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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UBS AG</counterpartyName>
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            <amtCurSold>6295644.74000000</amtCurSold>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures Europe - Financial Products Division</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="ADI0TQQ63"/>
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        <assetCat>DIR</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Futures Europe - Financial Products Division</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
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      </invstOrSec>
      <invstOrSec>
        <name>SANTANDER UK PLC</name>
        <lei>PTCQB104N23FMNK2RZ28</lei>
        <title>SANTANDER UK PLC</title>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-16</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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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED USD / SOLD PLN</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="20CGKBCC6JC"/>
        </identifiers>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS AG</counterpartyName>
              <counterpartyLei>BFM8T61CT2L1QCEMIK50</counterpartyLei>
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            <amtCurSold>93500000.00000000</amtCurSold>
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            <unrealizedAppr>1978245.10000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED USD / SOLD CHF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="20COKBCB0P1"/>
        </identifiers>
        <balance>1.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.95902000"/>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS AG</counterpartyName>
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            <amtCurSold>4625000.00000000</amtCurSold>
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            <amtCurPur>4753994.90000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-06-17</settlementDt>
            <unrealizedAppr>-68636.54000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>GASOLINE RBOB FUT MAY20 XNYM 20200430</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1FZBC9"/>
        </identifiers>
        <balance>-306.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4713013.20000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>New York Mercantile Exchange</counterpartyName>
              <counterpartyLei>5493008GFNDTXFPHWI47</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Gasoline</indexName>
                <indexIdentifier>XBK0 Comdty</indexIdentifier>
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            </descRefInstrmnt>
            <expDate>2020-04-30</expDate>
            <notionalAmt>-12330393.60000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>4713013.20000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>EURO FX CURR FUT  JUN20 XCME 20200615</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1D89S9"/>
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        <balance>-523.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>789747.50000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Euro FX Currency Future</indexName>
                <indexIdentifier>ECM0 Curncy</indexIdentifier>
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            </descRefInstrmnt>
            <expDate>2020-06-15</expDate>
            <notionalAmt>-73025853.75000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>789747.50000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED SGD / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="20CQKBCBQH9"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="SGD" exchangeRt="1.41969500"/>
        <valUSD>203100.85000000</valUSD>
        <pctVal>0.012915592376</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS AG</counterpartyName>
              <counterpartyLei>BFM8T61CT2L1QCEMIK50</counterpartyLei>
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            <amtCurSold>8161371.80000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>11875000.00000000</amtCurPur>
            <curPur>SGD</curPur>
            <settlementDt>2020-06-17</settlementDt>
            <unrealizedAppr>203100.85000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED USD / SOLD TRY</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="20CIKBCB43V"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="TRY" exchangeRt="6.76039066"/>
        <valUSD>75833.71000000</valUSD>
        <pctVal>0.004822418452</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS AG</counterpartyName>
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            <amtCurSold>11100000.00000000</amtCurSold>
            <curSold>TRY</curSold>
            <amtCurPur>1717750.66000000</amtCurPur>
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            <settlementDt>2020-06-17</settlementDt>
            <unrealizedAppr>75833.71000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED USD / SOLD CHF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="20CNKBCFNVK"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CHF" exchangeRt="0.95902000"/>
        <valUSD>-33428.45000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS AG</counterpartyName>
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            <amtCurSold>3625000.00000000</amtCurSold>
            <curSold>CHF</curSold>
            <amtCurPur>3746471.86000000</amtCurPur>
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            <settlementDt>2020-06-17</settlementDt>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED USD / SOLD SEK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="20COKBCB0P0"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="SEK" exchangeRt="9.87603500"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
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              <counterpartyName>UBS AG</counterpartyName>
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            <amtCurSold>26000000.00000000</amtCurSold>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>BP CURRENCY FUT   JUN20 XCME 20200615</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1GVKM5"/>
