<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon">
    <headerData>
        <submissionType>NPORT-P</submissionType>
        <isConfidential>false</isConfidential>
        <filerInfo>

            <filer>
                <issuerCredentials>
                    <cik>0000932101</cik>
                    <ccc>XXXXXXXX</ccc>
                </issuerCredentials>
            </filer>


            <seriesClassInfo>
                <seriesId>S000058313</seriesId>
                <classId>C000191144</classId>
                <classId>C000191142</classId>
                <classId>C000191143</classId>
                <classId>C000191146</classId>
                <classId>C000191149</classId>
                <classId>C000191147</classId>
            </seriesClassInfo>


        </filerInfo>
    </headerData>
    <formData>
        <genInfo>
            <regName>Putnam Investment Funds</regName>
            <regFileNumber>811-07237</regFileNumber>
            <regCik>0000932101</regCik>
            <regLei>549300SRAF55EHI5J317</regLei>
            <regStreet1>100 FEDERAL STREET</regStreet1>
            <regCity>BOSTON</regCity>
            <regStateConditional regCountry="US" regState="US-MA"/>
            <regZipOrPostalCode>02110</regZipOrPostalCode>
            <regPhone>1-800-225-1581</regPhone>
            <seriesName>Putnam PanAgora Risk Parity Fund</seriesName>
            <seriesId>S000058313</seriesId>
            <seriesLei>5493006D6XCZ72C3IX84</seriesLei>
            <repPdEnd>2022-08-31</repPdEnd>
            <repPdDate>2021-11-30</repPdDate>
            <isFinalFiling>N</isFinalFiling>
        </genInfo>
        <fundInfo>
            <totAssets>48299117.57</totAssets>
            <totLiabs>970985.32</totLiabs>
            <netAssets>47328132.25</netAssets>
            <assetsAttrMiscSec>0</assetsAttrMiscSec>
            <assetsInvested>3267728.82</assetsInvested>
            <amtPayOneYrBanksBorr>0.00</amtPayOneYrBanksBorr>
            <amtPayOneYrCtrldComp>0.00</amtPayOneYrCtrldComp>
            <amtPayOneYrOthAffil>0.00</amtPayOneYrOthAffil>
            <amtPayOneYrOther>0.00</amtPayOneYrOther>
            <amtPayAftOneYrBanksBorr>0.00</amtPayAftOneYrBanksBorr>
            <amtPayAftOneYrCtrldComp>0.00</amtPayAftOneYrCtrldComp>
            <amtPayAftOneYrOthAffil>0.00</amtPayAftOneYrOthAffil>
            <amtPayAftOneYrOther>0.00</amtPayAftOneYrOther>
            <delayDeliv>0.00</delayDeliv>
            <standByCommit>0.00</standByCommit>
            <liquidPref>0.00</liquidPref>
            <cshNotRptdInCorD>52301.06</cshNotRptdInCorD>
            <curMetrics>
                <curMetric>
                    <curCd>AUD</curCd>
                    <intrstRtRiskdv01 period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
                    <intrstRtRiskdv100 period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
                </curMetric>
                <curMetric>
                    <curCd>CAD</curCd>
                    <intrstRtRiskdv01 period10Yr="4620.55" period1Yr="45.94" period30Yr="0" period3Mon="-0.58" period5Yr="2144.73"/>
                    <intrstRtRiskdv100 period10Yr="4620.55" period1Yr="45.94" period30Yr="0" period3Mon="-0.58" period5Yr="2144.73"/>
                </curMetric>
                <curMetric>
                    <curCd>EUR</curCd>
                    <intrstRtRiskdv01 period10Yr="5894.3" period1Yr="304.47" period30Yr="2577.36" period3Mon="-4.7" period5Yr="5251.42"/>
                    <intrstRtRiskdv100 period10Yr="5894.3" period1Yr="304.47" period30Yr="2577.36" period3Mon="-4.7" period5Yr="5251.42"/>
                </curMetric>
                <curMetric>
                    <curCd>GBP</curCd>
                    <intrstRtRiskdv01 period10Yr="4750.66" period1Yr="130.96" period30Yr="0" period3Mon="1.66" period5Yr="1720.48"/>
                    <intrstRtRiskdv100 period10Yr="4750.66" period1Yr="130.96" period30Yr="0" period3Mon="1.66" period5Yr="1720.48"/>
                </curMetric>
                <curMetric>
                    <curCd>JPY</curCd>
                    <intrstRtRiskdv01 period10Yr="7299.49" period1Yr="12" period30Yr="0" period3Mon="-3.19" period5Yr="10537.39"/>
                    <intrstRtRiskdv100 period10Yr="7299.49" period1Yr="12" period30Yr="0" period3Mon="-3.19" period5Yr="10537.39"/>
                </curMetric>
                <curMetric>
                    <curCd>USD</curCd>
                    <intrstRtRiskdv01 period10Yr="10550.56" period1Yr="4963.43" period30Yr="2151.02" period3Mon="484.77" period5Yr="13919.36"/>
                    <intrstRtRiskdv100 period10Yr="10550.56" period1Yr="4963.43" period30Yr="2151.02" period3Mon="484.77" period5Yr="13919.36"/>
