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<BODY style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; MARGIN-LEFT: 10px; MARGIN-RIGHT: 10px"><A id=TOCLINK61  href="#TOC">Table of Contents</A>
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<P style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>UNITED STATES</B></FONT></P>
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<P id=PARA1502><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </B></FONT></P></TD></TR>
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<P id=PARA15 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">For the quarterly period ended </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">September 30, 2016</FONT></B></P></TD></TR></TABLE>
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<P id=PARA1504><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </B></FONT></P></TD></TR>
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<P id=PARA21 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">For the transition period from _________to __________</FONT></B></P></TD></TR></TABLE>
<P id=PARA20 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></B></P>
<P id=PARA25 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Commission file number: 001-36044</B></FONT><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"> </FONT></B></P>
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<P id=PARA27 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">&#174;</FONT> Commodity Optimized Trust</B></FONT></P>
<P id=PARA29 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Exact name of registrant as specified in its charter)</B></FONT></P>
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<P id=PARA31 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></B></P>
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<P id=PARA1505 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Delaware</B></FONT></P></TD>
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<P id=PARA1506 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>46-2428725</B></FONT></P></TD></TR>
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<P id=PARA1507 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(State or other jurisdiction of</B></FONT></P>
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<P id=PARA1508 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(I.R.S. Employer</B></FONT></P>
<P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Identification No.)</B></FONT></P></TD></TR></TABLE>
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<P id=PARA41 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>c/o iShares Delaware Trust Sponsor LLC</B></FONT></P>
<P id=PARA43 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>400 Howard Street</B></FONT></P>
<P id=PARA45 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>San Francisco, California 94105</B></FONT></P>
<P id=PARA47 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Attn: Product Management Team</B></FONT></P>
<P id=PARA49 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares Product Research &amp; Development</B></FONT></P>
<P id=PARA51 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Address of principal executive offices)</B></FONT></P>
<P id=PARA52 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></B></P>
<P id=PARA55 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(415) 670-2000</B></FONT></P>
<P id=PARA57 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Registrant&#8217;s telephone number, including area code)</B></FONT></P>
<P id=PARA58 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></B></P>
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<P id=PARA61 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">N/A</FONT></B><B><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></B></P>
<P id=PARA63 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&nbsp;(Former name, former address and former fiscal year, if changed since last report)</B></FONT></P>
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<P id=PARA65 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA67 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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.&nbsp;Yes&nbsp;&#9746; No&nbsp;&#9744; </FONT></P>
<P id=PARA68 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA71 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).&nbsp;Yes&nbsp;&#9746; No &#9744;</FONT></P>
<P id=PARA72 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA75 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act. </FONT></P>
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<P id=PARA1509 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Large accelerated filer &#9744;</FONT></P></TD>
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<P id=PARA1510 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Accelerated filer &#9744;</P></TD></TR>
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<P id=PARA1511 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
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<P id=PARA83 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Non-accelerated filer &#9746;</FONT></P></TD>
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<P id=PARA1514 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Smaller reporting company&nbsp;&#9744;</P></TD></TR>
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<P id=PARA85 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">(Do not check if a smaller reporting company)</FONT></P></TD>
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<P id=PARA80 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA89 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes&nbsp;&#9744; No &#9746;</FONT></P>
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<A id=TOCLINK1517  href="#TOC">Table of Contents</A>
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<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom" colSpan=2>&nbsp; </TD>
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<P id=PARA96 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><U><B>Page</B></U></FONT></P></TD></TR>
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<P id=PARA97 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK20  href="#BKMK40"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">PART I &#8211; FINANCIAL INFORMATION</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD></TR>
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<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colSpan=2>&nbsp;</TD>
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<P id=PARA99 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 1.</FONT></P></TD>
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<P id=PARA100 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK21  href="#BKMK41"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Financial Statements (Unaudited)</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">1</TD></TR>
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<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
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<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA101 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK22  href="#BKMK42"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Statements of Assets and Liabilities at September 30, 2016 and December 31, 2015</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">1</TD></TR>
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<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
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<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
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<P id=PARA102 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK23  href="#BKMK43"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Statements of Operations for the three and nine months ended September 30, 2016 and 2015</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">2</TD></TR>
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<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA103 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK24  href="#BKMK44"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Statements of Changes in Net Assets for the nine months ended September 30, 2016 and the year ended December 31, 2015</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">3</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA104 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK25  href="#BKMK45"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Statements of Cash Flows for the nine months ended September 30, 2016 and 2015</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">4</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA105 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK26  href="#BKMK46"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Schedules of Investments at September 30, 2016 and December 31, 2015 </FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">5</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp; </TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA106 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK27  href="#BKMK47"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Notes to Financial Statements</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">6</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA107 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 2. </FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA108 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK28  href="#BKMK48"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">11</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA109 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 3. </FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA110 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK29  href="#BKMK49"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Quantitative and Qualitative Disclosures About Market Risk</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">13</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA111 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 4. </FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA112 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK30  href="#BKMK50"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Controls and Procedures</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">13</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA113 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK31  href="#BKMK51"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">PART II &#8211; OTHER INFORMATION</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">14</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA114 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 1.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA115 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK32  href="#BKMK52"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Legal Proceedings</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">14</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA116 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 1A.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA117 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK33  href="#BKMK53"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Risk Factors</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">14</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA118 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 2. </FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA119 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK34  href="#BKMK54"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Unregistered Sales of Equity Securities and Use of Proceeds</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">14</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA120 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 3. </FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA121 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK35  href="#BKMK55"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Defaults Upon Senior Securities</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">14</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA122 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 4.</FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA123 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK36  href="#BKMK56"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Mine Safety Disclosures</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">14</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA124 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 5. </FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA125 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK37  href="#BKMK58"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Other Information</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">14</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA126 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Item 6. </FONT></P></TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA127 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK38  href="#BKMK59"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Exhibits</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">15</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA128 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=LINK39  href="#BKMK60"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">SIGNATURES</FONT></A></P></TD>
<TD style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">16</TD></TR></TABLE>
<P id=PARA130 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1520  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1520  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1520  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1520  href="#TOC">Table of Contents</A>
<DIV id=PGHDR1520  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1522 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1523 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1524 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1525 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK40  name="BKMK40"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>PART I</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B> &#8211; FINANCIAL INFORMATION</B></FONT></P>
<P id=PARA1526 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1527 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT>&nbsp;</P>
<P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK41  name="BKMK41"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 1</B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>. Financial&nbsp;Statements</B></FONT></P>
<P id=PARA1528 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1529 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT>&nbsp;</P>
<P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B></B></FONT>&nbsp;</P>
<P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares Commodity Optimized Trust</B></FONT></P>
<P id=PARA1530 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK42  name="BKMK42"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Statements of Assets </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>and Liabilities (Unaudited)</B></FONT></P>
<P id=PARA1531 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">At September 30, 2016 and December 31, 2015</FONT></P>
<P id=PARA1532 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1533 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1521 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL186S1  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL186S1.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL186S1.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL186S1.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA137 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>September 30,</B></FONT></P></TD>
<TD id=TBL186S1.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL186S1.finRow.1.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL186S1.finRow.1.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA138 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>December 31,</B></FONT></P></TD>
<TD id=TBL186S1.finRow.1.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL186S1.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL186S1.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA139 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2016</B></FONT></P></TD>
<TD id=TBL186S1.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL186S1.finRow.2.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL186S1.finRow.2.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA140 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL186S1.finRow.2.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.3 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff" colSpan=8>
<P id=PARA141 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Assets</B></FONT></P></TD>
<TD id=TBL186S1.finRow.3.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.4 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66.6%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA142 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Cash and cash equivalents</FONT></P></TD>
<TD id=TBL186S1.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL186S1.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">1,154,140</TD>
<TD id=TBL186S1.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL186S1.finRow.4.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.4.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL186S1.finRow.4.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">2,067,355</TD>
<TD id=TBL186S1.finRow.4.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.5 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA147 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Cash and cash equivalents held at brokers (restricted)</FONT></P></TD>
<TD id=TBL186S1.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">447,000</TD>
<TD id=TBL186S1.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL186S1.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">225,000</TD>
<TD id=TBL186S1.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.6 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA150 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Short-term investments</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a</FONT><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">)</FONT></FONT></P></TD>
<TD id=TBL186S1.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">8,998,202</TD>
<TD id=TBL186S1.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL186S1.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">2,499,782</TD>
<TD id=TBL186S1.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.7 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA153 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Receivable for variation margin on open futures contracts (Note 9)</FONT></P></TD>
<TD id=TBL186S1.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">24,304</TD>
<TD id=TBL186S1.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL186S1.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">29,000</TD>
<TD id=TBL186S1.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.8 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA156 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total Assets</FONT></P></TD>
<TD id=TBL186S1.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">10,623,646</TD>
<TD id=TBL186S1.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL186S1.finRow.8.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.8.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.8.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">4,821,137</TD>
<TD id=TBL186S1.finRow.8.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.9 style="BACKGROUND-COLOR: #cceeff">
<TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.9.lead.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.9.symb.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.9.amt.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.9.trail.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.9.lead.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.9.symb.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.9.amt.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.9.trail.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.9 style="BACKGROUND-COLOR: #ffffff">
<TD style="BACKGROUND-COLOR: #ffffff"><B>Liabilities</B></TD>
<TD id=TBL186S1.finRow.9.lead.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.9.symb.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.9.amt.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.9.trail.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.9.lead.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.9.symb.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.9.amt.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.9.trail.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.11 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA160 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Sponsor&#8217;s fees payable</FONT></P></TD>
<TD id=TBL186S1.finRow.11.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.11.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.11.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">6,421</TD>
<TD id=TBL186S1.finRow.11.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL186S1.finRow.11.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.11.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.11.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">4,138</TD>
<TD id=TBL186S1.finRow.11.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.12 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA163 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total Liabilities</FONT></P></TD>
<TD id=TBL186S1.finRow.12.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.12.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.12.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">6,421</TD>
<TD id=TBL186S1.finRow.12.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL186S1.finRow.12.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.12.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.12.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">4,138</TD>
<TD id=TBL186S1.finRow.12.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.13 style="BACKGROUND-COLOR: #cceeff">
<TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.13.lead.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.13.symb.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.13.amt.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.13.trail.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.13.lead.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.13.symb.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.13.amt.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.13.trail.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.14 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA166 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Commitments and contingent liabilities (Note 7)</FONT></P></TD>
<TD id=TBL186S1.finRow.14.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.14.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.14.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL186S1.finRow.14.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL186S1.finRow.14.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.14.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.14.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL186S1.finRow.14.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.15 style="BACKGROUND-COLOR: #cceeff">
<TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.15.lead.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.15.symb.B3 style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.15.amt.B3 style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.15.trail.B3 style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.15.lead.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.15.symb.B4 style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.15.amt.B4 style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.15.trail.B4 style="BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.16 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA169 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Net Assets</B></FONT></P></TD>
<TD id=TBL186S1.finRow.16.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.16.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL186S1.finRow.16.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">10,617,225</TD>
<TD id=TBL186S1.finRow.16.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL186S1.finRow.16.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.16.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL186S1.finRow.16.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">4,816,999</TD>
<TD id=TBL186S1.finRow.16.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.17 style="BACKGROUND-COLOR: #cceeff">
<TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.17.lead.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.17.symb.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.17.amt.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.17.trail.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.17.lead.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.17.symb.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.17.amt.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.17.trail.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.18 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA174 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares issued and outstanding</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(b)</FONT></FONT></P></TD>
<TD id=TBL186S1.finRow.18.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.18.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.18.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">300,000</TD>
<TD id=TBL186S1.finRow.18.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL186S1.finRow.18.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.18.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL186S1.finRow.18.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">150,000</TD>
<TD id=TBL186S1.finRow.18.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL186S1.finRow.19 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA177 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net asset value per Share (Note 2G)</FONT></P></TD>
<TD id=TBL186S1.finRow.19.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.19.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL186S1.finRow.19.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">35.39</TD>
<TD id=TBL186S1.finRow.19.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL186S1.finRow.19.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL186S1.finRow.19.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL186S1.finRow.19.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">32.11</TD>
<TD id=TBL186S1.finRow.19.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA1535 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 10%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="left">

<P id=PARA1541 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25">
<TABLE id=TBL20  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA24><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA25><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Cost of short-term investments: $8,998,505 and $2,499,967, respectively.</FONT></P></TD></TR></TABLE>
<TABLE id=TBL20  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA24><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(b)</FONT></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA25><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">No par value, unlimited amount authorized.</FONT></P></TD></TR></TABLE></P>
<P id=PARA193 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1544 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><I><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">See notes to financial statements.</FONT></I></P>
<P id=PARA1545.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1545  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1545  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1545  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">1</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1545  href="#TOC">Table of Contents</A>
<DIV id=PGHDR1545  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1545.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>&nbsp;</P>
<P id=PARA1548 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1549 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1550 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares Commodity Optimized Trust</B></FONT></P>
<P id=PARA1551 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Statements of <A id=BKMK43  name="BKMK43">Operations </A>(Unaudited)</B></FONT></P>
<P id=PARA1552 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">For the three and nine months ended September 30, 2016 and 2015</FONT></P>
<P id=PARA1553 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1554 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1546 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL315  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL315.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.1.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.1.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=6>
<P id=PARA210 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Three Months Ended</B></FONT></P></TD>
<TD id=TBL315.finRow.1.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.1.lead.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.1.amt.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=6>
<P id=PARA211 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Nine</B><B> Months Ended</B></FONT></P></TD>
<TD id=TBL315.finRow.1.trail.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD></TR>
<TR id=TBL315.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.2.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.2.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=6>
<P id=PARA212 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>September 30,</B></FONT></P></TD>
<TD id=TBL315.finRow.2.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.2.lead.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.2.amt.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=6>
<P id=PARA213 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>September 30,</B></FONT></P></TD>
<TD id=TBL315.finRow.2.trail.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL315.finRow.3>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.3.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.3.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA214 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2016</B></FONT></P></TD>
<TD id=TBL315.finRow.3.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.3.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.3.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA215 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL315.finRow.3.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.3.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.3.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA216 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2016</B></FONT></P></TD>
<TD id=TBL315.finRow.3.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.3.lead.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.3.amt.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA217 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL315.finRow.3.trail.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL315.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff" colSpan=16>
<P id=PARA218 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Investment Income</B></FONT></P></TD>
<TD id=TBL315.finRow.4.trail.D7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL315.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 18pt; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA219 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Interest</FONT></P></TD>
<TD id=TBL315.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL315.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">6,076</TD>
<TD id=TBL315.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.5.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.5.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL315.finRow.5.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">1,036</TD>
<TD id=TBL315.finRow.5.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.5.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.5.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL315.finRow.5.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">11,982</TD>
<TD id=TBL315.finRow.5.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.5.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.5.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL315.finRow.5.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">3,362</TD>
<TD id=TBL315.finRow.5.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL315.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA228 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total investment income</FONT></P></TD>
<TD id=TBL315.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">6,076</TD>
<TD id=TBL315.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.6.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.6.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.6.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">1,036</TD>
<TD id=TBL315.finRow.6.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.6.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.6.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.6.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">11,982</TD>
<TD id=TBL315.finRow.6.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.6.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.6.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.6.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">3,362</TD>
<TD id=TBL315.finRow.6.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL315.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.lead.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.symb.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.amt.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.trail.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.lead.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.symb.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.amt.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.trail.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.lead.B6 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.symb.B6 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.amt.B6 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.trail.B6 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.lead.B7 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.symb.B7 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.amt.B7 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.7.trail.B7 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL315.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA233 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Expenses</B></FONT></P></TD>
<TD id=TBL315.finRow.8.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.8.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.8.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.8.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.8.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.8.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.8.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.8.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.8.lead.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.8.symb.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.8.amt.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.8.trail.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.8.lead.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.8.symb.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.8.amt.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.8.trail.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL315.finRow.9 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 18pt; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA234 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Sponsor's fees</FONT></P></TD>
<TD id=TBL315.finRow.9.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.9.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.9.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">19,915</TD>
<TD id=TBL315.finRow.9.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.9.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.9.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.9.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">29,129</TD>
<TD id=TBL315.finRow.9.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.9.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.9.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.9.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">45,645</TD>
<TD id=TBL315.finRow.9.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.9.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.9.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.9.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">109,536</TD>
<TD id=TBL315.finRow.9.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL315.finRow.10 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 18pt; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA239 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Brokerage commissions and fees</FONT></P></TD>
<TD id=TBL315.finRow.10.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.10.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.10.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">2,976</TD>
<TD id=TBL315.finRow.10.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.10.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.10.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.10.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">4,992</TD>
