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      </invstOrSec>
      <invstOrSec>
        <name>Tsy Infl Ix N/b</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912828S505"/>
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        <valUSD>79723515.88000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XBU5"/>
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        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>GASOLINE RBOB FUT Sep25</issuerName>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <isin value="GB00FVN2W437"/>
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        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>LME PRI ALUM FUTR Jul25</issuerName>
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                  <ticker value="LAN25"/>
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            </descRefInstrmnt>
            <expDate>2025-07-14</expDate>
            <notionalAmt>-9654526.00000000</notionalAmt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
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          <isin value="GB00FVN1B219"/>
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        <balance>-169.00000000</balance>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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                <issuerName>LME PRI ALUM FUTR May25</issuerName>
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                  <ticker value="LAK25"/>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
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          <isin value="GB00H249FY92"/>
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        <balance>-21.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                  <ticker value="LLN5"/>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
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        <identifiers>
          <ticker value="NGM25"/>
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        <balance>95.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                  <ticker value="NGM25"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-05-28</expDate>
            <notionalAmt>3159700.00000000</notionalAmt>
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            <unrealizedAppr>-54100.60000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Treasury Bill</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797MH7</cusip>
        <identifiers>
          <isin value="US912797MH75"/>
        </identifiers>
        <balance>60050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>59181832.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-04</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H2472R53"/>
        </identifiers>
        <balance>-22.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Morgan Stanley</counterpartyName>
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                  <ticker value="LLK5"/>
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            <expDate>2025-05-19</expDate>
            <notionalAmt>-1076746.00000000</notionalAmt>
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      <invstOrSec>
        <name>Treasury Bill</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797NP8</cusip>
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          <isin value="US912797NP82"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4979461.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-05</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME ZINC FUTURE   May25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H2474689"/>
        </identifiers>
        <balance>-50.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3212800.00000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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                  <ticker value="LXK5"/>
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      <invstOrSec>
        <name>ICE Futures US Softs</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>Sugar #11 (World)</title>
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        <identifiers>
          <ticker value="SBV5"/>
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        <issuerCat>CORP</issuerCat>
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                  <ticker value="SBV5"/>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="W U5"/>
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        <balance>122.00000000</balance>
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            <payOffProf>Long</payOffProf>
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                  <ticker value="W U5"/>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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          <ticker value="C N5"/>
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        <balance>-48.00000000</balance>
        <units>NC</units>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>CORN FUTURE       Jul25</issuerName>
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                  <ticker value="C N5"/>
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            <expDate>2025-07-14</expDate>
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      <invstOrSec>
        <name>ICE Futures US Softs</name>
        <lei>5493004R83R1LVX2IL36</lei>
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        <identifiers>
          <ticker value="CCU5"/>
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        <balance>-4.00000000</balance>
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              <otherRefInst>
                <issuerName>COCOA FUTURE      Sep25</issuerName>
                <issueTitle>COCOA FUTURE      Sep25</issueTitle>
                <identifiers>
                  <ticker value="CCU5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-15</expDate>
            <notionalAmt>-343120.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-15247.15000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commodity Exchange, Inc.</name>
        <lei>N/A</lei>
        <title>Copper Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HGU5"/>
        </identifiers>
        <balance>79.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>9197575.00000000</valUSD>
        <pctVal>1.017989207187</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>COPPER FUTURE     Sep25</issuerName>
