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          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United Kingdom Gilt</issuerName>
                <issueTitle>United Kingdom Gilt</issueTitle>
                <identifiers>
                  <cusip value="EG8729493"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-03-29</expDate>
            <notionalAmt>40759770.72000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>489401.19000000</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>Agric FLEX Index 2019-02 CARG Swap (Long)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2242709"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2429009.33000000</valUSD>
        <pctVal>0.250850920363</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Cargill Inc</counterpartyName>
              <counterpartyLei>QXZYQNMR4JZ5RIRN4T31</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CARGILL 11 COMMODITY INDEX 5 CARGILL 11 COMMODITY INDEX 5</indexName>
                <indexIdentifier>CPAS11C5</indexIdentifier>
                <narrativeDesc>N/A</narrativeDesc>
                <components>
                  <component>
                    <othIndName>Coffee C Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
                    </identifiers>
                    <othIndNotAmt>1405386.134</othIndNotAmt>
                    <othIndValue>138696.4327</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Corn Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
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                    <othIndNotAmt>1385695.96</othIndNotAmt>
                    <othIndValue>136753.2253</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Cotton No. 2 Futures</othIndName>
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                      <cusip value="N/A"/>
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                    <othIndNotAmt>5628928.35</othIndNotAmt>
                    <othIndValue>555514.4338</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>Lean Hogs Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
                    </identifiers>
                    <othIndNotAmt>140292.4862</othIndNotAmt>
                    <othIndValue>13845.35318</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Live Cattel Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
                    </identifiers>
                    <othIndNotAmt>125524.8561</othIndNotAmt>
                    <othIndValue>12387.94758</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>Soybean Meal Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
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                    <othIndNotAmt>5695382.686</othIndNotAmt>
                    <othIndValue>562072.759</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>Soybean Oil Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
                    </identifiers>
                    <othIndNotAmt>1306935.266</othIndNotAmt>
                    <othIndValue>128980.3954</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>Soybeans Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
                    </identifiers>
                    <othIndNotAmt>5473868.234</othIndNotAmt>
                    <othIndValue>540211.675</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Sugar No. 11 Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
                    </identifiers>
                    <othIndNotAmt>1794267.061</othIndNotAmt>
                    <othIndValue>177074.7802</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Wheat Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
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                    <othIndNotAmt>1656435.846</othIndNotAmt>
                    <othIndValue>163472.3279</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                </components>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">The Fund makes or receives payments based on any positive or negative return on the reference instrument</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.47000000"/>
            <terminationDt>2021-02-16</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <notionalAmt>24612716.88000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2429009.33000000</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>BRENT CRUDE FUTR  Aug21COQ1</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H1JWQJ89"/>
        </identifiers>
        <balance>447.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1662567.82000000</valUSD>
        <pctVal>0.171698256841</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>DUMMY ISSUER FOR COMMODITY FUTURES</issuerName>
                <issueTitle>Brent Crude</issueTitle>
                <identifiers>
                  <ticker value="COY"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-06-30</expDate>
            <notionalAmt>21290882.18000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1662567.82000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912796B24</cusip>
        <identifiers>
          <isin value="US912796B245"/>
        </identifiers>
        <balance>11500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11496351.40000000</valUSD>
        <pctVal>1.187261940040</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-10</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Copper BAML Optim Idx ER Swap (Long)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2503349"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>39233.72000000</valUSD>
        <pctVal>0.004051781378</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Merrill Lynch International</counterpartyName>
              <counterpartyLei>GGDZP1UYGU9STUHRDP48</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>BOFA MERRILL LYNCH COMMODITY MLCXDLP EXCESS RETURN STRATEGY BOFA MERRILL LYNCH COMMODITY M</indexName>
                <indexIdentifier>MLCXDLPE</indexIdentifier>
                <narrativeDesc>Index composed of Copper Futures
</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">The Fund makes or receives payments based on any positive or negative return on the reference instrument</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.25000000"/>
            <terminationDt>2021-09-14</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>1639733.18000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>39233.72000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cargill, Inc., Commodity-Linked Notes, one mo. USD LIBOR minus 0.10% (linked to the Monthly Rebalance Commodity Excess Return Index, multiplied by 2)</name>
        <lei>QXZYQNMR4JZ5RIRN4T31</lei>
        <title>Cargill, Inc., Commodity-Linked Notes, one mo. USD LIBOR minus 0.10% (linked to the Monthly Rebalance Commodity Excess Return Index, multiplied by 2)</title>
        <cusip>CARGAG377</cusip>
        <identifiers>
          <ticker value="CARGAG37"/>
        </identifiers>
        <balance>11180000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19825868.64000000</valUSD>
        <pctVal>2.047475624702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-04-21</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912796A41</cusip>
        <identifiers>
          <isin value="US912796A411"/>
        </identifiers>
        <balance>11500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11496514.01000000</valUSD>
        <pctVal>1.187278733252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-06-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Government &amp; Agency Portfolio</name>
        <lei>5493007T1J7WZ5QI1A47</lei>
        <title>Invesco Government &amp; Agency Portfolio, Institutional Class</title>
        <cusip>825252885</cusip>
        <identifiers>
          <isin value="US8252528851"/>
        </identifiers>
        <balance>217347590.51000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>217347590.51000000</valUSD>
