# EDGAR Filing Document

**Accession Number:** 0002012980
**File Stem:** 0001206774-26-000126
**Filing Date:** 2026-3
**Character Count:** 137030
**Document Hash:** 876795ee85813c965c338fee6014c0b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-26-000126.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001206774-26-000126

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gemcorp Commodities Alternative Products Fund
- **CENTRAL INDEX KEY:** 0002012980

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23940
- **FILM NUMBER:** 26733612

**BUSINESS ADDRESS:**
- **STREET 1:** 12 EAST 49TH STREET
- **STREET 2:** SUITE 21-101
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 646-979-8494

**MAIL ADDRESS:**
- **STREET 1:** 12 EAST 49TH STREET
- **STREET 2:** SUITE 21-101
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

<u>Investment Company Act file number: 811-23940</u>

<u>Gemcorp Commodities Alternative Products Fund</u> 

(Exact name of registrant as specified in charter)

<u>12 East 49<sup>th</sup> Street, 18<sup>th</sup> Floor, New York, NY 10017</u>

(Address of principal executive offices) (Zip code)

1-646-979-8494

(Registrant's telephone number, including area code)

Ahmad Al-Sati

Gemcorp Capital Advisors LLC

12 East 49<sup>th</sup> Street, 18<sup>th</sup> Floor

<u>New York, NY 10017</u>

(Name and address of agent for service)

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2025</u>

[**Table of Contents**](#toc)

**Item 1. Reports to Stockholders.**

(a) ![](gcapf4603101-ncsrx1x1x1.jpg)

[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Table of Contents** |  |
| [Shareholder Letter (Unaudited)](#a_001) | [1](#a_001) |
| [Performance Overview](#a_002) | [3](#a_002) |
| [Statement of Investments](#a_003) | [6](#a_003) |
| [Statement of Assets and Liabilities](#a_004) | [9](#a_004) |
| [Statement of Operations](#a_005) | [10](#a_005) |
| [Statements of Changes in Net Assets](#a_006) | [11](#a_006) |
| [Statement of Cash Flows](#a_007) | [12](#a_007) |
| [Financial Highlights](#a_008) | [13](#a_008) |
| [Notes to Financial Statements](#a_009) | [15](#a_009) |
| [Report of Independent Registered Public Accounting Firm](#a_010) | [33](#a_010) |
| [Dividend Reinvestment Plan (Unaudited)](#a_011) | [35](#a_011) |
| [Additional Information](#a_012) | [37](#a_012) |
| [Trustees & Officers](#a_013) | [38](#a_013) |
| [Service Providers](#a_014) | [40](#a_014) |
| [Data Privacy Policy and Procedure](#a_015) | [41](#a_015) |

---

[**Table of Contents**](#toc)

<u>Gemcorp Commodities Alternative Products Fund</u> <u>Shareholder Letter (Unaudited)</u> <br> December 31, 2025

Dear Shareholders,

We are pleased to share our year end performance update and key reflections on 2025. The Fund delivered net return of +2.15% for the year ended December 31, 2025. By comparison, the Fund's benchmarks, Bloomberg U.S. Aggregate Bond Index and ICE BofA US 1M Deposit Overnight Constant Maturity, generated 7.30% and 4.30% returns for the year.

2025 was a foundational year as we welcomed our initial investors and continued building the Fund's portfolio. The primary detractor from Fund relative performance was the Fund's cash position which was held as the Fund was ramping up the portfolio and managing market risks and volatility over the course of its initial year of operations. Primary contributors to the Fund's portfolio were the Fund's positions in baskets of commodity linked bonds.

The fragmentation of global supply-chains has made commodity flows increasingly complex and capital-intensive, reinforcing the need for structured, bespoke credit and allowing for private specialist lenders to step in and play a critical role. Private credit may fill this financing gap with diversified spreads with real-asset backing.

In 2025, commodity volatility rose sharply across oil (driven by geopolitical factors), copper (driven by supply shortages and market concentration), and agricultural products (which are critically weather-dependent). Additionally, weather volatility continues to disrupt major food supplies, affecting billions worldwide. The impacts are evident across the commodity complex.

The current macroeconomic environment and ongoing global supply chain disruptions continue to support the investment approach, highlighting the focus on hard assets and short-duration credit. The past year saw an increase in economic uncertainty driven by rising tariffs, a weaker dollar and higher interest rates, possibly signaling the shift to a new economic order, away from the status quo that followed the global financial crisis. Fundamentally, in times of heightened uncertainty, duration matters. The ability to invest in short-duration credit and self-liquidating instruments allows investors to examine unfolding events before committing to longer-term investments. The ability of these instruments to generate income means that investors can deploy the cash they receive as they see fit, and GCAP seeks to fit this strategy.

Annual Report \| December 31, 2025 1

[**Table of Contents**](#toc)

<u>Gemcorp Commodities Alternative Products Fund</u> <u>Shareholder Letter (Unaudited)</u> <br> December 31, 2025

Recent Fund deal deployments includes:

&nbsp;&nbsp;&nbsp;&nbsp;1. Crescent
 (Turkey): loan to a large mining service provider, with monthly interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;2. Sonangol
 Facility (Angola): fuel pre-pay with a large Sub-Saharan African refiner, with monthly payments.

&nbsp;&nbsp;&nbsp;&nbsp;3. Loinette
 Capital (Pan-Africa): financing yellow equipment used for mining and cement, with monthly
 payments.

&nbsp;&nbsp;&nbsp;&nbsp;4. Pacific
 Oil (UAE): specialty chemicals supplier to a large national oil company, with 45-day payment
 cycles.

We enter 2026 with a robust pipeline of potential transactions, strong counterparty relationships, and a portfolio that we believe is positioned to generate stable income with less sensitivity to broader market movements. While macroeconomic risks remain elevated, our focus on short-dated, asset-backed exposures and repeat borrower relationships that utilize ongoing facilities can provide meaningful protection in uncertain environments and reflects our active, hands-on approach to risk management.

We remain committed to disciplined capital deployment into private assets, rigorous risk management, and transparent communication as we work to deliver consistent, attractive returns over the medium and long term.

Gemcorp Capital Advisors

[**Table of Contents**](#toc)

<u>Gemcorp Commodities Alternative Products Fund</u> <u>Performance Overview</u> <br> December 31, 2025

**The Fund's performance figures for the year ended December 31, 2025, compared to its benchmark:**

**Average Annual Total Returns** *(as of December 31, 2025)*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **1 Mo** | **3 Mo** | **6 Mo** | **YTD** | **Since <br> Inception** | **Inception<br> Date** |
| Gemcorp Commodities Alternative Products Fund - I | -0.05% | 0.44% | 2.46% | 2.15% | 2.15% | 12/31/2024 |
| Bloomberg U.S. Aggregate Bond Index | -0.15% | 1.10% | 3.15% | 7.30% | 7.30% | 12/31/2024 |
| ICE BofA US 1M Deposit Overnight Constant Maturity | 0.34% | 1.04% | 2.16% | 4.40% | 4.40% | 12/31/2024 |

---

 

*The performance data quoted above represents past performance. Past performance is not a guarantee of future results. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund performance current to the most recent month-end is available by calling 1-833-597-2471 or by visiting www. gemcorpcapital. com/capabilities/us-gcap.*

Annual Report \| December 31, 2025 3

[**Table of Contents**](#toc)

<u>Gemcorp Commodities Alternative Products Fund</u> <u>Performance Overview</u> <br> December 31, 2025

 

**Performance of $10,000 Initial Investment** *(as of December 31, 2025)*

 

![](gcapf4603101-ncsrx1x6x1.jpg)

*The graph shown above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

 

[**Table of Contents**](#toc)

<u>Gemcorp Commodities Alternative Products Fund</u> <u>Performance Overview</u> <br> December 31, 2025

 

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets\*** |
| Gramtruk Investment Holdings, LP TL | 13.84% |
| United States Treasury Bill | 12.45% |
| Sonangol - Tranche B | 6.75% |
| Avenir Issuer III Ireland DAC | 6.27% |
| Volcan Cia Minera SAA | 5.75% |
| Loinette - Gulf U1 | 5.22% |
| Samarco Mineracao SA | 4.54% |
| Anglo American Capital PLC | 2.90% |
| Newmont Corp. / Newcrest Finance Pty, Ltd. | 2.90% |
| Cargill Inc | 2.77% |

---

Asset Allocation (as a % of Net Assets)\*

![](gcapf4603101-ncsrx1x7x1.jpg)

*\* Top Ten Holdings (excludes Cash and cash equivalents) and Asset Allocation are subject to change, and may not reflect the current or future position of the portfolio. Tables present indicative values only.*

 

Annual Report \| December 31, 2025 5

[**Table of Contents**](#toc)

<u>Gemcorp Commodities Alternative Products Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds - 35.79%** | **Shares/Par** | **Coupon<br> Rate** | **Maturity<br> Date** | **Market Value** |
| **Great Britain - 2.90%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining - 2.90%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American Capital PLC<sup>(a)</sup> | 1000000 | 5.75% | 04/05/2034 | $1048463 |
| **United States - 16.70%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Agriculture - 5.52%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 1000000 | 2.50% | 08/11/2026 | 991228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill, Inc.<sup>(a)</sup> | 1000000 | 4.50% | 06/24/2026 | 1002612 |
|  |  |  |  | 1993840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 2.76%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 1000000 | 3.043% | 03/01/2026 | 998367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Engineering & Construction - 2.75%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corp. | 1000000 | 4.25% | 09/15/2028 | 993306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals - 2.77%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Co. | 1000000 | 4.05% | 11/15/2027 | 1000041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining - 2.90%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. / Newcrest Finance Pty, Ltd. | 1000000 | 5.35% | 03/15/2034 | 1047625 |
| **Australia - 2.77%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining - 2.77%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHP Billiton Finance USA, Ltd. | 1000000 | 4.875% | 02/27/2026 | 1001008 |
| **Canada - 3.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 3.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saturn Oil & Gas, Inc.<sup>(a)</sup> | 864000 | 9.625% | 06/15/2029 | 855210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gran Tierra Energy, Inc.<sup>(b)</sup> | 400000 | 9.50% | 10/15/2029 | 278973 |
|  |  |  |  | 1134183 |
| **Peru - 5.74%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining - 5.74%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volcan Cia Minera SAA<sup>(a),(b)</sup> | 2010000 | 8.75% | 01/24/2030 | 2074745 |
| **Brazil - 4.54%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iron/Steel - 4.54%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samarco Mineracao SA<sup>(b)</sup> | 1615997 | 9.50% | 06/30/2031 | 1639955 |
| **Total Corporate Bonds (Cost $12,907,069)** |  |  |  | $**12931533** |

