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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>COCOA FUTURE      JUL21 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CCN1"/>
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        <balance>-2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-47640.00000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Cocoa</issuerName>
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                  <ticker value="CCN21"/>
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              </otherRefInst>
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            <expDate>2021-07-18</expDate>
            <notionalAmt>-50040.00000000</notionalAmt>
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            <unrealizedAppr>2400.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>AUDUSD CRNCY FUT  JUN21 CURRENCY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ADM1"/>
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        <balance>28.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2157680.28000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Currency Futures</issuerName>
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                  <ticker value="ADM21"/>
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                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-06-17</expDate>
            <notionalAmt>2149005.00000000</notionalAmt>
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            <unrealizedAppr>8675.28000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CORN FUTURE       JUL21</name>
        <lei>N/A</lei>
        <title>CORN FUTURE       JUL21 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CN1"/>
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        <balance>-14.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-471275.00000000</valUSD>
        <pctVal>-1.01052448574</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="Other" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-07-17</expDate>
            <notionalAmt>-409800.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-61475.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LME LEAD FUTURE  JUN11</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MPBM21"/>
        </identifiers>
        <balance>85.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4568750.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>Lead</issuerName>
                <issueTitle>LME LEAD FUTURE Jun 2021</issueTitle>
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                  <ticker value="PBDYM21"/>
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              </otherRefInst>
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            <expDate>2021-06-16</expDate>
            <notionalAmt>4270712.50000000</notionalAmt>
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            <unrealizedAppr>298037.50000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Japan</name>
        <lei>N/A</lei>
        <title>JPN 10Y BOND(OSE) JUN21 FINANCIAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="JGBM1"/>
        </identifiers>
        <balance>-26.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="109.29000000"/>
        <valUSD>-36003659.97000000</valUSD>
        <pctVal>-77.2003182345</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Japan Govt. Bond Futures</issuerName>
                <issueTitle>Japan Govt 10 Year Bond Future (TSE) Jun 2021</issueTitle>
                <identifiers>
                  <isin value="JP1103511J74"/>
                  <ticker value="BTM21"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-06-17</expDate>
            <notionalAmt>-36046091.47000000</notionalAmt>
            <curCd>JPY</curCd>
            <unrealizedAppr>42431.50000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LME ZINC FUTURE MAY21</name>
        <lei>N/A</lei>
        <title>LME ZINC FUTURE MAY21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00G4266H78"/>
        </identifiers>
        <balance>-31.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2260287.50000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="Other" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-05-17</expDate>
            <notionalAmt>-2177960.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-82327.50000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>WTI CRUDE FUTURE  JUN21 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CLM1"/>
        </identifiers>
        <balance>38.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2416040.00000000</valUSD>
        <pctVal>5.180558227213</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Crude Oil</issuerName>
                <issueTitle>WTI Crude Oil Future (NYM Consolidated) Jun 2021</issueTitle>
                <identifiers>
                  <ticker value="CLM21"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-05-23</expDate>
            <notionalAmt>2354050.00000000</notionalAmt>
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            <unrealizedAppr>61990.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LME NICKEL FUTURE JUN21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MNIM21"/>
        </identifiers>
        <balance>-17.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1801575.00000000</valUSD>
        <pctVal>-3.86300069046</pctVal>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>Nickel</issuerName>
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                  <ticker value="NIDYM21"/>
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                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-06-16</expDate>
            <notionalAmt>-1723274.10000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-78300.90000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>FTSE/MIB IDX FUT  JUN21 PHYSICAL INDEX FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="IFSM1"/>
        </identifiers>
        <balance>7.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83177000"/>
        <valUSD>1006149.55000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>IT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
                <indexName>FTSE/MIB IDX FUT Jun 2021</indexName>
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            <expDate>2021-06-21</expDate>
            <notionalAmt>1015304.72000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-9155.17000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>COTTON NO.2 FUTR  JUL21 PHYSICAL COMMODITY FUTURE.</title>
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        <identifiers>
          <ticker value="CTN1"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>44040.00000000</valUSD>
        <pctVal>0.094432122119</pctVal>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>Cotton</issuerName>
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                  <ticker value="CTN21"/>
                  <other otherDesc="Other" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-07-11</expDate>
            <notionalAmt>43870.00000000</notionalAmt>
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            <unrealizedAppr>170.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOYBEAN OIL FUTR  JUL21 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BON1"/>
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        <balance>22.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>823548.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>Soybean Oil</issuerName>
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                  <ticker value="BON21"/>
