`
| Campbell Systematic Macro Fund | |
| Consolidated Schedule of Investments | |
| November 30, 2024 (Unaudited) | |
| | |
| SHORT-TERM INVESTMENTS - 71.3% | | | | | | |
| U.S. Treasury Bills - 71.3% | | Par | | | Value | |
5.25%, 12/05/2024 (a) | | | 175,000,000 | | | $ | 174,935,250 | |
5.21%, 01/02/2025 (a) | | | 145,000,000 | | | | 144,439,373 | |
4.86%, 02/06/2025 (a) | | | 150,000,000 | | | | 148,791,375 | |
4.69%, 03/06/2025 (a) | | | 140,000,000 | | | | 138,396,581 | |
4.40%, 04/10/2025 (a) | | | 200,000,000 | | | | 196,900,774 | |
4.34%, 05/15/2025 (a) | | | 175,000,000 | | | | 171,573,938 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $974,713,535) | | | | 975,037,291 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 71.3% (Cost $974,713,535) | | | | 975,037,291 | |
| Other Assets in Excess of Liabilities - 28.7% | | | | 392,254,981 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 1,367,292,272 | |
| two | | | | – | % |
| Percentages are stated as a percent of net assets. | | | | – | % |
| (a) | The rate shown is the annualized effective yield as of November 30, 2024. |
| Campbell Systematic Macro Fund | |
| Consolidated Schedule of Futures Contracts | |
| November 30, 2024 (Unaudited) | |
| | |
| Description | | Contracts Purchased | | Expiration Date | | Notional Value | | | Value / Unrealized Appreciation (Depreciation) | |
| 3 Month Canadian Overnight Repo Rate Average | | | 2,121 | | 06/16/2026 | | $ | 368,264,410 | | | $ | 1,108,189 | |
| 3 Month Euribor | | | 1,075 | | 12/15/2025 | | | 278,988,231 | | | | 226,498 | |
| 3-Month Secured Overnight Financing Rate | | | 1,014 | | 06/16/2026 | | | 244,082,475 | | | | 263,954 | |
| Arabica Coffee | | | 129 | | 03/19/2025 | | | 15,385,669 | | | | 2,308,373 | |
| ASX SPI 200 Index | | | 384 | | 12/19/2024 | | | 52,960,767 | | | | 26,149 | |
| Austrailian Government 10 Year Bonds | | | 1,301 | | 12/16/2024 | | | 96,114,265 | | | | 1,697,136 | |
| Australian 90 Day Bank Bills | | | 34 | | 03/12/2026 | | | 21,971,728 | | | | 4,183 | |
| Brent Crude Oil | | | 674 | | 01/31/2025 | | | 48,191,000 | | | | (699,919 | ) |
| Canadian 10 Year Government Bonds | | | 3,419 | | 03/20/2025 | | | 301,398,507 | | | | 7,027,440 | |
| Copper | | | 384 | | 03/27/2025 | | | 39,744,000 | | | | (205,898 | ) |
| Crude Oil | | | 983 | | 12/19/2024 | | | 66,844,000 | | | | (2,210,509 | ) |
| Dow Jones Industrial Average Index | | | 12 | | 12/20/2024 | | | 2,703,300 | | | | 9,823 | |
| Euro BUXL 30 Year Bonds | | | 31 | | 03/06/2025 | | | 4,578,421 | | | | 22,073 | |
| Euro STOXX 50 Quanto Index | | | 713 | | 12/20/2024 | | | 36,294,209 | | | | 253,342 | |
| Euro-BOBL | | | 3,407 | | 03/06/2025 | | | 428,944,288 | | | | 1,230,974 | |
| Euro-BTP Italian Government Bonds | | | 89 | | 03/06/2025 | | | 11,497,675 | | | | 63,297 | |
| Euro-Bund | | | 3,608 | | 03/06/2025 | | | 520,096,460 | | | | 3,017,102 | |
| Euro-Schatz | | | 8,301 | | 03/06/2025 | | | 941,724,458 | | | | 1,459,331 | |
