What changed in this filing

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Item 1. Financial Statements

2021-08-12 compared with 2021-05-14 · 194 added, 131 removed, 146 unchanged (69% of the section changed)

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Three months ended

Six months ended

Income from net profits interest

Cash on hand used (withheld) for Trust expenses

Cash on hand used

(withheld) for Trust expenses

General and administrative expenses(1)

Distributable income

Distributions per Trust unit (11,500,000 Trust units issued and outstanding at March 31, 2021 and 2020)

______________________________

Includes $52,989 and $25,975 paid to MV Partners, LLC during the three months ended March 31, 2021 and 2020, respectively, and $37,500 paid to The Bank of New York Mellon Trust Company, N.A.

during each of the three-month periods ended March 31, 2021 and 2020.

Distributions per Trust unit (11,500,000 Trust units issued and outstanding at June 30, 2021 and 2020)

Includes $27,014 and $50,951 paid to MV Partners, LLC during the three months ended June 30, 2021 and 2020, respectively, and $80,003 and $76,926 during the six months ended June 30, 2021 and 2020, respectively.

Also includes $37,500 paid to The Bank of New York Mellon Trust Company, N.A.

during each of the three months ended June 30, 2021 and 2020 and $75,000 during each of the six months ended June 30, 2021 and 2020.

CONDENSED STATEMENTS OF ASSETS AND TRUST CORPUS

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(40,304,938 )

Trust corpus, 11,500,000 Trust units issued and outstanding at March 31, 2021 and December 31, 2020

Trust corpus, 11,500,000 Trust units issued and outstanding at June 30, 2021 and December 31, 2020

CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS

Three months ended

Six months ended

Trust corpus, beginning of period

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NOTES TO CONDENSED FINANCIAL STATEMENTS

Note 1—Organization of the Trust

MV Oil Trust (the “Trust”) is a statutory

trust formed on August 3, 2006, under the Delaware Statutory Trust Act pursuant to a Trust Agreement (the “Trust Agreement”)

among MV Partners, LLC, a Kansas limited liability company (“MV Partners”), as trustor, The Bank of New York Mellon Trust

Company, N.A., as Trustee (the “Trustee”), and Wilmington Trust Company, as Delaware Trustee (the “Delaware Trustee”).

Note 1—Organization of the Trust

MV Oil Trust (the “Trust”) is a statutory

trust formed on August 3, 2006, under the Delaware Statutory Trust Act pursuant to a Trust Agreement (the “Trust Agreement”)

among MV Partners, LLC, a Kansas limited liability company (“MV Partners”), as trustor, The Bank of New York Mellon Trust

Company, N.A., as Trustee (the “Trustee”), and Wilmington Trust Company, as Delaware Trustee (the “Delaware Trustee”).

The Trust was created to acquire and hold a term

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interest represents the right to receive 80% of the net proceeds (calculated as described below in Note 5) from production from the underlying

properties (as defined below) (the “net profits interest”).

The net profits interest consists of MV Partners’ net interests

in all of its oil and natural gas properties located in the Mid-Continent region in the states of Kansas and Colorado (the “underlying

properties”).

properties (as defined below) (the “net profits interest”).

The net profits interest consists of MV Partners’

net interests

in all of its oil and natural gas properties located in the Mid-Continent region in the states of Kansas and Colorado (the “underlying

properties”).

The underlying properties include approximately 900 producing oil and gas wells.

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The net profits

interest entitles the Trust to receive 80% of the net proceeds attributable to MV Partners’ interest from the sale of production

interest entitles the Trust to receive 80% of the net proceeds attributable to MV Partners’

interest from the sale of production

from the underlying properties during the term of the Trust.

The net profits interest will terminate on the later to occur of (1) June 30,

2026 or (2) the time when 14.4 million barrels of oil equivalent (“MMBoe”) have been produced from the underlying properties

and sold (which amount is the equivalent of 11.5 MMBoe with respect to the Trust’s net profits interest), and the Trust will soon

2026 or (2) the time when 14.4 million barrels of oil equivalent (“MMBoe”) have been produced from the underlying properties

and sold (which amount is the equivalent of 11.5 MMBoe with respect to the Trust’s net profits interest), and the Trust will soon

thereafter wind up its affairs and terminate.

