What changed in this filing

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Item 1. Financial Statements

2020-11-16 compared with 2020-05-15 · 126 added, 159 removed, 192 unchanged (60% of the section changed)

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CONDENSED CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS

As of March 31, 2020 and June 30, 2019

As of September 30, 2020 and June 30, 2020

September 30,

Current assets:

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CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME

For the Three and Nine Months Ended March 31, 2020 and 2019

For the Three Months Ended September 30, 2020 and 2019

Three Months Ended

Nine Months Ended

September 30,

Oil and natural gas royalties

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS

For the Nine Months Ended March 31, 2020 and 2019

Nine Months Ended

Trust corpus, beginning of period

Distributable income

Distributions to unitholders

Trust corpus, end of period

Distributions per unit

See accompanying notes to condensed consolidated financial statements.

MARINE PETROLEUM TRUST AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS

For the Three Months Ended March 31, 2020 and 2019

For the Three Months Ended September 30, 2020 and 2019

Three Months Ended

September 30,

Trust corpus, beginning of period

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2020

The financial statements herein include the financial statements of Marine Petroleum Trust (the Trust) and its

wholly owned subsidiary, Marine Petroleum Corporation (MPC, and collectively with the Trust, Marine).

The financial statements are condensed and consolidated and should be read in conjunction with Marines Annual Report

on Form 10-K for the fiscal year ended June 30, 2019.

The financial statements included herein are unaudited, but in the opinion of Simmons Bank (the Trustee), the Trustee of the Trust, they

include all adjustments necessary for a fair presentation of the results of operations for the periods presented.

Operating results for the interim periods reported herein are not necessarily indicative of the results that may be expected for the

fiscal year ending June 30, 2020.

September 30, 2020

Accounting Policies

The financial statements herein include the financial statements of Marine Petroleum Trust (the Trust) and its wholly owned

subsidiary, Marine Petroleum Corporation (MPC, and collectively with the Trust, Marine).

The financial statements are condensed and consolidated and should be read in conjunction with Marines Annual Report on Form 10-K for the fiscal year ended June 30, 2020.

The financial statements included herein are unaudited, but in the opinion of Simmons Bank (the Trustee), the Trustee of the Trust, they include all

adjustments necessary for a fair presentation of the results of operations for the periods presented.

Operating results for the interim periods reported herein are not necessarily indicative of the results that may be expected for the fiscal year

ending June 30, 2021.

Basis of Accounting

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Total estimated reserve for future expenses deducted from

calculated distributable income for the three months ended March 31, 2020 was $71,500.

calculated distributable income for the three months ended September 30, 2020 was $66,500.

As stated under Note 1.

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account balances of the Trust.

Distributable income is comprised of (i) royalties from offshore Texas leases owned directly by the Trust, (ii) 98% of the royalties received from offshore Louisiana leases

owned by MPC, which are retained by and delivered to the Trust on a quarterly basis, (iii) cash distributions from the Trusts interest in Tidelands Royalty Trust B

(Tidelands), a separate royalty trust, (iv) dividends paid by MPC, less (v) administrative expenses incurred by the Trust.

Distributions fluctuate from quarter to quarter primarily due to changes in oil and natural gas prices

and production quantities and expenses incurred.

Distributable income is comprised of (i) royalties from offshore Texas leases owned directly by the Trust, (ii) 98% of the royalties received from offshore Louisiana leases owned by MPC, which are retained by

and delivered to the Trust on a quarterly basis, (iii) cash distributions from the Trusts interest in Tidelands Royalty Trust B (Tidelands), a separate royalty trust, (iv) dividends paid by MPC, less

(v) administrative expenses incurred by the Trust.

Distributions fluctuate from quarter to quarter primarily due to changes in oil and natural gas prices and production quantities and expenses incurred.

Investment in Affiliate Tidelands Royalty Trust B

At March 31, 2020 and 2019, the Trust owned 32.6% of the outstanding units of beneficial interest in Tidelands.

At September 30, 2020 and 2019, the Trust owned 32.6% of the outstanding units of beneficial interest in Tidelands.

