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        <isRestrictedSec>N</isRestrictedSec>

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            <payOffProf>Long</payOffProf>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>EUREX DEUTSCHLAND</name>
        <lei>529900UT4DG0LG5R9O07</lei>
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        <assetCat>DIR</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ECM5 CURNCY"/>
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        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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          <futrDeriv derivCat="FUT">
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
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                  <isin value="N/A"/>
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        <securityLending>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FVM5 COMDTY"/>
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        <balance>-5.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>ADM INVESTOR SERVICES INC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CBOT 5 Year US Treasury Note</issueTitle>
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                  <isin value="N/A"/>
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            <expDate>2025-07-01</expDate>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>LONG GILT FUTURE  Jun25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00MDWGKH25"/>
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        <balance>-7.00000000</balance>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ADM INVESTOR SERVICES INC</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>N/A</issuerName>
                <issueTitle>Long Gilt Future</issueTitle>
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                  <isin value="N/A"/>
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            <expDate>2025-06-27</expDate>
            <notionalAmt>-826537.31000000</notionalAmt>
            <curCd>GBP</curCd>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4580.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ADM INVESTOR SERVICES INC</counterpartyName>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
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                <issuerName>N/A</issuerName>
                <issueTitle>COMEX Gold 100 Troy Ounces</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
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            <expDate>2025-06-27</expDate>
            <notionalAmt>625480.00000000</notionalAmt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EUREX DEUTSCHLAND</name>
        <lei>529900UT4DG0LG5R9O07</lei>
        <title>DAX INDEX FUTURE  Jun25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000C6ZNQY9"/>
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        <balance>-1.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
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            <payOffProf>Short</payOffProf>
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              <indexBasketInfo>
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            <expDate>2025-06-23</expDate>
            <notionalAmt>-601292.87000000</notionalAmt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HONG KONG FUTURES EXCHANGE LTD.</name>
        <lei>N/A</lei>
        <title>HSCEI Futures     Apr25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HCJ5 INDEX"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
        <valUSD>-154.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ADM INVESTOR SERVICES INC</counterpartyName>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>HKG Hang Seng China Enterprise</indexName>
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            <expDate>2025-04-30</expDate>
            <notionalAmt>54895.91000000</notionalAmt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HONG KONG FUTURES EXCHANGE LTD.</name>
        <lei>N/A</lei>
        <title>HANG SENG IDX FUT Apr25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HIJ5 INDEX"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78109000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
                <indexName>Hang Seng</indexName>
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            <notionalAmt>148803.06000000</notionalAmt>
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        <securityLending>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>JPN YEN CURR FUT  Jun25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="JYM5 CURNCY"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <derivativeInfo>
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            <payOffProf>Long</payOffProf>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>ICE FUTURES U.S.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>COFFEE 'C' FUTURE May25</title>
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        <identifiers>
          <ticker value="KCK5 COMDTY"/>
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        <balance>1.00000000</balance>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <derivativeInfo>
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            <payOffProf>Long</payOffProf>
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                <issuerName>N/A</issuerName>
                <issueTitle>NYBOT CSC C Coffee Future</issueTitle>
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      <invstOrSec>
        <name>NEW YORK MERCANTILE EXCHANGE</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>NATURAL GAS FUTR  May25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NGK25 COMDTY"/>
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        <balance>3.00000000</balance>
        <units>NC</units>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
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        <derivativeInfo>
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            <payOffProf>Long</payOffProf>
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                <issuerName>N/A</issuerName>
                <issueTitle>NYMEX Henry Hub Natural Gas F</issueTitle>
                <identifiers>
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            <expDate>2025-04-29</expDate>
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        <securityLending>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>YEN DENOM NIKKEI  Jun25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NHM5 INDEX"/>
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        <balance>-1.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="149.95600000"/>
