|
|
|
Number of
Shares
|
Value
(U.S. $)
|
|
ΔCOMMON STOCK–1.67%
|
|||
|
Australia–0.26%
|
|||
|
†Predictive Discovery Ltd.
|
|
50,400
|
$33,943
|
|
|
|
|
33,943
|
|
Canada–0.69%
|
|||
|
Franco-Nevada Corp.
|
|
130
|
29,944
|
|
OR Royalties, Inc.
|
|
830
|
30,635
|
|
Wheaton Precious Metals
Corp.
|
|
230
|
29,086
|
|
|
|
|
89,665
|
|
Norway–0.26%
|
|||
|
Norsk Hydro ASA
|
|
3,100
|
34,213
|
|
|
|
|
34,213
|
|
United States–0.46%
|
|||
|
Alcoa Corp.
|
|
500
|
31,895
|
|
Royal Gold, Inc.
|
|
120
|
28,006
|
|
|
|
|
59,901
|
|
Total Common Stock
(Cost $234,690)
|
217,722
|
||
|
|
|
Principal
Amount°
|
|
|
ΔSOVEREIGN BONDS–32.04%
|
|||
|
Argentina–0.97%
|
|||
|
φArgentina Government
International Bonds 4.13%
7/9/35
|
|
170,000
|
126,650
|
|
|
|
|
126,650
|
|
Brazil–6.38%
|
|||
|
Brazil Notas do Tesouro
Nacional
|
|
|
|
|
6.00% 5/15/35
|
BRL
|
70,000
|
61,986
|
|
10.00% 1/1/35
|
BRL
|
4,490,000
|
771,379
|
|
|
|
|
833,365
|
|
Chile–1.51%
|
|||
|
Bonos de la Tesoreria de la
Republica en pesos 4.70%
9/1/30
|
CLP
|
180,000,000
|
196,562
|
|
|
|
|
196,562
|
|
Colombia–4.22%
|
|||
|
Colombia TES
|
|
|
|
|
6.25% 7/9/36
|
COP
|
1,810,000,000
|
310,191
|
|
9.25% 5/28/42
|
COP
|
550,000,000
|
112,448
|
|
13.25% 2/9/33
|
COP
|
482,700,000
|
127,874
|
|
|
|
|
550,513
|
|
Egypt–2.20%
|
|||
|
Egypt Treasury Bills 0.00%
10/13/26
|
EGP
|
17,000,000
|
286,501
|
|
|
|
|
286,501
|
|
Hungary–3.21%
|
|||
|
Hungary Government Bonds
|
|
|
|
|
6.25% 9/23/37
|
HUF
|
30,500,000
|
99,518
|
|
7.00% 10/24/35
|
HUF
|
92,700,000
|
319,899
|
|
|
|
|
419,417
|
|
Malaysia–2.56%
|
|||
|
Malaysia Government Bonds
|
|
|
|
|
3.83% 7/5/34
|
MYR
|
900,000
|
230,899
|
|
|
|
Principal
Amount°
|
Value
(U.S. $)
|
|
ΔSOVEREIGN BONDS (continued)
|
|||
|
Malaysia (continued)
|
|||
|
Malaysia Government
Bonds (continued)
|
|
|
|
|
3.89% 8/15/29
|
MYR
|
400,000
|
$102,738
|
|
|
|
|
333,637
|
|
Mexico–4.61%
|
|||
|
Mexico Bonos
|
|
|
|
|
7.75% 11/23/34
|
MXN
|
3,600,000
|
188,689
|
|
8.50% 11/18/38
|
MXN
|
7,810,000
|
413,617
|
|
|
|
|
602,306
|
|
Philippines–0.70%
|
|||
|
Philippines Government
Bonds 6.38% 4/28/35
|
PHP
|
5,890,000
|
91,713
|
|
|
|
|
91,713
|
|
Romania–1.37%
|
|||
|
Romania Government Bonds
7.10% 7/31/34
|
RON
|
800,000
|
178,342
|
|
|
|
|
178,342
|
|
South Africa–4.31%
|
|||
|
Republic of South Africa
Government Bonds
|
|
|
|
|
8.50% 1/31/37
|
ZAR
|
4,500,000
|
259,831
|
|
8.75% 2/28/48
|
ZAR
|
5,350,000
|
303,308
|
|
|
|
|
563,139
|
|
Total Sovereign Bonds
(Cost $4,018,972)
|
4,182,145
|
||
|
SUPRANATIONAL BANKS–3.48%
|
|||
|
Asian Infrastructure
Investment Bank 6.00%
12/8/31
|
|
14,500,000
|
140,976
|
|
European Bank for
Reconstruction &
Development
|
|
|
|
|
6.50% 10/3/36
|
|
20,500,000
|
196,720
|
|
7.05% 8/10/33
|
|
11,500,000
|
116,630
|
|
Total Supranational Banks
(Cost $550,267)
|
|
|
454,326
|
|
U.S. TREASURY OBLIGATION–0.96%
|
|||
|
U.S. Treasury Bonds 4.75%
2/15/56
|
|
130,000
|
125,166
|
|
Total U.S. Treasury Obligation
(Cost $127,468)
|
125,166
|
||
|
|
|
Number of
Shares
|
|
|
EXCHANGE-TRADED FUNDS–16.54%
|
|||
|
abrdn Bloomberg All
Commodity Strategy K-1
Free ETF
|
|
53,100
|
1,343,961
|
|
iShares Silver Trust
|
|
3,300
|
219,978
|
|
SPDR® Gold MiniShares
Trust
|
|
6,510
|
594,819
|
|
Total Exchange-Traded Funds
(Cost $1,921,414)
|
2,158,758
|
||
|
|
|
Number of
Shares
|
Value
(U.S. $)
|
|
MONEY MARKET FUND–0.01%
|
|||
|
State Street Institutional
U.S. Government Money
Market Fund Premier Class
(seven-day effective yield
3.60%)
|
|
1,946
|
$1,945
|
|
Total Money Market Fund
(Cost $1,946)
|
1,945
|
||
|
|
|
Principal
Amount°
|
|
|
SHORT-TERM INVESTMENTS–42.15%
|
|||
|
U.S. TREASURY OBLIGATIONS–40.66%
|
|||
|
≠U.S. Treasury Bills
|
|||
|
3.65% 6/2/26
|
|
1,250,000
|
1,246,030
|
|
3.66% 5/28/26
|
|
850,000
|
847,716
|
|
3.67% 6/4/26
|
|
300,000
|
298,984
|
|
3.67% 6/4/26
|
|
450,000
|
448,474
|
|
|
|
Principal
Amount°
|
Value
(U.S. $)
|
|
SHORT-TERM INVESTMENTS (continued)
|
|||
|
U.S. TREASURY OBLIGATIONS (continued)
|
|||
|
≠U.S. Treasury Bills (continued)
|
|||
|
3.67% 6/25/26
|
|
500,000
|
$497,258
|
|
3.68% 5/14/26
|
|
200,000
|
199,740
|
|
3.68% 5/28/26
|
|
180,000
|
179,515
|
|
3.69% 7/2/26
|
|
600,000
|
596,270
|
|
3.69% 7/9/26
|
|
1,000,000
|
993,092
|
|
|
|
|
5,307,079
|
|
SOVEREIGN BONDS–1.49%
|
|||
|
^Nigeria OMO Bills 0.00%
1/12/27
|
NGN
|
301,090,000
|
194,115
|
|
|
|
|
194,115
|
|
Total Short-Term Investments
(Cost $5,502,903)
|
5,501,194
|
||
|
TOTAL INVESTMENTS–96.85% (Cost $12,357,660)
|
12,641,256
|
||
|
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–3.15%
|
410,804
|
||
|
NET ASSETS APPLICABLE TO 1,129,943 SHARES OUTSTANDING–100.00%
|
$13,052,060
|
||
|
ΔSecurities have been classified by country of origin.
|
|
|
†Non-income producing.
|
|
|
°Principal amount shown is stated in U.S. dollars unless noted that the security is
denominated in another currency.
|
|
|
φStep coupon bond. Coupon increases/decreases periodically based on predetermined schedule.
Stated rate in effect at April 30, 2026.
|
|
|
≠The rate shown is the effective yield at the time of purchase.
|
|
|
^Zero coupon security.
|
|
The following foreign currency exchange contracts and futures contracts were outstanding
at April 30, 2026:
|
|
Counterparty
|
Contracts to
Receive (Deliver)
|
In Exchange For
|
Settlement Date
|
Unrealized
Appreciation
|
Unrealized
Depreciation
|
||
|
BNP
|
BRL
|
620,000
|
USD
|
(118,569
)
|
5/5/26
|
$6,470
|
$—
|
|
BNP
|
BRL
|
(620,000
)
|
USD
|
124,283
|
5/5/26
|
—
|
(755
)
|
|
BNP
|
HUF
|
33,875,000
|
USD
|
(102,195
)
|
5/18/26
|
6,858
|
—
|
|
BNP
|
KRW
|
333,500,000
|
USD
|
(230,852
)
|
5/26/26
|
—
|
(4,322
)
|
|
BNP
|
KRW
|
196,400,000
|
USD
|
(132,970
)
|
7/10/26
|
605
|
—
|
|
BRC
|
CZK
|
(2,550,000
)
|
USD
|
123,896
|
5/26/26
|
1,123
|
—
|
|
BRC
|
HUF
|
9,568,000
|
USD
|
(28,812
)
|
6/2/26
|
1,963
|
—
|
|
BRC
|
HUF
|
8,838,000
|
USD
|
(28,481
)
|
6/2/26
|
—
|
(53
)
|
|
BRC
|
MXN
|
(4,459,000
)
|
USD
|
254,844
|
6/2/26
|
290
|
—
|
|
BRC
|
MXN
|
3,984,000
|
USD
|
(227,539
)
|
6/2/26
|
—
|
(102
)
|
|
BRC
|
MYR
|
(500,000
)
|
USD
|
127,226
|
6/4/26
|
1,140
|
—
|
|
BRC
|
MYR
|
500,000
|
USD
|
(127,910
)
|
6/4/26
|
—
|
(1,824
)
|
|
CIBC
|
CZK
|
2,959,000
|
USD
|
(140,399
)
|
5/26/26
|
2,066
|
—
|
|
CIBC
|
GBP
|
26,000
|
USD
|
(35,297
)
|
6/17/26
|
79
|
—
|
|
CIBC
|
HUF
|
(40,585,000
)
|
USD
|
126,111
|
5/18/26
|
—
|
(4,544
)
|
|
CIBC
|
HUF
|
22,000,000
|
USD
|
(64,222
)
|
5/18/26
|
6,603
|
—
|
|
CIBC
|
NOK
|
289,000
|
USD
|
(30,836
)
|
6/17/26
|
340
|
—
|
|
CIBC
|
PLN
|
346,000
|
USD
|
(93,943
)
|
5/18/26
|
1,508
|
—
|
|
GSI
|
ARS
|
190,000,000
|
USD
|
(122,660
)
|
5/5/26
|
13,298
|
—
|
|
GSI
|
ARS
|
(190,000,000
)
|
USD
|
133,709
|
5/5/26
|
—
|
(2,249
)
|
|
GSI
|
ARS
|
(190,000,000
)
|
USD
|
137,572
|
5/5/26
|
1,614
|
—
|
|
GSI
|
ARS
|
190,000,000
|
USD
|
(137,572
)
|
5/5/26
|
—
|
(1,614
)
|
|
GSI
|
BRL
|
(2,645,000
)
|
USD
|
497,186
|
5/5/26
|
—
|
(36,244
)
|
|
GSI
|
BRL
|
2,645,000
|
USD
|
(530,209
)
|
5/5/26
|
3,221
|
—
|
|
GSI
|
CLP
|
58,820,000
|
USD
|
(66,542
)
|
7/20/26
|
—
|
(1,168
)
|
|
Counterparty
|
Contracts to
Receive (Deliver)
|
In Exchange For
|
Settlement Date
|
Unrealized
Appreciation
|
Unrealized
Depreciation
|
||
|
GSI
|
CZK
|
1,965,000
|
USD
|
(93,631
)
|
5/26/26
|
$977
|
$—
|
|
GSI
|
EGP
|
(14,865,000
)
|
USD
|
262,401
|
5/4/26
|
—
|
(14,206
)
|
|
GSI
|
EGP
|
22,765,000
|
USD
|
(431,920
)
|
5/4/26
|
—
|
(8,311
)
|
|
GSI
|
EGP
|
(7,900,000
)
|
USD
|
149,083
|
5/4/26
|
2,080
|
—
|
|
GSI
|
INR
|
(8,880,000
)
|
USD
|
96,112
|
6/5/26
|
2,979
|
—
|
|
GSI
|
INR
|
(26,280,000
)
|
USD
|
276,620
|
6/29/26
|
1,613
|
—
|
|
GSI
|
INR
|
(9,344,000
)
|
USD
|
98,697
|
7/17/26
|
1,157
|
—
|
|
GSI
|
KRW
|
169,300,000
|
USD
|
(115,550
)
|
7/23/26
|
—
|
(359
)
|
|
GSI
|
MXN
|
6,475,000
|
USD
|
(365,355
)
|
5/26/26
|
4,480
|
—
|
|
GSI
|
MXN
|
475,000
|
USD
|
(26,535
)
|
6/2/26
|
581
|
—
|
|
GSI
|
MYR
|
870,000
|
USD
|
(216,165
)
|
6/9/26
|
3,258
|
—
|
|
GSI
|
PHP
|
(5,625,000
)
|
USD
|
92,387
|
6/29/26
|
1,001
|
—
|
|
GSI
|
ZAR
|
(2,050,000
)
|
USD
|
125,929
|
6/4/26
|
3,186
|
—
|
|
LYD
|
AUD
|
(46,000
)
|
USD
|
32,971
|
7/17/26
|
—
|
(96
)
|
|
LYD
|
HUF
|
(40,406,000
)
|
USD
|
125,804
|
6/2/26
|
—
|
(4,162
)
|
|
LYD
|
NOK
|
115,000
|
USD
|
(12,266
)
|
6/12/26
|
141
|
—
|
|
LYD
|
ZAR
|
4,080,000
|
USD
|
(245,935
)
|
5/26/26
|
—
|
(1,494
)
|
|
MSC
|
BRL
|
2,025,000
|
USD
|
(380,911
)
|
5/5/26
|
27,480
|
—
|
|
MSC
|
BRL
|
(2,025,000
)
|
USD
|
405,925
|
5/5/26
|
—
|
(2,466
)
|
|
MSC
|
CLP
|
100,775,000
|
USD
|
(117,352
)
|
5/5/26
|
—
|
(5,356
)
|
|
MSC
|
CLP
|
(100,775,000
)
|
USD
|
115,913
|
5/5/26
|
3,917
|
—
|
|
MSC
|
CLP
|
100,775,000
|
USD
|
(111,594
)
|
5/5/26
|
403
|
—
|
|
MSC
|
CLP
|
(100,775,000
)
|
USD
|
111,594
|
5/5/26
|
—
|
(403
)
|
|
MSC
|
CZK
|
(2,374,000
)
|
USD
|
114,517
|
5/26/26
|
218
|
—
|
|
MSC
|
EUR
|
48,000
|
USD
|
(56,964
)
|
6/17/26
|
—
|
(504
)
|
|
MSC
|
HUF
|
47,295,000
|
USD
|
(140,178
)
|
5/18/26
|
12,078
|
—
|
|
MSC
|
HUF
|
22,000,000
|
USD
|
(71,885
)
|
6/2/26
|
—
|
(1,122
)
|
|
MSC
|
HUF
|
19,400,000
|
USD
|
(63,213
)
|
7/21/26
|
—
|
(995
)
|
|
MSC
|
MXN
|
(6,475,000
)
|
USD
|
371,984
|
5/26/26
|
2,148
|
—
|
|
MSC
|
MYR
|
(870,000
)
|
USD
|
220,615
|
6/9/26
|
1,192
|
—
|
|
MSC
|
NOK
|
(240,000
)
|
USD
|
25,043
|
6/12/26
|
—
|
(849
)
|
|
MSC
|
NOK
|
125,000
|
USD
|
(13,218
)
|
6/12/26
|
267
|
—
|
|
MSC
|
NOK
|
(526,000
)
|
USD
|
54,274
|
6/17/26
|
—
|
(2,468
)
|
|
MSC
|
PLN
|
385,000
|
USD
|
(108,342
)
|
5/18/26
|
—
|
(2,132
)
|
|
MSC
|
PLN
|
189,000
|
USD
|
(51,043
)
|
5/18/26
|
1,096
|
—
|
|
MSC
|
ZAR
|
(6,065,000
)
|
USD
|
372,005
|
5/26/26
|
8,639
|
—
|
|
MSC
|
ZAR
|
1,985,000
|
USD
|
(121,394
)
|
5/26/26
|
—
|
(2,469
)
|
|
MSC
|
ZAR
|
2,050,000
|
USD
|
(124,134
)
|
6/4/26
|
—
|
(1,391
)
|
|
RBC
|
EUR
|
(48,000
)
|
USD
|
55,590
|
6/17/26
|
—
|
(871
)
|
|
RBC
|
GBP
|
(26,000
)
|
USD
|
34,711
|
6/17/26
|
—
|
(666
)
|
|
RBC
|
HUF
|
(40,585,000
)
|
USD
|
125,197
|
5/18/26
|
—
|
(5,457
)
|
|
Total Foreign Currency Exchange Contracts
|
$126,069
|
$(108,652
)
|
|||||
|
Contracts to Buy (Sell)
|
Notional
Amount
|
Notional
Cost (Proceeds)
|
Expiration
Date
|
Value/
Unrealized
Appreciation1
|
Value/
Unrealized
Depreciation1
|
|
|
Commodity Contracts:
|
||||||
|
16
|
CBOT Corn Futures
|
$379,800
|
$374,652
|
7/14/26
|
$5,148
|
$—
|
|
2
|
CBOT Soybean Futures
|
119,550
|
117,306
|
7/14/26
|
2,244
|
—
|
|
3
|
CBOT Soybean Oil Futures
|
134,172
|
132,632
|
7/14/26
|
1,540
|
—
|
|
3
|
COMEX 1000-oz. Silver Futures
|
222,084
|
233,202
|
7/29/26
|
—
|
(11,118
)
|
|
2
|
COMEX Copper Futures
|
299,025
|
290,119
|
7/29/26
|
8,906
|
—
|
|
2
|
COMEX E-Micro Gold Futures
|
92,592
|
95,928
|
6/26/26
|
—
|
(3,336
)
|
|
4
|
LME Primary Aluminum Futures
|
353,422
|
350,782
|
5/18/26
|
2,640
|
—
|
|
(4)
|
LME Primary Aluminum Futures
|
(353,422
)
|
(363,963
)
|
5/18/26
|
10,541
|
—
|
|
7
|
LME Primary Aluminum Futures
|
610,412
|
632,953
|
7/13/26
|
—
|
(22,541
)
|
|
4
|
NYBOT CSC Cocoa Futures
|
142,760
|
136,492
|
7/16/26
|
6,268
|
—
|
|
26
|
NYBOT CSC Number 11 World Sugar Futures
|
425,443
|
407,359
|
6/30/26
|
18,084
|
—
|
|
9
|
NYBOT CTN Number 2 Cotton Futures
|
369,900
|
352,815
|
7/9/26
|
17,085
|
—
|
|
2
|
NYMEX Light Sweet Crude Oil Futures
|
160,420
|
149,948
|
11/20/26
|
10,472
|
—
|
|
Total Futures Contracts
|
$82,928
|
$(36,995
)
|
||||
|
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 consolidated 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, 2026.
|
|
Summary of Abbreviations:
|
|
ARS–Argentine Peso
|
|
AUD–Australian Dollar
|
|
BNP–BNP Paribas
|
|
BRC–Barclays Bank
|
|
BRL–Brazilian Real
|
|
CBOT–Chicago Board of Trade
|
|
CIBC–Canadian Imperial Bank of Commerce
|
|
CLP–Chilean Peso
|
|
COMEX–Commodity Exchange
|
|
COP–Colombia Peso
|
|
CZK–Czech Koruna
|
|
EGP–Egyptian Pound
|
|
ETF–Exchange-Traded Fund
|
|
EUR–Euro
|
|
GBP–British Pound Sterling
|
|
GSI–Goldman Sachs International
|
|
HUF–Hungarian Forint
|
|
INR–Indian Rupee
|
|
KRW–South Korean Won
|
|
LME–London Metal Exchange
|
|
LYD–Lloyds Bank Corporate Markets PLC
|
|
MSC–Morgan Stanley & Co.
|
|
MXN–Mexican Peso
|
|
MYR–Malaysian Ringgit
|
|
NGN–Nigerian Naira
|
|
NOK–Norwegian Krone
|
|
NYBOT–New York Board of Trade
|
|
NYMEX–New York Mercantile Exchange
|
|
PHP–Philippine Peso
|
|
PLN–Polish Zloty
|
|
RBC–Royal Bank of Canada
|
|
SPDR–Standard & Poor’s Depositary Receipt
|
|
USD–United States Dollar
|
|
ZAR–South African Rand
|