The following summary financial statements have been derived from the unaudited condensed consolidated financial statements of Tidelands:

TIDELANDS CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME

Ended March 31,

September 30,

Distributable income (loss) before Federal income taxes

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Trustees Discussion and Analysis of Financial Condition and Results of Operations

Marine Petroleum Trust (the

Trust) is a royalty trust that was created in 1956 under the laws of the State of Texas.

Effective February 20, 2018, Simmons Bank became corporate trustee of the Trust (the Trustee) as a result of a merger between

Simmons Bank and Southwest Bank, the former corporate Trustee of the Trust.

The Trusts Indenture (the Indenture) provides that the term of the Trust will expire on June 1, 2021, unless extended by the vote of the holders of a

majority of the outstanding units of beneficial interest.

The Trust is not permitted to engage in any business activity because it was organized for the sole purpose of providing an efficient, orderly and practical means for the administration and

liquidation of rights to payments from certain oil and natural gas leases in the Gulf of Mexico, pursuant to license agreements and amendments between the Trusts predecessors and Gulf Oil Corporation (Gulf).

As a result of various

transactions that have occurred since 1956, these interests now are held by Chevron Corporation (Chevron) and its assignees, including Arena Energy, LP (collectively with Chevron and its assignees, the Interest Owners).

Trust holds title to interests in properties that are situated offshore of Texas.

The Trusts wholly owned subsidiary, Marine

Petroleum Corporation (MPC, and collectively with the Trust, Marine), holds title to interests in properties that are situated offshore of Louisiana because at the time the Trust was created, trusts could not hold these

interests under Louisiana law.

MPC is prohibited from engaging in a trade or business and only takes those actions that are necessary for the administration and liquidation of its properties.

Marines rights are generally referred to as overriding royalty interests in the oil

and natural gas industry.

An overriding royalty interest is created by an assignment by the owner of a working interest in an oil or natural gas lease.

The royalty rights associated with an overriding royalty interest terminate when the underlying

lease terminates.

All production and marketing functions are conducted by the working interest owners of the leases.

Income from overriding royalties is paid to Marine either (i) on the basis of the selling price of oil, natural gas and other

minerals produced, saved or sold, or (ii) at the value at the wellhead as determined by industry standards, when the selling price does not reflect the value at the wellhead.

Marine Petroleum Trust (the Trust) is a royalty trust that was created in 1956 under the laws of the State of Texas.

February 20, 2018, Simmons Bank became corporate trustee of the Trust (the Trustee) as a result of a merger between Simmons Bank and Southwest Bank, the former corporate Trustee of the Trust.

The Trusts Indenture (the

Indenture) stated that the Trust would expire on June 1, 2021.

In preparing to seek approval to extend the Trust for another twenty years to June 1, 2041 pursuant to Article X, Section 1(a) of the Indenture, the Trust

became aware that the necessary approval for this extension, which requires the consent of a majority of the outstanding of units of interest, was obtained on May 22, 2014 by a consent solicitation filed with the Securities and Exchange

Commission when holders of 63.57% of the outstanding units of interest on the record date of March 28, 2014 approved the extension of the Trust through June 1, 2041.

Less than 1% of the outstanding units of interest were voted against the

Since only the approval of a majority of the outstanding units of interest was required and not 80% as was believed to be the case at the time of the 2014 consent solicitation, the 63.57% approval authorized the extension of the Trust

through June 1, 2041.

The Trust is not permitted to engage in any business activity because it was organized for the sole purpose of

providing an efficient, orderly and practical means for the administration and liquidation of rights to payments from certain oil and natural gas leases in the Gulf of Mexico, pursuant to license agreements and amendments between the Trusts

predecessors and Gulf Oil Corporation (Gulf).

As a result of various transactions that have occurred since 1956, these interests now are held by Chevron Corporation (Chevron) and its assignees, including Arena Energy, LP

(collectively with Chevron and its assignees, the Interest Owners).

The Trust holds title to interests in properties that are situated offshore of Texas.

The Trusts wholly owned subsidiary, Marine Petroleum Corporation (MPC, and

collectively with the Trust, Marine), holds title to interests in properties that are situated offshore of Louisiana because at the time the Trust was created, trusts could not hold these interests under Louisiana law.

MPC is prohibited

from engaging in a trade or business and only takes those actions that are necessary for the administration and liquidation of its properties.

Marines rights are generally referred to as overriding royalty interests in the oil and natural gas industry.