                </curMetric>
            </curMetrics>
            <creditSprdRiskInvstGrade period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="488.25" period5Yr="0"/>
            <creditSprdRiskNonInvstGrade period10Yr="0" period1Yr="0" period30Yr="0" period3Mon="0" period5Yr="0"/>
            <isNonCashCollateral>N</isNonCashCollateral>
            <returnInfo>
                <monthlyTotReturns>
                    <monthlyTotReturn classId="C000191144" rtn1="-0.68" rtn2="0.68" rtn3="-4.83"/>
                    <monthlyTotReturn classId="C000191142" rtn1="-0.57" rtn2="0.67" rtn3="-4.75"/>
                    <monthlyTotReturn classId="C000191143" rtn1="-0.58" rtn2="0.68" rtn3="-4.83"/>
                    <monthlyTotReturn classId="C000191146" rtn1="-0.57" rtn2="0.68" rtn3="-4.78"/>
                    <monthlyTotReturn classId="C000191149" rtn1="-0.47" rtn2="0.76" rtn3="-4.82"/>
                    <monthlyTotReturn classId="C000191147" rtn1="-0.47" rtn2="0.67" rtn3="-4.73"/>
                </monthlyTotReturns>
                <monthlyReturnCats>
                    <commodityContracts>
                        <mon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </commodityContracts>
                    <creditContracts>
                        <mon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </creditContracts>
                    <equityContracts>
                        <mon1 netRealizedGain="46300.15" netUnrealizedAppr="-1704125.58"/>
                        <mon2 netRealizedGain="36875.54" netUnrealizedAppr="1463446.3"/>
                        <mon3 netRealizedGain="914336.60" netUnrealizedAppr="-1122247.53"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="46300.15" netUnrealizedAppr="-1704125.58"/>
                            <instrMon2 netRealizedGain="36875.54" netUnrealizedAppr="1463446.3"/>
                            <instrMon3 netRealizedGain="914336.60" netUnrealizedAppr="-1122247.53"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </equityContracts>
                    <foreignExchgContracts>
                        <mon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </foreignExchgContracts>
                    <interestRtContracts>
                        <mon1 netRealizedGain="-1769973.97" netUnrealizedAppr="3226524.01"/>
                        <mon2 netRealizedGain="-30030" netUnrealizedAppr="-1107248.09"/>
                        <mon3 netRealizedGain="469868.74" netUnrealizedAppr="-2209379.39"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="-1769973.97" netUnrealizedAppr="3226524.01"/>
                            <instrMon2 netRealizedGain="-30030" netUnrealizedAppr="-1107248.09"/>
                            <instrMon3 netRealizedGain="469868.74" netUnrealizedAppr="-2209379.39"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </interestRtContracts>
                    <otherContracts>
                        <mon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <mon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        <forwardCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </forwardCategory>
                        <futureCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </futureCategory>
                        <optionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </optionCategory>
                        <swaptionCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swaptionCategory>
                        <swapCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </swapCategory>
                        <warrantCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </warrantCategory>
                        <otherCategory>
                            <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon2 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                            <instrMon3 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
                        </otherCategory>
                    </otherContracts>
                </monthlyReturnCats>
                <othMon1 netRealizedGain="-11.15" netUnrealizedAppr="-24082.82"/>
                <othMon2 netRealizedGain="-28.86" netUnrealizedAppr="23288.99"/>
                <othMon3 netRealizedGain="-40.36" netUnrealizedAppr="-20266.05"/>
            </returnInfo>
            <mon1Flow redemption="-246498.14" reinvestment="0.01" sales="352448.93"/>
            <mon2Flow redemption="-214217.08" reinvestment="0.01" sales="124599.39"/>
            <mon3Flow redemption="-3.69" reinvestment="0.01" sales="41977.64"/>


        </fundInfo>
        <invstOrSecs>
            <invstOrSec>
                <name>MEFF RENTA VARIABLE</name>