<TD id=TBL315.finRow.10.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.10.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.10.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.10.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">7,864</TD>
<TD id=TBL315.finRow.10.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.10.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.10.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.10.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">18,801</TD>
<TD id=TBL315.finRow.10.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL315.finRow.11 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA244 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total expenses</FONT></P></TD>
<TD id=TBL315.finRow.11.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.11.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.11.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">22,891</TD>
<TD id=TBL315.finRow.11.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.11.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.11.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.11.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">34,121</TD>
<TD id=TBL315.finRow.11.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.11.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.11.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.11.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">53,509</TD>
<TD id=TBL315.finRow.11.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.11.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.11.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.11.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">128,337</TD>
<TD id=TBL315.finRow.11.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL315.finRow.12 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA249 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net investment loss</FONT></P></TD>
<TD id=TBL315.finRow.12.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.12.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.12.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(16,815</TD>
<TD id=TBL315.finRow.12.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL315.finRow.12.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.12.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.12.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(33,085</TD>
<TD id=TBL315.finRow.12.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL315.finRow.12.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.12.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.12.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(41,527</TD>
<TD id=TBL315.finRow.12.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL315.finRow.12.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.12.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.12.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(124,975</TD>
<TD id=TBL315.finRow.12.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL315.finRow.13 style="BACKGROUND-COLOR: #ffffff">
<TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.lead.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.symb.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.amt.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.trail.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.lead.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.symb.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.amt.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.trail.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.lead.B6 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.symb.B6 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.amt.B6 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.trail.B6 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.lead.B7 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.symb.B7 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.amt.B7 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.13.trail.B7 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL315.finRow.14 style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA254 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Net Realized and Unrealized Gain (Loss)</B></FONT></P></TD>
<TD id=TBL315.finRow.14.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.14.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.14.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.14.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.14.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.14.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.14.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.14.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.14.lead.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.14.symb.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.14.amt.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.14.trail.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.14.lead.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.14.symb.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.14.amt.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL315.finRow.14.trail.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL315.finRow.15 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 18pt; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA255 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized gain (loss) from:</FONT></P></TD>
<TD id=TBL315.finRow.15.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.15.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.15.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.15.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.15.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.15.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.15.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.15.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.15.lead.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.15.symb.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.15.amt.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.15.trail.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.15.lead.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.15.symb.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.15.amt.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.15.trail.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL315.finRow.16 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 40.4%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA256 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Short-term investments</FONT></P></TD>
<TD id=TBL315.finRow.16.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.16.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.16.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL315.finRow.16.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.16.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.16.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.16.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(105</TD>
<TD id=TBL315.finRow.16.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL315.finRow.16.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.16.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.16.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL315.finRow.16.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.16.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.16.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.16.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">221</TD>
<TD id=TBL315.finRow.16.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL315.finRow.17 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA261 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Futures contracts</FONT></P></TD>
<TD id=TBL315.finRow.17.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.17.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.17.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(564,713</TD>
<TD id=TBL315.finRow.17.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL315.finRow.17.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.17.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.17.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(2,622,549</TD>
<TD id=TBL315.finRow.17.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL315.finRow.17.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.17.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.17.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">479,517</TD>
<TD id=TBL315.finRow.17.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.17.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.17.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.17.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(3,921,056</TD>
<TD id=TBL315.finRow.17.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL315.finRow.18 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 18pt; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA266 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized gain (loss)</FONT></P></TD>
<TD id=TBL315.finRow.18.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.18.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.18.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(564,713</TD>
<TD id=TBL315.finRow.18.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL315.finRow.18.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.18.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.18.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(2,622,654</TD>
<TD id=TBL315.finRow.18.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL315.finRow.18.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.18.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.18.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">479,517</TD>
<TD id=TBL315.finRow.18.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.18.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.18.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.18.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(3,920,835</TD>
<TD id=TBL315.finRow.18.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL315.finRow.19 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 18pt; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA271 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation on:</FONT></P></TD>
<TD id=TBL315.finRow.19.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.19.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.19.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.19.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.19.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.19.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.19.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.19.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.19.lead.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.19.symb.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.19.amt.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.19.trail.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.19.lead.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.19.symb.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.19.amt.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.19.trail.B7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL315.finRow.20 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA272 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Short-term investments</FONT></P></TD>
<TD id=TBL315.finRow.20.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.20.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.20.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(842</TD>
<TD id=TBL315.finRow.20.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL315.finRow.20.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.20.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.20.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(807</TD>
<TD id=TBL315.finRow.20.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL315.finRow.20.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.20.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.20.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(118</TD>
<TD id=TBL315.finRow.20.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL315.finRow.20.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.20.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.20.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(84</TD>
<TD id=TBL315.finRow.20.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL315.finRow.21 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 36pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA277 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Futures contracts</FONT></P></TD>
<TD id=TBL315.finRow.21.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.21.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.21.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">252,729</TD>
<TD id=TBL315.finRow.21.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.21.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.21.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.21.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(298,741</TD>
<TD id=TBL315.finRow.21.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL315.finRow.21.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.21.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.21.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">265,456</TD>
<TD id=TBL315.finRow.21.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.21.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.21.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.21.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">696,160</TD>
<TD id=TBL315.finRow.21.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL315.finRow.22 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; PADDING-LEFT: 18pt; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA282 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation</FONT></P></TD>
<TD id=TBL315.finRow.22.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.22.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.22.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">251,887</TD>
<TD id=TBL315.finRow.22.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.22.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.22.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.22.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(299,548</TD>
<TD id=TBL315.finRow.22.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL315.finRow.22.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.22.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.22.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">265,338</TD>
<TD id=TBL315.finRow.22.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.22.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.22.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.22.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">696,076</TD>
<TD id=TBL315.finRow.22.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL315.finRow.23 style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA287 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized and unrealized gain (loss)</FONT></P></TD>
<TD id=TBL315.finRow.23.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.23.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.23.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(312,826</TD>
<TD id=TBL315.finRow.23.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL315.finRow.23.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.23.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.23.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(2,922,202</TD>
<TD id=TBL315.finRow.23.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL315.finRow.23.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.23.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.23.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">744,855</TD>
<TD id=TBL315.finRow.23.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.23.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.23.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.23.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(3,224,759</TD>
<TD id=TBL315.finRow.23.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL315.finRow.24 style="BACKGROUND-COLOR: #cceeff">
<TD style="VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">&nbsp;</TD>
<TD id=TBL315.finRow.24.lead.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.24.symb.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.24.amt.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.24.trail.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.24.lead.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.24.symb.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.24.amt.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.24.trail.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.24.lead.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.24.symb.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.24.amt.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.24.trail.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.24.lead.B7 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.24.symb.B7 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.24.amt.B7 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.24.trail.B7 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL315.finRow.25 style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA292 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net increase (decrease) in net assets resulting from operations</FONT></P></TD>
<TD id=TBL315.finRow.25.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.25.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL315.finRow.25.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(329,641</TD>
<TD id=TBL315.finRow.25.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL315.finRow.25.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.25.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL315.finRow.25.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(2,955,287</TD>
<TD id=TBL315.finRow.25.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL315.finRow.25.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.25.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL315.finRow.25.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">703,328</TD>
<TD id=TBL315.finRow.25.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.25.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.25.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL315.finRow.25.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(3,349,734</TD>
<TD id=TBL315.finRow.25.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL315.finRow.26 style="BACKGROUND-COLOR: #cceeff">
<TD style="VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">&nbsp;</TD>
<TD id=TBL315.finRow.26.lead.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.26.symb.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.26.amt.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.26.trail.B4 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.26.lead.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.26.symb.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.26.amt.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.26.trail.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.26.lead.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.26.symb.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.26.amt.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.26.trail.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.26.lead.B7 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.26.symb.B7 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.26.amt.B7 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.26.trail.B7 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL315.finRow.27 style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA301 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net increase (decrease) in net assets per Share</FONT></P></TD>
<TD id=TBL315.finRow.27.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.27.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL315.finRow.27.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(1.10</TD>
<TD id=TBL315.finRow.27.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL315.finRow.27.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.27.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL315.finRow.27.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(7.39</TD>
<TD id=TBL315.finRow.27.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL315.finRow.27.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.27.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL315.finRow.27.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">2.94</TD>
<TD id=TBL315.finRow.27.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.27.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL315.finRow.27.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL315.finRow.27.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(6.90</TD>
<TD id=TBL315.finRow.27.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL315.finRow.28 style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA310 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Weighted-average Shares outstanding</FONT></P></TD>
<TD id=TBL315.finRow.28.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.28.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.28.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">300,000</TD>
<TD id=TBL315.finRow.28.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.28.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.28.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.28.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">400,000</TD>
<TD id=TBL315.finRow.28.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.28.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.28.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.28.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">238,869</TD>
<TD id=TBL315.finRow.28.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL315.finRow.28.lead.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.28.symb.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL315.finRow.28.amt.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">485,348</TD>
<TD id=TBL315.finRow.28.trail.7 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA316 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA318 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1544 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><I><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">See notes to financial statements.</FONT></I></P>
<P id=PARA1555.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1555  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1555  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1555  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">2</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1555  href="#TOC">Table of Contents</A>
<DIV id=PGHDR1555  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1555.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">&nbsp;</P>
<P id=PARA1558 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1559 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1560 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares Commodity Optimized Trust</B></FONT></P>
<P id=PARA1561 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Statements of <A id=BKMK44  name="BKMK44">Changes</A> in Net Assets (Unaudited)</B></FONT></P>
<P id=PARA1562 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">For the nine months ended September 30, 2016 and the year ended December 31, 2015</FONT></P>
<P id=PARA1563 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1564 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1556 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL382  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL382.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA334 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Nine Months Ended<BR>September 30, 2016</B></FONT></P></TD>
<TD id=TBL382.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.1.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.1.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA335 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Year Ended<BR>December 31, 2015</B></FONT></P></TD>
<TD id=TBL382.finRow.1.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL382.finRow.2 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA336 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Net Assets, Beginning of Period</B></FONT></P></TD>
<TD id=TBL382.finRow.2.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.2.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL382.finRow.2.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">4,816,999</TD>
<TD id=TBL382.finRow.2.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL382.finRow.2.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.2.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL382.finRow.2.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">14,787,750</TD>
<TD id=TBL382.finRow.2.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL382.finRow.3 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 66%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.3.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.3.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.3.amt.B3 style="WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.3.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.3.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.3.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.3.amt.B4 style="WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.3.trail.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL382.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA341 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Operations:</B></FONT></P></TD>
<TD id=TBL382.finRow.4.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.4.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.4.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.4.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.4.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.4.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.4.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.4.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL382.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA342 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net investment loss</FONT></P></TD>
<TD id=TBL382.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(41,527</TD>
<TD id=TBL382.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL382.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(145,027</TD>
<TD id=TBL382.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL382.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA345 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized gain (loss)</FONT></P></TD>
<TD id=TBL382.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">479,517</TD>
<TD id=TBL382.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL382.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(5,002,875</TD>
<TD id=TBL382.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL382.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA348 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation</FONT></P></TD>
<TD id=TBL382.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">265,338</TD>
<TD id=TBL382.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL382.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">816,463</TD>
<TD id=TBL382.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL382.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA351 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net increase (decrease) in net assets resulting from operations</FONT></P></TD>
<TD id=TBL382.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">703,328</TD>
<TD id=TBL382.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL382.finRow.8.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.8.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.8.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(4,331,439</TD>
<TD id=TBL382.finRow.8.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL382.finRow.9 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 66%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.9.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.9.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.9.amt.B3 style="WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.9.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.9.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.9.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.9.amt.B4 style="WIDTH: 14%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.9.trail.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL382.finRow.10 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA354 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Capital Share Transactions:</B></FONT></P></TD>
<TD id=TBL382.finRow.10.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.10.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.10.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.10.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.10.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.10.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.10.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL382.finRow.10.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL382.finRow.11 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA355 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Contributions for Shares issued</FONT></P></TD>
<TD id=TBL382.finRow.11.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.11.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.11.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">5,096,898</TD>
<TD id=TBL382.finRow.11.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL382.finRow.11.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.11.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.11.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">22,228,586</TD>
<TD id=TBL382.finRow.11.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL382.finRow.12 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA358 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Distributions for Shares redeemed</FONT></P></TD>
<TD id=TBL382.finRow.12.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.12.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.12.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL382.finRow.12.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL382.finRow.12.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.12.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.12.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(27,867,898</TD>
<TD id=TBL382.finRow.12.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL382.finRow.13 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA361 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net increase (decrease) in net assets from capital share transactions</FONT></P></TD>
<TD id=TBL382.finRow.13.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.13.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.13.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">5,096,898</TD>
<TD id=TBL382.finRow.13.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL382.finRow.13.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.13.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.13.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(5,639,312</TD>
<TD id=TBL382.finRow.13.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL382.finRow.14 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 66%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.14.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.14.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.14.amt.B3 style="WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.14.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.14.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.14.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.14.amt.B4 style="WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.14.trail.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL382.finRow.15 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA364 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Increase (decrease) in net assets</FONT></P></TD>
<TD id=TBL382.finRow.15.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.15.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.15.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">5,800,226</TD>
<TD id=TBL382.finRow.15.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL382.finRow.15.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.15.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.15.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(9,970,751</TD>
<TD id=TBL382.finRow.15.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL382.finRow.16 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 66%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.16.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.16.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.16.amt.B3 style="WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.16.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.16.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.16.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.16.amt.B4 style="WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.16.trail.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL382.finRow.17 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA367 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Net Assets, End of Period</B></FONT></P></TD>
<TD id=TBL382.finRow.17.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.17.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL382.finRow.17.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">10,617,225</TD>
<TD id=TBL382.finRow.17.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL382.finRow.17.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.17.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL382.finRow.17.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">4,816,999</TD>
<TD id=TBL382.finRow.17.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL382.finRow.18 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 66%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.18.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.18.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.18.amt.B3 style="WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.18.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.18.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.18.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.18.amt.B4 style="WIDTH: 14%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.18.trail.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL382.finRow.19 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA372 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares issued and redeemed</FONT></P></TD>
<TD id=TBL382.finRow.19.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.19.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.19.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.19.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.19.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.19.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.19.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.19.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL382.finRow.20 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA373 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares issued</FONT></P></TD>
<TD id=TBL382.finRow.20.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.20.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.20.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">150,000</TD>
<TD id=TBL382.finRow.20.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL382.finRow.20.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.20.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.20.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">550,000</TD>
<TD id=TBL382.finRow.20.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL382.finRow.21 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 18pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA376 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares redeemed</FONT></P></TD>
<TD id=TBL382.finRow.21.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.21.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.21.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL382.finRow.21.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL382.finRow.21.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.21.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL382.finRow.21.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(750,000</TD>
<TD id=TBL382.finRow.21.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL382.finRow.22 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 66%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA379 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net increase (decrease) in Shares issued and outstanding</FONT></P></TD>
<TD id=TBL382.finRow.22.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.22.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.22.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">150,000</TD>
<TD id=TBL382.finRow.22.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL382.finRow.22.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.22.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL382.finRow.22.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(200,000</TD>
<TD id=TBL382.finRow.22.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR></TABLE>
<P id=PARA383 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA1544 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><I><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">See notes to financial statements.</FONT></I></P>