An overriding royalty

interest is created by an assignment by the owner of a working interest in an oil or natural gas lease.

The royalty rights associated with an overriding royalty interest terminate when the underlying lease terminates.

All production and marketing

functions are conducted by the working interest owners of the leases.

Income from overriding royalties is paid to Marine either (i) on the basis of the selling price of oil, natural gas and other minerals produced, saved or sold, or

(ii) at the value at the wellhead as determined by industry standards, when the selling price does not reflect the value at the wellhead.

The Trustee assumes that some units of beneficial interest are held by middlemen, as such term is broadly defined in U.S.

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(iii) a variety of additional factors that are beyond the Trustees control.

Recently, there has been a substantial decrease in oil and natural gas prices due in part to significantly decreased demand as a result of the novel coronavirus (COVID-19) pandemic and an oversupply of crude oil driven by a dispute between members of the Organization of Petroleum Exporting Countries (OPEC) and Russia over production cuts, each of

which are discussed below under Item 1A Risk Factors.

A combination of these factors resulted in the price of West Texas Intermediate crude oil falling below zero to $(37.63) per barrel of oil on April 20, 2020 recovering the

following day to $10.01 per barrel of oil.

Factors that may impact future commodity prices, including the price of oil and natural gas, include but are not limited to:

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Although the Trustee cannot predict the occurrence of events that may affect future commodity prices or the degree to which these prices will

be affected, gas royalty income for a given period generally relates to production three months prior to the period and crude oil royalty income for a given period generally relates to production two

months prior to the period and will generally approximate current market prices in the geographic region of the production at the time of production.

When crude oil and natural gas prices

decline, the Trust is affected in two ways.

First, distributable income from the Trusts royalty properties is reduced.

Second, exploration and development activity by operators on the Trusts royalty properties may decline as some

projects may become uneconomic and are either delayed or eliminated.

It is impossible to predict future crude oil and natural gas price movements, and this reduces the predictability of future cash distributions to unitholders.

be affected, gas royalty income for a given period generally relates to production three months prior to the period and crude oil royalty income for a given period generally relates to production two months prior to the period and will generally

approximate current market prices in the geographic region of the

production at the time of production.

When crude oil and natural gas prices decline, the Trust is affected in two ways.

First, distributable income from the Trusts royalty properties is

Second, exploration and development activity by operators on the Trusts royalty properties may decline as some projects may become uneconomic and are either delayed or eliminated.

It is impossible to predict future crude oil and

natural gas price movements, and this reduces the predictability of future cash distributions to unitholders.

Liquidity and Capital Resources

stated in the Indenture, there is no requirement for capital due to the limited purpose of the Trust.

The Trusts only obligation is to distribute the distributable income that is actually collected to unitholders.

As an administrator of oil

and natural gas royalty interests, the Trust collects royalties monthly, pays administrative expenses and disburses all net royalties that are collected to its unitholders each quarter, subject to the availability of distributable income on the

distribution date after the payment of expenses.

The Indenture (and MPCs charter and

by-laws) expressly prohibits the operation of any kind of trade or business.

The Trusts oil and natural gas properties are depleting assets that are not being replaced due to the prohibition against

These restrictions, along with other factors, allow the Trust to be treated as a grantor trust.

As stated in the Indenture, there is no requirement for capital due to the limited purpose of the Trust.

The Trusts only obligation is to

distribute the distributable income that is actually collected to unitholders.

As an administrator of oil and natural gas royalty interests, the Trust collects royalties monthly, pays administrative expenses and disburses all net royalties that are

collected to its unitholders each quarter, subject to the availability of distributable income on the distribution date after the payment of expenses.

The Indenture (and MPCs charter and by-laws) expressly prohibits the operation of any kind of

trade or business.

The Trusts oil and natural gas properties are depleting assets that are not being replaced due to the prohibition against investments.

These restrictions, along with other factors, allow the Trust to be treated as a grantor

As a grantor trust, all income and deductions for state and U.S.

federal income tax purposes generally flow through to each individual

The State of Texas imposes a franchise tax, but the Trust does not believe that it is subject to the franchise tax because at least 90% of its income is from passive sources.

federal income tax purposes generally flow through to each individual unitholder.

The State of Texas imposes a franchise tax, but the Trust does not believe that it is subject

to the franchise tax because at least 90% of its income is from passive sources.

