# EDGAR Filing Document

**Accession Number:** 0001145765
**File Stem:** 0001145765-25-000008
**Filing Date:** 2025-11
**Character Count:** 169131
**Document Hash:** 935b9a3ec26c75dff689bc9efeb79d54
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145765-25-000008.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001145765-25-000008

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GLOBAL MACRO TRUST
- **CENTRAL INDEX KEY:** 0001145765
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50102
- **FILM NUMBER:** 251479872

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MILLBURN CORP
- **STREET 2:** 411 WEST PUTNAM AVENUE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 2036257554

**MAIL ADDRESS:**
- **STREET 1:** C/O MILLBURN CORP
- **STREET 2:** 411 WEST PUTNAM AVENUE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

?xml version='1.0' encoding='ASCII'? c765-20250930x10q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

&nbsp;&nbsp;&nbsp;&nbsp;⌧ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended: September 30, 2025

or

□ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 000-50102

  <br> <u>GLOBAL MACRO TRUST</u> <br> <u>(Exact name of registrant as specified in its charter) </u>

---

| | |
|:---|:---|
| Delaware | 36-7362830 |
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | Identification No.)<br>|

---

c/o MILLBURN RIDGEFIELD LLC

55 West 46<sup>th</sup> Street, 31<sup>st</sup> Floor

---

| |
|:---|
| New York, NY 10036 |
| (Address of principal executive offices) (Zip code) |

---

(212) 332-7300

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;**None** | &nbsp;&nbsp;**None** | &nbsp;&nbsp;**None**  |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ⌧ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ⌧ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

    <br> <u>Large accelerated filer □</u> <u>Accelerated filer □</u> <br> <u>Non-accelerated filer □</u> <u>Smaller reporting company ⌧Emerging growth company □ </u>

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes □ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No ⌧

------

---

| | |
|:---|:---|
| **PART 1. FINANCIAL INFORMATION** |  |
| **ITEM 1. FINANCIAL STATEMENTS** |  |
| Global Macro Trust |  |
| Financial statements |  |
| For the three and nine months ended September 30, 2025 and 2024 (unaudited) |  |
| Statements of Financial Condition (a) | 1 |
| Condensed Schedules of Investments (a) | 2 |
| Statements of Operations (b) | 6 |
| Statements of Changes in Trust Capital (c) | 8 |
| Statements of Financial Highlights (b) | 10 |
| Notes to the Financial Statements | 12 |
| (a) At September 30, 2025 (unaudited) and December 31, 2024  |  |
| (b) For the three and nine months ended September 30, 2025 and 2024 (unaudited) |  |
| (c) For the nine months ended September 30, 2025 and 2024 (unaudited) |  |

---

------

---

| | | |
|:---|:---|:---|
| **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** |
| **Statements of Financial Condition** | **Statements of Financial Condition** | **Statements of Financial Condition** |
|  | **September 30, 2025 (unaudited)** | **December 31, 2024** |
| **ASSETS** |  |  |
| EQUITY IN TRADING ACCOUNTS: |  |  |
| &nbsp;&nbsp;Investments in U.S. Treasury notes – at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(amortized cost $14,362,785 and $14,444,514) | $14371603 | $14460346 |
| &nbsp;&nbsp;Net unrealized appreciation on open futures and |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;forward currency contracts | 437541 | 547665 |
| &nbsp;&nbsp;Due from brokers, net | 1277984 | 2247936 |
| &nbsp;&nbsp;Cash denominated in foreign currencies (cost $25,408  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;and $165,305) | 25538 | 155929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity in trading accounts | 16112666 | 17411876 |
| INVESTMENTS IN U.S. TREASURY NOTES – at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(amortized cost $43,640,230 and $50,602,203) | 43685888 | 50649558 |
| CASH AND CASH EQUIVALENTS | 1163179 | 3178544 |
| ACCRUED INTEREST RECEIVABLE | 254338 | 399394 |
| TOTAL  | $61216071 | $71639372 |
| **LIABILITIES AND TRUST CAPITAL** |  |  |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;Net unrealized depreciation on open futures and forward currency contracts | $136734 | $44821 |
| &nbsp;&nbsp;Due to Managing Owner | 19305 | - |
| &nbsp;&nbsp;Accrued management fees | 105578 | 125023 |
| &nbsp;&nbsp;Accrued installment selling commissions | 107091 | 126251 |
| &nbsp;&nbsp;Accrued trade execution and clearing costs | 2844 | 3929 |
| &nbsp;&nbsp;Redemptions payable to Unitholders | 1375133 | 584367 |
| &nbsp;&nbsp;Redemption payable to Managing Owner | - | 300726 |
| &nbsp;&nbsp;Accrued expenses | 131652 | 89421 |
| &nbsp;&nbsp;Cash overdraft denominated in foreign currencies (cost $119,898 and $62,661) | 120328 | 61192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1998665 | 1335730 |
| TRUST CAPITAL: |  |  |
| &nbsp;&nbsp;Managing Owner interest (1,919.188 and 1,832.327 units outstanding) | 2068328 | 2122788 |
| &nbsp;&nbsp;Series 1 Unitholders (32,637.284 and 35,025.439 units outstanding) | 35173635 | 40577713 |
| &nbsp;&nbsp;Series 3 Unitholders (4,546.726 and 6,225.709 units outstanding) | 8797454 | 12526745 |
| &nbsp;&nbsp;Series 4 Unitholders (3,320.121 and 3,405.239 units outstanding) | 9308781 | 9798806 |
| &nbsp;&nbsp;Series 5 Unitholders (2,190.080 and 2,856.504 units outstanding) | 3869208 | 5277590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total trust capital | 59217406 | 70303642 |
| TOTAL | $61216071 | $71639372 |
| NET ASSET VALUE PER UNIT OUTSTANDING: |  |  |
| &nbsp;&nbsp;Series 1 Unitholders | $1077.71 | $1158.52 |
| &nbsp;&nbsp;Series 3 Unitholders | $1934.90 | $2012.10 |
| &nbsp;&nbsp;Series 4 Unitholders | $2803.75 | $2877.57 |
| &nbsp;&nbsp;Series 5 Unitholders | $1766.70 | $1847.57 |
| See notes to financial statements (unaudited) |  |  |

---

------

---

| | | |
|:---|:---|:---|
| **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** |
| **Condensed Schedule of Investments (unaudited)** | **Condensed Schedule of Investments (unaudited)** | **Condensed Schedule of Investments (unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **FUTURES AND FORWARD CURRENCY CONTRACTS** | **Net Unrealized<br>‎Appreciation/<br>‎(Depreciation)<br>‎as a % of<br>‎Trust Capital** | **Net Unrealized<br>‎Appreciation/<br>‎(Depreciation)** |
| FUTURES CONTRACTS |  |  |
| &nbsp;&nbsp;Long futures contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies | 0.00% | $1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energies | (0.06) | (34580) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 Year U.S. Treasury Bond (14 contracts, settlement date December 2025) | 0.01 | 3594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (0.08) | (47602) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest rates | (0.07) | (44008) |
| &nbsp;&nbsp;&nbsp;&nbsp;Livestock | 0.00 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals | 0.55 | 326257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Softs | (0.01) | (6392) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock indices | 0.10 | 61013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long futures contracts | 0.51 | 303905 |
| &nbsp;&nbsp;Short futures contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies | 0.00 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energies | 0.02 | 12831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grains | 0.38 | 222983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Year U.S. Treasury Note (62 contracts, settlement date December 2025) | 0.01 | 2883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (0.05) | (29197) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest rates | (0.04) | (26314) |
| &nbsp;&nbsp;&nbsp;&nbsp;Livestock | 0.00 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals | (0.49) | (287715) |
| &nbsp;&nbsp;&nbsp;&nbsp;Softs | 0.01 | 4143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock indices | (0.08) | (47709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short futures contracts | (0.20) | (118740) |
| TOTAL INVESTMENTS IN FUTURES CONTRACTS-Net | 0.31 | 185165 |
| FORWARD CURRENCY CONTRACTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long forward currency contracts | (0.12) | (70225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short forward currency contracts | 0.32 | 185867 |
| TOTAL INVESTMENTS IN FORWARD CURRENCY  |  |  |
| &nbsp;&nbsp;CONTRACTS-Net | 0.20 | 115642 |
| TOTAL | 0.51% | $300807 |
|  |  | (Continued) |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** |
| **Condensed Schedule of Investments (unaudited)** | **Condensed Schedule of Investments (unaudited)** | **Condensed Schedule of Investments (unaudited)** | **Condensed Schedule of Investments (unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **U.S. TREASURY NOTES** | **U.S. TREASURY NOTES** |  |  |
| **Face Amount** | **Description** | **Fair Value<br>‎as a % of<br>‎Trust Capital** | **Fair Value** |
| $19721000 | U.S. Treasury notes, 2.250%, 11/15/2025 | 33.23% | $19679786 |
| 19760000 | U.S. Treasury notes, 1.625%, 02/15/2026 | 33.09 | 19595977 |
| 19149000 | U.S. Treasury notes, 1.500%, 08/15/2026 | 31.72 | 18781728 |
|  | **Total investments in U.S. Treasury notes** |  |  |
|  | &nbsp;&nbsp;**(amortized cost $58,003,015)** | 98.04% | $58057491 |
| See notes to financial statements (unaudited) | See notes to financial statements (unaudited) |  | (Concluded) |