As of June 30, 2021, cumulatively, since inception, the Trust has received payment

for 80% of the net proceeds attributable to MV Partners’

interest from the sale of 12.5 MMBoe of production from the underlying

properties (which amount is the equivalent of 10.0 MMBoe with respect to the Trust’s net profits interest).

The Trustee can authorize the Trust to borrow money

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in an account with itself and make other short-term investments with the funds distributed to the Trust.

Note 2—Basis of Presentation

The accompanying Condensed Statement of Assets

Note 2—Basis of Presentation

The accompanying Condensed Statements of Assets

and Trust Corpus as of December 31, 2020, which has been derived from audited financial statements, and the unaudited interim condensed

financial statements as of March 31, 2021 and for the three months ended March 31, 2021 and March 31, 2020, have been prepared

pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).

Accordingly, certain information

and note disclosures normally included in annual financial statements have been condensed or omitted pursuant to those rules and

financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021 and June 30, 2020, have been

prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).

Accordingly, certain

information and note disclosures normally included in annual financial statements have been condensed or omitted pursuant to those rules and

The preparation of financial statements requires

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The financial information should be read in conjunction

with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K for the year ended December 31,

Note 3—Trust Accounting Policies

The Trust uses the modified cash basis of

accounting to report receipts of the net profits interest and payments of expenses incurred.

The net profits interest represents the

right to receive revenues (oil, gas and natural gas liquid sales) less direct operating expenses (lease operating expenses, lease

maintenance, lease overhead, and production and property taxes) and an adjustment for lease equipment costs and lease development

expenses (which are capitalized in financial statements prepared in accordance with accounting principles generally accepted in the

United States of America (“U.S.

GAAP”)) of the underlying properties times 80%.

Actual cash receipts may vary due to

timing delays of actual cash receipts from the property operators or purchasers and due to wellhead and pipeline volume balancing

agreements or practices.

The actual cash distributions of the Trust will be made based on the terms of the conveyance that created

the Trust’s net profits interest.

Expenses of the Trust, which include accounting, engineering, legal and other professional

fees, Trustee fees, an administrative fee paid to MV Partners and out-of-pocket expenses, are recognized when paid.

revenues and expenses would be recognized on an accrual basis.

Amortization of the investment in net profits interest is recorded on

a unit-of-production method in the period in which the cash is received with respect to such production.

Such amortization does not

reduce distributable income, rather it is charged directly to Trust Corpus.

with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K for the year ended December 31,

Note 3—Trust Accounting Policies

The Trust uses the modified cash basis of accounting

to report receipts of the net profits interest and payments of expenses incurred.

The net profits interest represents the right to receive

revenues (oil, gas and natural gas liquid sales) less direct operating expenses (lease operating expenses, lease maintenance, lease overhead,

and production and property taxes) and an adjustment for lease equipment costs and lease development expenses (which are capitalized in

financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

GAAP”)) of the underlying properties times 80%.

Actual cash receipts may vary due to timing delays of actual cash receipts from

the property operators or purchasers and due to wellhead and pipeline volume balancing agreements or practices.

The actual cash distributions

of the Trust will be made based on the terms of the conveyance that created the Trust’s net profits interest.

Expenses of the Trust,

which include accounting, engineering, legal and other professional fees, Trustee fees, an administrative fee paid to MV Partners and

out-of-pocket expenses, are recognized when paid.

GAAP, revenues and expenses would be recognized on an accrual basis.

of the investment in net profits interest is recorded on a unit-of-production method in the period in which the cash is received with

respect to such production.

Such amortization does not reduce distributable income, rather it is charged directly to Trust Corpus.

This comprehensive basis of accounting other than

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No new accounting pronouncements have been adopted

or issued during the quarter ended March 31, 2021 that would impact the financial statements of the Trust.

Note 4—Investment in Net Profits Interest

or issued during the quarter ended June 30, 2021 that would impact the financial statements of the Trust.

Note 4—Investment in Net Profits Interest

The net profits interest was recorded at the historical

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Times 80% net profits interest to Trust

Note 5—Income from Net Profits Interest

Three months ended

Six months ended

Excess of revenues over direct operating expenses and lease equipment and development costs(1)

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Income from net profits interest(3)

Excess of revenues over direct operating expenses and lease equipment and development costs reflect expenses and costs incurred by MV Partners during the September through November production period.

Pursuant to the terms of the conveyance of the net profits interest, lease equipment and development costs are to be deducted when calculating the distributable income to the Trust.

