|
|
|
Number of
Shares
|
Value
(U.S. $)
|
|
ΔCOMMON STOCK–1.49%
|
|||
|
Canada–0.90%
|
|||
|
Agnico Eagle Mines Ltd.
|
|
260
|
$30,572
|
|
Alamos Gold, Inc. Class A
|
|
1,100
|
31,372
|
|
Pan American Silver Corp.
|
|
1,190
|
29,964
|
|
|
|
|
91,908
|
|
United Kingdom–0.30%
|
|||
|
Endeavour Mining PLC
|
|
1,123
|
30,425
|
|
|
|
|
30,425
|
|
United States–0.29%
|
|||
|
Newmont Corp.
|
|
570
|
30,028
|
|
|
|
|
30,028
|
|
Total Common Stock
(Cost $155,381)
|
152,361
|
||
|
|
|
Principal
Amount°
|
|
|
ΔCORPORATE BOND–2.23%
|
|||
|
Peru–2.23%
|
|||
|
Cia de Minas Buenaventura
SAA 6.80% 2/4/32
|
|
230,000
|
228,277
|
|
Total Corporate Bond
(Cost $227,513)
|
228,277
|
||
|
ΔSOVEREIGN BONDS–35.26%
|
|||
|
Brazil–10.32%
|
|||
|
Brazil Notas do Tesouro
Nacional
|
|
|
|
|
6.00% 5/15/35
|
BRL
|
70,000
|
51,541
|
|
10.00% 1/1/29
|
BRL
|
630,000
|
103,849
|
|
10.00% 1/1/31
|
BRL
|
2,370,000
|
370,781
|
|
10.00% 1/1/33
|
BRL
|
700,000
|
105,955
|
|
10.00% 1/1/35
|
BRL
|
2,900,000
|
425,043
|
|
|
|
|
1,057,169
|
|
Egypt–1.23%
|
|||
|
^Egypt Treasury Bills 0.00%
9/23/25
|
EGP
|
7,100,000
|
126,158
|
|
|
|
|
126,158
|
|
Hungary–2.09%
|
|||
|
Hungary Government Bonds
|
|
|
|
|
2.25% 4/20/33
|
HUF
|
51,000,000
|
105,080
|
|
7.00% 10/24/35
|
HUF
|
38,500,000
|
109,049
|
|
|
|
|
214,129
|
|
Indonesia–2.00%
|
|||
|
Indonesia Treasury Bonds
|
|
|
|
|
6.63% 2/15/34
|
IDR
|
1,737,000,000
|
103,226
|
|
7.50% 6/15/35
|
IDR
|
1,625,000,000
|
101,920
|
|
|
|
|
205,146
|
|
Malaysia–2.99%
|
|||
|
Malaysia Government Bonds
|
|
|
|
|
3.83% 7/5/34
|
MYR
|
900,000
|
211,115
|
|
3.89% 8/15/29
|
MYR
|
400,000
|
94,625
|
|
|
|
|
305,740
|
|
Mexico–8.40%
|
|||
|
Mexico Bonos
|
|
|
|
|
7.50% 5/26/33
|
MXN
|
1,350,000
|
62,202
|
|
7.75% 5/29/31
|
MXN
|
740,000
|
35,625
|
|
7.75% 11/23/34
|
MXN
|
1,200,000
|
55,177
|
|
7.75% 11/13/42
|
MXN
|
7,450,000
|
311,889
|
|
8.00% 11/7/47
|
MXN
|
5,760,000
|
242,581
|
|
|
|
Principal
Amount°
|
Value
(U.S. $)
|
|
ΔSOVEREIGN BONDS (continued)
|
|||
|
Mexico (continued)
|
|||
|
Mexico Bonos (continued)
|
|
|
|
|
8.50% 11/18/38
|
MXN
|
3,300,000
|
$153,252
|
|
|
|
|
860,726
|
|
Poland–4.22%
|
|||
|
Republic of Poland
Government Bonds 5.00%
10/25/34
|
PLN
|
1,660,000
|
432,474
|
|
|
|
|
432,474
|
|
Republic of Korea–1.99%
|
|||
|
Korea Treasury Bonds 3.00%
12/10/34
|
KRW
|
280,000,000
|
203,972
|
|
|
|
|
203,972
|
|
South Africa–2.02%
|
|||
|
Republic of South Africa
Government Bonds
|
|
|
|
|
8.25% 3/31/32
|