---

‎

------

---

| | | |
|:---|:---|:---|
| **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** |
| **Condensed Schedule of Investments** | **Condensed Schedule of Investments** | **Condensed Schedule of Investments** |
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **FUTURES AND FORWARD CURRENCY CONTRACTS** | **Net Unrealized<br>‎Appreciation/<br>‎(Depreciation)<br>‎as a % of<br>‎Trust Capital** | **Net Unrealized<br>‎Appreciation/<br>‎(Depreciation)** |
| FUTURES CONTRACTS |  |  |
| &nbsp;&nbsp;Long futures contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies | (0.03)% | $(18511) |
| &nbsp;&nbsp;&nbsp;&nbsp;Energies | 0.51 | 356292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates | (0.10) | (73997) |
| &nbsp;&nbsp;&nbsp;&nbsp;Livestock | 0.00 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals | (0.49) | (343194) |
| &nbsp;&nbsp;&nbsp;&nbsp;Softs | 0.04 | 31407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock indices | (0.30) | (210101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long futures contracts | (0.37) | (257504) |
| &nbsp;&nbsp;Short futures contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currencies | 0.11 | 79893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energies | (0.06) | (42117) |
| &nbsp;&nbsp;&nbsp;&nbsp;Grains | (0.09) | (67712) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rates: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Year U.S. Treasury Note (144 contracts, settlement date March 2025) | 0.02 | 16391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (0.03) | (23061) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest rates | (0.01) | (6670) |
| &nbsp;&nbsp;&nbsp;&nbsp;Metals | 0.29 | 201944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Softs | 0.05 | 36378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock indices | 0.15 | 107550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short futures contracts | 0.44 | 309266 |
| TOTAL INVESTMENTS IN FUTURES CONTRACTS-Net | 0.07 | 51762 |
| FORWARD CURRENCY CONTRACTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long forward currency contracts | (2.00) | (1402573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short forward currency contracts | 2.64 | 1853655 |
| TOTAL INVESTMENTS IN FORWARD CURRENCY  |  |  |
| &nbsp;&nbsp;CONTRACTS-Net | 0.64 | 451082 |
| TOTAL | 0.71% | $502844 |
|  |  | (Continued) |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** |
| **Condensed Schedule of Investments** | **Condensed Schedule of Investments** | **Condensed Schedule of Investments** | **Condensed Schedule of Investments** |
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **U.S. TREASURY NOTES** | **U.S. TREASURY NOTES** |  |  |
| **Face Amount** | **Description** | **Fair Value<br>‎as a % of<br>‎Trust Capital** | **Fair Value** |
| $22821000 | U.S. Treasury notes, 2.000%, 02/15/2025 | 32.37% | $22756816 |
| 21860000 | U.S. Treasury notes, 2.125%, 05/15/2025 | 30.85 | 21690500 |
| 20949000 | U.S. Treasury notes, 2.000%, 08/15/2025 | 29.39 | 20662588 |
|  | **Total investments in U.S. Treasury notes** |  |  |
|  | &nbsp;&nbsp;**(amortized cost $65,046,717)** | 92.61% | $65109904 |
| See notes to financial statements (unaudited) | See notes to financial statements (unaudited) |  | (Concluded) |

---

------

---

| | | |
|:---|:---|:---|
| **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** |
| **Statements of Operations (unaudited)** | **Statements of Operations (unaudited)** | **Statements of Operations (unaudited)** |
|  | **For the three months ended** | **For the three months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;Interest income, net | $651830 | $960641 |
| EXPENSES: |  |  |
| Brokerage and management fees: |  |  |
| &nbsp;&nbsp;Management fees | 319553 | 381560 |
| &nbsp;&nbsp;Installment selling commissions | 331586 | 390822 |
| &nbsp;&nbsp;Trade execution and clearing costs | 63639 | 76546 |
| Total brokerage and management fees | 714778 | 848928 |
| &nbsp;&nbsp;Administrative expenses | 109292 | 118926 |
| &nbsp;&nbsp;Custody fees and other expenses | 6979 | 4425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 831049 | 972279 |
| &nbsp;&nbsp;Managing Owner commission rebate to Unitholders | (41818) | (50801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 789231 | 921478 |
| NET INVESTMENT INCOME (LOSS) | (137401) | 39163 |
| NET REALIZED AND UNREALIZED GAINS (LOSSES): |  |  |
| Net realized losses on closed positions: |  |  |
| &nbsp;&nbsp;Futures and forward currency contracts | (2524668) | (5486634) |
| &nbsp;&nbsp;Foreign exchange transactions | (41560) | (2856) |
| Net change in unrealized: |  |  |
| &nbsp;&nbsp;Futures and forward currency contracts | 439992 | (1378392) |
| &nbsp;&nbsp;Foreign exchange translation | 768 | 445 |
| Net gains from U.S. Treasury notes: |  |  |
| &nbsp;&nbsp;Realized | - | 4154 |
| &nbsp;&nbsp;Net change in unrealized  | 57528 | 149013 |
| TOTAL NET REALIZED AND UNREALIZED LOSSES | (2067940) | (6714270) |
| NET LOSS | (2205341) | (6675107) |
| LESS PROFIT SHARE TO (FROM) MANAGING OWNER | - | (6427) |
| NET LOSS AFTER PROFIT SHARE TO (FROM) MANAGING OWNER | $(2205341) | $(6668680) |
| NET LOSS PER UNIT OUTSTANDING |  |  |
| &nbsp;&nbsp;Series 1 Unitholders | $(45.49) | $(111.43) |
| &nbsp;&nbsp;Series 3 Unitholders | $(59.60) | $(167.41) |
| &nbsp;&nbsp;Series 4 Unitholders | $(73.73) | $(226.79) |
| &nbsp;&nbsp;Series 5 Unitholders | $(57.84) | $(158.53) |
| See notes to financial statements (unaudited) |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | |
|:---|:---|:---|
| **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** |
| **Statements of Operations (unaudited)** | **Statements of Operations (unaudited)** | **Statements of Operations (unaudited)** |
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;Interest income, net | $2150891 | $2966765 |
| EXPENSES: |  |  |
| Brokerage and management fees: |  |  |
| &nbsp;&nbsp;Management fees | 1036381 | 1220168 |
| &nbsp;&nbsp;Installment selling commissions | 1044482 | 1262945 |
| &nbsp;&nbsp;Trade execution and clearing costs | 188132 | 256018 |
| Total brokerage and management fees | 2268995 | 2739131 |
| &nbsp;&nbsp;Administrative expenses | 334220 | 345702 |
| &nbsp;&nbsp;Custody fees and other expenses | 17731 | 18080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2620946 | 3102913 |
| &nbsp;&nbsp;Managing Owner commission rebate to Unitholders | (133745) | (157543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2487201 | 2945370 |
| NET INVESTMENT INCOME (LOSS) | (336310) | 21395 |
| NET REALIZED AND UNREALIZED GAINS (LOSSES): |  |  |
| Net realized gains (losses) on closed positions: |  |  |
| &nbsp;&nbsp;Futures and forward currency contracts | (2939964) | 2031399 |
| &nbsp;&nbsp;Foreign exchange translation | (81793) | (50266) |
| Net change in unrealized: |  |  |
| &nbsp;&nbsp;Futures and forward currency contracts | (202037) | 1044220 |
| &nbsp;&nbsp;Foreign exchange translation | 7607 | (22037) |
| Net gains (losses) from U.S. Treasury notes: |  |  |
| &nbsp;&nbsp;Realized | (421) | 1322 |
| &nbsp;&nbsp;Net change in unrealized  | (8711) | 61568 |
| TOTAL NET REALIZED AND UNREALIZED GAINS (LOSSES) | (3225319) | 3066206 |
| NET INCOME (LOSS) | $(3561629) | $3087601 |
| LESS PROFIT SHARE TO MANAGING OWNER | - | 736 |
| NET INCOME (LOSS) AFTER PROFIT SHARE TO MANAGING OWNER | $(3561629) | $3086865 |
| NET INCOME (LOSS) PER UNIT OUTSTANDING |  |  |
| &nbsp;&nbsp;Series 1 Unitholders | $(80.81) | $20.65 |
| &nbsp;&nbsp;Series 3 Unitholders | $(77.20) | $96.34 |
| &nbsp;&nbsp;Series 4 Unitholders | $(73.82) | $171.05 |
| &nbsp;&nbsp;Series 5 Unitholders | $(80.87) | $79.14 |
| See notes to financial statements (unaudited) |  | (Concluded) |

---

‎

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** |
| **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** |
| **For the nine months ended September 30, 2025:** | **For the nine months ended September 30, 2025:** | **For the nine months ended September 30, 2025:** |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | **New Profit**  | **New Profit**  |  |  |  |
|  | **Series 1 Unitholders** | **Series 1 Unitholders** | **Series 3 Unitholders** | **Series 3 Unitholders** | **Series 4 Unitholders** | **Series 4 Unitholders** | **Series 5 Unitholders** | **Series 5 Unitholders** | **Memo Account** | **Memo Account** | **Managing Owner** | **Managing Owner** | **Total** |
|  | **Amount** | **Units** | **Amount** | **Units** | **Amount** | **Units** | **Amount** | **Units** | **Amount** | **Units** | **Amount** | **Units** | **Amount** |
| Trust capital at  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;January 1, 2025 | 40577713  | 35025.439  | 12526745  | 6225.709  | 9798806  | 3405.239  | $5277590  | 2856.504  | $- | - | $2122788  | 1832.327  | $70303642  |
| Subscriptions | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Redemptions | (2756382) | (2441.622) | (3310796) | (1678.983) | (245857) | (85.118) | (1211572) | (666.424) | - | - | - | - | (7524607) |
| Addt'l units allocated \* | - | 53.467  | - | - | - | - | - | - | - | - | - | 86.861  | - |
| Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  |
| before profit share to Managing Owner | (2647696) | - | (418495) | - | (244168) | - | (196810) | - | - | - | (54460) | - | (3561629) |
| Profit share to Managing Owner: | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Transfer of New Profit Memo |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Account to Managing Owner | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Trust capital at  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;September 30, 2025 | 35173635  | 32637.284  | 8797454  | 4546.726  | 9308781  | 3320.121  | $3869208  | 2190.080  | $- | - | $2068328  | 1919.188  | $59217406  |
| **Net asset value per unit outstanding** | **Net asset value per unit outstanding** | **Net asset value per unit outstanding** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**at September 30, 2025:** | 1077.71 |  | 1934.90 |  | 2803.75 |  | $1766.70 |  |  |  |  |  |  |
| \* Additional units are issued to Series 1 Unitholders who are charged less than a 7% brokerage fee and to the Managing Owner. | \* Additional units are issued to Series 1 Unitholders who are charged less than a 7% brokerage fee and to the Managing Owner. | \* Additional units are issued to Series 1 Unitholders who are charged less than a 7% brokerage fee and to the Managing Owner. | \* Additional units are issued to Series 1 Unitholders who are charged less than a 7% brokerage fee and to the Managing Owner. | \* Additional units are issued to Series 1 Unitholders who are charged less than a 7% brokerage fee and to the Managing Owner. | \* Additional units are issued to Series 1 Unitholders who are charged less than a 7% brokerage fee and to the Managing Owner. |  |  |  |  |  |  |  | (Continued) |
| See notes to financial statements (unaudited) | See notes to financial statements (unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |

---

‎

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** |
| **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** | **Statements of Changes in Trust Capital (unaudited)** |
| **For the nine months ended September 30, 2024:** | **For the nine months ended September 30, 2024:** | **For the nine months ended September 30, 2024:** |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | **New Profit**  | **New Profit**  |  |  |  |
|  | **Series 1 Unitholders** | **Series 1 Unitholders** | **Series 3 Unitholders** | **Series 3 Unitholders** | **Series 4 Unitholders** | **Series 4 Unitholders** | **Series 5 Unitholders** | **Series 5 Unitholders** | **Memo Account** | **Memo Account** | **Managing Owner** | **Managing Owner** | **Total** |
|  | **Amount** | **Units** | **Amount** | **Units** | **Amount** | **Units** | **Amount** | **Units** | **Amount** | **Units** | **Amount** | **Units** | **Amount** |
| Trust capital at  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;January 1, 2024 | 46275735  | 42174.214  | 12437987  | 6820.101  | 9968358  | 3889.504  | $5338515  | 3164.075  | $- | - | $2157842  | 1966.591  | $76178437  |
| Subscriptions | - | - | - | - | - | - | - | - | 758  | 0.602  | - | - | 758  |
| Redemptions | (6610571) | (5596.276) | (1029676) | (516.900) | (951931) | (340.523) | (558534) | (307.571) | - | - | - | - | (9150712) |
| Addt'l units allocated \* | - | 63.778  | - | - | - | - | - | - | - | 0.013  | - | 92.507  | - |
| Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| before profit share to Managing Owner | 1296739  | - | 694955  | - | 686287  | - | 265667  | - | (69) | - | 144022  | - | 3087601  |
| Profit share to Managing Owner: | - | - | (736) | - | - | - | - | - | - | - | - | - | (736) |
| Transfer of New Profit Memo |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Account to Managing Owner | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Trust capital at  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;September 30, 2024 | 40961903  | 36641.716  | 12102530  | 6303.201  | 9702714  | 3548.981  | $5045648  | 2856.504  | $689  | 0.615  | $2301864  | 2059.098  | $70115348  |
| **Net asset value per unit outstanding** | **Net asset value per unit outstanding** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**at September 30, 2024:** | 1117.90 |  | 1920.06 |  | 2733.94 |  | $1766.37 |  |  |  |  |  |  |
| \* Additional units are issued to Series 1 Unitholders who are charged less than a 7% brokerage fee and to the Managing Owner.  | \* Additional units are issued to Series 1 Unitholders who are charged less than a 7% brokerage fee and to the Managing Owner.  | \* Additional units are issued to Series 1 Unitholders who are charged less than a 7% brokerage fee and to the Managing Owner.  | \* Additional units are issued to Series 1 Unitholders who are charged less than a 7% brokerage fee and to the Managing Owner.  | \* Additional units are issued to Series 1 Unitholders who are charged less than a 7% brokerage fee and to the Managing Owner.  | \* Additional units are issued to Series 1 Unitholders who are charged less than a 7% brokerage fee and to the Managing Owner.  |  |  |  |  |  |  |  |  |
| See notes to financial statements (unaudited) | See notes to financial statements (unaudited) |  |  |  |  |  |  |  |  |  |  |  | (Concluded) |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** |  |
| **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** |  |
| **For the three months ended September 30:** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Series 1** | **Series 3** | **Series 4** | **Series 5** | **Series 1** | **Series 3** | **Series 4** | **Series 5** |
| Net income (loss) from operations: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.98) | $&nbsp;&nbsp;&nbsp;&nbsp; 6.34  | $&nbsp;&nbsp;&nbsp;&nbsp; 21.63  | $&nbsp;&nbsp;&nbsp;&nbsp; 2.42  | $&nbsp;&nbsp;&nbsp;&nbsp; (5.03) | $&nbsp;&nbsp;&nbsp;&nbsp; 11.84  | $&nbsp;&nbsp;&nbsp;&nbsp; 29.01  | $&nbsp;&nbsp;&nbsp;&nbsp; 7.49  |
| &nbsp;&nbsp;Net realized and unrealized losses on trading of futures and forward currency contracts |  | (38.53) | (67.77) | (98.01) | (61.90) | (108.68) | (184.19) | (261.44) | (169.66) |
| &nbsp;&nbsp;Net gains from U.S. Treasury obligations |  | 1.02 | 1.83 | 2.65 | 1.64 | 2.28 | 3.98 | 5.64 | 3.64 |
| &nbsp;&nbsp;Profit share allocated (to) from Managing Owner |  | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.96 | 0.00 | 0.00 |
| &nbsp;&nbsp;Net loss per unit |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45.49) | $&nbsp;&nbsp;&nbsp;&nbsp;(59.60) | $&nbsp;&nbsp;&nbsp;&nbsp;(73.73) | $&nbsp;&nbsp;&nbsp;&nbsp;(57.84) | $(111.43) | $(167.41) | $(226.79) | $(158.53) |
| Net asset value per unit, beginning of period |  | 1123.20 | 1994.50 | 2877.48 | 1824.54 | 1229.33 | 2087.47 | 2960.73 | 1924.90 |
| Net asset value per unit, end of period |  | $&nbsp;&nbsp;&nbsp;&nbsp; 1077.71  | $1934.90  | $2803.75  | $1766.70  | $1117.90  | $1920.06  | $2733.94  | $1766.37  |
| **Total return and ratios for the three months ended September 30:** | **Total return and ratios for the three months ended September 30:** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |  |
|  |  | **Series 1** | **Series 3** | **Series 4** | **Series 5** | **Series 1** | **Series 3** | **Series 4** | **Series 5** |
| RATIOS TO AVERAGE CAPITAL: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) (a) |  | (2.89)% | 1.29% | 3.03% | 0.53% | (1.74)% | 2.41% | 4.16% | 1.66% |
| &nbsp;&nbsp;Total expenses (a) |  | 7.11% | 2.91% | 1.16% | 3.67% | 7.02% | 2.85% | 1.09% | 3.60% |
| &nbsp;&nbsp;Profit share allocation (b) |  | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.05) | 0.00 | 0.00 |
| &nbsp;&nbsp;TOTAL EXPENSES AND PROFIT SHARE ALLOCATION |  | 7.11% | 2.91% | 1.16% | 3.67% | 7.02% | 2.80% | 1.09% | 3.60% |
| Total return before profit share allocation (b) |  | (4.05)% | (2.99)% | (2.56)% | (3.17)% | (9.06)% | (8.07)% | (7.66)% | (8.24)% |
| Less: Profit share allocation (b) |  | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.05) | 0.00 | 0.00 |
| TOTAL RETURN AFTER PROFIT SHARE ALLOCATION |  | (4.05)% | (2.99)% | (2.56)% | (3.17)% | (9.06)% | (8.02)% | (7.66)% | (8.24)% |
| (a) Annualized. Ratios are net Managing Owner commission rebate. | (a) Annualized. Ratios are net Managing Owner commission rebate. | (a) Annualized. Ratios are net Managing Owner commission rebate. | (a) Annualized. Ratios are net Managing Owner commission rebate. | (a) Annualized. Ratios are net Managing Owner commission rebate. |  |  |  |  |  |
| (b) Not annualized. |  |  |  |  |  |  |  |  |  |
| See notes to financial statements (unaudited) | See notes to financial statements (unaudited) | See notes to financial statements (unaudited) | See notes to financial statements (unaudited) |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | (Continued) |

---

                                

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** | **Global Macro Trust** |  |
| **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** | **Statements of Financial Highlights (unaudited)** |  |
| **For the nine months ended September 30:** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  |  | **Series 1** | **Series 3** | **Series 4** | **Series 5** | **Series 1** | **Series 3** | **Series 4** | **Series 5** |
| Net income (loss) from operations: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22.94) | $&nbsp;&nbsp;&nbsp;&nbsp; 22.43  | $&nbsp;&nbsp;&nbsp;&nbsp; 69.89  | $&nbsp;&nbsp;&nbsp;&nbsp; 10.26  | $&nbsp;&nbsp;&nbsp;&nbsp; (16.70) | $&nbsp;&nbsp;&nbsp;&nbsp; 34.21  | $&nbsp;&nbsp;&nbsp;&nbsp; 85.44  | $&nbsp;&nbsp;&nbsp;&nbsp; 21.13  |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on trading of futures and forward currency contracts |  | (57.76) | (99.47) | (143.53) | (90.95) | 36.44  | 60.51  | 83.19  | 56.44  |
| &nbsp;&nbsp;Net gains (losses) from U.S. Treasury obligations |  | (0.11) | (0.16) | (0.18) | (0.18) | 0.91 | 1.73 | 2.42 | 1.57 |
| &nbsp;&nbsp;Profit share allocated (to) from Managing Owner |  | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.11) | 0.00 | 0.00 |
| &nbsp;&nbsp;Net income (loss) per unit |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80.81) | $&nbsp;&nbsp;&nbsp;&nbsp; (77.20) | $&nbsp;&nbsp;&nbsp;&nbsp; (73.82) | $&nbsp;&nbsp;&nbsp;&nbsp; (80.87) | $&nbsp;&nbsp;&nbsp;&nbsp; 20.65  | $&nbsp;&nbsp;&nbsp;&nbsp; 96.34  | $&nbsp;&nbsp;&nbsp;&nbsp;171.05  | $&nbsp;&nbsp;&nbsp;&nbsp; 79.14  |
| Net asset value per unit, beginning of period |  | 1158.52 | 2012.10 | 2877.57 | 1847.57 | 1097.25 | 1823.72 | 2562.89 | 1687.23 |
| Net asset value per unit, end of period |  | $&nbsp;&nbsp;&nbsp;&nbsp; 1077.71  | $1934.90  | $2803.75  | $1766.70  | $1117.90  | $1920.06  | $2733.94  | $1766.37  |
| **Total return and ratios for the nine months ended September 30:** | **Total return and ratios for the nine months ended September 30:** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |  |
|  |  | **Series 1** | **Series 3** | **Series 4** | **Series 5** | **Series 1** | **Series 3** | **Series 4** | **Series 5** |
| RATIOS TO AVERAGE CAPITAL: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) (a) |  | (2.71)% | 1.52% | 3.25% | 0.76% | (1.88)% | 2.28% | 4.02% | 1.53% |
| &nbsp;&nbsp;Total expenses (a) |  | 7.08% | 2.84% | 1.09% | 3.60% | 6.99% | 2.82% | 1.06% | 3.57% |
| &nbsp;&nbsp;Profit share allocation (b) |  | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 |
| &nbsp;&nbsp;TOTAL EXPENSES AND PROFIT SHARE ALLOCATION |  | 7.08% | 2.84% | 1.09% | 3.60% | 6.99% | 2.83% | 1.06% | 3.57% |
| Total return before profit share allocation (b) |  | (6.98)% | (3.84)% | (2.57)% | (4.38)% | 1.88% | 5.29% | 6.67% | 4.69% |
| Less: Profit share allocation (b) |  | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 |
| TOTAL RETURN AFTER PROFIT SHARE ALLOCATION |  | (6.98)% | (3.84)% | (2.57)% | (4.38)% | 1.88% | 5.28% | 6.67% | 4.69% |
| (a) Annualized. Ratios are net Managing Owner commission rebate. | (a) Annualized. Ratios are net Managing Owner commission rebate. | (a) Annualized. Ratios are net Managing Owner commission rebate. | (a) Annualized. Ratios are net Managing Owner commission rebate. | (a) Annualized. Ratios are net Managing Owner commission rebate. |  |  |  |  |  |
| (b) Not annualized. |  |  |  |  |  |  |  |  |  |
| See notes to financial statements (unaudited) | See notes to financial statements (unaudited) | See notes to financial statements (unaudited) | See notes to financial statements (unaudited) |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | (Concluded) |

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Global Macro Trust's (the "Trust") financial condition at September 30, 2025 (unaudited) and December 31, 2024 (audited) and the results of its operations for the three and nine months ended September 30, 2025 and 2024 (unaudited). These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Trust's annual report on Form 10-K filed with the Securities and Exchange Commission as of and for the year ended December 31, 2024. The December 31, 2024 information has been derived from the audited financial statements as of December 31, 2024.

