weighting per index commodity rebalanced daily. The Master Funds Portfolio also includes U.S. Treasuries for deposit with the Master Funds Commodity Broker. The Commodity Broker
currently applies part of the total value of the cash and/or U.S. Treasuries on deposit towards satisfying any margin requirements related to the Commodity Futures in the Master Funds futures account. Thomson Reuters (Markets) LLC, formerly
Thomson Reuters America LLC, is the owner, publisher and calculation agent of the Index. The Index Sponsor is not an affiliate of the Funds or the Managing Owner.
Under the Trust Agreements, Delaware Trust Company, the Trustee of the Funds, has delegated to the Managing Owner the exclusive management and control of all
aspects of the business of the Funds. The Trustee has no duty or liability to supervise or monitor the performance of the Managing Owner, nor does the Trustee have any liability for the acts or omissions of the Managing Owner.
The Shares are intended to provide investment results that generally correspond to the changes, positive or negative, in the levels of the Index over time.
The value of the Shares is expected to fluctuate in relation to changes in the value of the Master Funds Portfolio. The market price of the Shares may not be identical to the Net Asset Value per Share, but these two valuations are expected to
be very close.
The Fund is listed on the NYSE Arca under the symbol GCC.
Managements Discussion of Results of Operations
of December 31, 2019, the net unrealized appreciation on futures contracts owned or held on that day was $6,162,155 and the Fund had total assets of $127,915,504. The ending Net Asset Value per Share on December 31, 2019 was $18.80.
As of December 31, 2018, the net unrealized depreciation on futures contracts owned or held on that day was $7,560,832 and the Fund had total assets of
$162,510,996. The ending Net Asset Value per Share on December 31, 2018 was $17.50.
Prior to January 1, 2017, the Funds brokerage commissions and fees as well as routine operational, administrative and other ordinary expenses,
including, but not limited to, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees, and printing, mailing and duplication costs, were accrued at a rate of 0.20% of the Net Asset Value
per annum in the aggregate. Of the amounts so accrued, the Funds first paid brokerage commissions and fees, and secondly, from the remainder of the amounts so accrued, reimbursed the Managing Owner for the Funds routine operational,
administrative and other ordinary expenses paid by the Managing Owner.
Effective January 1, 2017, the Managing Owner has voluntarily agreed to
assume all routine operational, administrative and other ordinary expenses of the Funds, and will not be reimbursed for any such expenses. As a result, the Funds will no longer accrue for such expenses. In addition, effective January 1, 2017,
the Master Fund will pay its brokerage commissions and fees directly. As a result, the Funds will no longer accrue for such commissions and fees as an expense accrual, but will be included as a component of Net Realized Gain (Loss) on the
Consolidated Statements of Income and Expenses. Accordingly, effective January 1, 2017, the Funds expense accrual of 0.20% of the Funds Net Asset Value for (i) brokerage commissions and fees, and (ii) routine operational,
administrative and other ordinary expenses, was eliminated.
Brokerage commissions were charged against the Funds assets on a per transaction basis.
The brokerage commissions incurred for the years ended December 31, 2019, 2018, and 2017 were $142,775, $175,786 and $178,822, respectively.