ZAR
|
2,110,000
|
105,240
|
|
8.88% 2/28/35
|
ZAR
|
2,100,000
|
101,240
|
|
|
|
|
206,480
|
|
Total Sovereign Bonds
(Cost $3,479,157)
|
3,611,994
|
||
|
SUPRANATIONAL BANKS–7.94%
|
|||
|
Asian Infrastructure
Investment Bank
|
|
|
|
|
6.00% 12/8/31
|
|
20,500,000
|
233,355
|
|
6.90% 10/23/34
|
|
16,700,000
|
200,128
|
|
European Bank for
Reconstruction &
Development
|
|
|
|
|
6.50% 10/3/36
|
|
20,500,000
|
240,345
|
|
7.05% 8/10/33
|
|
11,500,000
|
138,955
|
|
Total Supranational Banks
(Cost $815,807)
|
|
|
812,783
|
|
U.S. TREASURY OBLIGATIONS–6.54%
|
|||
|
U.S. Treasury Bonds
|
|||
|
4.50% 11/15/54
|
|
210,000
|
203,273
|
|
4.63% 2/15/55
|
|
472,000
|
467,059
|
|
Total U.S. Treasury Obligations
(Cost $666,079)
|
670,332
|
||
|
|
|
Number of
Shares
|
|
|
EXCHANGE-TRADED FUNDS–11.88%
|
|||
|
abrdn Bloomberg All
Commodity Strategy K-1
Free ETF
|
|
36,700
|
746,845
|
|
SPDR Gold MiniShares Trust
|
|
7,200
|
469,872
|
|
Total Exchange-Traded Funds
(Cost $1,175,543)
|
1,216,717
|
||
|
MONEY MARKET FUND–0.02%
|
|||
|
State Street Institutional
U.S. Government Money
Market Fund Premier Class
(seven-day effective yield
4.29%)
|
|
1,869
|
1,869
|
|
Total Money Market Fund
(Cost $1,869)
|
1,869
|
||
|
|
|
Principal
Amount°
|
Value (U.S. $)
|
|
SHORT-TERM INVESTMENTS–36.96%
|
|||
|
U.S. TREASURY OBLIGATIONS–36.96%
|
|||
|
≠U.S. Treasury Bills
|
|||
|
4.29% 6/20/25
|
|
800,000
|
$795,344
|
|
4.29% 6/20/25
|
|
300,000
|
298,254
|
|
4.30% 6/26/25
|
|
500,000
|
496,734
|
|
4.31% 5/15/25
|
|
300,000
|
299,509
|
|
4.31% 5/29/25
|
|
150,000
|
149,507
|
|
4.31% 7/3/25
|
|
750,000
|
744,494
|
|
4.31% 7/3/25
|
|
510,000
|
506,256
|
|
|
|
Principal
Amount°
|
Value
(U.S. $)
|
|
SHORT-TERM INVESTMENTS (continued)
|
|||
|
U.S. TREASURY OBLIGATIONS (continued)
|
|||
|
≠U.S. Treasury Bills (continued)
|
|||
|
4.31% 7/3/25
|
|
500,000
|
$496,329
|
|
|
|
|
3,786,427
|
|
Total Short-Term Investments
(Cost $3,786,381)
|
3,786,427
|
||
|
TOTAL INVESTMENTS–102.32% (Cost $10,307,730)
|
10,480,760
|
||
|
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS–(2.32%)
|
(237,347
)
|
||
|
NET ASSETS APPLICABLE TO 1,025,030 SHARES OUTSTANDING–100.00%
|
$10,243,413
|
||
|
ΔSecurities have been classified by country of origin.
|
|
|
°Principal amount shown is stated in U.S. dollars unless noted that the security is
denominated in another currency.
|
|
|
^Zero coupon security.
|
|
|
≠The rate shown is the effective yield at the time of purchase.
