strategies Fund, the LoCorr Market Trend Fund and the LoCorr Strategic Allocation Fund pledged cash and cash equivalents, deﬁned as short-term, highly liquid investments that are readily convertible to known amounts of cash at U.S. Bank, N.A. ("U.S. Bank") to Bank of America Merrill Lynch for each Fund's investment in forward currency contracts. See the Funds' consolidated statements of assets and liabilities for these amounts.

Upon entering into a futures contract, and to maintain the Fund's open positions in futures contracts, the Fund is required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as "initial margin." The margin required for a particular futures contract is set by the exchange on which the contract is traded and may be signiﬁcantly modiﬁed from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.

At June 30, 2025, the LoCorr Hedged Core Fund and LCHC, collectively, had cash and cash equivalents on deposit with the broker for derivative instruments which is presented on the Fund's consolidated statement of assets and liabilities. In addition, LCHC pledged a portion of its deposit account as collateral for derivative instruments. See the Fund's consolidated schedule of investments for the fair value of the deposit account pledged as collateral.

At June 30, 2025, the LoCorr Macro Strategies Fund and LCMFS, collectively, had cash and cash equivalents on deposit with the broker for derivative instruments which is presented on the Fund's consolidated statement of assets and liabilities. In addition, LCMFS pledged a portion of its deposit account as collateral for derivative instruments. See the Fund's consolidated schedule of investments for the fair value of the deposit account pledged as collateral.

At June 30, 2025, the LoCorr Market Trend Fund and LCMT, collectively, had cash and cash equivalents on deposit with the broker for derivative instruments which is presented on the Fund's consolidated statement of assets and liabilities. In addition, LCMT pledged a portion of its deposit account as collateral for derivative instruments. See the Fund's consolidated schedule of investments for the fair value of the deposit account pledged as collateral.

At June 30, 2025, the LoCorr Strategic Allocation Fund and LCSA, collectively, had cash and cash equivalents on deposit with the broker for derivative instruments which is presented on the Fund's consolidated statement of assets and liabilities. In addition, LCSA pledged a portion of its deposit account as collateral for derivative instruments. See the Fund's consolidated schedule of investments for the fair value of the deposit account pledged as collateral.

If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Fund.

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

These subsequent payments, called "variation margin," to and from the futures broker (with the exception of futures contracts traded on the London Metal Exchange ("LME")), are made on a daily basis as the price of the underlying assets ﬂuctuate making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." The variation margin on LME futures contracts do not settle daily, but rather settle at their respective maturity dates. At period end, the unrealized appreciation and depreciation on LME futures contracts is shown as receivable for unsettled open futures contracts and payable for unsettled open futures contracts, respectively, on the Funds' consolidated statements of assets and liabilities. The Funds expect to earn interest income on any margin deposits, which is disclosed as broker interest income on the Funds' consolidated statements of operations.

Securities Sold Short

At June 30, 2025, the LoCorr Dynamic Opportunity Fund pledged cash with U.S. Bank as collateral for securities sold short. See the Fund's statement of assets and liabilities for amounts.

Swap Contracts

LCHC has a substantial portion of its assets on deposit with Deutsche Bank in connection with its trading of its swap contract. Assets deposited with Deutsche Bank in connection with the trading of the swap contract for LCHC are partially restricted due to deposit requirements. At June 30, 2025, the LoCorr Hedged Core Fund had cash and cash equivalents on deposit with Deutsche Bank which is presented on the consolidated statements of assets and liabilities as deposits with broker for swap contracts. In addition, at June 30, 2025, LCHC pledged a portion of its deposit account as collateral for the swap contract. See the Fund's consolidated schedule of investments for the fair value of the deposit account pledged as collateral. Risks arise from the possible inability of the counterparty to meet the terms of its contract and may increase if the counterparty's ﬁnancial condition worsens.

LCLSCS has a substantial portion of its assets on deposit with Deutsche Bank in connection with its trading of its swap contract. Assets deposited with Deutsche Bank in connection with the trading of the swap contract for LCLSCS are partially restricted due to deposit requirements. At June 30, 2025, the LoCorr Long/Short Commodities Strategy Fund had cash and cash equivalents on deposit with Deutsche Bank which is presented on the consolidated statements of assets and liabilities as deposits with broker for swap contracts. In addition, at June 30, 2025, LCLSCS pledged a portion of its deposit account as collateral for the swap contract. See the Fund's consolidated schedule of investments for the fair value of the deposit account pledged as collateral. Risks arise from the possible inability of the counterparty to meet the terms of its contract and may increase if the counterparty's ﬁnancial condition worsens.

Options

At June 30, 2025, the LoCorr Spectrum Income Fund had cash on deposit with Pershing, LLC for options contracts which is presented on the Fund's statement of assets and liabilities. In addition, the LoCorr Spectrum Income Fund pledged securities as collateral for options. See the Fund's consolidated schedule of investments for the fair value of securities pledged as collateral.

**Distributable Earnings and Investment Transactions** 

Net investment income and net realized gains (losses) may differ for ﬁnancial reporting and tax purposes because of temporary or permanent book/tax differences. To the extent these differences are permanent; reclassiﬁcations are made to the appropriate equity accounts in the period that the difference arises.

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassiﬁed between ﬁnancial and tax reporting. These reclassiﬁcations have no effect on net assets or NAV per share. See Note 7.

**Distributions from Earnings** 

Shareholder transactions are recorded on trade date. Dividends from net investment income are declared and paid at least annually by the Funds. Distribution of net realized capital gains, if any, are declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. The character of distributions made during the

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

periods from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to the difference in the recognition of income, expense and gain items for ﬁnancial statement and tax purposes.

During the six months ended June 30, 2025, dividends for the LoCorr Spectrum Income Fund were distributed monthly. The estimated characterization of the distributions paid will be an ordinary dividend, qualiﬁed dividend or return of capital.

This estimate is based on the Fund's operating results during the period. It is anticipated that a signiﬁcant portion of the distributions of the Fund's investments in MLP and certain investments in REITs and royalty trusts will be comprised of return of capital as a result of the tax character of cash distributions made by each Fund's investments. The actual characterization of the distributions made during the period is not determined until after the end of the ﬁscal year.

The tax character of distributions paid during the periods was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025**  | **Six Months Ended June 30, 2025**  | **Six Months Ended June 30, 2025**  |
| <br>**Fund** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains** | **Return of** <br>**Capital**  |
| LoCorr Dynamic Opportunity Fund | $— | $— | $—  |
| LoCorr Hedged Core Fund |  |  | —  |
| LoCorr Long/Short Commodities Strategy Fund |  |  | —  |
| LoCorr Macro Strategies Fund |  |  | —  |
| LoCorr Market Trend Fund |  |  | —  |
| LoCorr Spectrum Income Fund | 3138109 |  | —  |
| LoCorr Strategic Allocation Fund |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
| <br>**Fund** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains** | **Return of** <br>**Capital**  |
| LoCorr Dynamic Opportunity Fund | $600766 | $— | $—  |
| LoCorr Hedged Core Fund | 916935 |  | —  |
| LoCorr Long/Short Commodities Strategy Fund | 14531971 |  | 314913  |
| LoCorr Macro Strategies Fund | 47036295 |  | 1296342  |
| LoCorr Market Trend Fund | 19962056 |  | —  |
| LoCorr Spectrum Income Fund | 4487329 |  | 1670800 |

---

**Federal Income Taxes** 

The Funds intend to qualify as regulated investment companies pursuant to Subchapter M of the Internal Revenue Code of 1986, as amended. The Funds intend to distribute substantially all of their investment company net taxable income and net capital gains to shareholders. Therefore, no federal income tax provision is required.

As of and during the six months ended June 30, 2025, the Funds did not have any tax positions that did not meet the "more- likely-than-not" threshold of being sustained by applicable tax authorities. The Funds recognize interest and penalties, if any, related to unrecognized tax beneﬁts on uncertain tax positions as interest or other expense in the statements of operations. During the six months ended June 30, 2025, the Funds did not incur any interest or penalties.

For tax purposes, LCHC, LCLSCS, LCMFS, LCMT, and LCSA are exempted Cayman Islands investment companies. LCHC, LCLSCS, LCMFS, LCMT, and LCSA have each received an undertaking from the Government of the Cayman Islands exempting them from all local income, proﬁts, and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, LCHC, LCLSCS, LCMFS, LCMT, and LCSA are controlled foreign corporations ("CFCs") and as such are not subject to U.S. income tax. However, as a wholly-owned CFC, the net income and capital gain of each CFC, to the extent of its earnings and proﬁts, will be included each year in the respective Funds' investment company taxable income.

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

**Foreign Securities and Currency** 

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the ﬂuctuations arising from changes in market prices of securities held. Such ﬂuctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

**Forward Currency Contracts** 

Gains or losses are realized when foreign currency contracts are liquidated. Any change in net unrealized gain or loss is reported in the statements of operations.

**Futures Contracts** 

A futures contract provides for the future sale by one party and purchase by another party of a speciﬁed amount of a speciﬁc ﬁnancial instrument (e.g., units of a stock index) for a speciﬁed price, date, time and place designated at the time the contract is made. Brokerage fees are incurred when a futures contract is bought or sold and margin deposits must be maintained.

Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position. Unlike when a Fund purchases or sells a security, no price would be paid or received by the Fund upon the purchase or sale of a futures contract.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the underlying instruments, in practice most futures contracts are usually closed out before the delivery date. Gains or losses are realized when contracts are liquidated. Closing out an open futures contract purchase or sale is affected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical underlying instrument or index and the same delivery date. If the offsetting purchase price is less than the original sale price, the Fund realizes a gain; if it is more, the Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, the Fund realizes a gain; if it is less, the Fund realizes a loss.

The transaction costs must also be included in these calculations. There can be no assurance, however, that a Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If a Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract. Any change in net unrealized gain or loss is reported in the statements of operations.

**Indemniﬁcations** 

In the normal course of business, the Funds enter into contracts that contain general indemniﬁcations to other parties. The Funds' maximum exposure under these contracts is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**Market and Credit Risks** 

The Funds may engage in the speculative trading of U.S. and foreign futures, forward currency and swap contracts (collectively, "derivatives"). The Funds are exposed to both market risk, which is the risk arising from changes in the fair value of the contracts and credit risk, which is the risk of failure by another party to perform according to the terms of a contract.

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Purchase and sale of futures contracts requires margin deposits with the broker. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker's proprietary activities. A customer's cash and other property (for example, U.S. government securities) deposited with a broker are considered commingled with all other customer funds subject to the broker's segregation requirements. In the event of a broker's insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than total cash and other property deposited.

For derivatives, risks arise from changes in the fair value of the contracts. Theoretically, the Funds are exposed to a market risk equal to the notional contract value of swap, futures and forward currency contracts purchased and unlimited liability on such contracts sold short.

The Funds also engage in investing its assets in U.S. government securities. Risks arise from investments in U.S. government securities due to possible market illiquidity. U.S. government securities are also sensitive to changes in interest rates and economic conditions.

The Funds have established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that they will, in fact, succeed in doing so.

**New Accounting Pronouncements and/or SEC Regulatory Updates** 

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management has concluded there is no material impact to the Funds' financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment,among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. The Funds operate as a single segment entity. The Funds' income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

**Options on Securities** 

The Funds may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or stock indices and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Option trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater ﬂuctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security.