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            <expDate>2021-07-17</expDate>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>BRENT CRUDE FUTR  JUL21 PHYSICAL COMMODITY FUTURE.</title>
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        <identifiers>
          <ticker value="LCON1"/>
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        <balance>30.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2002800.00000000</valUSD>
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        <assetCat>DCO</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>Crude Oil</issuerName>
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                  <ticker value="BRNN21"/>
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              </otherRefInst>
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            <expDate>2021-05-31</expDate>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LME PRI ALUM JUN 21 (LAM21)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MALM21"/>
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        <balance>54.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3225825.00000000</valUSD>
        <pctVal>6.916927800574</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>Aluminum</issuerName>
                <issueTitle>LME ALUM HG FUTUR Jun 2021</issueTitle>
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                  <ticker value="AHDYM21"/>
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            <notionalAmt>3128580.00000000</notionalAmt>
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            <unrealizedAppr>97245.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>PLATINUM FUTURE   JUL21 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PLN1"/>
        </identifiers>
        <balance>-1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-60260.00000000</valUSD>
        <pctVal>-0.12921161850</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Platinum</issuerName>
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                  <ticker value="PLCN21"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-07-31</expDate>
            <notionalAmt>-59515.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-745.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NY HARB ULSD FUT  JUN21 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HOM1"/>
        </identifiers>
        <balance>37.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2987409.60000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Heating Oil</issuerName>
                <issueTitle>Heating Oil Future Jun 2021</issueTitle>
                <identifiers>
                  <ticker value="HOM21"/>
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                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-05-31</expDate>
            <notionalAmt>2899923.60000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>87486.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NATURAL GAS FUTR  JUN21 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NGM21"/>
        </identifiers>
        <balance>-6.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-175860.00000000</valUSD>
        <pctVal>-0.37708521789</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Natural Gas</issuerName>
                <issueTitle>Natural Gas Future Jun 2021</issueTitle>
                <identifiers>
                  <ticker value="NGM21"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-05-29</expDate>
            <notionalAmt>-172200.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-3660.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>GASOLINE RBOB FUT JUN21 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RBM1"/>
        </identifiers>
        <balance>21.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1831296.60000000</valUSD>
        <pctVal>3.926730794025</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Unleaded Gas</issuerName>
                <issueTitle>RBOB Unleaded Gasoline Future (Consolidated) Jun 2021</issueTitle>
                <identifiers>
                  <ticker value="RBM21"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-05-31</expDate>
            <notionalAmt>1773240.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>58056.60000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>COFFEE 'C' FUTURE JUL21 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KCN1"/>
        </identifiers>
        <balance>-21.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1113918.75000000</valUSD>
        <pctVal>-2.38850389263</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Coffee</issuerName>
                <issueTitle>Coffee C Future Jul 2021</issueTitle>
                <identifiers>
                  <ticker value="KCN21"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-07-23</expDate>
            <notionalAmt>-1069631.25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-44287.50000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>C$ CURRENCY FUT   JUN21 CURRENCY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CDM1"/>
        </identifiers>
        <balance>10.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>814400.00000000</valUSD>
        <pctVal>1.746265219219</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Currency Futures</issuerName>
                <issueTitle>CAD/USD Future (Consolidated) (IMM) Jun 2021</issueTitle>
                <identifiers>
                  <ticker value="CQM21"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-06-18</expDate>
            <notionalAmt>797665.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>16735.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>S&amp;P/TSX 60 IX FUT JUN21 PHYSICAL INDEX FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SXFM1"/>
        </identifiers>
        <balance>-7.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>-1293218.89000000</valUSD>
        <pctVal>-2.77296558011</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P/TSE 60 IX FUT Jun 2021</indexName>
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            </descRefInstrmnt>
            <expDate>2021-06-20</expDate>
            <notionalAmt>-1295849.92000000</notionalAmt>
            <curCd>CAD</curCd>
            <unrealizedAppr>2631.03000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>BP CURRENCY FUT   JUN21 CURRENCY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BPM1"/>
        </identifiers>
        <balance>53.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4574893.75000000</valUSD>
        <pctVal>9.809648621375</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Currency Futures</issuerName>
                <issueTitle>GBP/USD Future (Consolidated) (IMM) Jun 2021</issueTitle>
                <identifiers>
                  <ticker value="BCM21"/>
                  <other otherDesc="Other" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-06-17</expDate>
            <notionalAmt>4600531.25000000</notionalAmt>
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            <unrealizedAppr>-25637.50000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>WHEAT FUTURE(CBT) JUL21 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WN1"/>
        </identifiers>
        <balance>7.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>257162.50000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Wheat</issuerName>
                <issueTitle>Wheat Future (CBT) Jul 2021</issueTitle>
                <identifiers>
                  <ticker value="WN21"/>
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              </otherRefInst>
