Additional Valuation Information

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Additional Valuation Information

Note 6 – Additional Valuation Information

U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. U.S. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods or market conditions may result in transfers in or out of an investment’s assigned level:

Level 1: Prices are determined using quoted prices in an active market for identical assets.

Level 2: Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3: Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The levels assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The following is a summary of the tiered valuation input levels as of June 30, 2024:

	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	293,540,679	$	—	$	293,540,679
Exchange-Traded Fund		119,581,885			—		—		119,581,885
Money Market Mutual Fund		287,780,331			—		—		287,780,331
Total Investments in Securities		407,362,216			293,540,679		—		700,902,895
Other Investments - Assets(a)
Commodity Futures Contracts		7,935,283			—		—		7,935,283
Other Investments - Liabilities(a)
Commodity Futures Contracts		(64,305,875	)		—		—		(64,305,875	)
Total Other Investments		(56,370,592	)		—		—		(56,370,592	)
Total Investments	$	350,991,624		$	293,540,679	$	—	$	644,532,303

(a)Unrealized appreciation (depreciation).

The following is a summary of the tiered valuation input levels as of December 31, 2023:

	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	342,956,644	$	—	$	342,956,644
Exchange-Traded Fund		119,734,949			—		—		119,734,949
Money Market Mutual Fund		248,080,509			—		—		248,080,509
Total Investments in Securities		367,815,458			342,956,644		—		710,772,102
Other Investments - Assets(a)
Commodity Futures Contracts		15,443,843			—		—		15,443,843
Other Investments - Liabilities(a)
Commodity Futures Contracts		(32,743,090	)		—		—		(32,743,090	)
Total Other Investments		(17,299,247	)		—		—		(17,299,247	)
Total Investments	$	350,516,211		$	342,956,644	$	—	$	693,472,855

(a)Unrealized appreciation (depreciation).