                <lei>5299009QA8BBE2OOB349</lei>
                <title>EQUITY INDEX FUTURE</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="IBZ1INDEX"/>
                </identifiers>
                <balance>9</balance>
                <units>NC</units>
                <currencyConditional curCd="EUR" exchangeRt="1.13410059"/>
                <valUSD>850582.25</valUSD>
                <pctVal>1.797202233773</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ES</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>MEFF RENTA VARIABLE</counterpartyName>
                            <counterpartyLei>5299009QA8BBE2OOB349</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <indexBasketInfo>
<indexName>IBEX 35 INDEX</indexName>
<indexIdentifier>IBEX</indexIdentifier>
                            </indexBasketInfo>
                        </descRefInstrmnt>
                        <expDate>2021-01-17</expDate>
                        <notionalAmt>921935.21</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-71352.96</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STOCKHOLM STOCK EXCHANGE</name>
                <lei>549300KBQIVNEJEZVL96</lei>
                <title>EQUITY INDEX FUTURE</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="QCZ1INDEX"/>
                </identifiers>
                <balance>36</balance>
                <units>NC</units>
                <currencyConditional curCd="SEK" exchangeRt=".110920082"/>
                <valUSD>895657.48</valUSD>
                <pctVal>1.892442058074</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>STOCKHOLM STOCK EXCHANGE</counterpartyName>
                            <counterpartyLei>549300KBQIVNEJEZVL96</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <indexBasketInfo>
<indexName>OMXS30</indexName>
<indexIdentifier>OMX_INDEX</indexIdentifier>
                            </indexBasketInfo>
                        </descRefInstrmnt>
                        <expDate>2021-01-17</expDate>
                        <notionalAmt>952397.36</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-56739.88</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AMSTERDAM EXCHANGES INDEX</name>
                <lei>724500QJ4QSZ3H9QU415</lei>
                <title>EQUITY INDEX FUTURE</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="EOZ1INDEX"/>
                </identifiers>
                <balance>7</balance>
                <units>NC</units>
                <currencyConditional curCd="EUR" exchangeRt="1.13410059"/>
                <valUSD>1233896.91</valUSD>
                <pctVal>2.60711093242</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>AMSTERDAM EXCHANGES INDEX</counterpartyName>
                            <counterpartyLei>724500QJ4QSZ3H9QU415</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <indexBasketInfo>
<indexName>AMSTEREXIX</indexName>
<indexIdentifier>AEX</indexIdentifier>
                            </indexBasketInfo>
                        </descRefInstrmnt>
                        <expDate>2021-01-17</expDate>
                        <notionalAmt>1311674.93</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-77778.02</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>OSAKA EXCHANGE INC</name>
                <lei>3538001249AILNPRUX57</lei>
                <title>EQUITY INDEX FUTURE</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="TPZ1INDEX"/>
                </identifiers>
                <balance>9</balance>
                <units>NC</units>
                <currencyConditional curCd="JPY" exchangeRt=".008846817"/>
                <valUSD>1509620.91</valUSD>
                <pctVal>3.189690440404</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>OSAKA EXCHANGE INC</counterpartyName>
                            <counterpartyLei>3538001249AILNPRUX57</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <indexBasketInfo>
<indexName>TOPIX INDEX</indexName>
<indexIdentifier>TPX INDEX</indexIdentifier>
                            </indexBasketInfo>
                        </descRefInstrmnt>
                        <expDate>2021-01-10</expDate>
                        <notionalAmt>1610061.9</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-100440.99</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHICAGO MERCANTILE EXCHANGE</name>
                <lei>SNZ2OJLFK8MNNCLQOF39</lei>
                <title>EQUITY INDEX FUTURE</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="ESZ1INDEX"/>
                </identifiers>
                <balance>50</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>11415625</valUSD>