Effective May 1, 2022, Units in the Trust were no longer offered for sale. For existing investors in the Trust, business has been and will be conducted as usual. There was no change in trading, operations, monthly statements and other reporting, and redemptions will continue to be offered on a monthly basis.

As a registrant with the Securities and Exchange Commission (the "SEC"), the Trust is subject to the regulatory requirements under the Securities Exchange Act of 1934. Prior to May 1, 2022, the Trust was also subject to the regulatory requirements under the Securities Act of 1933. As a commodity investment pool, the Trust is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States (U.S.) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of the various commodity exchanges where the Trust executes transactions.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (the "U.S. GAAP"), as detailed in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("Codification"), requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates.

The Trust enters into contracts that contain a variety of indemnification provisions. The Trust's maximum exposure under these arrangements is unknown. The Trust does not anticipate recognizing any loss related to these arrangements.

*Income Taxes* (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Trust recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Trust's open tax years, 2021 to 2024, Millburn Ridgefield LLC (the "Managing Owner") determined that no reserves for uncertain tax positions were required.

Investment Company Status: The Trust is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 *Financial Services* – *Investment Companies*.

There have been no material changes with respect to the Trust's critical accounting policies, off-balance sheet arrangements or disclosure of contractual obligations as reported in the Trust's Annual Report on Form 10-K for fiscal year 2024.

2. FAIR VALUE

*Fair Value Measurement* (Topic 820) of the Codification defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are described below:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and

Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

In determining fair value, the Trust separates its investments into two categories: cash instruments and derivative contracts.

Cash Instruments – The Trust's cash instruments are generally classified within Level 1 of the fair value hierarchy because they are typically valued using quoted market prices. The types of instruments valued based on quoted market prices in active markets include U.S. government obligations and an investment in a quoted short-term U.S. government securities money market fund. The Managing Owner does not adjust the quoted price for such instruments even in situations where the Trust holds a large position and a sale could reasonably impact the quoted price.

------

Derivative Contracts – Derivative contracts can be exchange-traded or over-the-counter ("OTC"). Exchange-traded futures contracts are valued based on quoted closing settlement prices and typically fall within Level 1 of the fair value hierarchy.

Spot currency contracts are valued based on current market prices ("Spot Price"). Forward currency contracts are valued based on pricing models that consider the Spot Price, plus the financing cost or benefit ("Forward Point"). 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 number of months from the date the forward currency contract is being valued to its maturity date ("Months to Maturity"), then identifying the forward currency contracts for the two forward months that are closest to the Months to Maturity ("Forward Month Contracts"). Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated Forward Point. Model inputs can generally be verified and model selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy.

The following tables represent the Trust's investments by hierarchical level as of September 30, 2025 and December 31, 2024 in valuing the Trust's investments at fair value. During the nine and twelve months ended September 30, 2025 and December 31, 2024, the Trust held no assets or liabilities in Level 3. At September 30, 2025 and December 31, 2024, the Trust held no assets or liabilities classified in Level 3.

**<u>Financial Assets and Liabilities at Fair Value as of September 30, 2025</u>**

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| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Total** |
| U.S. Treasury notes (1) | $58057491  | $**-** | $58057491  |
| Short-term money market fund\* | 913179  | **-** | 913179  |
| Exchange-traded futures contracts |  |  |  |
| &nbsp;&nbsp;Currencies | 3446  | **-** | 3446  |
| &nbsp;&nbsp;Energies | (21749) | **-** | (21749) |
| &nbsp;&nbsp;Grains | 222983  | **-** | 222983  |
| &nbsp;&nbsp;Interest rates | (70322) | **-** | (70322) |
| &nbsp;&nbsp;Livestock | 1210  | **-** | 1210  |
| &nbsp;&nbsp;Metals | 38542  | **-** | 38542  |
| &nbsp;&nbsp;Softs | (2249) | **-** | (2249) |
| &nbsp;&nbsp;Stock indices | 13304  | - | 13304  |
| Total exchange-traded futures contracts | 185165  | **-** | 185165  |
| Over-the-counter forward currency contracts  | - | 115642  | 115642  |
| Total futures and forward currency contracts (2) | 185165  | 115642  | 300807  |
| Total financial assets and liabilities at fair value | $59155835  | $115642  | $59271477  |
| Per line item in the Statements of Financial Condition |  |  |  |
| (1) |  |  |  |
| Investments in U.S. Treasury notes held in equity trading accounts as collateral | Investments in U.S. Treasury notes held in equity trading accounts as collateral | Investments in U.S. Treasury notes held in equity trading accounts as collateral | $14371603  |
| Investments in U.S. Treasury notes held in custody | Investments in U.S. Treasury notes held in custody | Investments in U.S. Treasury notes held in custody | 43685888  |
| Total investments in U.S. Treasury notes | Total investments in U.S. Treasury notes | Total investments in U.S. Treasury notes | $58057491  |
| (2) |  |  |  |
| Net unrealized appreciation on open futures and forward currency contracts | Net unrealized appreciation on open futures and forward currency contracts | Net unrealized appreciation on open futures and forward currency contracts | $437541  |
| Net unrealized depreciation on open futures and forward currency contracts | Net unrealized depreciation on open futures and forward currency contracts | Net unrealized depreciation on open futures and forward currency contracts | (136734) |
| Total net unrealized appreciation on open futures and forward currency contracts | Total net unrealized appreciation on open futures and forward currency contracts | Total net unrealized appreciation on open futures and forward currency contracts | $300807  |
| \*The short-term money market fund is included in Cash and Cash Equivalents in the Statements of Financial Condition. | \*The short-term money market fund is included in Cash and Cash Equivalents in the Statements of Financial Condition. | \*The short-term money market fund is included in Cash and Cash Equivalents in the Statements of Financial Condition. |  |

---

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**<u>Financial Assets and Liabilities at Fair Value as of December 31, 2024</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Total** |
| U.S. Treasury notes (1) | $65109904  | $**-** | $65109904  |
| Short-term money market fund\* | 2928544  | **-** | 2928544  |
| Exchange-traded futures contracts |  |  |  |
| &nbsp;&nbsp;Currencies | 61382  | **-** | 61382  |
| &nbsp;&nbsp;Energies | 314175  | **-** | 314175  |
| &nbsp;&nbsp;Grains | (67712) | **-** | (67712) |
| &nbsp;&nbsp;Interest rates | (80667) | **-** | (80667) |
| &nbsp;&nbsp;Livestock | 600  | **-** | 600  |
| &nbsp;&nbsp;Metals | (141250) | **-** | (141250) |
| &nbsp;&nbsp;Softs | 67785  | **-** | 67785  |
| &nbsp;&nbsp;Stock indices | (102551) | - | (102551) |
| Total exchange-traded futures contracts | 51762  | **-** | 51762  |
| Over-the-counter forward currency contracts  | - | 451082  | 451082  |
| Total futures and forward currency contracts (2) | 51762  | 451082  | 502844  |
| Total financial assets and liabilities at fair value | $68090210  | $451082  | $68541292  |
| Per line item in the Statements of Financial Condition |  |  |  |
| (1) |  |  |  |
| Investments in U.S. Treasury notes held in equity trading accounts as collateral | Investments in U.S. Treasury notes held in equity trading accounts as collateral | Investments in U.S. Treasury notes held in equity trading accounts as collateral | $14460346  |
| Investments in U.S. Treasury notes held in custody | Investments in U.S. Treasury notes held in custody | Investments in U.S. Treasury notes held in custody | 50649558  |
| Total investments in U.S. Treasury notes | Total investments in U.S. Treasury notes | Total investments in U.S. Treasury notes | $65109904  |
| (2) |  |  |  |
| Net unrealized appreciation on open futures and forward currency contracts | Net unrealized appreciation on open futures and forward currency contracts | Net unrealized appreciation on open futures and forward currency contracts | $547665  |
| Net unrealized depreciation on open futures and forward currency contracts | Net unrealized depreciation on open futures and forward currency contracts | Net unrealized depreciation on open futures and forward currency contracts | (44821) |
| Total net unrealized appreciation on open futures and forward currency contracts | Total net unrealized appreciation on open futures and forward currency contracts | Total net unrealized appreciation on open futures and forward currency contracts | $502844  |
| \*The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. | \*The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. | \*The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. |  |

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3. DERIVATIVE INSTRUMENTS

*Derivatives and Hedging* (Topic 815) of the Codification requires qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.

The Trust's market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Trust's open positions, and the liquidity of the markets in which it trades.

The Trust engages in the speculative trading of futures and forward contracts on currencies, energies, grains, interest rates, livestock, metals, softs and stock indices. The following were the primary trading risk exposures of the Trust at September 30, 2025, by market sector:

Agricultural (grains, livestock and softs) – The Trust's primary exposure is to agricultural price movements which are often directly affected by severe or unexpected weather conditions, as well as supply and demand factors.

------

Currencies – Exchange rate risk is a principal market exposure of the Trust. The Trust's currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. The fluctuations are

influenced by interest rate changes, as well as political and general economic conditions. The Trust trades in a large number of currencies, including cross-rates—e.g., positions between two currencies other than the U.S. dollar.

Energies – The Trust's primary energy market exposure is to gas and oil price movements often resulting from political developments in the oil producing countries and economic conditions worldwide. Energy prices are volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

Interest Rates – Interest rate movements directly affect the price of the sovereign bond futures positions held by the Trust and indirectly the value of its stock index and currency positions. Interest rate movements in one country, as well as relative interest rate movements between countries, may materially impact the Trust's profitability. The Trust's primary interest rate exposure is to interest rate fluctuations in countries or regions, including Australia, Canada, Japan, Switzerland, the United Kingdom, the U.S. and the Eurozone. However, the Trust also may take positions in futures contracts on the government debt of other nations. The Managing Owner anticipates that interest rates in these industrialized countries or areas, both long-term and short-term, will remain the primary interest rate market exposure of the Trust for the foreseeable future.

