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        <fairValLevel>1</fairValLevel>
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        <name>Commodity Exchange, Inc.</name>
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          <ticker value="SIU6"/>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
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        <identifiers>
          <ticker value="XBF7"/>
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        <balance>2.00000000</balance>
        <units>NC</units>
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        <valUSD>207891.60000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Morgan Stanley</counterpartyName>
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          <ticker value="LHZ6"/>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>LEAN HOGS FUTURE  Dec26</issuerName>
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                  <ticker value="LHZ6"/>
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      <invstOrSec>
        <name>Treasury Bill</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912797VS3</cusip>
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          <isin value="US912797VS30"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ICE Futures US Softs</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>COFFEE 'C' FUTURE Sep26</title>
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        <identifiers>
          <ticker value="KCU6"/>
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        <balance>-6.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-747225.00000000</valUSD>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Short</payOffProf>
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        <name>Commodity Exchange, Inc.</name>
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          <ticker value="SIZ6"/>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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        <name>Goldman Sachs</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Goldman Sachs</counterpartyName>
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                  <ticker value="BCOMF3T"/>
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            <swapFlag>Y</swapFlag>
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        <name>UBS Group AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Treasury Bill</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912797TM97"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Treasury Bill</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>ICE Futures US Softs</name>
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          <ticker value="SBV6"/>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>London Metal Exchange</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>ICE Futures Europe Commodities</name>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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        <fairValLevel>1</fairValLevel>
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        <name>London Metal Exchange</name>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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        <fairValLevel>1</fairValLevel>
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        <name>New York Mercantile Exchange</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Treasury Bill</name>
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        <fairValLevel>2</fairValLevel>
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        <name>London Metal Exchange</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ICE Futures Europe Commodities</name>
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        <fairValLevel>1</fairValLevel>
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        <name>London Metal Exchange</name>
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        <fairValLevel>1</fairValLevel>
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          <ticker value="SMZ6"/>
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        <fairValLevel>1</fairValLevel>
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        <identifiers>
          <ticker value="HOU6"/>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>NY Harb ULSD Fut Sep26</issuerName>
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        <name>Societe General</name>
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        <fairValLevel>2</fairValLevel>
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          <swapDeriv derivCat="SWP">
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              <counterpartyName>Societe General</counterpartyName>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="BCOMF3T" floatingRtSpread="12.00000000" pmntAmt="146198.91000000">
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
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        <identifiers>
          <ticker value="CLU6"/>
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        <balance>320.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
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        <identifiers>
          <ticker value="NGU26"/>
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        <balance>-44.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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                <issuerName>NATURAL GAS FUTR Sep26</issuerName>
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      <invstOrSec>
        <name>Royal Bank Of Canada</name>
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        <fairValLevel>2</fairValLevel>
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            <descRefInstrmnt>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>Treasury Bill</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912797VM69"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>N/A</lei>
        <title>CRB 3m Fwd TR Index</title>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Citigroup Inc.</counterpartyName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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        <name>BofA Securities, Inc</name>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>Bloomberg Commodity Index Total Return Index</issuerName>
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            <swapFlag>Y</swapFlag>
            <otherRecDesc fixedOrFloating="Other">Underlying Performance</otherRecDesc>
            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="BCOMTR" floatingRtSpread="0.01000000" pmntAmt="201985.07000000">
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME NICKEL FUTURE Nov26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H24XW399"/>
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        <balance>-32.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3322412.16000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>LME NICKEL FUTURE Nov26</issuerName>
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                  <ticker value="LNX6"/>
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            </descRefInstrmnt>
            <expDate>2026-11-16</expDate>
            <notionalAmt>-3322412.16000000</notionalAmt>
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            <unrealizedAppr>-151326.54000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME COPPER FUTURE Jan27</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00GL8WJC46"/>
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        <balance>-1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-344131.75000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME COPPER FUTURE Jan27</issuerName>
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                  <ticker value="LPF27"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2027-01-18</expDate>
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            <curCd>USD</curCd>
            <unrealizedAppr>-5451.38000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME LEAD FUTURE   Sep26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H24VH055"/>
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        <balance>60.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2789415.00000000</valUSD>
