Quarterly Report for Quarter Ending June 30, 2025 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Reference is made to Item 1, "Financial Statements." The information contained therein is essential to, and should be read in connection with, the following analysis.

OPERATIONAL OVERVIEW

Due to the nature of the Trust's business, its results of operations depend on the Managing Owner's ability to recognize and capitalize on trends and other profit opportunities in different sectors of the global capital and commodity markets. The Managing Owner's investment and trading methods are confidential so that substantially the only information that can be furnished regarding the Trust's results of operations is contained in the performance record of its trading. Unlike operating businesses, general economic or seasonal conditions do not directly affect the profit potential of the Trust and its past performance is not necessarily indicative of future results. The Managing Owner believes, however, that there are certain market conditions, for example, markets with strong price trends, in which the Trust has a better likelihood of being profitable than in others.

LIQUIDITY AND CAPITAL RESOURCES

Units may be offered for sale as of the beginning, and may be redeemed as of the end, of each month.

The amount of capital raised for the Trust should not have a significant impact on its operations, as the Trust has no significant capital expenditure or working capital requirements other than for monies to pay trading losses, brokerage commissions and charges. Within broad ranges of capitalization, the Managing Owner's trading positions should increase or decrease in approximate proportion to the size of the Trust.

The Trust raises additional capital only through the sale of Units and capital is increased through trading profits (if any). The Trust does not engage in borrowing.

The Trust trades futures, forward and spot contracts, and may trade swap and options contracts, on interest rates, agricultural commodities, currencies, metals, energy and stock indices and forward contracts on currencies. Risk arises from changes in the value of these contracts (market risk) and the potential inability of counterparties or brokers to perform under the terms of their contracts (credit risk). Market risk is generally measured by the face amount of the futures positions acquired and the volatility of the markets traded. The credit risk from counterparty non-performance associated with these instruments is the net unrealized gain, if any, on these positions plus the value of the margin or collateral held by the counterparty. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC transactions because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In most OTC transactions, on the other hand, traders must rely (typically but not universally) solely on the credit of their respective individual counterparties. Margins which may be subject to loss in the event of a default are generally required in exchange trading and counterparties may require margin or collateral in the OTC markets.

The Managing Owner has procedures in place to control market risk, although there can be no assurance that they will, in fact, succeed in doing so. These procedures primarily focus on: (1) real time monitoring of open positions; (2) diversifying positions among various markets; (3) limiting the assets committed as margin or collateral, generally within a range of 5% to 35% of an account's net assets, though the amount may at any time be higher; and (4) prohibiting pyramiding - that is, using unrealized profits in a particular market as margin for additional positions in the same market. The Managing Owner attempts to control credit risk by causing the Trust to deal exclusively with large, well-capitalized financial institutions as brokers and counterparties.

The financial instruments traded by the Trust contain varying degrees of off-balance sheet risk whereby changes in the market values of the futures, forward, and spot contracts or the Trust's satisfaction of the obligations may exceed the amount recognized in the Statements of Financial Condition of the Trust.

Due to the nature of the Trust's business, substantially all its assets are represented by cash, cash equivalents, and U.S. government obligations while the Trust maintains its market exposure through open futures, forward and spot contract positions.

The Trust's futures contracts are settled by offset and are cleared by the exchange clearinghouse function. Open futures positions are marked to market each trading day and the Trust's trading accounts are debited or credited accordingly. Options on futures contracts are settled either by offset or by exercise. If an option on a future is exercised, the Trust is assigned a position in the underlying future which is then settled by offset. The Trust's spot and forward currency transactions conducted in the interbank market are settled by netting offsetting positions or payment obligations and by cash payments.

The value of the Trust's cash and financial instruments is not materially affected by inflation. Changes in interest rates, which are often associated with inflation, could cause the value of certain of the Trust's debt securities to decline but only to a limited extent. More importantly, changes in interest rates could cause periods of strong up or down market price trends during which the Trust's profit potential generally increases. However, inflation can also give rise to markets which have numerous short price trends followed by rapid reversals, markets in which the Trust is likely to suffer losses.

The Trust's assets are generally held as cash or cash equivalents, including short-term U.S. government obligations, which are used to margin the Trust's futures, forward and spot currency positions and withdrawn, as necessary, to pay redemptions and expenses. Other than potential market-imposed limitations on liquidity, due, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Trust's futures, forward and spot trading, the Trust's assets are highly liquid and are expected to remain so.

During its operations for the three and six months ended June 30, 2025, the Trust experienced no meaningful periods of illiquidity in any of the numerous markets traded by the Managing Owner.