Metals – The Trust's metals market exposure is to fluctuations in the price of aluminum, copper, gold, lead, nickel, platinum, silver, tin and zinc.

Stock Indices – The Trust's equity exposure, through stock index futures, is to equity price risk in the major industrialized countries, as well as other countries.

The *Derivatives and Hedging* topic of the Codification requires entities to recognize in the Statements of Financial Condition all derivative contracts as assets or liabilities. Fair values of futures and forward currency contracts in an asset position by counterparty are recorded in the Statements of Financial Condition as "Net unrealized appreciation on open futures and forward currency contracts." Fair values of futures and forward currency contracts in a liability position by counterparty are recorded in the Statements of Financial Condition as "Net unrealized depreciation on open futures and forward currency contracts." The Trust's policy regarding fair value measurement is discussed in the Fair Value note, contained herein.

Since the derivatives held or sold by the Trust are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of the Derivatives and Hedging guidance. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Trust's trading gains and losses in the Statements of Operations.

The following tables present the fair value of open futures and forward currency contracts, held long or sold short, at September 30, 2025 and December 31, 2024. Fair value is presented on a gross basis even though the contracts are subject to master netting agreements and qualify for net presentation in the Statements of Financial Condition.

**Fair Value of Futures and Forward Currency Contracts at September 30, 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Net Unrealized** |
|  | **Fair Value - Long Positions** | **Fair Value - Long Positions** | **Fair Value - Short Positions** | **Fair Value - Short Positions** | **Gain (Loss) on** |
| **Sector** | **Gains** | **Losses** | **Gains** | **Losses** | **Open Positions** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currencies | $1245  | $- | $22099  | $(19898) | $3446  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energies | 5200  | (39780) | 18798  | (5967) | (21749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grains | - | - | 225322  | (2339) | 222983  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rates | 25308  | (69316) | 19545  | (45859) | (70322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livestock | 370  | - | 1430  | (590) | 1210  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals | 351927  | (25670) | 8829  | (296544) | 38542  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Softs | 5250  | (11642) | 4905  | (762) | (2249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock indices | 85838  | (24825) | 27323  | (75032) | 13304  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total futures contracts | 475138  | (171233) | 328251  | (446991) | 185165  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | 417462  | (487687) | 530335  | (344468) | 115642  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total futures and |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; forward currency contracts | $892600  | $(658920) | $858586  | $(791459) | $300807  |

---

------

**Fair Value of Futures and Forward Currency Contracts at December 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Net Unrealized** |
|  | **Fair Value - Long Positions** | **Fair Value - Long Positions** | **Fair Value - Short Positions** | **Fair Value - Short Positions** | **Gain (Loss) on** |
| **Sector** | **Gains** | **Losses** | **Gains** | **Losses** | **Open Positions** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currencies | $- | $(18511) | $80543  | $(650) | $61382  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energies | 360265  | (3973) | - | (42117) | 314175  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grains | - | - | 14946  | (82658) | (67712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rates | 13627  | (87624) | 152124  | (158794) | (80667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livestock | 600  | - | - | - | 600  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals | 25426  | (368620) | 219654  | (17710) | (141250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Softs | 42888  | (11481) | 36389  | (11) | 67785  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock indices | 43274  | (253375) | 121013  | (13463) | (102551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total futures contracts | 486080  | (743584) | 624669  | (315403) | 51762  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | 10692  | (1413265) | 1867659  | (14004) | 451082  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total futures and |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; forward currency contracts | $496772  | $(2156849) | $2492328  | $(329407) | $502844  |

---

The effect of trading futures and forward currency contracts is represented on the Statements of Operations for the three and nine months ended September 30, 2025 and 2024 as "Net realized gains (losses) on closed positions: Futures and forward currency contracts" and "Net change in unrealized: Futures and forward currency contracts." These trading gains and losses are detailed below:

**Trading gains (losses) of futures and forward currency contracts for the three and nine months ended September 30, 2025 and 2024**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended:** | **Three months ended:** | **Nine months ended:** | **Nine months ended:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector** | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currencies | $134884  | $(650958) | $(202452) | $(130059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energies | (172639) | (2627259) | (468501) | (1089129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grains | 250818  | (280574) | 209235  | 620236  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rates | (2093096) | (2066116) | (1749795) | 2987548  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livestock | 4410  | (28820) | 11880  | (77330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals | (20138) | 403718  | 766136  | (492774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Softs | 29398  | 82616  | 61265  | (246423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock indices | (526173) | 635168  | (782184) | 2528118  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total futures contracts | (2392536) | (4532225) | (2154416) | 4100187  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | 307860  | (2332801) | (987585) | (1024568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total futures and forward currency contracts | $(2084676) | $(6865026) | $(3142001) | $3075619  |

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The following table presents average notional value by sector in U.S. dollars of open futures and forward currency contracts for the nine months ended September 30, 2025 and 2024. The Trust's average net asset value for the nine months ended September 30, 2025 and 2024 was approximately $66,000,000 and $78,000,000, respectively.

‎

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**<u>Average notional value by sector of futures and forward currency contracts for the nine months ended September 30, 2025 and 2024</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sector** | **Long Positions** | **Short Positions** | **Long Positions** | **Short Positions** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currencies | $648496  | $5559274  | $1216037  | $12004667  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energies | 12061267  | 1608900  | 9910798  | 2601187  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grains | 140418  | 4795667  | 709881  | 5308059  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rates | 43371512  | 37930241  | 36191198  | 88365691  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livestock | 270743  | 143785  | 85695  | 396498  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals | 5644235  | 766816  | 4574176  | 3397186  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Softs | 997059  | 548695  | 869675  | 799046  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock indices | 28143195  | 8501449  | 28389566  | 11803593  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total futures |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;contracts | 91276925  | 59854827  | 81947026  | 124675927  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward currency |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;contracts | 16530678  | 24409882  | 14825094  | 49005069  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total average |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;notional | $107807603  | $84264709  | $96772120  | $173680996  |

---

Notional values in the interest rate sector were calculated by converting the notional value in local currency of open interest rate futures positions with maturities less than 10 years to 10-year equivalent fixed income instruments and translated to U.S. dollars at September 30, 2025 and 2024. The 10-year note is often used as a benchmark for many types of fixed-income instruments and the Managing Owner believes it is a more meaningful representation of notional values of the Trust's open interest rate positions.

The averages have been calculated based on the amounts outstanding at the end of each quarter during the calculation period.

The customer agreements between the Trust, the futures clearing brokers, including Deutsche Bank Securities Inc. (a wholly-owned subsidiary of Deutsche Bank AG), BofA Securities, Inc. (formerly Merrill Lynch Pierce, Fenner & Smith Inc.) and Goldman Sachs & Co. LLC, as well as the FX prime brokers, Deutsche Bank AG ("DB") and Bank of America, N.A. ("BA"), give the Trust the legal right to net unrealized gains and losses on open futures and foreign currency contracts. The Trust netted, for financial reporting purposes, the unrealized gains and losses on open futures and forward currency contracts on the Statements of Financial Condition as the criteria under *Balance Sheet* (Topic 210) of the codification were met.

The following tables present gross amounts of assets or liabilities which qualify for offset as presented in the Statements of Financial Condition as of September 30, 2025 and December 31, 2024.

**Offsetting of derivative assets and liabilities at September 30, 2025**

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| | | | |
|:---|:---|:---|:---|
|  | **Gross amounts of<br>‎recognized assets** | **Gross amounts offset in<br>‎the Statements of Financial<br>‎Condition** | **Net amounts of assets<br>‎presented in the Statements<br>‎of Financial Condition** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty J | $329762 | $(69751) | $260011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty G | 336912 | (159382) | 177530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $666674 | $(229133) | $437541 |
|  |  |  | (Continued) |

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------

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross amounts of<br>‎recognized liabilities** | **Gross amounts offset in<br>‎the Statements of Financial<br>‎Condition** | **Net amounts of liabilities<br>‎presented in the Statements<br>‎of Financial Condition** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty C | $45413 | $(36266) | $9147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty L | 503060 | (437361) | 65699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total futures contracts | 548473 | (473627) | 74846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty K | 672773 | (610885) | 61888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total forward currency contracts | 672773 | (610885) | 61888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $1221246 | $(1084512) | $136734 |
|  |  |  | (Concluded) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Amounts Not Offset in the Statements of Financial Condition** | **Amounts Not Offset in the Statements of Financial Condition** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Net amounts of assets<br>‎presented in the Statements<br>‎of Financial Condition** | **Financial Instruments** | **Collateral Received<sup>(1)(2)</sup>** | **Net Amount<sup>(3)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty G | 177530 | **-** | - | 177530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty J | 260011 | - | (260011) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 437541 | - | (260011) | 177530 |
|  |  | **Amounts Not Offset in the Statements of Financial Condition** | **Amounts Not Offset in the Statements of Financial Condition** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Net amounts of liabilities<br>‎presented in the Statements<br>‎of Financial Condition** | **Financial Instruments** | **Collateral Pledged<sup>(1)(2)</sup>** | **Net Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty C | 9147 | - | (9147) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty K | 61888 | - | (61888) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty L | 65699 | - | (65699) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 136734 | - | (136734) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statements  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statements  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statements  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statements  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statements  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Financial Condition for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Financial Condition for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Financial Condition for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Financial Condition for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Financial Condition for each respective counterparty. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of September 30, 2025. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of September 30, 2025. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of September 30, 2025. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of September 30, 2025. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of September 30, 2025. |

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------

**Offsetting of derivative assets and liabilities at December 31, 2024**

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| | | | |
|:---|:---|:---|:---|
|  | **Gross amounts of<br>‎recognized assets** | **Gross amounts offset in<br>‎the Statements of Financial<br>‎Condition** | **Net amounts of assets<br>‎presented in the Statements<br>‎of Financial Condition** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty C | $280971 | $(195687) | $85284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty J | 186425 | (175126) | 11299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total futures contracts | 467396 | (370813) | 96583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty G | 834462 | (513970) | 320492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty K | 1043889 | (913299) | 130590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total forward currency contracts | 1878351 | (1427269) | 451082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2345747 | $(1798082) | $547665 |
|  | **Gross amounts of<br>‎recognized liabilities** | **Gross amounts offset in<br>‎the Statements of Financial<br>‎Condition** | **Net amounts of liabilities<br>‎presented in the Statements<br>‎of Financial Condition** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty L | $688174 | $(643353) | $44821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $688174 | $(643353) | $44821 |

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‎

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Amounts Not Offset in the Statements of Financial Condition** | **Amounts Not Offset in the Statements of Financial Condition** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Net amounts of assets<br>‎presented in the Statements<br>‎of Financial Condition** | **Financial Instruments** | **Collateral Received<sup>(1)(2)</sup>** | **Net Amount<sup>(3)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty C | 85284 | **-** | (85284) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty G | 320492 | **-** | - | 320492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty J | 11299 | **-** | (11299) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty K | 130590 | **-** | - | 130590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 547665 | - | (96583) | 451082 |
|  |  | **Amounts Not Offset in the Statements of Financial Condition** | **Amounts Not Offset in the Statements of Financial Condition** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Net amounts of liabilities<br>‎presented in the Statements<br>‎of Financial Condition** | **Financial Instruments** | **Collateral Pledged<sup>(1)(2)</sup>** | **Net Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty L | 44821 | - | (44821) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 44821 | - | (44821) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;guaranteed by the exchange. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;guaranteed by the exchange. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;guaranteed by the exchange. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;guaranteed by the exchange. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;guaranteed by the exchange. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Financial  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Financial  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Financial  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Financial  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Financial  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condition for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condition for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condition for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condition for each respective counterparty. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condition for each respective counterparty. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2024. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2024. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2024. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2024. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2024. |

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CONCENTRATION OF CREDIT RISK

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk is normally reduced to the extent that an exchange or clearing organization acts as a counterparty to futures transactions since typically the collective credit of the members of the exchange is pledged to support the financial integrity of the exchange.

The Managing Owner seeks to minimize credit risk primarily by depositing and maintaining the Trust's assets at financial institutions and trading counterparties which the Managing Owner believes to be creditworthy. In addition, for OTC forward currency contracts, the Trust enters into master netting agreements with its counterparties. Collateral posted at the various counterparties for trading of futures and forward currency contracts includes cash and U.S. Treasury notes.

The Trust's forward currency trading activities are cleared through DB and BA. The Trust's concentration of credit risk associated with DB or BA nonperformance includes unrealized gains inherent in such contracts, which are recognized in the Statements of Financial Condition plus the value of margin or collateral held by DB and BA. The amount of such credit risk was $5,519,958 and $7,700,597 at September 30, 2025 and December 31, 2024, respectively.

4. PROFIT SHARE

The following table indicates the total profit share earned and accrued during the three and nine months ended September 30, 2025 and 2024. Profit share earned (from Unitholders' redemptions) is credited to the New Profit Memo Account as defined in the Trust's Declaration of Trust and Trust Agreement (the "Trust Agreement").

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| | | |
|:---|:---|:---|
|  | Three months ended: | Three months ended: |
|  | September 30, | September 30, |
|  | 2025 | 2024 |
| Profit share earned | $- | $- |
| Reversal of profit share <sup>(1)</sup> | - | (6427) |
| Profit share accrued | - | - |
| Total profit share | $- | $(6427) |
|  | Nine months ended: | Nine months ended: |
|  | September 30, | September 30, |
|  | 2025 | 2024 |
| Profit share earned | $- | $736 |
| Profit share accrued | - | - |
| Total profit share | $- | $736 |
| <sup>(1)</sup> On July 1<sup>st</sup> |  |  |

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5. RELATED PARTY TRANSACTIONS

The Trust pays all routine expenses, such as legal, accounting, printing, postage and similar administrative expenses (including the Trustee's fees, the charges of an outside accounting services agency and the expenses of updating the Trust's Prospectus), as well as extraordinary costs. At September 30, 2025 and December 31, 2024, the Managing Owner is owed $19,305 and $0, respectively, from the Trust in connection with such expenses it has paid on the Trust's behalf (and is included in "Due to Managing Owner" in the Statements of Financial Condition).

Series 1 Unitholders who redeem Units at or prior to the end of the first eleven months after such Units are sold shall be assessed redemption charges calculated based on their redeemed Units' net asset value as of the date of redemption. All redemption charges will be paid to the Managing Owner. There was no redemption charge payable at September 30, 2025 or December 31, 2024.

6. FINANCIAL HIGHLIGHTS

Unit operating performance for the Series 1, 3, 4 and 5 Units is calculated based on Unitholders' trust capital for each Series taken as a whole utilizing the beginning and ending Net Asset Value per unit. An individual Unitholder's per unit operating performance may vary based on the timing of capital transactions and differences in individual Unitholder's brokerage fee (for Series 1), management fee (for series 3, 4 and 5) and profit share allocation arrangements.

Ratios to average trust capital are calculated for each Series taken as a whole. Total returns for Series 1 investors are presented for Unitholders charged 7% brokerage fees. An individual Unitholder's ratios may vary based on the timing of capital transactions and differences in individual Unitholder's brokerage fee (for Series 1).

7. BROKERAGE AND CUSTODIAL FEES

Per the Trust agreement, selling agents are prohibited from receiving amounts in excess of 9.5% of the gross offering proceeds of Series 1 Units sold subsequent to August 12, 2009. During the three and nine months ended September 30, 2025 and 2024, the Managing Owner rebated to the Trust for the benefit of all holders of Series 1 Units, all amounts that would have otherwise been due to selling agents but for the 9.5% cap. Further, in certain cases, there are Series 1 Units that remain outstanding, where there is no longer a selling agent associated with such Units. Beginning in August 2014, the Managing Owner rebated such amounts to the Trust for the benefit of all holders of Series 1 Units. The total amounts rebated to the Trust for both of these items were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ending September 30,** | **Three months ending September 30,** | **Nine months ending September 30,** | **Nine months ending September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage fee rebates | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41818 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133745 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157543 |

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8. DUE FROM/TO BROKERS

At September 30, 2025 and December 31, 2024, due from and due to brokers balances, if applicable, in the Statements of Financial Condition include net cash receivable from each broker and net cash payable to each broker, respectively. The due from broker balance also includes cash held as collateral at Bank of America, N.A.

9. SUBSEQUENT EVENTS

The Managing Owner has performed its evaluation of subsequent events from October 1, 2025 to November 13, 2025, the date this Form 10-Q was filed. Based on such evaluation, no further events were discovered that required disclosure or adjustment to the financial statements.

ITEM 2. 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.

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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 nine months ended September 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.

‎

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| | | |
|:---|:---|:---|
| Periods ended September 30, 2025 | Periods ended September 30, 2025 | Periods ended September 30, 2025 |
| **Month Ended:** |  | **Total Trust<br>‎Capital** |
| September 30, 2025 |  | $59217406 |
| June 30, 2025 |  | 63311552 |
| December 31, 2024 |  | 70303642 |
|  | **Three months ended** | **Nine months ended** |
| Change in Trust Capital | $(4094146) | $(11086236) |
| Percent Change | (6.47)% | (15.77)% |

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THREE MONTHS ENDED SEPTEMBER 30, 2025

The decrease in the Trust's net assets of $4,094,146 was attributable to net loss after profit share of $2,205,341 and redemptions of $1,888,805.

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 September 30, 2025 decreased $62,007 and $50,253 (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, include costs relating to electronic trading (such as, but not limited to: National Futures Association ("NFA") fees; exchange-related fees; foreign currency prime brokerage fees; externally incurred costs of establishing and utilizing electronic trading, computer, software and systems connections directly or indirectly with the Trust's brokers and counterparties or with third parties to facilitate electronic trading with the Trust's brokers and counterparties; and execution related data acquisition and subscription costs). Trade execution and clearing costs for the three months ended September 30, 2025 decreased $12,907 relative to the corresponding period in 2024. The decrease was due mainly to a decrease in the Trust's net assets which was partially offset by an increase in trading volume during the three months ended September 30, 2025 relative to the corresponding period in 2024.

Administrative expenses for the three months ended September 30, 2025 decreased $9,634 relative to the corresponding period in 2024. The increase was due mainly to a reduction in professional fees accruals during the three months ended September 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 September 30, 2025 decreased $308,811 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 September 30, 2025 relative to the corresponding period in 2024.

During the three months ended September 30, 2025, the Trust experienced net realized and unrealized losses of $2,067,940 from its trading operations (including foreign exchange translations and Treasury obligations). Total brokerage and management fees of $714,778, administrative expenses of $109,292, custody fees and other expenses of $6,979 were incurred. Interest income of $651,830 and Managing Owner commission rebate to Unitholders of $41,818 partially offset the Trust expenses resulting in net loss after profit share to the Managing Owner of $2,205,341. An analysis of the trading gain (loss) by sector is as follows:

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| | |
|:---|:---|
| Sector | % Gain (Loss) of Trust Capital |
| Currencies | 0.81% |
| Energies | (0.31)% |
| Grains | 0.42% |
| Interest rates | (3.42)% |
| Livestock | 0.00% |
| Metals | (0.01)% |
| Softs | 0.04% |
| Stock indices | (0.83)% |
| Trading loss | (3.30)% |

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NINE MONTHS ENDED SEPTEMBER 30, 2025

The decrease in the Trust's net assets of $11,086,236 was attributable to net loss after profit share of $3,561,629 and redemptions of $7,524,607.

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 nine months ended September 30, 2025 decreased $183,787 and $194,665 (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, include costs relating to electronic trading (such as, but not limited to: National Futures Association ("NFA") fees; exchange-related fees; foreign currency prime brokerage fees; externally incurred costs of establishing and utilizing electronic trading, computer, software and systems connections directly or indirectly with the Trust's brokers and counterparties or with third parties to facilitate electronic trading with the Trust's brokers and counterparties; and execution related data acquisition and subscription costs). Trade execution and clearing costs for the nine months ended September 30, 2025 decreased $67,886 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 nine months ended September 30, 2025 relative to the corresponding period in 2024.

Administrative expenses for the nine months ended September 30, 2025 decreased $11,482 relative to the corresponding period in 2024. The decrease was due mainly to a reduction in professional fees accruals during the nine months ended September 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 nine months ended September 30, 2025 decreased $815,874 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 nine months ended September 30, 2025 relative to the corresponding period in 2024.

During the nine months ended September 30, 2025, the Trust experienced net realized and unrealized losses of $3,225,319 from its trading operations (including foreign exchange translations and Treasury obligations). Total brokerage and management fees of $2,268,995, administrative expenses of $334,220, custody fees and other expenses of $17,731 were incurred. Interest income of $2,150,891 and Managing Owner commission rebate to Unitholders of $133,745 partially offset the Trust expenses resulting in net loss after profit share to the Managing Owner of $3,561,629. An analysis of the trading gain (loss) by sector is as follows:

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| | |
|:---|:---|
| Sector | % Gain (Loss) of Trust Capital |
| Currencies | (1.49)% |
| Energies | (0.67)% |
| Grains | 0.38% |
| Interest rates | (3.05)% |
| Livestock | 0.02% |
| Metals | 1.08% |
| Softs | 0.08% |
| Stock indices | (1.15)% |
| Trading loss | (4.80)% |

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MANAGEMENT DISCUSSION –2025

Three months ended September 30, 2025

The Trust was unprofitable during the quarter as losses from trading interest rate and equity index futures far outpaced the gain from trading currency forwards. Meanwhile, trading of commodity futures was nearly flat as profits from trading grain and soft commodity futures were marginally bigger than the losses from trading energy and metal futures.

Interest rates were volatile in the July-September period. Short-term interest rates generally declined as central banks cut official interest rates following receding inflation and concerns about slowing growth and employment, although sticky services, housing inflation and tariff uncertainties at times seemingly interrupted the declines. Meanwhile, medium- and long-term interest rates tended to rise amid concerns about the sustainability of fiscal policy agendas globally—especially in the United Kingdom ("U.K."), France, Germany, Japan and the U.S.—although growth worries possibly limited the rise. Trading of French, Italian, German, U.K., U.S. and Australian interest rate futures was unprofitable.

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Optimism around capital expenditure spending on artificial intelligence ("AI"), power and electricity, and defense and infrastructure, together with declines in official interest rates, seemed to strengthen equities during the quarter, although concerns about tariffs, trade, global growth, threats to Federal Reserve ("Fed") independence and a looming U.S. government shutdown appeared to dampen investor enthusiasm at times. Against this background and China's anti-involution program, long positions in Korean, Chinese, Hong Kong, Taiwanese and Singaporean stock index futures were profitable. On the other hand, short positions in U.S., U.K., European and Brazilian equity futures posted fractionally larger losses.

The U.S. dollar, fell during the first half of 2025, rebounded in July, and resumed its decline in August and September. Growth concerns and signs of a slowing U.S. labor market coincided with the Fed's rate cut cycle restart, concerns about Fed independence and expectations of an impending U.S. government shutdown. Short U.S. dollar trades versus the high-yielding Mexican peso and Brazilian real were profitable. Trading the U.S. dollar against the Swiss franc and British pound were also profitable. Similarly, long U.S. dollar positions relative to the New Zealand and Canadian dollars were profitable amid marked economic slowdowns in New Zealand and Canada, possibly impacted by trade difficulties. Comparatively, trading the U.S. dollar against the Chilean peso, Chinese renminbi and Singapore dollar registered partially offsetting losses.

Ample grain supplies and trade and tariff policy effects seemed to weigh on grain prices. For example, China's decisions to discontinue its purchases of U.S. soybeans and to impose a provisional anti-dumping duty on Canadian canola effectively blocked access to the Chinese market for those products. Short positions in soybeans, wheat, corn and soybean oil were profitable.

Arabica Coffee prices rose late in the quarter, possibly impacted by a continued decline in certified stocks. At the same time, U.S. roasters searched for alternatives following the imposition of a 50% tariff on coffee exports from Brazil. Meanwhile, Brazil's coffee-growing regions continued to face challenging weather conditions, including drought, irregular rainfall, and cold snaps, all of which typically threaten crop yields. A long Arabica futures trade was profitable.

Energy prices were volatile during the quarter. Prices decreased at times, possibly due to concerns over a global supply glut following the Internation Energy Agency's forecast that supply will outpace demand in coming quarters and Organization of the Petroleum Exporting Countries' ("OPEC+") effort to restore idle capacity. Additional pressure seemingly came from expectations of reduced fuel consumption as the summer driving season came to an end. Comparatively, geopolitical tensions and supply risks surrounding events in Russia, Ukraine and India, together with stronger than expected U.S. growth data, appeared to help support oil prices. Long positions in crude oil and heating oil, along with trading of RBOB gasoline and carbon emissions, were unprofitable. Trading in European Title Transfer Facility (TTF) gas was also unprofitable as prices were volatile amid supply uncertainties surrounding geopolitical tensions from Russia's war on Ukraine. On the other hand, a short U.S. natural gas trade was profitable as natural gas prices fell in volatile trading in July amid high production and inventory levels and moderate temperatures that seemingly impacted demand. A long London gas oil trade was also profitable in July.

Metal prices continued to be volatile amid tariff, trade, geopolitical and macroeconomic factors. A long Chicago copper trade was unprofitable in July when prices decreased as President Trump indicated that refined copper would be exempt from U.S. tariffs. Prices for metals with both precious and industrial uses, like platinum and silver, which had been seemingly weighed down by concerns about industrial demand, increased during the quarter, and short positions posted sizable losses. On the other hand, long gold trades were profitable as prices, completing their seventh straight weekly advance, closed the quarter at an all-time high near $3900/oz. amid a weaker dollar, hopes for lower U.S. interest rates and safe-haven demand. Buyers included central banks, institutional investors and retail investors.

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.

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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.

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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.

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| | | |
|:---|:---|:---|
| Periods ended September 30, 2024 | Periods ended September 30, 2024 | Periods ended September 30, 2024 |
| **Month Ended:** |  | **Total Trust<br>‎Capital** |
| September 30, 2024 |  | $70115348 |
| June 30, 2024 |  | 78243131 |
| December 31, 2023 |  | 76178437 |
|  | **Three months ended** | **Nine months ended** |
| Change in Trust Capital | $(8127783) | $(6063089) |
| Percent Change | (10.39)% | (7.96)% |

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THREE MONTHS ENDED SEPTEMBER 30, 2024

The decrease in the Trust's net assets of $8,127,783 was attributable to net loss after profit share of $6,668,680 and redemptions of $1,459,125, which were partially offset by subscriptions to the new profit memo account of $22.

Management fees are calculated on the net asset value of the Trust's 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 for the three months ended September 30, 2024 decreased $226,210 relative to the corresponding period in 2023, due mainly to a decrease in the Trust's Series 1 and Series 3 average net assets.

Installment selling commissions are calculated on the net asset value of the Trust's 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. Installment selling commissions for the three months ended decreased $20,457 (net of Managing Owner commission rebate to Unitholders) 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 September 30, 2024 decreased $16,389 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 September 30, 2024 relative to the corresponding period in 2023.

Administrative expenses for the three months ended September 30, 2024 decreased $15,813 relative to the corresponding period in 2023. The decrease was due mainly to a reduction in professional fees accruals during the three months ended September 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 September 30, 2024 decreased $165,380 relative to the corresponding period in 2023. This decrease was due predominantly to a decrease in the Trust's average net assets and partially offset by an increase in short-term U.S. Treasury yields during the three months ended September 30, 2024 relative to the corresponding period in 2023.

During the three months ended September 30, 2024, the Trust experienced net realized and unrealized losses of $6,714,270 from its trading operations (including foreign exchange translations and Treasury obligations). Total brokerage and management fees of $848,928, administrative expenses of $118,926, custody fees and other expenses of $4,425 were incurred. Interest income of $960,641, Managing Owner commission rebate to Unitholders of $50,801 and profit share from the Managing Owner of $6,427 partially offset the Trust expenses resulting in net loss after profit share to the Managing Owner of $6,668,680. An analysis of the trading gain (loss) by sector is as follows:

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| | |
|:---|:---|
| Sector | % Gain (Loss) of Trust Capital |
| Currencies | (3.90)% |
| Energies | (3.46)% |
| Grains | (0.38)% |
| Interest rates | (2.62)% |
| Livestock | (0.03)% |
| Metals | 0.60% |
| Softs | 0.13% |
| Stock indices | 0.85% |
| Trading loss | (8.81)% |

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NINE MONTHS ENDED SEPTEMBER 30, 2024

The decrease in the Trust's net assets of $6,063,089 was attributable to redemptions of $9,150,712, which were partially offset by net income after profit share of $3,086,865 and subscriptions to the new profit memo account of $758.

Management fees are calculated on the net asset value of the Trust's 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 for the nine months ended September 30, 2024 decreased $614,250 relative to the corresponding period in 2023, due mainly to a decrease in the Trust's Series 1 and Series 3 average net assets.

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Installment selling commissions are calculated on the net asset value of the Trust's 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. Installment selling commissions for the nine months ended increased $24,721 (net of Managing Owner commission rebate to Unitholders) relative to the corresponding period in 2023, due to a decrease in the Trust's Series 1 and Series 3 average net assets, which reduced the Managing Owner commission rebate.

Trade execution and clearing costs for the nine months ended September 30, 2024 decreased $39,962 relative to the corresponding period in 2023. The decrease was due mainly to a decrease in the Trust's net assets during the nine months ended September 30, 2024 relative to the corresponding period in 2023.

Administrative expenses for the nine months ended September 30, 2024 decreased $64,680 relative to the corresponding period in 2023. The decrease was due mainly to a reduction in professional fees accruals during the nine months ended September 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 nine months ended September 30, 2024 decreased $24,847 relative to the corresponding period in 2023. This decrease was due predominantly to a decrease in the Trust's average net assets and partially offset by an increase in short-term U.S. Treasury yields during the nine months ended September 30, 2024 relative to the corresponding period in 2023.

During the nine months ended September 30, 2024, the Trust experienced net realized and unrealized gains of $3,066,206 from its trading operations (including foreign exchange translations and Treasury obligations). Total brokerage and management fees of $2,739,131, administrative expenses of $345,702, custody fees and other expenses of $18,080 and profit share to the Managing Owner of $736 were incurred. The Trust's gains achieved from trading operations, in addition to interest income of $2,966,765, and Managing Owner commission rebate to Unitholders of $157,543 were partially offset by the Trust's expenses, resulting in net income after profit share to the Managing Owner of $3,086,865. An analysis of the trading gain (loss) by sector is as follows:

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| | |
|:---|:---|
| Sector | % Gain (Loss) of Trust Capital |
| Currencies | (1.67)% |
| Energies | (1.56)% |
| Grains | 0.74% |
| Interest rates | 3.28% |
| Livestock | (0.14)% |
| Metals | (0.56)% |
| Softs | (0.35)% |
| Stock indices | 3.21% |
| Trading gain | 2.95% |

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MANAGEMENT DISCUSSION –2024

Three months ended September 30, 2024

The Trust was unprofitable during the quarter as losses from trading energy and interest rate futures and currency forwards far outpaced small gains from trading non-energy futures and stock index futures.

Global market interest rates fell and yield curves steepened during the quarter as market participants reacted to actual and anticipated reductions in official interest rates among major developed market central banks in response to, among other things, moderating inflation, growth and employment statistics. For example, the policy-sensitive U.S. two-year Treasury note fell from 4.77% at the start of July to about 3.5% in September. Consequently, short positions in U.S., German, French and British note and bond futures were unprofitable, especially during July. Meanwhile, long positions in U.S. and European short-term interest rate futures generated partially offsetting profits. Trading of the Japanese government bond future and a long position in the Italian 10-year bond were also somewhat profitable.

Declining interest rates seemingly weighed on the U.S. dollar and long dollar trades against the Japanese yen, euro, Swiss franc, Brazilian real, pound sterling and Australian, Canadian and New Zealand dollars were unprofitable. A long position in the high-yield Mexican peso was also unprofitable partly resulting from political turbulence and weakening growth in Mexico.

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Energy prices fell during the quarter. For example, Brent crude oil, after reaching $87.50/barrel in early July, dropped below $70/barrel in early September before closing the quarter at about $71/barrel. Deflation in China, sluggish growth in Europe, and moderating growth in the U.S., particularly in the manufacturing sectors, seemed to weigh on energy demand. The continued transition toward EV's, although slowing somewhat recently, also may have dented demand. At the same time, non-Organization of the Petroleum Exporting Countries ("OPEC+") supplies continued to grow and OPEC+ struggled to maintain production and export constraints on all its members. In fact, late in the quarter, top producer and exporter Saudi Arabia indicated that it was dropping its unofficial price target and readying to increase production and seek a greater market share. Even broad easing of monetary policies globally and surprise monetary and fiscal policy support measures from China appear to have failed to give energy prices much support. As a result, long Brent and WTI crude oil positions and trading of RBOB gasoline, London gas oil and TTF natural gas futures were unprofitable.

Declining interest rates and optimism around artificial intelligence helped to underpin equities during the quarter, while concerns about high valuations, softening U.S. growth, stagnation in Europe, deflation in China and wars in the Middle East and Europe aided in restraining the price gains. Late in the quarter, surprise monetary and fiscal policy support measures from China that were intended to stimulate economic activity, boost financial markets and stabilize property markets, together with indications that OPEC+ soon would boost production significantly, provided some additional support to equities. Results were mixed but positive overall for the quarter. Short positions in Chinese equity futures were profitable early in the period amidst a continuing grim economic outlook, but then long positions in these same futures were profitable late in September after the surprise stimulus moves by Chinese authorities. Long positions in Taiwanese, Korean, Spanish, Italian and Brazilian index futures, trading of British and U.S. NASDAQ and S&P futures and a short emerging markets index futures trade were also profitable. On the other hand, short volatility, South African and EURO STOXX equity index futures positions and trading of U.S. Russell and mid-cap equity index futures posted partially offsetting losses.

Within non-energy commodities, early in the quarter short silver and platinum positions were profitable as prices declined amid a negative industrial outlook and persistent demand concerns in top consumer China. Furthermore, the increasing share of new energy vehicles in major global auto markets contributed to a decreased demand for platinum in catalytic converters for internal combustion engines, also pressuring prices. Subsequently, actual and anticipated interest rate declines, especially after the Federal Reserves' larger than anticipated 50 basis point reduction in the Federal funds rate, together with China's unexpected monetary and fiscal stimulus measures, helped boost metal prices broadly. A surge in Indian gold imports following a tax reduction added to demand for this precious metal. Consequently, long gold and platinum positions were profitable. Adverse weather conditions in Brazil and Vietnam and rising shipping costs have assisted in pushing global coffee prices to record highs, producing profits on long Arabica coffee positions. Meanwhile, Grain prices, which have been falling for much of the past year, rebounded in September driven partly by supply risks, including uncertainty around Brazilian planting conditions, disappointing crop outlooks in Europe and Australia, and concerns over poor harvests in the U.S. Plains resulting from dry conditions and in the Black Sea region due to geopolitical difficulties. Hence, short positions in soybeans, soybean oil and soybean meal were unprofitable for the quarter.

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.

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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.

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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 September 30, 2025 and December 31, 2024.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4. CONTROLS AND PROCEDURES

The Managing Owner, with the participation of its principal executive officers and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Trust as of the end of the period covered by this quarterly report, and, based on their evaluation, have concluded that these disclosure controls and procedures are effective. There were no changes in the

Managing Owner's internal controls over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Managing Owner's internal controls over financial reporting with respect to the Trust.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

Not required

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)There have been no sales of unregistered securities of the Trust during the three months ended September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Pursuant to the Trust Agreement, Unitholders may redeem their Units at the end of each calendar month at then current month-end net asset value per Unit. The redemption of Units has no impact on the value of Units that remain outstanding and Units are not reissued once redeemed.

The following table summarizes the redemptions by Unitholders during the three months ended September 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series 1** | **Series 1** | **Series 3** | **Series 3** | **Series 4** | **Series 4** | **Series 5** | **Series 5** |
| **Date of<br>‎Redemption** | **Units Redeemed** | **NAV per Unit** | **Units Redeemed** | **NAV per Unit** | **Units Redeemed** | **NAV per Unit** | **Units Redeemed** | **NAV per Unit** |
| July 31, 2025 | 207.982 | $1129.13 | 17.930 | $2012.43 | 0.660 | $2907.59 | 95.805 | $1839.79 |
| August 31, 2025 | 35.569 | 1094.54 | 13.097 | 1957.88 | - | 2832.91 | - | 1788.80 |
| September 30, 2025 | 208.347 | 1077.71 | 503.010 | 1934.90 | 3.088 | 2803.75 | 95.468 | 1766.70 |
| **Total** | 451.898 |  | 534.037 |  | 3.748 |  | 191.273 |  |

---

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5. OTHER INFORMATION

During the three months ended September 30, 2025, neither the Managing Owner nor its directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

ITEM 6. EXHIBITS

The following exhibits are included herewith:

[<u>31.01</u>](c765-20250930xex31_1.htm) Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer

[<u>31.02</u>](c765-20250930xex31_2.htm) Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer

[<u>31.03</u>](c765-20250930xex31_3.htm) Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Operating Officer

[<u>31.04</u>](c765-20250930xex31_4.htm) Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer

[<u>32.01</u>](c765-20250930xex32_1.htm) Section 1350 Certification of Co-Chief Executive Officer

[<u>32.02</u>](c765-20250930xex32_2.htm) Section 1350 Certification of Co-Chief Executive Officer

[<u>32.03</u>](c765-20250930xex32_3.htm) Section 1350 Certification of Chief Operating Officer

[<u>32.04</u>](c765-20250930xex32_4.htm) Section 1350 Certification of Chief Financial Officer

101. INS XBRL Instance Document

101. SCH XBRL Taxonomy Extension Schema Document

101. CAL XBRL Taxonomy Extension Calculation Linkbase Document

101. DEF XBRL Taxonomy Extension Definition Linkbase Document

101. LAB XBRL Taxonomy Extension Label Linkbase Document

101. PRE XBRL Taxonomy Extension Presentation Linkbase Document

‎

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

    <br> <u>By:</u> <u>Millburn Ridgefield LLC,</u> <br>   <u>Managing Owner</u>

---

| | |
|:---|:---|
| Date: November 13, 2025 |  |
|  | /s/ Michael W. Carter |
|  | &nbsp;&nbsp;&nbsp;Michael W. Carter |
|  | &nbsp;&nbsp;&nbsp;Vice-President |
|  | &nbsp;&nbsp;&nbsp;(Principal Accounting Officer) |

---

## Exhibit 31.1

EXHIBIT 31.01

RULE 13(a)-14(a)/15(d)-14(a)

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

I, Barry Goodman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Global Macro Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| By: /s/ Barry Goodman |
| Barry Goodman |
| Co-Chief Executive Officer |
| Millburn Ridgefield LLC |
| Managing Owner, Global Macro Trust |
| November 13, 2025 |

---

------

## Exhibit 31.2

EXHIBIT 31.02

RULE 13(a)-14(a)/15(d)-14(a)

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

I, Grant N. Smith, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Global Macro Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| ay |
| By: /s/ Grant N. Smith |
| Grant N. Smith |
| Co-Chief Executive Officer |
| Millburn Ridgefield LLC |
| Managing Owner, Global Macro Trust |
| November 13, 2025 |

---

------

## Exhibit 31.3

EXHIBIT 31.03

RULE 13(a)-14(a)/15(d)-14(a)

CERTIFICATION OF PRESIDENT AND CHIEF OPERATING OFFICER

I, Gregg Buckbinder, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Global Macro Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| By: /s/ Gregg Buckbinder |
| Gregg Buckbinder |
| President and Chief Operating Officer |
| Millburn Ridgefield LLC |
| Managing Owner, Global Macro Trust |
| November 13, 2025 |

---

------

## Exhibit 31.4

EXHIBIT 31.04

RULE 13(a)-14(a)/15(d)-14(a)

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Ilon Wu, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Global Macro Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| By: /s/ Ilon Wu |
| Ilon Wu |
| Chief Financial Officer |
| Millburn Ridgefield LLC |
| Managing Owner, Global Macro Trust |
| November 13, 2025 |

---

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## Exhibit 32.1

Exhibit 32.01

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Barry Goodman, certify that (i) the Quarterly Report of Global Macro Trust (the "Trust") on Form 10-Q for the period ending September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| |
|:---|
| 3 |
| By: /s/ Barry Goodman |
| Barry Goodman |
| Co-Chief Executive Officer |
| Millburn Ridgefield LLC |
| Managing Owner, Global Macro Trust |
| November 13, 2025 |

---

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## Exhibit 32.2

Exhibit 32.02

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Grant N. Smith, certify that (i) the Quarterly Report of Global Macro Trust (the "Trust") on Form 10-Q for the period ending September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| |
|:---|
| By: /s/ Grant N. Smith |
| Grant N. Smith |
| Co-Chief Executive Officer |
| Millburn Ridgefield LLC |
| Managing Owner, Global Macro Trust |
| November 13, 2025 |

---

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## Exhibit 32.3

Exhibit 32.03

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Gregg Buckbinder, certify that (i) the Quarterly Report of Global Macro Trust (the "Trust") on Form 10-Q for the period ending September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| |
|:---|
| By: /s/ Gregg Buckbinder |
| Gregg Buckbinder |
| President and Chief Operating Officer |
| Millburn Ridgefield LLC |
| Managing Owner, Global Macro Trust |
| November 13, 2025 |

---

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## Exhibit 32.4

Exhibit 32.04

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Ilon Wu, certify that (i) the Quarterly Report of Global Macro Trust (the "Trust") on Form 10-Q for the period ending September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

---

| |
|:---|
| By: /s/ Ilon Wu |
| Ilon Wu |
| Chief Financial Officer |
| Millburn Ridgefield LLC |
| Managing Owner, Global Macro Trust |
| November 13, 2025 |

---

------