<P id=PARA1565.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1565  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1565  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1565  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">3</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1565  href="#TOC">Table of Contents</A>
<DIV id=PGHDR1565  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1565.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">&nbsp;</P>
<P id=PARA1568 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1569 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1570 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares Commodity Optimized Trust</B></FONT></P>
<P id=PARA1571 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Statements of <A id=BKMK45  name="BKMK45">Cash Flows </A>(Unaudited)</B></FONT></P>
<P id=PARA1572 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">For the nine months ended September 30, 2016 and 2015&nbsp;</FONT></P>
<P id=PARA1573 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1574 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA1566 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL468  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL468.finRow.1.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL468.finRow.1.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=6>
<P id=PARA405 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Nine Months Ended<BR>September 30,</B></FONT></P></TD>
<TD id=TBL468.finRow.1.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL468.finRow.2.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL468.finRow.2.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA406 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2016</B></FONT></P></TD>
<TD id=TBL468.finRow.2.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL468.finRow.2.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL468.finRow.2.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA407 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL468.finRow.2.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA408 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Cash Flows from Operating Activities</B></FONT></P></TD>
<TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.3.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA409 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net increase (decrease) in net assets resulting from operations</FONT></P></TD>
<TD id=TBL468.finRow.4.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.4.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL468.finRow.4.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">703,328</TD>
<TD id=TBL468.finRow.4.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL468.finRow.4.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.4.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL468.finRow.4.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(3,349,734</TD>
<TD id=TBL468.finRow.4.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA414 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:</FONT></P></TD>
<TD id=TBL468.finRow.5.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.5.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.5.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.5.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.5.lead.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.5.symb.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.5.amt.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.5.trail.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA415 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Purchases of short-term investments</FONT></P></TD>
<TD id=TBL468.finRow.6.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.6.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.6.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(82,387,091</TD>
<TD id=TBL468.finRow.6.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL468.finRow.6.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.6.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.6.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(90,342,485</TD>
<TD id=TBL468.finRow.6.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA418 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Sales/maturities of short-term investments</FONT></P></TD>
<TD id=TBL468.finRow.7.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.7.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.7.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">75,900,000</TD>
<TD id=TBL468.finRow.7.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL468.finRow.7.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.7.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.7.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">95,084,248</TD>
<TD id=TBL468.finRow.7.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA421 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Accretion of discount</FONT></P></TD>
<TD id=TBL468.finRow.8.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.8.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.8.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(11,447</TD>
<TD id=TBL468.finRow.8.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL468.finRow.8.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.8.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.8.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(3,361</TD>
<TD id=TBL468.finRow.8.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA424 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized (gain) loss on short-term investments</FONT></P></TD>
<TD id=TBL468.finRow.9.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.9.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.9.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL468.finRow.9.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL468.finRow.9.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.9.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.9.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(221</TD>
<TD id=TBL468.finRow.9.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA427 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation on short-term investments</FONT></P></TD>
<TD id=TBL468.finRow.10.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.10.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.10.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">118</TD>
<TD id=TBL468.finRow.10.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL468.finRow.10.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.10.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.10.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">84</TD>
<TD id=TBL468.finRow.10.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA430 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Change in operating assets and liabilities:</FONT></P></TD>
<TD id=TBL468.finRow.11.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.11.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.11.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.11.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.11.lead.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.11.symb.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.11.amt.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.11.trail.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 53.2%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 45pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA431 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Cash and cash equivalents held at brokers (restricted)</FONT></P></TD>
<TD id=TBL468.finRow.12.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.12.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.12.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(222,000</TD>
<TD id=TBL468.finRow.12.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL468.finRow.12.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.12.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.12.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">59,000</TD>
<TD id=TBL468.finRow.12.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 45pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA434 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Receivable for variation margin on open futures contracts</FONT></P></TD>
<TD id=TBL468.finRow.13.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.13.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.13.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">4,696</TD>
<TD id=TBL468.finRow.13.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL468.finRow.13.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.13.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.13.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(39,500</TD>
<TD id=TBL468.finRow.13.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 45pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA437 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Payable for variation margin on open futures contracts</FONT></P></TD>
<TD id=TBL468.finRow.14.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.14.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.14.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL468.finRow.14.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL468.finRow.14.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.14.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.14.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(226,379</TD>
<TD id=TBL468.finRow.14.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 45pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA440 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Sponsor's fees payable</FONT></P></TD>
<TD id=TBL468.finRow.15.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.15.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.15.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">2,283</TD>
<TD id=TBL468.finRow.15.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL468.finRow.15.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.15.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.15.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(3,254</TD>
<TD id=TBL468.finRow.15.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA443 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net cash provided by (used in) operating activities</FONT></P></TD>
<TD id=TBL468.finRow.16.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.16.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.16.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(6,010,113</TD>
<TD id=TBL468.finRow.16.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL468.finRow.16.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.16.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.16.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">1,178,398</TD>
<TD id=TBL468.finRow.16.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">&nbsp;</TD>
<TD id=TBL468.finRow.17.lead.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.17.symb.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.17.amt.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.17.trail.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.17.lead.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.17.symb.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.17.amt.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.17.trail.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt"><B>Cash Flows from Financing Activities</B></TD>
<TD id=TBL468.finRow.19.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.19.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.19.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.19.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL468.finRow.19.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.19.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.19.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.19.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA447 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Contributions for Shares issued</FONT></P></TD>
<TD id=TBL468.finRow.19.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.19.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.19.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">5,096,898</TD>
<TD id=TBL468.finRow.19.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL468.finRow.19.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.19.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.19.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">20,618,554</TD>
<TD id=TBL468.finRow.19.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA450 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Distributions for Shares redeemed</FONT></P></TD>
<TD id=TBL468.finRow.20.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.20.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.20.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL468.finRow.20.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL468.finRow.20.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.20.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.20.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(21,415,448</TD>
<TD id=TBL468.finRow.20.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA453 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net cash provided by (used in) financing activities</FONT></P></TD>
<TD id=TBL468.finRow.21.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.21.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.21.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">5,096,898</TD>
<TD id=TBL468.finRow.21.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL468.finRow.21.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.21.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.21.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(796,894</TD>
<TD id=TBL468.finRow.21.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA456 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net increase (decrease) in cash and cash equivalents</FONT></P></TD>
<TD id=TBL468.finRow.22.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.22.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.22.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(913,215</TD>
<TD id=TBL468.finRow.22.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL468.finRow.22.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.22.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.22.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">381,504</TD>
<TD id=TBL468.finRow.22.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">&nbsp;</TD>
<TD id=TBL468.finRow.23.lead.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.23.symb.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.23.amt.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.23.trail.B5 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.23.lead.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.23.symb.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.23.amt.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.23.trail.B6 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt"><B>Cash and Cash Equivalents</B></TD>
<TD id=TBL468.finRow.23.lead.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.23.symb.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.23.amt.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.23.trail.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.23.lead.B6 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.23.symb.B6 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.23.amt.B6 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.23.trail.B6 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA460 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Beginning of period</FONT></P></TD>
<TD id=TBL468.finRow.25.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.25.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.25.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">2,067,355</TD>
<TD id=TBL468.finRow.25.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL468.finRow.25.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.25.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL468.finRow.25.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">50,606</TD>
<TD id=TBL468.finRow.25.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA463 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">End of period</FONT></P></TD>
<TD id=TBL468.finRow.26.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.26.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL468.finRow.26.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">1,154,140</TD>
<TD id=TBL468.finRow.26.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL468.finRow.26.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL468.finRow.26.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL468.finRow.26.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">432,110</TD>
<TD id=TBL468.finRow.26.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA469 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA470 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1544 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><I><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">See notes to financial statements.</FONT></I></P>
<P id=PARA1.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">4</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1  href="#TOC">Table of Contents</A>
<DIV id=PGHDR1  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></P>
<P id=PARA2 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares Commodity Optimized Trust</B></FONT></P>
<P id=PARA3 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK46  name="BKMK46"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Schedule</B><B>s</B><B> </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>of Investments </B><B>(Unaudited)</B></FONT></P>
<P id=PARA4 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">At September 30, 2016 and December 31, 2015</FONT></P>
<P id=PARA5 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;&nbsp;</FONT></P>
<P id=PARA8 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><U><B>September 30, 2016</B></U></FONT></P>
<P id=PARA7 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL508S1  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL508S1.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom">
<P id=PARA476 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Security Description</B></FONT></U></P></TD>
<TD id=TBL508S1.finRow.1.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL508S1.finRow.1.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA477 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Face Amount</B></FONT></P></TD>
<TD id=TBL508S1.finRow.1.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL508S1.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL508S1.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA478 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Fair Value</B></FONT></P></TD>
<TD id=TBL508S1.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL508S1.finRow.2 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA479 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">United States Treasury bills<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT>:</FONT></P></TD>
<TD id=TBL508S1.finRow.2.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.2.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.2.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.2.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.2.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.2.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.2.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.2.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL508S1.finRow.3 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA480 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">0.28% due 11/03/16</FONT></P></TD>
<TD id=TBL508S1.finRow.3.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.3.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL508S1.finRow.3.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">2,000,000 </TD>
<TD id=TBL508S1.finRow.3.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL508S1.finRow.3.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.3.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL508S1.finRow.3.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">1,999,658</TD>
<TD id=TBL508S1.finRow.3.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL508S1.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA484 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">0.13% due 11/10/16</FONT></P></TD>
<TD id=TBL508S1.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">7,000,000</TD>
<TD id=TBL508S1.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL508S1.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">6,998,544</TD>
<TD id=TBL508S1.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL508S1.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA487 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total United States Treasury bills (cost: $8,998,505)</FONT></P></TD>
<TD id=TBL508S1.finRow.5.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.5.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.5.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.5.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">8,998,202</TD>
<TD id=TBL508S1.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL508S1.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.6.lead.B2 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.6.symb.B2 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.6.amt.B2 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.6.trail.B2 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.6.lead.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.6.symb.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.6.amt.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.6.trail.B3 style="BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL508S1.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA489 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total Investments &#8211; 84.75%</FONT></P></TD>
<TD id=TBL508S1.finRow.7.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.7.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.7.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.7.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">8,998,202</TD>
<TD id=TBL508S1.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL508S1.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA491 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Other Assets, Less Liabilities &#8211; 15.25%</FONT></P></TD>
<TD id=TBL508S1.finRow.8.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.8.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.8.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.8.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508S1.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">1,619,023</TD>
<TD id=TBL508S1.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL508S1.finRow.9 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA493 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net Assets &#8211; 100.00%</FONT></P></TD>
<TD id=TBL508S1.finRow.9.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.9.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.9.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.9.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.9.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL508S1.finRow.9.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL508S1.finRow.9.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">10,617,225</TD>
<TD id=TBL508S1.finRow.9.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA9 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 10%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="left">

<TABLE id=TBL11  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA14><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA15><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Rates shown are discount rates paid at the time of purchase.</FONT></P></TD></TR></TABLE>
<P id=PARA12 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA13 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>&nbsp;</P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As of September 30, 2016, the open Bloomberg Roll Select CI futures contracts were as follows:</FONT></P>
<P id=PARA10 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL508  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL508.finRow.2>
<TD id=TBL508.finRow.2.amt.D1 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 23%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt">
<P id=PARA498 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Number of Contracts</B></FONT></P></TD>
<TD id=TBL508.finRow.2.trail.D1 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 23%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt">
<P id=PARA499 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Expiration Date</B></FONT></P></TD>
<TD id=TBL508.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL508.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA500 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Current Notional Amount</B></FONT></P></TD>
<TD id=TBL508.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL508.finRow.2.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL508.finRow.2.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA501 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Net Unrealized Appreciation (Depreciation)</B></FONT></P></TD>
<TD id=TBL508.finRow.2.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL508.finRow.3 style="BACKGROUND-COLOR: #cceeff">
<TD id=TBL508.finRow.3.amt.1 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 23%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">496</TD>
<TD id=TBL508.finRow.3.trail.1 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 23%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA503 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">December 2016</FONT></P></TD>
<TD id=TBL508.finRow.3.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508.finRow.3.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL508.finRow.3.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 23%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">10,580,672</TD>
<TD id=TBL508.finRow.3.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL508.finRow.3.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL508.finRow.3.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL508.finRow.3.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 23%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">240,536</TD>
<TD id=TBL508.finRow.3.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA509 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA17 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><U><B>December 31, 2015</B></U></FONT></P>
<P id=PARA16 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL545S1  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL545S1.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 70%; VERTICAL-ALIGN: bottom">
<P id=PARA516 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Security Description</B></FONT></U></P></TD>
<TD id=TBL545S1.finRow.1.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL545S1.finRow.1.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA517 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Face Amount</B></FONT></P></TD>
<TD id=TBL545S1.finRow.1.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL545S1.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL545S1.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA518 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Fair Value</B></FONT></P></TD>
<TD id=TBL545S1.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL545S1.finRow.2 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA519 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">United States Treasury bills<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT>:</FONT></P></TD>
<TD id=TBL545S1.finRow.2.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.2.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.2.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.2.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.2.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.2.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.2.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.2.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL545S1.finRow.3 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA520 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">0.02% due 01/28/16</FONT></P></TD>
<TD id=TBL545S1.finRow.3.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.3.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL545S1.finRow.3.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">2,500,000</TD>
<TD id=TBL545S1.finRow.3.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL545S1.finRow.3.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.3.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL545S1.finRow.3.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">2,499,782</TD>
<TD id=TBL545S1.finRow.3.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL545S1.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA524 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total United States Treasury bills (cost: $2,499,967)</FONT></P></TD>
<TD id=TBL545S1.finRow.4.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.4.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.4.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.4.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">2,499,782</TD>
<TD id=TBL545S1.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL545S1.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.5.lead.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.5.symb.B2 style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.5.amt.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.5.trail.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.5.lead.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.5.symb.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.5.amt.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.5.trail.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL545S1.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA526 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total Investments &#8211; 51.90%</FONT></P></TD>
<TD id=TBL545S1.finRow.6.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.6.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.6.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.6.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">2,499,782</TD>
<TD id=TBL545S1.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL545S1.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA528 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Other Assets, Less Liabilities&nbsp;&#8211; 48.10%</FONT></P></TD>
<TD id=TBL545S1.finRow.7.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.7.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.7.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.7.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL545S1.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">2,317,217</TD>
<TD id=TBL545S1.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL545S1.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA530 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net Assets &#8211; 100.00%</FONT></P></TD>
<TD id=TBL545S1.finRow.8.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.8.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.8.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.8.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545S1.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL545S1.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">4,816,999</TD>
<TD id=TBL545S1.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA18 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<HR style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 10%; BORDER-BOTTOM: medium none; COLOR: #000000;  BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000" align="left">

<TABLE id=TBL20  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA24><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA25><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Rate shown is discount rate paid at the time of purchase.</FONT></P></TD></TR></TABLE>
<P id=PARA21 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA22 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>&nbsp;</P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As of December 31, 2015, the open Bloomberg Roll Select CI futures contracts were as follows:</FONT></P>
<P id=PARA23 style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"></P>
<P id=PARA19 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<TABLE id=TBL545  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL545.finRow.1>
<TD id=TBL545.finRow.1.amt.D1 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 23%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt">
<P id=PARA535 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Number of Contracts</B></FONT></P></TD>
<TD id=TBL545.finRow.1.trail.D1 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 23%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt">
<P id=PARA536 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Expiration Date</B></FONT></P></TD>
<TD id=TBL545.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL545.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA537 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Current Notional Amount</B></FONT></P></TD>
<TD id=TBL545.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD>
<TD id=TBL545.finRow.1.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL545.finRow.1.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Net Unrealized </B><B>Appreciation (</B><B>Depreciation</B><B>)</B></FONT></TD>
<TD id=TBL545.finRow.1.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><B>&nbsp;</B></TD></TR>
<TR id=TBL545.finRow.2 style="BACKGROUND-COLOR: #cceeff">
<TD id=TBL545.finRow.2.amt.1 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 23%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff">250</TD>
<TD id=TBL545.finRow.2.trail.1 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 23%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; BACKGROUND-COLOR: #cceeff"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">March 2016</FONT></TD>
<TD id=TBL545.finRow.2.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545.finRow.2.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL545.finRow.2.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 23%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">4,806,000</TD>
<TD id=TBL545.finRow.2.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL545.finRow.2.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL545.finRow.2.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL545.finRow.2.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 23%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(24,920</TD>
<TD id=TBL545.finRow.2.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR></TABLE>
<P id=PARA26.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT face="Times New Roman">&nbsp;</P>
<P id=PARA1544 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><I><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">See notes to financial statements.</FONT></I></P></FONT>
<P style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT face="Times New Roman"></FONT>&nbsp;</P>
<DIV id=PGBK26  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR26  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM26  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">5</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK26  href="#TOC">Table of Contents</A>
<DIV id=PGHDR26  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA26.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA546 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>iShares Commodity Optimized Trust</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA548 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK47  name="BKMK47"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Notes </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>to Financial Statements (Unaudited)</B></FONT></P>
<P id=PARA550 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">September 30, 2016</FONT></P>
<P id=PARA551 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA554 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>1 - Organization</B></FONT></P>
<P id=PARA555 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA556 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The iShares Commodity Optimized Trust (the &#8220;Trust&#8221;) is a Delaware statutory trust that was organized under the laws of the State of Delaware on December 7, 2011 and commenced operations on August 8, 2013. iShares Delaware Trust Sponsor LLC, a Delaware limited liability company, is the sponsor of the Trust (the &#8220;Sponsor&#8221;). The sole member and manager of the Sponsor is BlackRock Asset Management International Inc., a Delaware corporation. BlackRock Institutional Trust Company, N.A. is the &#8220;Trustee&#8221; of the Trust. The Trust is governed by the Amended and Restated Trust Agreement, dated as of July 1, 2014 (the &#8220;Trust Agreement&#8221;), among the Sponsor, the Trustee and Wilmington Trust, National Association (the &#8220;Delaware Trustee&#8221;). The Trust issues units of beneficial interest (&#8220;Shares&#8221;) representing fractional undivided beneficial interests in its net assets. The Trust holds long positions in exchange-traded index futures contracts of various expirations, or &#8220;Index Futures&#8221; on the Bloomberg Roll Select Commodity Index (the &#8220;Bloomberg Roll Select CI&#8221;). In order to collateralize its Index Futures positions and to reflect the U.S. Treasury component of the Bloomberg Roll Select Commodity Total Return Index (the &#8220;Index&#8221;), the Trust also holds &#8220;Collateral Assets,&#8221; which consist of cash, U.S. Treasury securities or other short-term securities and similar securities that are eligible as margin deposits for those Index Futures positions. The Index Futures held by the Trust are listed on the Chicago Mercantile Exchange (the &#8220;CME&#8221;).</FONT></P>