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

A Fund's obligation to sell an instrument subject to a call option written by it, or to purchase an instrument subject to a put option written by it, may be terminated prior to the expiration date of the option by the Fund's execution of a closing purchase transaction, which is effected by purchasing on an exchange an option of the same series (i.e., same underlying instrument, exercise price and expiration date) as the option previously written. A closing purchase transaction will ordinarily be effected to realize a proﬁt on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a liquidation purchase plus transactions costs may be greater than the premium received upon the original option, in which event the Fund will have incurred a loss in the transaction. There is no assurance that a liquid secondary market will exist for any particular option. An option writer unable to effect a closing purchase transaction will not be able to sell the underlying instrument or liquidate the assets held in a segregated account, as described below, until the option expires or the optioned instrument is delivered upon exercise. In such circumstances, the writer will be subject to the risk of market decline or appreciation in the instrument during such period.

If an option purchased by a Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If a Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option or a loss if it is less. If an option written by a Fund expires on the stipulated expiration date or if the Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold). If an option written by the Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

**Security Transactions and Investment Income** 

Security transactions are recorded on trade date. Generally, realized gains and losses on sales of investments are calculated on the speciﬁcally identiﬁed cost basis of the securities.

Dividend income, less foreign taxes withheld, if any, are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

Distributions received from the investments in MLP interests, REITs, private investments, closed end funds, business development companies and royalty trusts generally are comprised of ordinary income, capital gains and return of capital. Distributions from commodity pools are recorded on the effective date, based on the character determined by the underlying commodity pool. For ﬁnancial statement purposes, the Funds use estimates to characterize these distributions received as return of capital, capital gains or ordinary income. Such estimates are based on historical information available from each MLP, REIT, private investment, closed end fund, business development company or royalty trust and other industry sources. These estimates may subsequently be revised based on information received from the MLP, REIT, private investment, closed end fund, business development company or royalty trust after their tax reporting periods are concluded, as the actual character of these distributions is not known until after the ﬁscal year end of the Funds. The distributions received from the MLP, REIT, private investment, closed-end fund, business development company and royalty trust securities that have been classiﬁed as income and capital gains are included in investment income and net realized gain (loss) on investments, respectively, on the statements of operations. The distributions received that are classiﬁed as return of capital reduce the cost of investments on the statements of assets and liabilities.

Interest income and expense is recognized on the accrual basis. Market discounts, premiums and original issue discounts on ﬁxed-income securities are amortized daily over the expected life of the security using the effective yield method.

**Short Sales** 

The Funds may sell securities short. A short sale is a transaction in which a Fund sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline. When a Fund makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Funds are required to make a margin deposit in connection with such short sales; the Funds may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities.

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

If the price of the security sold short increases between the time of the short sale and the time a Fund covers its short position, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a gain. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the close of a short sale. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged. Gains or losses from closed positions of securities sold short are presented as net realized gain or loss on securities sold short on the statements of operations.

In addition, the Funds are required to pay the lender any dividends declared on short positions. Dividends declared on open short positions are recorded on ex-date and shown as an expense for ﬁnancial reporting purposes. To borrow the security, the Funds also may be required to pay fees, which are shown as an expense for ﬁnancial reporting purposes. A Fund may receive rebate income or be charged a fee for borrowed securities. Such income or fee is calculated on a daily basis based upon the value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Funds record these broker charges on a net basis as broker interest income or interest expense on the Funds' statements of operations.

To the extent the Funds sell securities short, it will provide collateral to the broker-dealer and (except in the case of short sales "against the box") will maintain additional asset coverage in the form of cash, U.S. government securities or other liquid securities with its custodian in a segregated account in an amount at least equal to the difference between the current fair value of the securities sold short and any amounts required to be deposited as collateral with the selling broker (not including the proceeds of the short sale). A short sale is "against the box" to the extent the Funds contemporaneously own or have the right to obtain at no added cost, securities identical to those sold short. Short sales are collateralized by cash deposits with the counterparty broker and pledged securities held at the custodian, U.S. Bank. The collateral required is determined daily by reference to the fair value of the short positions.

**Total Return Swap Contracts** 

The Funds may enter into total return swap agreements. A total return swap entered into by the Funds is a derivative contract that transfers the market risk of underlying portfolios of futures contracts, forward currency contracts and foreign currencies (considered the "index" within each total return swap contract) between counterparties. The "notional amount" of each total return swap agreement is the agreed upon amount or value of the index used for calculating the returns that the parties to a swap agreement have agreed to exchange. The total return swaps are marked to market daily and any change is recorded in unrealized gain/loss on the consolidated statements of operations based on the value of the index on which the total return swap is referenced, as deﬁned within the total return swap agreement between the counterparties. The composition of the index may vary based on how the underlying portfolio of futures contracts, forward currency contracts and foreign currencies is traded. A Fund's obligation under total return swap agreement, including any related fees, offset against amounts owed to the Fund in the case of positive performance, will be covered by designating liquid assets on the Fund's books and records (see the consolidated statement of assets and liabilities for deposits with broker for derivative instruments). Gains or losses will be realized when the total return swap contracts are liquidated and will be presented as net realized gain or loss on swap contracts on the consolidated statements of operations. Changes in notional value and any cash holding adjustments, which represent voluntary realizations by a Fund of swap value at any point in time, are also presented as net realized gain or loss on swap contracts on the consolidated statements of operations. Further, any cash holding adjustments realized by a Fund are subject to interest charges, which are recorded as part of unrealized gain/loss on the consolidated statements of operations. A corresponding asset or liability for "advance receipt on swap contracts" or "advance payment on swap contracts," respectively, is recorded on the consolidated statements of assets and liabilities for the gain or loss realized on changes in notional value. Total return swaps outstanding at period end, if any, are listed after the Funds' consolidated schedules of investments.

**Use of Estimates** 

The preparation of ﬁnancial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the ﬁnancial statements and the reported revenues and expenses during the reporting period. Actual results could differ from those estimates.

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

**Warrants** 

The Funds may invest in warrants. Warrants are options to purchase common stock at a speciﬁc price (usually at a premium above the market value of the optioned common stock at issuance) valid for a speciﬁc period of time. Warrants may have a life ranging from less than one year to twenty years, or they may be perpetual. However, most warrants have expiration dates after which they are worthless. In addition, a warrant is worthless if the market price of the common stock does not exceed the warrant's exercise price during the life of the warrant. Warrants have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the market price of the warrant may tend to be greater than the percentage increase or decrease in the market price of the optioned common stock.

3. Derivative and Other Financial Instruments

The Funds may invest in derivatives such as futures, forward currency, options, and swap contracts, in order to hedge against market movements while liquidating certain positions and buying other securities or as substitutes for securities, as well as for speculative purposes to gain exposure to such market movements.

The Funds' market risk related to their derivatives trading is inﬂuenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, weather, supply and demand of commodities, the market value of futures and forward currency contracts, the diversiﬁcation effects among the Funds' open positions and the liquidity of the markets in which they trade.

The following are the primary trading risk exposures by market sector of the Funds as encompassed in the total return swap contracts:

**Agricultural. (grains, livestock and softs). The Funds' primary exposure is to agricultural price movements which are often directly affected by severe or unexpected weather conditions.** 

**Currencies. Exchange rate risk is a principal market exposure of the Funds. The Funds' currency exposure is to exchange rate ﬂuctuations, primarily ﬂuctuations which disrupt the historical pricing relationships between different currencies and currency pairs. The ﬂuctuations are inﬂuenced by interest rate changes as well as political and general economic conditions. The Funds trade in a large number of currencies including cross-rates– e.g., positions between two currencies other than the U.S. dollar.** 

**Energy. The Funds' primary energy market exposure is to gas and oil price movements, often resulting from political developments in the Middle East and economic conditions worldwide. Energy prices are volatile and substantial proﬁts and losses have been and are expected to continue to be experienced in this market.** 

**Interest Rates. Interest rate movements directly affect the price of the sovereign bond futures positions held by the Funds and indirectly the value of its stock index currency positions. Interest rate movements in one country as well as relative interest rate movements between countries may materially impact the Funds' proﬁtability. The Funds' primary interest rate exposure is to interest rate ﬂuctuations in countries or regions including Australia, Canada, Japan, Switzerland, the United Kingdom, the** 

**United States and the Eurozone. However, the Funds also may take positions in futures contracts on the government debt of other nations. The Funds anticipate that interest rates in these industrialized countries or areas, both long-term and short-term, will remain a primary market exposure of the Funds for the foreseeable future.** 

**Metals. The Funds' metals market exposure is to ﬂuctuations in the price of aluminum, copper, gold, lead, nickel, palladium, tin, silver and zinc.** 

**Stock Index. The Funds' equity exposure, through stock index futures, is to equity price risk in the major industrialized countries as well as other countries.** 

The Fund invests in options which are not traded on an exchange. In doing so, it is assuming a credit risk with regard to the party with which it trades and also bears the risk of settlement default. These risks may differ materially from risks associated with transactions effected on an exchange, which generally are backed by clearing organization guarantees, daily mark-to market and settlement, segregation and minimum capital requirements applicable to intermediaries. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease.

At June 30, 2025, the LoCorr Hedged Core Fund, LoCorr Long/Short Commodities Strategy Fund, LoCorr Macro Strategies Fund, LoCorr Market Trend Fund, and the LoCorr Strategic Allocation Fund held derivative and other financial instruments which are not subject to a master netting arrangement. The following table presents derivative financial instruments that are subject to enforceable netting agreements, collateral agreements, or other similar agreements as of the reporting date.

**LoCorr Hedged Core Fund - June 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Recognized Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Net Amount** |
|  | **Gross Amounts of** <br>**Recognized Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Financial** <br>**Instruments** | **Collateral Pledged** <br>(Received)  | **Net Amount** |
| **Assets:**<br>|  |  |  |  |  |  |
| **Description** <br>|  |  |  |  |  |  |
|  Forward currency contracts | &nbsp;&nbsp; $1238468 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1238468 | $— | &nbsp;&nbsp;&nbsp; $— | $1238468  |
| Total | &nbsp;&nbsp; $1238468 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1238468 | $— | &nbsp;&nbsp;&nbsp; $— | $1238468 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Recognized Liabilities**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Net Amount** |
|  | **Gross Amounts of** <br>**Recognized Liabilities**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Financial** <br>**Instruments** | **Collateral Received** <br>(Pledged)  | **Net Amount** |
| **Liabilities:**<br>|  |  |  |  |  |  |
| **Description** <br>|  |  |  |  |  |  |
|  Forward currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $653476 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $653476 | $— | &nbsp;&nbsp;&nbsp; $(653476) | $—  |
| Swap Contracts\* | &nbsp;&nbsp;&nbsp;&nbsp; $599189 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $599189 | $— | &nbsp;&nbsp;&nbsp; $(599189) | $—  |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $1252665 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1252665 | $— | &nbsp;&nbsp;&nbsp; $(1252665) | $— |

---

\* Includes $0 of advance receipt on swap contracts. 

**LoCorr Long/Short Commodities Strategy Fund - June 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Recognized Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Net Amount** |
|  | **Gross Amounts of** <br>**Recognized Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Financial** <br>**Instruments** | **Collateral Pledged** <br>(Received)  | **Net Amount** |
| **Assets:**<br>|  |  |  |  |  |  |
| **Description** <br>|  |  |  |  |  |  |
| Swap Contracts\* | &nbsp;&nbsp; $51894268 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $51894268 | $— | &nbsp;&nbsp;&nbsp; $— | $51894268  |
| Total | &nbsp;&nbsp; $51894268 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $51894268 | $— | &nbsp;&nbsp;&nbsp; $— | $51894268 |

---

\* Includes $31,228,148 of advance receipt on swap contracts. 

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

**LoCorr Macro Strategies Fund - June 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Recognized Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Net Amount** |
|  | **Gross Amounts of** <br>**Recognized Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Financial** <br>**Instruments** | **Collateral Pledged** <br>(Received)  | **Net Amount** |
| **Assets:**<br>|  |  |  |  |  |  |
| **Description**<br>|  |  |  |  |  |  |
|  Forward currency contracts | &nbsp;&nbsp; $16196250 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $16196250 | $— | &nbsp;&nbsp;&nbsp; $— | $16196250  |
| Total | &nbsp;&nbsp; $16196250 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $16196250 | $— | &nbsp;&nbsp;&nbsp; $— | $16196250 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Recognized Liabilities**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Net Amount** |
|  | **Gross Amounts of** <br>**Recognized Liabilities**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Financial** <br>**Instruments** | **Collateral Received** <br>(Pledged)  | **Net Amount** |
| **Liabilities:**<br>|  |  |  |  |  |  |
| **Description** <br>|  |  |  |  |  |  |
|  Forward currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $8550612 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8550612 | $— | &nbsp;&nbsp;&nbsp; $(8550612) | $—  |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $8550612 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8550612 | $— | &nbsp;&nbsp;&nbsp; $(8550612) | $— |

---

**LoCorr Market Trend Fund - June 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Recognized Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Net Amount** |
|  | **Gross Amounts of** <br>**Recognized Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Financial** <br>**Instruments** | **Collateral Pledged** <br>(Received)  | **Net Amount** |
| **Assets:**<br>|  |  |  |  |  |  |
| **Description** <br>|  |  |  |  |  |  |
|  Forward currency contracts | &nbsp;&nbsp; $3701283 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3701283 | $— | &nbsp;&nbsp;&nbsp; $— | $3701283  |
| Total | &nbsp;&nbsp; $3701283 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3701283 | $— | &nbsp;&nbsp;&nbsp; $— | $3701283 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Recognized Liabilities**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Net Amount** |
|  | **Gross Amounts of** <br>**Recognized Liabilities**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Financial** <br>**Instruments** | **Collateral Received** <br>(Pledged)  | **Net Amount** |
| **Liabilities:**<br>|  |  |  |  |  |  |
| **Description** <br>|  |  |  |  |  |  |
|  Forward currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $491107 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $491107 | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(491107) | $—  |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $491107 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $491107 | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(491107) | $— |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

**LoCorr Strategic Allocation Fund - June 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Recognized Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Net Amount** |
|  | **Gross Amounts of** <br>**Recognized Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Financial** <br>**Instruments** | **Collateral Pledged** <br>(Received)  | **Net Amount** |
| **Assets:**<br>|  |  |  |  |  |  |
| **Description** <br>|  |  |  |  |  |  |
|  Forward currency contracts | &nbsp;&nbsp; $206554 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $206554 | $— | &nbsp;&nbsp;&nbsp; $— | $206554  |
| Total | &nbsp;&nbsp; $206554 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $206554 | $— | &nbsp;&nbsp;&nbsp; $— | $206554 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Recognized Liabilities**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Gross Amounts not Offset in the** <br>**Consolidated Statement** <br>**of Assets & Liabilities** | **Net Amount** |
|  | **Gross Amounts of** <br>**Recognized Liabilities**  | **Gross Amounts** <br>**Offset in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Consolidated** <br>**Statement of** <br>**Assets & Liabilities** | **Financial** <br>**Instruments** | **Collateral Received** <br>(Pledged)  | **Net Amount** |
| **Liabilities:**<br>|  |  |  |  |  |  |
| **Description** <br>|  |  |  |  |  |  |
|  Forward currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $102991 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $102991 | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(102991) | $—  |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $102991 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $102991 | $— | &nbsp;&nbsp;&nbsp;&nbsp; $(102991) | $— |

---

<sup>(a)</sup> Reflects the current day variation margin and unsettled open futures contracts as separately reported within the Fund's consolidated statement of assets and liabilities.

The Funds have adopted authoritative standards regarding disclosure about derivatives and hedging activities and how they affect the Funds' consolidated statements of assets and liabilities and consolidated statements of operations. Fair value of swap contracts are recorded in the consolidated statements of assets and liabilities as net unrealized appreciation on swap contracts or net unrealized depreciation on swap contracts.

Since the derivatives held long or short are for speculative trading purposes, the derivative instruments are not designated as hedging instruments. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open contracts from the preceding period, are recognized as part of realized and unrealized gain (loss) in the consolidated statements of operations.

The following table presents the fair value of consolidated derivative instruments for the LoCorr Hedged Core Fund, LoCorr Long/Short Commodities Strategy Fund, LoCorr Macro Strategies Fund, LoCorr Market Trend Fund and LoCorr Strategic Allocation Fund as of June 30, 2025 as presented on each Fund's consolidated statements of assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| | **Fair Value** | **Fair Value** | **Net Unrealized** <br>**Gain (Loss) on** <br>**Open Positions**  |
| <br>**Derivatives Not Accounted for as Hedging Instruments** | **Assets** | **Liabilities**  | **Net Unrealized** <br>**Gain (Loss) on** <br>**Open Positions**  |
| **LoCorr Hedged Core Fund**<br>|  |  |  |
| Forward Currency Contracts<sup>(a)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Long | $13647 | $648973 | $(635326)  |
| &nbsp;&nbsp;&nbsp; Short | 1224821 | 4503 | 1220318  |
| Total Forward Currency Contracts | 1238468 | 653476 | 584992  |

---

134<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Fair Value** | **Fair Value** | **Net Unrealized** <br>**Gain (Loss) on** <br>**Open Positions**  |
| <br>**Derivatives Not Accounted for as Hedging Instruments** | **Assets** | **Liabilities**  | **Net Unrealized** <br>**Gain (Loss) on** <br>**Open Positions**  |
| Futures Contracts<sup>(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Long Contracts<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity | $88555 | $1083884 | $(995329)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | 380352 | 65338 | 315014  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | 151197 | 61 | 151136  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 241327 | 80321 | 161006  |
| &nbsp;&nbsp;&nbsp; Total Long Contracts | 861431 | 1229604 | (368173)  |
| &nbsp;&nbsp;&nbsp; Short Contracts<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity | 279984 | 74112 | 205872  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | 9299 | 18767 | (9468)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | 7544 | 13222 | (5678)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 14858 | 87763 | (72905)  |
| &nbsp;&nbsp;&nbsp; Total Short Contracts | 311685 | 193864 | 117821  |
| Total Futures Contracts | 1173116 | 1423468 | (250352)  |
| Total Forward Currency Contracts and Futures Contracts | $2411584 | $2076944 | $334640  |
| Long Total Return Swap Contracts<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; LoCorr Commodities Index | $— | $(599189) | $(599189)  |
| **LoCorr Long/Short Commodities Strategy Fund**<br>|  |  |  |
| Long Total Return Swap Contracts<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; LoCorr Commodities Index | $20666123 | $— | $20666123  |
| **LoCorr Macro Strategies Fund**<br>|  |  |  |
| Forward Currency Contracts<sup>(a)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Long | 178912 | 8492850 | (8313938)  |
| &nbsp;&nbsp;&nbsp; Short | 16017338 | 57762 | 15959576  |
| &nbsp;&nbsp;&nbsp; Total Forward Currency Contracts | 16196250 | 8550612 | 7645638  |
| Futures Contracts<sup>(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Long Contracts<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity | 1339343 | 12879507 | (11540164)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | 5059528 | 823220 | 4236308  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | 1651778 | 2668 | 1649110  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 2889067 | 1032453 | 1856614  |
| &nbsp;&nbsp;&nbsp; Total Long Contracts | 10939716 | 14737848 | (3798132)  |
| &nbsp;&nbsp;&nbsp; Short Contracts<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity | 3476777 | 1119507 | 2357270  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | 118165 | 300023 | (181858)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | 107166 | 158419 | (51253)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 190517 | 1145402 | (954885)  |
| &nbsp;&nbsp;&nbsp; Total Short Contracts | 3892625 | 2723351 | 1169276  |
| Total Futures Contracts | 14832341 | 17461199 | (2628858)  |
| Total Forward Currency Contracts and Futures Contracts | $31028591 | $26011811 | $5016780  |

---

135<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Fair Value** | **Fair Value** | **Net Unrealized** <br>**Gain (Loss) on** <br>**Open Positions**  |
| <br>**Derivatives Not Accounted for as Hedging Instruments** | **Assets** | **Liabilities**  | **Net Unrealized** <br>**Gain (Loss) on** <br>**Open Positions**  |
| **LoCorr Market Trend Fund**<br>|  |  |  |
| Forward Currency Contracts<sup>(a)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Long | $283 | $489441 | $(489158)  |
| &nbsp;&nbsp;&nbsp; Short | 3701000 | 1666 | 3699334  |
| Total Forward Currency Contracts | 3701283 | 491107 | 3210176  |
| Futures Contracts<sup>(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Long Contracts<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity | 513310 | 4358768 | (3845458)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | 2646133 | 327984 | 2318149  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 997042 | 528159 | 468883  |
| &nbsp;&nbsp;&nbsp; Total Long Contracts | 4156485 | 5214911 | (1058426)  |
| &nbsp;&nbsp;&nbsp; Short Contracts<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity | 1505530 | 320279 | 1185251  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity |  | 143971 | (143971)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | 61953 |  | 61953  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 5021 | 479846 | (474825)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short Contracts | 1572504 | 944096 | 628408  |
| Total Futures Contracts | 5728989 | 6159007 | (430018)  |
| Total Forward Currency Contracts and Futures Contracts | $9430272 | $6650114 | $2780158  |
| **LoCorr Strategic Allocation Fund**<br>|  |  |  |
| Forward Currency Contracts<sup>(a)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Long | 829 | 57162 | (56333)  |
| &nbsp;&nbsp;&nbsp; Short | 205725 | 45829 | 159896  |
| Total Forward Currency Contracts | 206554 | 102991 | 103563  |
| Futures Contracts<sup>(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Long Contracts<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity | 124621 | 102029 | 22592  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | 97637 | 22784 | 74853  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | 209452 |  | 209452  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 49451 | 19845 | 29606  |
| &nbsp;&nbsp;&nbsp; Total Long Contracts | 481161 | 144658 | 336503  |
| &nbsp;&nbsp;&nbsp; Short Contracts<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity | 115140 | 47965 | 67175  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | 1748 | 1047 | 701  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | 18735 | 338220 | (319485)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate | 11720 | 57912 | (46192)  |
| &nbsp;&nbsp;&nbsp; Total Short Contracts | 147343 | 445144 | (297801)  |
| Total Futures Contracts | 628504 | 589802 | 38702  |
| Total Forward Currency Contracts and Futures Contracts | $835058 | $692793 | $142265 |

---

<sup>(a)</sup> Unrealized appreciation on forward currency contracts is a receivable and unrealized depreciation on forward currency contracts is a payable on the Fund's consolidated statement of assets and liabilities.

<sup>(b)</sup> Reflects the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund's consolidated schedule of open futures contracts. Only the current day variation margin and unsettled open futures contracts is separately reported within the Fund's consolidated statement of assets and liabilities.

136<br>

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The following table presents the results of the derivative trading and information related to volume for the six months ended June 30, 2025. The below captions of "Net Realized" and "Net Change in Unrealized" correspond to the captions in each Fund's consolidated and non-consolidated statement of operations.