                <pctVal>24.120167978951</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>CHICAGO MERCANTILE EXCHANGE</counterpartyName>
                            <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <indexBasketInfo>
<indexName>S&amp;P 500 INDEX</indexName>
<indexIdentifier>SPX</indexIdentifier>
                            </indexBasketInfo>
                        </descRefInstrmnt>
                        <expDate>2021-01-17</expDate>
                        <notionalAmt>11230065</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>185560</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MONTREAL STOCK EXCHANGE</name>
                <lei>549300N65GFVKSHGJW59</lei>
                <title>EQUITY INDEX FUTURE</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="PTZ1INDEX"/>
                </identifiers>
                <balance>11</balance>
                <units>NC</units>
                <currencyConditional curCd="CAD" exchangeRt=".782809503"/>
                <valUSD>2145837.41</valUSD>
                <pctVal>4.533957517413</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>MONTREAL STOCK EXCHANGE</counterpartyName>
                            <counterpartyLei>549300N65GFVKSHGJW59</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <indexBasketInfo>
<indexName>S&amp;P/TSX 60 INDEX</indexName>
<indexIdentifier>SPTSX60</indexIdentifier>
                            </indexBasketInfo>
                        </descRefInstrmnt>
                        <expDate>2021-01-17</expDate>
                        <notionalAmt>2110968.33</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>34869.08</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>EUREX DEUTSCHLAND</name>
                <lei>529900LN3S50JPU47S06</lei>
                <title>EQUITY INDEX FUTURE</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="GXZ1INDEX"/>
                </identifiers>
                <balance>2</balance>
                <units>NC</units>
                <currencyConditional curCd="EUR" exchangeRt="1.13410059"/>
                <valUSD>858684.26</valUSD>
                <pctVal>1.814321037357</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>EUREX DEUTSCHLAND</counterpartyName>
                            <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <indexBasketInfo>
<indexName>DAX INDEX</indexName>
<indexIdentifier>DAX</indexIdentifier>
                            </indexBasketInfo>
                        </descRefInstrmnt>
                        <expDate>2021-01-17</expDate>
                        <notionalAmt>892484.81</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-33800.55</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CHICAGO MERCANTILE EXCHANGE</name>
                <lei>SNZ2OJLFK8MNNCLQOF39</lei>
                <title>EQUITY INDEX FUTURE</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="RTYZ1INDEX"/>
                </identifiers>
                <balance>39</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>4284735</valUSD>
                <pctVal>9.053251832054</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>CHICAGO MERCANTILE EXCHANGE</counterpartyName>
                            <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <indexBasketInfo>
<indexName>RUSSELL 2000 INDEX</indexName>
<indexIdentifier>RTY</indexIdentifier>
                            </indexBasketInfo>
                        </descRefInstrmnt>
                        <expDate>2021-01-17</expDate>
                        <notionalAmt>4379684.4</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-94949.4</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ICE FUTURES EUROPE FINANCIALS</name>
                <lei>549300UF4R84F48NCH34</lei>
                <title>EQUITY INDEX FUTURE</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="ZZ1INDEX"/>
                </identifiers>
                <balance>20</balance>
                <units>NC</units>
                <currencyConditional curCd="GBP" exchangeRt="1.329949941"/>
                <valUSD>1883076.12</valUSD>
                <pctVal>3.978767026032</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>ICE FUTURES EUROPE FINANCIALS</counterpartyName>
                            <counterpartyLei>549300UF4R84F48NCH34</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <indexBasketInfo>
<indexName>FTSE 100</indexName>
<indexIdentifier>UKX</indexIdentifier>
                            </indexBasketInfo>
                        </descRefInstrmnt>
                        <expDate>2021-01-17</expDate>
                        <notionalAmt>1860636.41</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>22439.71</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SYDNEY FUTURES EXCHANGE</name>