Please see Marines Annual Report on Form 10-K for the fiscal year ended June 30, 2020 for further information.

MPC is a taxable entity that pays state and U.S.

a taxable entity that pays state and U.S.

federal income taxes and state franchise taxes.

However, MPCs income specifically

excludes 98% of the oil and natural gas royalties collected by MPC, which are retained by and delivered to the Trust because of the Trusts net profits interest.

Marine relies on public

records for information regarding drilling and workover operations.

The public records available up to the date of this report indicate that there were no new well completions made during the three months ended March 31, 2020 on leases in which

Marine has an interest.

As of May 1, 2020, public records also indicated that there were no wells in the process of being drilled or recompleted on other leases in which Marine has an interest.

Marine holds an overriding royalty interest that is equal to three-fourths of one percent of the working interest and is calculated on the

value at the well of any oil, natural gas or other minerals produced and sold from 55 leases covering 199,868 gross acres located in the Gulf of Mexico.

Marines overriding royalty interest applies only to existing leases and does not apply to

any new leases that the Interest Owners may acquire.

The Trust also owns a 32.6% interest in Tidelands Royalty Trust B (Tidelands).

Tidelands has an overriding royalty interest in four oil and natural gas leases covering

17,188 gross acres in the Gulf of Mexico.

As a result of this ownership, the Trust has the right to receive periodic distributions from Tidelands to the extent Tidelands makes distributions to its unitholders.

However, MPCs income specifically excludes 98% of the oil and natural gas royalties collected by MPC, which are retained by and delivered to the Trust

because of the Trusts net profits interest.

Marine relies on public records for information regarding drilling and workover operations.

The public records available up to the date of this

report indicate that there were no new well completions made during the three months ended September 30, 2020 on leases in which Marine has an interest.

As of November 1, 2020, public records also indicated that there were no wells in the

process of being drilled or recompleted on other leases in which Marine has an interest.

Marine holds an overriding royalty interest that

is equal to three-fourths of one percent of the working interest and is calculated on the value at the well of any oil, natural gas or other minerals produced and sold from 55 leases covering 199,868 gross acres located in the Gulf of Mexico.

Marines overriding royalty interest applies only to existing leases and does not apply to any new leases that the Interest Owners may acquire.

The Trust also owns a 32.6% interest in Tidelands Royalty Trust B

(Tidelands).

Tidelands has an overriding royalty interest in four oil and natural gas leases covering 17,188 gross acres in the Gulf of Mexico.

As a result of this ownership, the Trust has the right to receive periodic distributions from

Tidelands to the extent Tidelands makes distributions to its unitholders.

Critical Accounting Policies and Estimates

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Cash reserves are permitted to be established by the Trustee for certain contingencies that would not be recorded under generally accepted accounting principles in the United States.

Marine did not have any changes in its critical accounting policies or estimates during the three and nine months ended March 31, 2020.

Please see Marines Annual Report on Form 10-K for the fiscal year ended June 30, 2019 for a detailed discussion of its critical accounting policies.

Marine did not have any changes in its critical accounting policies or estimates during the three months ended September 30, 2020.

see Marines Annual Report on Form 10-K for the fiscal year ended June 30, 2020 for a detailed discussion of its critical accounting policies.

New Accounting Pronouncements

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Summary of Operating Results

nine months ended March 31, 2020, the Trust realized approximately 87% of its royalty income from the sale of oil and approximately 13% of its royalty income from the sale of natural gas.

During the nine months ended March 31, 2019, the

Trust realized approximately 92% of its royalty income from the sale of oil and approximately 8% of its royalty income from the sale of natural gas.

three months ended September 30, 2020, the Trust realized approximately 93% of its royalty income from the sale of oil and approximately 7% of its royalty income from the sale of natural gas.

During the three months ended September 30,

2019, the Trust realized approximately 86% of its royalty income from the sale of oil and approximately 14% of its royalty income from the sale of natural gas.

Royalty income includes royalties from oil and natural gas received from producers.

Distributable income per unit for the nine months ended March 31, 2020 was $0.20 as compared to $0.24 for the comparable period in 2019.

Distributions per unit amounted to $0.20 per unit for the nine months ended March 31, 2020, a decrease from distributions of $0.27 per unit for the comparable period in 2019.