                <issueTitle>COPPER FUTURE     Sep25</issueTitle>
                <identifiers>
                  <ticker value="HGU5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-26</expDate>
            <notionalAmt>9197575.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-341198.89000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Treasury Bill</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797PW1</cusip>
        <identifiers>
          <isin value="US912797PW16"/>
        </identifiers>
        <balance>74700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>73565903.85000000</valUSD>
        <pctVal>8.142287085050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-11</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>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>Soybean Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="S X5"/>
        </identifiers>
        <balance>148.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>7535050.00000000</valUSD>
        <pctVal>0.833980649857</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SOYBEAN FUTURE    Nov25</issuerName>
                <issueTitle>SOYBEAN FUTURE    Nov25</issueTitle>
                <identifiers>
                  <ticker value="S X5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-11-14</expDate>
            <notionalAmt>7535050.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-36147.66000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME Zinc Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H24CQ015"/>
        </identifiers>
        <balance>48.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3121608.00000000</valUSD>
        <pctVal>0.345500118571</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME ZINC FUTURE   Sep25</issuerName>
                <issueTitle>LME ZINC FUTURE   Sep25</issueTitle>
                <identifiers>
                  <ticker value="LXU5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-15</expDate>
            <notionalAmt>3121608.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-362605.20000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Treasury Bill</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797PG6</cusip>
        <identifiers>
          <isin value="US912797PG65"/>
        </identifiers>
        <balance>37900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37499257.15000000</valUSD>
        <pctVal>4.150424329918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-07-31</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>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>NATURAL GAS FUTR  Jan26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NGF26"/>
        </identifiers>
        <balance>-347.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-17086280.00000000</valUSD>
        <pctVal>-1.89111245420</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>NATURAL GAS FUTR  Jan26</issuerName>
                <issueTitle>NATURAL GAS FUTR  Jan26</issueTitle>
                <identifiers>
                  <ticker value="NGF26"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-12-29</expDate>
            <notionalAmt>-17086280.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>503340.91000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>Corn Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="C U5"/>
        </identifiers>
        <balance>239.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>5222150.00000000</valUSD>
        <pctVal>0.577988473952</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CORN FUTURE       Sep25</issuerName>
                <issueTitle>CORN FUTURE       Sep25</issueTitle>
                <identifiers>
                  <ticker value="C U5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-12</expDate>
            <notionalAmt>5222150.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-156099.89000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>KC HRW WHEAT FUT  Sep25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KWU5"/>
        </identifiers>
        <balance>74.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2013725.00000000</valUSD>
        <pctVal>0.222879434660</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>KC HRW WHEAT FUT  Sep25</issuerName>
                <issueTitle>KC HRW WHEAT FUT  Sep25</issueTitle>
                <identifiers>
                  <ticker value="KWU5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-12</expDate>
            <notionalAmt>2013725.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-195458.10000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME NICKEL FUTURE May25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H2472196"/>
        </identifiers>
        <balance>37.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3389935.56000000</valUSD>
        <pctVal>0.375198659770</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME NICKEL FUTURE May25</issuerName>
                <issueTitle>LME NICKEL FUTURE May25</issueTitle>
                <identifiers>
                  <ticker value="LNK5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-05-19</expDate>
            <notionalAmt>3389935.56000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-232734.71000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Treasury Bill</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797NN3</cusip>
        <identifiers>
          <isin value="US912797NN35"/>
        </identifiers>
        <balance>2700000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2691148.91000000</valUSD>
        <pctVal>0.297856831318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-29</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commodity Exchange, Inc.</name>
        <lei>N/A</lei>
        <title>Silver Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SIN5"/>
        </identifiers>
        <balance>43.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>7058020.00000000</valUSD>
        <pctVal>0.781182886153</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SILVER FUTURE     Jul25</issuerName>
                <issueTitle>SILVER FUTURE     Jul25</issueTitle>
                <identifiers>
                  <ticker value="SIN5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-07-29</expDate>
            <notionalAmt>7058020.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>724243.27000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>Soybean Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="S N5"/>
        </identifiers>
        <balance>80.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4178000.00000000</valUSD>
        <pctVal>0.462421769610</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SOYBEAN FUTURE    Jul25</issuerName>
                <issueTitle>SOYBEAN FUTURE    Jul25</issueTitle>
                <identifiers>
                  <ticker value="S N5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-07-14</expDate>
            <notionalAmt>4178000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-32384.27000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Societe General</name>
        <lei>N/A</lei>
        <title>BCOM 3m Fwd TR Index</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="SG_BCOMF_1"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>26804880.79000000</valUSD>
        <pctVal>2.966768886816</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Societe General</counterpartyName>
              <counterpartyLei>549300USLFO4ME4XBQ71</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Bloomberg Commodity Index 3 Month Forward Total Return Index</issuerName>
                <issueTitle>Bloomberg Commodity Index 3 Month Forward Total Return Index</issueTitle>
                <identifiers>
                  <ticker value="BCOMF3T"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Performance</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="BCOMF3T" floatingRtSpread="12.00000000" pmntAmt="102375.70000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
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            <terminationDt>2025-10-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>28206912.10000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1402031.31000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>Soybean Meal Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SMZ5"/>
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        <balance>124.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3767120.00000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>SOYBEAN MEAL FUTR Dec25</issuerName>
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            <expDate>2025-12-12</expDate>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Royal Bank Of Canada</name>
        <lei>N/A</lei>
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          <other otherDesc="INTERNAL IDENTIFIER" value="RBC_BCOMF_1"/>
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        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>Royal Bank Of Canada</counterpartyName>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Bloomberg Commodity Index 3 Month Forward Total Return Index</issuerName>
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                  <ticker value="BCOMF3T"/>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="BCOMF3T" floatingRtSpread="12.00000000" pmntAmt="311000.00000000">
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      <invstOrSec>
        <name>ICE Futures US Softs</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>Coffee C Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="KCU5"/>
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        <balance>49.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>7227806.25000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>COFFEE 'C' FUTURE Sep25</issuerName>
                <issueTitle>COFFEE 'C' FUTURE Sep25</issueTitle>
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                  <ticker value="KCU5"/>
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            <expDate>2025-09-18</expDate>
            <notionalAmt>7227806.25000000</notionalAmt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Citibank</name>
        <lei>N/A</lei>
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          <other otherDesc="INTERNAL IDENTIFIER" value="SCI_CRYF3_1"/>
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        <balance>1.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9057991.05000000</valUSD>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Citibank</counterpartyName>
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            <descRefInstrmnt>
              <indexBasketInfo>
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                <indexIdentifier>CRBFTR Index</indexIdentifier>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="USB3MTA" floatingRtSpread="0.24000000" pmntAmt="36068.71000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
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            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>9674853.85000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-616862.80000000</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>Treasury Bill</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797PN1</cusip>
        <identifiers>
          <isin value="US912797PN17"/>
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        <balance>103100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>101844918.34000000</valUSD>
        <pctVal>11.27221334721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-08-14</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME PRI ALUM FUTR Jul25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00FVN2W437"/>
        </identifiers>
        <balance>161.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>9654526.00000000</valUSD>
        <pctVal>1.068564623665</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>LME PRI ALUM FUTR Jul25</issuerName>
                <issueTitle>LME PRI ALUM FUTR Jul25</issueTitle>
                <identifiers>
                  <ticker value="LAN25"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-07-14</expDate>
            <notionalAmt>9654526.00000000</notionalAmt>
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            <unrealizedAppr>-470616.65000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME NICKEL FUTURE Jul25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H249F944"/>
        </identifiers>
        <balance>-35.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3233724.90000000</valUSD>
        <pctVal>-0.35790923664</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME NICKEL FUTURE Jul25</issuerName>
                <issueTitle>LME NICKEL FUTURE Jul25</issueTitle>
                <identifiers>
                  <ticker value="LNN5"/>
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            </descRefInstrmnt>
            <expDate>2025-07-14</expDate>
            <notionalAmt>-3233724.90000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>260186.19000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>NY Harb ULSD Sep 15</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HOU5"/>
        </identifiers>
        <balance>38.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3187531.20000000</valUSD>
        <pctVal>0.352796509859</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>NY Harb ULSD Fut  Sep25</issuerName>
                <issueTitle>NY Harb ULSD Fut  Sep25</issueTitle>
                <identifiers>
                  <ticker value="HOU5"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-08-29</expDate>
            <notionalAmt>3187531.20000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-213850.77000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>NATURAL GAS FUTR  Jul25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NGN25"/>
        </identifiers>
        <balance>895.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>32533250.00000000</valUSD>
        <pctVal>3.600785791334</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>NATURAL GAS FUTR  Jul25</issuerName>
                <issueTitle>NATURAL GAS FUTR  Jul25</issueTitle>
                <identifiers>
                  <ticker value="NGN25"/>
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              </otherRefInst>
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            <expDate>2025-06-26</expDate>
            <notionalAmt>32533250.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-255557.77000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME ZINC FUTURE   May25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H2474689"/>
        </identifiers>
        <balance>50.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3212800.00000000</valUSD>
        <pctVal>0.355593265056</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>LME ZINC FUTURE   May25</issuerName>
                <issueTitle>LME ZINC FUTURE   May25</issueTitle>
                <identifiers>
                  <ticker value="LXK5"/>
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            <expDate>2025-05-19</expDate>
            <notionalAmt>3212800.00000000</notionalAmt>
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            <unrealizedAppr>-604874.00000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>NATURAL GAS FUTR  Sep25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NGU25"/>
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        <balance>-281.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-10447580.00000000</valUSD>
        <pctVal>-1.15633997887</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Short</payOffProf>
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                <issuerName>NATURAL GAS FUTR  Sep25</issuerName>
                <issueTitle>NATURAL GAS FUTR  Sep25</issueTitle>
                <identifiers>
                  <ticker value="NGU25"/>
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            <expDate>2025-08-27</expDate>
            <notionalAmt>-10447580.00000000</notionalAmt>
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            <unrealizedAppr>2928158.99000000</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures Europe Commodities</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>Low Su Gasoil G   Sep25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H6D17376"/>
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        <balance>70.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4152750.00000000</valUSD>
        <pctVal>0.459627095201</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>Low Su Gasoil G   Sep25</issuerName>
                <issueTitle>Low Su Gasoil G   Sep25</issueTitle>
                <identifiers>
                  <ticker value="QSU5"/>
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            </descRefInstrmnt>
            <expDate>2025-09-11</expDate>
            <notionalAmt>4152750.00000000</notionalAmt>
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            <unrealizedAppr>-311802.76000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>LEAN HOGS FUTURE  Oct25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LHV5"/>
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        <balance>77.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2528680.00000000</valUSD>
        <pctVal>0.279874743987</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>LEAN HOGS FUTURE  Oct25</issuerName>
                <issueTitle>LEAN HOGS FUTURE  Oct25</issueTitle>
                <identifiers>
                  <ticker value="LHV5"/>
                </identifiers>
              </otherRefInst>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures Europe Commodities</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>Brent Crude Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H47KCC03"/>
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        <balance>244.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>14715640.00000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME Nickel Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H24CMP86"/>
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        <balance>95.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>LME NICKEL FUTURE Sep25</issuerName>
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                  <ticker value="LNU5"/>
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            <expDate>2025-09-15</expDate>
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        <securityLending>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>WTI Crude Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CLN5"/>
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        <balance>356.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>WTI CRUDE FUTURE  Jul25</issuerName>
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                  <ticker value="CLN5"/>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
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          <isin value="GB00H2472196"/>
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        <balance>-37.00000000</balance>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                  <ticker value="LNK5"/>
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        <securityLending>
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      <invstOrSec>
        <name>ICE Futures US Softs</name>
        <lei>5493004R83R1LVX2IL36</lei>
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        <identifiers>
          <ticker value="CTZ5"/>
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        <balance>83.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2813285.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>COTTON NO.2 FUTR  Dec25</issuerName>
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                  <ticker value="CTZ5"/>
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            <expDate>2025-12-08</expDate>
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            <unrealizedAppr>-51561.21000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>NY Harb ULSD Futures</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HOM5"/>
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        <balance>47.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>NY Harb ULSD Fut  Jun25</issuerName>
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                  <ticker value="HOM5"/>
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        <securityLending>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME LEAD FUTURE   Sep25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H24CNG60"/>
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        <balance>21.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                  <ticker value="LLU5"/>
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      <invstOrSec>
        <name>London Metal Exchange</name>
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          <isin value="GB00FVN1B219"/>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Morgan Stanley</counterpartyName>
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                  <ticker value="LAK25"/>
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        <name>Tsy Infl Ix N/b</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Inflation Indexed Bonds</title>
        <cusip>91282CCA7</cusip>
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          <isin value="US91282CCA71"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Alps Corecommodity Natural Resources Etf</name>
        <lei>2549001BWITVW4H0S850</lei>
        <title>ALPS | CoreCommodity Natural Resources ETF</title>
        <cusip>31761T886</cusip>
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          <isin value="US31761T8861"/>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME NICKEL FUTURE Jul25</title>
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          <isin value="GB00H249F944"/>
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        <isRestrictedSec>N</isRestrictedSec>

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                  <ticker value="LNN5"/>
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      <invstOrSec>
        <name>Blackrock Liquidity Funds Treasury Trust Fund Portfolio</name>
        <lei>549300U5PI8CHFJM7202</lei>
        <title>BlackRock Liquidity Funds Treasury Trust Fund Portfolio</title>
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          <isin value="US09248U5517"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>LIVE CATTLE FUTR  Oct25</title>
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        <identifiers>
          <ticker value="LCV5"/>
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        <balance>57.00000000</balance>
        <units>NC</units>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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                <issuerName>LIVE CATTLE FUTR  Oct25</issuerName>
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                  <ticker value="LCV5"/>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME LEAD FUTURE   May25</title>
        <cusip>N/A</cusip>
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          <isin value="GB00H2472R53"/>
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        <balance>22.00000000</balance>
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        <assetCat>DCO</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>LME LEAD FUTURE   May25</issuerName>
                <issueTitle>LME LEAD FUTURE   May25</issueTitle>
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                  <ticker value="LLK5"/>
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            <expDate>2025-05-19</expDate>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME ZINC FUTURE   Jul25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H249H767"/>
        </identifiers>
        <balance>-48.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3103848.00000000</valUSD>
        <pctVal>-0.34353443867</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME ZINC FUTURE   Jul25</issuerName>
                <issueTitle>LME ZINC FUTURE   Jul25</issueTitle>
                <identifiers>
                  <ticker value="LXN5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-07-14</expDate>
            <notionalAmt>-3103848.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>367432.80000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Evraz Plc</name>
        <lei>5493005B7DAN39RXLK23</lei>
        <title>Evraz PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B71N6K86"/>
        </identifiers>
        <balance>91946.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75036000"/>
        <valUSD>1225.36000000</valUSD>
        <pctVal>0.000135623058</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>WTI Crude Future Sep 15</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CLU5"/>
        </identifiers>
        <balance>-172.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-9783360.00000000</valUSD>
        <pctVal>-1.08282399328</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>WTI CRUDE FUTURE  Sep25</issuerName>
                <issueTitle>WTI CRUDE FUTURE  Sep25</issueTitle>
                <identifiers>
                  <ticker value="CLU5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-08-20</expDate>
            <notionalAmt>-9783360.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1306640.06000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commodity Exchange, Inc.</name>
        <lei>N/A</lei>
        <title>Gold 100 Oz Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GCZ5"/>
        </identifiers>
        <balance>100.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>34007000.00000000</valUSD>
        <pctVal>3.763900698697</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>GOLD 100 OZ FUTR  Dec25</issuerName>
                <issueTitle>GOLD 100 OZ FUTR  Dec25</issueTitle>
                <identifiers>
                  <ticker value="GCZ5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-12-29</expDate>
            <notionalAmt>34007000.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2249278.35000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures US Softs</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>FCOJ-A FUTURE     Sep25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="JOU5"/>
        </identifiers>
        <balance>3.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>117405.00000000</valUSD>
        <pctVal>0.012994405902</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>FCOJ-A FUTURE     Sep25</issuerName>
                <issueTitle>FCOJ-A FUTURE     Sep25</issueTitle>
                <identifiers>
                  <ticker value="JOU5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-10</expDate>
            <notionalAmt>117405.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-7744.11000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BofA Securities, Inc</name>
        <lei>N/A</lei>
        <title>CRB 3m Fwd TR Index</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="SML_CRYF3_1"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>11027745.58000000</valUSD>
        <pctVal>1.220552806587</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>BofA Securities, Inc</counterpartyName>
              <counterpartyLei>549300HN4UKV1E2R3U73</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Refinitiv/CoreCommodity CRB 3MFwd TR Index</indexName>
                <indexIdentifier>CRBFTR Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Performance</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="USB3MTA" floatingRtSpread="0.30000000" pmntAmt="44000.00000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Month" resetDtUnit="1"/>
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            </floatingPmntDesc>
            <terminationDt>2025-07-01</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>11778756.58000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-751011.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>SOYBEAN OIL FUTR  Dec25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BOZ5"/>
        </identifiers>
        <balance>151.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4396818.00000000</valUSD>
        <pctVal>0.486640584063</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SOYBEAN OIL FUTR  Dec25</issuerName>
                <issueTitle>SOYBEAN OIL FUTR  Dec25</issueTitle>
                <identifiers>
                  <ticker value="BOZ5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-12-12</expDate>
            <notionalAmt>4396818.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>492849.25000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>NATURAL GAS FUTR  Oct25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NGV25"/>
        </identifiers>
        <balance>347.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>13161710.00000000</valUSD>
        <pctVal>1.456740361250</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>NATURAL GAS FUTR  Oct25</issuerName>
                <issueTitle>NATURAL GAS FUTR  Oct25</issueTitle>
                <identifiers>
                  <ticker value="NGV25"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-26</expDate>
            <notionalAmt>13161710.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-987715.69000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citibank</name>
        <lei>N/A</lei>
        <title>BCOM 3m Fwd TR Index</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL IDENTIFIER" value="CI_BCOMF_1"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>129210051.29000000</valUSD>
        <pctVal>14.30099104093</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Citibank</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Bloomberg Commodity Index 3 Month Forward Total Return Index</issuerName>
                <issueTitle>Bloomberg Commodity Index 3 Month Forward Total Return Index</issueTitle>
                <identifiers>
                  <ticker value="BCOMF3T"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Performance</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="BCOMF3T" floatingRtSpread="11.00000000" pmntAmt="492373.49000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
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            <terminationDt>2025-10-31</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>135968407.52000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-6758356.23000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME Nickel Future</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H24CMP86"/>
        </identifiers>
        <balance>-60.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-5593255.20000000</valUSD>
        <pctVal>-0.61906246229</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME NICKEL FUTURE Sep25</issuerName>
                <issueTitle>LME NICKEL FUTURE Sep25</issueTitle>
                <identifiers>
                  <ticker value="LNU5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-09-15</expDate>
            <notionalAmt>-5593255.20000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>392275.80000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>N/A</lei>
        <title>LME LEAD FUTURE   Jul25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H249FY92"/>
        </identifiers>
        <balance>21.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1029015.75000000</valUSD>
        <pctVal>0.113891642908</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME LEAD FUTURE   Jul25</issuerName>
                <issueTitle>LME LEAD FUTURE   Jul25</issueTitle>
                <identifiers>
                  <ticker value="LLN5"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-07-14</expDate>
            <notionalAmt>1029015.75000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-6447.15000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>FINANCIAL INVESTORS TRUST</ncom:nameOfApplicant>
      <ncom:signature>Paul Holland</ncom:signature>
      <ncom:signerName>Paul Holland</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
