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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="AEXQ2"/>
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        <isRestrictedSec>N</isRestrictedSec>

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            <payOffProf>Short</payOffProf>
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              <indexBasketInfo>
                <indexName>AMSTERDAM IDX FUT Aug 2022</indexName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SUGAR #11 (WORLD) OCT22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SBV2"/>
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        <balance>50.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>982240.00000000</valUSD>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>SUGAR #11 (WORLD) OCT22</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>Sugar</issuerName>
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                  <ticker value="SBV22"/>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LME LEAD FUTURE SEP 22</title>
        <cusip>N/A</cusip>
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          <ticker value="CMPBU22"/>
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        <balance>17.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>868062.50000000</valUSD>
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        <assetCat>DCO</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>LME LEAD FUTURE SEP 22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Lead</issuerName>
                <issueTitle>Lead Composite Commodity Future Sep 2022</issueTitle>
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                  <ticker value="PBU22"/>
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            <expDate>2022-09-21</expDate>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOYBEAN MEAL FUTR DEC22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SMZ2"/>
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        <balance>-28.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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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>SOYBEAN MEAL FUTR DEC22</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>Soybean Meal</issuerName>
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                  <ticker value="SMZ22"/>
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        <securityLending>
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      <invstOrSec>
        <name>Canada</name>
        <lei>N/A</lei>
        <title>CAN 10YR BOND FUT SEP22 FINANCIAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CGBU2"/>
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        <balance>-147.00000000</balance>
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        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>CAN 10YR BOND FUT SEP22</counterpartyName>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Canada Govt. Bond Futures</issuerName>
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                  <isin value="CA135087L443"/>
                  <ticker value="CGBU22"/>
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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   SEP22 PHYSICAL INDEX FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="YAPU2"/>
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        <balance>28.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.43123000"/>
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        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>SPI 200 FUTURES   SEP22</counterpartyName>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>SPI 200 Future Sep 2022</indexName>
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            <expDate>2022-09-18</expDate>
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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 AUG 22 (LNQ2)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MNIQ22"/>
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        <balance>6.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>849204.00000000</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">
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              <counterpartyName>LME NICKEL FUTURE AUG 22 (LNQ2)</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>Nickel</issuerName>
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                  <ticker value="NIDYQ22"/>
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            <expDate>2022-08-17</expDate>
            <notionalAmt>880456.50000000</notionalAmt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>AUDUSD CRNCY FUT  SEP22 CURRENCY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ADU2"/>
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        <balance>-36.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2520000.00000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>AUDUSD CRNCY FUT  SEP22</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>Currency Futures</issuerName>
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                  <ticker value="ADU22"/>
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            <expDate>2022-09-22</expDate>
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            <unrealizedAppr>-80170.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>C$ CURRENCY FUT   SEP22 CURRENCY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CDU2"/>
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        <balance>48.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3745920.00000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>C$ CURRENCY FUT   SEP22</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>Currency Futures</issuerName>
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                  <ticker value="CQU22"/>
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            <expDate>2022-09-23</expDate>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>COTTON NO.2 FUTR  DEC22 PHYSICAL COMMODITY FUTURE.</title>
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        <identifiers>
          <ticker value="CTZ2"/>
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        <balance>57.00000000</balance>
        <units>NC</units>