---

| | | |
|:---|:---|:---|
| | **Gain (Loss) from Trading**  | **Gain (Loss) from Trading**  |
| <br>**Fund and Type of Derivative Instrument** | **Net Realized** | **Net Change** <br>**in Unrealized**  |
| **LoCorr Hedged Core Fund**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts | $(1087507) | $(163561)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity | (128789) | (816149)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | 299980 | 663750  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | (95816) | 107826  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (1963908) | (118141)  |
| Total Futures Contracts | (1888533) | (162714)  |
| Total Forward Currency Contracts and Futures Contracts | $(2976040) | $(326275)  |
| Swap Contracts | $— | $1537020  |
| **LoCorr Long/Short Commodities Strategy Fund** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Swap Contracts | $1696349 | $3793808  |
| **LoCorr Macro Strategies Fund** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts | $(15298128) | $(6847463)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity | (1781614) | (12104358)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | 5412013 | 10836601  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | (863650) | 930025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (29881811) | (2935237)  |
| Total Futures Contracts | (27115062) | (3272969)  |
| Total Forward Currency Contracts and Futures Contracts | $(42413190) | $(10120432)  |
| **LoCorr Market Trend Fund** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts | $(3324663) | $(4695361)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity | (4437585) | (3610829)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | (10774383) | 6654349  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | (143047) | (118562)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate | (10809051) | (2887284)  |
| Total Futures Contracts | (26164066) | 37674  |
| Total Forward Currency Contracts and Futures Contracts | $(29488729) | $(4657687)  |
| **LoCorr Spectrum Income Fund** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Options <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | 1503715 | —  |
| Total Options | $1503715 | $—  |

---

137<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| | **Gain (Loss) from Trading**  | **Gain (Loss) from Trading**  |
| <br>**Fund and Type of Derivative Instrument** | **Net Realized** | **Net Change** <br>**in Unrealized**  |
| **LoCorr Strategic Allocation Fund** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts | $(359737) | &nbsp;&nbsp; $103563  |
| &nbsp;&nbsp;&nbsp; Futures Contracts <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity | (287358) | &nbsp;&nbsp; 89767  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | (240236) | &nbsp;&nbsp; 75554  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | (850168) | &nbsp;&nbsp; (110033)  |
| &nbsp;&nbsp;&nbsp; Interest rate | (409429) | &nbsp;&nbsp; (16586)  |
| Total Futures Contracts | (1787191) | &nbsp;&nbsp; 38702  |
| Total Forward Currency Contracts and Futures Contracts | $(2146928) | &nbsp;&nbsp; $142265 |

---

<sup>(d)</sup> Purchased options are included within net realized gain (loss) on investments and net change in unrealized appreciation/depreciation on investments.

The average monthly notional amount is shown as an indicator of volume. The average monthly notional amounts during the six months ended June 30, 2025 were:

---

| | | |
|:---|:---|:---|
|  | **Average Notional Amount**  | **Average Notional Amount**  |
|  | **Long Contracts** | **Short Contracts**  |
| **LoCorr Hedged Core Fund** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts | $55036459 | $69690399  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 164591156 | 102522999  |
| &nbsp;&nbsp;&nbsp; Swap Contracts | 37970928 | —  |
| **LoCorr Long/Short Commodities Strategy Fund** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Swap Contracts | $123754081 | $—  |
| **LoCorr Macro Strategies Fund** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts | $871103723 | $1121040407  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 2414753948 | 1624408026  |
| **LoCorr Market Trend Fund** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts | $217410819 | $340857427  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 744311920 | 581840904  |
| **LoCorr Spectrum Income Fund** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Options<sup>(a)</sup> | $34420000 | $4653964  |
| **LoCorr Strategic Allocation Fund** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts | $11733129 | $13039646  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 47882583 | 30277093 |

---

<sup>(a)</sup> Represents an average of each month the Fund held purchased or written options.

The swap contracts and the commodity-related futures contracts reported in the tables in Note 3 represent balances and activity of each Fund's respective wholly-owned and controlled subsidiary. See Note 2.

Please refer to the Funds' prospectus for a full listing of risks associated with these investments.

138<br>

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

4. Investment Transactions

The cost of security purchases and proceeds from security sales, excluding short-term investments, derivative instruments, short sales and purchases to cover short sales, for the six months ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Government Obligations** | **U.S. Government Obligations** | **All Other**  | **All Other**  |
|  | **Purchases** | **Sales** | **Purchases** | **Sales**  |
| LoCorr Dynamic Opportunity Fund | $— | $— | $240237202 | $247332288  |
| LoCorr Hedged Core Fund | 96116400 | 67622262 | 87655815 | 12072552  |
| LoCorr Long/Short Commodities Strategy Fund | 50511406 | 57327816 | 55330773 | 98852405  |
| LoCorr Macro Strategies Fund | 260708292 | 364997415 | 236793529 | 200229791  |
| LoCorr Market Trend Fund | 91071289 | 127914968 | 43368483 | 72284644  |
| LoCorr Spectrum Income Fund |  |  | 14091849 | 13603866  |
| LoCorr Strategic Allocation Fund |  |  | 23209666 | 5127572 |

---

5. Management Fees and Other Transactions with Afﬁliates

Management Agreement

The Trust has a Management Agreement with the Adviser, with whom certain ofﬁcers and Trustees of the Funds are afﬁliated, to furnish investment advisory services to the Funds. Pursuant to the Management Agreement, the Adviser is entitled to receive a fee, paid monthly, as follows:

---

| | |
|:---|:---|
| **Fund** | **Annual Advisory Fee as a Percentage of** <br>**the Average Daily Net Assets of the Fund**  |
| LoCorr Dynamic Opportunity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%  |
| LoCorr Hedged Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%  |
| LoCorr Macro Strategies Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%  |
| LoCorr Market Trend Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%  |
| LoCorr Spectrum Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%  |
| LoCorr Strategic Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24% |

---

Pursuant to the Management Agreement, the Adviser is entitled to receive a fee, paid monthly, in accordance with the Incremental Advisory Fee schedule below based on the LoCorr Long/Short Commodities Strategy Fund's average daily net assets.

---

| | |
|:---|:---|
| **Net Assets for the LoCorr Long/Short Commodities Strategy Fund** | **Incremental** <br>**Advisory Fee\*** |
| $0.0 - $0.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 1.50%  |
| $0.5 - $1.0 billion | &nbsp;&nbsp;&nbsp;&nbsp; 1.40%  |
| $1.0 - $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 1.30%  |
| $1.5 - $2.0 billion | &nbsp;&nbsp;&nbsp;&nbsp; 1.20%  |
| $2.0 - $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 1.10%  |
| Over $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% |

---

\* Incremental advisory fee represents the fees paid on net assets at the related net asset level. For example, with $3 billion in net assets in the Fund, the Adviser would earn 1.50% on the ﬁrst $500 million, plus 1.40% on the next $500 million, plus 1.30% on the next $500 million, plus 1.20% on the next $500 million, plus 1.10% on the next $500 million, plus 1.00% on the ﬁnal $500 million. 

As of and for the six months ended June 30, 2025, the Funds reported the following in regards to management fees:

---

| | | |
|:---|:---|:---|
| **Fund** | **Management Fees** <br>**For the Six Months Ended** <br>**June 30, 2025** | **Accrued Net** <br>**Management** <br>**Fees as of** <br>**June 30, 2025**  |
| LoCorr Dynamic Opportunity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $336996 | $41731  |
| LoCorr Hedged Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1461773 | 278962  |
| LoCorr Long/Short Commodities Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3722109 | 582243  |

---

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Management Fees** <br>**For the Six Months Ended** <br>**June 30, 2025** | **Accrued Net** <br>**Management** <br>**Fees as of** <br>**June 30, 2025**  |
| LoCorr Macro Strategies Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12940941 | $2083908  |
| LoCorr Market Trend Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2477873 | 344732  |
| LoCorr Spectrum Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468139 | 75477  |
| LoCorr Strategic Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148540 |  |

---

**Sub-Advisory Agreements** 

Sub-advisory services are provided to the Funds, pursuant to agreements between the Adviser and the below listed sub- advisers. Under the terms of these sub-advisory agreements, the Adviser compensates the sub-advisers based on the portion of each Fund's average daily net assets which they have been allocated to manage.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **LoCorr Dynamic Opportunity Fund:**<br>**Kettle Hill Capital Management, LLC** <br>**LoCorr Hedged Core Fund:**<br>**Graham Capital Management, L.P.**<br>**Millburn Ridgefield Corporation**<br>**Nuveen Asset Management, LLC**<br>**Revolution Capital Management LLC**<br>**R.G. Niederhoffer Capital Management** <br>**LoCorr Long/Short Commodities Strategy Fund:**<br>**Nuveen Asset Management, LLC** <br>**LoCorr Macro Strategies Fund:**<br>**Graham Capital Management, L.P.**<br>**Millburn Ridgefield Corporation**<br>**Nuveen Asset Management, LLC**<br>**Revolution Capital Management, LLC**<br>**R.G. Niederhoffer Capital Management**  | &nbsp;&nbsp;&nbsp; **LoCorr Market Trend Fund:**<br>**Graham Capital Management, L.P.**<br>**Nuveen Asset Management, LLC** <br>**LoCorr Spectrum Income Fund:**<br>**Bramshill Investments, LLC** <br>**LoCorr Strategic Allocation Fund:**<br>**Crabel Capital Management, LLC**<br>**P/E Global, LLC**<br>**BH-DG Systematic Trading LLP**<br>**Parametric Portfolio Associates, LLC** |

---

The Adviser is solely responsible for the payment of the sub-adviser's fees, and the sub-adviser agrees not to seek payment of its fees from the Trust or the Funds.

Expense Limitation Agreement

The Funds' Adviser has contractually agreed to waive management fees and/or reimburse the Funds for expenses they incur, but only to the extent necessary to maintain the Funds' total annual operating expenses after fee waiver and/or reimbursement (excluding any Rule 12b-1 distribution and/or servicing fees, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expenses on short sales, swap fees, indirect expenses, expenses of other investment companies in which the Funds may invest, or extraordinary expenses such as litigation expenses and inclusive of offering and organizational costs incurred prior to the commencement of operations) at the percentages listed below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Expense Limit as a** <br>**Percentage of the Average** <br>**Daily Net Assets of the Fund** | **Effective Period Through**  |
| LoCorr Dynamic Opportunity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99% | April 30, 2026  |
| LoCorr Hedged Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.83% | April 30, 2026  |
| LoCorr Long/Short Commodities Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | April 30, 2026  |
| LoCorr Macro Strategies Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99% | April 30, 2026  |
| LoCorr Market Trend Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% | April 30, 2026  |

---

140<br>

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Expense Limit as a** <br>**Percentage of the Average** <br>**Daily Net Assets of the Fund** | **Effective Period Through**  |
| LoCorr Spectrum Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80% | April 30, 2026  |
| LoCorr Strategic Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59% | April 30, 2026 |

---

Any waiver or reimbursement is subject to repayment by the respective Fund within the three ﬁscal years following the ﬁscal year in which the expenses occurred if the Fund is able to make the repayment without exceeding its current expense limitation and the expense limitation at the time of the waiver and the repayment is approved by the Board.