CRITICAL ACCOUNTING ESTIMATES

The Trust records its transactions in futures, forwards and spot contracts, including related income and expenses, on a trade date basis. Open futures contracts traded on an exchange are valued at fair value, which is based on the closing settlement price on the exchange where the futures contract is traded by the Trust on the day with respect to which net assets are being determined. Open spot currency contracts are valued based on the current Spot Price. Open forward currency contracts are recorded at fair value, based on pricing models that consider the Spot Price and Forward Point. Spot Prices and Forward Points for open forward currency contracts are generally based on the median of the average midpoint of bid/ask quotations at the last minute ending at 3:00 P.M. New York time provided by widely used quotation service providers on the day with respect to which net assets are being determined. Forward Points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the forward currency contracts traded by the Trust may be in between these periods. The Managing Owner's policy to determine fair value for forward currency contracts involves first calculating the Months to Maturity then identifying Forward Month Contracts. Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated Forward Point. The Managing Owner will also compare the calculated price to the forward currency prices provided by dealers to determine whether the calculated price is fair and reasonable.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, such as accrual of expenses, that affect the amounts and disclosures reported in the financial statements. Based on the nature of the business and operations of the Trust, the Managing Owner believes that the estimates utilized in preparing the Trust's financial statements are appropriate and reasonable, however actual results could differ from these estimates. The estimates used do not provide a range of possible results that would require the exercise of subjective judgment. The Managing Owner further believes that, based on the nature of the business and operations of the Trust, no other reasonable assumptions relating to the application of the Trust's critical accounting estimates other than those currently used would likely result in materially different amounts from those reported.

RESULTS OF OPERATIONS

Due to the nature of the Trust's trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year.

Series 1 Units, which were initially issued simply as "Units" beginning in July 23, 2001, were the only Series of Units available prior to 2009. Series 3 Units were first issued on September 1, 2009, Series 4 Units were first issued on November 1, 2010 and Series 5 Units were first issued on April 1, 2018. The Trust's past performance is not necessarily indicative of how it will perform in the future.

THREE MONTHS ENDED JUNE 30, 2025

The decrease in the Trust's net assets of $5,552,830 was attributable to net loss after profit share of $1,330,113 and redemptions of $4,222,717.

Management fees and installment selling commissions are calculated on the net asset value of the Series 1 Units, Series 3 Units and Series 5 Units on the last day of each month and are affected by trading performance, subscriptions and redemptions. Management fees and installment selling commissions for the three months ended June 30, 2025 decreased $55,980 and $100,063 (net of Managing Owner commission rebate to Unitholders), respectively, relative to the corresponding period in 2024, due to a decrease in the Trust's Series 1, Series 3 and Series 5 average net assets.

Trade execution and clearing costs for the three months ended June 30, 2025 decreased $29,655 relative to the corresponding period in 2024. The decrease was due mainly to a decrease in the Trust's net assets and a decrease in trading volume during the three months ended June 30, 2025 relative to the corresponding period in 2024.

Administrative expenses for the three months ended June 30, 2025 increased $4,778 relative to the corresponding period in 2024. The increase was due mainly to an increase in professional fees accruals during the three months ended June 30, 2025 relative to the corresponding period in 2024.

Interest income is derived from cash and U.S. Treasury instruments held at the Trust's brokers and custodian. Interest income for the three months ended June 30, 2025 decreased $304,566 relative to the corresponding period in 2024. This decrease was due predominantly to a decrease in short-term U.S. Treasury yields and a decrease in the Trust's net assets during the three months ended June 30, 2025 relative to the corresponding period in 2024.



During the three months ended June 30, 2025, the Trust experienced net realized and unrealized losses of $1,205,227 from its trading operations (including foreign exchange translations and Treasury obligations). Total brokerage and management fees of $749,885, administrative expenses of $118,544, custody fees and other expenses of $5,877 were incurred. Interest income of $704,423 and Managing Owner commission rebate to Unitholders of $44,997 partially offset the Trust expenses resulting in net loss after profit share to the Managing Owner of $1,330,113. An analysis of the trading gain (loss) by sector is as follows:

SIX MONTHS ENDED JUNE 30, 2025

The decrease in the Trust's net assets of $6,992,090 was attributable to net loss after profit share of $1,356,288 and redemptions of $5,635,802.

Management fees and installment selling commissions are calculated on the net asset value of the Series 1 Units, Series 3 Units and Series 5 Units on the last day of each month and are affected by trading performance, subscriptions and redemptions. Management fees and installment selling commissions for the six months ended June 30, 2025 decreased $121,780 and $144,412 (net of Managing Owner commission rebate to Unitholders), respectively, relative to the corresponding period in 2024, due to a decrease in the Trust's Series 1, Series 3 and Series 5 average net assets.