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        <assetCat>DCO</assetCat>
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              <counterpartyName>COTTON NO.2 FUTR  DEC22</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>Cotton</issuerName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>S&amp;P/TSX 60 IX FUT SEP22 PHYSICAL INDEX FUTURE.</title>
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        <identifiers>
          <ticker value="SXFU2"/>
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        <balance>11.00000000</balance>
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        <assetCat>DE</assetCat>
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            <payOffProf>Long</payOffProf>
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                <indexName>S&amp;P/TSE 60 IX FUT Sep 2022</indexName>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>PLATINUM FUTURE   OCT22 PHYSICAL COMMODITY FUTURE.</title>
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          <ticker value="PLV2"/>
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        <balance>35.00000000</balance>
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            <payOffProf>Long</payOffProf>
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                <issuerName>Platinum</issuerName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NASDAQ 100 E-MINI SEP22 PHYSICAL INDEX FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NQU2"/>
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        <balance>-11.00000000</balance>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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            <payOffProf>Short</payOffProf>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="CMNIU22"/>
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            <payOffProf>Short</payOffProf>
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                <issuerName>Nickel</issuerName>
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        <name>LME ZINC FUTURE AUG 22 (LXQ2)</name>
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          <ticker value="MZNQ22"/>
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        <assetCat>DCO</assetCat>
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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>N/A</name>
        <lei>N/A</lei>
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          <ticker value="MALQ22"/>
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        <balance>56.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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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>LME PRI ALUM AUG 22 (LAQ22)</counterpartyName>
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                <issuerName>Aluminum</issuerName>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>SOYBEAN OIL FUTR  DEC22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BOZ2"/>
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        <balance>11.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>433356.00000000</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>SOYBEAN OIL FUTR  DEC22</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>Soybean Oil</issuerName>
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                  <ticker value="BOZ22"/>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>LME LEAD FUTURE AUG 22</title>
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          <ticker value="MPBQ22"/>
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        <balance>-69.00000000</balance>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>LME LEAD FUTURE AUG 22</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>Lead</issuerName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LME COPPER FUTURE SEP 22 (LPU22)</title>
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        <identifiers>
          <ticker value="CMCUU22"/>
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        <balance>-12.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2377650.00000000</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>LME COPPER FUTURE SEP 22 (LPU22)</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>Copper</issuerName>
                <issueTitle>LME Copper Composite Future Sep 2022</issueTitle>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>COFFEE 'C' FUTURE SEP22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KCU2"/>
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        <balance>-4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-325800.00000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>COFFEE 'C' FUTURE SEP22</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>Coffee</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>EURO STOXX 50     SEP22 PHYSICAL INDEX FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="STXEU2"/>
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        <balance>-23.00000000</balance>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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        <name>United States of America</name>
        <lei>N/A</lei>
        <title>US 10YR NOTE (CBT)SEP22 FINANCIAL COMMODITY FUTURE.</title>
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        <identifiers>
          <ticker value="TYU2"/>
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        <balance>-112.00000000</balance>
        <units>NC</units>
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                  <isin value="US91282CEM91"/>
                  <ticker value="TZU22"/>
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        <name>United Kingdom of Great Britain and Northern Ireland</name>
        <lei>N/A</lei>
        <title>LONG GILT FUTURE  SEP22 FINANCIAL COMMODITY FUTURE.</title>
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          <ticker value="FLGU2"/>
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        <isRestrictedSec>N</isRestrictedSec>

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            <payOffProf>Long</payOffProf>
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                <issuerName>U.K. Gilt Futures</issuerName>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="ESU2"/>