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            <expDate>2021-07-17</expDate>
            <notionalAmt>251362.50000000</notionalAmt>
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            <unrealizedAppr>5800.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOYBEAN FUTURE    JUL21 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SN1"/>
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        <balance>-1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-76712.50000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>Soybeans</issuerName>
                <issueTitle>Soybean Future Jul 2021</issueTitle>
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                  <ticker value="SN21"/>
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              </otherRefInst>
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            <expDate>2021-07-17</expDate>
            <notionalAmt>-76550.00000000</notionalAmt>
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            <unrealizedAppr>-162.50000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LME ZINC FUTURE JUN21</name>
        <lei>N/A</lei>
        <title>LME ZINC FUTURE JUN21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MZNM21"/>
        </identifiers>
        <balance>-21.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1534050.00000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
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                  <other otherDesc="Other" value="N/A"/>
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            <expDate>2021-06-16</expDate>
            <notionalAmt>-1512000.00000000</notionalAmt>
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            <unrealizedAppr>-22050.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SILVER FUTURE     JUL21 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SIN1"/>
        </identifiers>
        <balance>14.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1811110.00000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>Silver</issuerName>
                <issueTitle>SILVER FUTURE Jul 2021</issueTitle>
                <identifiers>
                  <ticker value="SIN21"/>
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                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-07-31</expDate>
            <notionalAmt>1840700.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-29590.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LME NICKEL FUTURE MAY21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MNIK21"/>
        </identifiers>
        <balance>17.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1800300.00000000</valUSD>
        <pctVal>3.860266790471</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>Gold</issuerName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LME ZINC FUTURE JUN11</name>
        <lei>N/A</lei>
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          <ticker value="MZNM21"/>
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        <balance>48.00000000</balance>
        <units>NC</units>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="UROM1"/>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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                <issuerName>Currency Futures</issuerName>
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        <name>N/A</name>
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          <ticker value="MNIM21"/>
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        <units>NC</units>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>Nickel</issuerName>
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      <invstOrSec>
        <name>N/A</name>
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          <ticker value="FFIM1"/>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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              <indexBasketInfo>
                <indexName>FTSE 100 IDX FUT Jun 2021</indexName>
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      <invstOrSec>
        <name>SOCIETE GENERALE</name>
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          <other otherDesc="All Others" value="SOGENCASH"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOYBEAN MEAL FUTR JUL21 PHYSICAL COMMODITY FUTURE.</title>
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          <ticker value="SMN1"/>
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        <balance>48.00000000</balance>
        <units>NC</units>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>Soybean Meal</issuerName>
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      <invstOrSec>
        <name>N/A</name>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>Copper</issuerName>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="All Others" value="BBHMM"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>United Kingdom of Great Britain and Northern Ireland</name>
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        <title>LONG GILT FUTURE  JUN21 FINANCIAL COMMODITY FUTURE.</title>
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          <ticker value="FLGM1"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="JYM1"/>
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                <issuerName>Currency Futures</issuerName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="MCUM21"/>
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                <issuerName>Copper</issuerName>
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      <invstOrSec>
        <name>N/A</name>
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          <ticker value="MALK21"/>
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                <issuerName>Aluminum</issuerName>
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        <name>N/A</name>
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          <ticker value="MPBM21"/>
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                <issuerName>Lead</issuerName>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="MALM21"/>
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        <balance>-36.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-2150550.00000000</valUSD>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>Aluminum</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>Repubblica Italiana</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FBTPM1"/>
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        <balance>11.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83177000"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
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                <issuerName>Italy Govt. Bond Futures</issuerName>
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                  <isin value="IT0005024234"/>
                  <ticker value="FBTPM21"/>
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              </otherRefInst>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SPI 200 FUTURES   JUN21 PHYSICAL INDEX FUTURE.</title>
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        <identifiers>
          <ticker value="YAPM1"/>
        </identifiers>
        <balance>-9.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.29811000"/>
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        <assetCat>DE</assetCat>
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        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>SPI 200 Future Jun 2021</indexName>