The total amounts of management fees waived and/or expenses reimbursed which are subject to recovery, and their related expiration date are as follows:

**LoCorr Dynamic Opportunity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Management Fees** <br>(Waived) by Adviser <br>**Subject to Recovery** | **Recovery to Adviser**  | **Remaining Available** <br>**Subject to Recovery** | **Subject to Recovery** <br>**on or Before Fiscal** <br>**Year Ending December 31,**  |
| **Period** | **Management Fees** <br>(Waived) by Adviser <br>**Subject to Recovery** | **Six Months Ended** <br>**June 30, 2025** | **Remaining Available** <br>**Subject to Recovery** | **Subject to Recovery** <br>**on or Before Fiscal** <br>**Year Ending December 31,**  |
| Six Months Ended June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(59380) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(59380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2028  |
| Year Ended December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; (110435) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (110435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027  |
| Year Ended December 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp; (50998) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026  |
| Year Ended December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; (154575) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (154575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025  |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(375388) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(375388) |  |

---

**LoCorr Hedged Core Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Management Fees** <br>(Waived) by Adviser <br>**Subject to Recovery** | **Recovery to Adviser**  | **Remaining Available** <br>**Subject to Recovery** | **Subject to Recovery** <br>**on or Before Fiscal** <br>**Year Ending December 31,**  |
| **Period** | **Management Fees** <br>(Waived) by Adviser <br>**Subject to Recovery** | **Six Months Ended** <br>**June 30, 2025**  | **Remaining Available** <br>**Subject to Recovery** | **Subject to Recovery** <br>**on or Before Fiscal** <br>**Year Ending December 31,**  |
| Six Months Ended June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2028  |
| Year Ended December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; (178397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23796 | &nbsp;&nbsp;&nbsp;&nbsp; (154601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027  |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(178397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23796 | &nbsp;&nbsp;&nbsp;&nbsp; $(154601) |  |

---

**LoCorr Spectrum Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Management Fees** <br>(Waived) by Adviser <br>**Subject to Recovery** | **Recovery to Adviser**  | **Remaining Available** <br>**Subject to Recovery** | **Subject to Recovery** <br>**on or Before Fiscal** <br>**Year Ending December 31,**  |
| **Period** | **Management Fees** <br>(Waived) by Adviser <br>**Subject to Recovery** | **Six Months Ended** <br>**June 30, 2025** | **Remaining Available** <br>**Subject to Recovery** | **Subject to Recovery** <br>**on or Before Fiscal** <br>**Year Ending December 31,**  |
| Six Months Ended June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8689) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2028  |
| Year Ended December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16242) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027  |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(24931) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(24931) |  |

---

**LoCorr Strategic Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Management Fees** <br>(Waived) by Adviser <br>**Subject to Recovery** | **Recovery to Adviser**  | **Remaining Available** <br>**Subject to Recovery** | **Subject to Recovery** <br>**on or Before Fiscal** <br>**Year Ending December 31,**  |
| **Period** | **Management Fees** <br>(Waived) by Adviser <br>**Subject to Recovery** | **Six Months Ended** <br>**June 30, 2025** | **Remaining Available** <br>**Subject to Recovery** | **Subject to Recovery** <br>**on or Before Fiscal** <br>**Year Ending December 31,**  |
| Six Months Ended June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(272664) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(272664) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2028  |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(272664) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(272664) |  |

---

At June 30, 2025, there were no fees subject to recovery for the LoCorr Long/Short Commodities Strategy Fund, the LoCorr Macro Strategies Fund, or the LoCorr Market Trend Fund.

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Rule 12b-1 Distribution Agreement

The Funds have entered into a Rule 12b-1 distribution agreement with Quasar Distributors, LLC ("Quasar"). Class A shareholders pay distribution expenses to Quasar at the annual rate not to exceed 0.25% of the Fund's average daily net assets. Class C shareholders pay to Quasar an annual rate not to exceed 1.00%, which is comprised of 0.75% in distribution expenses and 0.25% in service fees, of the Fund's average daily net assets. Class I shareholders pay no 12b-1 fees.

Sales Charges

Contingent deferred sales charges ("CDSC") do not represent expenses of the Fund. They are deducted from the proceed of sales of Fund shares from redemption proceeds prior to remittance. The CDSC retained by the Distributor on the redemption of shares is shown in the following table for the six months ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Class A CDSC** <br>**Retained by** <br>**Distributor** | **Class C CDSC** <br>**Retained by** <br>**Distributor**  |
| LoCorr Dynamic Opportunity Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| LoCorr Hedged Core Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; N/A  |
| LoCorr Long/Short Commodities Strategy Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 844  |
| LoCorr Macro Strategies Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 582  |
| LoCorr Market Trend Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1668  |
| LoCorr Spectrum Income Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 248  |
| LoCorr Strategic Allocation Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

6. Fund Shares

At June 30, 2025 there were an unlimited number of shares of beneﬁcial interest authorized.

**Conversion Feature** 

Class C shares purchased directly from the Funds or through a financial intermediary, except as otherwise disclosed in the Funds' prospectus, automatically convert to Class A shares in the month of the 8-year anniversary date of the purchase of the Class C shares, based on the relative NAV of each such class without the imposition of any sales charge, fee or other charge.

7. Federal Tax Information

At December 31, 2024, the components of accumulated earnings (losses) on a tax basis were as follows<sup>(1)</sup>:

---

| | | | |
|:---|:---|:---|:---|
|  | **LoCorr Dynamic** <br>**Opportunity Fund** | **LoCorr Hedged** <br>**Core Fund <sup>(2)</sup>** | **LoCorr Long/Short** <br>**Commodities** <br>**Strategy Fund <sup>(2)</sup>**  |
| Tax cost of portfolio | &nbsp;&nbsp; $35383611 | $101293115 | &nbsp;&nbsp; $666471472  |
| Gross unrealized appreciation | &nbsp;&nbsp; $638173 | $275869 | &nbsp;&nbsp; $18700290  |
| Gross unrealized depreciation | &nbsp;&nbsp; (2362801) | (4630061) | &nbsp;&nbsp; (38470647)  |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; (1724628) | (4354192) | &nbsp;&nbsp; (19770357)  |
| Undistributed ordinary income | &nbsp;&nbsp; 4787374 | 1188127 | &nbsp;&nbsp; —  |
| Undistributed long-term capital gains | &nbsp;&nbsp; — |  | &nbsp;&nbsp; —  |
| **Total earnings accumulated** | &nbsp;&nbsp; 4787374 | 1188127 | &nbsp;&nbsp; —  |
| **Other accumulated losses** | &nbsp;&nbsp; (4903) | (452718) | &nbsp;&nbsp; (22673824)  |
| **Total distributable earnings (accumulated losses)** | &nbsp;&nbsp; $3057843 | $(3618783) | &nbsp;&nbsp; $(42444181) |

---

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **LoCorr Macro** <br>**Strategies Fund<sup>(2)</sup>** | **LoCorr Market** <br>**Trend Fund<sup>(2)</sup>** | **LoCorr Spectrum** <br>**Income Fund**  |
| Tax cost of portfolio | $1442580009 | $291940466 | $58884881  |
| Gross unrealized appreciation | $15626106 | $4267326 | $12686020  |
| Gross unrealized depreciation | (9129979) | (2390426) | (3824693)  |
| Net unrealized appreciation (depreciation) | 6496127 | 1876900 | 8861327  |
| Undistributed ordinary income |  |  | —  |
| Undistributed long-term capital gains |  |  | —  |
| **Total earnings accumulated** |  |  | —  |
| **Other accumulated losses** | (199634202) | (54742193) | (46982353)  |
| **Total distributable earnings (accumulated losses)** | $(193138075) | $(52865293) | $(38121026) |

---

<sup>(1)</sup> Total Portfolio represents aggregate amounts of Fund's investments, securities sold short, forward currency contracts and futures contracts, where applicable. 

<sup>(2)</sup> Tax Cost is presented on a non-consolidated basis and includes each of the Fund's investment in the respective CFC's and the unrealized appreciation and depreciation associated with those investments.

Undistributed income or net realized gains for financial statement purposes may differ from amounts recognized for federal income tax purposes due to differences in the recognition and characterization of income, expense and capital gain items. The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributed primarily to the tax deferral of losses on wash sales, mark to market, investments in partnerships and other temporary differences.

At December 31, 2024, accumulated net realized capital loss carryovers, if any, and the year<sup>(s)</sup> in which the capital loss carryovers expire were:

---

| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss Carryover** | **Capital Loss Carryover** | **Year of** <br>**Expiration**  |
|  | **Short-Term** | **Long-Term** | **Year of** <br>**Expiration**  |
| LoCorr Dynamic Opportunity Fund | $— | $— | Indefinitely  |
| LoCorr Hedged Core Fund | 197918 | 254800 | Indefinitely  |
| LoCorr Long/Short Commodities Strategy Fund | 8595568 | 14078256 | Indefinitely  |
| LoCorr Macro Strategies Fund | 85522945 | 113743794 | Indefinitely  |
| LoCorr Market Trend Fund | 22412852 | 32290565 | Indefinitely  |
| LoCorr Spectrum Income Fund | 19418614 | 27021323 | Indefinitely |

---

During the year ended December 31, 2024, the LoCorr Dynamic Opportunity Fund, the Long/Short Commodities Fund, and the LoCorr Macro Strategies Fund utilized unlimited capital loss carryover of $2,970,064, $56,292, and $39,902,133, respectively. The LoCorr Hedged Core Fund, the LoCorr Market Trend Fund and the LoCorr Spectrum Income Fund did not utilize any capital loss carryovers.

8. Line of Credit

The Funds did not utilize the Line of Credit for the six months ended June 30, 2025.

9. Subsequent Events

In preparing the ﬁnancial statements, the Adviser has evaluated events after June 30, 2025.

**Declaration of Dividends** 

The LoCorr Spectrum Income Fund declared the following ordinary income distributions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Dividend Declaration Date<sup>(a)</sup>** | **Shareholder of** <br>**Record Date** | **Distribution Amount per Share Class**  | **Distribution Amount per Share Class**  | **Distribution Amount per Share Class**  |
| **Dividend Declaration Date<sup>(a)</sup>** | **Shareholder of** <br>**Record Date** | **Class A** | **Class C** | **Class I**  |
| July 31, 2025 | July 30, 2025 | $0.0386 | $0.03470 | $0.04000 |

---

<sup>(a)</sup> Ex-date, reinvest date and payable date.

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**LoCorr Investment Trust** 

**Notes to the Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The estimated characterization of the distributions paid will be an ordinary dividend, qualiﬁed dividend or return of capital. See Note 2 for additional information.

There were no additional subsequent events since June 30, 2025, through the date the ﬁnancial statements were issued that would require adjustments to or additional disclosure in these ﬁnancial statements.

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**LOCORR INVESTMENT TRUST** 

**Portfolio Holdings Disclosure (Unaudited)** 

The Funds file a complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (the "SEC) for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Funds' Part F of Form N-PORT are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Funds' Part F of Form N-PORT may also be obtained by calling toll-free 1-855-523-8637.

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**LOCORR INVESTMENT TRUST** 

**Proxy voting policies, procedures and record (Unaudited)** 

You may obtain a description of the Funds' (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Funds voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Funds directly at 1-855-523-8637, or on the EDGAR Database on the SEC's website (http:// www.sec.gov).

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**LoCorr Investment Trust** 

**Additional Information** 

**The below information is required disclosure from Form N-CSRS** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within the financial statements in 7(a).

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

**Review of Management and Sub-Advisory Agreements** 

Counsel directed the Trustees to the Board materials for the approval and renewal of the investment advisory and sub-advisory agreements.

The Trustees reviewed the memorandum provided by Counsel which had been provided to them prior to the meeting entitled, "Duties of Trustees with Respect to Approval and Renewal of Investment Advisory and Sub-Advisory Contracts". The Trustees, including a majority of the Trustees who are not "interested persons" of the Trust within the meaning of the 1940 Act (the "Independent Trustees"), reviewed the various factors relevant to its consideration of the management agreement and the various subadvisory agreements and the legal responsibilities of the Trustees related to such consideration. These factors included the following:

&nbsp;&nbsp;&nbsp;&nbsp;• The nature, extent and quality of the services
 provided by the investment adviser to the fund;

&nbsp;&nbsp;&nbsp;&nbsp;• The investment performance of the fund and the
 investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;• The costs of the services to be provided and
 the profits to be realized by the adviser and its affiliates from the relationship with the fund;

&nbsp;&nbsp;&nbsp;&nbsp;• The extent to which economies of scale will be
 realized as the fund grows; and

&nbsp;&nbsp;&nbsp;&nbsp;• Whether the fee levels reflect these economies
 of scale to the benefit of the shareholders.

The Trustees reviewed the responses to the 15(c) questionnaires and the management and sub-advisory agreements prior to the Meeting.