                <lei>2549009UT2Q3C06VRA56</lei>
                <title>EQUITY INDEX FUTURE</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="XPZ1INDEX"/>
                </identifiers>
                <balance>14</balance>
                <units>NC</units>
                <currencyConditional curCd="AUD" exchangeRt=".712849831"/>
                <valUSD>1804115.99</valUSD>
                <pctVal>3.81193151775</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>SYDNEY FUTURES EXCHANGE</counterpartyName>
                            <counterpartyLei>2549009UT2Q3C06VRA56</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <indexBasketInfo>
<indexName>SPI 200 INDEX</indexName>
<indexIdentifier>.AXJO</indexIdentifier>
                            </indexBasketInfo>
                        </descRefInstrmnt>
                        <expDate>2021-01-16</expDate>
                        <notionalAmt>1836573.41</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-32457.42</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ICE FUTURES U.S., INC.</name>
                <lei>5493004R83R1LVX2IL36</lei>
                <title>EQUITY INDEX FUTURE</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="MESZ1INDEX"/>
                </identifiers>
                <balance>32</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>1939680</valUSD>
                <pctVal>4.098365829765</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>ICE FUTURES U.S., INC.</counterpartyName>
                            <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <indexBasketInfo>
<indexName>MSCI EM</indexName>
<indexIdentifier>MXEF</indexIdentifier>
                            </indexBasketInfo>
                        </descRefInstrmnt>
                        <expDate>2021-01-17</expDate>
                        <notionalAmt>2073917.44</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-134237.44</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>EQUITY INDEX FUTURE</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="DNZ1INDEX"/>
                </identifiers>
                <balance>1103</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>10555710</valUSD>
                <pctVal>22.303246500922</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>CHICAGO BOARD OF TRADE</counterpartyName>
                            <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <indexBasketInfo>
<indexName>BBG COMMODITY</indexName>
<indexIdentifier>BCOM.INDX</indexIdentifier>
                            </indexBasketInfo>
                        </descRefInstrmnt>
                        <expDate>2021-01-15</expDate>
                        <notionalAmt>10836297.15</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-280587.15</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HONG KONG FUTURES EXCHANGE</name>
                <lei>213800YTVSXYQN17BW16</lei>
                <title>EQUITY INDEX FUTURE</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="HIZ1INDEX"/>
                </identifiers>
                <balance>11</balance>
                <units>NC</units>
                <currencyConditional curCd="HKD" exchangeRt=".12823801"/>
                <valUSD>1655713</valUSD>
                <pctVal>3.498369619266</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>HK</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>HONG KONG FUTURES EXCHANGE</counterpartyName>
                            <counterpartyLei>213800YTVSXYQN17BW16</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <indexBasketInfo>
<indexName>HANG SENG INDEX</indexName>
<indexIdentifier>HSI</indexIdentifier>
                            </indexBasketInfo>
                        </descRefInstrmnt>
                        <expDate>2021-01-30</expDate>
                        <notionalAmt>1737840.17</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-82127.17</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>GOVERNMENT FUTURES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="FVH2COMDTY"/>
                </identifiers>
                <balance>141</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>17117179.76</valUSD>
                <pctVal>36.167029938098</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>CHICAGO BOARD OF TRADE</counterpartyName>
                            <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>UNITED STATES OF AMERICA</issuerName>
<issueTitle>US TREASURY N/B               00.7500 05/31/2026</issueTitle>
<identifiers>
    <cusip value="91282CCF6"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <expDate>2022-01-05</expDate>