<P id=PARA557 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA560 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Index before payment of the Trust&#8217;s expenses and liabilities.</FONT></P>
<P id=PARA561 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA564 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust is a commodity pool, as defined in the Commodity Exchange Act (the &#8220;CEA&#8221;) and the applicable regulations of the Commodity Futures Trading Commission (the &#8220;CFTC&#8221;), and is operated by the Sponsor, a commodity pool operator registered with the CFTC. The Sponsor is an indirect subsidiary of BlackRock, Inc. BlackRock Fund Advisors (the &#8220;Advisor&#8221;), an indirect subsidiary of BlackRock, Inc., serves as the commodity trading advisor of the Trust and is registered with the CFTC.</FONT></P>
<P id=PARA565 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA568 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust&#8217;s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the SEC on February 29, 2016.</FONT></P>
<P id=PARA569 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA572 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust qualifies as an investment company for accounting purposes and follows the accounting and reporting guidance under the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification Topic 946, <I>Financial Services &#8211; Investment Companies</I>, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.</FONT></P>
<P id=PARA573 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA574 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2 - Significant Accounting Policies</B></FONT></P>
<P id=PARA575 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA28><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>A.</FONT></I></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA29><I><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Basis of Accounting</P></FONT></I></TD></TR></TABLE>
<P id=PARA577 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA578 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</FONT></P>
<P id=PARA579 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL580  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

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<P id=PARA30><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>B.</FONT></I></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA31><I><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Investment in Index Futures</P></FONT></I></TD></TR></TABLE>
<P id=PARA581 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA582 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities, </FONT>which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment <FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">returns of the Index before payment of the Trust&#8217;s expenses and liabilities.</FONT></P>
<P id=PARA583 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA584 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The assets of the Trust consist of Index Futures and cash or other Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions. Index Futures are exchange-traded index futures contracts on the Bloomberg Roll Select CI and are expected to include contracts of different terms and expirations. The Trust is expected to roll out of existing positions in Index Futures and establish new positions in Index Futures on an ongoing basis. When establishing positions in Index Futures, the Trust is required to deposit cash or other Collateral Assets with the broker as &#8220;initial margin.&#8221; On a daily basis, the Trust is obligated to pay, or entitled to receive, cash in an amount equal to the change in the daily settlement level of its Index Futures positions. Such payments or receipts are known as variation margin and recorded as unrealized appreciation or depreciation. When an Index Futures contract is closed, the Trust records a realized gain or loss based on the difference between the value of the Index Futures contract at the time it was opened and the value at the time it was closed.</FONT></P>
<P id=PARA585 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA586 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Index Futures are derivative instruments valued at fair value, which the Trustee has determined to be that day&#8217;s announced CME settlement price. If there is no announced settlement price for a particular Index Futures contract on that day, the Trustee will use the most recently announced CME settlement price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation. The Trust&#8217;s derivatives are not designated as hedges, and all changes in the fair value are reflected in the statements of operations.</FONT></P>
<P id=PARA66.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGNUM66  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">6</DIV>
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<A id=TOCLINK66  href="#TOC">Table of Contents</A>
<DIV id=PGHDR66  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA66.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA588 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">For futures contracts, counterparty credit risk is mitigated because futures contracts are exchange-traded and the exchange&#8217;s clearing house acts as central counterparty to all exchange-traded futures contracts (although customers continue to have credit exposure to the clearing member who holds their account).</FONT></P>
<P id=PARA589 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA590 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Please refer to Note 9 for additional disclosures regarding the Trust&#8217;s investments in futures contracts.</FONT></P>
<P id=PARA27.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
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<P id=PARA33><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>C.</FONT></I></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA34><I><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Cash and Cash Equivalents</P></FONT></I></TD></TR></TABLE>
<P id=PARA593 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA594 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust considers cash and cash equivalents to be highly liquid investments with original maturities of three months or less.</FONT></P>
<P id=PARA595 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA596 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As of September 30, 2016 and December 31, 2015, the Trust had cash and cash equivalents held at brokers of $447,000 and $225,000, respectively, which were posted as margin for the Trust&#8217;s Index Futures positions.</FONT></P>
<P id=PARA597 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA35><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>D.</FONT></I></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA36><I><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Short-Term Investments</P></FONT></I></TD></TR></TABLE>
<P id=PARA599 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA600 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Short-term investments on the statements of assets and liabilities consist principally of short-term fixed income securities with original maturities of one year or less. These investments are valued at fair value.</FONT></P>
<P id=PARA601 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA37><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>E.</FONT></I></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA38><I><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Securities Transactions and Income Recognition</P></FONT></I></TD></TR></TABLE>
<P id=PARA603 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA604 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Securities transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest Income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis. </FONT></P>
<P id=PARA605 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA39><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>F.</FONT></I></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA40><I><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Income Taxes</P></FONT></I></TD></TR></TABLE>
<P id=PARA607 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA608 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust is treated as a partnership for federal, state and local income tax purposes.</FONT></P>
<P id=PARA609 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA610 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">No provision for federal, state, and local income taxes has been made in the accompanying financial statements because the Trust is not subject to income taxes. Shareholders are individually responsible for their own tax payments on their proportionate share of income, gain, loss, deduction, expense and credit.</FONT></P>
<P id=PARA611 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA612 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor has reviewed the tax positions as of September 30, 2016, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Trust&#8217;s financial statements.</FONT></P>
<P id=PARA615 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA41><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>G.</FONT></I></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA42><I><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Calculation of Net Asset Value</P></FONT></I></TD></TR></TABLE>
<P id=PARA619 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA620 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The net asset value of the Trust on any given day is obtained by subtracting the Trust&#8217;s accrued expenses and other liabilities on that day from the value of (1) the Trust&#8217;s Index Futures positions and Collateral Assets on that day, (2) the interest earned on those assets by the Trust and (3) any other assets of the Trust, as of 4:00 p.m. (New York time) that day. The Trustee determines the net asset value per Share (the &#8220;NAV&#8221;) by dividing the net asset value of the Trust on a given day by the number of Shares outstanding at the time the calculation is made. The NAV is calculated each day on which NYSE Arca, Inc. (&#8220;NYSE Arca&#8221;) is open for regular trading, as soon as practicable after 4:00 p.m. (New York time).</FONT></P>
<P id=PARA621 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P id=PARA43><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>H.</FONT></I></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA44><I><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Distributions</P></FONT></I></TD></TR></TABLE>
<P id=PARA623 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA624 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Interest and distributions received by the Trust on its assets may be used to acquire additional Index Futures and Collateral Assets or, in the discretion of the Sponsor, distributed to shareholders. The Trust is under no obligation to make periodic distributions to shareholders.</FONT></P>
<P id=PARA625 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA626 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>3 - Offering of the Shares</B></FONT></P>
<P id=PARA627 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA628 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares are issued and redeemed continuously in one or more blocks of 50,000 Shares in exchange for Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets in lieu of cash). Individual investors that are not Authorized Participants cannot purchase or redeem Shares in direct transactions with the Trust. The Trust transacts only with registered broker-dealers that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such authorized broker-dealers are the &#8220;Authorized Participants&#8221;). Authorized Participants may redeem their Shares (as well as Shares on behalf of other investors) at any time before 2:40 p.m. (New York time) on any business day in one or more blocks of 50,000 Shares. Redemptions of Shares in exchange for baskets of Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets in lieu of cash) are treated as sales for financial statement purposes.</FONT></P>
<P id=PARA67.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGFTR67  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM67  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">7</DIV>
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<A id=TOCLINK67  href="#TOC">Table of Contents</A>
<DIV id=PGHDR67  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA67.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>&nbsp;</P>
<P id=PARA630 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>4 - Trust Expenses</B></FONT></P>
<P id=PARA631 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA632 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust is responsible for paying any applicable brokerage commissions and similar transaction fees out of its assets in connection with the roll of Index Futures held by the Trust. These expenses are recorded as brokerage commissions and fees in the statements of operations as incurred. </FONT></P>
<P id=PARA633 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA634 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor pays the amounts that would otherwise be considered the ordinary operating expenses, if any, of the Trust. In return, the Sponsor receives an allocation from the Trust that accrues daily at an annualized rate equal to 0.75% of the net asset value of the Trust, as calculated before deducting fees and expenses based on the value of the Trust&#8217;s assets.</FONT></P>
<P id=PARA635 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA636 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor has agreed under the Trust Agreement to pay the following administrative, operational and marketing expenses: (1) the fees of the Trustee, the Delaware Trustee, the Advisor and their respective agents, (2) NYSE Arca listing fees, (3) printing and mailing costs, (4) audit fees, (5) fees for registration of the Shares with the SEC, (6) tax reporting costs, (7) license fees and (8) legal expenses relating to the Trust of up to $100,000 annually.</FONT></P>
<P id=PARA32.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA638 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>5 - Related Parties</B></FONT></P>
<P id=PARA639 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA640 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor, the Trustee and the Advisor are considered to be related parties to the Trust. The Trustee&#8217;s and Advisor&#8217;s fees are paid by the Sponsor and are not a separate expense of the Trust.</FONT></P>
<P id=PARA45.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA642 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>6 - Indemnification</B></FONT></P>
<P id=PARA643 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA644 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries and agents shall be indemnified from the Trust and held harmless against any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Trust Agreement.</FONT></P>
<P id=PARA645 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA646 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Investment Advisory Agreement between the Trust and the Advisor provides that the Advisor and its shareholders, directors, officers, employees, affiliates (as such term is defined in Rule 405 under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability, cost, expense or judgment (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of its obligations under the Investment Advisory Agreement or any actions taken in accordance with the provisions of the Investment Advisory Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Investment Advisory Agreement.</FONT></P>
<P id=PARA647 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA650 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>7 - Commitments and Contingent Liabilities</B></FONT></P>
<P id=PARA651 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA654 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust&#8217;s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.</FONT></P>
<P id=PARA655 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA660 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>8 - Financial Highlights</B></FONT></P>
<P id=PARA661 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA664 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following financial highlights relate to investment performance and operations for a Share outstanding for the three months and nine months ended September 30, 2016 and 2015.</FONT></P>
<P id=PARA665 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 47%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL745S1.finRow.1.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL745S1.finRow.1.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=6>
<P id=PARA666 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Three Months Ended</B></FONT></P></TD>
<TD id=TBL745S1.finRow.1.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL745S1.finRow.1.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL745S1.finRow.1.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=6>
<P id=PARA667 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Nine Months Ended</B></FONT></P></TD>
<TD id=TBL745S1.finRow.1.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom">&nbsp;</TD></TR>
<TR id=TBL745S1.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 47%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL745S1.finRow.2.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL745S1.finRow.2.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=6>
<P id=PARA668 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>September 30,</B></FONT></P></TD>
<TD id=TBL745S1.finRow.2.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL745S1.finRow.2.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL745S1.finRow.2.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 14%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=6>
<P id=PARA669 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>September 30,</B></FONT></P></TD>
<TD id=TBL745S1.finRow.2.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL745S1.finRow.3>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 47%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL745S1.finRow.3.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL745S1.finRow.3.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA670 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2016</B></FONT></P></TD>
<TD id=TBL745S1.finRow.3.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL745S1.finRow.3.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL745S1.finRow.3.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA671 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL745S1.finRow.3.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL745S1.finRow.3.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL745S1.finRow.3.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA672 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2016</B></FONT></P></TD>
<TD id=TBL745S1.finRow.3.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL745S1.finRow.3.lead.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL745S1.finRow.3.amt.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA673 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>2015</B></FONT></P></TD>
<TD id=TBL745S1.finRow.3.trail.D6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL745S1.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 47%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA674 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net asset value per Share, beginning of period</FONT></P></TD>
<TD id=TBL745S1.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL745S1.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">36.49</TD>
<TD id=TBL745S1.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL745S1.finRow.4.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.4.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL745S1.finRow.4.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">41.10</TD>
<TD id=TBL745S1.finRow.4.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL745S1.finRow.4.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.4.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL745S1.finRow.4.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">32.11</TD>
<TD id=TBL745S1.finRow.4.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL745S1.finRow.4.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.4.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL745S1.finRow.4.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">42.25</TD>
<TD id=TBL745S1.finRow.4.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL745S1.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 47%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.amt.B3 style="WIDTH: 9%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.trail.B3 style="WIDTH: 2%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.amt.B4 style="WIDTH: 9%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.trail.B4 style="WIDTH: 2%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.lead.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.symb.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.amt.B5 style="WIDTH: 9%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.trail.B5 style="WIDTH: 2%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.lead.B6 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.symb.B6 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.amt.B6 style="WIDTH: 9%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.5.trail.B6 style="WIDTH: 2%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL745S1.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 47%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA683 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net investment loss<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></FONT></FONT></FONT></P></TD>
<TD id=TBL745S1.finRow.6.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.6.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.6.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(0.06</TD>
<TD id=TBL745S1.finRow.6.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL745S1.finRow.6.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.6.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.6.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(0.08</TD>
<TD id=TBL745S1.finRow.6.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL745S1.finRow.6.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.6.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.6.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(0.17</TD>
<TD id=TBL745S1.finRow.6.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL745S1.finRow.6.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.6.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.6.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(0.26</TD>
<TD id=TBL745S1.finRow.6.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL745S1.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 47%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA688 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized and unrealized gain (loss)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(b)</FONT></FONT></FONT></FONT></P></TD>
<TD id=TBL745S1.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(1.04</TD>
<TD id=TBL745S1.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL745S1.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(5.55</TD>
<TD id=TBL745S1.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL745S1.finRow.7.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.7.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.7.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">3.45</TD>
<TD id=TBL745S1.finRow.7.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL745S1.finRow.7.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.7.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.7.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(6.52</TD>
<TD id=TBL745S1.finRow.7.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL745S1.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 47%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA693 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net increase (decrease) in net assets from operations</FONT></P></TD>
<TD id=TBL745S1.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(1.10</TD>
<TD id=TBL745S1.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL745S1.finRow.8.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.8.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.8.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(5.63</TD>
<TD id=TBL745S1.finRow.8.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD>
<TD id=TBL745S1.finRow.8.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.8.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.8.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">3.28</TD>
<TD id=TBL745S1.finRow.8.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL745S1.finRow.8.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.8.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.8.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(6.78</TD>
<TD id=TBL745S1.finRow.8.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR id=TBL745S1.finRow.9 style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 47%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA698 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net asset value per Share, end of period</FONT></P></TD>
<TD id=TBL745S1.finRow.9.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.9.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL745S1.finRow.9.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">35.39</TD>
<TD id=TBL745S1.finRow.9.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL745S1.finRow.9.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.9.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL745S1.finRow.9.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">35.47</TD>
<TD id=TBL745S1.finRow.9.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL745S1.finRow.9.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.9.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL745S1.finRow.9.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">35.39</TD>
<TD id=TBL745S1.finRow.9.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL745S1.finRow.9.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.9.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL745S1.finRow.9.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">35.47</TD>
<TD id=TBL745S1.finRow.9.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL745S1.finRow.10 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 47%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.amt.B3 style="WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.trail.B3 style="WIDTH: 2%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.amt.B4 style="WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.trail.B4 style="WIDTH: 2%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.lead.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.symb.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.amt.B5 style="WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.trail.B5 style="WIDTH: 2%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.lead.B6 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.symb.B6 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.amt.B6 style="WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.10.trail.B6 style="WIDTH: 2%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL745S1.finRow.11 style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 47%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA707 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Total return, at net asset value</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(c)(d)</FONT></FONT></P></TD>
<TD id=TBL745S1.finRow.11.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.11.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.11.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(3.01</TD>
<TD id=TBL745S1.finRow.11.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>
<P id=PARA709 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt">)<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD>
<TD id=TBL745S1.finRow.11.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.11.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.11.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(13.70</TD>
<TD id=TBL745S1.finRow.11.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>
<P id=PARA711 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt">)<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD>
<TD id=TBL745S1.finRow.11.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.11.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.11.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">10.21</TD>
<TD id=TBL745S1.finRow.11.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>
<P id=PARA713 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD>
<TD id=TBL745S1.finRow.11.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.11.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.11.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(16.05</TD>
<TD id=TBL745S1.finRow.11.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>
<P id=PARA715 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt">)<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD></TR>
<TR id=TBL745S1.finRow.12 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 47%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.amt.B3 style="WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.trail.B3 style="WIDTH: 2%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.amt.B4 style="WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.trail.B4 style="WIDTH: 2%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.lead.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.symb.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.amt.B5 style="WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.trail.B5 style="WIDTH: 2%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.lead.B6 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.symb.B6 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.amt.B6 style="WIDTH: 9%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.12.trail.B6 style="WIDTH: 2%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL745S1.finRow.13 style="BACKGROUND-COLOR: #ffffff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 47%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA716 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Ratio to average net assets:</FONT></P></TD>
<TD id=TBL745S1.finRow.13.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.13.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.13.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.13.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.13.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.13.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.13.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.13.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.13.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.13.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.13.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.13.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.13.lead.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.13.symb.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.13.amt.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.13.trail.B6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL745S1.finRow.14 style="BACKGROUND-COLOR: #cceeff">
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 47%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #cceeff; TEXT-INDENT: -9pt">
<P id=PARA717 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net investment loss</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(e)</FONT></FONT></P></TD>
<TD id=TBL745S1.finRow.14.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.14.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.14.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(0.63</TD>
<TD id=TBL745S1.finRow.14.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>
<P id=PARA719 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt">)<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD>
<TD id=TBL745S1.finRow.14.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.14.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.14.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(0.86</TD>
<TD id=TBL745S1.finRow.14.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>
<P id=PARA721 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt">)<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD>
<TD id=TBL745S1.finRow.14.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.14.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.14.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(0.68</TD>
<TD id=TBL745S1.finRow.14.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>
<P id=PARA723 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt">)<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD>
<TD id=TBL745S1.finRow.14.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.14.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL745S1.finRow.14.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(0.86</TD>
<TD id=TBL745S1.finRow.14.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>
<P id=PARA725 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt">)<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD></TR>
<TR id=TBL745S1.finRow.15 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 47%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 27pt; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA726 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Expenses</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(e)</FONT></FONT></P></TD>
<TD id=TBL745S1.finRow.15.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.15.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.15.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">0.86</TD>
<TD id=TBL745S1.finRow.15.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>
<P id=PARA728 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD>
<TD id=TBL745S1.finRow.15.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.15.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.15.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">0.89</TD>
<TD id=TBL745S1.finRow.15.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>
<P id=PARA730 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD>
<TD id=TBL745S1.finRow.15.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.15.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.15.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">0.88</TD>
<TD id=TBL745S1.finRow.15.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>
<P id=PARA732 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD>
<TD id=TBL745S1.finRow.15.lead.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.15.symb.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL745S1.finRow.15.amt.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">0.88</TD>
<TD id=TBL745S1.finRow.15.trail.6 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>
<P id=PARA734 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">%</FONT></P></TD></TR></TABLE>
<TABLE  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 50%; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 50%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 20%; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA84 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 80%">
<P id=PARA85 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD></TR></TABLE>
<TABLE id=TBL49  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 18pt">
<P id=PARA63 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA56><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA57><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Based on average Shares outstanding during the period.</FONT></P></TD></TR></TABLE>
<TABLE id=TBL50  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">
<P id=PARA64 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA54><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(b)</FONT></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA55><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investments for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust&#8217;s underlying investments.</FONT></P></TD></TR></TABLE>
<TABLE id=TBL51  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">
<P id=PARA65 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA58><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(c)</FONT></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA59><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Based on the change in net asset value of a Share during the period.</FONT></P></TD></TR></TABLE>
<TABLE id=TBL52  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">
<P id=PARA66 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA62><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(d)</FONT></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA63><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Percentage is not annualized.</FONT></P></TD></TR></TABLE>
<TABLE id=TBL53  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">
<P id=PARA67 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA60><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(e)</FONT></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA61><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Percentage is annualized.</FONT></P></TD></TR></TABLE>
<P id=PARA746 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK1  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR1  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM1  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">8</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK1  href="#TOC">Table of Contents</A>
<DIV id=PGHDR1  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA1.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA750 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>9 - Investing in Index Futures</B></FONT></P>