**Approval of Advisory Agreement** 

The Board considered the nature, extent and quality of services to be provided to the LSA Fund and reviewed the 15(c) responses, which included a review of the key personnel of the Adviser. Counsel noted for the Trustees that there had not been any material changes in the Adviser's personnel in the past year.

The Trustees reviewed the Adviser's investment program for the LSA Fund its investment objective. A representative of the Adviser indicated that the Adviser oversees and continually evaluates subadvisers and that the Adviser also will provide overall portfolio and risk management consistent with the Fund's investment strategy, guidelines and limitations.

Counsel stated that there had not been any recent litigations or examinations of the Adviser by any regulatory body. After a discussion, the Trustees concluded that the Adviser continues to be well resourced with experienced personnel and investment expertise and has provided, and is expected to provide, high quality services to the Funds and their respective shareholders.

A representative from the Adviser reviewed the Adviser's financial statements and insurance policy with the Trustees. The Trustees concluded that, based on their review of the Adviser's financial statements and discussions with the Adviser, the Adviser has sufficient resources to provide advisory services to each of the Funds.

The representative of the Adviser reviewed the Trust's compliance policies and procedures and Adviser's code of ethics. Counsel noted for the Board that the Adviser's codes of ethics had been recently revised to cover personal trading in bitcoin and ether futures. The Board noted that there had not been any compliance issues with respect to the Adviser's

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**LoCorr Investment Trust** 

**Additional Information(Continued)** 

management of other Funds. After a discussion, the Trustees concluded that the Adviser had compliance policies and procedures in place in order to perform its duties under the management agreements for the LSA Fund.

With respect to the LSA Fund, the Trustees noted the successful implementation of similar strategies for other Funds in the Trust, nothing that as a new fund, the LSA Fund did not have any performance of its own.

The Board then reviewed the proposed management fee for the LSA Fund. The Trustees noted that the proposed management fee was 1.19%. The Trustees reviewed the relevant peer group and Morningstar category averages and ranges of management fees, noting that the proposed management fee for the LSA Fund was well below the Peer Group average and within the ranges of each comparison. After a discussion, the Trustees determined that the proposed management fee was reasonable.

The Trustees evaluated the nature, extent and quality of services provided by the Adviser to Macro Fund, LLSCS Fund, LDO Fund and LSI Fund and to be provided to the LHC Fund and reviewed the 15(c) responses for each, which included a discussion of the key personnel of the Adviser, noting that there had not been any changes in key personnel since the last renewal.

The Trustees reviewed the Adviser's investment program for each of the Funds and each Fund's investment objective, policies and regulatory limitations. The Board noted that the Adviser oversees and continually evaluates each sub-adviser and that the Adviser also provides overall portfolio and risk management consistent with each Fund's investment strategy, guidelines and limitations. The Trustees also discussed the Adviser's compliance program with the Trust's CCO. The Board noted that there had not been any compliance issues with respect to the Adviser's management of the Funds.

The CCO next discussed the Trust's compliance policies and procedures and Adviser's code of ethics. The CCO noted that the NFA would be commencing an examination of the Adviser's affiliated broker-dealer in the near term. The Board noted the successful implementation of policies and procedures related to Rule 18f-4. After a discussion, the Trustees concluded that the Adviser continued to have compliance policies and procedures in place in order to perform its duties under the management agreements for the Funds.

Counsel noted that there had not been any recent litigations or examinations of the Adviser by any regulatory body since the last renewal. After a discussion, the Trustees concluded that the Adviser continues to be well resourced with experienced personnel and investment expertise and has provided, and is expected to provide, high quality services to the Funds and their respective shareholders.

A representative from the Adviser reviewed the Adviser's financial statements and insurance policy with the Trustees. The Trustees concluded that, based on their review of the Adviser's financial statements and discussions with the Adviser, the Adviser has sufficient resources to provide advisory services to each of the Funds.

The Trustees next reviewed and evaluated the performance of the Macro Fund, noting that the one-year, 10-year and since inception returns outperformed the Morningstar category, peer group and benchmark and secondary index returns. A representative of the Adviser discussed the factors related to the Fund's performance over the past year and noted its overall satisfaction with the Fund's strategies. After a discussion, the Trustees concluded that the Macro Fund's performance was satisfactory.

The Trustees evaluated the investment performance of the LCLSCS Fund, noting its annualized returns for the various periods. The Trustees noted that the Fund had underperformed its Morningstar category, peer group and benchmark indexes during the past year but had outperformed each of those comparisons for the 10-year (with the exception of the peer group) and since inception periods. After a discussion, the Trustees concluded that the Fund's performance was reasonable.

The Trustees then discussed the performance of the LDO Fund, noting that the Fund slightly lagged the peer group and Morningstar category for the various periods. A representative of the Adviser reviewed the Fund's strategy with the Trustees, noting that the Fund would underperform against the S&P 500 in strong bull markets and that the Fund's exposure to small cap stocks also resulted in relative underperformance. After a discussion, the Trustees concluded that the LDO Fund's performance was not unreasonable.

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**LoCorr Investment Trust** 

**Additional Information(Continued)** 

The Trustees considered the performance of the LSI Fund. The Trustees noted performance of the LSI Fund, observing that the Fund's performance for the various periods lagged the peer group and Morningstar category but had outperformed the benchmark index. After a discussion, the Trustees concluded that the LSI Fund's performance was satisfactory.

With respect to the LHC Fund, the Trustees noted the successful implementation of similar strategies for other Funds in the Trust, nothing that as a new fund, the LHC Fund did not have any performance of its own.

The Trustees then evaluated the costs of services provided and profits to be realized by the Adviser with respect to each of the Funds. The Trustees reviewed the management fee for the Macro Fund, noting that it was above the average of its peer group and the Morningstar Category but within the range of management fees for the Fund's peer group and Morningstar Category Average. A representative from the Adviser reminded the Trustees about the Fund's structural differences relative to its peer group funds. After a discussion, the Trustees concluded that the Macro Fund's management fee was reasonable.

The Trustees next reviewed the management fee for the LCLSCS Fund, noting that it was above the average of its peer group and Morningstar category, but within of the range of management fees for the Fund's peer group and Morningstar category. A representative of the Adviser noted the effect of breakpoints on the actual advisory fee paid by the Fund in the past year and reminded the Board about the Fund's exposure to several commodity trading advisers and the use of Nuveen as a subadviser to the Fund. After a discussion, the Trustees agreed that the LCLSCS Fund's management fee was reasonable.

The Trustees noted that the LDO Fund's management fee was within the range of both its peer group and Morningstar category though slightly above the averages for both comparisons. A representative of the Adviser noted for the Trustees that the Adviser continues to engage several sub-advisers to manage the Fund while many funds in the Morningstar category are single manager funds. After a discussion, the Trustees concluded that the LDO Fund's management fee was not excessive.

Counsel directed the Trustees to review the management fee for the LSI Fund, noting that it was above the average of its peer group and Morningstar category, and above the high-end range for the management fees reported for the LSI Fund's peer group. A representative of the Adviser discussed the unique nature of the Fund and its strategy and indicated that assembling a meaningful peer group was difficult. After a discussion, the Trustees agreed that the Fund's management fee was not unreasonable.

The Trustees considered all of these factors with regards to the renewal of the expense limitation agreements with the Adviser for an additional one-year period for the Macro Fund, LCLSCS Fund, LDO Fund and LSI Fund. The Trustees next evaluated the proposed expense limitation agreement for the LHC Fund, noting the expected expenses of the Fund and profitability of the Adviser.

The Trustees noted the profit analysis of the Adviser with respect to the Macro Fund and considered the Adviser's profits from the advisory agreement, net of expenses. The Trustees determined that the Adviser's profits related to the Macro Fund were reasonable.

The Trustees then discussed the profitability of the Adviser with respect to the LCLSCS Fund. Counsel noted the Adviser's net profits with respect to the LCLSCS Fund. After a discussion, the Trustees determined that the Adviser's profits with respect to the Fund were reasonable.

The Trustees then reviewed the profitability of the Adviser with respect to the LDO Fund and noted that the Adviser indicated a modest profit with respect to the Fund. After a discussion, the Trustees determined that the Adviser's profits with respect to the Fund were reasonable.

Counsel directed the Trustees' attention to the profitability of the Adviser with respect to the LSI Fund. The Trustees noted that the Adviser showed a net profit and agreed that the Adviser's total net profits as a percentage of revenues and absolute amount were reasonable.

The Trustees considered the economies of scale to be realized by the shareholders of the Macro Fund, LCLSCS Fund, LDO Fund and LSI Fund, noting that the management fees for the LLSCS Fund reflect an incremental fee schedule which includes break points. The Board considered whether economies of scale had been reached with respect to the management of each Fund, excluding the LCLSCS Fund. They noted that the Adviser had indicated its

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**LoCorr Investment Trust** 

**Additional Information(Continued)** 

willingness to discuss the matter of breakpoints with the Board as each other Fund increased its assets. The Board agreed that in light of the expense limitation agreements, which effectively protected shareholders from high expenses despite lower asset levels, and the Adviser's willingness to consider breakpoints as each other Fund reached higher asset levels, the absence of breakpoints was acceptable.

Having requested and received such information from the Adviser as the Trustees believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of counsel, the Trustees concluded that each Fund's management fee is reasonable and that approval of the Advisory Agreement is in the best interests of the shareholders of Macro Fund, LLSCS Fund, LDO Fund and LSI Fund.

The Board next reviewed and evaluated the nature, extent and quality of services provided by the Adviser to the LMT Fund and reviewed the 15(c) responses including the key personnel of the Adviser. The Trustees noted that there had been no changes in the personnel providing services to the LMT Fund since the most recent renewal of the LMT Fund's advisory agreement. A representative of the Adviser stated that it had continued to oversee the execution of the Fund's strategy consistent with its investment objective, policies and regulatory restrictions and that the Adviser evaluates and oversees the LMT Fund's sub-advisers.

Fund Counsel noted for the benefit of the Board that there were no material compliance issues, regulatory examinations or litigations with respect to the Adviser since the most recent renewal of the advisory agreement for the LMT Fund. Fund Counsel stated that the Adviser continued to maintain insurance for E&O/D&O coverage. The CCO indicated that the Adviser had not made any material changes to its compliance policies since the Board's last review.

A representative of the Adviser reviewed the Adviser's financial statements with the Board. The Trustees noted that, based on their review of the Adviser's financial statements and their discussion with representatives of the Adviser, the Adviser continued to have suitable financial resources to manage the LMT Fund. After a discussion, the Board concluded that the Adviser continued to be well staffed with experienced personnel, has appropriate financial resources and provides valuable investment expertise and oversight of the LMT Fund and is expected to continue to provide high quality services to the Fund.

The Trustees next reviewed the Fund's performance, noting that the Fund had underperformed its peer group average, Morningstar category and benchmark index over the past year. The Board discussed the Fund's performance with representatives of the Adviser, noting the Adviser's assertion that trend-following strategies had difficulties in 2024. In response to a question from the Board, a representative from the Adviser indicated that LFM was still satisfied with Graham's strategy and the Fund's allocation of its assets. A representative of the Adviser discussed Nuveen's outperformance with respect to its allocation of the Fund's assets. After a discussion, the Trustees agreed that the Fund's performance was not unreasonable but that it would continue to monitor and discuss the Fund's performance at future meetings during the year.

The Board next considered the advisory fee and the Adviser's profitability with respect to the LMT Fund, noting that the investment advisory fee continued to be above the peer group and Morningstar category averages but was still well within the ranges for each. A representative of the Adviser discussed the peer group and noted the differences between the LMT Fund and some of its peer funds. The Trustees then considered the Adviser's profitability with respect to the LMT Fund, noting its profitability margin. After a discussion, the Board concluded that the LMT Fund's advisory fee and the Adviser's profitability with respect to the LMT Fund were both reasonable.