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        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <derivativeInfo>
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            <payOffProf>Short</payOffProf>
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              <indexBasketInfo>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>SINGAPORE EXCHANGE DERIVATIVES CLEARING LIMITED</name>
        <lei>N/A</lei>
        <title>NIKKEI 225  (SGX) Jun25</title>
        <cusip>N/A</cusip>
        <identifiers>
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      <invstOrSec>
        <name>EUREX DEUTSCHLAND</name>
        <lei>529900UT4DG0LG5R9O07</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>ICE FUTURES U.S.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>SUGAR #11 (WORLD) May25</title>
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          <ticker value="SBK5 COMDTY"/>
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        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
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            <payOffProf>Long</payOffProf>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
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        <assetCat>DFE</assetCat>
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      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
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          <ticker value="SFRU7 COMDTY"/>
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        <balance>-2.00000000</balance>
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        <assetCat>DIR</assetCat>
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      <invstOrSec>
        <name>COMMODITIES EXCHANGE CENTER</name>
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          <ticker value="SIK5 COMDTY"/>
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                  <isin value="N/A"/>
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        <name>Chicago Board of Trade</name>
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          <ticker value="TUM5 COMDTY"/>
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        <assetCat>DIR</assetCat>
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        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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      <invstOrSec>
        <name>EUREX DEUTSCHLAND</name>
        <lei>529900UT4DG0LG5R9O07</lei>
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        <identifiers>
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        <balance>-7.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92430000"/>
        <valUSD>-854.71000000</valUSD>
        <pctVal>-0.00965752088</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ADM INVESTOR SERVICES INC</counterpartyName>
              <counterpartyLei>I9O8MELCUVOTLJABOX92</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Eurex EURO STOXX 50 Future</indexName>
                <indexIdentifier>SX5E</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-06-23</expDate>
            <notionalAmt>-392123.78000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-854.71000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO BOARD OF TRADE</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>WHEAT FUTURE(CBT) May25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="W K5 COMDTY"/>
        </identifiers>
        <balance>-1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-375.00000000</valUSD>
        <pctVal>-0.00423719194</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>ADM INVESTOR SERVICES INC</counterpartyName>
              <counterpartyLei>I9O8MELCUVOTLJABOX92</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CBOT Wheat Future</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-05-15</expDate>
            <notionalAmt>-26475.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-375.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US ULTRA BOND CBT Jun25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WNM5 COMDTY"/>
        </identifiers>
        <balance>-2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1125.00000000</valUSD>
        <pctVal>-0.01271157584</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ADM INVESTOR SERVICES INC</counterpartyName>
              <counterpartyLei>I9O8MELCUVOTLJABOX92</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Ultra U.S. Treasury Bond Futur</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-06-19</expDate>
            <notionalAmt>-243375.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1125.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SINGAPORE EXCHANGE DERIVATIVES CLEARING LIMITED</name>
        <lei>N/A</lei>
        <title>FTSE CHINA A50    Apr25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XUJ5 INDEX"/>
        </identifiers>
        <balance>-11.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>135.00000000</valUSD>
        <pctVal>0.001525389101</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ADM INVESTOR SERVICES INC</counterpartyName>
              <counterpartyLei>I9O8MELCUVOTLJABOX92</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>SGX FTSE China A50 Futures Con</indexName>
                <indexIdentifier>XIN9I</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-04-30</expDate>
            <notionalAmt>-146809.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>135.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES EUROPE - FINANCIAL PRODUCTS DIVISION</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>FTSE 100 IDX FUT  Jun25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00M251VK77"/>
        </identifiers>
        <balance>-5.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77407000"/>
        <valUSD>-12.91000000</valUSD>
        <pctVal>-0.00014587239</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ADM INVESTOR SERVICES INC</counterpartyName>
              <counterpartyLei>I9O8MELCUVOTLJABOX92</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>FTSE 100 Index Future</indexName>
                <indexIdentifier>UKX</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-06-23</expDate>
            <notionalAmt>-554975.65000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>-12.91000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-04-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Mutual Fund &amp; Variable Insurance Trust</ncom:nameOfApplicant>
      <ncom:signature>Erik Naviloff</ncom:signature>
      <ncom:signerName>Erik Naviloff</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
