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Global Macro Trust

11/13/2024 | Press release | Distributed by Public on 11/13/2024 16:20

Quarterly Report for Quarter Ending September 30, 2024 (Form 10-Q)

c765-20240930x10q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the Quarterly Period Ended: September 30, 2024


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

Commission File Number: 000-50102

GLOBAL MACRO TRUST

(Exact name of registrant as specified in its charter)


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

c/o MILLBURN RIDGEFIELD CORPORATION

55 West 46^thStreet, 31^stFloor

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:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	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 x No o

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 x No o

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.

Large accelerated filer o

Accelerated filer o

Non-accelerated filer o

Smaller reporting company x

Emerging growth company o

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. o

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

Yes o No x


PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

Global Macro Trust
Financial statements
For the three and nine months ended September 30, 2024 and 2023 (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, 2024 (unaudited) and December 31, 2023
(b) For the three and nine months ended September 30, 2024 and 2023 (unaudited)
(c) For the nine months ended September 30, 2024 and 2023 (unaudited)


Global Macro Trust
Statements of Financial Condition


		September 30, 2024 (unaudited)		December 31, 2023
ASSETS
EQUITY IN TRADING ACCOUNTS:
Investments in U.S. Treasury notes - at fair value
(amortized cost $15,340,705and $15,512,210)	$	15,360,483	$	15,507,848
Net unrealized appreciation on open futures and
forward currency contracts		529,191		268,713
Due from brokers, net		1,956,631		1,674,254
Cash denominated in foreign currencies (cost $239,142
and $820,615)		233,359		839,582
Total equity in trading accounts		18,079,664		18,290,397

INVESTMENTS IN U.S. TREASURY NOTES - at fair value
(amortized cost $50,608,853and $56,320,592)		50,703,131		56,377,442
CASH AND CASH EQUIVALENTS		2,469,634		3,315,887
ACCRUED INTEREST RECEIVABLE		420,949		459,476
TOTAL	$	71,673,378	$	78,443,202

LIABILITIES AND TRUST CAPITAL
LIABILITIES:
Net unrealized depreciation on open futures and forward currency contracts	$	360,481	$	1,144,223
Due to Managing Owner		81,621		-
Due to brokers, net		-		3,580
Accrued management fees		124,540		154,448
Accrued installment selling commissions		126,209		122,139
Accrued trade execution and clearing costs		4,613		4,668
Redemptions payable to Unitholders		565,878		433,216
Redemption payable to Managing Owner		-		2,741
Accrued expenses		43,454		93,508
Cash overdraft denominated in foreign currencies (cost $247,835and $300,130)		251,234		306,242
Total liabilities		1,558,030		2,264,765


TRUST CAPITAL:
Managing Owner interest (2,059.713and 1,966.591units outstanding)		2,302,553		2,157,842
Series 1 Unitholders (36,641.716and 42,174.214units outstanding)		40,961,903		46,275,735
Series 3 Unitholders (6,303.201and 6,820.101units outstanding)		12,102,530		12,437,987
Series 4 Unitholders (3,548.981and 3,889.504units outstanding)		9,702,714		9,968,358
Series 5 Unitholders (2,856.504and 3,164.075units outstanding)		5,045,648		5,338,515
Total trust capital		70,115,348		76,178,437

TOTAL	$	71,673,378	$	78,443,202

NET ASSET VALUE PER UNIT OUTSTANDING:
Series 1 Unitholders	$	1,117.90	$	1,097.25
Series 3 Unitholders	$	1,920.06	$	1,823.72
Series 4 Unitholders	$	2,733.94	$	2,562.89
Series 5 Unitholders	$	1,766.37	$	1,687.23

See notes to financial statements (unaudited)


Global Macro Trust
Condensed Schedule of Investments (unaudited)
September 30, 2024

FUTURES AND FORWARD CURRENCY CONTRACTS	Net Unrealized ‎Appreciation/ ‎(Depreciation) ‎as a % of ‎Trust Capital			Net Unrealized ‎Appreciation/ ‎(Depreciation)
FUTURES CONTRACTS
Long futures contracts:
Currencies	(0.00)	%	$	(2,205)
Energies	(0.08)			(56,387)
Grains	(0.00)			(1,450)
Interest rates	0.72			508,314
Metals	1.14			800,554
Softs	0.06			38,736
Stock indices	0.22			152,969

Total long futures contracts	2.06			1,440,531

Short futures contracts:
Currencies	(0.15)			(106,942)
Energies	(0.02)			(11,991)
Grains	(0.17)			(120,920)
Interest rates	(0.04)			(26,298)
Livestock	(0.02)			(16,240)
Metals	(0.91)			(636,124)
Softs	(0.02)			(11,970)
Stock indices	(0.01)			(8,451)

Total short futures contracts	(1.34)			(938,936)

TOTAL INVESTMENTS IN FUTURES CONTRACTS-Net	0.72			501,595

FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	0.98			685,247
Total short forward currency contracts	(1.45)			(1,018,132)

TOTAL INVESTMENTS IN FORWARD CURRENCY
CONTRACTS-Net	(0.47)			(332,885)

TOTAL	0.25	%	$	168,710

				(Continued)


Global Macro Trust
Condensed Schedule of Investments (unaudited)
September 30, 2024
U.S. TREASURY NOTES

Face Amount		Description		Fair Value ‎as a % of ‎Trust Capital			Fair Value

$	20,949,000		U.S. Treasury notes, 2.250%, 11/15/2024		29.79	%	$	20,888,853
	23,821,000		U.S. Treasury notes, 2.000%, 02/15/2025		33.66			23,599,539
	21,860,000		U.S. Treasury notes, 2.125%, 05/15/2025		30.77			21,575,222
			Total investments in U.S. Treasury notes
			(amortized cost $65,949,558)		94.22	%	$	66,063,614

See notes to financial statements (unaudited)				(Concluded)

‎


Global Macro Trust
Condensed Schedule of Investments
December 31, 2023

FUTURES AND FORWARD CURRENCY CONTRACTS	Net Unrealized ‎Appreciation/ ‎(Depreciation) ‎as a % of ‎Trust Capital			Net Unrealized ‎Appreciation/ ‎(Depreciation)
FUTURES CONTRACTS
Long futures contracts:
Currencies	(0.00)	%	$	(2,207)
Energies	(0.48)			(364,739)
Interest rates	0.54			413,483
Livestock	(0.00)			(2,070)
Metals	0.50			379,266
Softs	(0.01)			(8,606)
Stock indices	0.14			106,930

Total long futures contracts	0.69			522,057

Short futures contracts:
Currencies	(0.04)			(32,532)
Energies	(0.28)			(210,260)
Grains	0.07			56,670
Interest rates	(0.90)			(683,195)
Livestock	0.00			590
Metals	(0.52)			(393,815)
Softs	0.15			113,214
Stock indices	0.08			64,543