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        <name>N/A</name>
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          <ticker value="BPU2"/>
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                <issuerName>Currency Futures</issuerName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>GOLD 100 OZ FUTR  DEC22 PHYSICAL COMMODITY FUTURE.</title>
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          <ticker value="GCZ2"/>
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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>GOLD 100 OZ FUTR  DEC22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Gold</issuerName>
                <issueTitle>GOLD 100 OZ FUTR Dec 2022</issueTitle>
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                  <ticker value="GCZ22"/>
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                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-12-31</expDate>
            <notionalAmt>3653620.00000000</notionalAmt>
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            <unrealizedAppr>88160.00000000</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>COPPER FUTURE     SEP22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HGU2"/>
        </identifiers>
        <balance>-9.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-804037.50000000</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>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>COPPER FUTURE     SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Copper</issuerName>
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                <identifiers>
                  <ticker value="HGCU22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-10-01</expDate>
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            <curCd>USD</curCd>
            <unrealizedAppr>-55600.00000000</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>CORN FUTURE       DEC22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CZ2"/>
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        <balance>19.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>589000.00000000</valUSD>
        <pctVal>1.327627646825</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>CORN FUTURE       DEC22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Corn</issuerName>
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                <identifiers>
                  <ticker value="CZ22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-12-17</expDate>
            <notionalAmt>551712.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>37287.50000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AUST 10Y BOND FUT SEP22</name>
        <lei>N/A</lei>
        <title>AUST 10Y BOND FUT SEP22 FINANCIAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="YTCU2"/>
        </identifiers>
        <balance>8.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.43123000"/>
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        <pctVal>1.574487407687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="AUST 10Y BOND FUT SEP22"/>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <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>SOCIETE GENERALE FUTURES COLLATERAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="SOGENCASH"/>
        </identifiers>
        <balance>1661034.12000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1661034.12000000</valUSD>
        <pctVal>3.744031952518</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <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>SOYBEAN FUTURE    NOV22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SX2"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>73425.00000000</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>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>SOYBEAN FUTURE    NOV22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Soybeans</issuerName>
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                <identifiers>
                  <ticker value="SX22"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-11-17</expDate>
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            <curCd>USD</curCd>
            <unrealizedAppr>4762.50000000</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>WTI CRUDE FUTURE  SEP22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CLU2"/>
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        <balance>-10.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-986200.00000000</valUSD>
        <pctVal>-2.22293104465</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>WTI CRUDE FUTURE  SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Crude Oil</issuerName>
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                <identifiers>
                  <ticker value="CLU22"/>
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                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-08-25</expDate>
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            <curCd>USD</curCd>
            <unrealizedAppr>-7250.00000000</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>COCOA FUTURE      SEP22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CCU2"/>
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        <balance>-2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-46460.00000000</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>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>COCOA FUTURE      SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Cocoa</issuerName>
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                <identifiers>
                  <ticker value="CCU22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-18</expDate>
            <notionalAmt>-46200.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-260.00000000</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>BROWN BROTHERS HARRIMAN SWEEP INTEREST</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="BBHMM"/>
        </identifiers>
        <balance>30352174.81000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30352174.81000000</valUSD>
        <pctVal>68.41491751960</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>FTSE/MIB IDX FUT  SEP22 PHYSICAL INDEX FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="IFSU2"/>