<P id=PARA751 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA752 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Substantially all of the Trust&#8217;s assets are invested in Index Futures. The Index Futures&#8217; settlement value at expiration is based on the value of the Bloomberg Roll Select CI at that time. Therefore, the value of the Trust will fluctuate based upon the value of the Bloomberg Roll Select CI and the prices of futures contracts and commodities underlying the Bloomberg Roll Select CI. The commodities markets have historically been extremely volatile. For the nine months ended September 30, 2016 and the year ended December 31, 2015, the average month-end notional amounts of open Index Futures were $8,012,008 and $15,463,265, respectively.</FONT></P>
<P id=PARA753 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA754 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following table shows the variation margin on open futures contracts, by risk exposure category, on the statements of assets and liabilities as of September 30, 2016 and December 31, 2015:</FONT></P>
<P id=PARA755 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL778  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL778.finRow.2>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt">
<P id=PARA758 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Asset Derivatives</B></FONT></P></TD>
<TD id=TBL778.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL778.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA759 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Fair Value</B></FONT></P></TD>
<TD id=TBL778.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt">
<P id=PARA760 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Liability Derivatives</B></FONT></P></TD>
<TD id=TBL778.finRow.2.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL778.finRow.2.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA761 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Fair Value</B></FONT></P></TD>
<TD id=TBL778.finRow.2.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL778.finRow.3 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA762 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>September 30, 2016</B></FONT></U></P></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.3.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.3.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.3.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.3.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.3.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.3.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.3.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.3.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL778.finRow.4 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA763 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Commodity contracts</FONT></P></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA764 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Receivable for variation margin on open futures contracts</FONT></P></TD>
<TD id=TBL778.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL778.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL778.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">24,304</TD>
<TD id=TBL778.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA767 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Payable for variation margin on open futures contracts</FONT></P></TD>
<TD id=TBL778.finRow.4.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL778.finRow.4.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL778.finRow.4.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL778.finRow.4.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL778.finRow.5 style="BACKGROUND-COLOR: #cceeff">
<TD style="WIDTH: 32%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="WIDTH: 2%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="WIDTH: 15%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL778.finRow.5.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL778.finRow.5.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL778.finRow.5.amt.B3 style="WIDTH: 15%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL778.finRow.5.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="WIDTH: 15%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL778.finRow.5.lead.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL778.finRow.5.symb.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL778.finRow.5.amt.B5 style="WIDTH: 15%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL778.finRow.5.trail.B5 style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD></TR>
<TR id=TBL778.finRow.6 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA770 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>December 31, 2015</B></FONT></U></P></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.6.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.6.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.6.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.6.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.6.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.6.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.6.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD>
<TD id=TBL778.finRow.6.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #ffffff"><B>&nbsp;</B></TD></TR>
<TR id=TBL778.finRow.7 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<P id=PARA771 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Commodity contracts</FONT></P></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA772 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Receivable for variation margin on open futures contracts</FONT></P></TD>
<TD id=TBL778.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL778.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL778.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">29,000</TD>
<TD id=TBL778.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA775 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Payable for variation margin on open futures contracts</FONT></P></TD>
<TD id=TBL778.finRow.7.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL778.finRow.7.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL778.finRow.7.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL778.finRow.7.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA779 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA781 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following table shows the effect of the open futures contracts, by risk exposure category, on the statements of operations for the three months and nine months ended September 30, 2016 and 2015:</FONT></P>
<P id=PARA784 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL809  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt">
<P id=PARA785 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Statements of<BR>Operations Location</B></FONT></P></TD>
<TD id=TBL809.finRow.2.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL809.finRow.2.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA786 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Net Realized </B></FONT></P>
<P id=PARA787 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Gain (Loss)</B></FONT></P></TD>
<TD id=TBL809.finRow.2.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL809.finRow.2.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL809.finRow.2.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 7.2pt" colSpan=2>
<P id=PARA788 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Net Change in Unrealized<BR>Appreciation/Depreciation</B></FONT></P></TD>
<TD id=TBL809.finRow.2.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA789 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Three Months Ended September 30, 2016</B></FONT></U></P></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.3.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.3.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.3.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.3.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.3.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.3.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.3.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.3.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA790 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Commodity contracts</FONT></P></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA791 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized gain (loss) from futures contracts</FONT></P></TD>
<TD id=TBL809.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL809.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(564,713</TD>
<TD id=TBL809.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL809.finRow.4.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.4.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL809.finRow.4.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL809.finRow.4.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA796 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation on futures contracts</FONT></P></TD>
<TD id=TBL809.finRow.5.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.5.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.5.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL809.finRow.5.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL809.finRow.5.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.5.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.5.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">252,729</TD>
<TD id=TBL809.finRow.5.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 2%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.6.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.6.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.6.amt.B3 style="WIDTH: 20%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.6.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.6.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.6.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.6.amt.B4 style="WIDTH: 20%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.6.trail.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA799 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Three Months Ended September 30, 2015</B></FONT></U></P></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.7.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.7.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.7.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.7.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.7.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.7.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.7.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.7.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA800 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Commodity contracts</FONT></P></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA801 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized gain (loss) from futures contracts</FONT></P></TD>
<TD id=TBL809.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL809.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(2,622,549</TD>
<TD id=TBL809.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL809.finRow.8.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.8.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL809.finRow.8.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL809.finRow.8.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA806 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation on futures contracts</FONT></P></TD>
<TD id=TBL809.finRow.9.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.9.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.9.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL809.finRow.9.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL809.finRow.9.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.9.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.9.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">(298,741</TD>
<TD id=TBL809.finRow.9.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>)</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 2%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.10.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.10.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.10.amt.B3 style="WIDTH: 20%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.10.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.10.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.10.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.10.amt.B4 style="WIDTH: 20%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.10.trail.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA811 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Nine Months Ended September 30, 2016</B></FONT></U></P></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.11.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.11.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.11.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.11.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.11.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.11.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.11.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.11.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA812 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Commodity contracts</FONT></P></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; PADDING-LEFT: 9pt; MARGIN-TOP: 0px; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt">
<P id=PARA813 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized gain (loss) from </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">futures contracts</FONT></P></TD>
<TD id=TBL809.finRow.12.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.12.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL809.finRow.12.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">479,517</TD>
<TD id=TBL809.finRow.12.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL809.finRow.12.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.12.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL809.finRow.12.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL809.finRow.12.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA819 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation on futures contracts</FONT></P></TD>
<TD id=TBL809.finRow.13.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.13.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.13.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL809.finRow.13.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL809.finRow.13.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.13.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.13.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">265,456</TD>
<TD id=TBL809.finRow.13.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="WIDTH: 32%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 2%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.14.lead.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.14.symb.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.14.amt.B3 style="WIDTH: 20%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.14.trail.B3 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.14.lead.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.14.symb.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.14.amt.B4 style="WIDTH: 20%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.14.trail.B4 style="WIDTH: 1%; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA822 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Nine Months Ended September 30, 2015</B></FONT></U></P></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="WIDTH: 20%; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.15.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.15.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.15.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.15.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.15.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.15.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.15.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL809.finRow.15.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<P id=PARA823 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Commodity contracts</FONT></P></TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">
<P id=PARA824 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net realized gain (loss) from futures contracts</FONT></P></TD>
<TD id=TBL809.finRow.16.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.16.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL809.finRow.16.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">(3,921,056</TD>
<TD id=TBL809.finRow.16.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL809.finRow.16.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL809.finRow.16.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL809.finRow.16.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL809.finRow.16.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 32%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 2%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">
<P id=PARA829 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net change in unrealized appreciation/depreciation on futures contracts</FONT></P></TD>
<TD id=TBL809.finRow.17.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.17.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.17.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL809.finRow.17.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL809.finRow.17.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.17.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL809.finRow.17.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 20%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">696,160</TD>
<TD id=TBL809.finRow.17.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA810 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>&nbsp;<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK2  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR2  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM2  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">9</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK2  href="#TOC">Table of Contents</A>
<DIV id=PGHDR2  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA2.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA835 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>10 - Investment Valuation</B></FONT></P>
<P id=PARA836 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA837 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">FASB Accounting Standards Codification Topic 820, <I>Fair Value Measurements and Disclosures</I>, defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust&#8217;s policy is to value its investments at fair value.</FONT></P>
<P id=PARA838 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA839 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Investments in Index Futures are measured at fair value using the last reported CME settlement price for Index Futures.</FONT></P>
<P id=PARA840 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA841 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">U.S. Treasury bills are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures.</FONT></P>
<P id=PARA842 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA843 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (&#8220;observable inputs&#8221;) or they may be internally developed (&#8220;unobservable inputs&#8221;). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:</FONT></P>
<P id=PARA844 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA847 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 27pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Level 1 &#8211;&nbsp;&nbsp;Unadjusted quoted prices in active markets for identical assets or liabilities&#894;</FONT></P>
<P id=PARA848 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA851 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -45pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Level 2 &#8211;&nbsp;&nbsp;Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means&#894; and</FONT></P>
<P id=PARA852 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA855 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -45pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Level 3 &#8211;&nbsp; Unobservable inputs that are unobservable for the asset or liability, including the Trust&#8217;s assumptions used in determining the fair value of investments.</FONT></P>
<P id=PARA856 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA859 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Fair value pricing could result in a difference between the prices used to calculate the Trust&#8217;s net asset value and the prices used by the Trust&#8217;s underlying index, which in turn could result in a difference between the Trust&#8217;s performance and the performance of the Trust&#8217;s underlying index.</FONT></P>
<P id=PARA860 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA861 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The following table summarizes the value of each of the Trust&#8217;s investments by the fair value hierarchy levels as of September 30, 2016 and December&nbsp;31,&nbsp;2015:<BR><BR></FONT></P>
<TABLE id=TBL882  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 95%; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 5%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL882.finRow.1>
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.1.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL882.finRow.1.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA867 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Level 1</B></FONT></P></TD>
<TD id=TBL882.finRow.1.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL882.finRow.1.lead.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL882.finRow.1.amt.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA868 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Level 2</B></FONT></P></TD>
<TD id=TBL882.finRow.1.trail.D3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL882.finRow.1.lead.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL882.finRow.1.amt.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA869 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Level 3</B></FONT></P></TD>
<TD id=TBL882.finRow.1.trail.D4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD>
<TD id=TBL882.finRow.1.lead.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom">&nbsp;</TD>
<TD id=TBL882.finRow.1.amt.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colSpan=2>
<P id=PARA870 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Total</B></FONT></P></TD>
<TD id=TBL882.finRow.1.trail.D5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px">&nbsp;</TD></TR>
<TR id=TBL882.finRow.2 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 48%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA871 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>September 30, 2016</B></FONT></U></P></TD>
<TD id=TBL882.finRow.2.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.2.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.2.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.2.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.2.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.2.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.2.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.2.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.2.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.2.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.2.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.2.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.2.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.2.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.2.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.2.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL882.finRow.3 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA872 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Futures contracts<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></FONT></P></TD>
<TD id=TBL882.finRow.3.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.3.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL882.finRow.3.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">240,536</TD>
<TD id=TBL882.finRow.3.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL882.finRow.3.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.3.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL882.finRow.3.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL882.finRow.3.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL882.finRow.3.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.3.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL882.finRow.3.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL882.finRow.3.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL882.finRow.3.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.3.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL882.finRow.3.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">240,536</TD>
<TD id=TBL882.finRow.3.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR>
<TR id=TBL882.finRow.4 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA877 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">U.S. Treasury bills</FONT></P></TD>
<TD id=TBL882.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL882.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL882.finRow.4.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL882.finRow.4.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL882.finRow.4.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">8,998,202</TD>
<TD id=TBL882.finRow.4.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL882.finRow.4.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL882.finRow.4.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL882.finRow.4.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL882.finRow.4.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL882.finRow.4.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL882.finRow.4.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL882.finRow.4.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">8,998,202</TD>
<TD id=TBL882.finRow.4.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL882.finRow.5 style="BACKGROUND-COLOR: #ffffff">
<TD style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.lead.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.symb.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.amt.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.trail.B2 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.lead.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.symb.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.amt.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.trail.B3 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.lead.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.symb.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.amt.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.trail.B4 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.lead.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.symb.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.amt.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.5.trail.B5 style="BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL882.finRow.6 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA885 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><U><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>December 31, 2015</B></FONT></U></P></TD>
<TD id=TBL882.finRow.6.lead.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.6.symb.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.6.amt.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.6.trail.B2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.6.lead.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.6.symb.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.6.amt.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.6.trail.B3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.6.lead.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.6.symb.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.6.amt.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.6.trail.B4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.6.lead.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.6.symb.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.6.amt.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.6.trail.B5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD></TR>
<TR id=TBL882.finRow.7 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA886 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Futures contracts<FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></FONT></P></TD>
<TD id=TBL882.finRow.7.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.7.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL882.finRow.7.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(24,920</TD>
<TD id=TBL882.finRow.7.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD>
<TD id=TBL882.finRow.7.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.7.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL882.finRow.7.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL882.finRow.7.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL882.finRow.7.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.7.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL882.finRow.7.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#8212;</TD>
<TD id=TBL882.finRow.7.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD>
<TD id=TBL882.finRow.7.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL882.finRow.7.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL882.finRow.7.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">(24,920</TD>
<TD id=TBL882.finRow.7.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>)</TD></TR>
<TR id=TBL882.finRow.8 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA891 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">U.S. Treasury bills</FONT></P></TD>
<TD id=TBL882.finRow.8.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.8.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"><B>&nbsp;</B></TD>
<TD id=TBL882.finRow.8.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL882.finRow.8.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL882.finRow.8.lead.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL882.finRow.8.symb.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL882.finRow.8.amt.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">2,499,782</TD>
<TD id=TBL882.finRow.8.trail.3 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL882.finRow.8.lead.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL882.finRow.8.symb.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL882.finRow.8.amt.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">&#8212;</TD>
<TD id=TBL882.finRow.8.trail.4 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD>
<TD id=TBL882.finRow.8.lead.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL882.finRow.8.symb.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL882.finRow.8.amt.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">2,499,782</TD>
<TD id=TBL882.finRow.8.trail.5 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR></TABLE>
<TABLE  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 50%; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 50%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0>

<TR>
<TD style="WIDTH: 21%; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA89 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
<TD style="WIDTH: 79%">
<P id=PARA90 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD></TR></TABLE>
<TABLE id=TBL93  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 18pt">
<P id=PARA102 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA94><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: "><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">(a)</FONT></P></FONT></TD>
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<P id=PARA95><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><FONT style="FONT-SIZE: 60%; VERTICAL-ALIGN: text-top">&nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shown at the unrealized appreciation (depreciation) on the contracts.</FONT></P></FONT></TD></TR></TABLE>
<P id=PARA900 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGNUM8  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">10</DIV>
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<A id=TOCLINK8  href="#TOC">Table of Contents</A>
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<P id=PARA8.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>&nbsp;</P>
<P id=PARA939 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK48  name="BKMK48"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 2. </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</B></FONT></P>
<P id=PARA940 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA943 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form&nbsp;10&#8209;Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as &#8220;may,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; or the negative of these terms or other comparable terminology. None of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as required by applicable disclosure laws, none of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.</I></FONT></P>
<P id=PARA944 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA947 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Introduction</B></FONT></P>
<P id=PARA948 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA949 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The iShares Commodity Optimized Trust (the &#8220;Trust&#8221;) is a Delaware statutory trust that issues units of beneficial interest (&#8220;Shares&#8221;) representing fractional undivided beneficial interests in its net assets. The Trust holds long positions in exchange-traded index futures contracts of various expirations, or &#8220;Index Futures&#8221; on the Bloomberg Roll Select Commodity Index (the &#8220;Bloomberg Roll Select CI&#8221;), together with cash, U.S. Treasury securities or other short-term securities and similar securities that are eligible as margin deposits for the Trust&#8217;s Index Futures positions, referred to as &#8220;Collateral Assets.&#8221; The Index Futures held by the Trust are listed on the Chicago Mercantile Exchange (the &#8220;CME&#8221;). The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Bloomberg Roll Select Commodity Total Return Index (the &#8220;Index&#8221;) before payment of the Trust&#8217;s expenses and liabilities. The Index is intended to reflect the performance of a diversified group of commodities, while also seeking to minimize the effect of contango and maximize the effect of backwardation in connection with periodically switching or &#8220;rolling&#8221; into new futures contracts.</FONT></P>
<P id=PARA950 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA953 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">iShares Delaware Trust Sponsor LLC, a Delaware limited liability company, is the sponsor of the Trust (the &#8220;Sponsor&#8221;). BlackRock Institutional Trust Company, N.A. is the &#8220;Trustee&#8221; of the Trust. The Trust is a commodity pool, as defined in the Commodity Exchange Act (the &#8220;CEA&#8221;) and the applicable regulations of the Commodity Futures Trading Commission (the &#8220;CFTC&#8221;), and is operated by the Sponsor, a commodity pool operator registered with the CFTC. BlackRock Fund Advisors (the &#8220;Advisor&#8221;), an indirect subsidiary of BlackRock, Inc., serves as the commodity trading advisor of the Trust and is registered with the CFTC. The Trust is not an investment company registered under the Investment Company Act of 1940, as amended. The Trust has delegated day-to-day administration of the Trust to the Trustee. The Trustee has delegated certain day-to-day administrative functions of the Trustee to State Street Bank and Trust Company (the &#8220;Trust Administrator&#8221;). Wilmington Trust, National Association, a national banking association, serves as the &#8220;Delaware Trustee&#8221; of the Trust.</FONT></P>
<P id=PARA954 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA955 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Although the Trust is an &#8220;emerging growth company&#8221; subject to reduced public company reporting requirements under U.S. federal securities laws, it has elected not to make use of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the Jumpstart Our Business Startups Act of 2012, as amended, and has otherwise prepared the financial statements and disclosures included in this Form 10-Q in a manner comparable to that of other iShares exchange-traded funds.</FONT></P>
<P id=PARA956 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA957 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust intends to offer Shares on a continuous basis. The Trust issues and redeems Shares only in one or more blocks of 50,000 Shares (&#8220;Baskets&#8221;). Only institutions that enter into an agreement with the Trust to become &#8220;Authorized Participants&#8221; may purchase or redeem Baskets, in exchange for Index Futures and Collateral Assets with an aggregate value equal to the net asset value per Share, or &#8220;NAV&#8221; of the Shares being purchased or redeemed. Owners of beneficial interests in Shares (&#8220;Shareholders&#8221;) who are not Authorized Participants have no right to redeem their Shares. In order to liquidate their investment in the Shares, Shareholders who are not Authorized Participants must generally sell their Shares in the secondary market, assuming that demand for their Shares exists. The price obtained by the Shareholders for the Shares may be less than the NAV of those Shares.</FONT></P>
<P id=PARA958 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA961 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Shares of the Trust trade on NYSE Arca, Inc. (&#8220;NYSE Arca&#8221;) under the symbol &#8220;CMDT.&#8221;</FONT></P>