Trade execution and clearing costs for the six months ended June 30, 2025 decreased $54,979 relative to the corresponding period in 2024. The decrease was due mainly to a decrease in the Trust's net assets and a decrease in trading volume during the six months ended June 30, 2025 relative to the corresponding period in 2024.

Administrative expenses for the six months ended June 30, 2025 decreased $1,848 relative to the corresponding period in 2024. The decrease was due mainly to a reduction in professional fees accruals during the six months ended June 30, 2025 relative to the corresponding period in 2024.

Interest income is derived from cash and U.S. Treasury instruments held at the Trust's brokers and custodian. Interest income for the six months ended June 30, 2025 decreased $507,063 relative to the corresponding period in 2024. This decrease was due predominantly to a decrease in short-term U.S. Treasury yields and a decrease in the Trust's net assets during the six months ended June 30, 2025 relative to the corresponding period in 2024.

During the six months ended June 30, 2025, the Trust experienced net realized and unrealized losses of $1,157,379 from its trading operations (including foreign exchange translations and Treasury obligations). Total brokerage and management fees of $1,554,217, administrative expenses of $224,928, custody fees and other expenses of $10,752 were incurred. Interest income of $1,499,061 and Managing Owner commission rebate to Unitholders of $91,927 partially offset the Trust expenses resulting in net loss after profit share to the Managing Owner of $1,356,288. An analysis of the trading gain (loss) by sector is as follows:

MANAGEMENT DISCUSSION -2025

Three months ended June 30, 2025

The Trust was unprofitable during the quarter as losses from trading energy futures, currency forwards and, to a lesser extent, soft commodity futures outpaced the gains from trading equity, interest rate, metal and agricultural commodity futures.

Financial and commodity markets were volatile during the second quarter amidst a number of events including: the Trump administration's announcement of tariffs despite a 90-day delay to facilitate bilateral negotiations; concerns about the expected deficit and debt implications of the tax and spending within the "One Big Beautiful Bill"; and the Israeli and U.S. attacks on Iran's uranium enrichment and weapons programs and subsequent ceasefire.

Energy prices were highly volatile during the quarter. For example, Brent crude oil started the quarter near $75/barrel but fell sharply to $60/barrel at the end of April as the U.S.-China trade dispute led economists and analysts to lower their forecasts for global growth, oil demand and prices. Additionally, Organization of the Petroleum Exporting Countries ("OPEC+") suggested its program of output hikes could be accelerated in coming months. Then, after a period of stability, prices soared above $77/barrel during the 12-day conflict between Iran and Israel/the U.S. Finally, as the ceasefire in that conflict took hold, the price dropped back near $67/barrel. Long positions in Brent and WTI crude oil were unprofitable. Natural gas prices also proved volatile during the quarter. U.S. and United Kingdom ("U.K.") natural gas prices experienced multi-month lows in April amidst warm temperatures in the U.S. and Europe, healthy natural gas inventories and strong U.S. production. However, during May, prices rose as Europe looked to replenish its depleted reserves and the U.S.-China trade accord seemingly impacted global energy demand, at least temporarily. In June, prices spiked higher during the Israel-Iran conflict and decreased toward the lowest levels of the quarter as a ceasefire was implemented. Amidst the volatility, losses were sustained trading U.S. and European Title Transfer Facility (TTF). Elsewhere, a long position in RBOB gasoline was profitable.

Uncertainty surrounding the structure, goals and ultimate impact of the Trump tariffs, worries over the Federal Reserve ("Fed") independence and fears about the U.S. fiscal deficits and debt possibly contributed to a shift away from the U.S. dollar. The economic outlook for Europe seemingly due in part to expanding defense and infrastructure spending, especially from Germany, also possibly weighed on the U.S. dollar. The U.S. dollar dropped in April, stabilized somewhat in May and drifted lower again in June, declining about 7% overall during the quarter as measured by the Bloomberg Dollar Index Spot (DXY) spot rate and Bloomberg Dollar Spot Index (BBDXY). Long U.S. dollar trades versus the Swiss franc, Israeli shekel, U.K. pound, New Zealand, Australian and Canadian dollars and a few other currencies posted losses, especially in April. Meanwhile, long positions in the high-yield Brazilian real, Mexican peso and Polish zloty and a few other currencies against the U.S. dollar produced partially offsetting profits. A long U.S. dollar trade relative to the Japanese yen early in April was also profitable.