Total short futures contracts	(1.44)			(1,084,785)

TOTAL INVESTMENTS IN FUTURES CONTRACTS-Net	(0.75)			(562,728)

FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	2.23			1,698,818
Total short forward currency contracts	(2.64)			(2,011,600)
TOTAL INVESTMENTS IN FORWARD CURRENCY
CONTRACTS-Net	(0.41)			(312,782)

TOTAL	(1.16)	%	$	(875,510)

				(Continued)

Global Macro Trust
Condensed Schedule of Investments
December 31, 2023
U.S. TREASURY NOTES

Face Amount		Description	Fair Value ‎as a % of ‎Trust Capital			Fair Value

$	17,655,000		U.S. Treasury notes, 2.750%, 02/15/2024	23.10	%	$	17,599,138
	18,693,000		U.S. Treasury notes, 2.500%, 05/15/2024	24.30			18,511,546
	18,033,000		U.S. Treasury notes, 2.375%, 08/15/2024	23.29			17,738,907
	18,449,000		U.S. Treasury notes, 2.250%, 11/15/2024	23.68			18,035,699
			Total investments in U.S. Treasury notes
			(amortized cost $71,832,802)	94.37	%	$	71,885,290

See notes to financial statements (unaudited)				(Concluded)

‎


Global Macro Trust
Statements of Operations (unaudited)

		For the three months ended
		September 30, 2024		September 30, 2023
INVESTMENT INCOME:
Interest income, net	$	960,641	$	1,126,021

EXPENSES:
Brokerage and management fees:
Management fees		381,560		607,770
Installment selling commissions		390,822		484,347
Trade execution and clearing costs		76,546		92,935
Total brokerage and management fees		848,928		1,185,052

Administrative expenses		118,926		134,739
Custody fees and other expenses		4,425		6,112
Total expenses		972,279		1,325,903

Managing Owner commission rebate to Unitholders		(50,801)		(123,869)

Net expenses		921,478		1,202,034

NET INVESTMENT INCOME (LOSS)		39,163		(76,013)

NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		(5,486,634)		8,469,099
Foreign exchange transactions		(2,856)		(92,132)
Net change in unrealized:
Futures and forward currency contracts		(1,378,392)		1,529,984
Foreign exchange translation		445		34,511
Net gains (losses) from U.S. Treasury notes:
Realized		4,154		(8,904)
Net change in unrealized		149,013		80,530
TOTAL NET REALIZED AND UNREALIZED GAINS (LOSSES)		(6,714,270)		10,013,088


NET INCOME (LOSS)		(6,675,107)		9,937,075
LESS PROFIT SHARE TO (FROM) MANAGING OWNER		(6,427)		95,740
NET INCOME (LOSS) AFTER PROFIT SHARE TO MANAGING OWNER	$	(6,668,680)	$	9,841,335

NET INCOME (LOSS) PER UNIT OUTSTANDING
Series 1 Unitholders	$	(111.43)	$	115.58
Series 3 Unitholders	$	(167.41)	$	199.50
Series 4 Unitholders	$	(226.79)	$	303.97
Series 5 Unitholders	$	(158.53)	$	184.16

See notes to financial statements (unaudited)


Global Macro Trust
Statements of Operations (unaudited)


		For the nine months ended
		September 30, 2024		September 30, 2023
INVESTMENT INCOME:
Interest income, net	$	2,966,765	$	2,991,612

EXPENSES:
Brokerage and management fees:
Management fees		1,220,168		1,834,418
Installment selling commissions		1,262,945		1,453,901
Trade execution and clearing costs		256,018		295,980
Total brokerage and management fees		2,739,131		3,584,299

Administrative expenses		345,702		410,382
Custody fees and other expenses		18,080		18,412

Total expenses		3,102,913		4,013,093

Managing Owner commission rebate to Unitholders		(157,543)		(373,220)

Net expenses		2,945,370		3,639,873

NET INVESTMENT INCOME (LOSS)		21,395		(648,261)

NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		2,031,399		4,640,966
Foreign exchange translation		(50,266)		(164,309)
Net change in unrealized:
Futures and forward currency contracts		1,044,220		(1,154,640)
Foreign exchange translation		(22,037)		58,389
Net gains (losses) from U.S. Treasury notes:
Realized		1,322		(83,145)
Net change in unrealized		61,568		378,716
TOTAL NET REALIZED AND UNREALIZED GAINS		3,066,206		3,675,977


NET INCOME	$	3,087,601	$	3,027,716
LESS PROFIT SHARE TO MANAGING OWNER		736		95,740
NET INCOME AFTER PROFIT SHARE TO MANAGING OWNER	$	3,086,865	$	2,931,976

NET INCOME PER UNIT OUTSTANDING
Series 1 Unitholders	$	20.65	$	26.96
Series 3 Unitholders	$	96.34	$	95.40
Series 4 Unitholders	$	171.05	$	182.64
Series 5 Unitholders	$	79.14	$	80.67

See notes to financial statements (unaudited)				(Concluded)


Global Macro Trust
Statements of Changes in Trust Capital (unaudited)

For the nine months ended September 30, 2024:
														New Profit
		Series 1 Unitholders		Series 3 Unitholders		Series 4 Unitholders		Series 5 Unitholders		Memo Account		Managing Owner		Total
		Amount	Units		Amount	Units		Amount	Units		Amount	Units		Amount	Units		Amount	Units		Amount

Trust capital at
January 1, 2024	$	46,275,735	42,174.214	$	12,437,987	6,820.101	$	9,968,358	3,889.504	$	5,338,515	3,164.075	$	-	-	$	2,157,842	1,966.591	$	76,178,437
Subscriptions		-	-		-	-		-	-		-	-		758	0.602		-	-		758
Redemptions		(6,610,571)	(5,596.276)		(1,029,676)	(516.900)		(951,931)	(340.523)		(558,534)	(307.571)		-	-		-	-		(9,150,712)
Addt'l units allocated *		-	63.778		-	-		-	-		-	-		-	0.013		-	92.507		-
Net income (loss)
before profit share to Managing Owner		1,296,739	-		694,955	-		686,287	-		265,667	-		(69)	-		144,022	-		3,087,601
Profit share to Managing Owner:		-	-		(736)	-		-	-		-	-		-	-		-	-		(736)
Transfer of New Profit Memo
Account to Managing Owner		-	-		-	-		-	-		-	-		-	-		-	-		-
Trust capital at
September 30, 2024	$	40,961,903	36,641.716	$	12,102,530	6,303.201	$	9,702,714	3,548.981	$	5,045,648	2,856.504	$	689	0.615	$	2,301,864	2,059.098	$	70,115,348

