What changed in this filing

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Item 1. Financial Statements

2026-05-13 compared with 2025-11-10 · 130 added, 234 removed, 235 unchanged (61% of the section changed)

1 unchanged sentence

VOC ENERGY TRUST

STATEMENTS OF DISTRIBUTABLE

September 30,

Nine months ended

September 30,

STATEMENTS OF DISTRIBUTABLE INCOME

Three months ended

Income from net profits interest

Cash on hand withheld for Trust expenses

and administrative expenses (1)

Cash on hand used (withheld) for Trust expenses

General and administrative expenses (1)

Distributable income

Distributions

per Trust unit (17,000,000 Trust units issued and outstanding at September 30, 2025 and 2024)

(1) Includes $32,464 and $31,215 paid to VOC Brazos Energy Partners, LP (“VOC Brazos”)

during the three months ended September 30, 2025 and 2024, respectively, and $96,143 and $92,444

during the nine months ended September 30, 2025 and 2024, respectively.

Also includes $37,500

paid to The Bank of New York Mellon Trust Company, N.A.

during each of the three months ended September 30,

2025 and 2024 and $112,500 during each of the nine months ended September 30, 2025 and 2024.

Distributions per Trust unit (17,000,000 Trust units issued and outstanding at March 31, 2026 and 2025)

(1) Includes $32,464 and $31,215 paid to VOC Brazos Energy Partners, LP (“VOC

Brazos”) during the three months ended March 31, 2026 and 2025, 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, 2026 and 2025.

STATEMENTS OF ASSETS AND TRUST CORPUS

September 30,

Cash and cash equivalents

3 unchanged sentences

(132,218,252 )

corpus, 17,000,000 Trust units issued and outstanding at September 30, 2025 and December 31, 2024

Trust corpus, 17,000,000 Trust units issued and outstanding at March 31, 2026 and December 31, 2025

STATEMENTS OF CHANGES IN TRUST CORPUS

Three months ended

September 30,

Nine months ended

September 30,

Trust corpus, beginning of period

5 unchanged sentences

The accompanying notes are an integral part of

these condensed financial statements.

these financial statements.

VOC ENERGY TRUST

NOTES TO FINANCIAL STATEMENTS

Organization of the Trust

Organization of

VOC Energy Trust (the “Trust”) is

1 unchanged sentence

to a Trust Agreement dated November 3, 2010 (as amended and restated on May 10, 2011, the “Trust Agreement”) among

VOC Brazos Energy Partners, L.P., a Texas limited partnership (“VOC Brazos”), 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”).

VOC Brazos Energy Partners, L.P., a Texas limited partnership (“VOC Brazos”), 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 net profits interest for the benefit of the Trust unitholders.

6 unchanged sentences

May 2011, VOC Brazos acquired all of the membership interests in VOC Kansas in exchange for newly issued limited partner interests

in VOC Brazos pursuant to a Contribution and Exchange Agreement, dated August 30, 2010, as amended, by and between VOC Brazos and

in VOC Brazos pursuant to a Contribution and Exchange Agreement, dated August 30, 2010, as amended, by and between VOC Brazos

and VOC Kansas.

This resulted in VOC Kansas becoming a wholly-owned subsidiary of VOC Brazos.

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wind up its affairs and terminate.

As of September 30, 2025, cumulatively, since

As of March 31, 2026, cumulatively, since

inception, the Trust has received payment for 80% of the net proceeds attributable to VOC Brazos’

interest from the sale of 9.8

MMBoe of production from the underlying properties (which is the equivalent of 7.6 MMBoe (unaudited) in respect of the net profits interest).

MMBoe of production from the underlying properties (which is the equivalent of 7.8 MMBoe (unaudited) in respect of the net profits

The Trustee can authorize the Trust to borrow

8 unchanged sentences

Corpus as of December 31, 2025, which has been derived from audited financial statements, and the unaudited interim financial statements

as of September 30, 2025 and for the three- and nine-month periods ended September 30, 2025 and 2024, 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 omitted pursuant to those rules and regulations.

as of March 31, 2026 and for the three-month periods ended March 31, 2026 and 2025, 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 omitted pursuant to those rules and regulations.

The preparation of financial statements requires

8 unchanged sentences

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

Trust Accounting Policies

Trust Accounting

The Trust uses the modified cash basis of accounting

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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 VOC Brazos and out-of-pocket

expenses, are recognized when paid.

GAAP, 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.

Cash distributions of the Trust will

be made based on the amount of cash received by the Trust pursuant to terms of the conveyance that created the Trust’s net profits

Expenses of the Trust, which include accounting, engineering, legal and other professional fees, Trustee fees, an administrative

fee paid to VOC Brazos and out-of-pocket expenses, are recognized when paid.