        </identifiers>
        <balance>18.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.97843000"/>
        <valUSD>2058236.10000000</valUSD>
        <pctVal>4.639339813336</pctVal>
        <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">
            <counterparties>
              <counterpartyName>FTSE/MIB IDX FUT  SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>FTSE/MIB IDX FUT Sep 2022</indexName>
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            <expDate>2022-09-19</expDate>
            <notionalAmt>1966648.83000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>91587.27000000</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>LME COPPER FUTURE SEP 22 (LPU22)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CMCUU22"/>
        </identifiers>
        <balance>14.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2773925.00000000</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">
            <counterparties>
              <counterpartyName>LME COPPER FUTURE SEP 22 (LPU22)</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Copper</issuerName>
                <issueTitle>LME Copper Composite Future Sep 2022</issueTitle>
                <identifiers>
                  <ticker value="CMCUU22"/>
                  <other otherDesc="Other" value="N/A"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-21</expDate>
            <notionalAmt>2583950.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>189975.00000000</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>NY HARB ULSD FUT  SEP22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HOU2"/>
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        <balance>5.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>745290.00000000</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>NY HARB ULSD FUT  SEP22</counterpartyName>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Heating Oil</issuerName>
                <issueTitle>Heating Oil Future Sep 2022</issueTitle>
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                  <ticker value="HOU22"/>
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            </descRefInstrmnt>
            <expDate>2022-09-03</expDate>
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            <unrealizedAppr>15678.60000000</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>LME PRI ALUM AUG 22 (LAQ22)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MALQ22"/>
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        <balance>-56.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3501736.00000000</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>LME PRI ALUM AUG 22 (LAQ22)</counterpartyName>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Aluminum</issuerName>
                <issueTitle>LME ALUM HG FUTUR Aug 2022</issueTitle>
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                  <ticker value="AHDYQ22"/>
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            </descRefInstrmnt>
            <expDate>2022-08-17</expDate>
            <notionalAmt>-3485034.50000000</notionalAmt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>DAX INDEX FUTURE  SEP22 PHYSICAL INDEX FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FDXU2"/>
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        <balance>5.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>DAX INDEX FUTURE  SEP22</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <indexBasketInfo>
                <indexName>DAX INDEX FUTURE Sep 2022</indexName>
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            <expDate>2022-09-19</expDate>
            <notionalAmt>1657775.93000000</notionalAmt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Repubblica Italiana</name>
        <lei>N/A</lei>
        <title>EURO-BTP FUTURE   SEP22 FINANCIAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FBTPU2"/>
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        <balance>32.00000000</balance>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>EURO-BTP FUTURE   SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Italy Govt. Bond Futures</issuerName>
                <issueTitle>Euro-BTP Futures Sep 2022</issueTitle>
                <identifiers>
                  <isin value="IT0005422891"/>
                  <ticker value="FBTPU22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-11</expDate>
            <notionalAmt>4026314.34000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>105365.99000000</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>SILVER FUTURE     SEP22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SIU2"/>
        </identifiers>
        <balance>-2.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-201970.00000000</valUSD>
        <pctVal>-0.45524780276</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>SILVER FUTURE     SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Silver</issuerName>
                <issueTitle>SILVER FUTURE Sep 2022</issueTitle>
                <identifiers>
                  <ticker value="SIU22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-10-01</expDate>
            <notionalAmt>-193000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-8970.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Japan</name>
        <lei>N/A</lei>
        <title>JPN 10Y BOND(OSE) SEP22 FINANCIAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="JGBU2"/>
        </identifiers>
        <balance>24.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="133.35000000"/>
        <valUSD>27088413.93000000</valUSD>
        <pctVal>61.05828054691</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>JPN 10Y BOND(OSE) SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Japan Govt. Bond Futures</issuerName>
                <issueTitle>Japan Govt 10 Year Bond Future (TSE) Sep 2022</issueTitle>
                <identifiers>
                  <isin value="JP1103561KA2"/>
                  <ticker value="BTU22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-15</expDate>
            <notionalAmt>26001803.55000000</notionalAmt>
            <curCd>JPY</curCd>
            <unrealizedAppr>1086610.38000000</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>LME PRI ALUM SEP 22 (LAU22)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CMALU22"/>