| Feeder Cattle | | | 381 | | 01/30/2025 | | | 49,429,987 | | | | 2,264,749 | |
| French Government Bonds | | | 537 | | 03/06/2025 | | | 71,547,036 | | | | 598,824 | |
| FTSE 100 Index | | | 49 | | 12/20/2024 | | | 5,180,324 | | | | 7,162 | |
| FTSE China A50 Index | | | 2,447 | | 12/30/2024 | | | 32,258,801 | | | | 301,577 | |
| FTSE/JSE Top 40 Index | | | 975 | | 12/19/2024 | | | 41,296,760 | | | | (629,792 | ) |
| FTSE/MIB Index | | | 272 | | 12/20/2024 | | | 48,116,665 | | | | (558,639 | ) |
| German Stock Index | | | 313 | | 12/20/2024 | | | 162,643,903 | | | | 2,173,656 | |
| Gold | | | 67 | | 02/26/2025 | | | 17,962,700 | | | | 101,605 | |
| Hang Seng Index | | | 390 | | 12/30/2024 | | | 48,887,853 | | | | 642,850 | |
| IBEX 35 Index | | | 369 | | 12/20/2024 | | | 45,474,386 | | | | 449,495 | |
| Lean Hogs | | | 909 | | 02/14/2025 | | | 31,387,770 | | | | 222,667 | |
| Live Cattle | | | 767 | | 02/28/2025 | | | 57,870,150 | | | | 920,144 | |
| London Metals - Aluminum | | | 1,414 | | 12/16/2024 | | | 91,414,747 | | | | 1,628,871 | |
| London Metals - Aluminum | | | 599 | | 03/17/2025 | | | 38,940,840 | | | | 151,756 | |
| London Metals - Copper | | | 663 | | 12/16/2024 | | | 147,774,910 | | | | (8,941,881 | ) |
| London Metals - Copper | | | 172 | | 03/17/2025 | | | 38,856,866 | | | | 35,820 | |
| London Metals - Lead | | | 1,448 | | 12/16/2024 | | | 74,540,506 | | | | 708,538 | |
| London Metals - Lead | | | 198 | | 03/17/2025 | | | 10,292,634 | | | | 217,987 | |
| London Metals - Nickel | | | 749 | | 12/16/2024 | | | 70,628,915 | | | | (3,969,008 | ) |
| London Metals - Nickel | | | 122 | | 03/17/2025 | | | 11,678,159 | | | | (63,408 | ) |
| London Metals - Zinc | | | 1,556 | | 12/16/2024 | | | 120,738,598 | | | | 4,867,526 | |
| London Metals - Zinc | | | 400 | | 03/17/2025 | | | 31,076,300 | | | | 453,443 | |
| MSCI Singapore Index | | | 2,105 | | 12/30/2024 | | | 58,782,200 | | | | 52,001 | |
| Nasdaq 100 Index | | | 69 | | 12/20/2024 | | | 28,971,030 | | | | 36,710 | |
| Nifty 50 Index | | | 786 | | 12/26/2024 | | | 38,205,102 | | | | (175,031 | ) |
| Nikkei 225 Index | | | 228 | | 12/12/2024 | | | 58,167,697 | | | | (599,790 | ) |
| OMXS30 Index | | | 1,580 | | 12/20/2024 | | | 36,542,225 | | | | (246,583 | ) |
| Platinum | | | 1,752 | | 01/29/2025 | | | 83,579,160 | | | | (3,658,502 | ) |
| Robusta Coffee | | | 135 | | 03/25/2025 | | | 7,258,950 | | | | 696,587 | |
| S&P 500 Index | | | 504 | | 12/20/2024 | | | 152,497,800 | | | | 613,779 | |
| S&P/Toronto Stock Exchange 60 Index | | | 274 | | 12/19/2024 | | | 60,262,191 | | | | 1,673,097 | |
| SGX FTSE Taiwan Index | | | 508 | | 12/30/2024 | | | 37,805,360 | | | | (650,820 | ) |
| SGX TSI Iron Ore | | | 2,578 | | 01/31/2025 | | | 26,816,356 | | | | 537,860 | |
| Silver | | | 96 | | 03/27/2025 | | | 14,931,840 | | | | (3,172 | ) |
| Soybeans | | | 851 | | 01/14/2025 | | | 42,103,225 | | | | 1,842 | |