---

See Notes to Financial Statements

[**Table of Contents**](#toc)

<u>Gemcorp Commodities Alternative Products Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Bank Loan - 26.50%** | **Shares/Par** | **Coupon<br> Rate** | **Maturity<br> Date** | **Market Value** |
| **Turkey - 13.84%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Agriculture - 13.84%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gramtruk Investment Holdings, LP TL<sup>(c)</sup> | 5000000 | 14.45% | 05/24/2029 | $5000000 |
| **United States - 5.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 5.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loinette - Gulf U1<sup>(c)</sup> | 1884419 | 8.50% | 11/30/2028 | 1884419 |
| **UAE - 0.71%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 0.71%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Oil<sup>(c)</sup> | 255417 | 12.45% | 01/09/2026 | 255417 |
| **Angola - 6.74%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 6.74%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonangol - Tranche B<sup>(c)</sup> | 2500001 | 11.50% | 01/09/2031 | 2437500 |
| **Total Bank Loan (Cost $9,524,111)** |  |  |  | $**9577336** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Government Bond - 29.02%**  | **Shares/Par** | **Coupon<br> Rate** | **Maturity <br> Date** | **Market Value** |
| **Brazil - 2.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sovereign - 2.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian Government International Bond | 1000000 | 5.00% | 01/27/2045 | $796855 |
| **Colombia - 2.77%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sovereign - 2.77%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia Government International Bond | 1000000 | 4.50% | 01/28/2026 | 999476 |
| **United States - 12.45%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sovereign - 12.45%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bill<sup>(d)</sup> | 4500000 | 4.27% | 01/02/2026 | 4499151 |
| **Kenya - 2.61%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sovereign - 2.61%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Kenya Government International Bond<sup>(b)</sup> | 1000000 | 8.25% | 02/28/2048 | 941665 |

---

See Notes to Financial Statements

Annual Report \| December 31, 2025 7

[**Table of Contents**](#toc)

<u>Gemcorp Commodities Alternative Products Fund</u> <u>Statement of Investments</u> <br> December 31, 2025

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Government Bond - 29.02% (continued)** | **Shares/Par** | **Coupon<br> Rate** | **Maturity<br> Date** | **Market Value** |
| **Angola - 8.99%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sovereign - 8.99%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avenir Issuer III Ireland DAC | 2326268 | 6.00% | 03/22/2027 | $2264758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avenir Issuer IV Ireland DAC | 1018384 | 6.00% | 10/25/2027 | 984536 |
|  |  |  |  | 3249294 |
| **Total Government Bond (Cost $10,396,478)** |  |  |  | $**10486441** |
| **Total Investments - 91.31% (Cost $32,827,658)** |  |  |  | $**32995310** |
| **Other Asset in Excess of Liabilities - 8.69%** |  |  |  | **3138529** |
| **Net Assets - 100.00%** |  |  |  | $**36133839** |

---

*<sup>(a)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $4,981,030, which represents approximately 13.78% of net assets as of December 31, 2025.*

*<sup>(b)</sup>* *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of December 31, 2025, the market value of those securities was $4,935,338, representing 13.66% of net assets.*

*<sup>(c)</sup>* *Fair value is determined in good faith in accordance with valuation principles pursuant to FASB ASC Topic 820 "Fair Value Measurement". Fair value is determined using significant unobservable inputs. The total fair value of these investments as of December 31, 2025 was $9,577,336, which represents 26.50% of total net assets of the fund.*

*<sup>(d)</sup>* *Rate is effective yield as of December 31, 2025.*

See Notes to Financial Statements

[**Table of Contents**](#toc)

<u>Gemcorp Commodities Alternative Products Fund</u> <u>Statement of Assets and Liabilities</u>

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value (Cost $32,827,658) | $32995310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 3931083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value (Cost $424) | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 313061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for securities sold | 47285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 37287167 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for administration and fund accounting fees | 27526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the adviser | 59898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for transfer agent fees | 17787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions payable to common shareholders | 924538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses and other liabilities | 123579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1153328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (see Note 4) |  |
| **NET ASSETS** | $36133839 |
| **COMPOSITION OF NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $35960654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings/(accumulated deficit) | 173185 |
| **NET ASSETS** | $36133839 |
| **Net Assets Attributable to:** |  |
| **Class I Shares** | $36133839 |
|  | $36133839 |
| **Shares Outstanding:** |  |
| **Shares of Class I common stock outstanding (unlimited number of shares authorized at par of $0.001)** | 3627777 |
|  | 3627777 |
| **Net Asset Value per Share:** |  |
| **Class I Shares** | $9.96 |

---

See Notes to Financial Statements

Annual Report \| December 31, 2025 9

[**Table of Contents**](#toc)

<u>Gemcorp Commodities Alternative Products Fund</u> <u>Statement of Operations</u>

---

| | |
|:---|:---|
|  | **For the <br> Year Ended<br> December 31, 2025** |
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income (Net withholding tax of $3,959) | $1938678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1938678 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 362070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration and fund accounting fees | 217937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 92262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 307713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs (Note 2) | 189316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 43361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recoupment of previously waived fees | 59898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 68097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 145377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1486031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees waived by Adviser (Note 4) | (362070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1123961 |
| **NET INVESTMENT INCOME** | 814717 |
| **NET REALIZED GAIN/(LOSS) AND CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss from Investments | (73952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss from foreign currency transactions | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain/(loss) from Investments | (73962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 167652 |
| **NET REALIZED GAIN/(LOSS) AND UNREALIZED APPRECIATION/(DEPRECIATION) ON INVESTMENTS** | 93690 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $908407 |

---

See Notes to Financial Statements

[**Table of Contents**](#toc)

<u>Gemcorp Commodities Alternative Products Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the <br> Year Ended<br> December 31, 2025** | **For the Period <br> December 31, 2024 <br> (inception)<br> to December 31,<br> 2024 <sup>(a)</sup>** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $814717 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) from investments | (73962) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/ <br>(depreciation) on investments | 167652 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 908407 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (924538) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in net assets from distributions | (924538) | – |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 36049970 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 36049970 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets from capital share <br>transactions | 36049970 | – |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $36133839 | $100000 |
| **Fund Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning Shares | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 3617777 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending Shares | 3627777 | 10000 |

---

<sup>(a)</sup> The Fund commenced operations on December 31, 2024.

See Notes to Financial Statements

Annual Report \| December 31, 2025 11

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Statement of Cash Flows</u>

---

| | |
|:---|:---|
|  | **For the Year Ended<br> December 31, 2025** |
| **Cash Flows from Operating Activities:** |  |
| Net increase in net assets resulting from operations | $908407 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of Investments | (36048538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of investment securities | 7747616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net purchases of short-term investment securities | (3924069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss from Investments | 73952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on Investments | (167652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount accreted and premiums amortized | (676619) |
| (Increase)/Decrease in Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (313061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for securities sold | (47285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs | 161653 |
| Increase/(Decrease) in Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration and fund accounting fees | 27526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 17787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to the Adviser | 59898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued offering costs | (161653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Accrued expenses and other liabilities | 123579 |
| **Net cash used in operating activities** | (32218459) |
| **Cash Flows from Financing Activities:** |  |
| Proceeds from shares issued | 36049970 |
| **Net cash provided by financing activities** | 36049970 |
| **Cash and foreign currency, beginning of year** | $100000 |
| **Net change in cash and foreign currency** | $3831511 |
| **Cash and foreign currency, end of year** | $3931511 |
| Cash paid during the period for interest expense | $– |
| Cash paid during the period for taxes | $– |

---

See Notes to Financial Statements

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Financial Highlights</u>

---

| | | |
|:---|:---|:---|
|  | **For the Year <br> Ended<br> December 31, 2025** | **For the Period <br> December 31, 2024 <br> (Inception) to<br> December 31, 2024** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.00 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS<sup>(a)</sup>** | **INCOME FROM INVESTMENT OPERATIONS<sup>(a)</sup>** | **INCOME FROM INVESTMENT OPERATIONS<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.26 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments<sup>(b)</sup> | (0.04) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income from investment operations | 0.22 | – |
| **DISTRIBUTIONS** | **DISTRIBUTIONS** | **DISTRIBUTIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.24) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments | (0.02) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.26) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (0.04) | – |
| **NET ASSET VALUE, END OF PERIOD** | $9.96 | $10.00 |
| **TOTAL RETURN<sup>(c)</sup>** | 2.15% | –% |
| **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** |
| Net assets, end of period (000's) | $36134 | $100 |
| **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** | **RATIOS TO AVERAGE NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> | 4.61% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets including fee waivers and reimbursements<sup>(d)</sup> | 3.49% | 0.00% |
| Net investment income | 2.53% | 0.00% |
| **PORTFOLIO TURNOVER RATE** | 61% | 0% |

---

*(a)* *Per share numbers have been calculated using average shares outstanding* 

*(b)* *Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.* 

 

See Notes to Financial Statements

Annual Report \| December 31, 2025 13

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Financial Highlights</u>

*(c)* *Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.* 

*(d)* *Represents the ratio of expenses to average net assets absent fee waivers expense reimbursement and/or recoupment by the Adviser.* 

 

See Notes to Financial Statements

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

1. Organization

The Gemcorp Commodities Alternative Products Fund (the "Fund") is a closed-end management investment company that operates as an interval fund and is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act") and organized as a Delaware statutory trust on February 16, 2024. Gemcorp Capital Advisors LLC serves as the investment adviser (the "Adviser") of the Fund. The Adviser provides day-to-day investment management services to the Fund. The Fund is non-diversified, which means that under the Investment Company Act, it may invest a greater portion of its assets in obligations of a single issuer than a diversified fund. No holder of Shares (each, a "Shareholder" and collectively, "Shareholders") will have the right to require the Fund to redeem its Shares. In addition, no public market exists for the Shares and the Fund does not expect any trading market to develop for the Shares. As a result, if investors decide to invest in the Fund, they will have very limited opportunity to sell their Shares. The Fund is an appropriate investment only for those investors who can tolerate a high degree of risk and do not require a liquid investment.