Having requested and received such information from the Adviser as the Trustees believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of Counsel, the Trustees concluded that the advisory fee is reasonable and that approval of the Advisory Agreement is in the best interests of the LMT Fund and its shareholders.

The Board considered the nature, extent and quality of services to be provided to the LSA Fund and reviewed the 15(c) responses, which included a review of the key personnel of the Adviser. Counsel noted for the Trustees that there had not been any material changes in the Adviser's personnel in the past year.

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**LoCorr Investment Trust** 

**Additional Information(Continued)** 

**Approval of Sub-Advisory Agreements** 

P/E Investments ("P/E"), Sub-Adviser (LSA Fund)

The Trustees then considered the responses provided by P/E Investments ("P/E") in its 15(c) questionnaire. The Board first reviewed the nature, extent and quality of services to be provided by P/E to the LSA Fund. Counsel and a representative of the Adviser reviewed the personnel that would be responsible for providing services to the LSA Fund. Counsel further noted that P/E did not report having any recent compliance or litigation issues in the past 36 months. The Trustees noted that the Trust's CCO provided a memo in the Materials that he had reviewed the compliance program for P/E and concluded that it was reasonable designed for its business. The Board observed that P/E had appropriate insurance policies in place.

The Board then reviewed P/E's performance for the strategy it intended to use for the LSA Fund. The Trustees noted the attractive historical returns of the strategy. After a discussion, the Trustees concluded that it expected P/E to provide satisfactory performance for the Fund.

Counsel then directed the Trustees to information related to P/E's proposed subadvisory fee, noting that P/E did not report managing any similar accounts or funds. The Trustees then reviewed P/E's estimated profits with respect to the LSA Fund. After a discussion, the Trustees agreed that the subadvisory fee and P/E's estimated profitability with respect to the LSA Fund was reasonable.

Having requested and received such information from P/E as the Trustees believed to be reasonably necessary to evaluate the terms of the subadvisory agreement, and as assisted by the advice of Counsel, the Trustees concluded that the fee structure is reasonable and that renewal of the subadvisory agreement with P/E for the LSA Fund is in the best interests of the Fund and its future shareholders.

Crabel Investments ("Crabel"), Sub-Adviser (LSA Fund)

The Board reviewed the responses provided by Crabel Capital Management ("Crabel") in its 15(c) subadvisory questionnaire. The Trustees considered the nature, extent and quality of services to be provided by Crabel to the LSA Fund using its Advanced Trend trading program. A representative of the Adviser reviewed the personnel that would be responsible for providing subadvisory services to the Fund. Counsel reported to the Trustees that Crabel did not report having any recent compliance or litigation issues in the past 36 months. The Board discussed that Crabel had recently undergone a routine NFA examination but that no results had yet been reported. The Trustees noted that the Trust's CCO provided a memo in the Materials that he had reviewed the compliance program for Crabel and concluded that it was reasonable designed for its business. A representative of the Adviser indicated that it would keep the Board informed as to any material issues that arose from the NFA examination. Counsel reviewed the insurance policies in place for Crabel with the Board.

The Board then reviewed Crabel's performance for the trading strategy it intended to use for the LSA Fund against its chosen benchmark index. The Trustees noted the attractive returns of the strategy over the 5 -year, 10-year and since inception periods. After a discussion, the Trustees concluded that it expected Crabel to provide satisfactory performance for the Fund.

The Trustees then reviewed information related to Crabel's proposed subadvisory fee, noting the higher fees Crabel charged for similar accounts. The Trustees then considered Crabel's estimated profits with respect to the LSA Fund. After a discussion, the Trustees agreed that the proposed subadvisory fee and Crabel's estimated profitability with respect to the LSA Fund was reasonable.

Having requested and received such information from Crabel as the Trustees believed to be reasonably necessary to evaluate the terms of the subadvisory agreement, and as assisted by the advice of Counsel, the Trustees concluded that the fee structure is reasonable and that renewal of the subadvisory agreement with Crabel for the LSA Fund is in the best interests of the Fund and its future shareholders.

BH-DG Systematic Trading LLP ("BHDG"), Sub-Adviser (LSA Fund)

The Trustees then considered the responses provided by BH-DG Systematic Trading LLP ("BHDG") in its 15(c) questionnaire. The Board evaluated the nature, extent and quality of services to be provided by BHDG to the LSA Fund, reviewing the investment and compliance personnel that would be responsible for providing services to the Fund. Counsel further noted that BHDG did not report having any recent compliance, regulatory or litigation issues in the past

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**Additional Information(Continued)** 

36 months. The Trustees noted that the Trust's CCO provided a memo in the Materials that he had reviewed the compliance program for BHDG and concluded that it was reasonable designed for its business.

The Trustees then reviewed BHDG's performance for a private fund managed in the same strategy that intended to use for the LSA Fund. The Trustees noted the historical returns of the strategy over the various periods. After a discussion, the Trustees concluded that it expected BHDG to provide satisfactory performance for the Fund.

Counsel then directed the Trustees to information related to P/E's proposed subadvisory fee with the Board observing that the proposed fee was favorable compared the fee charged by BHDG to its private fund. The Trustees then reviewed BHDG's estimated profits with respect to the LSA Fund. After a discussion, the Trustees agreed that the subadvisory fee and BHDG's estimated profitability with respect to the LSA Fund was reasonable.

Having requested and received such information from BHDG as the Trustees believed to be reasonably necessary to evaluate the terms of the subadvisory agreement, and as assisted by the advice of Counsel, the Trustees concluded that the fee structure is reasonable and that renewal of the subadvisory agreement with BHDG for the LSA Fund is in the best interests of the Fund and its future shareholders.

Parametric Portfolio Associates, LLC ("Parametric"), Sub-Adviser (LSA Fund)

The Trustees then considered the responses provided by Parametric Portfolio Associates ("Parametric") in its 15(c) questionnaire. The Board first reviewed the nature, extent and quality of services to be provided by Parametric to the LSA Fund. The Trustees noted that Parametric was an indirect subsidiary of Morgan Stanley. A representative of the Adviser reviewed Parametric's investment strategy and its personnel that would be responsible for providing services to the LSA Fund. After a discussion, the Board noted that the key individuals at Parametric were well-qualified and had extensive industry experience. Counsel further noted that P/E did not report having any recent material compliance or litigation issues in the past 36 months. The Trustees noted that the Trust's CCO provided a memo in the Materials that he had reviewed the compliance program for Parametric and concluded that it was reasonable designed for its business. The Board further observed that Parametric had appropriate insurance policies in place.

The Board then reviewed Parametric's composite performance for the strategy it intended to use for the LSA Fund. The Trustees noted the historical returns of the strategy, noting that they were essentially in line with its benchmark. After a discussion, the Trustees concluded that it expected Parametric to provide satisfactory performance for the Fund.

Counsel then directed the Trustees to information related to Parametric's proposed tiered subadvisory fee, noting that Parametric has represented that such fees were comparable to those charged to other similar subadvisory clients. The Trustees then reviewed Parametric's estimated profits with respect to the LSA Fund. After a discussion, the Trustees agreed that the subadvisory fee and Parametric's estimated profitability with respect to the LSA Fund was reasonable.

Having requested and received such information from Parametric as the Trustees believed to be reasonably necessary to evaluate the terms of the subadvisory agreement, and as assisted by the advice of Counsel, the Trustees concluded that the fee structure is reasonable and that renewal of the subadvisory agreement with Parametric for the LSA Fund is in the best interests of the Fund and its future shareholders.

Nuveen Asset Management, LLC ("Nuveen"), Sub-Adviser (Macro, LLSCS, LMT, and LHC Fund)

The Trustees next considered the 15(c) materials provided by Nuveen. The Trustees reviewed the nature, extent and quality of services provided or to be provided by Nuveen for the fixed income strategies in the Macro Fund, LCLSCS Fund, LMT Fund and LHC Fund. The Trustees considered Nuveen's personnel, noted many years of experience and depth of investment capabilities. A representative of the Adviser explained that Nuveen continued to provide credit research, security selection, trade execution and compliance monitoring for the fixed income portion of the Macro, LCLSCS, LMT and LHC Funds.

The CCO reviewed the quarterly summaries of its updates to its compliance manual provided by Nuveen. The CCO indicated that he determined that these compliance updates from the past year were immaterial. A representative of the Adviser indicated that the Adviser continued to be satisfied with the overall services provided by Nuveen to the Funds.

The Board considered that Nuveen did not have any material compliance, material litigations or regulatory agency issues in the past year and that Nuveen continued to carry an E&O/D&O policy through its parent company. After a discussion, the Trustees concluded that Nuveen was expected to continue to provide satisfactory services to the Funds.

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**LoCorr Investment Trust** 

**Additional Information(Continued)** 

Next, the Trustees discussed the investment performance for Nuveen, noting the one-year, five-year and since inception returns for the Macro, LCLSCS and LMT Funds and the since inception performance for the LHC Fund. The Trustees compared Nuveen's reported returns to its benchmark index returns for the one-year, five-year and since inception periods and noted that Nuveen had continued to outperform its benchmark index for all Funds for all periods. The Trustees noted that they expected that Nuveen would provide similar performance for the LHC Fund. After a discussion, the Trustees noted it was pleased with Nuveen's performance with respect to Macro, LCLSCS, LMT and LHC Funds and deemed Nuveen's performance to be satisfactory.

The Trustees discussed the costs of services provided by Nuveen to Macro Fund, LCLSCS Fund LMT Fund and LHC Fund and noted that Nuveen earns a small profit with regard to sub-advising the Funds. The Trustees also considered that the subadvisory fee for the Funds compared favorably to fee schedule that Nuveen charged to institutional accounts with the same strategy. The Trustees concluded that the sub-advisory fees paid or to be paid to Nuveen by the Adviser were reasonable in light of the services to be provided under the sub-advisory agreements.

Having requested and received such information from Nuveen as the Trustees believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of counsel, the Trustees concluded that Nuveen's fee structure is reasonable and that approval of the Sub-Advisory Agreement is in the best interest of the shareholders of Macro Fund, LLSCS Fund, LMT Fund and LHC Fund.

Millburn Ridgefield Corporation ("Millburn"), Sub-Adviser (Macro Fund)

Counsel then turned the Trustees' attention to the 15(c) responses for Millburn. The Board discussed the experience and backgrounds of Millburn's personnel providing services to the Fund. Counsel indicated that Millburn had added a new director of research since the last renewal. The Trustees considered that Millburn continues to provide portfolio management, investment strategy development and trade execution for the Fund's portfolio as well as compliance services to assure the assets allocated to it are managed within the Fund's investment restrictions.

Counsel noted that Millburn reported not having any material compliance or litigation issues in the past year. The Trustees reviewed Millburn's compliance controls with the CCO including its pre- and post-trade compliance checks. The CCO reported to the Board that Millburn's broker-dealer had undergone a routine SEC examination in 2024 with no material findings. The Trustees further observed that Millburn carried an appropriate E&O/D&O policy. The Trustees determined that the services provided by Millburn to the Macro Fund have been satisfactory and that the Trustees expects Millburn to continue to provide quality services in the future to the Macro Fund.

The Trustees then reviewed the investment performance of Millburn's allocation of the Fund's portfolio. A representative of the Adviser noted Millburn's performance in the past year, discussing the factors that led to underperformance relative to the overall Fund and its benchmark. In response to a question, a representative of the Adviser stated that it continued to be satisfied with Millburn's performance and its overall fit within the Fund.. After a discussion, the Trustees concluded that they were satisfied that Millburn was executing its strategy as intended and that its performance was not unreasonable.