GAAP, 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.

This comprehensive basis of accounting other than

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There was no impairment of the investment in the net profits interest

during the quarters ended September 30, 2025 or 2024.

during the quarters ended March 31, 2026 or 2025.

The Trust has one business activity as the owner

8 unchanged sentences

No new accounting pronouncements were adopted

or issued during the quarter ended September 30, 2025 that would impact the financial statements of the Trust.

Investment in Net Profits Interest

or issued during the quarter ended March 31, 2026 that would impact the financial statements of the Trust.

Investment in Net

Profits Interest

The net profits interest was recorded at the historical

9 unchanged sentences

$ 140,591,606

Income from Net Profits Interest

Income from Net

Profits Interest

Three months ended

September 30,

Nine months ended

September 30,

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

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

Times 80% net profits interest to Trust

Income from net

profits interest before reserve adjustments

Brazos reserve for future development, maintenance or operating expenditures (2)

from net profits interest (3)

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

expenses and costs incurred by VOC Brazos during each of the March through May production

periods for the three months ended September 30 and during each of the September through

May production periods for the nine months ended September 30.

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, VOC Brazos can reserve up

to $1.0 million for future development, maintenance or operating expenditures at any time.

three months ended September 30, 2025 and 2024, and the nine months ended September 30, 2025

and 2024, VOC Brazos did not withhold or release any dollar amounts due to the Trust from the reserve.

The reserve balance was $1.0 million at September 30, 2025 and 2024.

(3) The income from net profits interest is based upon the cash receipts from VOC Brazos for the oil

and gas production.

The revenues from oil production are typically received by VOC Brazos one month

after production;

thus, the cash received by the Trust during the three months ended September 30,

2025 substantially represents production by VOC Brazos from March 2025 through May 2025,

and the cash received by the Trust during the three months ended September 30, 2024 substantially

represents production by VOC Brazos from March 2024 through May 2024.

The cash received

by the Trust during the nine months ended September 30, 2025 substantially represents production

by VOC Brazos from September 2024 through May 2025, and the cash received by the Trust during

the nine months ended September 30, 2024 substantially represents production by VOC Brazos from

September 2023 through May 2024.

For the three and nine months ended September 30,

Income from net profits interest before reserve adjustments

VOC Brazos reserve for future development, maintenance or

operating expenditures (2)

Income from net profits interest (3)

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

and development costs reflect expenses and costs incurred by VOC Brazos 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.

(2) Pursuant to the terms of the conveyance of the net profits interest,

VOC Brazos can reserve up to $1.0 million for future development, maintenance or operating

expenditures at any time.

During the three months ended March 31, 2026 and 2025, VOC

Brazos did not withhold or release any dollar amounts due to the Trust from the reserve.

The reserve balance was $1.0 million at March 31, 2026 and 2025.

(3) The income from net profits interest is based upon the cash receipts

from VOC Brazos for the oil and gas production.

The revenues from oil production are typically

received by VOC Brazos one month after production;

thus, the cash received by the Trust during

the three months ended March 31, 2026 substantially represents production by VOC Brazos

from September 2025 through November 2025.

The cash received by the Trust during

the three months ended March 31, 2025 substantially represents production by VOC Brazos

from September 2024 through November 2024.

For the three months ended March 31, 2026

and 2025, MV Purchasing, LLC, an affiliate of VOC Brazos, purchased a significant portion of the production of the underlying properties.

3 unchanged sentences

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

Distributions to Unitholders

Distributions to

VOC Brazos makes quarterly payments of the net

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Such distribution included the net proceeds of production collected by VOC Brazos from October 1, 2025 through December 31,

The second quarterly distribution during 2025

was $2,210,000, or $0.13 per Trust Unit, and was made on May 15, 2025 to Trust unitholders owning Trust Units as of April 30,

Such distribution included the net proceeds of production collected by VOC Brazos from January 1, 2025 through March 31,

The third quarterly distribution during 2025 was

$1,870,000, or $0.11 per Trust Unit, and was made on August 14, 2025 to Trust unitholders owning Trust Units as of July 30,

Such distribution included the net proceeds of production collected by VOC Brazos from April 1, 2025 through June 30,

The first quarterly distribution during 2025 was

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Such distribution included the net proceeds of production collected by VOC Brazos from October 1, 2024 through December 31,

The second quarterly distribution during 2024

was $3,060,000, or $0.18 per Trust Unit, and was made on May 15, 2024 to Trust unitholders owning Trust Units as of April 30,

Such distribution included the net proceeds of production collected by VOC Brazos from January 1, 2024 through March 31,

The third quarterly distribution during 2024 was

$3,060,000, or $0.18 per Trust Unit, and was made on August 14, 2024 to Trust unitholders owning Trust Units as of July 30,

Such distribution included the net proceeds of production collected by VOC Brazos from April 1, 2024 through June 30,

Advance for Trust Expenses

Trust Expenses

Under the terms of the Trust Agreement, the Trustee

is allowed to borrow money to pay Trust expenses.