<P id=PARA962 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA965 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Valuation of Index Futures&#894; Computation of the Trust&#8217;s Net Asset Value</B></FONT></P>
<P id=PARA966 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA967 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor has the exclusive authority to determine the net asset value of the Trust and the NAV, which it has delegated to the Trustee under the Trust&#8217;s trust agreement. The Trustee determines the net asset value of the Trust and the NAV as of 4:00 p.m. (New York time), on each Business Day on which NYSE Arca is open for regular trading, as soon as practicable after that time. A &#8220;Business Day&#8221; is a day (1) on which none of the following occurs: (a)&nbsp;NYSE Arca is closed for regular trading, (b) the CME is closed for regular trading or (c) the Federal Reserve wire transfer system is closed for cash wire transfers, or (2) that the Trustee determines that it is able to conduct business.</FONT></P>
<P id=PARA968 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA969 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee values the Trust&#8217;s long positions in Index Futures on the basis of that day&#8217;s announced CME settlement prices for the Index Futures held by the Trust. The value of the Trust&#8217;s positions in any particular Index Futures contract equals the product of (a) the number of such Index Futures owned by the Trust, (b) the settlement price of such Index Futures contract on the date of calculation and (c) the multiplier of such Index Futures contract. If there is no announced CME settlement price for a particular Index Futures contract on a Business Day, the Trustee uses the most recently announced CME settlement price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation. The daily settlement price for each Index Futures contract currently held by the Trust is established on each trading day by the CME shortly after the close of trading for such Index Futures contract, which is generally 2:40 p.m. (New York time).</FONT></P>
<P id=PARA970 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA971 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trustee values all other holdings of the Trust at (a) its current market value, if quotations for such property are readily available, or (b) its fair value, as reasonably determined by the Trustee, if the current market value cannot be determined.</FONT></P>
<P id=PARA972 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA973 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Once the value of the Index Futures, Collateral Assets, other assets of the Trust and interest earned on the Trust&#8217;s Collateral Assets has been determined, the Trustee subtracts all accrued expenses and liabilities of the Trust as of the time of calculation in order to calculate the net asset value of the Trust.</FONT></P>
<P id=PARA974 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
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<DIV id=PGNUM10  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">11</DIV>
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<A id=TOCLINK10  href="#TOC">Table of Contents</A>
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<P id=PARA10.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA975 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Once the net asset value of the Trust has been calculated, the Trustee determines the NAV by dividing the net asset value of the Trust by the number of Shares outstanding at the time the calculation is made. Any changes to NAV that may result from creation and redemption activity are not reflected in the NAV calculations for purposes of the Trust&#8217;s operations until the Business Day following the Business Day on which they occur, but are reflected in the Trust&#8217;s financial statements as of such first Business Day. Creation and redemption orders received after 2:40 p.m. (New York time) are not deemed to be received, and the related creation or redemption will not be deemed to occur, until the following Business Day. Subject to the approval of the Trustee, Baskets may be created solely for cash, but the related creation orders will be deemed received as of the following Business Day unless received by 10:00 a.m. (New York time). Orders are expected to settle by 11:00 a.m. (New York time) on the Business Day following the Business Day on which such orders are deemed to be received.</FONT></P>
<P id=PARA9.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA977 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Results of Operations</B></FONT></P>
<P id=PARA978 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA979 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The Quarter Ended September 30, 2016</I></FONT></P>
<P id=PARA980 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA981 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust&#8217;s net asset value decreased from $10,946,866 at June 30, 2016 to $10,617,225 at September 30, 2016. The decrease in the Trust&#8217;s net asset value resulted primarily from a net decrease in net assets resulting from&nbsp;operations. </FONT></P>
<P id=PARA982 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA984 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The 3.01% decrease in the Trust&#8217;s NAV from $36.49 at June 30, 2016 to $35.39 at September 30, 2016 is directly related to the 2.82% decrease in the settlement price for the Index Futures. The Trust's&nbsp;NAV decreased slightly more than the settlement price for the Index Futures on a percentage basis due to the Sponsor's fees and brokerage commissions.</FONT></P>
<P id=PARA985 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA987 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net decrease in net assets resulting from operations for the quarter ended September 30, 2016 was $329,641, resulting from a net realized and unrealized loss of $312,826, and a net investment loss of $16,815. For the quarter ended September 30, 2016, the Trust had a net realized and unrealized loss of $842 on short-term investments and a net realized and unrealized loss of $311,984 on futures contracts. Other than the Sponsor&#8217;s fees of $19,915 and brokerage commissions and fees of $2,976, the Trust had no expenses during the quarter.</FONT></P>
<P id=PARA988 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA990 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>The Nine Months Ended September 30, 2016</I></FONT></P>
<P id=PARA991 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA992 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust&#8217;s net asset value increased from $4,816,999 at December 31, 2015 to $10,617,225 at September 30, 2016. The increase in the Trust&#8217;s net asset value resulted primarily from a net&nbsp;increase in the number of outstanding Shares, which rose from 150,000 Shares at December 31, 2015 to 300,000 Shares&nbsp;at September 30, 2016, a consequence of 150,000 Shares (3 Baskets) being created during the period. The Trust&#8217;s net asset value also benefited from a net increase in net assets resulting from operations.</FONT></P>
<P id=PARA993 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA994 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The 10.21% increase in the Trust&#8217;s NAV from $32.11 at December 31, 2015 to $35.39 at September 30, 2016 is directly related to the 10.97% increase in the settlement price for the Index Futures. The Trust&#8217;s&nbsp;NAV increased slightly less than the settlement price for the Index Futures on a percentage basis due to the Sponsor&#8217;s fees and brokerage commissions.</FONT></P>
<P id=PARA995 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA997 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Net increase in net assets resulting from operations for the nine months ended September 30, 2016 was $703,328, resulting from a net realized and unrealized gain of $744,855, offset by a net investment loss of $41,527. For the nine months ended September 30, 2016, the Trust had a net realized and unrealized loss of $118 on short-term investments and a net realized and unrealized gain of $744,973 on futures contracts. Other than the Sponsor&#8217;s fees of $45,645 and brokerage commissions and fees of $7,864, the Trust had no expenses during the period.</FONT></P>
<P id=PARA998 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1000 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Liquidity and Capital Resources</B></FONT></P>
<P id=PARA1001 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1004 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust&#8217;s assets as of September 30, 2016 consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions. The Trust does not anticipate any further need for liquidity, because creations and redemptions of Shares generally occur in-kind and ordinary expenses are met by cash on hand. Interest earned on the assets posted as collateral is paid to the Trust and is used to pay the Sponsor&#8217;s fees and purchase additional Index Futures and Collateral Assets, or, in the discretion of the Sponsor, distributed to Shareholders. In exchange for a fee based on the net asset value of the Trust, the Sponsor has assumed most of the ordinary expenses incurred by the Trust. In the case of an extraordinary expense and/or insufficient interest income to cover ordinary expenses, however, the Trust could be forced to liquidate its positions in Index Futures and Collateral Assets to pay such expenses. As of September 30, 2016, the market for Index Futures had not developed significant liquidity and the Trust represented substantially all of the long-side open interest in Index Futures. In addition, it is expected that UBS Securities LLC or its accountholders may represent, directly or indirectly, a substantial portion of the short-side interest in such market. The existence of such a limited number of market participants could cause or exacerbate losses to the Trust if the Trust were required to liquidate its Index Futures positions.</FONT></P>
<P id=PARA1005 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1006 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Sponsor is unaware of any other trends, demands, conditions or events that are reasonably likely to result in material changes to the Trust&#8217;s liquidity needs.</FONT></P>
<P id=PARA1007 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1008 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Because the Trust trades Index Futures, its capital is at risk due to changes in the value of the Index Futures or other assets (market risk) or the inability of counterparties to perform (credit risk).</FONT></P>
<P id=PARA1009 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1012 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Market Risk</I></FONT></P>
<P id=PARA1013 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1016 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust holds Index Futures positions and Collateral Assets to satisfy applicable margin requirements on those Index Futures positions. Because of this limited diversification of the Trust&#8217;s assets, fluctuations in the value of the Index Futures are expected to directly affect the value of the Shares. The value of the Index Futures is expected to track generally the Bloomberg Roll Select CI, although this correlation may not be exact. The Bloomberg Roll Select CI, in turn, reflects the value of a diversified group of commodities, while also seeking to minimize the effect of contango and maximize the effect of backwardation in connection with periodically switching or &#8220;rolling&#8221; into new futures contracts. The Trust&#8217;s exposure to market risk will be influenced by a number of factors, including the lack of liquidity of the Index Futures market and activities of other market participants.</FONT></P>
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<DIV id=PGNUM14  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">12</DIV>
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<A id=TOCLINK14  href="#TOC">Table of Contents</A>
<DIV id=PGHDR14  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA14.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>&nbsp;</P>
<P id=PARA1018 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Credit Risk</I></FONT></P>
<P id=PARA1019 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1020 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">When the Trust purchases or holds Index Futures, it is exposed to the credit risk of a default by the CME&#8217;s clearing house, which serves as the counterparty to each Index Futures position, and of a default by its clearing futures commission merchant. In the case of such a default, the Trust may be unable to recover amounts due to it on its Index Futures positions and Collateral Assets posted as margin. The Trust is also exposed to credit risk as a result of its ownership of U.S. Treasury bills.</FONT></P>
<P id=PARA1021 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1024 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Off-Balance Sheet Arrangements and Contractual Obligations</B></FONT></P>
<P id=PARA1025 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1028 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust does not use and is not expected to use special purpose entities to facilitate off-balance sheet financing arrangements. The Trust does not have and is not expected to have loan guarantee arrangements or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services that are in the interest of the Trust. While the Trust&#8217;s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Trust&#8217;s financial position.</FONT></P>
<P id=PARA11.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<P id=PARA1032 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Critical Accounting Policies</B></FONT></P>
<P id=PARA1035 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1036 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust&#8217;s financial position and results of operations. These estimates and assumptions affect the Trust&#8217;s application of accounting policies. In addition, please refer to Note 2 to the financial statements of the Trust for further discussion of the Trust&#8217;s accounting policies.</FONT></P>
<P id=PARA1039 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P>
<P id=PARA1040 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 3. <A id=BKMK49  name="BKMK49">Quantitative </A>and Qualitative Disclosures About Market Risk</B></FONT></P>
<P id=PARA1043 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1044 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Quantitative Disclosure</I></FONT></P>
<P id=PARA1045 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1048 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust is exposed to commodity price risk through the Trust&#8217;s holdings of Index Futures. The following table provides information about the Trust&#8217;s futures contract positions, which are sensitive to changes in commodity prices. As of September 30, 2016, the Trust&#8217;s open Index Futures positions (long) were as follows:</FONT></P>
<P id=PARA1049 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL1060  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 95%; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 5%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR id=TBL1060.finRow.1 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1052 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Number of Contracts:</FONT></P></TD>
<TD id=TBL1060.finRow.1.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1060.finRow.1.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1060.finRow.1.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">496</TD>
<TD id=TBL1060.finRow.1.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1060.finRow.2 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1054 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Expiration Date:</FONT></P></TD>
<TD id=TBL1060.finRow.2.lead.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1060.finRow.2.amt.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: justify; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff" colSpan=2>
<P id=PARA1055 style="TEXT-ALIGN: right; MARGIN: 0pt 0pt 0pt 7.2pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -7.2pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">December 2016</FONT></P></TD>
<TD id=TBL1060.finRow.2.trail.D2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD></TR>
<TR id=TBL1060.finRow.3 style="BACKGROUND-COLOR: #cceeff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<P id=PARA1056 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Weighted-Average Price per Contract:</FONT></P></TD>
<TD id=TBL1060.finRow.3.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</TD>
<TD id=TBL1060.finRow.3.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">$</TD>
<TD id=TBL1060.finRow.3.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #cceeff">208.47</TD>
<TD id=TBL1060.finRow.3.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" noWrap>&nbsp;</TD></TR>
<TR id=TBL1060.finRow.4 style="BACKGROUND-COLOR: #ffffff">
<TD style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<P id=PARA1058 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Notional Amount (Fair Value):</FONT></P></TD>
<TD id=TBL1060.finRow.4.lead.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</TD>
<TD id=TBL1060.finRow.4.symb.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">$</TD>
<TD id=TBL1060.finRow.4.amt.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 13%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 7.2pt; BACKGROUND-COLOR: #ffffff">10,580,672</TD>
<TD id=TBL1060.finRow.4.trail.2 style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" noWrap>&nbsp;</TD></TR></TABLE>
<P id=PARA1061 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1063 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The notional amount is calculated using the settlement price for the Index Futures on the CME on September 30, 2016 which was $213.32 per contract, and the $100 multiplier applicable under the contract terms.</FONT></P>
<P id=PARA1064 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1067 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><I>Qualitative Disclosure</I></FONT></P>
<P id=PARA1068 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1071 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">As described herein, the Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Index before payment of the Trust&#8217;s expenses and liabilities. The Index itself is intended to reflect the performance of a diversified group of physical commodities, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities. The Trust obtains this exposure to commodity prices through the Trust&#8217;s Index Futures positions. As a result, fluctuations in the value of the Trust&#8217;s Index Futures are expected to directly affect the value of the Shares.</FONT></P>
<P id=PARA1072 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1075 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The Trust will not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the level of the Index or the Bloomberg Roll Select CI, or the value of any Collateral Assets. The Trust&#8217;s exposure to market risk may be influenced by a number of factors, including the lack of liquidity of the Index Futures market and activities of other market participants.</FONT></P>
<P id=PARA1076 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P>
<P id=PARA1079 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 4. <A id=BKMK50  name="BKMK50">Controls </A>and Procedures</B></FONT></P>
<P id=PARA1080 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1083 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust&#8217;s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.</FONT></P>
<P id=PARA1084 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1085 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.</FONT></P>
<P id=PARA1086 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1087 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">There were no changes in the Trust&#8217;s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust&#8217;s internal control over financial reporting.</FONT></P>
<P id=PARA12.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK12  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR12  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM12  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">13</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK12  href="#TOC">Table of Contents</A>
<DIV id=PGHDR12  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA12.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">&nbsp;</P>
<P id=PARA1095 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK51  name="BKMK51"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>PART II </B></FONT></A><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>&#8211; OTHER INFORMATION</B></FONT></P>
<P id=PARA1096 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1099 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 1. <A id=BKMK52  name="BKMK52">Legal </A>Proceedings</B></FONT></P>
<P id=PARA1100 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1103 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">None.</FONT></P>
<P id=PARA1104 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1106 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1107 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 1A. <A id=BKMK53  name="BKMK53">Risk </A>Factors</B></FONT></P>
<P id=PARA1108 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1109 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">There have been no material changes to the Risk Factors last reported under Part I, Item 1A of the registrant&#8217;s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission on February 29, 2016.</FONT></P>
<P id=PARA1110 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1112 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1113 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 2. <A id=BKMK54  name="BKMK54">Unregistered </A>Sales of Equity Securities and Use of Proceeds</B></FONT></P>
<P id=PARA1114 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL1117  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA103><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">a)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA104><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">None.</P></FONT></TD></TR></TABLE>
<P id=PARA1118 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL1121  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA105><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">b)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA106><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Not applicable.</P></FONT></TD></TR></TABLE>
<P id=PARA1122 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL1125  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 18pt; VERTICAL-ALIGN: top">
<P id=PARA107><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">c)</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA108><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">No redemption of Shares occurred during the quarter ended September 30, 2016.</P></FONT></TD></TR></TABLE>
<P id=PARA1126 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1128 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1129 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 3. <A id=BKMK55  name="BKMK55">Defaults </A>Upon Senior Securities</B></FONT></P>
<P id=PARA1130 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1131 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">None.</FONT></P>
<P id=PARA1132 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P>
<P id=PARA1133 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 4. <A id=BKMK56  name="BKMK56">Mine </A>Safety Disclosures</B></FONT></P>
<P id=PARA1134 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1135 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Not applicable.</FONT></P>
<P id=PARA1136 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>&nbsp;</P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P>
<P id=PARA1137 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item 5. <A id=BKMK58  name="BKMK58">Other </A>Information</B></FONT></P>
<P id=PARA1138 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1139 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">None.</FONT></P>
<P id=PARA13.1 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK13  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR13  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM13  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">14</DIV>
<HR style="HEIGHT: 2px; WIDTH: 100%; PAGE-BREAK-AFTER: always; COLOR: #000000" noShade>
<A id=TOCLINK13  href="#TOC">Table of Contents</A>
<DIV id=PGHDR13  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA13.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">&nbsp;</P>
<P id=PARA1145 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Item</B><B> 6</B><B>. </B><A id=BKMK59  name="BKMK59"><B>Exhibits</B></A></FONT></P>
<P id=PARA1146 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL1187  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 100%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" colSpan=2>
<P id=PARA1147 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Exhibit No.</B></FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1148 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Description</B></FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px">
<P id=PARA1149 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">3.1</FONT></P></TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px">
<P id=PARA1150 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Restated Certificate of Trust is incorporated by reference to Exhibit 3.1 filed with Current Report on Form 8-K on July 7, 2014</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px">&nbsp;</TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">
<P id=PARA1151 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">4.1</FONT></P></TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1152 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Amended and Restated Trust Agreement is incorporated by reference to Exhibit 4.1 filed with Current Report on Form 8-K on July&nbsp;7,&nbsp;2014</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">
<P id=PARA1153 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">4.2</FONT></P></TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1154 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Form of Authorized Participant Agreement is incorporated by reference to Exhibit 4.2 filed with Post-Effective Amendment No. 1 to Registration Statement No. 333-178376 on April 2, 2014</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">
<P id=PARA1155 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.1</FONT></P></TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1156 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Investment Advisory Agreement is incorporated by reference to Exhibit 10.1 filed with Pre-Effective Amendment No. 5 to Registration Statement No. 333-178376 on August 2, 2013</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">
<P id=PARA1157 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.2</FONT></P></TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1158 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Institutional Futures Customer Agreement is incorporated by reference to Exhibit 10.2 filed with Pre-Effective Amendment No. 5 to Registration Statement No. 333-178376 on August 2, 2013</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">
<P id=PARA1159 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.3</FONT></P></TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1160 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Form of Service Module for Custodial Services is incorporated by reference to Exhibit 10.3 filed with Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">
<P id=PARA1161 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.4</FONT></P></TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1162 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Form of Service Module for Fund Administration and Accounting Services is incorporated by reference to Exhibit 10.4 filed with Pre&#8209;Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">
<P id=PARA1163 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.5</FONT></P></TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1164 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Form of Master Services Agreement is incorporated by reference to Exhibit 10.5 filed with Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">
<P id=PARA1165 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">10.6</FONT></P></TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1166 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Form of Control Agreement is incorporated by reference to Exhibit 10.6 filed with Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">
<P id=PARA1167 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">31.1</FONT></P></TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1168 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Certification by Principal Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">
<P id=PARA1169 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">31.2</FONT></P></TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: bottom">
<P id=PARA1170 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Certification by Principal Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended </FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: bottom">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">
<P id=PARA1171 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">32.1</FONT></P></TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1172 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes&#8209;Oxley Act of 2002</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">
<P id=PARA1173 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">32.2</FONT></P></TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: bottom">
<P id=PARA1174 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes&#8209;Oxley Act of 2002</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 4%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: bottom">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1175 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">101.INS</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1176 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">XBRL Instance Document</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1177 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">101.SCH</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1178 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">XBRL Taxonomy Extension Schema Document</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1179 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">101.CAL</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1180 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">XBRL Taxonomy Extension Calculation Linkbase Document</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1181 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">101.DEF</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1182 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">XBRL Taxonomy Extension Definition Linkbase Document</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1183 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">101.LAB</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1184 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">XBRL Taxonomy Extension Label Linkbase Document</FONT></P></TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top" colSpan=2>&nbsp;</TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp;</TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">&nbsp;</TD></TR>
<TR>
<TD style="WIDTH: 6%; VERTICAL-ALIGN: top" colSpan=2>
<P id=PARA1185 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">101.PRE</FONT></P></TD>
<TD style="WIDTH: 1%; VERTICAL-ALIGN: top">&nbsp; </TD>
<TD style="WIDTH: 89%; VERTICAL-ALIGN: top">
<P id=PARA1186 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">XBRL Taxonomy Extension Presentation Linkbase Document</FONT></P></TD></TR></TABLE>
<P id=PARA1188 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></P>
<DIV id=PGBK15  style="WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=PGFTR15  style="WIDTH: 100%; TEXT-ALIGN: center">&nbsp;</DIV>
<DIV id=PGNUM15  style="FONT-SIZE: 10pt; WIDTH: 100%; TEXT-ALIGN: center">15</DIV>
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<A id=TOCLINK15  href="#TOC">Table of Contents</A>
<DIV id=PGHDR15  style="WIDTH: 100%; TEXT-ALIGN: left">&nbsp;</DIV></DIV>
<P id=PARA15.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px">&nbsp;</P>
<P id=PARA1191 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><A id=BKMK60  name="BKMK60"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>SIGNATURES</B></FONT></A></P>
<P id=PARA1194 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1195 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">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 in the capacities* indicated, thereunto duly authorized.</FONT></P>
<P id=PARA1196 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1199 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">iShares Delaware Trust Sponsor LLC,</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA1201 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Sponsor of the iShares Commodity Optimized Trust (registrant)</FONT></P>
<P id=PARA1202 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P>
<TABLE id=TBL1206  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 35%; MARGIN-RIGHT: 65%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1205 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Paul Lohrey</FONT></P></TD></TR></TABLE>
<P id=PARA1207 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Paul Lohrey</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA1209 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Director, President and Chief Executive Officer</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA1211 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Principal executive officer)</B></FONT></P>
<P id=PARA1212 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<TABLE id=TBL1216  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif; WIDTH: 35%; MARGIN-RIGHT: 65%; TEXT-INDENT: 0px" cellSpacing=0 cellPadding=0 border=0>

<TR>
<TD style="WIDTH: 12%; VERTICAL-ALIGN: top">
<P id=PARA1215 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Date:</FONT></P></TD>
<TD style="WIDTH: 88%; VERTICAL-ALIGN: top">November 7, 2016</TD></TR></TABLE>
<P id=PARA1217 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
<P id=PARA1220 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TR>
<TD style="WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<P id=PARA1221 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">/s/ Jack Gee</FONT></P></TD></TR></TABLE>
<P id=PARA1223 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Jack Gee</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA1225 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>Director and Chief Financial Officer</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT></P>
<P id=PARA1227 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"><B>(Principal financial and accounting officer)</B></FONT></P>
<P id=PARA1228 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<TR>
<TD style="WIDTH: 12%; VERTICAL-ALIGN: top">
<P id=PARA1231 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">Date:</FONT></P></TD>
<TD style="WIDTH: 88%; VERTICAL-ALIGN: top">November 7, 2016</TD></TR></TABLE>
<P id=PARA1233 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif"></FONT>&nbsp;</P>
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<TD style="WIDTH: 27pt; VERTICAL-ALIGN: top">
<P id=PARA18><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">*</FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA19><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Arial, Helvetica, sans-serif">The registrant is a trust and the persons are signing in their respective capacities as officers of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant. </FONT></P></TD></TR></TABLE>
<P id=PARA1235 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">&nbsp;</FONT></P>
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<P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica, sans-serif">16</FONT></P></BODY></HTML>
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{"company-data": {"conformed-name": "iSHARES COMMODITY OPTIMIZED TRUST", "cik": "0001535365", "assigned-sic": "6221", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "10-Q", "act": "34", "file-number": "001-36044", "film-number": "161977805"}, "business-address": {"street1": "400 HOWARD STREET", "city": "SAN FRANCISCO", "state": "CA", "zip": "94105", "phone": "415-670-2000"}, "mail-address": {"street1": "400 HOWARD STREET", "city": "SAN FRANCISCO", "state": "CA", "zip": "94105"}, "former-company": {"former-conformed-name": "iShares Dow Jones-UBS Roll Select Commodity Index Trust", "date-changed": "20111121"}}
cmdt20160823_10q.htm
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended
September 30, 2016
☐
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _________to __________
Commission file number: 001-36044
iShares
®
Commodity Optimized Trust
(Exact name of registrant as specified in its charter)
Delaware
46-2428725
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
c/o iShares Delaware Trust Sponsor LLC
400 Howard Street
San Francisco, California 94105
Attn: Product Management Team
iShares Product Research & Development
(Address of principal executive offices)
(415) 670-2000
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
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 ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer ☐
Non-accelerated filer ☒
Smaller reporting company ☐
(Do not check if a smaller reporting company)
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Table of Contents
Table of Contents
Page
PART I – FINANCIAL INFORMATION
Item 1.