Coffee futures prices experienced volatility during the quarter. In April, concerns over Brazil's 2025/26 coffee crop, low inventories and tariff issues seemed to strengthen prices. Later, prices seemed to weaken amidst strong harvest progress in Brazil for the 2025/26 crop and expectations of abundant global supply, particularly from top producer Vietnam. A long Arabica coffee position was unprofitable and was significantly reduced. Meanwhile, long cocoa futures positions registered partially offsetting profits as prices rose early in the quarter, coinciding with supply concerns in West Africa and unexpectedly strong demand from Europe, the U.S. and Asia.

Equity markets were volatile during the quarter. Early in the period, global equity markets sold off amid U.S. tariff announcements. Subsequently, however, they rebounded while implementation delays were announced and negotiations tentatively ensued. Amid concerns about U.S. fiscal policy initiatives, global monetary policy and geopolitical hotspots, the recovery was not consistent. On balance, long positions in U.S., Japanese, Taiwanese, and Singaporean equity futures, and trading of the iShares MSCI Emerging Markets ETF emerging markets index futures were profitable. On the other hand, long positions in European and Chinese stock index futures and trading of Brazilian and Indian index futures posted largely offsetting losses.

Trading of interest rate futures was mixed and slightly profitable from April through June. Long positions in short-term U.S., British, Australian and Italian interest rate futures were profitable, especially early in the period amidst economic, political and geopolitical uncertainties. A short Japanese government bond trade was also profitable as market participants seemed to be wary of a Bank of Japan rate hike. A short U.K. gilt position was also profitable as the Bank of England did not cut official rates. Conversely, trading of German, French, U.S. and Canadian note and bond futures generated largely offsetting losses as the Fed did not cut interest rates, the U.S. and China reached a temporary trade compromise and there were concerns about government deficits and debt globally and geopolitical risks.

Metal prices were volatile during the period. Early in the quarter, worries about the impact of tariffs on trade and economic growth seemed to weigh down prices of copper, aluminum and silver, palladium and platinummetals that have significant industrial uses. Meanwhile, gold prices increased amid economic, political and geopolitical uncertainties. Later in the quarter, however, silver and platinum prices, which had trailed behind gold's persistent rally, increased to over 10-year highs, possibly impacted by safe-haven demand amid heightened Middle East tensions and a tight supply background. Copper and aluminum prices also pushed higher, possibly reflecting tariff-related squeezes and expectations that manufacturing demand would remain robust this year. Meanwhile, gold prices decreased as the U.S. brokered a ceasefire to the 12-day Iran-Israel/U.S. conflict. On balance, gains from trading gold and silver were slightly larger than the losses from trading copper, aluminum and platinum.

Short corn, soybean and wheat positions were profitable while prices declined alongside ample supply prospects for the U.S., Brazil and Russia. On the other hand, trading soybean oil, during a period of concern about U.S. and Indonesian biofuel blending mandates, resulted in a largely offsetting loss.

Three months ended March 31, 2025

The Trust was profitable during the quarter, despite losses from trading currency forwards and stock index futures outpacing profits from trading interest rate and commodity futures, due to class action proceeds received in January of 2025.

A series of Trump administration policy initiatives announced during the first quarter were primarily focused on tariffs, immigration and fiscal spending while additional initiatives targeted at tax policy and deregulation seemed likely to be implemented later in the year. This sequencing seemingly weighed on consumer and business confidence, depressed growth expectations and raised inflation concerns. Financial and commodity markets were unsettled amid these developments and the Trump administration's foreign policy efforts to end Russia's war on Ukraine and the Israeli-Hamas conflict.

Weakening growth expectations for the U.S., juxtaposed against slight improvements in the prospects for Europe and China and combined with a narrowing of interest rate differentials favoring the U.S. seemingly weighed on the U.S. currency. Long U.S. dollar positions against the euro, United Kingdom pound sterling, Japanese yen, Norwegian krone, Swedish krona, Swiss franc, Chinese renminbi and Singapore, Australian, New Zealand and Canadian dollars were unprofitable. On the other hand, long positions in the high-yielding Brazilian real, Indian rupee and Polish zloty relative to the U.S. dollar generated partially offsetting profits.