|
|
The following foreign currency exchange contracts and futures contracts were outstanding
at April 30, 2025:
|
|
Counterparty
|
Contracts to
Receive (Deliver)
|
In Exchange For
|
Settlement Date
|
Unrealized
Appreciation
|
Unrealized
Depreciation
|
||
|
BCLY
|
BRL
|
(1,184,000
)
|
USD
|
204,872
|
5/5/25
|
$—
|
$(3,506
)
|
|
BCLY
|
BRL
|
610,000
|
USD
|
(104,955
)
|
5/5/25
|
2,402
|
—
|
|
BCLY
|
BRL
|
1,184,000
|
USD
|
(209,158
)
|
5/5/25
|
—
|
(779
)
|
|
BCLY
|
BRL
|
(610,000
)
|
USD
|
107,759
|
5/5/25
|
401
|
—
|
|
BCLY
|
CAD
|
(42,000
)
|
USD
|
30,410
|
7/28/25
|
—
|
(192
)
|
|
BCLY
|
EGP
|
(17,075,000
)
|
USD
|
312,729
|
7/9/25
|
—
|
(12,215
)
|
|
BCLY
|
EUR
|
290,000
|
USD
|
(307,163
)
|
6/6/25
|
22,113
|
—
|
|
BCLY
|
EUR
|
95,000
|
USD
|
(104,416
)
|
6/20/25
|
3,553
|
—
|
|
BCLY
|
EUR
|
179,000
|
USD
|
(204,839
)
|
7/15/25
|
—
|
(1,079
)
|
|
BCLY
|
IDR
|
(8,187,887,000
)
|
USD
|
499,695
|
5/19/25
|
5,376
|
—
|
|
BCLY
|
IDR
|
1,697,730,000
|
USD
|
(103,590
)
|
5/19/25
|
—
|
(1,094
)
|
|
BCLY
|
IDR
|
(1,720,555,000
)
|
USD
|
104,393
|
6/13/25
|
618
|
—
|
|
BCLY
|
INR
|
(17,780,000
)
|
USD
|
206,374
|
7/21/25
|
—
|
(2,535
)
|
|
BCLY
|
KRW
|
(280,000,000
)
|
USD
|
193,637
|
5/7/25
|
—
|
(3,020
)
|
|
BCLY
|
KRW
|
280,000,000
|
USD
|
(196,229
)
|
5/7/25
|
427
|
—
|
|
BCLY
|
KRW
|
(274,560,000
)
|
USD
|
189,365
|
7/7/25
|
—
|
(4,203
)
|
|
BCLY
|
KRW
|
274,560,000
|
USD
|
(193,811
)
|
7/7/25
|
—
|
(244
)
|
|
BCLY
|
MYR
|
454,000
|
USD
|
(101,396
)
|
7/7/25
|
4,123
|
—
|
|
BCLY
|
TRY
|
(8,255,000
)
|
USD
|
200,097
|
6/12/25
|
—
|
(3,779
)
|
|
BNP
|
BRL
|
574,000
|
USD
|
(100,101
)
|
5/5/25
|
921
|
—
|
|
BNP
|
BRL
|
(574,000
)
|
USD
|
101,399
|
5/5/25
|
378
|
—
|
|
BNP
|
GBP
|
(120,100
)
|
USD
|
153,316
|
7/8/25
|
—
|
(6,785
)
|
|
BNP
|
HUF
|
39,920,000
|
USD
|
(105,302
)
|
5/21/25
|
6,395
|
—
|
|
BNP
|
IDR
|
1,957,182,000
|
USD
|
(115,328
)
|
5/19/25
|
2,831
|
—
|
|
BNP
|
IDR
|
1,374,884,000
|
USD
|
(80,886
)
|
6/13/25
|
2,040
|
—
|
|
BNP
|
INR
|
(17,515,000
)
|
USD
|
199,581
|
5/5/25
|
—
|
(7,455
)
|
|
BNP
|
INR
|
17,515,000
|
USD
|
(205,929
)
|
5/5/25
|
1,106
|
—
|
|
BNP
|
INR
|
17,650,000
|
USD
|
(208,063
)
|
6/10/25
|
—
|
(98
)
|
|
BNP
|
INR
|
(24,095,000
)
|
USD
|
280,080
|
7/2/25
|
—
|
(3,356
)
|
|
BNP
|
PLN
|
(1,015,000
)
|
USD
|
258,459
|
7/9/25
|
—
|
(9,590
)
|
