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        <name>ROYAL BANK OF CANADA</name>
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        <name>MERRILL LYNCH INTERNATIONAL</name>
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        <name>CHICAGO BOARD OF TRADE</name>
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        <name>ICE-ICE FUTURES LTD</name>
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        <name>CITIBANK, N.A.</name>
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        <name>ICE FUTURES US</name>
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        <name>ICE-ICE FUTURES LTD</name>
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        <name>CHICAGO MERCANTILE EXCH INC</name>
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        <name>MERRILL LYNCH INTERNATIONAL</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CHICAGO MERCANTILE EXCH INC</name>
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        <name>CITIBANK, N.A.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NEW YORK MERCANTILE EXCHANGE</name>
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        <name>LONDON METAL EXCHANGE</name>
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        <name>ICE FUTURES US</name>
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        <name>CHICAGO BOARD OF TRADE</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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        <name>CHICAGO BOARD OF TRADE</name>
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        <name>LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
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        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-37165.65000000</valUSD>
        <pctVal>-0.00688185148</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>LONDON METAL EXCHANGE</counterpartyName>
              <counterpartyLei>213800NB8G5VRT1DXC91</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>NICKEL</issuerName>
                <issueTitle>NICKEL</issueTitle>
                <identifiers>
                  <other otherDesc="Internal" value="02A99U225"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-15</expDate>
            <notionalAmt>1194593.63000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-37165.65000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK MERCANTILE EXCHANGE</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>GASOLINE RBOB FUT SEP25 XBU5</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XBU5"/>
        </identifiers>
        <balance>12.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>51430.56000000</valUSD>
        <pctVal>0.009523241916</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>NEW YORK MERCANTILE EXCHANGE</counterpartyName>
              <counterpartyLei>5493008GFNDTXFPHWI47</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>REFORMULATED 84 OCT OXG INDEX</indexName>
                <indexIdentifier>34T99S223</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-08-29</expDate>
            <notionalAmt>1044215.04000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>51430.56000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="As of March 2025, monthly returns presented in Item B.5.a. have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-08-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Laura M. Del Prato</ncom:nameOfApplicant>
      <ncom:signature>Laura M. Del Prato</ncom:signature>
      <ncom:signerName>Laura M. Del Prato</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