Net asset value per unit outstanding
at September 30, 2024:	$	1,117.90		$	1,920.06		$	2,733.94		$	1,766.37

* 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)

‎


Global Macro Trust
Statements of Changes in Trust Capital (unaudited)

For the nine months ended September 30, 2023:
													New Profit
		Series 1 Unitholders		Series 3 Unitholders		Series 4 Unitholders		Series 5 Unitholders		Memo Account		Managing Owner		Total
		Amount	Units		Amount	Units		Amount	Units		Amount	Units		Amount	Units		Amount	Units		Amount

Trust capital at
January 1, 2023	$	70,785,087	57,887.327	$	17,954,584	9,204.522	$	10,883,596	4,040.492	$	6,287,737	3,458.143	$	-	-	$	2,267,924	1,854.682	$	108,178,928
Subscriptions		-	-		-	-		-	-		-	-		-	-		-	-		-
Redemptions		(17,477,415)	(14,387.223)		(3,019,304)	(1,639.722)		(268,780)	(100.974)		(294,960)	(171.993)		-	-		-	-		(21,060,459)
Transfers		-	-		(4,024)	(0.080)		-	-		4,024	-					-	-		-
Addt'l units allocated *		-	171.784		-	-		-	-		-	-		-	-		-	83.035		-
Net income
before profit share to Managing Owner		1,272,234	-		620,634	-		716,306	-		264,766	-		-	-		153,776	-		3,027,716
Profit share to Managing Owner:		-	-		(74,280)	-		-	-		(21,460)	-		-	-		-	-		(95,740)
Transfer of New Profit Memo
Account to Managing Owner		-	-		-	-		-	-		-	-		-	-		-	-		-
Trust capital at
September 30, 2023	$	54,579,906	43,671.888	$	15,477,610	7,564.720	$	11,331,122	3,939.518	$	6,240,107	3,286.150	$	-	-	$	2,421,700	1,937.717	$	90,050,445

Net asset value per unit outstanding
at September 30, 2023:	$	1,249.77		$	2,046.03		$	2,876.27		$	1,898.91

* 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)																		(Concluded)


Global Macro Trust
Statements of Financial Highlights (unaudited)
For the three months ended September 30:		2024		2023
			Series 1		Series 3		Series 4		Series 5		Series 1		Series 3		Series 4		Series 5
Net income (loss) from operations:
Net investment income (loss)			$ (5.03)		$ 11.84		$ 29.01		$ 7.49		$ (5.29)		$ 8.86		$ 24.56		$ 5.10
Net realized and unrealized gains (losses) on trading of futures and forward currency contracts			(108.68)		(184.19)		(261.44)		(169.66)		119.99		197.97		277.45		184.12
Net gains from U.S. Treasury obligations			2.28		3.98		5.64		3.64		0.88		1.48		1.96		1.32
Profit share allocated (to) from Managing Owner			0.00		0.96		0.00		0.00		0.00		(8.81)		0.00		(6.38)
Net income per unit			$ (111.43)		$ (167.41)		$ (226.79)		$ (158.53)		$ 115.58		$ 199.50		$ 303.97		$ 184.16

Net asset value per unit, beginning of period			1,229.33		2,087.47		2,960.73		1,924.90		1,134.19		1,846.53		2,572.30		1,714.75

Net asset value per unit, end of period			$ 1,117.90		$ 1,920.06		$ 2,733.94		$ 1,766.37		$ 1,249.77		$ 2,046.03		$ 2,876.27		$ 1,898.91
Total return and ratios for the three months ended September 30:	2024			2023
			Series 1		Series 3		Series 4		Series 5		Series 1		Series 3		Series 4		Series 5
RATIOS TO AVERAGE CAPITAL:
Net investment income (loss) (a)			(1.74)	%	2.41	%	4.16	%	1.66	%	(1.78)	%	1.91	%	3.65	%	1.16	%
Total expenses (a)			7.02	%	2.85	%	1.09	%	3.60	%	6.41	%	2.72	%	0.96	%	3.47	%
Profit share allocation (b)			0.00		(0.05)		0.00		0.00		0.00		0.49		0.00		0.36
TOTAL EXPENSES AND PROFIT SHARE ALLOCATION			7.02	%	2.80	%	1.09	%	3.60	%	6.41	%	3.21	%	0.96	%	3.83	%
Total return before profit share allocation (b)			(9.06)	%	(8.07)	%	(7.66)	%	(8.24)	%	10.19	%	11.29	%	11.82	%	11.10	%
Less: Profit share allocation (b)			0.00		(0.05)		0.00		0.00		0.00		0.49		0.00		0.36
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION			(9.06)	%	(8.02)	%	(7.66)	%	(8.24)	%	10.19	%	10.80	%	11.82	%	10.74	%
(a) Annualized. Ratios are net Managing Owner commission rebate.
(b) Not annualized.
See notes to financial statements (unaudited)


Global Macro Trust
Statements of Financial Highlights (unaudited)
For the nine months ended September 30:		2024		2023
			Series 1		Series 3		Series 4		Series 5		Series 1		Series 3		Series 4		Series 5
Net income (loss) from operations:
Net investment income (loss)			$ (16.70)		$ 34.21		$ 85.44		$ 21.13		$ (20.21)		$ 18.45		$ 60.29		$ 7.68
Net realized and unrealized gains on trading of futures and forward currency contracts			36.44		60.51		83.19		56.44		43.69		79.94		114.78		74.17
Net gains from U.S. Treasury obligations			0.91		1.73		2.42		1.57		3.48		5.82		7.57		5.20
Profit share allocated to Managing Owner			0.00		(0.11)		0.00		0.00		0.00		(8.81)		0.00		(6.38)
Net income per unit			$ 20.65		$ 96.34		$ 171.05		$ 79.14		$ 26.96		$ 95.40		$ 182.64		$ 80.67

Net asset value per unit, beginning of period			1,097.25		1,823.72		2,562.89		1,687.23		1,222.81		1,950.63		2,693.63		1,818.24

Net asset value per unit, end of period			$ 1,117.90		$ 1,920.06		$ 2,733.94		$ 1,766.37		$ 1,249.77		$ 2,046.03		$ 2,876.27		$ 1,898.91
Total return and ratios for the nine months ended September 30:	2024			2023
			Series 1		Series 3		Series 4		Series 5		Series 1		Series 3		Series 4		Series 5
RATIOS TO AVERAGE CAPITAL:
Net investment income (loss) (a)			(1.88)	%	2.28	%	4.02	%	1.53	%	(2.34)	%	1.32	%	3.10	%	0.59	%
Total expenses (a)			6.99	%	2.82	%	1.06	%	3.57	%	6.43	%	2.74	%	0.98	%	3.49	%
Profit share allocation (b)			0.00		0.01		0.00		0.00		0.00		0.47		0.00		0.37
TOTAL EXPENSES AND PROFIT SHARE ALLOCATION			6.99	%	2.83	%	1.06	%	3.57	%	6.43	%	3.21	%	0.98	%	3.86	%
Total return before profit share allocation (b)			1.88	%	5.29	%	6.67	%	4.69	%	2.20	%	5.36	%	6.78	%	4.81	%
Less: Profit share allocation (b)			0.00		0.01		0.00		0.00		0.00		0.47		0.00		0.37
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION			1.88	%	5.28	%	6.67	%	4.69	%	2.20	%	4.89	%	6.78	%	4.44	%
(a) Annualized. Ratios are net Managing Owner commission rebate.
(b) Not annualized.
See notes to financial statements (unaudited)
																	(Concluded)

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, 2024 (unaudited) and December 31, 2023 (audited) and the results of its operations for the three and nine months ended September 30, 2024 and 2023 (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 for the year ended December 31, 2023. The December 31, 2023 information has been derived from the audited financial statements as of December 31, 2023.

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, 2020 to 2023, Millburn Ridgefield Corporation (the "Managing Owner") determined that noreserves 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 2023.

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, 2024 and December 31, 2023 in valuing the Trust's investments at fair value. During the nine and twelve months ended September 30, 2024 and December 31, 2023, the Trust held noassets or liabilities in Level 3. At September 30, 2024 and December 31, 2023, the Trust held noassets or liabilities classified in Level 3.

Financial Assets and Liabilities at Fair Value as of September 30, 2024


		Level 1		Level 2		Total

U.S. Treasury notes (1)	$	66,063,614	$	-	$	66,063,614
Short-term money market fund*		2,219,634		-		2,219,634
Exchange-traded futures contracts
Currencies		(109,147)		-		(109,147)
Energies		(68,378)		-		(68,378)
Grains		(122,370)		-		(122,370)
Interest rates		482,016		-		482,016
Livestock		(16,240)		-		(16,240)
Metals		164,430		-		164,430
Softs		26,766		-		26,766
Stock indices		144,518		-		144,518

Total exchange-traded futures contracts		501,595		-		501,595

Over-the-counter forward currency contracts		-		(332,885)		(332,885)

Total futures and forward currency contracts (2)		501,595		(332,885)		168,710

Total financial assets and liabilities at fair value	$	68,784,843	$	(332,885)	$	68,451,958

Per line item in the Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral	$	15,360,483
Investments in U.S. Treasury notes held in custody		50,703,131
Total investments in U.S. Treasury notes	$	66,063,614

(2)
Net unrealized appreciation on open futures and forward currency contracts	$	529,191
Net unrealized depreciation on open futures and forward currency contracts		(360,481)
Total net unrealized appreciation on open futures and forward currency contracts	$	168,710

*The short-term money market fund is included in Cash and Cash Equivalents in the Statements of Financial Condition.

Financial Assets and Liabilities at Fair Value as of December 31, 2023


		Level 1		Level 2		Total

U.S. Treasury notes (1)	$	71,885,290	$	-	$	71,885,290
Short-term money market fund*		3,065,887		-		3,065,887
Exchange-traded futures contracts
Currencies		(34,739)		-		(34,739)
Energies		(574,999)		-		(574,999)
Grains		56,670		-		56,670
Interest rates		(269,712)		-		(269,712)
Livestock		(1,480)		-		(1,480)
Metals		(14,549)		-		(14,549)
Softs		104,608		-		104,608
Stock indices		171,473		-		171,473

Total exchange-traded futures contracts		(562,728)		-		(562,728)

Over-the-counter forward currency contracts		-		(312,782)		(312,782)

Total futures and forward currency contracts (2)		(562,728)		(312,782)		(875,510)

Total financial assets and liabilities at fair value	$	74,388,449	$	(312,782)	$	74,075,667

Per line item in the Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral	$	15,507,848
Investments in U.S. Treasury notes held in custody		56,377,442
Total investments in U.S. Treasury notes	$	71,885,290

(2)
Net unrealized appreciation on open futures and forward currency contracts	$	268,713
Net unrealized depreciation on open futures and forward currency contracts		(1,144,223)
Total net unrealized depreciation on open futures and forward currency contracts	$	(875,510)

*The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

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, 2024, 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, 2024 and December 31, 2023. 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, 2024


										Net Unrealized
		Fair Value - Long Positions		Fair Value - Short Positions		Gain (Loss) on
Sector		Gains		Losses		Gains		Losses		Open Positions

Futures contracts:
Currencies	$	3,735	$	(5,940)	$	21,179	$	(128,121)	$	(109,147)
Energies		14,222		(70,609)		2,470		(14,461)		(68,378)
Grains		170		(1,620)		6,988		(127,908)		(122,370)
Interest rates		729,611		(221,297)		5,380		(31,678)		482,016
Livestock		-		-		660		(16,900)		(16,240)
Metals		825,220		(24,666)		19,745		(655,869)		164,430
Softs		47,907		(9,171)		-		(11,970)		26,766
Stock indices		293,609		(140,640)		32,606		(41,057)		144,518

Total futures contracts		1,914,474		(473,943)		89,028		(1,027,964)		501,595

Forward currency contracts		843,726		(158,479)		207,236		(1,225,368)		(332,885)

Total futures and
forward currency contracts	$	2,758,200	$	(632,422)	$	296,264	$	(2,253,332)	$	168,710

Fair Value of Futures and Forward Currency Contracts at December 31, 2023


										Net Unrealized
		Fair Value - Long Positions		Fair Value - Short Positions		Gain (Loss) on
Sector		Gains		Losses		Gains		Losses		Open Positions

Futures contracts:
Currencies	$	5,413	$	(7,620)	$	3,145	$	(35,677)	$	(34,739)
Energies		-		(364,739)		39,651		(249,911)		(574,999)
Grains		-		-		108,658		(51,988)		56,670
Interest rates		462,107		(48,624)		57,157		(740,352)		(269,712)
Livestock		-		(2,070)		590		-		(1,480)
Metals		425,602		(46,336)		44,301		(438,116)		(14,549)
Softs				(8,606)		116,155		(2,941)		104,608
Stock indices		140,173		(33,243)		72,945		(8,402)		171,473

Total futures contracts		1,033,295		(511,238)		442,602		(1,527,387)		(562,728)

Forward currency contracts		1,772,495		(73,677)		75,859		(2,087,459)		(312,782)

Total futures and
forward currency contracts	$	2,805,790	$	(584,915)	$	518,461	$	(3,614,846)	$	(875,510)

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, 2024 and 2023 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, 2024 and 2023


		Three months ended:		Three months ended:		Nine months ended:		Nine months ended:
Sector		September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023

Futures contracts:
Currencies	$	(650,958)	$	48,271	$	(130,059)	$	383,559
Energies		(2,627,259)		4,797,101		(1,089,129)		(529,525)
Grains		(280,574)		267,687		620,236		67,438
Interest rates		(2,066,116)		5,069,081		2,987,548		1,621,555
Livestock		(28,820)		(4,060)		(77,330)		35,130
Metals		403,718		755,706		(492,774)		863,082
Softs		82,616		(43,080)		(246,423)		30,649
Stock indices		635,168		(711,207)		2,528,118		429,415

Total futures contracts		(4,532,225)		10,179,499		4,100,187		2,901,303

Forward currency contracts		(2,332,801)		(180,416)		(1,024,568)		585,023

Total futures and forward currency contracts	$	(6,865,026)	$	9,999,083	$	3,075,619	$	3,486,326

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, 2024 and 2023. The Trust's average net asset value for the nine months ended September 30, 2024 and 2023 was approximately $78,000,000and $98,000,000, respectively.

‎

Average notional value by sector of futures and forward currency contracts for the nine months ended September 30, 2024 and 2023


		2024		2023
Sector		Long Positions		Short Positions		Long Positions		Short Positions

Futures contracts:
Currencies	$	1,216,037	$	12,004,667	$	1,612,148	$	5,756,575
Energies		9,910,798		2,601,187		17,349,558		1,414,715
Grains		709,881		5,308,059		3,345,144		3,489,711
Interest rates		36,191,198		88,365,691		10,872,263		157,738,480
Livestock		85,695		396,498		513,608		128,860
Metals		4,574,176		3,397,186		832,856		6,926,682
Softs		869,675		799,046		762,166		1,810,485
Stock indices		28,389,566		11,803,593		26,696,962		24,064,694

Total futures
contracts		81,947,026		124,675,927		61,984,705		201,330,202

Forward currency
contracts		14,825,094		49,005,069		28,429,348		29,491,766

Total average
notional	$	96,772,120	$	173,680,996	$	90,414,053	$	230,821,968

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 10years to 10-year equivalent fixed income instruments and translated to U.S. dollars at September 30, 2024 and 2023. 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, 2024 and December 31, 2023.

Offsetting of derivative assets and liabilities at September 30, 2024


		Gross amounts of ‎recognized assets		Gross amounts offset in ‎the Statements of Financial ‎Condition		Net amounts of assets ‎presented in the Statements ‎of Financial Condition
Assets
Futures contracts
Counterparty J	$	469,133	$	(110,569)	$	358,564
Counterparty L		1,357,317		(1,186,690)		170,627

Total assets	$	1,826,450	$	(1,297,259)	$	529,191
						(Continued)

		Gross amounts of ‎recognized liabilities		Gross amounts offset in ‎the Statements of Financial ‎Condition		Net amounts of liabilities ‎presented in the Statements ‎of Financial Condition
Liabilities
Futures contracts
Counterparty C	$	204,648	$	(177,052)	$	27,596
Total futures contracts		204,648		(177,052)		27,596

Forward currency contracts
Counterparty G	$	446,804	$	(328,806)	$	117,998
Counterparty K		937,043		(722,156)		214,887
Total forward currency contracts	1,383,847		(1,050,962)		332,885

Total liabilities	$	1,588,495	$	(1,228,014)	$	360,481
						(Concluded)


				Amounts Not Offset in the Statements of Financial Condition
Counterparty		Net amounts of assets ‎presented in the Statements ‎of Financial Condition		Financial Instruments		Collateral Received⁽¹⁾⁽²⁾		Net Amount⁽³⁾

Counterparty J	$	358,564	$	-	$	(358,564)	$	-
Counterparty L		170,627		-		(170,627)		-

Total	$	529,191	$	-	$	(529,191)	$	-

				Amounts Not Offset in the Statements of Financial Condition
Counterparty		Net amounts of liabilities ‎presented in the Statements ‎of Financial Condition		Financial Instruments		Collateral Pledged⁽¹⁾⁽²⁾		Net Amount

Counterparty C	$	27,596	$	-	$	(27,596)	$	-
Counterparty G		117,998		-		(117,998)		-
Counterparty K		214,887		-		(214,887)		-

Total	$	360,481	$	-	$	(360,481)	$	-

⁽¹⁾Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange.
⁽²⁾Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statements
of Financial Condition for each respective counterparty.
⁽³⁾Net amount represents the amount that is subject to loss in the event of a counterparty failure as of September 30, 2024.

Offsetting of derivative assets and liabilities at December 31, 2023


		Gross amounts of ‎recognized assets		Gross amounts offset in ‎the Statements of Financial ‎Condition		Net amounts of assets ‎presented in the Statements ‎of Financial Condition
Assets
Futures contracts
Counterparty J	$	433,946	$	(165,233)	$	268,713

Total assets	$	433,946	$	(165,233)	$	268,713

		Gross amounts of ‎recognized liabilities		Gross amounts offset in ‎the Statements of Financial ‎Condition		Net amounts of liabilities ‎presented in the Statements ‎of Financial Condition
Liabilities
Futures contracts
Counterparty C	$	602,734	$	(319,515)	$	283,219
Counterparty L		1,270,658		(722,436)		548,222
Total futures contracts		1,873,392		(1,041,951)		831,441

Forward currency contracts
Counterparty G		895,463		(744,009)		151,454
Counterparty K		1,265,673		(1,104,345)		161,328
Total forward currency contracts		2,161,136		(1,848,354)		312,782

Total liabilities	$	4,034,528	$	(2,890,305)	$	1,144,223


				Amounts Not Offset in the Statements of Financial Condition
Counterparty		Net amounts of assets ‎presented in the Statements ‎of Financial Condition		Financial Instruments		Collateral Received⁽¹⁾⁽²⁾		Net Amount⁽³⁾

Counterparty J	$	268,713	$	-	$	(268,713)	$	-

Total	$	268,713	$	-	$	(268,713)	$	-
								(Continued)

				Amounts Not Offset in the Statements of Financial Condition
Counterparty		Net amounts of liabilities ‎presented in the Statements ‎of Financial Condition		Financial Instruments		Collateral Pledged⁽¹⁾⁽²⁾		Net Amount

Counterparty C	$	283,219	$	-	$	(283,219)	$	-
Counterparty G		151,454		-		(151,454)		-
Counterparty K		161,328		-		(161,328)		-
Counterparty L		548,222		-		(548,222)		-

Total	$	1,144,223	$	-	$	(1,144,223)	$	-

⁽¹⁾Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is
guaranteed by the exchange.
⁽²⁾Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Financial
Condition for each respective counterparty.
⁽³⁾Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2023.
								(Concluded)

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 $7,764,112and $8,641,436at September 30, 2024 and December 31, 2023, respectively.

4. PROFIT SHARE

The following table indicates the total profit share earned and accrued during the three and nine months ended September 30, 2024 and 2023. 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").


