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        <name>GOLDMAN SACHS BANK USA</name>
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        <name>CHICAGO BOARD OF TRADE</name>
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        <name>MERRILL LYNCH INTERNATIONAL</name>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCH INC</name>
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        <name>MERRILL LYNCH INTERNATIONAL</name>
        <lei>GGDZP1UYGU9STUHRDP48</lei>
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        <name>CHICAGO BOARD OF TRADE</name>
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        <name>MERRILL LYNCH INTERNATIONAL</name>
        <lei>GGDZP1UYGU9STUHRDP48</lei>
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        <name>LONDON METAL EXCHANGE</name>
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        <name>CHICAGO MERCANTILE EXCH INC</name>
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        <name>JPMORGAN CHASE BANK NA NEW YORK NY</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>ICE FUTURES US</name>
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        <name>GOLDMAN SACHS BANK USA</name>
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        <name>COMMODITY EXCHANGE INC</name>
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      <invstOrSec>
        <name>LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
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        <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>LEAD</issuerName>
                <issueTitle>LEAD</issueTitle>
                <identifiers>
                  <other otherDesc="Internal" value="15S994226"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-03-16</expDate>
            <notionalAmt>562067.03000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1922.28000000</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>2025-11-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