Pursuant to the terms of the conveyance of the net profits interest, MV Partners can reserve up to $1.0 million for future capital expenditures at any time.

During the three months ended March 31, 2021 and March 31, 2020, MV Partners did not withhold or release any dollar amounts due to the Trust.

The reserve balance was $1,000,000 at March 31, 2021 and 2020.

(1) Excess of revenues over direct operating expenses and lease equipment and development costs reflect expenses and costs incurred by

MV Partners during the December through February production periods for the three months ended June 30, 2021 and 2020,

respectively, and during each of the September through February production periods for the six months ended June 30, 2021

and 2020, respectively.

Pursuant to the terms of the conveyance of the net profits interest, lease equipment and development costs are

to be deducted when calculating the distributable income to the Trust.

(2) Pursuant to the terms of the conveyance of the net profits interest, MV Partners can reserve up to $1.0 million for future

capital expenditures at any time.

During the three and six months ended June 30, 2021 and 2020, MV Partners did not withhold or

release any dollar amounts due to the Trust.

The reserve balance was $1,000,000 at June 30, 2021 and 2020.

(3) The income from net profits interest is based upon the cash receipts from MV Partners for the oil and gas production.

The revenues from oil production are typically received by MV Partners one month after production;

thus, the cash received by the Trust during the three months ended March 31, 2021 substantially represents the production by MV Partners from September 2020 through November 2020, and the cash received by the Trust during the three months ended March 31, 2020 substantially represents the production by MV Partners from September 2019 through November 2019.

For the three months ended March 31, 2021

from oil production are typically received by MV Partners one month after production;

thus, the cash received by the Trust during the

three months ended June 30, 2021 substantially represents the production by MV Partners from December 2020 through February 2021,

and the cash received by the Trust during the three months ended June 30, 2020 substantially represents the production by MV Partners

from December 2019 through February 2020.

The cash received by the Trust during the six months ended June 30, 2021 substantially

represents the production by MV Partners from September 2020 through February 2021, and the cash received by the Trust during

the six months ended June 30, 2020 substantially represents the production by MV Partners from September 2019 through February 2020.

For the three and six months ended June 30,

2021 and 2020, MV Purchasing, LLC, which is majority-owned by the indirect equity owners of MV Partners, purchased a majority of the production

from the underlying properties.

Sales to MV Purchasing, LLC are under short-term arrangements, ranging from one to six months, using market-sensitive

Note 6—Income Taxes

Sales to MV Purchasing, LLC are under short-term arrangements, ranging from one to six months, using

market-sensitive pricing.

Note 6—Income Taxes

The Trust is a Delaware statutory trust and is

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Accordingly, no provision for federal or state income taxes has been made.

Note 7—Distributions to Unitholders

MV Partners makes quarterly payments of the net

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2020 through December 31, 2020.

The second quarterly distribution during 2021 was

$2,415,000, or $0.210 per Trust unit, and was made on April 23, 2021 to Trust unitholders owning Trust units as of April 15,

Such distribution included the net proceeds of production collected by MV Partners from January 1, 2021 through March 31,

The first quarterly distribution during 2020 was

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2019 through December 31, 2019.

Note 8—Advance for Trust Expenses

The second quarterly distribution during 2020 was

$2,357,500, or $0.205 per Trust unit, and was made on April 24, 2020 to Trust unitholders owning Trust units as of April 15,

Such distribution included the net proceeds of production collected by MV Partners from January 1, 2020 through March 31,

Note 8—Advance for Trust Expenses

Under the terms of the Trust Agreement, the Trustee

is allowed to borrow money to pay Trust expenses.

During the three months ended March 31, 2021 and 2020, there were no borrowings

During the three months ended June 30, 2021 and 2020, there were no borrowings

or amounts owed for money borrowed in previous quarters.

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the Trustee to protect the Trust against the risk that it does not have sufficient cash to pay future expenses.

Note 9—Subsequent Events

The second quarterly distribution during 2021 was

$2,415,000, or $0.210 per Trust unit, and was made on April 23, 2021 to Trust unitholders owning Trust units as of April 15,

Such distribution included the net proceeds attributable to the sale of production received by MV Partners from January 1,

2021 through March 31, 2021.

Trustee’s Discussion and Analysis of Financial Condition

Note 9—Subsequent Events

The third quarterly distribution during 2021 was

$3,450,000, or $0.300 per Trust unit, and was made on July 23, 2021 to Trust unitholders owning Trust units as of July 16, 2021.