The Fund intends to offer two separate classes of shares of beneficial interest designated as Class I and Class U (the "Class I Shares" and "Class U Shares," respectively). Class I has commenced operations. Class U is offered but not currently funded.

Only Class I Shares have been issued as of the date of the accompanying financial statements. Class I Shares and Class U Shares are subject to different fees and expenses. In the future, other classes of Shares may be offered.

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.

Annual Report \| December 31, 2025 15

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

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:

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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");

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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;

&nbsp;&nbsp;&nbsp;&nbsp;(c) supply chain financing (trade finance,
 physical commodity financings and procurement financings);

&nbsp;&nbsp;&nbsp;&nbsp;(d) exposure to physical commodities through long and short derivative
 positions; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) physical gold.

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

2. Accounting Policies

Basis of Preparation

The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Use of Estimates

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

Security Valuation

Pursuant to Rule 2a-5 under the 1940 Act adopted by the SEC in December 2020 ("Rule 2a-5"), the Board has elected to designate the Adviser as "valuation designee" to perform fair value determinations, subject to Board oversight and certain other conditions. In the absence of readily available market quotations, as defined by Rule 2a-5, the Adviser determines the fair value of the Fund's investments in accordance with its written valuation policy approved by the Board. There is no single method for determining fair value in good faith. As a result, determining fair value requires judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments held by the Fund. Due to the uncertainty of valuation, this estimate may differ significantly from the value that would have been used had a ready market for the investments existed, and the differences could be material.

Bonds are valued using an independent pricing service/vendor. The price used is the Bloomberg BVAL Bid Pricing with a 4pm New York snap. Management does not adjust these prices. For investments without readily available market prices, these factors may be incorporated into discounted cash flow models to arrive at fair value. Other factors that may be considered include the borrower's ability to adequately service its debt, the fair market value of the portfolio company in

Annual Report \| December 31, 2025 17

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

relation to the face amount of its outstanding debt and the quality of the collateral securing its debt investments.

Investment Transactions and Related Investment Income and Expenses

Investment transactions are accounted for on trade-date. Unsettled trades are reported on a net basis when the right to offset is provided within counterparty agreements. Realized gains and losses from investment transactions are determined using specific identification based on the first in first out ("FIFO") cost method. Any change in net unrealized gain or loss from the preceding period is reported in the Statement of Operations. Brokerage commissions and other trading fees are reflected as an adjustment to cost or proceeds at the time of the transaction. Interest, including income earned on money market funds, is recognized on an accrual basis and includes the amortization of premium and accretion of discount based on the effective yield. Dividend income is recorded on the ex-dividend date. Paydown gains or losses on applicable securities, if any, are recorded as components of Interest income on the Statement of Operations.

Expenses are paid to third parties and include organizational expenses, administrative fees and expenses, legal fees, audit and tax preparation expenses, custodial fees, and bank fees. Such expenses are recognized on an accrual basis.

Cash

Cash represents cash on hand and demand deposits held at the Custodian, and are subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limitations. At December 31, 2025 the Fund held $3,931,511 cash with the custodian. Balances denominated in foreign currencies are included in cash on the Statement of Assets and Liabilities, and are valued at $428 (cost $424).

Fair Value Measurements

In accordance with ASC Topic 820 – Fair Value Measurement and Disclosures, a three-tier hierarchy has been established to classify fair value measurements for disclosure purposes.

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

The Fund determines fair value based on assumptions that market participants would use in pricing an asset or liability in an orderly transaction at the measurement date. When considering market participant assumptions in fair value measurements, the following fair value hierarchy prioritizes and ranks the level of market price observability used in measuring investments:

&nbsp;&nbsp;&nbsp;&nbsp;· Level
 1 – Unadjusted quoted prices in active markets for identical assets or liabilities
 that the Fund is able to access as of the reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;· Level
 2 – Inputs, other than quoted prices included in Level I, that are observable either
 directly or indirectly as of the reporting date. These inputs may include (a) quoted prices
 for similar assets in active markets, (b) quoted prices for identical or similar assets in
 markets that are not active, (c) inputs other than quoted prices that are observable for
 the asset, or (d) inputs derived principally from or corroborated by observable market data
 by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;· Level
 3 – Pricing inputs are unobservable for the investment and little, if any, active market
 exists as of the reporting date. Fair value inputs require significant judgment or estimation
 from the Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at <br> Value<sup>(a)</sup>** | **Level 1 - <br> Quoted Prices** | **Level 2 - <br> Other <br> Significant<br> Observable<br> Inputs** | **Level 3 - <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Bank Loan | $— | $— | $9577336 | $9577336 |
| Corporate Bonds |  | 12931533 |  | 12931534 |
| Government Bond |  | 10486441 |  | 10486440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $23417974 | $9577336 | $32995310 |

---

The most significant estimate inherent in the preparation of the financial statements is the valuation of investments.

The Fund accounts for its investments in accordance with U.S. GAAP, and fair values its investment portfolio in accordance with the provisions of the FASB ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. Investments are reflected in the financial statements at fair value. Fair value is the estimated amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price)

Annual Report \| December 31, 2025 19

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

The following table shows the aggregate changes in fair value of the Fund's Level 3 investments during the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset Type** | |
| | **Bank Loan** |<br>**Total** |
| **Balance as of December 31, 2024** | $– | $– |
| **Accrued Discount/premium** |  |  |
| **Return of Capital** |  |  |
| **Realized Gain/(Loss)** |  |  |
| **Change in Unrealized Appreciation/ (Depreciation)** |  |  |
| **Purchases** | 9624632 | 9624632 |
| **Sales Proceeds/Paydowns** | (47296) | (47296) |
| **Transfer into Level 3** |  |  |
| **Transfer Out of Level 3** |  |  |
| **Balance as of December 31, 2025** | $9577336 | $9577336 |
| **Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at December 31, 2025** | $– | $– |

---

In certain cases, inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input significant to that fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment.

The following table summarizes the quantitative inputs and assumptions used for investments categorized as Level 3 of the fair value hierarchy as of December 31, 2025. In addition to the technique and inputs noted in the table below, the Adviser may use other valuation techniques and methodologies when determining the Fund's fair value measurements as provided for in the valuation policy approved by the Board. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to the Fund's fair value measurements as of December 31, 2025. Unobservable inputs and assumptions are periodically reviewed and updated as necessary to reflect current market conditions.

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Asset Class** | **Fair Value as of<br> December 31, 2025** | **Valuation Technique/<br> Methodologies** | **Unobservable<br> Inputs** |
| Bank Loans | $9577336 | Transaction Approach | Recent Transaction |

---

---

| | | |
|:---|:---|:---|
| **Minimum** | **Maximum** | **Weighted Average** |
| 97.5% | 100% | 99.35% |

---

Market price observability is impacted by a number of factors, including the type of investment, the characteristics specific to the investment and the state of the marketplace (including the existence and transparency of transactions between market participants). Investments with readily available actively quoted prices, or for which fair value can be measured from actively quoted prices in an orderly market, will generally have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Investments for which observable, quoted prices in active markets do not exist are reported at fair value based on Level 3 inputs. The amount determined to be fair value may incorporate the Adviser's own assumptions (including assumptions the Adviser believes market participants would use in valuing investments and assumptions relating to appropriate risk adjustments for non-performance and lack of marketability), as provided for in the Adviser's valuation policy.

An estimate of fair value is made for each investment at least monthly taking into account information available as of the reporting date and is subject to review by the Board on a quarterly basis.

Organizational and Offering Costs

Organizational costs consist of the costs of forming the Fund, drafting of bylaws, administration, custody and transfer agency agreements, legal services in connection with the initial meeting of the Fund's Board of Trustees ("Board") and the Fund's seed audit costs. Offering costs consist of the costs of preparation, review and filing with the Securities and Exchange Commission ("SEC") of the Fund's registration statement, the costs of preparation, review and filing of any associated marketing or similar materials, the costs associated with the printing, mailing or other distribution of the Fund's Prospectus, Statement of Additional Information and/or marketing materials, and the amounts of associated filing fees and legal fees associated with the offering. The amount of the organizational costs and offering costs recorded by the Fund are $538,791 and $189,316, respectively.

Annual Report \| December 31, 2025 21

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

The Adviser has agreed to reimburse the Fund's organizational costs and offering costs already incurred and any additional costs incurred prior to the commencement of operations of the Fund. Organizational costs are expensed as incurred and are subject to recoupment by the Adviser in accordance with the Fund's expense limitation agreement discussed in Note 4. As of December 6, 2024, the Fund's seed financial statement date, the Adviser has incurred $538,791 of organizational costs which is subject to recoupment through December 31, 2027. Offering costs, which are also subject to the Fund's expense limitation agreement discussed in Note 4, were amortized to expense over twelve months on a straight-line basis. As of December 31, 2025, the Adviser has incurred $189,316 of offering costs.

Federal Income Taxes

The Fund qualifies and intends to continue to qualify as a regulated investment company (a "RIC") for federal income tax purposes. As a RIC, the Fund will generally not be subject to federal corporate income tax, provided that when it is a RIC, it distributes out all of its income and gains each year.

Because U.S. federal income tax regulations differ from U.S. GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for federal income tax purposes. The tax basis components of distributable earnings may differ from the amounts reflected in the Statement of Assets and Liabilities due to temporary book/tax differences arising primarily from partnerships and passive foreign investment company investments.

Distributions are determined in accordance with federal income tax regulations, which differ from U.S. GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences.

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

Indemnifications

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these agreements is dependent on future claims that may be made against the Fund, and therefore cannot be established; however, the risk of loss from such claims is considered remote.

Segment Reporting

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the Adviser to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is a party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to the Fund based on performance measurements. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights. Due to the significance of oversight and their role, the Adviser is deemed to be the chief operating decision maker.

3. Capital Stock

Pursuant to exemptive relief obtained from the SEC, the Fund is permitted to offer multiple classes of Shares. The Fund is currently authorized to offer two separate classes of Shares, designated as Class I Shares and Class U Shares. Only Class I Shares have been issued as of the date of the accompanying financial statements. Class I Shares and Class U Shares are subject to different fees and expenses.

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: (1) the amount of fees permitted by a distribution and/or service plan as to such class; (2) voting rights with respect to a distribution and/or service plan as to such class; (3) different class designations; (4) the impact of any class expenses directly attributable to a particular class of Shares; (5) differences in any dividends and net asset values resulting from differences in fees under a distribution and/or service plan or in class expenses; (6) the addition of sales loads; (7) any conversion features, as permitted under the Investment Company Act.

Annual Report \| December 31, 2025 23

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

Neither Class I Shares nor Class U Shares are subject to any initial sales charge. However, investors will be assessed fees for returned checks and stop payment orders at prevailing rates charged by the Fund's administrator, SS&C Technologies, Inc. (the "Administrator"). The returned check and stop payment fee are currently $25.

Shares are generally offered for purchase on monthly basis, except that Shares may be offered less frequently as determined by the Board in its sole discretion. The Board may also suspend or terminate offerings of Shares at any time.

Except as otherwise permitted by the Board, initial and subsequent purchases of Shares will be payable in cash. Orders will be priced at the appropriate price next computed after the order is received by the Fund. The Fund reserves the right, in its sole discretion, to accept or reject any subscription to purchase Shares in the Fund at any time.

The Fund is an "interval fund" pursuant to which it, subject to applicable law, will conduct quarterly repurchase offers for between 5% and 25% of the Fund's outstanding Shares at net asset value ("NAV"). At this time, the Board has approved the Fund's conducting of repurchase offers on a quarterly basis in the amount of 5% of its outstanding Shares. This amount may be changed by the Board, in its discretion, at any time. It is also possible that a repurchase offer may be oversubscribed, with the result that shareholders may only be able to have a portion of their Shares repurchased. The Fund does not currently intend to list its Shares for trading on any securities exchange and it is not anticipated that a secondary market for Shares will develop. The Shares are, therefore, not readily marketable. Even though the Fund will make quarterly repurchase offers to repurchase a portion of the Shares to try to provide liquidity to shareholders, you should consider the Shares to have limited liquidity.

In each repurchase offer, the Fund will offer to repurchase its Shares at their NAV as determined as of approximately January 31, April 30, July 31 and October 31, of each year, as applicable (each, a "Valuation Date"). Each repurchase offer ordinarily will be limited to the repurchase of approximately 5% of the Fund's Shares outstanding, but if the value of Shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such event, Shareholders will have their Shares repurchased on a pro rata basis, and tendering Shareholders will not have all of their tendered Shares repurchased by the Fund. Shareholders tendering Shares for repurchase will be asked to give written notice of their intent to do so by the date specified in the notice describing the terms of the applicable repurchase offer. In determining the extent to which the Fund should offer

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

to repurchase Shares from Shareholders pursuant to repurchase requests, the Board may consider, among other things, the recommendation of the Adviser as well as a variety of other operational, business and economic factors.

A Shareholder who tenders for repurchase only a portion of its Shares in the Fund will be required to maintain a minimum account balance of $1,000,000. Subject to certain requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the rules promulgated thereunder, the Fund reserves the right to reduce the amount to be repurchased from a Shareholder so that the required minimum account balance is maintained. Such minimum capital account balance requirement may also be waived by the Board in its sole discretion, subject to applicable federal securities laws.

4. Agreements

The Fund has entered into an advisory agreement (the "Advisory Agreement") with the Adviser. Pursuant to the Advisory Agreement, the Fund pays the Adviser a management fee equal to 1.50% (the "Management Fee"). The Management Fee is calculated and payable quarterly in arrears at the annual rate of 1.50% of the quarter-end value of the Fund's Net Assets.

Pursuant to the Advisory Agreement, the Fund pays the Adviser an Incentive Fee of 15% (the "Incentive Fee"). The Incentive Fee is calculated and payable quarterly in arrears based upon "pre-incentive fee net investment income" attributable to each class of the Fund's Shares for the immediately preceding fiscal quarter, and is subject to a hurdle rate, expressed as a rate of return based on each class's starting net asset value for the period (calculated in accordance with U.S. GAAP), equal to 1.25% per quarter (or an annualized hurdle rate of 5.00%), subject to a "catch-up" feature. For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income accrued during the fiscal quarter, minus each class's operating expenses for the quarter and the distribution and/or shareholder servicing fees (if any) applicable to each class accrued during the fiscal quarter. For such purposes, the Fund's operating expenses will include the Management Fee and costs and expenses reimbursed to the Servicers under the Services Agreement and to the Administrator under the Administration Agreement, but it will exclude the Incentive Fee.

Annual Report \| December 31, 2025 25

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

Thus, the calculation of the Incentive Fee for each fiscal quarter is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· No
 Incentive Fee is payable in any fiscal quarter in which the applicable pre-incentive fee
 net investment income attributable to the applicable share class does not exceed the quarterly
 hurdle rate of 1.25% of such class's starting net asset value for the period (calculated
 in accordance with U.S. GAAP), or 5.00% annualized;

&nbsp;&nbsp;&nbsp;&nbsp;· 100%
 of the pre-incentive fee net investment income attributable to the applicable share class,
 if any, that exceeds the hurdle rate but is less than or equal to 1.47% of such class's
 starting net asset value for the period (calculated in accordance with U.S. GAAP) in any
 fiscal quarter (5.88% annualized) is payable to the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;· 15%
 of the pre-incentive fee net investment income attributable to the applicable share class,
 if any, that exceeds 1.47% of such class's starting net asset value for the period
 (calculated in accordance with U.S. GAAP) in any fiscal quarter (5.88% annualized) is payable
 to the Adviser (i.e. once the hurdle rate is reached and the catch-up is achieved).

The Board will periodically review the Investment Advisory Agreement to determine, among other things, whether the fees payable under such agreement are reasonable considering the services provided.

The Adviser and the Fund have entered into an Expense Limitation and Reimbursement Agreement (the "Expense Limitation and Reimbursement Agreement") beginning on the effective date of the Advisory Agreement and ending on December 31, 2026 (the "Limitation Period") in respect of each of Class I Shares and Class U Shares under which the Adviser has agreed contractually to waive its Management Fee and Incentive Fee and/or reimburse the Fund's initial organizational and offering costs, as well as the Fund's operating expenses on a monthly basis to the extent that the Fund's monthly total annualized fund operating expenses in respect of each class (excluding (i) expenses directly related to the costs of making investments, including interest and structuring costs for borrowings and line(s) of credit, taxes, brokerage costs, the Fund's proportionate share of expenses related to co-investments, litigation and extraordinary expenses, (ii) Incentive Fees and (iii) any distribution and/or shareholder servicing fees) exceed 3.50% of the month-end NAV of such class (the "Expense Cap").

In consideration of the Adviser's agreement to waive its Management Fee and/or reimburse the Fund's operating expenses, the Fund has agreed to reimburse or pay the Adviser in the amount of any waived Management Fees and Fund expenses reimbursed

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

in respect of each of Class I Shares and Class U Shares, subject to the limitation that a reimbursement (an "Adviser Recoupment") will be made only if and to the extent that: (i) it is payable not more than three years from the date on which the applicable waiver or expense payment was made by the Adviser; and (ii) the Adviser Recoupment does not cause the Fund's total annual operating expenses to exceed the Expense Cap of such class. In addition, for any month in which the Fund's aggregate monthly Other Operating Expenses (as that term is defined in the Expense Limitation and Reimbursement Agreement) exceed the Expense Cap, the Adviser shall make a Required Expense Payment (as that term is defined in the Expense Limitation and Reimbursement Agreement) to the extent necessary to eliminate such excess. The Adviser may also directly pay expenses on behalf of the Fund and waive reimbursement under the Expense Limitation and Reimbursement Agreement. The Expense Limitation and Reimbursement Agreement will remain in effect throughout the Limitation Period (including any extensions thereof), unless terminated by the Fund's Board of Trustees upon thirty (30) days written notice to the Adviser. The Expense Limitation and Reimbursement Agreement may be renewed by the mutual agreement of the Adviser and the Fund for successive terms of one year. Unless so renewed, the Expense Limitation and Reimbursement Agreement will terminate automatically at the end of the Limitation Period. The Expense Limitation and Reimbursement Agreement will also terminate automatically upon the termination of the Advisory Agreement, unless a new investment advisory agreement with the Adviser (or with an affiliate under common control with the Adviser) becomes effective upon such termination.

A management fee of $362,070 was charged for the year ended December 31, 2025 which is subject to recoupment per the terms aforementioned. The management fee was contractually waived due to the Expense Limitation and Reimbursement Agreement. As of December 31, 2025, the management fee was waived for the year ended December 31, 2025 and not subject to recoupment. The Adviser recouped $59,899 of the Fund expenses.

Including amounts waived during the year ended December 31, 2025, cumulative fees and/or expenses subject to recapture pursuant to the aforementioned conditions amounted to $362,070 and will expire during the fiscal years indicated below:

---

| | |
|:---|:---|
| | **2028** |
| Gemcorp Commodities Alternative Product Fund | $362070 |

---

Annual Report \| December 31, 2025 27

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<u>Gemcorp Commodities Alternative Products Fund</u> <u>Notes to Financial Statements</u> <br> December 31, 2025

5. Distributions to Shareholders and Tax Components of Capital

The tax character of Fund distributions for the following years was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of<br> Capital** |
| 2025 | $924538 | $– $|  |
| 2024 |  | – |  |

---

As of December 31, 2025, the aggregate costs of investments, gross unrealized appreciation/(depreciation) and net unrealized depreciation for Federal tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Gross <br> Unrealized <br> Appreciation <br> (excess of <br> value over tax<br> cost)** | **Gross <br> Unrealized <br> Depreciation <br> (excess of <br> tax cost over<br> value)** | **Net Unrealized <br> Appreciation/ <br> (Depreciation)** | **Cost of Investments <br> for Income Tax <br> Purposes** |
| $291295 | $(123643) | $167652 | $32827658 |

---

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of December 31, 2025, the Fund is not deferring any capital losses that will be indefinitely carried forward.

The Fund elects to defer to the year ending December 31, 2026, capital losses recognized during the period November 1, 2025 through December 31, 2025 in the amount of $144,506, all short term.

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---

| | |
|:---|:---|
| Gemcorp Commodities |  |
| Alternative Products Fund | Notes to Financial Statements |
|  | December 31, 2025 |

---

As of December 31, 2025, the components of distributable earnings/(deficit) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(Over)/ <br> Undistributed<br> Ordinary <br> Income** | **Other <br> cumulative <br> effect of timing<br> differences** | **Accumulated<br> Capital Gains/<br> (Losses)** | **Net unrealized<br> appreciation/<br> (depreciation)<br> on<br> investments** | **Total** |
| $150039 | $– $| (144506) | $167652 | $173185 |

---

Permanent book and tax differences, primarily attributable to offering costs, resulted in reclassification for the fiscal year ended December 31, 2025, as follows:

---

| | |
|:---|:---|
| **Paid-in capital** | **Total Distributable Earnings** |
| $(189316) | $189316 |

---

6. Risks and Uncertainties

**Bank Loan Risk**

The Adviser may invest a portion of the Fund's assets in bank loans and participations. The special risks associated with these obligations include (i) the possible invalidation of an investment transaction as a fraudulent conveyance under relevant creditors' rights laws, (ii) adverse consequences resulting from participating in such instruments with other institutions with lower credit quality and (iii) limitations on the ability of the Fund or the Adviser to directly enforce its rights with respect to participations. The Adviser will seek to balance the magnitude of these and other risks identified by it against the potential investment gain prior to entering into each such investment. Successful claims by third parties arising from these and other risks, absent bad faith, may be borne by the Fund. Bank loans are frequently traded on the basis of standardized documentation which is used in order to facilitate trading and market liquidity. There can be no assurance, however, that future levels of supply and demand in bank loan trading will provide an adequate degree of liquidity or that the current level of liquidity will continue or that the same documentation will be used in the future. The settlement of trading in bank loans often requires the involvement of third parties, such as administrative or syndication agents, and there presently is no central clearinghouse or authority which monitors or facilitates the trading or settlement of all bank loan trades. Often, settlement may be delayed based on the actions of any third party or counterparty, and adverse price movements may occur in the time between trade and settlement, which could result in adverse consequences for the Fund.

Annual Report \| December 31, 2025 29

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---

| | |
|:---|:---|
| Gemcorp Commodities |  |
| Alternative Products Fund | Notes to Financial Statements |
|  | December 31, 2025 |

---

7. Other Agreements

Distribution Agreement

SS&C Technologies, Inc. ("SS&C"), (the "Distributor") is the distributor (also known as principal underwriter) of the Shares of the Fund and acts as the agent of the Fund in connection with the continuous offering of shares of the Fund.

Fund Administration Agreement

The Fund has retained the Administrator, SS&C, to provide administrative services, and to assist with operational needs. In consideration for these services, the Fund pays the Administrator a minimum monthly administration fee (the "Administration Fee"). The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund. The Administrator is also reimbursed by the Fund for out-of-pocket expenses relating to services provided to the Fund, and receives a fee for transfer agency services. The Administration Fee and the other terms of the Administration Agreement may change from time to time as may be agreed to by the Fund and the Administrator.

Amended Services Agreement

The Fund is party to a services agreement with Gemcorp Commodities Trading SA, Gemcorp Commodities Trading (Services) Limited and Gemcorp Commodities Global DMCC (collectively, the "Servicers"), affiliates of the Adviser, in which the Servicers provide certain administrative services to the Fund (the "Services Agreement"), including, among other things, support for legal due diligence, transaction documentation, insurance review and negotiation, coordination with third-party advisers, operational due diligence, and administrative functions related to margin calls, collateral, and account controls. The Fund will reimburse the Servicers for the Fund's allocable portion of costs and expenses incurred by the Servicers in performing their obligations under the Services Agreement. For the year ended December 31, 2025, no costs or expenses were incurred by the Fund related to the Services Agreement, and accordingly no amounts were reimbursed under the Services Agreement.

Custodian Agreement

Citibank, N.A. (the "Custodian") serves as the primary custodian of the assets of the Fund, and may maintain custody of such assets with U.S. and non-U.S. sub-custodians (which may be banks and trust companies), securities depositories and clearing agencies in accordance with the requirements of Section 17(f) of the Investment Company Act and the rules thereunder. Assets of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities are held in

[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Gemcorp Commodities |  |
| Alternative Products Fund | Notes to Financial Statements |
|  | December 31, 2025 |

---

the name of the Custodian or U.S. or non-U.S. sub-custodians in a securities depository, clearing agency or omnibus customer account of such custodian. In consideration for these services, the Fund pays the Custodian a minimum monthly custodian fee.

8. Purchases and Sales of Investment Securities

The cost of purchases and proceeds from the sale of securities, other than short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds From Sales of<br> Securities** |
| Gemcorp Commodities Alternative Products Fund | $36048538 | $7700331 |

---

9. Control Ownership

Under Section 2(a)(9) of the 1940 Act, the beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund. As of December 31, 2025, the only entity that owns of record or beneficially 5% or more of any class of the Fund's shares is Gemcorp CAP Feeder Fund, L.P., which owns 97.29% of the Fund's outstanding shares.

10. Accounting Pronouncement

In December 14, 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosure.ASU 2023-09 focuses on improving income tax disclosures, particularly regarding the reconciliation of effective tax rates and income taxes paid. The amendments aim to provide investors with clearer insights into the factors affecting an entity's effective tax rate and overall tax position. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 . The Fund adopted ASU 2023-09 effective December 31, 2025 and concluded that the application of this guidance did not have any material impact on its financial statements.

11. Subsequent Events

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued.

Annual Report \| December 31, 2025 31

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---

| | |
|:---|:---|
| Gemcorp Commodities |  |
| Alternative Products Fund | Notes to Financial Statements |
|  | December 31, 2025 |

---

The Fund notified shareholders of a quarterly repurchase offer on December 17, 2025. The offer expired on January 20, 2026. No shareholders subscribed to the repurchase offer.

Management has determined that there were no other subsequent events to report through the issuance of these financial statements.

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---

| | |
|:---|:---|
| Gemcorp Commodities | Report of Independent<br> Registered Public Accounting |
| Alternative Products Fund | Firm |
|  | December 31, 2025 |

---

To the Shareholders and Board of Trustees

of Gemcorp Commodities Alternative Products Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Gemcorp Commodities Alternative Products Fund (the "Fund"), as of December 31, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets and the financial highlights for the year then ended and for the period December 31, 2024 (inception) through December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations and its cash flows for the year then ended, and the changes in net assets and the financial highlights for the year then ended and for the period December 31, 2024 (inception) through December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the relevant ethical requirements relating to our audits, which include standards of the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct, as well as U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence

Annual Report \| December 31, 2025 33

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---

| | |
|:---|:---|
| Gemcorp Commodities | Report of Independent<br> Registered Public Accounting |
| Alternative Products Fund | Firm |
|  | December 31, 2025 |

---

with the custodian, counterparties and loan agents. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2024.

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 27, 2026

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---

| | |
|:---|:---|
| Gemcorp Commodities | Dividend Reinvestment Plan |
| Alternative Products Fund | (Unaudited) |
|  | December 31, 2025 |

---

The Fund operates under the DRP administered by SS&C GIDS, Inc. Pursuant to the DRP, the Fund's Distributions, net of any applicable U.S. withholding tax, are reinvested in the same class of Shares of the Fund.

Shareholders automatically participate in the DRP, unless and until an election is made to withdraw from the plan on behalf of such participating Shareholder. A Shareholder who does not wish to have Distributions automatically reinvested may terminate participation in the DRP by written instructions to that effect to SS&C GIDS, Inc. Shareholders who elect not to participate in the DRP will receive all distributions in cash paid to the Shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee). Such written instructions must be received by SS&C GIDS, Inc. by the Repurchase Request Deadline or the Shareholder will receive such Distribution in Shares through the DRP. Under the DRP, the Fund's Distributions to Shareholders are automatically reinvested in full and fractional Shares as described below.

When the Fund declares a Distribution, SS&C GIDS, Inc., on the Shareholder's behalf, will receive additional authorized Shares from the Fund either newly issued or repurchased from Shareholders by the Fund and held as treasury stock. The number of Shares to be received when Distributions are reinvested will be determined by dividing the amount of the Distribution by the Fund's NAV per share. There is no sales load or other charge for reinvestment, but shareholder servicing fees and distribution fees will be charged where applicable.

SS&C GIDS, Inc. will maintain all Shareholder accounts and furnish written confirmations of all transactions in the accounts, including information needed by Shareholders for personal and tax records. SS&C GIDS, Inc. will hold Shares in the account of the Shareholders in non-certificated form in the name of the participant, and each Shareholder's proxy, if any, will include those Shares purchased pursuant to the DRP. Each participant, nevertheless, has the right to request certificates for whole and fractional Shares owned. The Fund will issue certificates in its sole discretion. SS&C GIDS, Inc. will distribute all proxy solicitation materials, if any, to participating Shareholders.

In the case of Shareholders, such as banks, brokers or nominees, that hold Shares for others who are beneficial owners participating under the DRP, SS&C GIDS, Inc. will administer the DRP on the basis of the number of Shares certified from time to time by the record shareholder as representing the total amount of Shares registered in the Shareholder's name and held for the account of beneficial owners participating under the DRP. Shareholders holding shares that participate in the DRP in a brokerage account may not be able to transfer the shares to another broker and continue to participate in the DRP.

Annual Report \| December 31, 2025 35

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---

| | |
|:---|:---|
| Gemcorp Commodities | Dividend Reinvestment Plan |
| Alternative Products Fund | (Unaudited) |
|  | December 31, 2025 |

---

Neither SS&C GIDS, Inc. nor the Fund shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the DRP, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither shall they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participant's account prior to receipt of written notice of his or her death or with respect to prices at which Shares are purchased or sold for the participants account and the terms on which such purchases and sales are made, subject to applicable provisions of the federal securities laws.

The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Please see the section entitled "Tax Aspects."

The Fund reserves the right to amend or terminate the DRP upon 60 days' notice to Shareholders. There is no direct service charge to participants with regard to purchases under the DRP; however, the Fund reserves the right to amend the DRP to include a service charge payable by the participants.

Additional information about the DRP is available upon request. All correspondence concerning the DRP should be directed to SS&C GIDS, Inc.at PO Box 219021 Kansas City, MO 64121-9021 or 430 W 7th Street, Suite 219021 Kansas City, MO 64105-1407. Certain transactions can be performed by calling the toll free number 833-864-3773.

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---

| | |
|:---|:---|
| Gemcorp Commodities |  |
| Alternative Products Fund | Additional Information |
|  | December 31, 2025 |

---

Portfolio Information

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year on Form N-PORT. The Fund's N-PORT filings can be found free of charge on the SEC's website at http://www.sec.gov, or they may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. (call 800-SEC-0330 for information on the operation of the Public Reference Room).

Proxy Information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 are available without charge, upon request, by calling (646) 979-8494, or on the SEC's website at http://www.sec.gov.

Annual Report \| December 31, 2025 37

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---

| | |
|:---|:---|
| Gemcorp Commodities |  |
| Alternative Products Fund | Trustees & Officers |
|  | December 31, 2025 |

---

***Bradley Dietz***. Mr. Dietz serves as an independent director or manager to public and private companies. He was formerly a Managing Director and Partner of the New York based investment banking firm, Peter J. Solomon Company. Since 2014, Mr. Dietz has served on a diverse set boards by industry and in the roles of chairperson of the board, chair of the audit committee and other corporate governance functions. Prior to joining Peter J. Solomon Company, he was a Managing Director and senior credit officer of Citibank. He has B.A. and M.B.A degrees from the University of California, Los Angeles. He resides in New York, NY.

***Susan Regina Dodge***. Ms. Dodge is an independent director and a legal and compliance specialist. She started her career in 1997 as an attorney for Anderson, Kill & Olick in New York. After private practice, she worked at a number of New York and London-based boutique financial services firms, providing legal and regulatory advice. More recently, she spent ten years heading up compliance and legal functions as Chief Compliance Officer (CCO) and General Counsel at Emso Asset Management Limited, an emerging markets debt-focused investment manager. She served as chairperson of the AIMA Sound Practices Committee for over five years and helped to author the most recent two versions of the AIMA Fund Directors Guide. Ms. Dodge now focuses her practice on general corporate, regulatory, governance, and ESG matters. She received a BA in philosophy and a JD, both from the University of Michigan, and has an MBA from London Business School.

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| | |
|:---|:---|
| Gemcorp Commodities |  |
| Alternative Products Fund | Trustees & Officers |
|  | December 31, 2025 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and age** | **Position(s) Held with<br> the Trust** | **Term of Office<br> and Length of<br> Time Served** | **Principal<br> Occupation(s)<br> During Past 5<br> Years** | **Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> Trustee** | **Other<br> Directorships<br> Held by<br> Trustee** |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Ahmad Al-Sati (51) | Trustee; Chairperson<br> of the Board of<br> Trustees; Principal<br> Executive Officer;<br> Chief Financial Officer | Since Inception | Investment Professional | 1 | Innovattel LLC |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Bradley Dietz (70) | Trustee | Since Inception | Independent Director | 1 | All Web Leads |
|  |  |  |  |  | Balfour, LLC |
|  |  |  |  |  | Bluestem, LLC |
|  |  |  |  |  | Chyron, LLC |
|  |  |  |  |  | HM Dunn |
|  |  |  |  |  | Skyline Exhibitions |
| Susan Regina Dodge (57) | Trustee | Since Inception | Independent Director | 1 | 2 |
| **Name and age** | **Position(s) Held with<br> the Trust** | **Term of Office<br> and Length of<br> Time Served** |  |  |  |
| **Officers of the Fund Who Are Not Trustees** | **Officers of the Fund Who Are Not Trustees** | **Officers of the Fund Who Are Not Trustees** |  |  |  |
| Jerald Wirzman (62) | Chief Compliance Officer | Since Inception |  |  |  |

---

Annual Report \| December 31, 2025 39

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| | |
|:---|:---|
| Gemcorp Commodities |  |
| Alternative Products Fund | Service Providers |
|  | December 31, 2025 |

---

**Investment Adviser**

Gemcorp Capital Advisors, LLC.

12 East 49th Street, 18th floor,

New York, NY 10017

**Legal Counsel**

Alston & Bird

15th Floor, 90 Park Avenue,

New York, NY 10016

**Custodian**

Citibank, N.A.

Citigroup Centre

Canada Square

Canary Wharf

London E14 5LB

United Kingdom

**Transfer Agent and DRP Administrator**

SS&C GIDS, Inc.

330 W 9th Street,

Kansas City, MO 64105

**Administrator**

ALPS Fund Services, Inc.

1290 Broadway, Suite 1000,

Denver, CO 80203

**Distributor**

ALPS Distributors, Inc.

1290 Broadway, Suite 1000,

Denver, CO 80203

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd.

1350 Euclid Ave., Suite 800,

Cleveland, OH 44115.

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---

| | |
|:---|:---|
| Gemcorp Commodities | Data Privacy Policy and |
| Alternative Products Fund | Procedure |
|  | December 31, 2025 |

---

I. Policy Statement

Gemcorp Commodities Alternative Products Fund collects nonpublic personal information about its investors<sup>1</sup> from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;· information
 received from account applications, questionnaire, interviews, and information forms, which may include an investor's name, address,
 social security number, and information about an investor's investment goals and risk tolerance and other personal or sensitive information;

· account
 history, including information about the transactions and balances in a shareholder's account; and

· correspondence
 and other interactions, written or telephonic, between a shareholder and the Fund's service providers and authorized representatives;

The Fund will not release nonpublic personal or consumer information about its investors or their accounts unless one of the following conditions is met:

&nbsp;&nbsp;&nbsp;&nbsp;· prior
 written consent is received,

· the
 Fund believes the recipient to be the Fund investor or the investor's authorized representative, or

· the
 Fund is required by law to release information to the recipient.

The Fund does not give or sell nonpublic personal or consumer information about its investors or their Fund accounts to any other company, individual, or group.

The Fund will only use nonpublic personal or consumer information about its investors and their accounts to attempt to better serve their investment needs or to suggest services or educational materials that may be of interest to them.

The Fund restricts access to nonpublic personal and consumer information about investors to those employees who need to know that information in order to provide products or services. Each Fund may also share personal information with companies that it hires to provide support services to the extent required for performance of such services. When the Fund or its Transfer Agent shares nonpublic personal or consumer information with other service providers, it protects that information with a strict confidentiality agreement. The Fund also maintains reasonable physical, electronic and procedural safeguards that comply with federal standards to protect against unauthorized access to and properly dispose of investors' nonpublic personal and consumer information.

Annual Report \| December 31, 2025 41

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| | |
|:---|:---|
| Gemcorp Commodities | Data Privacy Policy and |
| Alternative Products Fund | Procedure |
|  | December 31, 2025 |

---

The Fund will adhere to the policies and practices described in this notice for current and former shareholders of the Fund.

Please see Appendix A for a copy of the Fund's Privacy Policy distributed to shareholders.

*<sup>1</sup>* *For purposes of this notice, the terms "investor" or "investors" includes both shareholders of the Fund and individuals who provide nonpublic personal information to the Fund, but do not invest in Fund shares.*

 

II. Physical, Electronic and Procedural Safeguards

The following includes a list of the primary physical, electronic and procedural safeguards employed by the Fund's Transfer Agent to ensure against unauthorized access and proper disposal of investors' nonpublic personal and consumer information.

&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Fund shall distribute its Data Privacy Policy annually to shareholders through the annual report to ensure compliance with shareholder
 notification requirements mandated by Regulation S-P.

B. Annually,
 the Fund's Chief Compliance Officer reviews the Fund's Data Privacy Policy to note any changes prior to updating the
 prospectus.

C. Should
 a change in these policies or procedures occur during the year that requires a change to the Fund's Data Privacy Policy, the
 Distributor or Transfer Agent will provide existing investors of the Fund with an updated Data Privacy Policy.

D. The
 Transfer Agent to the Fund shall maintain a third-party list that identifies any non-affiliated third-parties that do business with
 the Transfer Agent, the type(s) of service(s) provided, whether there is an exchange of non-public personal information, and whether
 these relationships fall outside of any exceptions and/or exemptions to the opt-out requirements afforded under Regulation S-P. Appropriate
 confidentiality language must exist in the contractual arrangements with each of these relations.

E. The
 Transfer Agent, Fund Administrator, Fund Accounting Agent, Distributor, and Adviser to the Fund shall maintain procedures related
 to the security of nonpublic personal information and consumer information which includes

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| | |
|:---|:---|
| Gemcorp Commodities | Data Privacy Policy and |
| Alternative Products Fund | Procedure |
|  | December 31, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;· Data
 Security Policy and Procedures,

· Business
 Resumption Plan,

· Physical
 Security Policy and Procedures, and

· Computer
 Hardware Disposal Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;F. Any
 data privacy related questions, concerns or breaches will be brought to the attention of the Fund's Chief Compliance Officer.

G. The
 Fund's Transfer Agent has contracted with an outside vendor to provide secure electronic storage of data which may include,
 but is not limited to, nonpublic personal information and consumer information. Additionally, the Fund's Transfer Agent has
 contracted with the same outside vendor to provide for the secure shredding and destruction of records which may include, but is
 not limited to, nonpublic personal and consumer information.

III. Additional Fund Compliance Oversight and Monitoring Procedures

&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Fund's Chief Compliance Officer will continually monitor applicable regulations that may cause policies of the Fund and/or
 its service providers subject to the requirements of Regulation S-P to change.

B. The
 Fund's Chief Compliance Officer is responsible for reporting any material issues or breaches to the Board of Trustees.

C. Annually,
 the Fund's Chief Compliance Officer will review any independent reviews applicable to data security at its service providers
 who have access to or otherwise obtain nonpublic personal and consumer information in fulfilling their obligations to the Fund.

D. Annually,
 the Fund's Chief Compliance Officer will inquire and review, where applicable, any related data privacy issues reported by
 the Fund's service providers who have access to or otherwise obtain nonpublic personal and consumer information in fulfilling
 their obligations to the Fund.

Annual Report \| December 31, 2025 43

[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Gemcorp Commodities | Data Privacy Policy and |
| Alternative Products Fund | Procedure |
|  | December 31, 2025 |

---

IV. Incident Response and Notification

Because the Fund does not collect or maintain "Investor Information" (as such term is defined in Regulation S-P) directly, but rather relies on service providers (who are themselves Covered Institutions under Regulation S-P) to do so on the Fund's behalf, the Fund primarily relies on the Incident Response Programs and notification procedures of its service providers. The Fund seeks to ensure its written agreements with key service providers include an obligation for the service provider to notify affected individuals on the Fund's behalf, when and to the extent that investor notification is required by Regulation S-P.

To the extent that the Fund is notified by a service provider of unauthorized access to Investor Information maintained by such service provider, if such service provider does not provide a required notification to affected investors on the Fund's behalf, the Fund's Chief Compliance Officer, in consultation with Fund counsel, will evaluate whether the Fund has an investor notification requirement under Regulation S-P and where required by law, the Fund will provide timely written notice to affected individuals describing the nature of the incident, the information involved, and steps they may take to protect themselves.

[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Gemcorp Commodities | Data Privacy Policy and |
| Alternative Products Fund | Procedure |
|  | December 31, 2025 |

---

Adopted: October 15, 2024

Amended: December 15, 2025

**<u>Appendix A</u>**

**PRIVACY NOTICE**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;&nbsp;&nbsp;**WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;&nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Social Security number<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Account transactions<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Account balances<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transaction history<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Wire transfer instructions |
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;&nbsp;&nbsp;All financial companies need to share investors' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their investors' personal information; the reasons the Fund chooses to share; and whether you can limit this sharing. |

---

Annual Report \| December 31, 2025 45

[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Gemcorp Commodities | Data Privacy Policy and |
| Alternative Products Fund | Procedure |
|  | December 31, 2025 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**REASONS WE CAN SHARE YOUR<br> PERSONAL INFORMATION** | **Does the Fund<br> share?** | **Can you limit<br> this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes—** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| &nbsp;&nbsp;**For our marketing purposes—** to offer our products and services to you | Yes | We don't share |
| &nbsp;&nbsp;For joint marketing with other financial companies | No | We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes—** information about your transactions and experiences | Yes | No |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes—** information about your creditworthiness | No | We don't share |
| &nbsp;&nbsp;For non-affiliates' to market to you | No | We don't share |
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;Call or visit fund website | &nbsp;&nbsp;Call or visit fund website |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**WHO WE ARE** | &nbsp;&nbsp;**WHO WE ARE** |
| &nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp;Gemcorp Commodities Alternative Products Fund |
| &nbsp;&nbsp;**WHAT WE DO** | &nbsp;&nbsp;**WHAT WE DO** |
| &nbsp;&nbsp;**How does the Fund protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |

---

[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Gemcorp Commodities | Data Privacy Policy and |
| Alternative Products Fund | Procedure |
|  | December 31, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How does the Fund collect my personal information?** | &nbsp;&nbsp;We collect your personal information, for example, when you: |
| &nbsp;&nbsp;**How does the Fund collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Open an account<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide account information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Give us your contact information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Make deposits or withdrawals from your account<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Make a wire transfer<br>|
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only: |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sharing for affiliates' everyday business purposes – information about your creditworthiness<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Affiliates from using your information to market to you<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sharing for non-affiliates to market to you |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**DEFINITIONS** | &nbsp;&nbsp;**DEFINITIONS** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| &nbsp;&nbsp;**Non-affiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
| &nbsp;&nbsp;**Non-affiliates** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Fund does not share with non-affiliates so they can market to you. |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Fund doesn't jointly market. |

---

Annual Report \| December 31, 2025 47

[**Table of Contents**](#toc)

(b) Not applicable.

**Item 2. Code of Ethics.**

(a) As of the end of the period covered by this report, the registrant has adopted a Code of Ethics that applies
to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) During the period covered by this report, there were no amendments to the Fund's Code of Ethics.

(d) During the period covered by the report, the registrant has not granted any express or implicit waivers
from the provisions of the Code of Ethics.

(e) Not applicable.

(f) The registrant's Code of Ethics referred to in Item 2(a) above is attached as an Exhibit 19(a)(1),
hereto.

**Item 3. Audit Committee Financial Expert.**

(a) The registrant's board of trustees have determined that the registrant has at least one audit committee
financial expert serving on its audit committee. The registrant's board of trustees have determined that Bradley Dietz is an audit
committee financial expert. Mr. Dietz is "independent" as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

**Item 4. Principal Accountant Fees and Services.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>**Audit Fees**</u> 

December 31, 2025 - $29,500.00

December 31, 2024 - $12,500.00

Audit fees represent the aggregate fees billed for the fiscal years ended December 31, 2025 and December 31, 2024 for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>**Audit-Related Fees**</u> 

December 31, 2025 - $0

December 31, 2024 - $0

The registrant was not billed for any fees for the fiscal years ended December 31, 2025 and December 31, 2024 for assurance and related services that were reasonably related to the performance of the audit of the registrant's financial statement and not otherwise included under "Audit Fees" above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>**Tax Fees**</u> 

December 31, 2025 - $8,000.00

December 31, 2024 - $4,000.00

"Tax fees" shown above were for the preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>**All Other Fees**</u> 

December 31, 2025 - $0

December 31, 2024 - $0

The registrant was not billed any fees for products and services not otherwise included in items (a) – (c) shown above for the fiscal years ended December 31, 2025 and December 31, 2024.

(e) (1) <u>**Audit Committee's Pre-Approval Policies and Procedures**</u> 

The Audit Committee is required to pre-approve the audit and non-audit services performed by the Auditor in order to ensure that the provision of such services to the Fund does not impair the independence of the Auditor. Unless a type of service to be provided by the Auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved fee levels will require specific pre-approval by the Audit Committee.

(2) <u>**Percentages of Services Approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.**</u> 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;Audit Related Fees | &nbsp;&nbsp;79% | &nbsp;&nbsp;76% |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;21% | &nbsp;&nbsp;24% |
| &nbsp;&nbsp;Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

(f) During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent
of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's
full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the registrant:

December 31, 2025 - $0

December 31, 2024 **-** $0

(h) The registrant's audit committee has considered whether the provision of non-audit services to the registrant's
investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by
another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides
ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible
with maintaining the principal accountant's independence

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable to registrant.

**Item 6. Investments.** 

(a) The schedule of investments is included as part of the Reports to Stockholders filed under Item 1(a) of this report.

(b) Not applicable to registrant.

 **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** 

Not applicable to registrant.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable to registrant.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable to registrant.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable to registrant.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

The Board did not approve any investment advisory contracts during the Fund's most recent half year.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

See attached Appendix A for the Advisor's proxy voting policy.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

(a)(1) Portfolio Manager

<u>Portfolio Manager</u>

The following is the portfolio manager as of the date of the filing of this report who is responsible for the day-to-day management of the Fund's portfolio and the selection of its investments.

<u>Name</u> <u>Position(s) Held with Trust</u> <u>Principal Occupations Last 5 Years</u> <br> Ahmad Al-Sati President and Principal Executive Officer Investment Professional

(a)(2)

Not applicable.

<u>Potential Conflicts of Interest</u> 

No material potential conflicts of interest may arise in connection with the Portfolio Manager's management of the registrant's investments.

(a)(3)

Portfolio managers are compensated with an annual salary and a discretionary year-end annual bonus, the amount of which is based on a multitude of quantitative and qualitative factors and are benchmarked against peers and local markets. Depending on seniority within the firm, portfolio managers also may be eligible to receive performance fees from private funds that they manage that vest over time. Performance fees can make up a significant portion of a portfolio manager's overall compensation, and primarily are based on the investment performance of the private funds managed by the portfolio manager. This compensation structure aligns a portfolio manager's and investors' long-term interests and helps the Adviser retain talented investment personnel. Portfolio managers also may receive discretionary compensation through awards under the Adviser's equity incentive plan.

(a)(4)

As of December 31, 2025, the Portfolio Manager's ownership of the Fund was as follows:

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Shares Owned** |
| Ahmad Al-Sati | None |

---

(b) Not Applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

None.

**Item 15. Submission of Matters to a Vote of Security Holders.**

None.

**Item 16. Controls and Procedures.** 

(a) Based on an evaluation of the registrant's disclosure
controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal
financial officer of the registrant have concluded that the disclosure controls and procedures of the registrant are reasonably designed
to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported within 90 days of the
filing date, including that information required to be disclosed is accumulated and communicated to the registrant's management,
including the registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions
regarding required disclosure.

(b) There were no significant changes in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or are
reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

None.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19**. **Exhibits.**

---

| | |
|:---|:---|
| [(a)(1)](gcapf4603101-ex99codeeth.htm) | [Registrant's Code of Ethics for Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, is attached hereto as Exhibit 19(a)(1) Ex99.Code of Ethics.](gcapf4603101-ex99codeeth.htm) |

---

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](gcapf4603101-ex99cert.htm) | [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex99.Cert.](gcapf4603101-ex99cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable

[(b)](gcapf4603101-ex99906cert.htm) [The certifications for the registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex99.906Cert.](gcapf4603101-ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Gemcorp Commodities Alternative Products Fund</u>

---

| | |
|:---|:---|
| By: | /s/ Ahmad Al-Sati |
|  | Ahmad Al-Sati |
|  | President and Principal Executive Officer |
| Date: | March 9, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Ahmad Al-Sati |
|  | Ahmad Al-Sati |
|  | President and Principal Executive Officer |
| Date: | March 9, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Ahmad Al-Sati |
|  | Ahmad Al-Sati |
|  | Chief Financial Officer |
| Date: | March 9, 2026 |

---

## Ex-99.Code

**<u>Gemcorp Commodities Alternative Products Fund</u>**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND<br> CHIEF FINANCIAL OFFICER ADOPTED PURSUANT TO RULES PROMULGATED <br> UNDER SECTION 406 OF THE SARBANES-OXLEY ACT OF 2002**

**I.** **Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") of the Gemcorp Commodities Alternative Products Fund (the "Fund"), applies to the Fund's principal executive officer and chief financial officer (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities
and Exchange Commission ("SEC") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or such Covered Officer's service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of such Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and are already subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and its investment adviser and any investment sub-adviser (together the "Advisers") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. Although typically not presenting an opportunity for improper personal

benefit, conflicts may arise from, or as a result of, the contractual relationship between the Fund, the Advisers, or a third party service provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for the Advisers or a third party service provider, or for one or more of them), be involved in establishing policies and implementing decisions that will have different effects on the Advisers, third party service providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Advisers or third party service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. The foregoing activities, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The overarching principle with respect to all conflicts of interest covered by the Code is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Fund, any series comprising the Fund or shareholders of any such series.

Each Covered Officer of the Fund must:

&nbsp;&nbsp;&nbsp;&nbsp;· not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting
by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than
the benefit the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually his or her affiliations or other relationships that could potentially present a conflict of interest with
the Fund, any series comprising the Fund or any shareholder of such series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Disclosure and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer of the Fund shall become familiar with the disclosure requirements generally applicable to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer of the Fund shall not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others,
whether within or outside the Fund, including to the Fund's management and auditors, and to governmental regulators and self-regulatory
organizations;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer of the Fund may, to the extent appropriate within the Covered Officer's area of responsibility and to the extent
deemed necessary in the sole discretion of the Covered Officer, consult with other officers and employees of the Fund and the Advisers
with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with,
or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should seek to promote compliance by the Fund with applicable standards and restrictions imposed by applicable
laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Compliance
Officer of the Fund (the "CCO") that the Covered Officer has received, read and understands the Code (Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the CCO that the Covered Officer has complied with the requirements of the Code (Exhibit B);

&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer or any employee of the Fund or its affiliated persons for reports of potential violations
of the Code that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;· notify the CCO promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this
Code.

The CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The CCO is authorized to consult, as appropriate, with counsel to the Fund and counsel to the Trustees of the Fund who are not "interested persons," as defined by Section 2(a)(19) of the Investment Company Act, of the Fund (the "Independent Trustees"), and is encouraged to do so. However, any approvals or waivers<sup>1</sup> must be considered by the Independent Trustees.

The Fund will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;· the CCO will take all appropriate action to investigate any reported potential violations;

&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the CCO believes is a violation will be reported to the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Independent Trustees concur that a violation has occurred, the CCO will inform and make a recommendation to the Board of Trustees
of the Fund (the "Board"), which will consider appropriate action, which may include a review of, and appropriate modifications
to, applicable policies and procedures; notification to appropriate personnel of the Fund's investment adviser or other relevant service
provider; or a recommendation to dismiss the Covered Officer; and

<sup>1</sup> For the purposes of this Code, the term "waiver" includes the approval of a material departure from a provision of this Code or the Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to management of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund's investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The code of ethics, under Rule 17j-1 under the Investment Company Act, of the Fund, its investment adviser and principal underwriter is a separate requirement applying to the Covered Officers and others, and is not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments

Amendments to this Code may be made from time to time, as deemed appropriate by the CCO. The Board shall be informed of any such amendment to the extent deemed material by the Fund's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Confidentiality

All reports and records relating to the Fund prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund's investment adviser or Board, counsel to the Fund and counsel to the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Adopted: October 15, 2024<br> Amended:

<u>**Exhibit A**</u>

Certification and Acknowledgment of Receipt of Code of Ethics for Principal Executive Officers and Principal Financial Officers

I acknowledge and certify that I have received a copy of Gemcorp Commodities Alternative Products Fund Code of Ethics for Principal Executive Officers and Principal Financial Officers (the "Code"). I understand and agree that it is my responsibility to read and familiarize myself with the policies and procedures contained in the Code and to abide by those policies and procedures.

I acknowledge and certify that I have read and understand the Code.

Name:

Date:   Signature:  

<u>**Exhibit B**</u>

Certification of Compliance with Code of Ethics for Principal Executive Officers and Principal Financial Officers

I certify that I have complied with the requirements of the Gemcorp Commodities Alternative Products Fund Code of Ethics for Principal Executive Officers and Principal Financial Officers (the "Code") since the date of the last annual certification (if any).

Name:

Date:   Signature:<u> </u>

## Ex-99.Cert

**Ex. 99.Cert**

I, Ahmad Al-Sati, President and Principal Executive Officer of the Gemcorp Commodities Alternative Products Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Gemcorp Commodities Alternative Products Fund (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| By: | /s/ Ahmad Al-Sati |
|  | Ahmad Al-Sati |
|  | President and Principal Executive Officer |
| Date: | March 9, 2026 |

---

I, Ahmad Al-Sati, Chief Financial Officer of the Gemcorp Commodities Alternative Products Fund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Gemcorp Commodities Alternative Products Fund (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Ahmad Al-Sati |
|  | Ahmad Al-Sati |
|  | Chief Financial Officer |
| Date: | March 9, 2026 |

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**APPENDIX A**

**<u>Gemcorp Commodities Alternative Products Fund</u>**

**Proxy Voting Policies and Procedures**

Gemcorp Commodities Alternative Products Fund. ("the Fund") has adopted a Proxy Voting Policy used to determine how the Fund votes proxies relating to their portfolio securities. Under the Fund's Proxy Voting Policy, the Fund has, subject to the oversight of the Fund's Board, delegated to the Adviser the following duties: (1) to make the proxy voting decisions for the Fund, subject to the exceptions described below; and (2) to assist the Fund in disclosing its proxy voting record as required by Rule 30b1-4 under the Investment Company Act of 1940 Act (the "1940 Act").

The Fund CCO shall ensure that the Adviser has adopted a Proxy Voting Policy ("Adviser Proxy Voting Policy") (described below), which it uses to vote proxies for its clients, including the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General** 

The Fund believes that the voting of proxies is an important part of portfolio management as it represents an opportunity for shareholders to make their voices heard and to influence the direction of a company. The Fund is committed to voting corporate proxies in the manner that best serves the interests of the Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Delegation to the Adviser** 

The Fund believes that the Adviser is in the best position to make individual voting decisions for the Fund consistent with this Proxy Voting Policy. Therefore, subject to the oversight of the Board, the Adviser is hereby delegated the following duties:

&nbsp;&nbsp;&nbsp;&nbsp;(1) to make the proxy voting decisions for the Fund, in accordance with the Adviser
Proxy Voting Policy, except as provided herein; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) to assist the Fund in disclosing their respective proxy voting record as required
by Rule 30b1-4 under the 1940 Act, including providing the following information for each matter with respect to which the Fund is entitled
to vote: (a) information identifying the matter voted on; (b) whether the matter was proposed by the issuer or by a security holder; (c)
whether and how the Fund cast its vote; and (d) whether the Fund cast its vote for or against management.

The Board, including a majority of the independent Trustees of the Board, must approve the Adviser Proxy Voting Policy as it relates to the Fund. The Board must also approve any material changes to the Adviser Proxy Voting Policy no later than six (6) months after adoption by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Conflicts** 

In cases where a matter with respect to which the Fund was entitled to vote presents a conflict between the interest of the Fund's shareholders, on the one hand, and those of the Fund's Adviser, principal underwriter, or an affiliated person of the Fund, its Adviser, or principal underwriter, on the other hand, the Fund shall always vote in the best interest of the Fund's shareholders. For purposes of the Fund's Proxy Voting Policy, a vote shall be considered in the best interest of the Fund's shareholders when a vote is cast consistent with the Adviser Proxy Voting Policy, provided such specific voting policy was approved by the Board.

Adopted: October 15, 2024

Amended:

## Exhibit 99.906

**EX-99.906**

**CERTIFICATION**

Ahmad Al-Sati, President and Principal Executive Officer, and Ahmad Al-Sati, Chief Financial Officer of Gemcorp Commodities Alternative Products Fund (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| President and Principal Executive Officer | Chief Financial Officer |
| Gemcorp Commodities Alternative Products Fund | Gemcorp Commodities Alternative Products Fund |
| /s/ Ahmad Al-Sati | /s/ Ahmad Al-Sati |
| Ahmad Al-Sati, President and Principal Executive Officer | Ahmad Al-Sati, Chief Financial Officer |
| March 9, 2026 | March 9, 2026 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.