|
GSI
|
BRL
|
(1,215,000
)
|
USD
|
205,572
|
6/3/25
|
—
|
(6,692
)
|
|
GSI
|
EGP
|
10,410,000
|
USD
|
(196,489
)
|
7/9/25
|
1,617
|
—
|
|
GSI
|
EUR
|
190,000
|
USD
|
(204,225
)
|
6/6/25
|
11,507
|
—
|
|
GSI
|
GBP
|
6,000
|
USD
|
(7,813
)
|
6/12/25
|
184
|
—
|
|
GSI
|
GBP
|
120,100
|
USD
|
(156,396
)
|
7/8/25
|
3,704
|
—
|
|
Counterparty
|
Contracts to
Receive (Deliver)
|
In Exchange For
|
Settlement Date
|
Unrealized
Appreciation
|
Unrealized
Depreciation
|
||
|
GSI
|
IDR
|
3,350,690,000
|
USD
|
(204,410
)
|
5/19/25
|
$—
|
$(2,122
)
|
|
GSI
|
IDR
|
1,182,285,000
|
USD
|
(70,760
)
|
5/19/25
|
618
|
—
|
|
GSI
|
IDR
|
345,670,000
|
USD
|
(20,332
)
|
6/13/25
|
517
|
—
|
|
GSI
|
INR
|
17,515,000
|
USD
|
(202,753
)
|
5/5/25
|
4,283
|
—
|
|
GSI
|
INR
|
(17,515,000
)
|
USD
|
205,929
|
5/5/25
|
—
|
(1,107
)
|
|
GSI
|
INR
|
(26,930,000
)
|
USD
|
307,596
|
6/10/25
|
—
|
(9,713
)
|
|
GSI
|
KRW
|
147,793,000
|
USD
|
(102,213
)
|
5/7/25
|
1,589
|
—
|
|
GSI
|
KRW
|
(147,793,000
)
|
USD
|
103,576
|
5/7/25
|
—
|
(226
)
|
|
GSI
|
MYR
|
(1,785,000
)
|
USD
|
399,706
|
7/7/25
|
—
|
(15,164
)
|
|
GSI
|
MYR
|
675,000
|
USD
|
(153,724
)
|
7/7/25
|
3,160
|
—
|
|
GSI
|
MYR
|
656,000
|
USD
|
(152,867
)
|
7/7/25
|
—
|
(400
)
|
|
GSI
|
ZAR
|
(1,925,000
)
|
USD
|
102,923
|
5/21/25
|
—
|
(390
)
|
|
HSBC
|
HUF
|
(38,278,000
)
|
USD
|
102,784
|
7/8/25
|
—
|
(4,050
)
|
|
HSBC
|
PLN
|
(397,000
)
|
USD
|
102,287
|
7/2/25
|
—
|
(2,569
)
|
|
HSBC
|
TRY
|
8,255,000
|
USD
|
(209,266
)
|
6/12/25
|
—
|
(5,390
)
|
|
IBC
|
HUF
|
38,278,000
|
USD
|
(102,909
)
|
7/8/25
|
3,925
|
—
|
|
IBC
|
PLN
|
410,000
|
USD
|
(105,095
)
|
5/21/25
|
3,305
|
—
|
|
IBC
|
ZAR
|
(3,039,000
)
|
USD
|
162,765
|
5/14/25
|
—
|
(428
)
|
|
IBC
|
ZAR
|
1,549,000
|
USD
|
(85,281
)
|
5/14/25
|
—
|
(2,100
)
|
|
IBC
|
ZAR
|
1,584,000
|
USD
|
(84,687
)
|
5/21/25
|
324
|
—
|
|
LYD
|
GBP
|
(6,000
)
|
USD
|
7,753
|
6/12/25
|
—
|
(244
)
|
|
LYD
|
GBP
|
157,000
|
USD
|
(205,123
)
|
7/15/25
|
4,173
|
—
|
|
LYD
|
ZAR
|
1,490,000
|
USD
|
(81,166
)
|
5/14/25
|
—
|
(1,154
)
|
|
MSC
|
BRL
|
605,000
|
USD
|
(104,357
)
|
6/3/25
|
1,338
|
—
|
|
MSC
|
JPY
|
22,409,400
|
USD
|
(156,188
)
|
7/8/25
|
1,771
|
—
|
|
MSC
|
KRW
|
132,207,000
|
USD
|
(91,739
)
|
5/7/25
|
1,116
|
—
|
|
MSC
|
KRW
|
(132,207,000
)
|
USD
|
92,653
|
5/7/25
|
—
|
(202
)
|
|
MSC
|
ZAR
|