For the nine months ended March 31, 2020, oil production decreased to 8,161 barrels (bbls) from 8,871 bbls and natural gas production

increased to 28,110 thousand cubic feet (mcf) from 14,024 mcf as compared to the comparable period in 2019.

For the nine months ended March 31, 2020, the average price realized for oil decreased to $59.31 per bbl as compared to the price

of $66.65 realized for the comparable period in 2019 and the average price realized for natural gas (net of expenses) decreased to $2.52 per mcf as compared to the average price of $3.88 realized for the comparable period in 2019.

The following table presents the net production quantities of oil and natural gas and distributable income and distributions per unit for the

last six quarters.

Distributable income per unit for the three months ended September 30, 2020 was $0.02 as compared to $0.07 for the comparable period in

Distributions per unit amounted to $0.04 per unit for the three months ended September 30, 2020, a decrease from distributions of $0.09 per unit for the comparable period in 2019.

For the three months ended September 30, 2020, oil production decreased to 2,148 barrels (bbls) from 2,700 bbls and natural gas

production decreased to 2,154 thousand cubic feet (mcf) from 10,542 mcf as compared to the comparable period in 2019.

For the three months ended September 30, 2020, the average price realized for oil decreased to $23.19 per bbl as compared

to the price of $63.13 realized for the comparable period in 2019 and the average price realized for natural gas (net of expenses) decreased to $1.78 per mcf as compared to the average price of $2.64 realized for the comparable period in 2019.

The following table presents the net production quantities of oil and natural gas and

distributable income and distributions per unit for the last six quarters.

Net Production

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Distributable

Income Per Unit

Distributions

December 31, 2018

March 31, 2019

June 30, 2019

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March 31, 2020

June 30, 2020

September 30, 2020

Excludes the Trusts interest in Tidelands.

Results of OperationsThree Months Ended March 31, 2020 Compared to the Three Months Ended March 31, 2019

Income from oil and natural gas royalties, increased to $214,980 during the three months ended March 31, 2020 from $175,280 realized for

Results of OperationsThree Months Ended September 30, 2020 Compared to the Three Months Ended September 30, 2019

Income from oil and natural gas royalties, decreased to $53,639 during the three months ended September 30, 2020 from $198,248 realized

for the comparable period in 2019.

Royalties decreased for the three months ended September 30, 2020 as compared to the comparable period in 2019 primarily due to a decrease in production of oil and gas, and also by a sharp decrease in pricing

of oil and gas.

Distributable income decreased to $33,027 for the three months ended September 30, 2020 from $135,538 realized for

the comparable period in 2019.

Royalties increased for the three months ended March 31, 2020 as compared to the comparable period in 2019 primarily due to an increase in production of oil and gas, offset by a decrease in pricing of natural gas

Distributable income increased to $150,841 for the three months ended March 31, 2020 from $107,421 realized for the

comparable period in 2019.

Income from oil royalties, for the three months ended March 31, 2020 increased to $191,960 from $155,109

Income from oil royalties, for the three months ended September 30, 2020 decreased to $49,795 from

$170,416 realized for the comparable period in 2019.

The volume of oil sold in the three months ended March 31, 2020 increased to 3,339 bbls from 2,553 bbls realized for the comparable period in 2019, and the average price realized for oil decreased to

$57.50 per bbl for the three months ended March 31, 2020 from $60.76 per bbl realized for the comparable period in 2019.

natural gas royalties (net of expenses), for the three months ended March 31, 2020 increased to $23,020 from $20,171 for the comparable period in 2019.

The volume of natural gas sold in the three months ended March 31, 2020 increased to

9,419 mcf from 4,151 mcf realized for the comparable period in 2019, and the average price realized for natural gas (net of expenses) decreased to $2.44 per mcf for the three months ended March 31, 2020 from $4.86 per mcf realized for the

comparable period in 2019.

We did not receive any income from distributions from Tidelands for the three months ended March 31, 2020

We understand that Tidelands does not currently have sufficient production in economic quantities to generate any revenue to be distributed to its unitholders.

The volume of oil sold in the three months ended September 30, 2020 decreased to 2,148 bbls from 2,700 bbls realized for the comparable period in 2019, and the average price realized for oil

decreased to $23.19 per bbl for the three months ended September 30, 2020 from $63.13 per bbl realized for the comparable period in 2019.