| Sugar #11 | | | 1,042 | | 02/28/2025 | | | 24,601,203 | | | | (638,803 | ) |
| TOPIX Index | | | 177 | | 12/12/2024 | | | 31,693,547 | | | | (287,664 | ) |
| US Cocoa | | | 506 | | 03/14/2025 | | | 47,690,500 | | | | 11,624,632 | |
| | | | | | | | | | | | $ | 26,161,624 | |
| | | | | | | | | | | | | – | |
| Description | | Contracts Sold | | Expiration Date | | Notional Value | | | Value / Unrealized Appreciation (Depreciation) | |
| Austrailian Government 3 Year Bonds | | | (3,522) |
| 12/16/2024 | | $ | 243,190,413 | | | $ | (1,098,876 | ) |
| CAC40 10 Euro Index | | | (61) |
| 12/20/2024 | | | 4,668,953 | | | | (84,659 | ) |
| Canadian Canola Oil | | | (452) |
| 01/14/2025 | | | 3,706,913 | | | | 157,308 | |
| Corn No. 2 Yellow | | | (12) |
| 03/14/2025 | | | 259,800 | | | | (686 | ) |
| Cotton No.2 | | | (580) |
| 03/07/2025 | | | 20,859,700 | | | | 193,263 | |
| Crude Soybean Oil | | | (911) |
| 03/14/2025 | | | 22,995,462 | | | | 2,956,443 | |
| Hang Seng China Enterprises Index | | | (1) |
| 12/30/2024 | | | 44,878 | | | | (813 | ) |
| Hard Red Winter Wheat | | | (296) |
| 03/14/2025 | | | 8,003,100 | | | | 238,394 | |
| ICE 3 Month SONIA Rate | | | (1,914) |
| 03/17/2026 | | | 585,179,033 | | | | (721,331 | ) |
| ICE European Climate Exchange Emissions | | | (80) |
| 12/16/2024 | | | 5,782,521 | | | | 64,600 | |
| Japanese 10 Year Government Bonds | | | (249) |
| 12/13/2024 | | | 238,090,699 | | | | 226,509 | |
| London Metals - Aluminum | | | (1,414) |
| 12/16/2024 | | | 91,414,746 | | | | (1,651,657 | ) |
| London Metals - Aluminum | | | (251) |
| 03/17/2025 | | | 16,317,447 | | | | 104,863 | |
| London Metals - Copper | | | (663) |
| 12/16/2024 | | | 147,774,910 | | | | 7,467,289 | |
| London Metals - Copper | | | (341) |
| 03/17/2025 | | | 77,035,995 | | | | 828,153 | |
| London Metals - Lead | | | (1,448 |
| 12/16/2024 | | | 74,540,506 | | | | (341,344 | ) |
| London Metals - Lead | | | (830) |
| 03/17/2025 | | | 43,145,890 | | | | (1,214,772 | ) |
| London Metals - Nickel | | | (749) |
| 12/16/2024 | | | 70,628,915 | | | | 3,026,477 | |
| London Metals - Nickel | | | (81) |
| 03/17/2025 | | | 7,753,532 | | | | (65,068 | ) |
| London Metals - Zinc | | | (1,556) |
| 12/16/2024 | | | 120,738,598 | | | | (6,675,090 | ) |
| London Metals - Zinc | | | (1,090) |
| 03/17/2025 | | | 84,682,918 | | | | (4,202,619 | ) |
| Long Gilt | | | (3,154) |
| 03/27/2025 | | | 384,833,832 | | | | (4,341,553 | ) |
| Low Sulphur Gas Oil | | | (10) |
| 01/10/2025 | | | 671,750 | | | | (3,067 | ) |
| MSCI EAFE Index | | | (110) |
| 12/20/2024 | | | 12,824,350 | | | | 224,510 | |
| MSCI Emerging Markets Index | | | (274) |
| 12/20/2024 | | | 14,941,220 | | | | 689,284 | |
| Natural Gas | | | (564) |
| 12/27/2024 | | | 18,967,320 | | | | 383,615 | |
| Natural Gas | | | (130) |
| 01/30/2025 | | | 4,413,974 | | | | 55,879 | |
| NY Harbor ULSD | | | (908) |
| 12/31/2024 | | | 83,609,366 | | | | 1,604,567 | |
| Palladium | | | (143) |
| 03/27/2025 | | | 14,235,650 | | | | 395,077 | |
| Phelix DE Base M Jan25 | | | (239) |
| 01/30/2025 | | | 21,765,220 | | | | 786,151 | |
| Reformulated Gasoline Blendstock | | | (203) |
| 12/31/2024 | | | 16,189,169 | | | | 317,730 | |
| Russell 2000 Index | | | (169) |
| 12/20/2024 | | | 20,656,870 | | | | (1,443,335 | ) |
| S&P Mid Cap 400 Index | | | (35) |
| 12/20/2024 | | | 11,822,300 | | | | (497,339 | ) |
| Soybean Meal | | | (1,416) |
| 03/14/2025 | | | 42,140,160 | | | | (65,556 | ) |
| U.S. Treasury 10 Year Notes | | | (4,974) |
| 03/20/2025 | | | 553,046,625 | | | | (3,184,625 | ) |
| U.S. Treasury 2 Year Notes | | | (742) |
| 03/31/2025 | | | 152,933,157 | | | | (245,330 | ) |
| U.S. Treasury 5 Year Note | | | (5,099) |
| 03/31/2025 | | | 548,660,370 | | | | (1,442,437 | ) |
| U.S. Treasury Long Bonds | | | (909) |
| 03/20/2025 | | | 108,625,500 | | | | (932,908 | ) |
| U.S. Treasury Ultra Bonds | | | (60) |
| 03/20/2025 | | | 7,631,250 | | | | (200,488 | ) |
| UK Natural Gas | | | (370) |
| 01/30/2025 | | | 15,824,281 | | | | 281,374 | |
| Wheat | | | (1,747) |
| 03/14/2025 | | | 47,867,800 | | | | 1,758,174 | |
| | | | | | | | | | | | $ | (6,653,891 | ) |
| Total Unrealized Appreciation (Depreciation) | | | $ | 19,507,733 | |
Campbell Systematic Macro Fund | |
| Consolidated Schedule of Forward Currency Contracts | |
| November 30, 2024 (Unaudited) | |
| Counterparty | | Settlement Date | | Currency Purchased | | Currency Sold | | | Unrealized Appreciation (Depreciation) | |
| UBS AG | | 12/18/2024 | | AUD | | | 1,127,000,000 | | USD | | | 752,954,252 | | | $ | (17,740,533 | ) |
| UBS AG | | 12/18/2024 | | BRL | | | 1,118,750,000 | | USD | | | 196,879,167 | | | | (11,381,591 | ) |
| UBS AG | | 12/18/2024 | | CAD | | | 564,000,000 | | USD | | | 409,134,920 | | | | (5,997,897 | ) |
| UBS AG | | 12/18/2024 | | CHF | | | 38,050,000 | | USD | | | 44,483,147 | | | | (1,191,592 | ) |
| UBS AG | | 12/18/2024 | | CLP | | | 73,520,000,000 | | USD | | | 78,830,336 | | | | (3,373,591 | ) |
| UBS AG | | 12/18/2024 | | CNH | | | 815,300,000 | | USD | | | 116,536,872 | | | | (3,987,891 | ) |
| UBS AG | | 12/18/2024 | | COP | | | 689,550,000,000 | | USD | | | 160,446,271 | | | | (5,328,163 | ) |
| UBS AG | | 12/18/2024 | | CZK | | | 5,309,200,000 | | USD | | | 229,560,499 | | | | (7,246,604 | ) |
| UBS AG | | 12/18/2024 | | EUR | | | 1,092,950,000 | | USD | | | 1,194,943,348 | | | | (38,984,547 | ) |
| UBS AG | | 12/18/2024 | | GBP | | | 526,700,000 | | USD | | | 686,261,809 | | | | (16,072,723 | ) |
| UBS AG | | 12/18/2024 | | HUF | | | 86,661,000,000 | | USD | | | 237,001,378 | | | | (15,417,052 | ) |
| UBS AG | | 12/18/2024 | | IDR | | | 3,032,750,000,000 | | USD | | | 195,886,338 | | | | (4,584,345 | ) |
| UBS AG | | 12/18/2024 | | INR | | | 21,004,000,000 | | USD | | | 249,155,643 | | | | (826,374 | ) |
| UBS AG | | 12/18/2024 | | JPY | | | 64,516,500,000 | | USD | | | 437,650,507 | | | | (5,208,415 | ) |
