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        <curCd>USD</curCd>
        <valUSD>2406358.98000000</valUSD>
        <pctVal>0.038174966573</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>ICE FUTURES US</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SUGAR</issuerName>
                <issueTitle>SUGAR</issueTitle>
                <identifiers>
                  <other otherDesc="Internal" value="13K99Y223"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-30</expDate>
            <notionalAmt>49203173.82000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2406358.98000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE-ICE FUTURES LTD</name>
        <lei>N/A</lei>
        <title>LOW SU GASOIL G FUT JUL26 QSN6</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00HBC8RJ09"/>
        </identifiers>
        <balance>2169.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>106776151.96000000</valUSD>
        <pctVal>1.693918515794</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>ICE-ICE FUTURES LTD</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>GAS OIL</issuerName>
                <issueTitle>GAS OIL</issueTitle>
                <identifiers>
                  <other otherDesc="Internal" value="06C99B226"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-07-10</expDate>
            <notionalAmt>141953923.04000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>106776151.96000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UST BILLS</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>UST BILLS 0% 06/11/2026</title>
        <cusip>912797QX8</cusip>
        <identifiers>
          <isin value="US912797QX89"/>
        </identifiers>
        <balance>120000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>119508000.00000000</valUSD>
        <pctVal>1.895899133556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-11</maturityDt>
          <couponKind>Fixed</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>COMMODITY EXCHANGE INC</name>
        <lei>N/A</lei>
        <title>COPPER FUTURE SEP26 HGU6</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="HGU6"/>
        </identifiers>
        <balance>771.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3047628.58000000</valUSD>
        <pctVal>0.048348197478</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>COMMODITY EXCHANGE INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>COPPER</issuerName>
                <issueTitle>COPPER</issueTitle>
                <identifiers>
                  <other otherDesc="Internal" value="13K99R228"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-09-28</expDate>
            <notionalAmt>113344458.92000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3047628.58000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME ZINC CMDY FWD 07/15/26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LMZSDP"/>
        </identifiers>
        <balance>-204.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1515509.01000000</valUSD>
        <pctVal>-0.02404234209</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>LONDON METAL EXCHANGE</counterpartyName>
              <counterpartyLei>213800NB8G5VRT1DXC91</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ZINC</issuerName>
                <issueTitle>ZINC</issueTitle>
                <identifiers>
                  <other otherDesc="Internal" value="02A99Q224"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-07-13</expDate>
            <notionalAmt>-15671745.99000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-1515509.01000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME ALUMINUM CMDY FWD 05/20/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LMAHDP"/>
        </identifiers>
        <balance>-1307.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-7869060.33000000</valUSD>
        <pctVal>-0.12483636795</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>LONDON METAL EXCHANGE</counterpartyName>
              <counterpartyLei>213800NB8G5VRT1DXC91</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ALUMINUM</issuerName>
                <issueTitle>ALUMINUM</issueTitle>
                <identifiers>
                  <other otherDesc="Internal" value="02A99P226"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-05-18</expDate>
            <notionalAmt>-107611578.17000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-7869060.33000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME ALUMINUM CMDY FWD 09/16/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LMAHDP"/>
        </identifiers>
        <balance>970.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>47786.76000000</valUSD>
        <pctVal>0.000758098845</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>LONDON METAL EXCHANGE</counterpartyName>
              <counterpartyLei>213800NB8G5VRT1DXC91</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ALUMINUM</issuerName>
                <issueTitle>ALUMINUM</issueTitle>
                <identifiers>
                  <other otherDesc="Internal" value="02A99P226"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-09-14</expDate>
            <notionalAmt>83504375.74000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>47786.76000000</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>WHEAT FUTURE(CBT) SEP26 W U6</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WU6"/>
        </identifiers>
        <balance>1838.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3639258.86000000</valUSD>
        <pctVal>0.057733940150</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>CHICAGO BOARD OF TRADE</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>WHEAT</issuerName>
                <issueTitle>WHEAT</issueTitle>
                <identifiers>
                  <other otherDesc="Internal" value="13K99T224"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-09-14</expDate>
            <notionalAmt>56256566.14000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3639258.86000000</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>SOYBEAN FUTURE JUL26 S N6</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SN6"/>
        </identifiers>
        <balance>1795.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>5418565.25000000</valUSD>
        <pctVal>0.085961217346</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>CHICAGO BOARD OF TRADE</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SOYBEANS</issuerName>
                <issueTitle>SOYBEANS</issueTitle>
                <identifiers>
                  <other otherDesc="Internal" value="13K99S226"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-07-14</expDate>
            <notionalAmt>101877559.75000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>5418565.25000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE-ICE FUTURES LTD</name>
        <lei>N/A</lei>
        <title>BRENT CRUDE FUTR JUL26 CON6</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H7Q1B732"/>
        </identifiers>
        <balance>5108.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>250691964.47000000</valUSD>
        <pctVal>3.977028133918</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>ICE-ICE FUTURES LTD</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>BRENT CRUDE OIL</issuerName>
                <issueTitle>BRENT CRUDE OIL</issueTitle>
                <identifiers>
                  <other otherDesc="Internal" value="06C99A228"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-05-29</expDate>
            <notionalAmt>313231235.53000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>250691964.47000000</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 FUTR JUN26 GCM6</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GCM6"/>
        </identifiers>
        <balance>605.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-444217.90000000</valUSD>
        <pctVal>-0.00704716279</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>COMMODITY EXCHANGE INC</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>GOLD BULLION</issuerName>
                <issueTitle>GOLD BULLION</issueTitle>
                <identifiers>
                  <other otherDesc="Internal" value="689994101"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-06-26</expDate>
            <notionalAmt>280535017.90000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-444217.90000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME ZINC CMDY FWD 09/16/26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LMZSDP"/>
        </identifiers>
        <balance>517.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>740209.69000000</valUSD>
        <pctVal>0.011742836545</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>LONDON METAL EXCHANGE</counterpartyName>
              <counterpartyLei>213800NB8G5VRT1DXC91</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ZINC</issuerName>
                <issueTitle>ZINC</issueTitle>
                <identifiers>
                  <other otherDesc="Internal" value="02A99Q224"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-09-14</expDate>
            <notionalAmt>42716871.56000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>740209.69000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="As of March 2025, monthly returns presented in Item B.5.a. have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Laura M. Del Prato</ncom:nameOfApplicant>
      <ncom:signature>Laura M. Del Prato</ncom:signature>
      <ncom:signerName>Laura M. Del Prato</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