        </identifiers>
        <balance>-49.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3066469.00000000</valUSD>
        <pctVal>-6.91193382433</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">
            <counterparties>
              <counterpartyName>LME PRI ALUM SEP 22 (LAU22)</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Aluminum</issuerName>
                <issueTitle>Aluminium High Grade Composite Commodity Future Sep 2022</issueTitle>
                <identifiers>
                  <ticker value="AHCU22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-21</expDate>
            <notionalAmt>-2944512.25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-121956.75000000</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>NATURAL GAS FUTR  SEP22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NGU22"/>
        </identifiers>
        <balance>4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>329160.00000000</valUSD>
        <pctVal>0.741938737231</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>NATURAL GAS FUTR  SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Natural Gas</issuerName>
                <issueTitle>Natural Gas Future Sep 2022</issueTitle>
                <identifiers>
                  <ticker value="NGU22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-01</expDate>
            <notionalAmt>334420.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-5260.00000000</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>BRENT CRUDE FUTR  OCT22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LCOV2"/>
        </identifiers>
        <balance>-7.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-727790.00000000</valUSD>
        <pctVal>-1.64046540761</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">
            <counterparties>
              <counterpartyName>BRENT CRUDE FUTR  OCT22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Crude Oil</issuerName>
                <issueTitle>BRENT CRUDE OIL(ICE) Oct 2022</issueTitle>
                <identifiers>
                  <ticker value="BRNV22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-03</expDate>
            <notionalAmt>-703230.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-24560.00000000</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>EURO FX CURR FUT  SEP22 CURRENCY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="UROU2"/>
        </identifiers>
        <balance>-59.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-7562693.75000000</valUSD>
        <pctVal>-17.0465896553</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>EURO FX CURR FUT  SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Currency Futures</issuerName>
                <issueTitle>EUR/USD Future (Consolidated) (IMM) Sep 2022</issueTitle>
                <identifiers>
                  <ticker value="EQU22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-22</expDate>
            <notionalAmt>-7671381.25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>108687.50000000</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>LME COPPER FUTURE AUG 22 (LPQ22)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MCUQ22"/>
        </identifiers>
        <balance>23.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4560468.75000000</valUSD>
        <pctVal>10.27946416805</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">
            <counterparties>
              <counterpartyName>LME COPPER FUTURE AUG 22 (LPQ22)</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Copper</issuerName>
                <issueTitle>LME COPPER FUTURE Aug 2022</issueTitle>
                <identifiers>
                  <ticker value="CADYQ22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-08-17</expDate>
            <notionalAmt>5209625.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-649156.25000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LME ZINC FUTURE JUL 22 (LXQ2)</name>
        <lei>N/A</lei>
        <title>LME ZINC FUTURE JUL 22 (LXQ2)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MZNQ22"/>
        </identifiers>
        <balance>-29.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2456488.50000000</valUSD>
        <pctVal>-5.53701535943</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">
            <counterparties>
              <counterpartyName>LME ZINC FUTURE JUL 22 (LXQ2)</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-08-17</expDate>
            <notionalAmt>-2327050.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-129438.50000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LME ZINC FUTURE SEP 22 (LXU2)</name>
        <lei>N/A</lei>
        <title>LME ZINC FUTURE SEP 22 (LXU2)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CMZNU22"/>
        </identifiers>
        <balance>14.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1173291.00000000</valUSD>
        <pctVal>2.644641034587</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">
            <counterparties>
              <counterpartyName>LME ZINC FUTURE SEP 22 (LXU2)</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-21</expDate>
            <notionalAmt>1054956.25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>118334.75000000</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>LME PRI ALUM SEP 22 (LAU22)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CMALU22"/>
        </identifiers>
        <balance>9.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>563229.00000000</valUSD>
        <pctVal>1.269538865694</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">
            <counterparties>
              <counterpartyName>LME PRI ALUM SEP 22 (LAU22)</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Aluminum</issuerName>
                <issueTitle>Aluminium High Grade Composite Commodity Future Sep 2022</issueTitle>
                <identifiers>
                  <ticker value="AHCU22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-21</expDate>
            <notionalAmt>543275.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>19954.00000000</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>FTSE 100 IDX FUT  SEP22 PHYSICAL INDEX FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FFIU2"/>
        </identifiers>