                        <notionalAmt>16984207.17</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>132972.59</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>GOVERNMENT FUTURES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="USH2COMDTY"/>
                </identifiers>
                <balance>54</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>8754750</valUSD>
                <pctVal>18.497983300408</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>CHICAGO BOARD OF TRADE</counterpartyName>
                            <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>UNITED STATES OF AMERICA</issuerName>
<issueTitle>US TREASURY N/B               05.0000 05/15/2037</issueTitle>
<identifiers>
    <cusip value="912810PU6"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <expDate>2022-01-31</expDate>
                        <notionalAmt>8537617.08</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>217132.92</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>GOVERNMENT FUTURES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="TYH2COMDTY"/>
                </identifiers>
                <balance>125</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>16351562.5</valUSD>
                <pctVal>34.549350930704</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>CHICAGO BOARD OF TRADE</counterpartyName>
                            <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>UNITED STATES OF AMERICA</issuerName>
<issueTitle>US TREASURY N/B               03.1250 11/15/2028</issueTitle>
<identifiers>
    <cusip value="9128285M8"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <expDate>2022-01-31</expDate>
                        <notionalAmt>16124308.75</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>227253.75</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>EUREX DEUTSCHLAND</name>
                <lei>529900LN3S50JPU47S06</lei>
                <title>GOVERNMENT FUTURES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="UBZ1COMDTY"/>
                </identifiers>
                <balance>8</balance>
                <units>NC</units>
                <currencyConditional curCd="EUR" exchangeRt="1.13410059"/>
                <valUSD>1978960.17</valUSD>
                <pctVal>4.181361224116</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>EUREX DEUTSCHLAND</counterpartyName>
                            <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>FEDERAL REPUBLIC OF GERMANY</issuerName>
<issueTitle>BUNDESREPUB. DEUTSCHLAND REGS 02.5000 08/15/2046</issueTitle>
<identifiers>
    <cusip value="D20658Z90"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <expDate>2021-01-10</expDate>
                        <notionalAmt>1905481.25</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>73478.92</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SYDNEY FUTURES EXCHANGE</name>
                <lei>2549009UT2Q3C06VRA56</lei>
                <title>GOVERNMENT FUTURES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="XMZ1COMDTY"/>
                </identifiers>
                <balance>94</balance>
                <units>NC</units>
                <currencyConditional curCd="AUD" exchangeRt=".712849831"/>
                <valUSD>9340245.05</valUSD>
                <pctVal>19.735080608426</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>SYDNEY FUTURES EXCHANGE</counterpartyName>
                            <counterpartyLei>2549009UT2Q3C06VRA56</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>AUSTRALIA GOVERNMENT</issuerName>
<issueTitle>AUSTRALIAN GOVERNMENT    REGS 01.0000 12/21/2030</issueTitle>
<identifiers>
    <cusip value="Q2R04NCH5"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <expDate>2021-01-15</expDate>
                        <notionalAmt>9674030.08</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-333785.03</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MONTREAL STOCK EXCHANGE</name>
                <lei>549300N65GFVKSHGJW59</lei>
                <title>GOVERNMENT FUTURES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="CNH2COMDTY"/>
                </identifiers>
                <balance>80</balance>
                <units>NC</units>
                <currencyConditional curCd="CAD" exchangeRt=".782809503"/>
                <valUSD>8840111.16</valUSD>
                <pctVal>18.678343597639</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>MONTREAL STOCK EXCHANGE</counterpartyName>
                            <counterpartyLei>549300N65GFVKSHGJW59</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>CANADA</issuerName>
<issueTitle>CANADIAN GOVERNMENT           01.2500 06/01/2030</issueTitle>
<identifiers>
    <cusip value="135087K37"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <expDate>2022-01-31</expDate>
                        <notionalAmt>8760700.46</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>79410.7</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ICE FUTURES EUROPE FINANCIALS</name>
                <lei>549300UF4R84F48NCH34</lei>
                <title>GOVERNMENT FUTURES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="GH2COMDTY"/>
                </identifiers>
                <balance>53</balance>
                <units>NC</units>
                <currencyConditional curCd="GBP" exchangeRt="1.329949941"/>
                <valUSD>8901142.16</valUSD>
                <pctVal>18.807296499642</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>ICE FUTURES EUROPE FINANCIALS</counterpartyName>
                            <counterpartyLei>549300UF4R84F48NCH34</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND</issuerName>
<issueTitle>UNITED KINGDOM GILT      REGS 04.7500 12/07/2030</issueTitle>
<identifiers>
    <cusip value="G4527HNZ0"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <expDate>2022-01-31</expDate>
                        <notionalAmt>8829689.14</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>71453.02</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>OSAKA EXCHANGE INC</name>
                <lei>3538001249AILNPRUX57</lei>
                <title>GOVERNMENT FUTURES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="JBZ1COMDTY"/>
                </identifiers>
                <balance>19</balance>
                <units>NC</units>
                <currencyConditional curCd="JPY" exchangeRt=".008846817"/>
                <valUSD>25539523.16</valUSD>
                <pctVal>53.962668598654</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>OSAKA EXCHANGE INC</counterpartyName>
                            <counterpartyLei>3538001249AILNPRUX57</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>JAPAN</issuerName>
<issueTitle>JAPAN (10 YEAR ISSUE)         00.1000 12/20/2028</issueTitle>
<identifiers>
    <cusip value="J2S39KS72"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <expDate>2021-01-20</expDate>
                        <notionalAmt>25517838.94</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>21684.22</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>EUREX DEUTSCHLAND</name>
                <lei>529900LN3S50JPU47S06</lei>
                <title>GOVERNMENT FUTURES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="RXZ1COMDTY"/>
                </identifiers>
                <balance>21</balance>
                <units>NC</units>
                <currencyConditional curCd="EUR" exchangeRt="1.13410059"/>
                <valUSD>4105183.29</valUSD>
                <pctVal>8.673875546821</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>EUREX DEUTSCHLAND</counterpartyName>
                            <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>FEDERAL REPUBLIC OF GERMANY</issuerName>
<issueTitle>BUNDESREPUB. DEUTSCHLAND REGS 00.0000 08/15/2030</issueTitle>
<identifiers>
    <cusip value="D2R8H4FJ3"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <expDate>2021-01-10</expDate>
                        <notionalAmt>4111641.98</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-6458.69</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>EUREX DEUTSCHLAND</name>
                <lei>529900LN3S50JPU47S06</lei>
                <title>GOVERNMENT FUTURES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="OEZ1COMDTY"/>
                </identifiers>
                <balance>52</balance>
                <units>NC</units>
                <currencyConditional curCd="EUR" exchangeRt="1.13410059"/>
                <valUSD>7990872.76</valUSD>
                <pctVal>16.883980795587</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>EUREX DEUTSCHLAND</counterpartyName>
                            <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>FEDERAL REPUBLIC OF GERMANY</issuerName>
<issueTitle>BUNDESREPUB. DEUTSCHLAND REGS 00.0000 08/15/2026</issueTitle>
<identifiers>
    <cusip value="D2R8H4BP3"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <expDate>2021-01-10</expDate>
                        <notionalAmt>8009224.64</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-18351.88</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>GOVERNMENT FUTURES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="TUH2COMDTY"/>
                </identifiers>
                <balance>136</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>29747875.14</valUSD>
                <pctVal>62.854530119346</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>CHICAGO BOARD OF TRADE</counterpartyName>
                            <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>UNITED STATES OF AMERICA</issuerName>
<issueTitle>US TREASURY N/B               02.6250 12/31/2023</issueTitle>
<identifiers>
    <cusip value="9128285U0"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <expDate>2022-01-05</expDate>
                        <notionalAmt>29698349.92</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>49525.22</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>EUREX DEUTSCHLAND</name>
                <lei>529900LN3S50JPU47S06</lei>
                <title>GOVERNMENT FUTURES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <ticker value="IKZ1COMDTY"/>
                </identifiers>
                <balance>19</balance>
                <units>NC</units>
                <currencyConditional curCd="EUR" exchangeRt="1.13410059"/>
                <valUSD>3266663.34</valUSD>
                <pctVal>6.902159845955</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DIR</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <derivativeInfo>
                    <futrDeriv derivCat="FUT">
                        <counterparties>
                            <counterpartyName>EUREX DEUTSCHLAND</counterpartyName>
                            <counterpartyLei>529900LN3S50JPU47S06</counterpartyLei>
                        </counterparties>
                        <payOffProf>Long</payOffProf>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>REPUBLIC OF ITALY</issuerName>
<issueTitle>BTPS                     REGS 01.6500 12/01/2030</issueTitle>
<identifiers>
    <cusip value="T6052BWV6"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <expDate>2021-01-10</expDate>
                        <notionalAmt>3324221.9</notionalAmt>
                        <curCd>USD</curCd>
                        <unrealizedAppr>-57558.56</unrealizedAppr>
                    </futrDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE STREET INSTITUTIONAL TREASURY PLUS MONEY MARKET FUND</name>
                <lei>549300PNASLVKQG64331</lei>
                <title>MUTUAL FUND</title>
                <cusip>857492599</cusip>
                <identifiers>
                    <isin value="US8574925991"/>
                </identifiers>
                <balance>18086246.49</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>18086246.49</valUSD>
                <pctVal>38.214579004436</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>RF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>STATE STREET INSTITUTIONAL US GOVERNMENT MONEY MARKET FUND</name>
                <lei>549300BZ5TGIFZUZDZ37</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>857492649</cusip>
                <identifiers>
                    <isin value="US8574926494"/>
                </identifiers>
                <balance>3267728.82</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>3267728.82</valUSD>
                <pctVal>6.904411107413</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNITED STATES OF AMERICA</name>
                <lei>254900HROIFWPRGM1V77</lei>
                <title>U.S. T BILLS</title>
                <cusip>912796N21</cusip>
                <identifiers>
                    <isin value="US912796N216"/>
                </identifiers>
                <balance>26325000</balance>
                <units>PA</units>
                <curCd>USD</curCd>
                <valUSD>26320723.77</valUSD>
                <pctVal>55.613273794467</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>DBT</assetCat>
                <issuerCat>UST</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <debtSec>
                    <maturityDt>2022-03-17</maturityDt>
                    <couponKind>Fixed</couponKind>
                    <annualizedRt>0</annualizedRt>
                    <isDefault>N</isDefault>
                    <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
                    <isPaidKind>N</isPaidKind>
                </debtSec>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
        </invstOrSecs>
        <signature>
            <ncom:dateSigned>2022-01-25</ncom:dateSigned>
            <ncom:nameOfApplicant>Putnam Investments Inc</ncom:nameOfApplicant>
            <ncom:signature>Janet C. Smith</ncom:signature>
            <ncom:signerName>NPORT</ncom:signerName>
            <ncom:title>Principal Financial Officer</ncom:title>
        </signature>
    </formData>
    <documents>XXXX</documents>
</edgarSubmission>