During the three and nine months ended September 30, 2025 and 2024, there were

no borrowings or amounts owed for money borrowed in previous quarters.

Under the terms of the Trust Agreement, VOC Brazos has provided

a letter of credit in the amount of $1.7 million to the Trustee to protect the Trust against the risk that it does not have sufficient

cash to pay future expenses.

During the three months ended March 31, 2026 and 2025, there were no borrowings

or amounts owed for money borrowed in previous quarters.

Under the terms of the Trust Agreement, VOC Brazos has provided a letter of

credit in the amount of $1,700,000 to the Trustee to protect the Trust against the risk that it does not have sufficient cash to pay

future expenses.

Subsequent Events

On October 20, 2025, the Trust announced

a Trust distribution of net profits for the quarterly payment period ended September 30, 2025.

Unitholders of record on October 30,

2025 will receive a distribution amounting to $1,870,000, or $0.11 per Trust Unit, which will be paid on November 14, 2025.

On April 20, 2026, the Trust announced a

Trust distribution of net profits for the quarterly payment period ended March 31, 2026.

Unitholders of record on April 30,

2026 will receive a distribution amounting to $1,615,000, or $0.095 per Trust Unit, which will be paid on May 15, 2026.

Trustee’s Discussion and Analysis of Financial Condition

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Results of Operations

Results of Operations for the Quarters Ended September 30,

2025 and 2024

Results of Operations for the Quarters Ended March 31, 2026

The following is a summary of income from net

profits interest received by the Trust for the three months ended September 30, 2025 and 2024 consisting of the July distribution

profits interest received by the Trust for the three months ended March 31, 2026 and 2025 consisting of the January distribution

for each respective year:

Three months ended

September 30,

Sales volumes:

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Development expenses

Excess of revenues over

direct operating expenses and lease equipment and development costs

Times net profits interest over the term

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

Times net profits interest over the term of the Trust

Income from net profits interest before reserve adjustments

VOC Brazos reserve for future development,

maintenance or operating expenditures

VOC Brazos reserve for future development, maintenance or operating expenditures

Income from net profits interest

The cash received by the Trust from VOC Brazos

during the quarter ended September 30, 2025 substantially represents the production by VOC Brazos from March 2025 through May 2025.

The cash received by the Trust from VOC Brazos during the quarter ended September 30, 2024 substantially represents the production

by VOC Brazos from March 2024 through May 2024.

The revenues from oil production are typically received by VOC Brazos one month

after production.

during the quarter ended March 31, 2026 substantially represents the production by VOC Brazos from September 2025 through November 2025.

The cash received by the Trust from VOC Brazos during the quarter ended March 31, 2025 substantially represents the production

by VOC Brazos from September 2024 through November 2024.

The revenues from oil production are typically received by VOC Brazos

one month after production.

Gross proceeds .

Oil and natural gas sales

were $7,225,060 for the three months ended September 30, 2025, a decrease of $2,045,847 or 22.1% from $9,270,907 for the three months

ended September 30, 2024.

Revenues are a function of oil and natural gas volumes sold and prices received.

The decrease in gross

proceeds was due to a decrease in the market price for oil sales partially offset by an increase in the market price for natural gas

sales during the third quarter of 2025.

During the three months ended September 30, 2025, the average price for oil decreased 22.0%

to $61.11 per Bbl and the average price for natural gas increased 35.9% to $3.72 per Mcf.

Oil sales volumes were 115,025 Bbls for

the three months ended September 30, 2025, a decrease of 981 Bbls or 0.8% from 116,006 Bbls for the three months ended September 30,

2024, while natural gas sales volumes were 52,514 Mcf, a decrease of 13,301 Mcf or 20.2% from 65,815 Mcf for the same period in 2024.

were $6,496,072 for the three months ended March 31, 2026, a decrease of $1,065,546 or 14.1% from $7,561,618 for the three months

ended March 31, 2025.

Revenues are a function of oil and natural gas sales prices and volumes sold.

The decrease in gross proceeds

was due to decreases in market prices for oil and decreases in oil and natural gas sales volumes during the first quarter of 2026.

the three months ended March 31, 2026, the average price for oil decreased 13.6% to $58.49 per Bbl and the average price for natural

gas increased 14.8% to $2.95 per Mcf.

During the three months ended March 31, 2026, oil sales volumes were 108,032 Bbls, a decrease

of 1,126 Bbls or 1.0% from 109,158 Bbls for the three months ended March 31, 2025, while natural gas sales volumes were 59,866 Mcf,

a decrease of 6,732 Mcf or 10.1% from 66,598 Mcf for the same period in 2025.