Counsel noted for the Trustees that the sub-advisory fee structure for the Macro Fund was lower than the fee charged by Millburn to its separately managed account clients. The Trustees further observed that Millburn's fee did not include an incentive fee. After further discussion, the Trustees concluded that the sub-advisory fee was reasonable.

The Trustees considered whether there were any economies of scale with respect to the management of the Fund. The Trustees agreed that this was primarily an adviser level issue and should be considered with respect to the overall advisory contract, taking into consideration the impact of the sub-advisory expense. After a discussion, the Trustees concluded that a lack of breakpoints was acceptable.

The Trustees next considered the profits realized by Millburn in connection with its relationship with the Macro Fund and whether the amount of profit is a fair profit with respect to the sub-advisory services provided to the Fund. After a discussion, it was the consensus of the Trustees that the level of realized and estimated profits was reasonable.

Having requested and received such information from Millburn as the Trustees believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of Counsel, the Trustees concluded that Millburn's fee structure was not unreasonable and that approval of the Sub-Advisory Agreement is in the best interests of the shareholders of the Macro Fund.

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**LoCorr Investment Trust** 

**Additional Information(Continued)** 

Graham Capital Management, L.P. ("Graham"), Sub-Adviser (LMT, Macro Fund and LCMT Fund Limited)

The Trustees next considered the nature, extent and quality of services provided by Graham to the LMT and Macro Fund. The Trustees discussed the responsibilities of Graham's key personnel providing services to the Fund, noting the additions of new chief business officer and chief investment officer for quant strategies. The Trustees noted that Graham provides quantitative research, security selection and trade execution for the Fund's portfolio as well as compliance services to assure assets are managed within the Fund's investment restrictions.

The CCO discussed Graham's compliance policies and procedures and that Graham had not made any material revisions to such policies in the past year. Counsel stated that Graham continued to carry an appropriate E&O/D&O policy and noted that Graham did not have material regulatory examinations, litigations since its last renewal. After a discussion, the Trustees concluded that Graham continued to have appropriate resources and investment personnel to perform the services as sub-adviser to the Funds.

Next, the Trustees discussed the investment performance for Graham's allocation of the Macro Fund, noting that Graham had underperformed the Fund's benchmark and the Fund as a whole overall the past year but had performed well over longer periods. After a discussion, the Trustees concluded that Graham's performance for the Macro Fund was satisfactory.

The Trustees considered the sub-advisory fee for Graham and noted that it was slightly higher than the fee charged by Graham for another similar investment vehicle but that did not include a performance incentive fee. The Trustees also noted that the fee was less than the fee Graham charged to another similar investment vehicle that did not have a performance fee component. After further discussion, the Trustees concluded that the sub-advisory fee for the Fund was reasonable.

Counsel next turned the Trustees' attention to the profits realized by Graham with respect to the Macro Fund. The Board discussed whether the amount of profit was reasonable with respect to the sub-advisory services provided to the Fund. The Trustees also considered whether there were any economies of scale with respect to the management of the Fund. The Trustees agreed that this was primarily an adviser level issue and should be considered with respect to the overall advisory contract, taking into consideration the impact of the sub-advisory expense.

The Trustees next reviewed the Fund's performance, noting that LMT had underperformed its peer group average, Morningstar category and benchmark index over the past year. The Board discussed LMT's performance with representatives of the Adviser, noting the Adviser's assertion that trend-following strategies had difficulties in 2024. In response to a question from the Board, a representative from the Adviser indicated that LFM was still satisfied with Graham's strategy and the Fund's allocation of its assets. After a discussion, the Trustees agreed that the Fund's performance was not unreasonable but that it would continue to monitor and discuss the Fund's performance at future meetings during the year.

After a discussion, the Trustees determined that Graham's level of profit was reasonable. Having requested and received such information from Graham as the Trustees believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of counsel, the Trustees concluded that the fee structure is reasonable and that approval of the Sub-Advisory Agreement is in the best interests of the shareholders of the Macro Fund.

Revolution Capital Management, LLC ("Revolution"), Sub-Adviser (Macro and LHC Fund)

The Trustees then reviewed the nature, extent and quality of services provided by Revolution for the Macro Fund and the LHC Fund. The Board reviewed the 15(c) responses for Revolution. The Trustees noted the backgrounds and responsibilities of Revolution's investment personnel, noting that the key principals of the firm had remained with Revolution. A representative of the Adviser stated that Revolution has been responsible for the maintenance and improvement of its trading models used in its strategy for the Fund's portfolio and trade execution. The CCO noted that Revolution had not made any changes to its compliance program since its last renewal.

The Board observed that Revolution did not report any material compliance issues, regulatory examinations or material litigations in the past year. The Board further noted that Revolution maintained an E&O/D&O insurance policy in an appropriate amount. After a discussion, the Trustees concluded that Revolution has adequate resources available to continue to provide satisfactory services to the Funds.

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**LoCorr Investment Trust** 

**Additional Information(Continued)** 

Next, the Trustees reviewed the investment returns for Revolution, noting of Revolution's strategy for the Funds. The Trustees considered Revolution's returns to the overall Fund performance and its benchmark for the one-year, five-year and since inception periods, noting that Revolution had significantly outperformed in the last year which contributed also to its performance for longer periods. After a discussion, the Trustees concluded that Revolution's performance was satisfactory

The Trustees noted that the sub-advisory fee structure was favorable compared to the average fee charged by Revolution to its separately managed account clients in the same strategy. The Trustees also noted that there was not an incentive fee component in the sub-advisory fee. After further discussion, the Trustees concluded that the proposed sub-advisory fee was reasonable.

The Trustees considered whether there were any economies of scale with respect to the management of the Funds. The Trustees agreed that this was primarily an adviser level issue and should be considered with respect to the overall advisory contract, taking into consideration the impact of the sub-advisory expense. After a discussion, the Trustees agreed that a lack of breakpoints was acceptable.

The Trustees next considered the profits realized by Revolution in connection with its relationship with the Macro Fund and LHC Fund and whether the amount of profit was a reasonable profit with respect to the sub-advisory services to be provided to the Fund. The Trustees concluded that Revolution's level of profit was not excessive.

Having requested and received such information from Revolution as the Trustees believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of counsel, the Trustees concluded that the fee structure is reasonable and that renewal of the Sub-Advisory Agreement is in the best interests of the shareholders of the Macro Fund and LHC Fund.

R.G. Niederhoffer Capital Management ("Niederhoffer"), Sub-Adviser (Macro Fund)

The Trustees then considered the responses provided by Niederhoffer in its 15(c) questionnaire. The Board first reviewed the nature, extent and quality of services provided by Niederhoffer for the Macro Fund and to be provided to the LHC Fund. Counsel and a representative of the Adviser reviewed the personnel that would be responsible for providing services to the Funds. Counsel further noted that Niederhoffer did not have any recent compliance or litigation issues since the Trustees' last approval of Niederhoffer as a subadviser to the Macro Fund. The CCO stated that the compliance program for Niederhoffer was reasonably designed for its business.

The Board then reviewed Niederhoffer's performance for its allocation of the Macro Fund. The representative of the Adviser reviewed Niederhoffer's underperformance for the period for which it has served as a subadviser to the Macro Fund and noted the factors that had affected its performance in the past year. After a discussion, the Trustees concluded that Niederhoffer's performance was not unreasonable.

Counsel then directed the Trustees to information related to Niederhoffer's subadvisory fee and its fees for similar accounts. Counsel indicated that the subadvisory fee for each of the Macro Fund and LHC Fund was favorable in comparison to the Niederhoffer's fee for other accounts, further noting that Niederhoffer did not charge a performance fee for the Funds as it does for some other of its private accounts. The Trustees then reviewed Niederhoffer's profits for the Macro Fund. After a discussion, the Trustees agreed that the subadvisory fee and Niederhoffer's profitability with respect to the Macro Fund was reasonable.

Having requested and received such information from Niederhoffer as the Trustees believed to be reasonably necessary to evaluate the terms of the subadvisory agreements, and as assisted by the advice of Counsel, the Trustees concluded that the fee structure is reasonable and that renewal of the subadvisory agreement with Niederhoffer for the Macro Fund is in the best interests of the Fund and its respective shareholders.

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**[**TABLE OF CONTENTS**](#TOC)**

**LoCorr Investment Trust** 

**Additional Information(Continued)** 

Bramshill Investments, LLC ("Bramshill") Sub-Adviser (LSI Fund)

The Trustees then considered the renewal of the sub-advisory agreement with Bramshill with respect to the LSI Fund. The Trustees reviewed the nature, extent and quality of services provided by Bramshill for the income strategies for the LSI Fund. The Trustees considered the responsibilities of its investment and administrative personnel. A representative of the Adviser indicated that that Bramshill provides research, security selection and trade execution for the Fund. The CCO reported that Bramshill did not report any regulatory or compliance issues since its last renewal.

The Trustees noted that Bramshill has not reported any material compliance issues or material litigations in the past year. Counsel noted that Bramshill maintained an insurance policy in an appropriate amount. The Trustees decided that Bramshill continued to have adequate resources available to provide services to the Fund. The Trustees determined that Bramshill was positioned to continue to perform the services as sub-adviser to the LSI Fund.

The Trustees next considered investment performance information for Bramshill with respect to the LSI Fund. The Trustees noted that Bramshill's substantial outperformance for the one-year period which resulted in favorable comparisons versus the overall Fund and its benchmark for all periods. After a discussion, the Trustees agreed that Bramshill's performance was satisfactory.

The Trustees reviewed the costs of services provided by Bramshill to the LSI Fund. The Trustees noted that Bramshill was profitable with respect to the LSI Fund. Counsel directed the Trustees' attention to the materials for Bramshill which indicated that Bramshill's sub-advisory fee was favorable in comparison to fees it charges to other clients. The Board also observed that Bramshill earned a reasonable profit from its management of the Fund. The Trustees concluded that the sub-advisory fees paid to Bramshill by the Adviser and Bramshill's profitability were reasonable in light of the services provided under the sub-advisory agreements.

Having requested and received such information from Bramshill as the Trustees believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of Counsel, the Trustees concluded that the fee structure is reasonable, and that renewal of the Sub-Advisory Agreement is in the best interests of the shareholders of the LSI Fund.

156<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial
 Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b)
 under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have
 concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report
 is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's
 service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated by reference to the Registrant's Form N-CSR filed March 10, 2025.](https://www.sec.gov/Archives/edgar/data/1506768/000113322825002480/lcf-efp14022_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](lc-efp17303_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable for open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](lc-efp17303_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) LoCorr Investment Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kevin Kinzie |
|  | Kevin Kinzie, Principal Executive Officer |

---

Date <u>8/29/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kevin Kinzie |
|  | Kevin Kinzie, Principal Executive Officer |

---

Date <u>8/29/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jon Essen |
|  | Jon Essen, Principal Financial Officer |

---

Date <u>8/29/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Kevin Kinzie, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of LoCorr Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 8/29/2025 | /s/ Kevin Kinzie |
|  |  | Kevin Kinzie |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jon Essen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of LoCorr Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 8/29/2025 | /s/ Jon Essen |
|  |  | Jon Essen |
|  |  | Principal Financial Officer |

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## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the LoCorr Investment Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the LoCorr Investment Trust for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the LoCorr Investment Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Kevin Kinzie | /s/ Jon Essen |
| Kevin Kinzie | Jon Essen |
| Principal Financial Officer, LoCorr Investment Trust | Principal Financial Officer, LoCorr Investment Trust |

---

Dated: <u>8/29/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by LoCorr Investment Trust for purposes of Section 18 of the Securities Exchange Act of 1934.