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        <balance>-452.00000000</balance>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <indexBasketInfo>
                <indexName>British Pound Currency Future</indexName>
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            <expDate>2020-06-15</expDate>
            <notionalAmt>-34288959.38000000</notionalAmt>
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        <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>LOW SU GASOIL G   MAY20 IFEU 20200512</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1G47D0"/>
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        <balance>-366.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1837500.00000000</valUSD>
        <pctVal>0.116850328260</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Futures Europe</counterpartyName>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Low Sulfur Gas Oil</indexName>
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            <expDate>2020-05-12</expDate>
            <notionalAmt>-12625350.00000000</notionalAmt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Eurex Deutschland</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>EURO-BTP FUTURE   JUN20 XEUR 20200608</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1FRHL1"/>
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        <balance>55.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.90670100"/>
        <valUSD>-334233.67000000</valUSD>
        <pctVal>-0.02125459268</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Eurex Deutschland</counterpartyName>
              <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Long-Term Euro-BTP (FBTP)</indexName>
                <indexIdentifier>IKM0 Comdty</indexIdentifier>
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            <expDate>2020-06-08</expDate>
            <notionalAmt>8080600.00000000</notionalAmt>
            <curCd>EUR</curCd>
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        <name>Ice Futures Europe - Financial Products Division</name>
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        <name>Eurex Deutschland</name>
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        <name>Hong Kong Futures Exchange Ltd.</name>
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        <name>Chicago Board of Trade</name>
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        <name>UBS AG</name>
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      <invstOrSec>
        <name>UBS AG</name>
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        <name>BANK OF MONTREAL</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Eurex Deutschland</name>
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        <name>UBS AG</name>
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        <name>UBS AG</name>
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        <name>London Metal Exchange</name>
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      <invstOrSec>
        <name>ICE Futures Europe</name>
        <lei>549300UF4R84F48NCH34</lei>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK OF MONTREAL CHICAGO</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
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        <valUSD>30002871.30000000</valUSD>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-03</maturityDt>
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      <invstOrSec>
        <name>NATIONAL BANK OF KUWAIT TIME DEPOSIT</name>
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          <other otherDesc="Internal Identifier" value="988VPK007"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>NY HARB ULSD FUT  MAY20 XNYM 20200430</title>
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          <other otherDesc="Internal Identifier" value="ADI1B1SS5"/>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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                <indexName>NY Harb Ultra Low Sulfur Diesel</indexName>
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            <expDate>2020-04-30</expDate>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="20CRKBCB3Q0"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>UBS AG</counterpartyName>
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            <amtCurSold>44000000.00000000</amtCurSold>
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      <invstOrSec>
        <name>SUMITOMO MITSUI BANK NY</name>
        <lei>N/A</lei>
        <title>Sumitomo Mitsui Banking Corp/New York</title>
        <cusip>86565B6N6</cusip>
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          <isin value="US86565B6N62"/>
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        <balance>58000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>57985315.56000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-06-10</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED NZD / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="20CLKBCG14Q"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="NZD" exchangeRt="1.67689572"/>
        <valUSD>-41552.49000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UBS AG</counterpartyName>
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            <amtCurSold>3321422.50000000</amtCurSold>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eurex Deutschland</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>EURO-BUXL 30Y BND JUN20 XEUR 20200608</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1FRQR8"/>
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        <balance>123.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.90670100"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Eurex Deutschland</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
                <indexName>Euro-Buxl (FGBX)</indexName>
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            <expDate>2020-06-08</expDate>
            <notionalAmt>26502060.00000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-754780.24000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>LEAN HOGS FUTURE  JUN20 XCME 20200612</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1C3TL4"/>
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        <balance>-191.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1459400.00000000</valUSD>
        <pctVal>0.092806187245</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <indexBasketInfo>
                <indexName>Lean Hogs</indexName>
                <indexIdentifier>LHM0 Comdty</indexIdentifier>
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            <expDate>2020-06-12</expDate>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME PRI ALUM FUTR JUN20 XLME 20200617</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI0W48M3"/>
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        <balance>452.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>London Metal Exchange</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
                <indexName>Aluminum</indexName>
                <indexIdentifier>LAM20 Comdty</indexIdentifier>
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            <expDate>2020-06-17</expDate>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED NOK / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="20CIKBCB43L"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UBS AG</counterpartyName>
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      <invstOrSec>
        <name>SANTANDER UK PLC</name>
        <lei>N/A</lei>
        <title>SANTANDER UK PLC</title>
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        <curCd>USD</curCd>
        <valUSD>39974333.20000000</valUSD>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>ICE Futures Europe - Financial Products Division</name>
        <lei>N/A</lei>
        <title>3MO EURO EURIBOR  JUN20 IFLL 20200615</title>
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          <other otherDesc="Internal Identifier" value="ADI0J4BP7"/>
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                <indexName>Euribor 3 Month</indexName>
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      <invstOrSec>
        <name>OVERSEA-CHINESE BK CO NY</name>
        <lei>5493007O3QFXCPOGWK22</lei>
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        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
        <title>CAN 10YR BOND FUT JUN20 XMOD 20200619</title>
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        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1D88Z4"/>
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        <balance>694.00000000</balance>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>The Montreal Exchange / Bourse De Montreal</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
                <indexName>Canadian Government Bond</indexName>
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            <expDate>2020-06-19</expDate>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="20CPKBCG4PN"/>
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        <balance>1.00000000</balance>
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        <name>New York Mercantile Exchange</name>
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      <invstOrSec>
        <name>UBS AG</name>
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      <invstOrSec>
        <name>SUMITOMO MITSUI TRUST NY</name>
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      <invstOrSec>
        <name>South African Futures Exchange</name>
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      <invstOrSec>
        <name>COFCO CAPITAL CORP.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>London Metal Exchange</name>
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      <invstOrSec>
        <name>UBS AG</name>
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        <name>UBS AG</name>
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      <invstOrSec>
        <name>ICE Futures U.S., Inc.</name>
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        <name>COFCO CAPITAL CORP.</name>
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      <invstOrSec>
        <name>UBS AG</name>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA, N.A.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MITSUBISHI UFJ TR&amp;BK NY</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
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        <name>Commodities Exchange Center</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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          <other otherDesc="Internal Identifier" value="ADI1FRGV0"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
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                <indexIdentifier>USM0 Comdty</indexIdentifier>
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            <expDate>2020-06-19</expDate>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796TT6</cusip>
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          <isin value="US912796TT67"/>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-05-07</maturityDt>
          <couponKind>None</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Hong Kong Futures Exchange Ltd.</name>
        <lei>213800YTVSXYQN17BW16</lei>
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        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1KSG59"/>
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        <fairValLevel>2</fairValLevel>
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            <payOffProf>Short</payOffProf>
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              <indexBasketInfo>
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                <indexIdentifier>HCJ0 Index</indexIdentifier>
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            <expDate>2020-04-28</expDate>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>JPN YEN CURR FUT  JUN20 XCME 20200615</title>
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        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1GVJT2"/>
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        <balance>-395.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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            <payOffProf>Short</payOffProf>
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                <indexIdentifier>JYM0 Curncy</indexIdentifier>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="20CSKBCB0Q8"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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        <balance>1.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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        <securityLending>
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        <name>CREDIT AGRICOLE</name>
        <lei>1VUV7VQFKUOQSJ21A208</lei>
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        <curCd>USD</curCd>
        <valUSD>42999957.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>LIVE CATTLE FUTR  JUN20 XCME 20200630</title>
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          <other otherDesc="Internal Identifier" value="ADI1CJL29"/>
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        <balance>-262.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>814930.00000000</valUSD>
        <pctVal>0.051823041093</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Live Cattle</indexName>
                <indexIdentifier>LCM0 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2020-06-30</expDate>
            <notionalAmt>-10464390.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>814930.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures U.S., Inc.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>SUGAR  11 (WORLD) JUL20 IFUS 20200630</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI135428"/>
        </identifiers>
        <balance>-1646.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>984648.00000000</valUSD>
        <pctVal>0.062615750759</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Futures U.S., Inc.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Sugar</indexName>
                <indexIdentifier>SBN0 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2020-06-30</expDate>
            <notionalAmt>-20341608.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>984648.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CREDIT IND ET CM NY</name>
        <lei>N4JDFKKH2FTD8RKFXO39</lei>
        <title>CREDIT IND ET CM NY</title>
        <cusip>22536UYZ7</cusip>
        <identifiers>
          <other otherDesc="CUSIP" value="22536UYZ7"/>
        </identifiers>
        <balance>60000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>60041808.60000000</valUSD>
        <pctVal>3.818179615911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-05-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.62000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIXED INC CLEARING CORP.REPO</name>
        <lei>549300H47WTHXPU08X20</lei>
        <title>FIXED INC CLEARING CORP.REPO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="85748R009"/>
        </identifiers>
        <balance>488574.91000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>488574.91000000</valUSD>
        <pctVal>0.031069463190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="FIXED INC CLEARING CORP.REPO" isCleared="Y"/>
          <isTriParty>N</isTriParty>
          <repurchaseRt>0.00000000</repurchaseRt>
          <maturityDt>2020-04-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>485000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>501752.87000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TORONTO DOMINION BANK NY</name>
        <lei>PT3QB789TSUIDF371261</lei>
        <title>Toronto-Dominion Bank/NY</title>
        <cusip>89114N4L6</cusip>
        <identifiers>
          <isin value="US89114N4L65"/>
        </identifiers>
        <balance>30000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29965161.90000000</valUSD>
        <pctVal>1.905545036397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-10-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.08000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>PURCHASED NZD / SOLD USD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="20CIKBCB43N"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="NZD" exchangeRt="1.67689572"/>
        <valUSD>-309787.78000000</valUSD>
        <pctVal>-0.01970002927</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS AG</counterpartyName>
              <counterpartyLei>BFM8T61CT2L1QCEMIK50</counterpartyLei>
            </counterparties>
            <amtCurSold>6571357.80000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>10500000.00000000</amtCurPur>
            <curPur>NZD</curPur>
            <settlementDt>2020-06-17</settlementDt>
            <unrealizedAppr>-309787.78000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LANDESBK HESSEN-THUR</name>
        <lei>N/A</lei>
        <title>LANDESBK HESSEN-THUR</title>
        <cusip>51500VMT3</cusip>
        <identifiers>
          <other otherDesc="CUSIP" value="51500VMT3"/>
        </identifiers>
        <balance>15000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15004293.00000000</valUSD>
        <pctVal>0.954153231216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-04-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.30000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eurex Deutschland</name>
        <lei>529900LN3S50JPU47S06</lei>
        <title>EURO-BUND FUTURE  JUN20 XEUR 20200608</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1FRQT4"/>
        </identifiers>
        <balance>406.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.90670100"/>
        <valUSD>-717844.14000000</valUSD>
        <pctVal>-0.04564915559</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Eurex Deutschland</counterpartyName>
              <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Euro-Bund (FGBL)</indexName>
                <indexIdentifier>RXM0 Comdty</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2020-06-08</expDate>
            <notionalAmt>70689930.00000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-717844.14000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>

      <explntrNote note="Futures contracts value is represented by unrealized appreciation/depreciation" noteItem="C.2.c"/>
      <explntrNote note="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>2020-05-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Natixis Funds Trust II</ncom:nameOfApplicant>
      <ncom:signature>John Sgroi</ncom:signature>
      <ncom:signerName>John Sgroi</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