	Three months ended:
	September 30,		September 30,
	2024		2023
Profit share earned	$	-		$	-
Reversal of profit share ⁽¹⁾		(6,427)			-
Profit share accrued		-			95,740
Total profit share	$	(6,427)		$	95,740

	Nine months ended:
	September 30,		September 30,
	2024		2023
Profit share earned	$	736		$	-
Profit share accrued		-			95,740
Total profit share	$	736		$	95,740

⁽¹⁾On July 1^st

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, 2024 and December 31, 2023, the Managing Owner is owed $81,621and $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 noredemption charge payable at September 30, 2024 or December 31, 2023.

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, 2024 and 2023, 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, included in "Installment selling commissions" in the Statements of Operations, were as follows:



	Three months ending September 30,	Nine months ending September 30,
	2024	2023	2024	2023

Brokerage fee rebates	$ 50,801	$ 123,869	$ 157,543	$ 373,220

8. SUBSEQUENT EVENTS

The Managing Owner has performed its evaluation of subsequent events from October 1, 2024 to November 13, 2024, 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.

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, 2024, 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.


Periods ended September 30, 2024

Month Ended:				Total Trust ‎Capital

September 30, 2024			$	70,115,348
June 30, 2024				78,243,131
December 31, 2023				76,178,437

		Three months ended		Nine months ended
Change in Trust Capital	$	(8,127,783)	$	(6,063,089)
Percent Change		(10.39)%		(7.96)%

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:


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)	%

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.

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:


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	%

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.

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, Korean won, South African rand and Canadian dollar were profitable. On the other hand, a long position in the high-yield Mexican peso was unprofitable following the Mexican presidential election. Long U.S. dollar trades against the Norwegian, Swedish, Singaporean and Australian currencies also produced partially offsetting losses during May when the U.S. dollar weakened along with U.S. interest rates.

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

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

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

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

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

Three months ended March 31, 2024

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

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

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

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

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

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

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

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

Trading of stock index futures was mixed and flat during the quarter. Improving growth, inflation and corporate earnings outlooks in Japan seemingly contributed to strong profits on long Japanese equity index futures positions. A long Spanish IBEX equity futures position and a short Brazilian equity index futures trade were also profitable. On the other hand, in the U.S., where AI optimism, growth and central bank rate cut prospects seemed to support equities, losses on short positions in Russell, MIDCAP 400 and Dow Jones index futures outdistanced profits from trading the NASDAQ index futures. Short positions in European, Singaporean and emerging market equity index futures, a long Korean index futures position, and trading of Australian and Canadian index futures registered offsetting losses too.


Periods ended September 30, 2023

Month Ended:				Total Trust ‎Capital

September 30, 2023			$	90,050,445
June 30, 2023				94,888,573
December 31, 2022				108,178,928

		Three months ended		Nine months ended
Change in Trust Capital	$	(4,838,128)	$	(18,128,483)
Percent Change		(5.10)%		(16.76)%

THREE MONTHS ENDED SEPTEMBER 30, 2023

The decrease in the Trust's net assets of $4,838,128 was attributable to redemptions of $14,679,463, which were partially offset by net income after profit share of $9,841,335.

Management fees and installment selling commissions are calculated on the net asset value of the Series 1 Units, Series 3 Units and Series 5 on the last day of each month and are affected by trading performance, subscriptions and redemptions. Management fees and installment selling commissions for the three months ended September 30, 2023 decreased $75,790 and $38,893 (net of Managing Owner commission rebate to Unitholders), respectively, relative to the corresponding period in 2022 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, 2023 decreased $12,557 relative to the corresponding period in 2022. The decrease was due mainly to a decrease in the Trust's net assets during the three months ended September 30, 2023 relative to the corresponding period in 2022.

Administrative expenses for the three months ended September 30, 2023 increased $8,766 relative to the corresponding period in 2022. The increase was due mainly to a reduction in the administrative expense accrual in 2022, which was made in September 2022.

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, 2023 increased $699,011 relative to the corresponding period in 2022. This increase was due predominantly to an increase in short-term U.S. Treasury yields during the three months ended September 30, 2023.

During the three months ended September 30, 2023, the Trust experienced net realized and unrealized gains of $10,013,088 from its trading operations (including foreign exchange translations and Treasury obligations). Total brokerage and management fees of $1,185,052, administrative expenses of $134,739, custody fees and other expenses of $6,112 and accrued profit share to the Managing Owner of $95,740 were incurred. The Trust's gains achieved from trading operations, in addition to interest income of $1,126,021, and Managing Owner commission rebate to Unitholders of $123,869 were partially offset by the Trust's expenses, resulting in net income after profit share to the Managing Owner of $9,841,335. An analysis of the trading gain (loss) by sector is as follows:

Sector	% Gain (Loss) of Trust Capital
Currencies	(0.13)	%
Energies	5.17	%
Grains	0.30	%
Interest rates	5.39	%
Livestock	0.01	%
Metals	0.83	%
Softs	(0.03)	%
Stock indices	(0.74)	%

Trading gain	10.80	%

NINE MONTHS ENDED SEPTEMBER 30, 2023

The decrease in the Trust's net assets of $18,128,483 was attributable to redemptions of $21,060,459, which were partially offset by net income after profit share of $2,931,976.

Management fees and installment selling commissions are calculated on the net asset value of the Series 1 Units, Series 3 Units and Series 5 on the last day of each month and are affected by trading performance, subscriptions and redemptions. Management fees and installment selling commissions for the nine months ended September 30, 2023 decreased $164,009 and $93,794 (net of the Managing Owner commission rebate to Unitholders), respectively, relative to the corresponding period in 2022 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 nine months ended September 30, 2023 decreased $69,586 relative to the corresponding period in 2022. The decrease was due mainly to a decrease in the Trust's net assets during the nine months ended September 30, 2023 relative to the corresponding period in 2022.

Administrative expenses for the nine months ended September 30, 2023 decreased $98,342 relative to the corresponding period in 2022. The decrease was due mainly to an elimination of costs related to maintaining an effective registration statement during the nine months ended September 30, 2023 relative to the corresponding period in 2022.

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, 2023 increased $2,247,645 relative to the corresponding period in 2022. This increase was due predominantly to an increase in short-term U.S. Treasury yields during the nine months ended September 30, 2023 relative to the corresponding period in 2022.

During the nine months ended September 30, 2023, the Trust experienced net realized and unrealized gains of $3,675,977 from its trading operations (including foreign exchange translations and Treasury obligations). Total brokerage and management fees of $3,584,299, administrative expenses of $410,382, custody fees and other expenses of $18,412 and accrued profit share to the Managing Owner of $95,740 were incurred. The Trust's gains achieved from trading operations, in addition to interest income of $2,991,612, and Managing Owner commission rebate to Unitholders of $373,220 were partially offset by the Trust's expenses, resulting in net income after profit share to the Managing Owner of $2,931,976. An analysis of the trading gain (loss) by sector is as follows:


Sector	% Gain (Loss) of Trust Capital
Currencies	0.99	%
Energies	(0.48)	%
Grains	0.09	%
Interest rates	2.13	%
Livestock	0.04	%
Metals	0.91	%
Softs	0.04	%
Stock indices	0.47	%

Trading gain	4.19	%

MANAGEMENT DISCUSSION -2023

Three months ended September 30, 2023

The Trust was profitable during the quarter predominantly due to sizable gains from long energy futures positions and short interest rate futures positions. Elsewhere, the profit from trading non-energy commodity futures was largely offset by the loss from trading equity index futures. Currency trading was mixed and flat for the quarter.

Crude oil prices, advanced during the quarter, amid tightening global supplies and optimism about Chinese demand for refining, with Brent crude climbing from around $75/barrel at the start of July to about $93/barrel by the end of September. Voluntary output cuts by Saudi Arabia and Russia, which were extended to year-end 2023, impacted the supply outlook and drained inventories, and Organization of the Petroleum Exporting Countries indicated a willingness to take further action to support the oil market if needed. Hence, long Brent crude and WTI crude positions were profitable. A long heating oil position was profitable as prices were seemingly buoyed by seasonal pre-winter demand for inventory building. A long London gas oil trade was profitable as solid industrial and transportation demand helped maintain distillate prices, particularly after Russia announced a diesel export ban in late September.

Developed market central banks, led by the Federal Reserve ("Fed"), continued to raise official interest rates during the quarter. Even when pauses in hiking cycles did occur, they were viewed as somewhat hawkish since they included indications that developed market central banks would keep interest rates higher for longer to get inflation under control, particularly amid increases in energy prices and rising fiscal needs in the U.S. and Europe. Adjustments to Japan's yield curve control program also contributed to higher interest rates globally during the quarter.

On the other hand, signs of easing inflation in the U.S. and Eurozone on the last trading day of September likely contributed to some reduction in the quarter's interest rate increases as some position squaring occurred at quarter-end. Still, short positions in U.S., German, French, Italian and Canadian interest rate futures were highly profitable. On the other hand, a short position in short-term British interest rate futures was unprofitable, including after the Bank of England announced a dovish pause. Trading of Japanese government bonds was slightly unprofitable too.

Rising interest rates, a stronger U.S. dollar and weak growth in China and Europe seemingly impacted metal prices, and short gold and silver positions were profitable, especially during August and September.

Short wheat, corn and soybean positions were profitable, especially in August and September as prices declined amid improved supplies from Russia and the U.S. and reduced demand from China and Europe. Meanwhile, a long soybean oil trade generated a small, partially offsetting loss.

Hawkish messaging from the Fed and the economic outlook for the U.S. versus Europe, China and South America likely helped to buoy the U.S. dollar during the quarter. Consequently, long U.S. dollar positions versus the Japanese yen, Korean won, Singapore dollar, Australian dollar, New Zealand dollar, Swiss franc, Norwegian krone and South African rand were profitable. On the other hand, short U.S. dollar trades against the European Union euro, Swedish krona, and high yielding Brazilian, Indian and Polish currencies produced offsetting losses.

Equity markets were volatile during the quarter, rising during July and then declining during August and September. Following the sustained gains in equity markets during the first seven months of 2023, high and rising interest rates and worries about growth dynamics in China and Europe seemingly weighed on equity prices. In addition, by September, U.S. economic outlook dampened amid concerns about the UAW strike, a potential U.S. government shutdown, oil price increases and resumption of student loan payments . On balance, trading of European stock index futures was unprofitable. A long Japanese equity index future position was also unprofitable. On the other hand, a long Singaporean equity index future position was profitable in July and provided a partial offset.

Three months ended June 30, 2023

The Trust was profitable during the quarter as gains from trading financial futures and currency forwards outpaced losses from trading energy futures. Trading of non-energy commodity futures was nearly flat.

Diverging narratives concerning the future paths of growth, inflation and monetary policy within and across various economic regions, including the U.S., Europe, China, and Asia (excluding China), and the bifurcation between weakening manufacturing and booming service sectors globally contributed to rattled financial and commodity markets during most of the quarter. U.S. regional banking stresses, political discussions around the U.S. debt ceiling, a late June spike of hawkish activity by global central banks and the attempted coup by the Wagner Group in Russia also contributed to market turmoil.

Interest rate volatility remained elevated during the quarter as persistent global inflation leant support to increased rates while concerns about slowing growth and/or a recession weakened the push for rate increases. Market participants expressed some uncertainty about how central banks would respond to strong inflation, labor markets and consumer spending in the U.S. and Europe, juxtaposed against weaker than expected growth in China and slowing manufacturing globally. Developed market central banks enacted higher official interest rates and more hawkish policy. Consequently, interest rates rose and short positions in U.S., European, British, Canadian and Australian interest rate futures, particularly shorter-term futures, were quite profitable. On the other hand, short positions in French, Italian and German longer-term interest rate futures posted small partially offsetting losses.

Stocks were unsettled with widely divergent results by region, sector and individual security during the quarter amid divergent views about inflation, monetary policy, growth and earnings. In Japan, strong domestic demand and the de-risking and friend-shoring of supply chains seemingly contributed to the strength of Japanese stocks, and long positions in Japanese equity index futures were profitable, as was a long Taiwanese stock index futures trade. Trading of European equity index futures-German, French, British, Spanish and Italian-also posted gains. Short VIX and VSTOXX volatility index futures were also profitable. On the other hand, excitement about AI and tech, persistently strong consumer spending, and investor optimism about a soft or no landing U.S. growth scenario seemed to support U.S. stocks, and short positions in U.S. equity futures registered losses. Trading of China-related equity index futures was also slightly negative. A short Brazilian equity index trade was also unprofitable as equity futures rose amid the fiscal policy outlook and inflation expectations improving in Brazil.

Foreign exchange trading was mixed but quite profitable. A long position in the high yield Brazilian real versus the U.S. dollar and a short position in the low yield Japanese yen versus the U.S. dollar were particularly profitable. Long positions in high yield Polish, Mexican and Chilean currencies against the U.S. dollar were also profitable. Trading the U.S. dollar against the United Kingdom pound sterling and South African rand also registered gains. On the other hand, short U.S. dollar trades versus the European Union euro, Israeli shekel and New Zealand dollar and long U.S. dollar trades versus the Canadian dollar, Korean won, and Swedish krona posted partially offsetting losses.

Crude oil and crude product prices were impacted by conflicting forces during the quarter. Fears of sluggish global growth, particularly in China, and evidence that diesel and gasoline demand was being negatively impacted by increasing EV usage and government fuel economy standards contributed to down prices, while the U.S. outlook, continuing production cuts from Organization of the Petroleum Exporting Countries ("OPEC+") and news that the U.S. was commencing a rebuild of its strategic petroleum reserve seemed to support prices. Overall prices did decline during the quarter and long positions in Brent crude and WTI crude, and trading of RBOB gasoline, London gas oil and heating oil were unprofitable. Following the sharp declines in natural gas prices during the first quarter amid weak demand, larger-than-usual inventories and mild weather, prices and demand increased during the second quarter amid unexpectedly hot weather in Europe and the U.S., especially in June. Hence, short U.S. and European natural gas positions were slightly unprofitable for the quarter.

Finally, small gains from trading soft and livestock commodity futures were largely offset by small losses from trading metal and grain futures.

Three months ended March 31, 2023

The Trust was unprofitable in the quarter predominantly due to losses from trading interest rate and energy futures. Elsewhere, trading of non-energy commodity futures was marginally unprofitable, trading of equity index futures was flat and trading of currency forwards was marginally profitable.

During January, February and into early March, markets were volatile as the negative impulses from tightening of monetary policies and sluggish manufacturing and housing sectors globally clashed with the positive impulses from better than expected employment, consumption and service sector growth globally. Then, during the last three weeks of the quarter, the banking crisis evidenced by the sudden collapses of Silicon Valley Bank and Signature Bank in the U.S., the Swiss government's brokered sale of Credit Suisse to UBS in Europe, and the challenges of other European and small and mid-sized U.S. banks rattled trading in financial and commodity markets.

Interest rates were volatile during the quarter. In January, global interest rates declined as many market participants came to believe that a further easing of price and wage inflation may lead to an easing of monetary policy in the second half of the year. During February and into early March, however, the global bond market rally stalled as signs of continued inflation, the "hot" U.S. labor market, better-than-expected economic data in the U.S. and Europe, and Congressional testimony by Federal Reserve ("Fed") Chairman Powell on March 7th and 8th led some investors to believe that global interest rates were primed to go still higher as central banks continued to address inflation. However, the next day global interest rates collapsed amid historic levels of interest rate volatility as risks of economic slowdown and/or recession rose in the wake of the banking crisis. For example, the U.S. 2-year note, which was yielding near 5 1/8% on March 8th following the Fed Chairman's testimony, plunged to about 3.5% before recovering to around 4 1/8% at month-end. Overall, short positions in U.S., German, French, Italian, British, Canadian and Japanese interest futures were highly unprofitable.

For much of the quarter, energy prices as measured by WTI crude oil were influenced by conflicting forces and traded in a range between $73 and $82 per barrel. In general, global supply and demand fundamentals saw mixed results amid a number of global events: Russian supply did not fall as steeply as some expected; Iraq exports through Turkey were reduced significantly late in the quarter; Chinese demand did not pick up as quickly as many forecast; concerns about slowing growth in Europe and the U.S. likely impacted fundamentals; strikes at French refineries seemingly weakened crude consumption; the U.S. government did not replenish its Strategic Petroleum Reserve; and developed world commercial oil inventories rose. OPEC+ appeared unwilling to change policy until it better understood the mixed results. Then, in March as recession risks increased in the wake of the banking sector crisis, energy prices fell with WTI crude plunging from $80 per barrel on March 6 to $65 per barrel on March 20, before recovering to close the month near $70/barrel. On balance, long positions in Brent crude, WTI crude, London gas oil, heating oil and RBOB gasoline were unprofitable. On the other hand, short natural gas positions were quite profitable as prices declined amid warmer than typical weather in Europe and the U.S. and expanding inventories.

Equity markets, although also rattled by the mix of positive and negative factors discussed above, were steady during the quarter and results were mixed and flat. Long positions in European, Chinese, Taiwanese and Australian stock index futures were profitable. Short positions in Brazilian, Indian and U.S. Russell equity index futures, and trading of Singaporean futures were profitable. On the other hand, short U.S. NASDAQ, S&P and Mid-Cap 400 positions, and trading of Korean, Japanese and EAFE equity index futures posted offsetting losses.

A short silver position was profitable in February, possibly impacted by higher interest rates, a stronger U.S. dollar and sluggish manufacturing globally. In March, safe haven demand and a weaker U.S. dollar likely affected precious metal prices and a long gold trade was profitable. These gains slightly outpaced the loss from a short copper trade. Turning to grain futures, strong supply expectations from major producers of wheat, corn and soybeans seemingly weighed down grain prices. Losses on long corn and soybean trades outdistanced the profit from a short wheat position. Among soft commodities, small losses on short coffee, cotton and cocoa positions marginally outdistanced the profit from a long sugar trade.

Varying expectations about relative growth and monetary policy outlooks across countries likely caused fluctuations in the U.S. dollar during the quarter. Trading results were mixed, though marginally positive overall. Short U.S. dollar positions versus high yield currencies-Chile, Mexico and Poland-were profitable, particularly in March. Long U.S. dollar positions against the Japanese yen and Swiss franc posted gains in January and February. On the other hand, short U.S. dollar trades relative to the Korean won and Brazilian real in February were unprofitable, as was trading the U.S. dollar against the Australian, Canadian and New Zealand dollars, respectively, and trading the Norwegian krone versus the euro and U.S. dollar.

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, 2024 and December 31, 2023.

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, 2024 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 

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

(a)There have been no sales of unregistered securities of the Trust during the three months ended September 30, 2024

(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, 2024. There were no Series 5 redemptions during the three months ended September 30, 2024.


	Series 1	Series 3	Series 4
Date of ‎Redemption	Units Redeemed		NAV per Unit	Units Redeemed		NAV per Unit	Units Redeemed		NAV per Unit

July 31, 2024	302.080	$	1,186.38	12.807	$	2,022.84	0.730	$	2,871.90
August 31, 2024	239.503		1,138.51	118.226		1,948.25	1.393		2,770.04
September 30, 2024	410.799		1,117.90	48.029		1,920.06	5.277		2,733.94
Total	952.382			179.062			7.400

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, 2024, neither the Managing Owner nor its directors or officers adoptedor terminatedany Rule 10b5-1 trading arrangement or non-Rule 10b5-1trading 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:

31.01Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer

31.02Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer

31.03Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Operating Officer

31.04Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer

32.01Section 1350 Certification of Co-Chief Executive Officer

32.02Section 1350 Certification of Co-Chief Executive Officer

32.03Section 1350 Certification of Chief Operating Officer

32.04Section 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

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.


By:	Millburn Ridgefield Corporation,
	Managing Owner


Date: November 13, 2024
	/s/ Michael W. Carter
	Michael W. Carter
	Vice-President
	(Principal Accounting Officer)

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