        <balance>4.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82115000"/>
        <valUSD>359374.04000000</valUSD>
        <pctVal>0.810042293812</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>FTSE 100 IDX FUT  SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>FTSE 100 IDX FUT Sep 2022</indexName>
                <indexIdentifier>N/A</indexIdentifier>
                <narrativeDesc>N/A</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2022-09-19</expDate>
            <notionalAmt>357184.57000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>2189.47000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republique Francaise</name>
        <lei>N/A</lei>
        <title>EURO-OAT FUTURE   SEP22 FINANCIAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FOATU2"/>
        </identifiers>
        <balance>98.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.97843000"/>
        <valUSD>14670502.89000000</valUSD>
        <pctVal>33.06785268183</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>EURO-OAT FUTURE   SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>France Govt. Bond Future</issuerName>
                <issueTitle>Eurex Long Term Euro OAT Bond Future Sep 2022</issueTitle>
                <identifiers>
                  <isin value="FR0012993103"/>
                  <ticker value="FOATU22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-11</expDate>
            <notionalAmt>14184370.80000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>486132.09000000</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>WHEAT FUTURE(CBT) SEP22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WU2"/>
        </identifiers>
        <balance>-1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-40387.50000000</valUSD>
        <pctVal>-0.09103490931</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>WHEAT FUTURE(CBT) SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Wheat</issuerName>
                <issueTitle>Wheat Future (CBT) Sep 2022</issueTitle>
                <identifiers>
                  <ticker value="WU22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-17</expDate>
            <notionalAmt>-39087.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1300.00000000</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>SOCIETE GENERALE FUTURES COLLATERAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="SOGENCASH"/>
        </identifiers>
        <balance>5884987.43000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5884987.43000000</valUSD>
        <pctVal>13.26497795125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LME COPPER FUTURE AUG 22 (LPQ22)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MCUQ22"/>
        </identifiers>
        <balance>-23.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-4560468.75000000</valUSD>
        <pctVal>-10.2794641680</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">
            <counterparties>
              <counterpartyName>LME COPPER FUTURE AUG 22 (LPQ22)</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Copper</issuerName>
                <issueTitle>LME COPPER FUTURE Aug 2022</issueTitle>
                <identifiers>
                  <ticker value="CADYQ22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-08-17</expDate>
            <notionalAmt>-4814106.25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>253637.50000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LME ZINC FUTURE SEP 22 (LXU2)</name>
        <lei>N/A</lei>
        <title>LME ZINC FUTURE SEP 22 (LXU2)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CMZNU22"/>
        </identifiers>
        <balance>-22.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1843743.00000000</valUSD>
        <pctVal>-4.15586448292</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">
            <counterparties>
              <counterpartyName>LME ZINC FUTURE SEP 22 (LXU2)</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-21</expDate>
            <notionalAmt>-1664050.25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-179692.75000000</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>LEAN HOGS FUTURE  OCT22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LHV2"/>
        </identifiers>
        <balance>-25.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-972250.00000000</valUSD>
        <pctVal>-2.19148723196</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>LEAN HOGS FUTURE  OCT22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Hogs</issuerName>
                <issueTitle>LEAN HOGS FUTURE(Consolidated) Oct 2022</issueTitle>
                <identifiers>
                  <ticker value="LNCV22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-10-17</expDate>
            <notionalAmt>-943380.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-28870.00000000</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>HANG SENG IDX FUT AUG22 PHYSICAL INDEX FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HSIQ2"/>
        </identifiers>
        <balance>2.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84990000"/>
        <valUSD>255977.78000000</valUSD>
        <pctVal>0.576983323771</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>HANG SENG IDX FUT AUG22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>HANG SENG IDX FUT Aug 2022</indexName>
                <indexIdentifier>N/A</indexIdentifier>
                <narrativeDesc>N/A</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2022-09-02</expDate>
            <notionalAmt>262869.59000000</notionalAmt>
            <curCd>HKD</curCd>
            <unrealizedAppr>-6891.81000000</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>LME NICKEL FUTURE SEP 22 (LNU2)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CMNIU22"/>
        </identifiers>
        <balance>5.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>708120.00000000</valUSD>
        <pctVal>1.596128504703</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">
            <counterparties>
              <counterpartyName>LME NICKEL FUTURE SEP 22 (LNU2)</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Nickel</issuerName>
                <issueTitle>Nickel Composite Commodity Future Sep 2022</issueTitle>
                <identifiers>
                  <ticker value="CMNIU22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-21</expDate>