Shifting growth expectation for the U.S., Europe and China amid U.S. trade, immigration, fiscal and foreign policy initiatives seemingly disrupted equity markets globally. Trading of equity futures was mixed and fractionally unprofitable for the quarter. The rollout of certain U.S. policies was followed by a sharp selloff in Asia (excluding China) equities and long positions in Japanese and Australian equity futures, and trading of Taiwanese, Singaporean and iShares MSCI Emerging Markets ETF emerging market index futures posted losses. The Brazilian Bovespa index, which had fallen 30% last year, gained sharply during the quarter amid investors rotating into Brazilian equities and out of U.S. equities. A short Bovespa stock index futures trade was also unprofitable. On the other hand, amid positive valuations, declining official interest rates and signs of improving economic activity, the Trust generated partially offsetting gains on long positions in European and U.K. equity index futures. Long positions in Chinese equity futures also generated gains as President Xi met with corporate leaders, particularly ahead of the March National People's Congress.

Interest rates faced conflicting forces during the quarter. In America, the deployment of tariffs and use of the Department of Government Efficiency to reduce government spending coincided with consumer and business uncertainty, as well as slower growth and lower interest rates. Conversely, in Germany, newly elected Chancellor Merz's policy initiatives coincided with a change in government borrowing and spending, higher growth and interest rates. Short positions in German, French and Italian note and bond interest rate futures were profitable. On the other hand, trading of U.K., European and U.S. short-term interest rate futures produced partially offsetting losses. A long position in Japanese government bond futures was also slightly unprofitable, amid concern from market participants that the Bank of Japan might raise official interest rates.

Long gold positions were profitable as prices as demand for safe-haven assets amid tariff uncertainties, geopolitical tensions and continuing central bank diversification demand rose to record highs during the quarter. Long platinum and aluminum trades were also slightly profitable. Elsewhere, trading of copper, nickel, zinc and silver produced partially offsetting losses as prices vacillated alongside trade and tariff uncertainties, an unsettled U.S. dollar and changing global growth and inflation outlooks.

Energy prices were volatile during the quarter amid conflicting influences. President Trump threatened to impose tighter sanctions and/or secondary tariffs on buyers of Russian crude oil if President Putin blocked President Trump's Ukraine peace initiative and to impose additional tariffs and military strikes on Iran if Tehran failed to reach an agreement with the U.S. regarding its nuclear program. Improving growth in China also possibly impacted product price in a positive way. On the other hand, President Trump's policies seeking lower oil prices and the non-Organization of the Petroleum Exporting Countries' ("OPEC+") announcement of impending increased production starting in April seemingly weighed on prices. Concerns about the strength of the U.S. economy and worries that that Trump administration's trade and tariff policies could dampen global growth possibly constrained prices as well. On balance, long crude oil trades were profitable. A long U.S. natural gas trade was also profitable as prices continued to increase on strong export demand from Europe and Asia. However, a long Dutch Title Transfer Facility (TTF) natural gas position was unprofitable as prices fell from recent one-year highs when the winter heating season reached an end.

A long Arabica coffee position performed well as prices increased to record highs, while adverse weather conditions reportedly damaged crops in Brazil and Vietnam, the world's two largest producers. Furthermore, the world has consumed more coffee than it produced for the past four years, decreasing inventory levels. On the other hand, cocoa prices, which had risen sharply between November and January, declined throughout the quarter as recent rains improved the outlook for Ivory Coast's April-to-September mid-crop, making long positions unprofitable. Trading sugar futures was also unprofitable.

Grain prices were volatile during the quarter, coinciding with uncertainties generated by the Trump administration's trade and tariff policies and its foreign policy initiatives toward Russia, Ukraine and the Black Sea trade corridor. A short soybean oil trade registered a loss as prices rose when an increase in crude palm oil prices pushed up demand for soybean oil as a substitute. Trading of corn was also unprofitable. On the other hand, short wheat and soybean meal positions posted partially offsetting profits.

THREE MONTHS ENDED JUNE 30, 2024

The increase in the Trust's net assets of $1,941,692 was attributable to net income after profit share of $3,907,289 and subscriptions to the new profit memo account of $736, which were partially offset by redemptions of $1,966,333.

Management fees and installment selling commissions are calculated on the net asset value of the Series 1 Units, Series 3 Units and Series 5 on the last day of each month and are affected by trading performance, subscriptions and redemptions. Management fees and installment selling commissions for the three months ended June 30, 2024 decreased $192,952 and $56,217 (net of Managing Owner commission rebate to Unitholders), respectively, relative to the corresponding period in 2023, due to a decrease in the Trust's Series 1, Series 3 and Series 5 average net assets.

Trade execution and clearing costs for the three months ended June 30, 2024 decreased $4,609 relative to the corresponding period in 2023. The decrease was due mainly to a decrease in the Trust's net assets during the three months ended June 30, 2024 relative to the corresponding period in 2023.