Such distribution included the net proceeds of production collected by MV Partners from April 1, 2021 through June 30, 2021.

Trustee’s Discussion and Analysis of Financial Condition

and Results of Operations.

The following discussion of the Trust’s financial

condition and results of operations should be read in conjunction with the financial statements and notes thereto.

The Trust’s purpose

is, in general, to hold the net profits interest, to distribute to the Trust unitholders cash that the Trust receives in respect of the

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and financial markets, as well as global demand for crude oil and natural gas.

The West Texas Intermediate (“WTI”) spot

price of crude oil dropped sharply in the beginning of 2020, from $61.18 per barrel on January 2, 2020 to $12.34 per barrel on April

28, 2020, primarily attributable to the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia

and the members of the Organization of Petroleum Exporting Countries (“OPEC”), which resulted in an oversupply of crude oil

and exacerbated the decline in crude oil prices.

The responses by federal, state and local governmental authorities to the pandemic have

also resulted in significant business and operational disruptions, including business closures, supply chain disruptions, travel restrictions, stay-at-home orders

and limitations on the availability of workforces.

After April 28, 2020, the WTI price started increasing slowly and averaged $40.18 for

the months of September 2020 through November 2020, which is the production period represented in the cash received by the Trust for the

quarter ended March 31, 2021.

As of April 2021, the WTI price has increased to pre-COVID levels, and the distribution for the quarterly

payment period ended March 31, 2021 was almost double that of the distribution for the quarterly payment period ended December 31, 2020.

Nevertheless, prices could decline again, and the Trust’s quarterly cash distributions could similarly decline, depending on future

actions by OPEC or the future course of the ongoing COVID-19 pandemic.

The West Texas Intermediate (“WTI”) spot

price of crude oil dropped sharply in the beginning of 2020, from $61.18 per barrel on January 2, 2020 to $12.34 per barrel

on April 28, 2020, primarily attributable to the economic effects of the COVID-19 pandemic and the dispute over production levels

between Russia and the members of the Organization of Petroleum Exporting Countries (“OPEC”), which resulted in an oversupply

of crude oil and exacerbated the decline in crude oil prices.

The responses by federal, state and local governmental authorities to the

pandemic have also resulted in significant business and operational disruptions, including business closures, supply chain disruptions,

travel restrictions, stay-at-home orders and limitations on the availability of workforces.

After April 28, 2020, the WTI

price started increasing and has returned to pre-COVID levels.

Nevertheless, prices could decline again, and the Trust’s quarterly

cash distributions could similarly decline, depending on future actions by OPEC or the future course of the ongoing COVID-19 pandemic.

Results of Operations

Results of Operations for the Quarters Ended March 31, 2021

Results of Operations for the Quarters Ended June 30, 2021

The cash received by the Trust from MV Partners

during the quarter ended March 31, 2021 substantially represents the production by MV Partners from September 2020 through November 2020.

The cash received by the Trust from MV Partners during the quarter ended March 31, 2020 substantially represents the production by

MV Partners from September 2019 through November 2019.

during the quarter ended June 30, 2021 substantially represents the production by MV Partners from December 2020 through February 2021.

The cash received by the Trust from MV Partners during the quarter ended June 30, 2020 substantially represents the production

by MV Partners from December 2019 through February 2020.

The revenues from oil production are typically received by MV Partners

one month after production.

The Trust’s income from net profits interest decreased $1,099,403 to $1,326,752 for the quarter ended

March 31, 2021 from $2,426,155 for the quarter ended March 31, 2020.

The decrease was primarily due to a $1,374,253 decrease

in excess of revenues over direct operating expenses and lease equipment and development costs for the underlying properties to $1,658,440

The Trust’s income from net profits interest decreased $599,622 to $2,622,374 for the quarter ended

June 30, 2021 from $3,221,996 for the quarter ended June 30, 2020.

The decrease was primarily due to a $749,527 decrease in

excess of revenues over direct operating expenses and lease equipment and development costs for the underlying properties to $3,277,967

from $4,027,494 for the same period in the prior year.

These amounts were reduced by a Trust holdback for future expenses of $61,752 and

$241,155 for the quarters ended March 31, 2021 and 2020, respectively.

The Trustee paid general and administrative expenses of $405,752

and $215,158 for the quarters ended March 31, 2021 and 2020, respectively.