Financial Statements (Unaudited)
1
Statements of Assets and Liabilities at September 30, 2016 and December 31, 2015
1
Statements of Operations for the three and nine months ended September 30, 2016 and 2015
2
Statements of Changes in Net Assets for the nine months ended September 30, 2016 and the year ended December 31, 2015
3
Statements of Cash Flows for the nine months ended September 30, 2016 and 2015
4
Schedules of Investments at September 30, 2016 and December 31, 2015
5
Notes to Financial Statements
6
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
11
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
13
Item 4.
Controls and Procedures
13
PART II – OTHER INFORMATION
14
Item 1.
Legal Proceedings
14
Item 1A.
Risk Factors
14
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
14
Item 3.
Defaults Upon Senior Securities
14
Item 4.
Mine Safety Disclosures
14
Item 5.
Other Information
14
Item 6.
Exhibits
15
SIGNATURES
16
Table of Contents
PART I
– FINANCIAL INFORMATION
Item 1
. Financial Statements
iShares Commodity Optimized Trust
Statements of Assets
and Liabilities (Unaudited)
At September 30, 2016 and December 31, 2015
September 30,
December 31,
2016
2015
Assets
Cash and cash equivalents
$
1,154,140
$
2,067,355
Cash and cash equivalents held at brokers (restricted)
447,000
225,000
Short-term investments
(a
)
8,998,202
2,499,782
Receivable for variation margin on open futures contracts (Note 9)
24,304
29,000
Total Assets
10,623,646
4,821,137
Liabilities
Sponsor's fees payable
6,421
4,138
Total Liabilities
6,421
4,138
Commitments and contingent liabilities (Note 7)
—
—
Net Assets
$
10,617,225
$
4,816,999
Shares issued and outstanding
(b)
300,000
150,000
Net asset value per Share (Note 2G)
$
35.39
$
32.11
(a)
Cost of short-term investments: $8,998,505 and $2,499,967, respectively.
(b)
No par value, unlimited amount authorized.
See notes to financial statements.
1
Table of Contents
iShares Commodity Optimized Trust
Statements of
Operations
(Unaudited)
For the three and nine months ended September 30, 2016 and 2015
Three Months Ended
Nine
Months Ended
September 30,
September 30,
2016
2015
2016
2015
Investment Income
Interest
$
6,076
$
1,036
$
11,982
$
3,362
Total investment income
6,076
1,036
11,982
3,362
Expenses
Sponsor's fees
19,915
29,129
45,645
109,536
Brokerage commissions and fees
2,976
4,992
7,864
18,801
Total expenses
22,891
34,121
53,509
128,337
Net investment loss
(16,815
)
(33,085
)
(41,527
)
(124,975
)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Short-term investments
—
(105
)
—
221
Futures contracts
(564,713
)
(2,622,549
)
479,517
(3,921,056
)
Net realized gain (loss)
(564,713
)
(2,622,654
)
479,517
(3,920,835
)
Net change in unrealized appreciation/depreciation on:
Short-term investments
(842
)
(807
)
(118
)
(84
)
Futures contracts
252,729
(298,741
)
265,456
696,160
Net change in unrealized appreciation/depreciation
251,887
(299,548
)
265,338
696,076
Net realized and unrealized gain (loss)
(312,826
)
(2,922,202
)
744,855
(3,224,759
)
Net increase (decrease) in net assets resulting from operations
$
(329,641
)
$
(2,955,287
)
$
703,328
$
(3,349,734
)
Net increase (decrease) in net assets per Share
$
(1.10
)
$
(7.39
)
$
2.94
$
(6.90
)
Weighted-average Shares outstanding
300,000
400,000
238,869
485,348
See notes to financial statements.
2
Table of Contents
iShares Commodity Optimized Trust
Statements of
Changes
in Net Assets (Unaudited)
For the nine months ended September 30, 2016 and the year ended December 31, 2015
Nine Months Ended
September 30, 2016
Year Ended
December 31, 2015
Net Assets, Beginning of Period
$
4,816,999
$
14,787,750
Operations:
Net investment loss
(41,527
)
(145,027
)
Net realized gain (loss)
479,517
(5,002,875
)
Net change in unrealized appreciation/depreciation
265,338
816,463
Net increase (decrease) in net assets resulting from operations
703,328
(4,331,439
)
Capital Share Transactions:
Contributions for Shares issued
5,096,898
22,228,586
Distributions for Shares redeemed
—
(27,867,898
)
Net increase (decrease) in net assets from capital share transactions
5,096,898
(5,639,312
)
Increase (decrease) in net assets
5,800,226
(9,970,751
)
Net Assets, End of Period
$
10,617,225
$
4,816,999
Shares issued and redeemed
Shares issued
150,000
550,000
Shares redeemed
—
(750,000
)
Net increase (decrease) in Shares issued and outstanding
150,000
(200,000
)
See notes to financial statements.
3
Table of Contents
iShares Commodity Optimized Trust
Statements of
Cash Flows
(Unaudited)
For the nine months ended September 30, 2016 and 2015
Nine Months Ended
September 30,
2016
2015
Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations
$
703,328
$
(3,349,734
)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of short-term investments
(82,387,091
)
(90,342,485
)
Sales/maturities of short-term investments
75,900,000
95,084,248
Accretion of discount
(11,447
)
(3,361
)
Net realized (gain) loss on short-term investments
—
(221
)
Net change in unrealized appreciation/depreciation on short-term investments
118
84
Change in operating assets and liabilities:
Cash and cash equivalents held at brokers (restricted)
(222,000
)
59,000
Receivable for variation margin on open futures contracts
4,696
(39,500
)
Payable for variation margin on open futures contracts
—
(226,379
)
Sponsor's fees payable
2,283
(3,254
)
Net cash provided by (used in) operating activities
(6,010,113
)
1,178,398
Cash Flows from Financing Activities
Contributions for Shares issued
5,096,898
20,618,554
Distributions for Shares redeemed
—
(21,415,448
)
Net cash provided by (used in) financing activities
5,096,898
(796,894
)
Net increase (decrease) in cash and cash equivalents
(913,215
)
381,504
Cash and Cash Equivalents
Beginning of period
2,067,355
50,606
End of period
$
1,154,140
$
432,110
See notes to financial statements.
4
Table of Contents
iShares Commodity Optimized Trust
Schedule
s
of Investments
(Unaudited)
At September 30, 2016 and December 31, 2015
September 30, 2016
Security Description
Face Amount
Fair Value
United States Treasury bills
(a)
:
0.28% due 11/03/16
$
2,000,000
$
1,999,658
0.13% due 11/10/16
7,000,000
6,998,544
Total United States Treasury bills (cost: $8,998,505)
8,998,202
Total Investments – 84.75%
8,998,202
Other Assets, Less Liabilities – 15.25%
1,619,023
Net Assets – 100.00%
$
10,617,225
(a)
Rates shown are discount rates paid at the time of purchase.
As of September 30, 2016, the open Bloomberg Roll Select CI futures contracts were as follows:
Number of Contracts
Expiration Date
Current Notional Amount
Net Unrealized Appreciation (Depreciation)
496
December 2016
$
10,580,672
$
240,536
December 31, 2015
Security Description
Face Amount
Fair Value
United States Treasury bills
(a)
:
0.02% due 01/28/16
$
2,500,000
$
2,499,782
Total United States Treasury bills (cost: $2,499,967)
2,499,782
Total Investments – 51.90%
2,499,782
Other Assets, Less Liabilities – 48.10%
2,317,217
Net Assets – 100.00%
$
4,816,999
(a)
Rate shown is discount rate paid at the time of purchase.
As of December 31, 2015, the open Bloomberg Roll Select CI futures contracts were as follows:
Number of Contracts
Expiration Date
Current Notional Amount
Net Unrealized
Appreciation (
Depreciation
)
250
March 2016
$
4,806,000
$
(24,920
)
See notes to financial statements.
5
Table of Contents
iShares Commodity Optimized Trust
Notes
to Financial Statements (Unaudited)
September 30, 2016
1 - Organization
The iShares Commodity Optimized Trust (the "Trust") is a Delaware statutory trust that was organized under the laws of the State of Delaware on December 7, 2011 and commenced operations on August 8, 2013. iShares Delaware Trust Sponsor LLC, a Delaware limited liability company, is the sponsor of the Trust (the "Sponsor"). The sole member and manager of the Sponsor is BlackRock Asset Management International Inc., a Delaware corporation. BlackRock Institutional Trust Company, N.A. is the "Trustee" of the Trust. The Trust is governed by the Amended and Restated Trust Agreement, dated as of July 1, 2014 (the "Trust Agreement"), among the Sponsor, the Trustee and Wilmington Trust, National Association (the "Delaware Trustee"). The Trust issues units of beneficial interest ("Shares") representing fractional undivided beneficial interests in its net assets. The Trust holds long positions in exchange-traded index futures contracts of various expirations, or "Index Futures" on the Bloomberg Roll Select Commodity Index (the "Bloomberg Roll Select CI"). In order to collateralize its Index Futures positions and to reflect the U.S. Treasury component of the Bloomberg Roll Select Commodity Total Return Index (the "Index"), the Trust also holds "Collateral Assets," which consist of cash, U.S. Treasury securities or other short-term securities and similar securities that are eligible as margin deposits for those Index Futures positions. The Index Futures held by the Trust are listed on the Chicago Mercantile Exchange (the "CME").
The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Index before payment of the Trust's expenses and liabilities.
The Trust is a commodity pool, as defined in the Commodity Exchange Act (the "CEA") and the applicable regulations of the Commodity Futures Trading Commission (the "CFTC"), and is operated by the Sponsor, a commodity pool operator registered with the CFTC. The Sponsor is an indirect subsidiary of BlackRock, Inc. BlackRock Fund Advisors (the "Advisor"), an indirect subsidiary of BlackRock, Inc., serves as the commodity trading advisor of the Trust and is registered with the CFTC.
The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust's financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the SEC on February 29, 2016.
The Trust qualifies as an investment company for accounting purposes and follows the accounting and reporting guidance under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946,
Financial Services – Investment Companies
, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.
2 - Significant Accounting Policies
A.
Basis of Accounting
The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
B.
Investment in Index Futures
The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities,
which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment
returns of the Index before payment of the Trust's expenses and liabilities.
The assets of the Trust consist of Index Futures and cash or other Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions. Index Futures are exchange-traded index futures contracts on the Bloomberg Roll Select CI and are expected to include contracts of different terms and expirations. The Trust is expected to roll out of existing positions in Index Futures and establish new positions in Index Futures on an ongoing basis. When establishing positions in Index Futures, the Trust is required to deposit cash or other Collateral Assets with the broker as "initial margin." On a daily basis, the Trust is obligated to pay, or entitled to receive, cash in an amount equal to the change in the daily settlement level of its Index Futures positions. Such payments or receipts are known as variation margin and recorded as unrealized appreciation or depreciation. When an Index Futures contract is closed, the Trust records a realized gain or loss based on the difference between the value of the Index Futures contract at the time it was opened and the value at the time it was closed.
Index Futures are derivative instruments valued at fair value, which the Trustee has determined to be that day's announced CME settlement price. If there is no announced settlement price for a particular Index Futures contract on that day, the Trustee will use the most recently announced CME settlement price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation. The Trust's derivatives are not designated as hedges, and all changes in the fair value are reflected in the statements of operations.
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For futures contracts, counterparty credit risk is mitigated because futures contracts are exchange-traded and the exchange's clearing house acts as central counterparty to all exchange-traded futures contracts (although customers continue to have credit exposure to the clearing member who holds their account).
Please refer to Note 9 for additional disclosures regarding the Trust's investments in futures contracts.
C.
Cash and Cash Equivalents
The Trust considers cash and cash equivalents to be highly liquid investments with original maturities of three months or less.
As of September 30, 2016 and December 31, 2015, the Trust had cash and cash equivalents held at brokers of $447,000 and $225,000, respectively, which were posted as margin for the Trust's Index Futures positions.
D.
Short-Term Investments
Short-term investments on the statements of assets and liabilities consist principally of short-term fixed income securities with original maturities of one year or less. These investments are valued at fair value.
E.
Securities Transactions and Income Recognition
Securities transactions are accounted for on the trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest Income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis.
F.
Income Taxes
The Trust is treated as a partnership for federal, state and local income tax purposes.
No provision for federal, state, and local income taxes has been made in the accompanying financial statements because the Trust is not subject to income taxes. Shareholders are individually responsible for their own tax payments on their proportionate share of income, gain, loss, deduction, expense and credit.
The Sponsor has reviewed the tax positions as of September 30, 2016, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Trust's financial statements.
G.
Calculation of Net Asset Value
The net asset value of the Trust on any given day is obtained by subtracting the Trust's accrued expenses and other liabilities on that day from the value of (1) the Trust's Index Futures positions and Collateral Assets on that day, (2) the interest earned on those assets by the Trust and (3) any other assets of the Trust, as of 4:00 p.m. (New York time) that day. The Trustee determines the net asset value per Share (the "NAV") by dividing the net asset value of the Trust on a given day by the number of Shares outstanding at the time the calculation is made. The NAV is calculated each day on which NYSE Arca, Inc. ("NYSE Arca") is open for regular trading, as soon as practicable after 4:00 p.m. (New York time).
H.
Distributions
Interest and distributions received by the Trust on its assets may be used to acquire additional Index Futures and Collateral Assets or, in the discretion of the Sponsor, distributed to shareholders. The Trust is under no obligation to make periodic distributions to shareholders.
3 - Offering of the Shares
Shares are issued and redeemed continuously in one or more blocks of 50,000 Shares in exchange for Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets in lieu of cash). Individual investors that are not Authorized Participants cannot purchase or redeem Shares in direct transactions with the Trust. The Trust transacts only with registered broker-dealers that have entered into a contractual arrangement with the Trust and the Sponsor governing, among other matters, the creation and redemption of Shares (such authorized broker-dealers are the "Authorized Participants"). Authorized Participants may redeem their Shares (as well as Shares on behalf of other investors) at any time before 2:40 p.m. (New York time) on any business day in one or more blocks of 50,000 Shares. Redemptions of Shares in exchange for baskets of Index Futures and cash (or, in the discretion of the Sponsor, other Collateral Assets in lieu of cash) are treated as sales for financial statement purposes.
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4 - Trust Expenses
The Trust is responsible for paying any applicable brokerage commissions and similar transaction fees out of its assets in connection with the roll of Index Futures held by the Trust. These expenses are recorded as brokerage commissions and fees in the statements of operations as incurred.
The Sponsor pays the amounts that would otherwise be considered the ordinary operating expenses, if any, of the Trust. In return, the Sponsor receives an allocation from the Trust that accrues daily at an annualized rate equal to 0.75% of the net asset value of the Trust, as calculated before deducting fees and expenses based on the value of the Trust's assets.
The Sponsor has agreed under the Trust Agreement to pay the following administrative, operational and marketing expenses: (1) the fees of the Trustee, the Delaware Trustee, the Advisor and their respective agents, (2) NYSE Arca listing fees, (3) printing and mailing costs, (4) audit fees, (5) fees for registration of the Shares with the SEC, (6) tax reporting costs, (7) license fees and (8) legal expenses relating to the Trust of up to $100,000 annually.
5 - Related Parties
The Sponsor, the Trustee and the Advisor are considered to be related parties to the Trust. The Trustee's and Advisor's fees are paid by the Sponsor and are not a separate expense of the Trust.
6 - Indemnification
The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries and agents shall be indemnified from the Trust and held harmless against any loss, liability, claim, cost, expense or judgment of any kind whatsoever (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Trust Agreement.
The Investment Advisory Agreement between the Trust and the Advisor provides that the Advisor and its shareholders, directors, officers, employees, affiliates (as such term is defined in Rule 405 under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability, cost, expense or judgment (including the reasonable fees and expenses of counsel) arising out of or in connection with the performance of its obligations under the Investment Advisory Agreement or any actions taken in accordance with the provisions of the Investment Advisory Agreement and incurred without their (1) negligence, bad faith or willful misconduct or (2) reckless disregard of their obligations and duties under the Investment Advisory Agreement.
7 - Commitments and Contingent Liabilities
In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
8 - Financial Highlights
The following financial highlights relate to investment performance and operations for a Share outstanding for the three months and nine months ended September 30, 2016 and 2015.
Three Months Ended
Nine Months Ended
September 30,
September 30,
2016
2015
2016
2015
Net asset value per Share, beginning of period
$
36.49
$
41.10
$
32.11
$
42.25
Net investment loss
(a)
(0.06
)
(0.08
)
(0.17
)
(0.26
)
Net realized and unrealized gain (loss)
(b)
(1.04
)
(5.55
)
3.45
(6.52
)
Net increase (decrease) in net assets from operations
(1.10
)
(5.63
)
3.28
(6.78
)
Net asset value per Share, end of period
$
35.39
$
35.47
$
35.39
$
35.47
Total return, at net asset value
(c)(d)
(3.01
)
%
(13.70
)
%
10.21
%
(16.05
)
%
Ratio to average net assets:
Net investment loss
(e)
(0.63
)
%
(0.86
)
%
(0.68
)
%
(0.86
)
%
Expenses
(e)
0.86
%
0.89
%
0.88
%
0.88
%
(a)
Based on average Shares outstanding during the period.
(b)
The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investments for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust's underlying investments.
(c)
Based on the change in net asset value of a Share during the period.
(d)
Percentage is not annualized.
(e)
Percentage is annualized.
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9 - Investing in Index Futures
Substantially all of the Trust's assets are invested in Index Futures. The Index Futures' settlement value at expiration is based on the value of the Bloomberg Roll Select CI at that time. Therefore, the value of the Trust will fluctuate based upon the value of the Bloomberg Roll Select CI and the prices of futures contracts and commodities underlying the Bloomberg Roll Select CI. The commodities markets have historically been extremely volatile. For the nine months ended September 30, 2016 and the year ended December 31, 2015, the average month-end notional amounts of open Index Futures were $8,012,008 and $15,463,265, respectively.