        <pctVal>22.44612338241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>S&amp;P500 EMINI FUT  Mar21ESH1</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ESH1"/>
        </identifiers>
        <balance>289.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1219911.31000000</valUSD>
        <pctVal>0.125983820274</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>S&amp;P 500 Index</indexName>
                <indexIdentifier>SPX</indexIdentifier>
                <narrativeDesc>N/A</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2021-03-19</expDate>
            <notionalAmt>52950248.69000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1219911.31000000</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>AUST 10Y BOND FUT Mar21XMH1 COMB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XMH1"/>
        </identifiers>
        <balance>1979.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.29710100"/>
        <valUSD>930704.91000000</valUSD>
        <pctVal>0.096116626797</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Australia Government Bond</issuerName>
                <issueTitle>Australia 10 Year Bonds</issueTitle>
                <identifiers>
                  <cusip value="Q0819A902"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-03-15</expDate>
            <notionalAmt>216504996.90000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>930704.91000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Canadian Imperial Bank of Commerce</title>
        <cusip>13605VBX0</cusip>
        <identifiers>
          <isin value="US13605VBX01"/>
        </identifiers>
        <balance>7800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11586481.37000000</valUSD>
        <pctVal>1.196569926488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-10-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.10000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>9127963T4</cusip>
        <identifiers>
          <isin value="US9127963T44"/>
        </identifiers>
        <balance>42000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>41998908.00000000</valUSD>
        <pctVal>4.337350456394</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-07</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Gold Cargill ER Swap (Long)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2543100"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>502054.10000000</valUSD>
        <pctVal>0.051848599962</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Cargill Inc</counterpartyName>
              <counterpartyLei>QXZYQNMR4JZ5RIRN4T31</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CADIS_ID" value="2526895"/>
        </identifiers>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Merrill Lynch International</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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                <indexName>FTSE 100 Index</indexName>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CADIS_ID" value="2370672"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
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              <counterpartyName>Merrill Lynch International</counterpartyName>
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                  <component>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">The Fund makes or receives payments based on any positive or negative return on the reference instrument</otherRecDesc>
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            <curCd>USD</curCd>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>New York Harbor Ultra-Low Sulfur Diesel Future</title>
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          <ticker value="HOJ1"/>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>DUMMY ISSUER FOR COMMODITY FUTURES</issuerName>
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                  <other otherDesc="CADIS_ID" value="385293"/>
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            <expDate>2021-03-31</expDate>
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            <unrealizedAppr>578329.25000000</unrealizedAppr>
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        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <ticker value="XBG1"/>
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        <balance>420.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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                <issuerName>Bloomberg 87 Octane RBOB Gasoline Prompt Month Spot Pipeline Px/New York Harbor</issuerName>
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      <invstOrSec>
        <name>Invesco STIC (Global Series) PLC, U.S. Dollar Liquidity Portfolio</name>
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          <isin value="IE0008040424"/>
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        <valUSD>59779662.93000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CADIS_ID" value="2345603"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <indexName>Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2</indexName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>Invesco Premier U.S. Government Money Portfolio</name>
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          <isin value="US00142W8432"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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                <issuerName>DUMMY ISSUER FOR COMMODITY FUTURES</issuerName>
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            <expDate>2021-03-29</expDate>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>WTI CRUDE FUTURE  Jul21CLN1 COMB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CLN1"/>
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        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <indexName>WTI Crude</indexName>
                <indexIdentifier>USCRWTIC</indexIdentifier>
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            <expDate>2021-06-22</expDate>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Government Money Market Fund-Cash Reserve Shares</name>
        <lei>549300FZWHBQKHBZX613</lei>
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        <cusip>00142C771</cusip>
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          <isin value="US00142C7719"/>
        </identifiers>
        <balance>66946656.18000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>66946656.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <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 JAN21 HIF1 COMB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2549533"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.75245000"/>
        <valUSD>590723.78000000</valUSD>
        <pctVal>0.061005777978</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DO</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs Bank USA</counterpartyName>
              <counterpartyLei>KD3XUN7C6T14HNAYLU02</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <nestedDerivInfo>
                <futrDeriv derivCat="FUT">
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                    <counterpartyName>Goldman Sachs International</counterpartyName>
                    <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
                  </counterparties>
                  <derivAddlInfo>
                    <name>N/A</name>
                    <lei>N/A</lei>
                    <title>HANG SENG IDX FUT JAN21 HIF1 COMB</title>
                    <cusip>N/A</cusip>
                    <identifiers>
                      <ticker value="HIF1"/>
                    </identifiers>
                    <balance>5350.00000000</balance>
                    <units>NC</units>
                    <currencyConditional curCd="HKD" exchangeRt="7.75245000"/>
                    <valUSD>N/A</valUSD>
                    <pctVal>N/A</pctVal>
                    <assetCat>DE</assetCat>
                    <issuerConditional desc="N/A" issuerCat="OTHER"/>
                  </derivAddlInfo>
                  <payOffProf>N/A</payOffProf>
                  <descRefInstrmnt>
                    <indexBasketInfo>
                      <indexName>Hang Seng Index</indexName>
                      <indexIdentifier>HSI</indexIdentifier>
                      <narrativeDesc>N/A</narrativeDesc>
                    </indexBasketInfo>
                  </descRefInstrmnt>
                  <expDate>2021-01-28</expDate>
                  <notionalAmt>18189400.70000000</notionalAmt>
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                </futrDeriv>
              </nestedDerivInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">The Fund makes or receives payments based on any positive or negative return on the reference instrument.</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00"/>
            <terminationDt>2021-01-28</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>HKD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>HKD</rcptCurCd>
            <notionalAmt>5350.00000000</notionalAmt>
            <curCd>HKD</curCd>
            <unrealizedAppr>590723.78000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>E-Mini Russ 2000  Mar21RTYH1</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RTYH1"/>
        </identifiers>
        <balance>565.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1686998.43000000</valUSD>
        <pctVal>0.174221277617</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
              <counterpartyLei>W22LROWP2IHZNBB6K528</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>E-Mini Russell 2000 Index</indexName>
                <indexIdentifier>RTY</indexIdentifier>
                <narrativeDesc>N/A</narrativeDesc>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2021-03-19</expDate>
            <notionalAmt>54101101.57000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1686998.43000000</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>Agric Index 2020-08 BARC Swap (Long)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2535303"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>868837.20000000</valUSD>
        <pctVal>0.089727366862</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Barclays Bank PLC</counterpartyName>
              <counterpartyLei>G5GSEF7VJP5I7OUK5573</counterpartyLei>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>BARCLAYS COMMODITY STRATEGY 1745 INDEX BXCS1745</indexName>
                <indexIdentifier>BXCS1745</indexIdentifier>
                <narrativeDesc>N/A</narrativeDesc>
                <components>
                  <component>
                    <othIndName>Coffee C Futures</othIndName>
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                      <cusip value="N/A"/>
                    </identifiers>
                    <othIndNotAmt>658336.734</othIndNotAmt>
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                  <component>
                    <othIndName>Corn Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
                    </identifiers>
                    <othIndNotAmt>649113.102</othIndNotAmt>
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                  <component>
                    <othIndName>Cotton No. 2 Futures</othIndName>
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                      <cusip value="N/A"/>
                    </identifiers>
                    <othIndNotAmt>2636805.798</othIndNotAmt>
                    <othIndValue>198703.0676</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>Lean Hogs Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
                    </identifiers>
                    <othIndNotAmt>65718.378</othIndNotAmt>
                    <othIndValue>4952.37204</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>Live Cattel Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
                    </identifiers>
                    <othIndNotAmt>58800.654</othIndNotAmt>
                    <othIndValue>4431.06972</othIndValue>
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                  <component>
                    <othIndName>Soybean Meal Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
                    </identifiers>
                    <othIndNotAmt>2667935.556</othIndNotAmt>
                    <othIndValue>201048.9281</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>Soybean Oil Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
                    </identifiers>
                    <othIndNotAmt>612218.574</othIndNotAmt>
                    <othIndValue>46135.25532</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
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                  <component>
                    <othIndName>Soybeans Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
                    </identifiers>
                    <othIndNotAmt>2564169.696</othIndNotAmt>
                    <othIndValue>193229.3933</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Sugar No. 11 Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
                    </identifiers>
                    <othIndNotAmt>840503.466</othIndNotAmt>
                    <othIndValue>63338.23188</othIndValue>
                    <othIndIssCurCd>USD</othIndIssCurCd>
                  </component>
                  <component>
                    <othIndName>Wheat Futures</othIndName>
                    <identifiers>
                      <cusip value="N/A"/>
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                    <othIndNotAmt>775938.042</othIndNotAmt>
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                    <othIndIssCurCd>USD</othIndIssCurCd>
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                </components>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">The Fund makes or receives payments based on any positive or negative return on the reference instrument</otherRecDesc>
            <fixedPmntDesc amount="0.00000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.45000000"/>
            <terminationDt>2021-11-23</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
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            <unrealizedAppr>868837.20000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>US LONG BOND(CBT) Mar21USH1 COMB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="USH1"/>
        </identifiers>
        <balance>461.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-471252.64000000</valUSD>
        <pctVal>-0.04866764281</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs International</counterpartyName>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>United States Treasury Note/Bond</issuerName>
                <issueTitle>U.S. Treasury Bond</issueTitle>
                <identifiers>
                  <cusip value="912810PU6"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2021-03-22</expDate>
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            <unrealizedAppr>-471252.64000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912796XE4</cusip>
        <identifiers>
          <isin value="US912796XE43"/>
        </identifiers>
        <balance>43800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>43792438.37000000</valUSD>
        <pctVal>4.522573600026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-02-25</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-02-15</ncom:dateSigned>
      <ncom:nameOfApplicant>AIM Variable Insurance Funds (Invesco Variable Insurance Funds)</ncom:nameOfApplicant>
      <ncom:signature>Sheri Morris</ncom:signature>
      <ncom:signerName>Sheri Morris</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