During the quarters ended March 31, 2021 and 2020, MV

Partners did not withhold or release any dollar amounts due to the Trust from the previously established reserve for future capital expenditures.

These factors resulted in distributable income for the quarter ended March 31, 2021 of $1,265,000, a decrease of $920,000 from $2,185,000

for the quarter ended March 31, 2020.

These amounts were reduced by a Trust holdback for future expenses of $207,374

and $864,496 for the quarters ended June 30, 2021 and 2020, respectively.

This decrease of $657,122 is primarily the result of including

an amount estimated to be sufficient to pay Trust expenses through April 2021 from the quarter ended June 30, 2020.

paid general and administrative expenses of $160,032 and $265,756 for the quarters ended June 30, 2021 and 2020, respectively.

the quarters ended June 30, 2021 and 2020, MV Partners did not withhold or release any dollar amounts due to the Trust from the previously

established reserve for future capital expenditures.

These factors resulted in distributable income for the quarter ended June 30,

2021 of $2,415,000, an increase of $57,500 from $2,357,500 for the quarter ended June 30, 2020.

The average price received for crude oil sold was

$47.51 per Bbl and the average price received for natural gas sold was $2.18 per Mcf for the period from January 1, 2021 through

March 31, 2021.

The average price received for crude oil sold was $51.70 per Bbl and the average price received for natural gas sold

was $1.92 per Mcf for the period from January 1, 2020 through March 31, 2020.

The overall production sales volumes attributable

to the net profits interest for the oil and gas production collected during the period from January 1, 2021 through March 31,

2021 were 124,275 Bbls of oil, 8,798 Mcf of natural gas and 24 Bbls of natural gas liquids for total barrels of oil equivalent of

The overall production sales volumes attributable to the net profits interest for the oil and gas production collected during

the period from January 1, 2020 through March 31, 2020 were 144,591 Bbls of oil, 7,326 Mcf of natural gas and 21 Bbls of natural

gas liquids for total barrels of oil equivalent of 145,826.

Results of Operations for the Six Months Ended June 30, 2021

The cash received by the Trust from MV Partners

during the six months ended June 30, 2021 substantially represents the production by MV Partners from September 2020 through

February 2021.

The cash received by the Trust from MV Partners during the six months ended June 30, 2020 substantially represents

the production by MV Partners from September 2019 through February 2020.

The revenues from oil production are typically received

by MV Partners one month after production.

The Trust’s income from net profits interest decreased $1,699,025 to $3,949,126 for the

six months ended June 30, 2021 from $5,648,151 for the six months ended June 30, 2020.

The decrease was primarily due to a $2,123,781

decrease in excess of revenues over direct operating expenses and lease equipment and development costs for the underlying properties

to $4,936,407 from $7,060,188 for the same period in the prior year.

Additionally, the Trustee held back $269,126 for future expenses

for the six months ended June 30, 2021 and $1,105,650 for the six months ended June 30, 2020.

This decrease of $836,525 is primarily

the result of including an amount estimated to be sufficient to pay Trust expenses through April 2021 during the six months ended

June 30, 2020.

The Trustee paid general and administrative expenses of $565,784 and $480,914 for the six months ended June 30,

2021 and 2020, respectively.

During the six months ended June 30, 2021 and 2020, MV Partners did not withhold or release any dollar

amounts due to the Trust from the previously established reserve for future capital expenditures.

These factors resulted in distributable

income for the six months ended June 30, 2021 of $3,680,000, a decrease of $862,500 from $4,542,500 for the six months ended June 30,

The average price received for crude oil sold was

$41.34 per Bbl and the average price received for natural gas sold was $1.91 per Mcf for the period from October 1, 2020 through

December 31, 2020.

The average price received for crude oil sold was $51.34 per Bbl and the average price received for natural gas

sold was $1.39 per Mcf for the period from October 1, 2019 through December 31, 2019.

overall production sales volumes attributable to the net profits interest for the oil and gas production collected during the period from

October 1, 2020 through December 31, 2020 were 132,202 Bbls of oil, 7,096 Mcf of natural gas and 23 Bbls of natural gas liquids,

for a total of 133,399 barrels of oil equivalent.