Administrative expenses for the three months ended June 30, 2024 decreased $21,190 relative to the corresponding period in 2023. The decrease was due mainly to a reduction in professional fees accruals during the three months ended June 30, 2024 relative to the corresponding period in 2023.

Interest income is derived from cash and U.S. Treasury instruments held at the Trust's brokers and custodian. Interest income for the three months ended June 30, 2024 increased $20,433 relative to the corresponding period in 2023. This increase was due predominantly to an increase in short-term U.S. Treasury yields during the three months ended June 30, 2024, which was partially offset by a decrease in average net assets.



During the three months ended June 30, 2024, the Trust experienced net realized and unrealized gains of $3,915,086 from its trading operations (including foreign exchange translations and Treasury obligations). Total brokerage and management fees of $945,145, administrative expenses of $113,766, custody fees and other expenses of $5,271 and accrued profit share to the Managing Owner of $7,163 were incurred. The Trust's gains achieved from trading operations, in addition to interest income of $1,008,989, and Managing Owner commission rebate to Unitholders of $54,559 were partially offset by the Trust's expenses, resulting in net income after profit share to the Managing Owner of $3,907,289. An analysis of the trading gain (loss) by sector is as follows:

SIX MONTHS ENDED JUNE 30, 2024

The increase in the Trust's net assets of $2,064,694 was attributable to net income after profit share of $9,755,545 and subscriptions to the new profit memo account of $736, which were partially offset by redemptions of $7,691,587.

Management fees and installment selling commissions are calculated on the net asset value of the Series 1 Units, Series 3 Units and Series 5 on the last day of each month and are affected by trading performance, subscriptions and redemptions. Management fees and installment selling commissions for the six months ended June 30, 2024 decreased $388,040 and $45,178 (net of the Managing Owner commission rebate to Unitholders), respectively, relative to the corresponding period in 2023 due to a decrease in the Trust's Series 1, Series 3 and Series 5 net assets during the respective periods.

Trade execution and clearing costs for the six months ended June 30, 2024 decreased $23,573 relative to the corresponding period in 2023. The decrease was due mainly to a decrease in the Trust's net assets during the six months ended June 30, 2024 relative to the corresponding period in 2023.

Administrative expenses for the six months ended June 30, 2024 decreased $48,867 relative to the corresponding period in 2023. The decrease was due mainly to a reduction in professional fees accruals during the six months ended June 30, 2024 relative to the corresponding period in 2023.

Interest income is derived from cash and U.S. Treasury instruments held at the Trust's brokers and custodian. Interest income for the six months ended June 30, 2024 increased $140,533 relative to the corresponding period in 2023. This increase was due predominantly to an increase in short-term U.S. Treasury yields during the six months ended June 30, 2024 relative to the corresponding period in 2023, which was partially offset by a decrease in average net assets.

During the six months ended June 30, 2024, the Trust experienced net realized and unrealized gains of $9,780,476 from its trading operations (including foreign exchange translations and Treasury obligations). Total brokerage and management fees of $1,890,203, administrative expenses of $226,776, custody fees and other expenses of $13,655 and accrued profit share to the Managing Owner of $7,163 were incurred. The Trust's gains achieved from trading operations, in addition to interest income of $2,006,124, and Managing Owner commission rebate to Unitholders of $106,742 were partially offset by the Trust's expenses, resulting in net income after profit share to the Managing Owner of $9,755,545. An analysis of the trading gain (loss) by sector is as follows:

MANAGEMENT DISCUSSION -2024

Three months ended June 30, 2024

The Trust was profitable during the quarter as gains from trading financial futures, especially in April, grain futures and soft commodity futures outdistanced the losses from trading energy and metal futures. Trading of livestock futures was marginally negative too.

Interest rates were volatile throughout the quarter, which seemed to reflect the variability of economic data. The U.S. ten-year treasury note vacillated in a 4.2% to 4.7% range. When data evidenced moderating inflation, wages, growth and employment, interest rates appeared to decline. On the other hand, as data indicated sticky inflation and wages, and strong growth and labor markets, interest rates appeared to rise. Major global central banks continued to stress that the peak in rates had probably been reached, but that cuts required more certainty about the paths of inflation and growth. During the quarter, the European Central Bank, Bank of Canada, Swiss National Bank, Swedish Riksbank and Danish National Bank each lowered official interest rates by ¼ of a percentage point. Meanwhile, the Federal Reserve ("Fed") and Bank of England continued to hold off on cutting rates likely due to apparent concern about "sticky" inflation and wages, and analysts seem to suggest that the Reserve Bank of Australia might raise official interest rates in coming months after recent inflation data surprised to the upside. Meanwhile, concerns about government deficits and debt/GDP levels globally continues to cloud the interest rate outlook. On balance, interest rates increased during the quarter and short positions in U.S., German, French and Australian interest rate futures were profitable, especially in April.