341,000
|
USD
|
(18,762
)
|
5/21/25
|
—
|
(461
)
|
|
MSC
|
ZAR
|
3,925,000
|
USD
|
(206,261
)
|
7/16/25
|
3,454
|
—
|
|
RBC
|
HUF
|
(39,920,000
)
|
USD
|
103,049
|
5/21/25
|
—
|
(8,648
)
|
|
RBC
|
PLN
|
(410,000
)
|
USD
|
102,108
|
5/21/25
|
—
|
(6,291
)
|
|
Total Foreign Currency Exchange Contracts
|
$99,269
|
$(127,281
)
|
|||||
|
Contracts to Buy (Sell)
|
Notional
Amount
|
Notional
Cost (Proceeds)
|
Expiration
Date
|
Value/
Unrealized
Appreciation1
|
Value/
Unrealized
Depreciation1
|
|
|
Commodity Contracts:
|
||||||
|
15
|
1000-oz. Silver
|
$492,420
|
$469,438
|
7/29/25
|
$22,982
|
$—
|
|
3
|
Coffee 'C'
|
450,844
|
436,376
|
7/21/25
|
14,468
|
—
|
|
1
|
Copper
|
228,549
|
243,284
|
5/19/25
|
—
|
(14,735
)
|
|
(1)
|
Copper
|
(228,549
)
|
(248,635
)
|
5/19/25
|
20,086
|
—
|
|
13
|
E-Micro Gold
|
431,483
|
400,196
|
6/26/25
|
31,287
|
—
|
|
3
|
Primary Aluminum
|
179,039
|
200,484
|
5/19/25
|
—
|
(21,445
)
|
|
(3)
|
Primary Aluminum
|
(179,039
)
|
(193,466
)
|
5/19/25
|
14,427
|
—
|
|
7
|
Soybean Oil
|
205,674
|
202,967
|
7/14/25
|
2,707
|
—
|
|
Total Futures Contracts
|
$105,957
|
$(36,180
)
|
||||
|
The use of foreign currency exchange contracts and futures contracts involves elements
of market risk and risks in excess of the amounts
recognized in the financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund’s
total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.
|
|
1
Includes cumulative appreciation (depreciation) of from the date the contracts were
opened through April 30, 2025.
|
|
Summary of Abbreviations:
|
|
BCLY–Barclays Bank
|
|
BNP–BNP Paribas
|
|
BRL–Brazilian Real
|
|
CAD–Canadian Dollar
|
|
EGP–Egyptian Pound
|
|
ETF–Exchange-Traded Fund
|
|
EUR–Euro
|
|
GBP–British Pound Sterling
|
|
Summary of Abbreviations: (continued)
|
|
GSI–Goldman Sachs International
|
|
HSBC–Hong Kong and Shanghai Banking Corporation
|
|
HUF–Hungarian Forint
|
|
IBC–Imperial Bank of Canada
|
|
IDR–Indonesia Rupiah
|
|
INR–Indian Rupee
|
|
JPY–Japanese Yen
|
|
KRW–South Korean Won
|
|
LYD–Lloyds Bank Corporate Markets PLC
|
|
MSC–Morgan Stanley & Co.
|
|
MXN–Mexican Peso
|
|
MYR–Malaysian Ringgit
|
|
PLN–Polish Zloty
|
|
RBC–Royal Bank of Canada
|
|
SPDR–Standard & Poor’s Depositary Receipt
|
|
TRY–Turkish New Lira
|
|
USD–United States Dollar
|
|
ZAR–South African Rand
|