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            <expDate>2021-06-20</expDate>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LME ZINC FUTURE MAY21</name>
        <lei>N/A</lei>
        <title>LME ZINC FUTURE MAY21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00G4266H78"/>
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        <balance>31.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2260287.50000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
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                  <other otherDesc="Other" value="N/A"/>
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            <expDate>2021-05-17</expDate>
            <notionalAmt>2149712.50000000</notionalAmt>
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            <unrealizedAppr>110575.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LME PRI ALUM MAY 21 (LAK21)</title>
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        <identifiers>
          <ticker value="MALK21"/>
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        <balance>24.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1434300.00000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Aluminum</issuerName>
                <issueTitle>LME ALUM HG FUTUR May 2021</issueTitle>
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                  <ticker value="AHDYK21"/>
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            </descRefInstrmnt>
            <expDate>2021-05-17</expDate>
            <notionalAmt>1338493.75000000</notionalAmt>
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            <unrealizedAppr>95806.25000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LEAN HOGS FUTURE  JUN21 PHYSICAL COMMODITY FUTURE.</title>
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        <identifiers>
          <ticker value="LHM1"/>
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        <balance>-3.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-131670.00000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>Hogs</issuerName>
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                  <ticker value="LNCM21"/>
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              </otherRefInst>
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            <expDate>2021-06-17</expDate>
            <notionalAmt>-128850.00000000</notionalAmt>
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            <unrealizedAppr>-2820.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>DAX INDEX FUTURE  JUN21 PHYSICAL INDEX FUTURE.</title>
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        <identifiers>
          <ticker value="FDXM1"/>
        </identifiers>
        <balance>2.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83177000"/>
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        <pctVal>1.955093409000</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
                <indexName>DAX INDEX FUTURE Jun 2021</indexName>
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            <notionalAmt>928714.38000000</notionalAmt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>N/A</lei>
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          <ticker value="TYM1"/>
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        <balance>-8.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>U.S. Treasury Futures</issuerName>
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                  <isin value="US9128283W81"/>
                  <ticker value="TZM21"/>
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            <unrealizedAppr>2343.76000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOCIETE GENERALE FUTURES COLLATERAL</title>
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        <identifiers>
          <other otherDesc="All Others" value="SOGENCASH"/>
        </identifiers>
        <balance>4182584.38000000</balance>
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        <valUSD>4182584.38000000</valUSD>
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        <assetCat>STIV</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LME NICKEL FUTURE MAY21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MNIK21"/>
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        <balance>-17.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1800300.00000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>Nickel</issuerName>
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                  <ticker value="NIDYK21"/>
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                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-05-17</expDate>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912796H366"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1999952.50000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-29</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>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LIVE CATTLE FUTR  JUN21 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LCM1"/>
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        <balance>-85.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3963550.00000000</valUSD>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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              <otherRefInst>
                <issuerName>Live Cattle</issuerName>
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                  <ticker value="LDM21"/>
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            </descRefInstrmnt>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>BROWN BROTHERS HARRIMAN SWEEP INTEREST</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="BBHMM"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500000.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>AUST 10Y BOND FUT JUN21 FINANCIAL COMMODITY FUTURE.</title>
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        <identifiers>
          <ticker value="YTCM1"/>
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        <balance>52.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.29811000"/>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>Australia Govt. Bond Futures</issuerName>
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                  <ticker value="XTM21"/>
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                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-06-18</expDate>
            <notionalAmt>5544902.25000000</notionalAmt>
            <curCd>AUD</curCd>
            <unrealizedAppr>38825.22000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SUGAR #11 (WORLD) JUL21 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SBN1"/>
        </identifiers>
        <balance>73.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1388284.80000000</valUSD>
        <pctVal>2.976809259099</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SOCIETE GENERALE SECURITIES CORPORATION/</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Sugar</issuerName>
                <issueTitle>Sugar #11 World Future Jul 2021</issueTitle>
                <identifiers>
                  <ticker value="SBN21"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-07-03</expDate>
            <notionalAmt>1336003.20000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>52281.60000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>THE ADVISORS' INNER CIRCLE FUND II</ncom:nameOfApplicant>
      <ncom:signature>Andy Metzger</ncom:signature>
      <ncom:signerName>Andy Metzger</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