Currency markets were also volatile during the quarter, but favorable U.S. interest rate differentials, European political uncertainties, particularly in France and the U.K., and fiscal policy worries around Mexico and Latin America seemed to help underpin the U.S. dollar. Long U.S. dollar positions versus the Japanese yen, Swiss franc, pound sterling, South African rand and Canadian dollar were profitable. On the other hand, a long position in the high-yield Mexican peso was unprofitable following the Mexican presidential election. Long U.S. dollar trades against the Norwegian, Swedish, Singaporean and Australian currencies also produced partially offsetting losses during May when the U.S. dollar weakened along with U.S. interest rates.

Equity markets were volatile during the quarter and trading of global equity futures was mixed but profitable. Changing inflation and growth dynamics across countries and regions, uncertainty concerning the outlook for monetary policy among major developed market central banks, and bifurcation of performance and valuations across markets and individual stocks, especially as related to artificial intelligence phenomena, confronted market participants. A modest improvement in the growth outlook for Europe combined with attractive equity market valuations helped lead to profits in long positions in European equity index futures. Trading of U.S., Chinese and Taiwanese stock index futures was also quite profitable. A short Brazilian Bovespa position was also profitable, which seemed to reflect market participants concerns about the government's commitment to fiscal policy consolidation and, hence, the central bank's ability to lower official interest rates further. A short vix volatility index futures trade was profitable too. On the other hand, trading of Japanese, and Indian stock index futures registered partially offsetting losses.

Grain prices were volatile during the quarter as difficult weather conditions globally seemed to muddle the supply outlooks in many markets. Early in the quarter, worries about supply disruptions from bad weather in Russia, Brazil and the U.S. likely helped to push up grain prices to their highest levels in nearly half a year and a long soybean position was slightly profitable. During the latter half of the quarter, however, favorable reports about U.S. wheat production seemed to confront news about the production decreases in Russia, Ukraine, and the EU and wheat prices declined. Consequently, short wheat positions were broadly profitable. Short positions in corn futures were also profitable as it appears prices fell once USDA forecasts indicated that U.S. corn inventories could hit a six-year peak by September 2025.

Early in the quarter, a long Arabica coffee futures position was profitable as prices remained elevated seemingly due to concerns over potential rain damage to coffee crops in Brazil. Sugar prices declined in April and May due in part to apparent expectations of robust supply from Brazil, the leading exporter globally. This better supply outlook for Brazil appears to have helped offset concerns about shortages in Asia, particularly in countries like India and Thailand. Consequently, a short sugar futures trade was profitable in April and May, although some price recovery in June reduced the overall quarterly profit. Meanwhile, trading of cotton futures was slightly unprofitable.

Energy prices were volatile throughout the quarter while edging lower on balance. Geopolitical frictions in the Middle East appear to continue to underpin energy prices, while demand-side uncertainties and increasing supply from non Organization of the Petroleum Exporting Countries ("OPEC+") sources seem to pressure prices lower. Overall, trading of RBOB gasoline, London gas oil, heating oil and WTI crude oil were unprofitable. A short carbon emissions trade was also unprofitable. On the other hand, trading of Brent crude produced a partially offsetting gain.

Silver prices jumped sharply during April and May, rising to their highest levels in 11 years. An expanding solar power industry is helping drive a growth in industrial demand for silver. Safe haven demand for precious metals and expectations of interest rate cuts by major central banks later this year also appear to have helped support the price advance. Consequently, a short silver trade was unprofitable, although the loss was scaled back somewhat when prices eased back in June as growing uncertainty on the outlook for US Federal Reserve interest rate cuts and signs of softening industrial demand, especially from top silver consumer China, likely weighed on metal prices. Elsewhere, short NYMEX copper and London aluminum futures trades were unprofitable as U.S. and U.K. sanctions that ban the trading of new Russian metals supplies, worries about the long-term availability of metals needed for the energy transition, concerns about short-term metal supplies due to several mine closures and emerging signs of improving growth in Europe seemed to push metal prices higher.

Three months ended March 31, 2024

The Trust was profitable during the quarter as gains from trading interest rate futures, energy futures, currency forwards and grain futures outdistanced losses from trading soft commodity and metals futures. Trading of equity futures was nearly flat.