The following table shows the variation margin on open futures contracts, by risk exposure category, on the statements of assets and liabilities as of September 30, 2016 and December 31, 2015:
Asset Derivatives
Fair Value
Liability Derivatives
Fair Value
September 30, 2016
Commodity contracts
Receivable for variation margin on open futures contracts
$
24,304
Payable for variation margin on open futures contracts
$
—
December 31, 2015
Commodity contracts
Receivable for variation margin on open futures contracts
$
29,000
Payable for variation margin on open futures contracts
$
—
The following table shows the effect of the open futures contracts, by risk exposure category, on the statements of operations for the three months and nine months ended September 30, 2016 and 2015:
Statements of
Operations Location
Net Realized
Gain (Loss)
Net Change in Unrealized
Appreciation/Depreciation
Three Months Ended September 30, 2016
Commodity contracts
Net realized gain (loss) from futures contracts
$
(564,713
)
$
—
Net change in unrealized appreciation/depreciation on futures contracts
—
252,729
Three Months Ended September 30, 2015
Commodity contracts
Net realized gain (loss) from futures contracts
$
(2,622,549
)
$
—
Net change in unrealized appreciation/depreciation on futures contracts
—
(298,741
)
Nine Months Ended September 30, 2016
Commodity contracts
Net realized gain (loss) from
futures contracts
$
479,517
$
—
Net change in unrealized appreciation/depreciation on futures contracts
—
265,456
Nine Months Ended September 30, 2015
Commodity contracts
Net realized gain (loss) from futures contracts
$
(3,921,056
)
$
—
Net change in unrealized appreciation/depreciation on futures contracts
—
696,160
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10 - Investment Valuation
FASB Accounting Standards Codification Topic 820,
Fair Value Measurements and Disclosures
, defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust's policy is to value its investments at fair value.
Investments in Index Futures are measured at fair value using the last reported CME settlement price for Index Futures.
U.S. Treasury bills are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures.
Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data ("observable inputs") or they may be internally developed ("unobservable inputs"). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:
Level 1 –  Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 –  Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and
Level 3 –  Unobservable inputs that are unobservable for the asset or liability, including the Trust's assumptions used in determining the fair value of investments.
Fair value pricing could result in a difference between the prices used to calculate the Trust's net asset value and the prices used by the Trust's underlying index, which in turn could result in a difference between the Trust's performance and the performance of the Trust's underlying index.
The following table summarizes the value of each of the Trust's investments by the fair value hierarchy levels as of September 30, 2016 and December 31, 2015:
Level 1
Level 2
Level 3
Total
September 30, 2016
Futures contracts
(a)
$
240,536
$
—
$
—
$
240,536
U.S. Treasury bills
—
8,998,202
—
8,998,202
December 31, 2015
Futures contracts
(a)
$
(24,920
)
$
—
$
—
$
(24,920
)
U.S. Treasury bills
—
2,499,782
—
2,499,782
(a)
Shown at the unrealized appreciation (depreciation) on the contracts.
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Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
This information should be read in conjunction with the financial statements and notes to financial statements included in Item 1 of Part I of this Form 10‑Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as "may," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or the negative of these terms or other comparable terminology. None of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as required by applicable disclosure laws, none of the Trust, the Sponsor, the Advisor, the Trustee or the Delaware Trustee is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.
Introduction
The iShares Commodity Optimized Trust (the "Trust") is a Delaware statutory trust that issues units of beneficial interest ("Shares") representing fractional undivided beneficial interests in its net assets. The Trust holds long positions in exchange-traded index futures contracts of various expirations, or "Index Futures" on the Bloomberg Roll Select Commodity Index (the "Bloomberg Roll Select CI"), together with cash, U.S. Treasury securities or other short-term securities and similar securities that are eligible as margin deposits for the Trust's Index Futures positions, referred to as "Collateral Assets." The Index Futures held by the Trust are listed on the Chicago Mercantile Exchange (the "CME"). The Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Bloomberg Roll Select Commodity Total Return Index (the "Index") before payment of the Trust's expenses and liabilities. The Index is intended to reflect the performance of a diversified group of commodities, while also seeking to minimize the effect of contango and maximize the effect of backwardation in connection with periodically switching or "rolling" into new futures contracts.
iShares Delaware Trust Sponsor LLC, a Delaware limited liability company, is the sponsor of the Trust (the "Sponsor"). BlackRock Institutional Trust Company, N.A. is the "Trustee" of the Trust. The Trust is a commodity pool, as defined in the Commodity Exchange Act (the "CEA") and the applicable regulations of the Commodity Futures Trading Commission (the "CFTC"), and is operated by the Sponsor, a commodity pool operator registered with the CFTC. BlackRock Fund Advisors (the "Advisor"), an indirect subsidiary of BlackRock, Inc., serves as the commodity trading advisor of the Trust and is registered with the CFTC. The Trust is not an investment company registered under the Investment Company Act of 1940, as amended. The Trust has delegated day-to-day administration of the Trust to the Trustee. The Trustee has delegated certain day-to-day administrative functions of the Trustee to State Street Bank and Trust Company (the "Trust Administrator"). Wilmington Trust, National Association, a national banking association, serves as the "Delaware Trustee" of the Trust.
Although the Trust is an "emerging growth company" subject to reduced public company reporting requirements under U.S. federal securities laws, it has elected not to make use of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the Jumpstart Our Business Startups Act of 2012, as amended, and has otherwise prepared the financial statements and disclosures included in this Form 10-Q in a manner comparable to that of other iShares exchange-traded funds.
The Trust intends to offer Shares on a continuous basis. The Trust issues and redeems Shares only in one or more blocks of 50,000 Shares ("Baskets"). Only institutions that enter into an agreement with the Trust to become "Authorized Participants" may purchase or redeem Baskets, in exchange for Index Futures and Collateral Assets with an aggregate value equal to the net asset value per Share, or "NAV" of the Shares being purchased or redeemed. Owners of beneficial interests in Shares ("Shareholders") who are not Authorized Participants have no right to redeem their Shares. In order to liquidate their investment in the Shares, Shareholders who are not Authorized Participants must generally sell their Shares in the secondary market, assuming that demand for their Shares exists. The price obtained by the Shareholders for the Shares may be less than the NAV of those Shares.
Shares of the Trust trade on NYSE Arca, Inc. ("NYSE Arca") under the symbol "CMDT."
Valuation of Index Futures; Computation of the Trust's Net Asset Value
The Sponsor has the exclusive authority to determine the net asset value of the Trust and the NAV, which it has delegated to the Trustee under the Trust's trust agreement. The Trustee determines the net asset value of the Trust and the NAV as of 4:00 p.m. (New York time), on each Business Day on which NYSE Arca is open for regular trading, as soon as practicable after that time. A "Business Day" is a day (1) on which none of the following occurs: (a) NYSE Arca is closed for regular trading, (b) the CME is closed for regular trading or (c) the Federal Reserve wire transfer system is closed for cash wire transfers, or (2) that the Trustee determines that it is able to conduct business.
The Trustee values the Trust's long positions in Index Futures on the basis of that day's announced CME settlement prices for the Index Futures held by the Trust. The value of the Trust's positions in any particular Index Futures contract equals the product of (a) the number of such Index Futures owned by the Trust, (b) the settlement price of such Index Futures contract on the date of calculation and (c) the multiplier of such Index Futures contract. If there is no announced CME settlement price for a particular Index Futures contract on a Business Day, the Trustee uses the most recently announced CME settlement price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for valuation. The daily settlement price for each Index Futures contract currently held by the Trust is established on each trading day by the CME shortly after the close of trading for such Index Futures contract, which is generally 2:40 p.m. (New York time).
The Trustee values all other holdings of the Trust at (a) its current market value, if quotations for such property are readily available, or (b) its fair value, as reasonably determined by the Trustee, if the current market value cannot be determined.
Once the value of the Index Futures, Collateral Assets, other assets of the Trust and interest earned on the Trust's Collateral Assets has been determined, the Trustee subtracts all accrued expenses and liabilities of the Trust as of the time of calculation in order to calculate the net asset value of the Trust.
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Once the net asset value of the Trust has been calculated, the Trustee determines the NAV by dividing the net asset value of the Trust by the number of Shares outstanding at the time the calculation is made. Any changes to NAV that may result from creation and redemption activity are not reflected in the NAV calculations for purposes of the Trust's operations until the Business Day following the Business Day on which they occur, but are reflected in the Trust's financial statements as of such first Business Day. Creation and redemption orders received after 2:40 p.m. (New York time) are not deemed to be received, and the related creation or redemption will not be deemed to occur, until the following Business Day. Subject to the approval of the Trustee, Baskets may be created solely for cash, but the related creation orders will be deemed received as of the following Business Day unless received by 10:00 a.m. (New York time). Orders are expected to settle by 11:00 a.m. (New York time) on the Business Day following the Business Day on which such orders are deemed to be received.
Results of Operations
The Quarter Ended September 30, 2016
The Trust's net asset value decreased from $10,946,866 at June 30, 2016 to $10,617,225 at September 30, 2016. The decrease in the Trust's net asset value resulted primarily from a net decrease in net assets resulting from operations.
The 3.01% decrease in the Trust's NAV from $36.49 at June 30, 2016 to $35.39 at September 30, 2016 is directly related to the 2.82% decrease in the settlement price for the Index Futures. The Trust's NAV decreased slightly more than the settlement price for the Index Futures on a percentage basis due to the Sponsor's fees and brokerage commissions.
Net decrease in net assets resulting from operations for the quarter ended September 30, 2016 was $329,641, resulting from a net realized and unrealized loss of $312,826, and a net investment loss of $16,815. For the quarter ended September 30, 2016, the Trust had a net realized and unrealized loss of $842 on short-term investments and a net realized and unrealized loss of $311,984 on futures contracts. Other than the Sponsor's fees of $19,915 and brokerage commissions and fees of $2,976, the Trust had no expenses during the quarter.
The Nine Months Ended September 30, 2016
The Trust's net asset value increased from $4,816,999 at December 31, 2015 to $10,617,225 at September 30, 2016. The increase in the Trust's net asset value resulted primarily from a net increase in the number of outstanding Shares, which rose from 150,000 Shares at December 31, 2015 to 300,000 Shares at September 30, 2016, a consequence of 150,000 Shares (3 Baskets) being created during the period. The Trust's net asset value also benefited from a net increase in net assets resulting from operations.
The 10.21% increase in the Trust's NAV from $32.11 at December 31, 2015 to $35.39 at September 30, 2016 is directly related to the 10.97% increase in the settlement price for the Index Futures. The Trust's NAV increased slightly less than the settlement price for the Index Futures on a percentage basis due to the Sponsor's fees and brokerage commissions.
Net increase in net assets resulting from operations for the nine months ended September 30, 2016 was $703,328, resulting from a net realized and unrealized gain of $744,855, offset by a net investment loss of $41,527. For the nine months ended September 30, 2016, the Trust had a net realized and unrealized loss of $118 on short-term investments and a net realized and unrealized gain of $744,973 on futures contracts. Other than the Sponsor's fees of $45,645 and brokerage commissions and fees of $7,864, the Trust had no expenses during the period.
Liquidity and Capital Resources
The Trust's assets as of September 30, 2016 consist of Index Futures and Collateral Assets used to satisfy applicable margin requirements for those Index Futures positions. The Trust does not anticipate any further need for liquidity, because creations and redemptions of Shares generally occur in-kind and ordinary expenses are met by cash on hand. Interest earned on the assets posted as collateral is paid to the Trust and is used to pay the Sponsor's fees and purchase additional Index Futures and Collateral Assets, or, in the discretion of the Sponsor, distributed to Shareholders. In exchange for a fee based on the net asset value of the Trust, the Sponsor has assumed most of the ordinary expenses incurred by the Trust. In the case of an extraordinary expense and/or insufficient interest income to cover ordinary expenses, however, the Trust could be forced to liquidate its positions in Index Futures and Collateral Assets to pay such expenses. As of September 30, 2016, the market for Index Futures had not developed significant liquidity and the Trust represented substantially all of the long-side open interest in Index Futures. In addition, it is expected that UBS Securities LLC or its accountholders may represent, directly or indirectly, a substantial portion of the short-side interest in such market. The existence of such a limited number of market participants could cause or exacerbate losses to the Trust if the Trust were required to liquidate its Index Futures positions.
The Sponsor is unaware of any other trends, demands, conditions or events that are reasonably likely to result in material changes to the Trust's liquidity needs.
Because the Trust trades Index Futures, its capital is at risk due to changes in the value of the Index Futures or other assets (market risk) or the inability of counterparties to perform (credit risk).
Market Risk
The Trust holds Index Futures positions and Collateral Assets to satisfy applicable margin requirements on those Index Futures positions. Because of this limited diversification of the Trust's assets, fluctuations in the value of the Index Futures are expected to directly affect the value of the Shares. The value of the Index Futures is expected to track generally the Bloomberg Roll Select CI, although this correlation may not be exact. The Bloomberg Roll Select CI, in turn, reflects the value of a diversified group of commodities, while also seeking to minimize the effect of contango and maximize the effect of backwardation in connection with periodically switching or "rolling" into new futures contracts. The Trust's exposure to market risk will be influenced by a number of factors, including the lack of liquidity of the Index Futures market and activities of other market participants.
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Table of Contents
Credit Risk
When the Trust purchases or holds Index Futures, it is exposed to the credit risk of a default by the CME's clearing house, which serves as the counterparty to each Index Futures position, and of a default by its clearing futures commission merchant. In the case of such a default, the Trust may be unable to recover amounts due to it on its Index Futures positions and Collateral Assets posted as margin. The Trust is also exposed to credit risk as a result of its ownership of U.S. Treasury bills.
Off-Balance Sheet Arrangements and Contractual Obligations
The Trust does not use and is not expected to use special purpose entities to facilitate off-balance sheet financing arrangements. The Trust does not have and is not expected to have loan guarantee arrangements or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services that are in the interest of the Trust. While the Trust's exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Trust's financial position.
Critical Accounting Policies
The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements relies on estimates and assumptions that impact the Trust's financial position and results of operations. These estimates and assumptions affect the Trust's application of accounting policies. In addition, please refer to Note 2 to the financial statements of the Trust for further discussion of the Trust's accounting policies.
Item 3.
Quantitative
and Qualitative Disclosures About Market Risk
Quantitative Disclosure
The Trust is exposed to commodity price risk through the Trust's holdings of Index Futures. The following table provides information about the Trust's futures contract positions, which are sensitive to changes in commodity prices. As of September 30, 2016, the Trust's open Index Futures positions (long) were as follows:
Number of Contracts:
496
Expiration Date:
December 2016
Weighted-Average Price per Contract:
$
208.47
Notional Amount (Fair Value):
$
10,580,672
The notional amount is calculated using the settlement price for the Index Futures on the CME on September 30, 2016 which was $213.32 per contract, and the $100 multiplier applicable under the contract terms.
Qualitative Disclosure
As described herein, the Trust seeks to track the results of a fully collateralized investment in futures contracts on an index composed of a diversified group of commodities futures which attempts to minimize contango and maximize backwardation. The Trust seeks to track the investment returns of the Index before payment of the Trust's expenses and liabilities. The Index itself is intended to reflect the performance of a diversified group of physical commodities, including energy commodities, precious and industrial metal commodities, agricultural commodities and livestock commodities. The Trust obtains this exposure to commodity prices through the Trust's Index Futures positions. As a result, fluctuations in the value of the Trust's Index Futures are expected to directly affect the value of the Shares.
The Trust will not engage in any activities designed to obtain a profit from, or ameliorate losses caused by, changes in the level of the Index or the Bloomberg Roll Select CI, or the value of any Collateral Assets. The Trust's exposure to market risk may be influenced by a number of factors, including the lack of liquidity of the Index Futures market and activities of other market participants.
Item 4.
Controls
and Procedures
The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust's disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.
There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.
There were no changes in the Trust's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust's internal control over financial reporting.
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PART II
– OTHER INFORMATION
Item 1.
Legal
Proceedings
None.
Item 1A.
Risk
Factors
There have been no material changes to the Risk Factors last reported under Part I, Item 1A of the registrant's Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission on February 29, 2016.
Item 2.
Unregistered
Sales of Equity Securities and Use of Proceeds
a)
None.
b)
Not applicable.
c)
No redemption of Shares occurred during the quarter ended September 30, 2016.
Item 3.
Defaults
Upon Senior Securities
None.
Item 4.
Mine
Safety Disclosures
Not applicable.
Item 5.
Other
Information
None.
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Table of Contents
Item
6
.
Exhibits
Exhibit No.
Description
3.1
Restated Certificate of Trust is incorporated by reference to Exhibit 3.1 filed with Current Report on Form 8-K on July 7, 2014
4.1
Amended and Restated Trust Agreement is incorporated by reference to Exhibit 4.1 filed with Current Report on Form 8-K on July 7, 2014
4.2
Form of Authorized Participant Agreement is incorporated by reference to Exhibit 4.2 filed with Post-Effective Amendment No. 1 to Registration Statement No. 333-178376 on April 2, 2014
10.1
Investment Advisory Agreement is incorporated by reference to Exhibit 10.1 filed with Pre-Effective Amendment No. 5 to Registration Statement No. 333-178376 on August 2, 2013
10.2
Institutional Futures Customer Agreement is incorporated by reference to Exhibit 10.2 filed with Pre-Effective Amendment No. 5 to Registration Statement No. 333-178376 on August 2, 2013
10.3
Form of Service Module for Custodial Services is incorporated by reference to Exhibit 10.3 filed with Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013
10.4
Form of Service Module for Fund Administration and Accounting Services is incorporated by reference to Exhibit 10.4 filed with Pre‑Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013
10.5
Form of Master Services Agreement is incorporated by reference to Exhibit 10.5 filed with Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013
10.6
Form of Control Agreement is incorporated by reference to Exhibit 10.6 filed with Pre-Effective Amendment No. 3 to Registration Statement No. 333-178376 on July 1, 2013
31.1
Certification by Principal Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
31.2
Certification by Principal Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
32.1
Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002
32.2
Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002
101.INS
XBRL Instance Document
101.SCH
XBRL Taxonomy Extension Schema Document
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
XBRL Taxonomy Extension Label Linkbase Document
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document
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Table of Contents
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 in the capacities* indicated, thereunto duly authorized.
iShares Delaware Trust Sponsor LLC,
Sponsor of the iShares Commodity Optimized Trust (registrant)
/s/ Paul Lohrey
Paul Lohrey
Director, President and Chief Executive Officer
(Principal executive officer)
Date:
November 7, 2016
/s/ Jack Gee
Jack Gee
Director and Chief Financial Officer
(Principal financial and accounting officer)
Date:
November 7, 2016
*
The registrant is a trust and the persons are signing in their respective capacities as officers of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.
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