            <notionalAmt>636112.80000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>72007.20000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bundesrepublik Deutschland</name>
        <lei>N/A</lei>
        <title>EURO-BUND FUTURE  SEP22 FINANCIAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FGBLU2"/>
        </identifiers>
        <balance>85.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.97843000"/>
        <valUSD>13694796.82000000</valUSD>
        <pctVal>30.86857534107</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>EURO-BUND FUTURE  SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Germany Govt. Bond Futures</issuerName>
                <issueTitle>Euro-Bund Future Sep 2022</issueTitle>
                <identifiers>
                  <isin value="DE0001102564"/>
                  <ticker value="FGBLU22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-11</expDate>
            <notionalAmt>13064983.62000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>629813.20000000</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>GASOLINE RBOB FUT SEP22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RBU2"/>
        </identifiers>
        <balance>-4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-523017.60000000</valUSD>
        <pctVal>-1.17890089225</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>GASOLINE RBOB FUT SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Unleaded Gas</issuerName>
                <issueTitle>RBOB Unleaded Gasoline Future (Consolidated) Sep 2022</issueTitle>
                <identifiers>
                  <ticker value="RBU22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-03</expDate>
            <notionalAmt>-531963.60000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>8946.00000000</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>LIVE CATTLE FUTR  OCT22 PHYSICAL COMMODITY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LCV2"/>
        </identifiers>
        <balance>24.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1365360.00000000</valUSD>
        <pctVal>3.077571619474</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>LIVE CATTLE FUTR  OCT22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Live Cattle</issuerName>
                <issueTitle>Live Cattle Future(Consolidated) Oct 2022</issueTitle>
                <identifiers>
                  <ticker value="LDV22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-11-03</expDate>
            <notionalAmt>1351650.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>13710.00000000</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>JPN YEN CURR FUT  SEP22 CURRENCY FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="JYU2"/>
        </identifiers>
        <balance>-4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-376325.00000000</valUSD>
        <pctVal>-0.84825038063</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>JPN YEN CURR FUT  SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Currency Futures</issuerName>
                <issueTitle>JPY/USD Future (Consolidated) (IMM) Sep 2022</issueTitle>
                <identifiers>
                  <ticker value="2JYU22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-09-22</expDate>
            <notionalAmt>-375175.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1150.00000000</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>3 MONTH SOFR FUT  DEC22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SRAZ2"/>
        </identifiers>
        <balance>120.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>29023500.00000000</valUSD>
        <pctVal>65.42003566664</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>3 MONTH SOFR FUT  DEC22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Interest Rate Futures</issuerName>
                <issueTitle>CME Chicago Mercantile Exchange Three-Month SOFR Composite Interest Rate Future Dec 2022</issueTitle>
                <identifiers>
                  <ticker value="SR3Z22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2023-03-14</expDate>
            <notionalAmt>28944850.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>78650.00000000</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>NIKKEI 225  (OSE) SEP22 PHYSICAL INDEX FUTURE.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="JNIU2"/>
        </identifiers>
        <balance>-18.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="JPY" exchangeRt="133.35000000"/>
        <valUSD>-3745781.78000000</valUSD>
        <pctVal>-8.44312979644</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>NIKKEI 225  (OSE) SEP22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>NIKKEI 225  (OSE) Sep 2022</indexName>
                <indexIdentifier>N/A</indexIdentifier>
                <narrativeDesc>N/A</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2022-09-11</expDate>
            <notionalAmt>-3586779.87000000</notionalAmt>
            <curCd>JPY</curCd>
            <unrealizedAppr>-159001.91000000</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>BROWN BROTHERS HARRIMAN SWEEP INTEREST</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="BBHMM"/>
        </identifiers>
        <balance>1788033.96000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1788033.96000000</valUSD>
        <pctVal>4.030294259354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>LME LEAD FUTURE AUG 22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MPBQ22"/>
        </identifiers>
        <balance>69.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3524606.25000000</valUSD>
        <pctVal>7.944592023218</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">
            <counterparties>
              <counterpartyName>LME LEAD FUTURE AUG 22</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Lead</issuerName>
                <issueTitle>LME LEAD FUTURE Aug 2022</issueTitle>
                <identifiers>
                  <ticker value="PBDYQ22"/>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-08-17</expDate>
            <notionalAmt>3623943.75000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-99337.50000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-07-31</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>
  <documents>XXXX</documents>
</edgarSubmission>