Financial and commodity market prices vacillated during the quarter as market participants reacted to impacts of uncertainty about the timing and pace of expected central bank interest rate cuts, disparate regional growth and inflation outlooks and the influence of developments surrounding the use of artificial intelligence ("AI").

Interest rates were volatile during the quarter. They rose broadly as developed market central banks, led by the Federal Reserve ("Fed"), pushed back against market expectations of early and official interest rate cuts. Concerns about "sticky" inflation and strong wage data and labor markets seemingly helped support this higher-for-longer interest rate narrative. However, interest rates did ease a bit during March as developed market central banks, following recent meetings, seemed more willing to take longer to return to their target inflation levels than had previously been the case to avoid a hard growth landing. Overall, short positions in medium- and long-term U.S. and German note and bond futures were broadly profitable. A short position in the U.S. short-term interest rate future was also profitable. On the other hand, during January, long positions in British, U.S. and European short-term interest rate futures, and in Italian short-term and long-term interest rate futures, registered partially offsetting losses. A short position in the Japanese government bond future was also slightly unprofitable as the Bank of Japan executed a "dovish" end to its zero-interest rate and yield curve control policies.

Relative strength in U.S. growth, equity markets and interest rate differentials seemingly helped buoy the U.S. dollar. Long U.S. dollar positions versus the Japanese, Swiss, New Zealand, Canadian and Australian currencies were profitable. Elsewhere, a short U.S. dollar trade against the euro in January and trading the U.S. dollar relative to the Brazilian real and Singapore dollar produced partially offsetting losses.

Energy prices rose during the quarter as Middle East tensions, including a drone attack by Iran-backed militants that killed U.S. troops in Jordan and an expansion of Houthi missile strikes in the Red Sea on a Trafigura-operated fuel tanker carrying Russian products, stoked fears of supply disruptions. The continuation of production cuts by Organization of the Petroleum Exporting Countries ("OPEC+") and Ukrainian attacks on Russian oil refineries also likely contributed to supply worries. On the demand side, stronger-than-expected US economic data and fresh stimulus in China seemed to strengthen the outlook in two of the world's largest oil consumers. In this environment, long positions in Brent crude, WTI crude, RBOB gasoline, London gasoil and heating oil were profitable. A short carbon emissions trade was also profitable as the recent slowdown in the electric vehicle market weighed on demand for emission credits.

Ample supplies of grain from South America, Russia, Ukraine and the U.S. likely impacted prices and short wheat and soybean positions were profitable, especially early in the quarter. In March, amid reports of destructive rain and hail across crucial grain-producing regions in Argentina supporting soybean prices, a long soybean trade was profitable.

Sugar prices, following a sharp drop late last year, rebounded in January amid concerns about hot weather damaging crops in southeast Asia, particularly in India and New Delhi extended its export ban. A short sugar trade was unprofitable as prices rose. Cocoa prices rallied to an historic high as weather and disease afflicted cocoa trees in the world's main growing regions in West Africa, raising supply concerns. A short cocoa trade was unprofitable. Trading of coffee and cotton were also slightly unprofitable.

Silver prices were buoyed amid expectations that developed market central banks would embark on an interest rate easing cycle. Indeed, the Swiss National Bank announced a quarter point cut in its official interest rate in March. Consequently, a short silver trade was unprofitable. Trading of gold, platinum and zinc also posted small losses.

Trading of stock index futures was mixed and flat during the quarter. Improving growth, inflation and corporate earnings outlooks in Japan seemingly contributed to strong profits on long Japanese equity index futures positions. A long Spanish IBEX equity futures position and a short Brazilian equity index futures trade were also profitable. On the other hand, in the U.S., where AI optimism, growth and central bank rate

cut prospects seemed to support equities, losses on short positions in Russell, MIDCAP 400 and Dow Jones index futures outdistanced profits from trading the NASDAQ index futures. Short positions in European, Singaporean and emerging market equity index futures, and trading of Australian and Canadian index futures registered offsetting losses too.

OFF-BALANCE SHEET ARRANGEMENTS

The Trust does not engage in off-balance sheet arrangements with other entities.

CONTRACTUAL OBLIGATIONS

The Trust does not enter into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Trust's sole business is trading futures, forward currency, spot, option, and swap contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Trust for less than four months before being offset or rolled over into new contracts with similar maturities. The Trust's financial statements present a Condensed Schedule of Investments setting forth net unrealized appreciation (depreciation) of the Trust's open futures and forward currency contracts, both long and short, at June 30, 2025 and December 31, 2024.