0002012980 2026-01-01 2026-06-30 0002012980 2026-06-30 shares iso4217:USD shares false 0002012980 N-CSRS Gemcorp Commodities Alternative Products Fund 2026-06-30 Class I common stock

0.001

3676959

10.27

The Fund’s investment objective is to provide risk-adjusted returns across various types of market cycles (i.e., periods of positive and negative macro trends in the markets), by investing in a globally diversified portfolio of liquid and illiquid instruments, securities, derivatives and supply chain financings that are commodity-related or commodity-linked, as applicable. The Fund may also utilize physical commodities as collateral for loan transactions or part of supply chain financing transactions. The Fund seeks to achieve its investment objective by (1) providing exposure to asset classes that require specialized expertise (commodities); (2) sourcing differentiated investments through proprietary research and an understanding of the commodities markets; (3) focusing on risk management; and (4) allocating capital opportunistically among different investment strategies within the commodities space based on the Adviser’s assessment of opportunities and their relative value. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes), directly or indirectly, in commodity-related and commodity-linked instruments, securities, derivatives, supply chain financings and physical gold. The Fund will endeavor to allocate its investments in credit and equity investments across any number of the following strategies: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in">(a)</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">commodity-linked credit, which broadly includes syndicated loans and bonds, first lien loans, second lien loans, unitranche loans, mezzanine debt and credit derivatives (including swaps) made in respect of companies for which a primary or material focus is the production, distribution or sale of commodities (“Commodity- Related Companies”) and countries where at least 50% of a given country’s share of allocated merchandise exports results from commodities as defined by the United Nations Conference on Trade and Development or enterprises owned by such countries (“Commodity-Related Sovereigns”);</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in">(b)</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">commodity-linked equities, which include common and preferred equity, limited partnership interests in commodity-related vehicles and private investments in public equity (“PIPES”) and equity derivatives made in respect of Commodity-Related Companies and Commodity-Related Sovereigns;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in">(c)</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">supply chain financing (trade finance, physical commodity financings and procurement financings);</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 28.75pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 17.85pt">(d)</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">exposure to physical commodities through long and short derivative positions; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 28.75pt"></td><td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 17.85pt">(e)</td><td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">physical gold.</td></tr></table> While the Fund presently intends to offer two classes of Shares, it may offer other classes of Shares as well in the future. From time to time, the Board may create and offer additional classes of Shares, or may vary the characteristics of the Class I Shares or Class U Shares described herein, including without limitation, in the following respects:voting rights with respect to a distribution and/or service plan as to such class