        <pctVal>0.284737207999</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME LEAD FUTURE Sep26</issuerName>
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                  <ticker value="LLU6"/>
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            </descRefInstrmnt>
            <expDate>2026-09-14</expDate>
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            <unrealizedAppr>-171118.37000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME COPPER FUTURE Jan27</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00GL8WJC46"/>
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        <balance>6.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2064790.50000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME COPPER FUTURE Jan27</issuerName>
                <issueTitle>LME COPPER FUTURE Jan27</issueTitle>
                <identifiers>
                  <ticker value="LPF27"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2027-01-18</expDate>
            <notionalAmt>2064790.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>60745.22000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>GASOLINE RBOB FUT Oct26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="XBV6"/>
        </identifiers>
        <balance>51.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>6069785.40000000</valUSD>
        <pctVal>0.619590038753</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>GASOLINE RBOB FUT Oct26</issuerName>
                <issueTitle>GASOLINE RBOB FUT Oct26</issueTitle>
                <identifiers>
                  <ticker value="XBV6"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-09-30</expDate>
            <notionalAmt>6069785.40000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-289897.96000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME ZINC FUTURE   Nov26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00H24XYB18"/>
        </identifiers>
        <balance>42.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3823974.00000000</valUSD>
        <pctVal>0.390342663325</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME ZINC FUTURE   Nov26</issuerName>
                <issueTitle>LME ZINC FUTURE   Nov26</issueTitle>
                <identifiers>
                  <ticker value="LXX6"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-11-16</expDate>
            <notionalAmt>3823974.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>247903.41000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME TIN FUTURE    Nov26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00KNQHDH47"/>
        </identifiers>
        <balance>-3.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-829935.00000000</valUSD>
        <pctVal>-0.08471789773</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME TIN FUTURE    Nov26</issuerName>
                <issueTitle>LME TIN FUTURE    Nov26</issueTitle>
                <identifiers>
                  <ticker value="LTX6"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-11-16</expDate>
            <notionalAmt>-829935.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-36990.89000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures Europe Commodities</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>COFF ROBUSTA 10tn Jan27</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00MWD7NB22"/>
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        <balance>15.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>561600.00000000</valUSD>
        <pctVal>0.057326864597</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>COFF ROBUSTA 10tn Jan27</issuerName>
                <issueTitle>COFF ROBUSTA 10tn Jan27</issueTitle>
                <identifiers>
                  <ticker value="DFF7"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2027-01-25</expDate>
            <notionalAmt>561600.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-12894.27000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>CATTLE FEEDER FUT Nov26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FCX6"/>
        </identifiers>
        <balance>-1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-164562.50000000</valUSD>
        <pctVal>-0.01679816979</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CATTLE FEEDER FUT Nov26</issuerName>
                <issueTitle>CATTLE FEEDER FUT Nov26</issueTitle>
                <identifiers>
                  <ticker value="FCX6"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-11-19</expDate>
            <notionalAmt>-164562.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>10593.22000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>LEAN HOGS FUTURE  Oct26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LHV6"/>
        </identifiers>
        <balance>-29.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-984260.00000000</valUSD>
        <pctVal>-0.10047104656</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
              <counterpartyLei>4PQUHN3JPFGFNF3BB653</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LEAN HOGS FUTURE  Oct26</issuerName>
                <issueTitle>LEAN HOGS FUTURE  Oct26</issueTitle>
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                  <ticker value="LHV6"/>
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            </descRefInstrmnt>
            <expDate>2026-10-14</expDate>
            <notionalAmt>-984260.00000000</notionalAmt>
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            <unrealizedAppr>4222.01000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>PALLADIUM FUTURE  Dec26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="PAZ6"/>
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        <balance>7.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>908670.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>PALLADIUM FUTURE  Dec26</issuerName>
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                  <ticker value="PAZ6"/>
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            <notionalAmt>908670.00000000</notionalAmt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>WTI CRUDE FUTURE  Oct26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CLV6"/>
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        <balance>82.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>6682180.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>WTI CRUDE FUTURE  Oct26</issuerName>
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                  <ticker value="CLV6"/>
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            <expDate>2026-09-22</expDate>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>WTI CRUDE FUTURE  Dec26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CLZ6"/>
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        <balance>-377.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-28817880.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Short</payOffProf>
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        <fairValLevel>1</fairValLevel>
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        <name>London Metal Exchange</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>London Metal Exchange</name>
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        <name>Alps Corecommodity Natural Resources Etf</name>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>ICE Futures US Softs</name>
        <lei>5493004R83R1LVX2IL36</lei>
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        <identifiers>
          <ticker value="CCZ6"/>
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        <units>NC</units>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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        <name>London Metal Exchange</name>
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        <identifiers>
          <isin value="GB00H250C956"/>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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        <name>Societe General</name>
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        <fairValLevel>2</fairValLevel>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>Blackrock Liquidity Funds Treasury Trust Fund Portfolio</name>
        <lei>549300U5PI8CHFJM7202</lei>
        <title>BlackRock Liquidity Funds Treasury Trust Fund Portfolio</title>
        <cusip>09248U551</cusip>
        <identifiers>
          <isin value="US09248U5517"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME PRI ALUM FUTR Jan27</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00GL8WJ804"/>
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        <balance>-7.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-555577.75000000</valUSD>
        <pctVal>-0.05671212686</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
                <issuerName>LME PRI ALUM FUTR Jan27</issuerName>
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        <securityLending>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="W U6"/>
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        <balance>-80.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Short</payOffProf>
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              <otherRefInst>
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                  <ticker value="W U6"/>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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        <identifiers>
          <ticker value="KWU6"/>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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            <payOffProf>Short</payOffProf>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME PRI ALUM FUTR Jan27</title>
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        <identifiers>
          <isin value="GB00GL8WJ804"/>
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        <balance>57.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4523990.25000000</valUSD>
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        <assetCat>DCO</assetCat>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Morgan Stanley</counterpartyName>
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                  <ticker value="LAF27"/>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>NY Harb ULSD Fut  Dec26</title>
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        <identifiers>
          <ticker value="HOZ6"/>
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        <balance>-32.00000000</balance>
        <units>NC</units>
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        <valUSD>-4878720.00000000</valUSD>
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        <assetCat>DCO</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Commodity Exchange, Inc.</name>
        <lei>5493008GFNDTXFPHWI47</lei>
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          <ticker value="HGU6"/>
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        <balance>-2.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>Treasury Bill</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
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          <isin value="US912797UK13"/>
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        <fairValLevel>2</fairValLevel>
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        <name>ICE Futures US Softs</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>COTTON NO.2 FUTR  Dec26</title>
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        <identifiers>
          <ticker value="CTZ6"/>
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        <balance>-19.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-777005.00000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Short</payOffProf>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME NICKEL FUTURE Jan27</title>
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        <fairValLevel>1</fairValLevel>
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        <name>London Metal Exchange</name>
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        <name>ICE Futures US Softs</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chicago Board of Trade</name>
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          <ticker value="S X6"/>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Short</payOffProf>
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        <name>Citigroup Inc.</name>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>Bloomberg Commodity Index Total Return Index</issuerName>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>Royal Bank Of Canada</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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            <descRefInstrmnt>
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            <swapFlag>Y</swapFlag>
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            <floatingPmntDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="CRYF3TR" floatingRtSpread="0.00000000" pmntAmt="43818.24000000">
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      <invstOrSec>
        <name>Evraz Plc</name>
        <lei>5493005B7DAN39RXLK23</lei>
        <title>Evraz PLC</title>
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          <isin value="GB00B71N6K86"/>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>ICE Futures Europe Commodities</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>BRENT CRUDE FUTR  Jan27</title>
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        <identifiers>
          <isin value="GB00H7Q1BF17"/>
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        <balance>-175.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME TIN FUTURE    Jan27</title>
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        <identifiers>
          <isin value="GB00KNQL1837"/>
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        <balance>2.00000000</balance>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Morgan Stanley</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>LME TIN FUTURE    Jan27</issuerName>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
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        <identifiers>
          <isin value="GB00H250D145"/>
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        <balance>-4.00000000</balance>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Morgan Stanley</counterpartyName>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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          <ticker value="SMF7"/>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>BofA Securities, Inc</name>
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        <fairValLevel>2</fairValLevel>
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            <swapFlag>Y</swapFlag>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>CORN FUTURE       Sep26</title>
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          <ticker value="C U6"/>
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        <valUSD>-2997100.00000000</valUSD>
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        <name>ICE Futures US Softs</name>
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        <fairValLevel>1</fairValLevel>
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        <name>New York Mercantile Exchange</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>London Metal Exchange</name>
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          <isin value="GB00GH36XP44"/>
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        <fairValLevel>1</fairValLevel>
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        <name>London Metal Exchange</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>New York Mercantile Exchange</name>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
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          <isin value="GB00H24XWV73"/>
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        <fairValLevel>1</fairValLevel>
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        <name>London Metal Exchange</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Citigroup Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>London Metal Exchange</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chicago Mercantile Exchange</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-30</ncom:dateSigned>
      <ncom:nameOfApplicant>FINANCIAL INVESTORS TRUST</ncom:nameOfApplicant>
      <ncom:signature>Paul Holland</ncom:signature>
      <ncom:signerName>Paul Holland</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
