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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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          <maturityDt>2026-08-22</maturityDt>
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      <invstOrSec>
        <name>Samarco Mineracao Sa</name>
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          <isin value="USP8405QAA78"/>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Republic Of Kenya</name>
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        <name>Fluor Corp</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Archer-daniels-midland C</name>
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        <name>Volcan Cia Minera Saa-cm</name>
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        <name>Newmont / Newcrest Fin</name>
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        <name>N/A</name>
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        <name>Minerva Luxembourg Sa</name>
        <lei>222100NM3G3RCPGZ2Z17</lei>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>Cargill Inc</name>
        <lei>QXZYQNMR4JZ5RIRN4T31</lei>
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        <name>Avenir Issuer Iv Irlnd</name>
        <lei>894500E9CKDEAOMG0B46</lei>
        <title>Avenir Issuer IV Ireland DAC</title>
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          <isin value="XS2933572856"/>
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        <invCountry>IE</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>PRECO_S17</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL ID" value="_S17-350"/>
        </identifiers>
        <balance>92771.03000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>92771.03000000</valUSD>
        <pctVal>0.245695334696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Gramtruk Investment Holdings, LP TL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL ID" value="ERCY-280"/>
        </identifiers>
        <balance>4861111.11000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4861111.11000000</valUSD>
        <pctVal>12.87419489867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>14.45000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Gramturk Investment Holdings, LP TL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL ID" value="GRAM_UNF"/>
        </identifiers>
        <balance>-4861111.11000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.80000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anglo American Capital</name>
        <lei>TINT358G1SSHR3L3PW36</lei>
        <title>Anglo American Capital PLC</title>
        <cusip>034863BE9</cusip>
        <identifiers>
          <isin value="US034863BE99"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1030710.20000000</valUSD>
        <pctVal>2.729738880386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-05</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Gemcorp Commodities Alternative Products Fund  </ncom:nameOfApplicant>
      <ncom:signature>Ahmad Al-Sati</ncom:signature>
      <ncom:signerName>Ahmad Al-Sati</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