The overall production sales volumes attributable to the net profits interest

for the oil and gas production collected during the period from October 1, 2019 through December 31, 2019 were 144,383 Bbls

of oil, 5,762 Mcf of natural gas and 153 Bbls of natural gas liquids, for a total of 145,443 barrels of oil equivalent.

March 31, 2021.

The average price received for crude oil sold was $51.52 per Bbl and the average price received for natural gas sold

was $1.69 per Mcf for the period from October 1, 2019 through March 31, 2020.

The overall production sales volumes attributable

to the net profits interest for the oil and gas production collected during the period from October 1, 2020 through March 31,

2021 were 256,477 Bbls of oil, 15,894 Mcf of natural gas and 47 Bbls of natural gas liquids for a total barrels of oil equivalent

The overall production sales volumes attributable to the net profits interest for the oil and gas production collected during

the period from October 1, 2019 through March 31, 2020 were 288,974 Bbls of oil, 13,089 Mcf of natural gas and 174 Bbls of natural

gas liquids for a total barrels of oil equivalent of 291,269.

Liquidity and Capital Resources

Other than Trust administrative expenses, including

any reserves established by the Trustee for future liabilities, the Trust’s only use of cash is for distributions to Trust unitholders.

Administrative expenses include payments to the Trustee as well as an annual administrative fee to MV Partners pursuant to an administrative

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cash, if any, received by the Trust from the net profits interest and payments from other sources (such as interest earned on any amounts

reserved by the Trustee) in that quarter, over the Trust’s expenses paid for that quarter.

Available funds are reduced by any cash

the Trustee decides to hold as a reserve against future expenses.

As of March 31, 2021, $160,600 was held by the Trustee as such

As of June 30, 2021, $208,000 was held by the Trustee as such a

The Trustee may cause the Trust to borrow funds

required to pay expenses if the Trustee determines that the cash on hand and the cash to be received are insufficient to cover the Trust’s

If the Trust borrows funds, the Trust unitholders will not receive distributions until the borrowed funds are repaid.

the quarters ended March 31, 2021 and 2020, there were no such borrowings.

MV Partners has provided a letter of credit in the amount

of $1.8 million to the Trustee to protect the Trust against the risk that it does not have sufficient cash to pay future expenses.

the three and six months ended June 30, 2021 and 2020, there were no such borrowings.

MV Partners has provided a letter of credit

in the amount of $1.8 million to the Trustee to protect the Trust against the risk that it does not have sufficient cash to pay future

Income to the Trust from the net profits interest

is based on the calculation and definitions of “gross proceeds” and “net proceeds” contained in the conveyance.

is based on the calculation and definitions of “gross proceeds”

and “net proceeds”

contained in the conveyance.

As substantially all of the underlying properties

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a capital reserve of up to $1,000,000 in the aggregate at any given time to reduce the impact on distributions of uneven capital expenditure

As of March 31, 2021, $1,000,000 was held by MV Partners as a capital reserve.

As of June 30, 2021, $1,000,000 was held by MV Partners as a capital reserve.

The Trust does not have any transactions, arrangements

or other relationships with unconsolidated entities or persons that could materially affect the Trust’s liquidity or the availability

of capital resources.

Note Regarding Forward-Looking Statements

This Form 10-Q includes “forward-looking

statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities

Exchange Act of 1934, as amended (the “Exchange Act”).

This Form 10-Q includes “forward-looking

statements”

within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities

Exchange Act of 1934, as amended (the “Exchange Act”).

All statements other than statements of historical fact included in

this Form 10-Q, including without limitation the statements under “Trustee’s Discussion and Analysis of Financial Condition

and Results of Operations” are forward-looking statements.

this Form 10-Q, including without limitation the statements under “Trustee’s Discussion and Analysis of Financial Condition

and Results of Operations”

are forward-looking statements.

Although MV Partners advised the Trust that it believes that the expectations

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to have been correct.

Important factors that could cause actual results to differ materially from expectations (“Cautionary Statements”)

are disclosed in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “Form 10-K”),

including under the section “Item 1A.

Risk Factors”.

All subsequent written and oral forward-looking statements attributable

to the Trust or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements.

Important factors that could cause actual results to differ materially from expectations (“Cautionary Statements”)

are disclosed in this Form 10-Q and in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020

(the “Form 10-K”), including under the section “Item 1A.

Risk Factors”.

All subsequent written and oral forward-looking

statements attributable to the Trust or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements.

Quantitative and Qualitative Disclosures About Market Risk.

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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