| UBS AG | | 12/18/2024 | | KRW | | | 7,350,000,000 | | USD | | | 5,516,308 | | | | (243,821 | ) |
| UBS AG | | 12/18/2024 | | MXN | | | 4,818,600,000 | | USD | | | 239,637,445 | | | | (3,010,960 | ) |
| UBS AG | | 12/18/2024 | | NOK | | | 3,913,200,000 | | USD | | | 360,775,630 | | | | (6,328,496 | ) |
| UBS AG | | 12/18/2024 | | NZD | | | 759,550,000 | | USD | | | 461,241,879 | | | | (11,275,614 | ) |
| UBS AG | | 12/18/2024 | | PHP | | | 11,393,250,000 | | USD | | | 200,024,962 | | | | (5,847,405 | ) |
| UBS AG | | 12/18/2024 | | PLN | | | 815,625,000 | | USD | | | 209,502,106 | | | | (8,840,651 | ) |
| UBS AG | | 12/18/2024 | | SEK | | | 1,925,250,000 | | USD | | | 182,966,158 | | | | (6,096,480 | ) |
| UBS AG | | 12/18/2024 | | SGD | | | 478,125,000 | | USD | | | 363,270,040 | | | | (5,960,255 | ) |
| UBS AG | | 12/18/2024 | | TWD | | | 285,300,000 | | USD | | | 8,960,932 | | | | (161,639 | ) |
| UBS AG | | 12/18/2024 | | USD | | | 816,762,048 | | AUD | | | 1,225,700,000 | | | | 17,160,046 | |
| UBS AG | | 12/18/2024 | | USD | | | 166,341,921 | | BRL | | | 958,650,000 | | | | 7,390,187 | |
| UBS AG | | 12/18/2024 | | USD | | | 473,286,366 | | CAD | | | 649,200,000 | | | | 9,249,921 | |
| UBS AG | | 12/18/2024 | | USD | | | 120,670,802 | | CHF | | | 102,650,000 | | | | 3,880,315 | |
| UBS AG | | 12/18/2024 | | USD | | | 122,123,344 | | CLP | | | 117,220,000,000 | | | | 1,815,406 | |
| UBS AG | | 12/18/2024 | | USD | | | 195,728,255 | | CNH | | | 1,381,800,000 | | | | 4,976,162 | |
| UBS AG | | 12/18/2024 | | USD | | | 128,208,106 | | COP | | | 560,190,000,000 | | | | 2,190,249 | |
| UBS AG | | 12/18/2024 | | USD | | | 208,735,455 | | CZK | | | 4,828,400,000 | | | | 6,554,257 | |
| UBS AG | | 12/18/2024 | | USD | | | 1,542,220,218 | | EUR | | | 1,406,150,000 | | | | 55,005,370 | |
| UBS AG | | 12/18/2024 | | USD | | | 747,563,142 | | GBP | | | 575,750,000 | | | | 14,961,346 | |
| UBS AG | | 12/18/2024 | | USD | | | 234,499,702 | | HUF | | | 88,278,000,000 | | | | 8,780,854 | |
| UBS AG | | 12/18/2024 | | USD | | | 50,509,550 | | IDR | | | 795,375,000,000 | | | | 338,312 | |
| UBS AG | | 12/18/2024 | | USD | | | 224,387,712 | | INR | | | 18,918,000,000 | | | | 721,120 | |
| UBS AG | | 12/18/2024 | | USD | | | 615,864,028 | | JPY | | | 91,855,500,000 | | | | 173,708 | |
| UBS AG | | 12/18/2024 | | USD | | | 87,978,521 | | KRW | | | 116,850,000,000 | | | | 4,156,744 | |
| UBS AG | | 12/18/2024 | | USD | | | 285,691,418 | | MXN | | | 5,804,100,000 | | | | 670,089 | |
| UBS AG | | 12/18/2024 | | USD | | | 361,931,267 | | NOK | | | 3,934,050,000 | | | | 5,595,596 | |
| UBS AG | | 12/18/2024 | | USD | | | 526,276,154 | | NZD | | | 854,900,000 | | | | 19,823,438 | |
| UBS AG | | 12/18/2024 | | USD | | | 123,764,833 | | PHP | | | 7,125,750,000 | | | | 2,319,176 | |
| UBS AG | | 12/18/2024 | | USD | | | 293,687,039 | | PLN | | | 1,172,775,000 | | | | 5,158,931 | |
| UBS AG | | 12/18/2024 | | USD | | | 432,553,645 | | SEK | | | 4,548,600,000 | | | | 14,680,944 | |
| UBS AG | | 12/18/2024 | | USD | | | 207,067,961 | | SGD | | | 269,025,000 | | | | 6,021,655 | |
| UBS AG | | 12/18/2024 | | USD | | | 169,628,911 | | TWD | | | 5,373,450,000 | | | | 3,899,626 | |
| UBS AG | | 12/18/2024 | | USD | | | 193,477,369 | | ZAR | | | 3,464,000,000 | | | | 1,550,049 | |
| UBS AG | | 12/18/2024 | | ZAR | | | 3,903,000,000 | | USD | | | 218,683,377 | | | | (2,432,704 | ) |
| Total Unrealized Appreciation (Depreciation) | | | | | | | | | | | | $
| 9,534,157 | |
| AUD - Australian Dollar | |
| BRL - Brazilian Real | |
| CAD - Canadian Dollar | |
| CHF - Swiss Franc | |
| CLP - Chilean Peso | |
| CNH - Chinese Yuan Renminbi | |
| COP - Colombian Peso | |
| CZK - Czech Koruna | |
| EUR - Euro | |
| GBP - British Pound | |
| HUF - Hungarian Forint | |
| IDR - Indonesian Rupiah | |
| INR - Indian Rupee | |
| JPY - Japanese Yen | |
| KRW - South Korean Won | |
| MXN - Mexican Peso | |
| NOK - Norwegian Krone | |
| NZD - New Zealand Dollar | |
| PHP - Philippine Peso | |
| PLN - Polish Zloty | |
| SEK - Swedish Krona | |
| SGD - Singapore Dollar | |
| TWD - New Taiwan Dollar | |
| USD - United States Dollar | |
| ZAR - South African Rand | |
Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
Campbell Systematic Macro Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Assets: | | | | | | | | | | | | |
Investments: | | | | | | | | | | | | |
| U.S. Treasury Bills | | $ | 975,037,291 | | | $ | – | | | $ | – | | | $ | 975,037,291 | |
| Total Investments | | $ | 975,037,291 | | | $ | – | | | $ | – | | | $ | 975,037,291 | |
| | |
Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Forwards* | | | – | | | | 197,073,501 | | | | – | | | | 197,073,501 | |
| Futures Contracts* | | | 71,460,704 | | | | – | | | | – | | | | 71,460,704 | |
| Total Other Financial Instruments | | $ | 71,460,704 | | | $ | 197,073,501 | | | $ | – | | | $ | 268,534,205 | |
| | | | | | | | | | | | | | | | | |
| Liabilities: | | | | | | | | | | | | | | | | |
| | |
Other Financial Instruments: | | | | | | | | | | | | | | | | |
| Forwards* | | | – | | | | (187,539,344 | ) | | | – | | | | (187,539,344 | ) |
| Futures Contracts* | | | (51,952,971 | ) | | | – | | | | – | | | | (51,952,971 | ) |
| Total Other Financial Instruments | | $ | (51,952,971 | ) | | $ | (187,539,344 | ) | | $ | – | | | $ | (239,492,315 | ) |
| | |
| * The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of November 30, 2024. | |
| | |
| Refer to the Consolidated Schedule of Investments for further disaggregation of investment categories. | |
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
For the period ended November 30, 2024, the Fund had no Level 3 transfers.
For more information with regard to significant accounting policies, see the most recent annual report or prospectus filed with the Securities and Exchange Commission.
