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For $a=b=0$, take the Logarithmic first integral of the Lotka-Volterra equationsAlong a trajectory,Thus $V$ is a first integral. The scalar function $h(s)=s-\log s-1$ is nonnegative for $s>0$, vanishes only at $s=1$, and tends to infinity as $s\downarrow 0$ or $s\to \infty$. Moreover,is positive definite, so $V$ is strictly convex. It follows that $(1,1)$ is its unique critical point and every level set $V=c>0$ is a compact smooth simple closed curve in the positive quadrant. The vector field is nonzero on such a level curve, so uniqueness of solutions makes each connected level curve one periodic orbit. The zero level consists of the fixed point $(1,1)$. Hence every trajectory in $\Lambda$ is either periodic or the fixed point $(1,1)$.