Income from natural gas royalties (net of expenses), for the three months ended September 30, 2020 decreased to $3,844 from $27,832 for

the comparable period in 2019.

The volume of natural gas sold in the three months ended September 30, 2020 decreased to 2,154 mcf from 10,542 mcf realized for the comparable period in 2019, and the average price realized for natural gas (net of

expenses) decreased to $1.78 per mcf for the three months ended September 30, 2020 from $2.64 per mcf realized for the comparable period in 2019.

We did not receive any income from distributions from Tidelands for the three months ended September 30, 2020 and 2019.

We understand

that Tidelands does not currently have sufficient production in economic quantities to generate any revenue to be distributed to its unitholders.

The following table presents the quantities of oil and natural gas sold and the average price realized for the three months ended

March 31, 2020, and those realized for the comparable period in 2019.

Three Months Ended March 31,

Average price

Average price, net of expenses

General and administrative expenses decreased to $67,265 for the three months ended

March 31, 2020 from $73,694 for the comparable period of 2019, primarily due to a decrease in printing fees and professional expenses.

OperationsNine Months Ended March 31, 2020 Compared to the Nine Months Ended March 31, 2019

Income from oil and

natural gas royalties, decreased to $554,588 during the nine months ended March 31, 2020 from $646,010 realized for the comparable period in 2019.

Royalties decreased for the nine months ended March 31, 2020 primarily due to a decrease in

the price and production of oil and the price of natural gas, offset by an increase in the production of natural gas, as compared to the comparable period in 2019.

Distributable income decreased to $394,832 for the nine months ended March 31, 2020 from $471,881 realized for the comparable period in

Income from oil royalties, for the nine months ended March 31, 2020 decreased to $484,061 from $591,551 realized for the

comparable period in 2019.

The volume of oil sold in the nine months ended March 31, 2020 decreased to 8,161 bbls from 8,871 bbls realized for the comparable period in 2019, and the average price realized for oil decreased to $59.31 per bbl for

the nine months ended March 31, 2020 from $66.65 per bbl realized for the comparable period in 2019.

Income from natural gas

royalties (net of expenses), for the nine months ended March 31, 2020 increased to $70,527 from $54,424 for the comparable period in 2019.

The volume of natural gas sold in the nine months ended March 31, 2020 increased to 28,110 mcf from

14,024 mcf realized for the comparable period in 2019, and the average price realized for natural gas (net of expenses) decreased to $2.52 per mcf for the nine months ended March 31, 2020 from $3.88 per mcf realized for the comparable period in

We did not receive any income from distributions from Tidelands for the nine months ended March 31, 2020 and 2019.

understand that Tidelands does not currently have sufficient production in economic quantities to generate any revenue to be distributed to its unitholders.

Accordingly, we do not expect to receive any income from distributions from Tidelands in

future quarters.

The following table presents the quantities of oil and natural gas sold and the average price realized for the nine

months ended March 31, 2020, and those realized for the comparable period in 2019.

Nine Months Ended March 31,

September 30, 2020, and those realized for the comparable period in 2019.

Three Months Ended September 30,

Average price

Average price, net of expenses

General and administrative expenses decreased to $172,614 for the nine months ended March 31, 2020 from

$189,773 for the comparable period of 2019, primarily due to decreased printing fees and professional expenses.

General and administrative expenses decreased to $20,714 for the three months ended September 30, 2020

from $68,154 for the comparable period of 2019, primarily due to a decrease in legal and accounting expenses due to timing of expenses relating to the closing of the annual financial statements which were incurred in the first quarter of fiscal year

2020 compared to the second quarter of fiscal year 2021.

Forward-Looking Statements

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Quantitative and Qualitative Disclosures About Market Risk

Except as described below in Item 1A Risk Factors,

there has been no material change from the information provided in Marines Annual Report on Form 10-K, Item 7A:

Quantitative and Qualitative Disclosures About Market Risk, for the fiscal

year ended June 30, 2019.

There there has been no material change from the information provided in Marines Annual Report on

Form 10-K, Item 7A:

Quantitative and Qualitative Disclosures About Market Risk, for the fiscal year ended June 30, 2020.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements