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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK MERCANTILE EXCHANGE</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>NYMEX Light Sweet Crude Oil Future </title>
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        <identifiers>
          <ticker value="CLM5 COMDTY"/>
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        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>CHICAGO BOARD OF TRADE</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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        <identifiers>
          <ticker value="KWN5 COMDTY"/>
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        <balance>-161.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
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                  <ticker value="N/A"/>
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      <invstOrSec>
        <name>ICE FUTURES EUROPE - AGRICULTURAL PRODUCTS DIVISION</name>
        <lei>N/A</lei>
        <title>London Robusta Coffee </title>
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        <identifiers>
          <isin value="GB00KKXKMQ77"/>
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        <balance>17.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-7080.00000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
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                  <ticker value="N/A"/>
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            <expDate>2025-07-28</expDate>
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      <invstOrSec>
        <name>SPDR Series Trust</name>
        <lei>5493004JVD6CQEEJSS37</lei>
        <title>SPDR Portfolio S&amp;P 500 ETF </title>
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        <identifiers>
          <isin value="US78464A8541"/>
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        <balance>1243800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>81095760.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ICE FUTURES U.S.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>NYBOT CTN Number 2 Cotton Future </title>
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        <identifiers>
          <ticker value="CTN5 COMDTY"/>
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        <balance>-175.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>150540.00000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>N/A</issuerName>
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                  <ticker value="N/A"/>
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            <expDate>2025-07-10</expDate>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES EUROPE</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>Carbon Emissions Future </title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H1JDWM63"/>
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        <balance>-231.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88000000"/>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>ICE EUA Future</issueTitle>
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                  <ticker value="N/A"/>
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            <expDate>2025-12-16</expDate>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill </title>
        <cusip>912797PZ4</cusip>
        <identifiers>
          <isin value="US912797PZ47"/>
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        <balance>60000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>59525700.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-08</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CBOE FUTURES EXCHANGE</name>
        <lei>254900O9GJPIWCP8RH13</lei>
        <title>CBOE Volatility Index Future </title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UXK5 INDEX"/>
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        <balance>116.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-878855.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
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                  <ticker value="N/A"/>
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            </descRefInstrmnt>
            <expDate>2025-05-22</expDate>
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            <unrealizedAppr>-878855.60000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill </title>
        <cusip>912797PJ0</cusip>
        <identifiers>
          <isin value="US912797PJ05"/>
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        <balance>40557000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40466402.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-20</maturityDt>
          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LME Primary Aluminum Future </title>
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          <isin value="GB00FVN2QW99"/>
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        <balance>-71.00000000</balance>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>N/A</issuerName>
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                  <ticker value="N/A"/>
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            <expDate>2025-06-17</expDate>
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      <invstOrSec>
        <name>CHICAGO BOARD OF TRADE</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>CBOT Soybean Oil Future </title>
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        <identifiers>
          <ticker value="BON5 COMDTY"/>
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        <balance>377.00000000</balance>
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        <assetCat>DCO</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>N/A</issuerName>
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                  <ticker value="N/A"/>
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      <invstOrSec>
        <name>CHICAGO BOARD OF TRADE</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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          <ticker value="W N5 COMDTY"/>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>STONEX GROUP INC</counterpartyName>
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      <invstOrSec>
        <name>ICE FUTURES EUROPE</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>ICE Gas Oil Future </title>
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          <isin value="GB00H6D17046"/>
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        <balance>-669.00000000</balance>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>N/A</issuerName>
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                  <ticker value="N/A"/>
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            <expDate>2025-06-13</expDate>
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        <securityLending>
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      <invstOrSec>
        <name>ICE FUTURES U.S.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>NYBOT CSC C Coffee Future </title>
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        <identifiers>
          <ticker value="KCN5 COMDTY"/>
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        <balance>71.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>NYBOT CSC C Coffee Future</issueTitle>
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                  <ticker value="N/A"/>
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            </descRefInstrmnt>
            <expDate>2025-07-21</expDate>
            <notionalAmt>10669968.75000000</notionalAmt>
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            <unrealizedAppr>1482768.75000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>CME Feeder Cattle Future </title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FCQ5 COMDTY"/>
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        <balance>55.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>344025.00000000</valUSD>
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        <assetCat>DCO</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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                <issuerName>N/A</issuerName>
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                  <ticker value="N/A"/>
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            <expDate>2025-08-29</expDate>
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            <unrealizedAppr>344025.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>iShares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>iShares Core S&amp;P 500 ETF </title>
        <cusip>464287200</cusip>
        <identifiers>
          <isin value="US4642872000"/>
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        <balance>145400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>81127384.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES EUROPE</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>BRENT CRUDE FUTURE </title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H47KC753"/>
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        <balance>-1356.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4363490.00000000</valUSD>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>ICE Brent Crude Oil Future</issueTitle>
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                  <ticker value="N/A"/>
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            </descRefInstrmnt>
            <expDate>2025-06-02</expDate>
            <notionalAmt>-82797360.00000000</notionalAmt>
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            <unrealizedAppr>4363490.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK MERCANTILE EXCHANGE</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>NYMEX Reformulated Gasoline Blendstock for Oxygen Blending RBOB Futures</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XBM5 COMDTY"/>
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        <balance>-260.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>20185.20000000</valUSD>
        <pctVal>0.002280496143</pctVal>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>NYMEX Reformulated Gasoline Blendstock for Oxygen</issueTitle>
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                  <ticker value="N/A"/>
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            <expDate>2025-06-02</expDate>
            <notionalAmt>-22033284.00000000</notionalAmt>
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            <unrealizedAppr>20185.20000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill </title>
        <cusip>912797MG9</cusip>
        <identifiers>
          <isin value="US912797MG92"/>
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        <balance>40000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39544844.40000000</valUSD>
        <pctVal>4.467722150778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-07</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>CME Swiss Franc Currency Future </title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SFM5 CURNCY"/>
        </identifiers>
        <balance>161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-263125.00000000</valUSD>
        <pctVal>-0.02972750073</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CME Swiss Franc Currency Future</issueTitle>
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                  <ticker value="N/A"/>
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            </descRefInstrmnt>
            <expDate>2025-06-17</expDate>
            <notionalAmt>24586712.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-263125.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>CME Euro Foreign Exchange Currency Future </title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ECM5 CURNCY"/>
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        <balance>1503.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-424500.00000000</valUSD>
        <pctVal>-0.04795942636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CME Euro Foreign Exchange Currency Future</issueTitle>
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                  <ticker value="N/A"/>
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            <expDate>2025-06-17</expDate>
            <notionalAmt>213801750.00000000</notionalAmt>
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            <unrealizedAppr>-424500.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK MERCANTILE EXCHANGE</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>NYMEX Platinum Future </title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PLN5 COMDTY"/>
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        <balance>-36.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-96890.00000000</valUSD>
        <pctVal>-0.01094649898</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>N/A</issuerName>
                <issueTitle>NYMEX Platinum Future</issueTitle>
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            <expDate>2025-07-30</expDate>
            <notionalAmt>-1744920.00000000</notionalAmt>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>COMMODITIES EXCHANGE CENTER</name>
        <lei>N/A</lei>
        <title>GOLD 100 OZ FUTR  Jun25 </title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GCM5 COMDTY"/>
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        <balance>346.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8891900.00000000</valUSD>
        <pctVal>1.004594636678</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>COMEX Gold Future</issueTitle>
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                  <ticker value="N/A"/>
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            </descRefInstrmnt>
            <expDate>2025-06-27</expDate>
            <notionalAmt>114840860.00000000</notionalAmt>
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            <unrealizedAppr>8891900.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES U.S.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>Canada Canola Future </title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RSN5 COMDTY"/>
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        <balance>42.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37000000"/>
        <valUSD>3167.85000000</valUSD>
        <pctVal>0.000357899337</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>ICE Canada Canola Future</issueTitle>
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                  <ticker value="N/A"/>
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            <expDate>2025-07-15</expDate>
            <notionalAmt>421940.82000000</notionalAmt>
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            <unrealizedAppr>3167.85000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>EUREX DEUTSCHLAND</name>
        <lei>529900UT4DG0LG5R9O07</lei>
        <title>Euro-BUXL 30 Year Bond Future </title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000F1B2NK9"/>
        </identifiers>
        <balance>-165.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.88000000"/>
        <valUSD>-889658.57000000</valUSD>
        <pctVal>-0.10051240206</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
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                <issuerName>N/A</issuerName>
                <issueTitle>Eurex Euro-BUXL 30 Year Bond Future</issueTitle>
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                  <ticker value="N/A"/>
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            <expDate>2025-06-09</expDate>
            <notionalAmt>-23215986.75000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-889658.57000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>CME Live Cattle Future </title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LCM5 COMDTY"/>
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        <balance>219.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-37680.00000000</valUSD>
        <pctVal>-0.00425703459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>STONEX GROUP INC</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>N/A</issuerName>
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            <expDate>2025-07-01</expDate>
            <notionalAmt>18255840.00000000</notionalAmt>
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      </invstOrSec>
      <invstOrSec>
        <name>iShares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>iShares Core MSCI Total International Stock ETF </title>
        <cusip>46432F834</cusip>
        <identifiers>
          <isin value="US46432F8344"/>
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        <balance>597600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42991344.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Unified Series Trust</ncom:nameOfApplicant>
      <ncom:signature>Gregory Knoth</ncom:signature>
      <ncom:signerName>Gregory Knoth</ncom:signerName>
      <ncom:title>SVP, Mutual Fund Controller</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