Lease operating expenses were $3,397,704

for the three months ended September 30, 2025, a decrease of $273,707 or 7.2% from $3,784,091 for the three months ended September 30,

Production and property taxes were $564,734 for the three months ended September 30, 2025, an increase of $25,265 or 4.7%

from $539,469 for the same period in 2024.

This increase is the result of an increase of $14,669 or 8.3% in production taxes due primarily

to a tax refund for the three months ended September 30, 2024 and an increase of $10,596 or 2.9% in property taxes.

expenses were $453,043 for the three months ended September 30, 2025, a decrease of $246,031 or 35.2% from $699,074 for the same

period in 2024.

This increase was primarily due to decreased development activity during the three months ended September 30, 2025,

compared to the three months ended September 30, 2024.

for the three months ended March 31, 2026, a decrease of $33,497 or 1.0% from $3,431,201 for the three months ended March 31,

Production and property taxes were $428,202 for the three months ended March 31, 2026, a decrease of $414,147 or 49.2% from

$842,349 for the same period in 2025.

This decrease was due to a $387,877 or 59.9% decrease in property taxes and a $26,270 or 13.5%

decrease in production taxes due to lower oil prices and lower oil and gas volumes.

Development expenses were $687,511 for the three

months ended March 31, 2026, a decrease of $227,032 or 24.8% from $914,543 for the same period in 2025.

This decrease was primarily

due to a decrease in development expenses during the three months ended March 31, 2026, compared to the three months ended March 31,

Excess of revenues over direct operating expenses

1 unchanged sentence

The excess of revenues over direct operating expenses and lease equipment and development

costs from the underlying properties was $2,696,899 for the three months ended September 30, 2025, a decrease of $1,551,374 or 36.5%

from $4,248,273 for the three months ended September 30, 2024.

The Trust’s 80% net profits interest of these totals was $2,157,519

costs from the underlying properties was $1,982,655 for the three months ended March 31, 2026, a decrease of $390,870 or 16.5% from

$2,373,525 for the three months ended March 31, 2025.

The Trust’s 80% net profits interest of these totals were $1,586,124

and $1,898,820, respectively.

During the three months ended September 30, 2025 and 2024, VOC Brazos did not withhold or release

any dollar amounts due to the Trust from the previously established cash reserve for future development, maintenance or operating expenditures,

During the three months ended March 31, 2026 and 2025, VOC Brazos did not withhold or release any

dollar amounts due to the Trust from the previously established cash reserve for future development, maintenance or operating expenditures,

which resulted in income from the net profits interest of $1,586,124 and $1,898,820 for such periods, respectively.

These amounts were

reduced by a Trustee holdback for current estimated Trust expenses of $287,519 and $338,618 for the three months ended September 30,

2025 and 2024, respectively.

The Trustee paid general and administrative expenses of $156,192 for the three months ended September 30,

2025, a decrease of $46,296 from $202,488 for the three months ended September 30, 2024.

These factors resulted in distributable

income for the three months ended September 30, 2025 of $1,870,000, a decrease of $1,190,000 from $3,060,000 for the three months

ended September 30, 2024.

Results of Operations for the Nine Months Ended September 30,

2025 and 2024

The following is a summary of income from net

profits interest received by the Trust for the nine months ended September 30, 2025 and 2024 consisting of the January, April and

July distributions for each respective year:

Nine months ended

September 30,

Sales volumes:

Natural gas (Mcf)

Average sales prices:

Oil (per Bbl)

Natural gas (per Mcf)

Gross proceeds:

Natural gas sales

Total gross proceeds

Production and development costs:

Lease operating expenses

Production and property taxes

Development expenses

Excess of revenues over

direct operating expenses and lease equipment and development costs

Times net profits interest over the term

Income from net profits interest before reserve adjustments

Brazos reserve for future development, maintenance or operating expenditures

Income from net profits interest

The cash received by the Trust from VOC Brazos

during the nine months ended September 30, 2025 substantially represents the production by VOC Brazos from September 2024 through

The cash received by the Trust from VOC Brazos during the nine months ended September 30, 2024 substantially

represents the production by VOC Brazos from September 2023 through May 2024.

The revenues from oil production are typically

received by VOC Brazos one month after production.

Gross proceeds .

Oil and natural gas

sales were $22,599,186 for the nine months ended September 30, 2025, a decrease of $4,442,483 or 16.4% from $27,041,669 for the

nine months ended September 30, 2024.

Revenues are a function of oil and natural gas volumes sold and prices received.

decrease in gross proceeds was due to decreases in oil and natural gas sales volumes and in the market price for oil sales partially

offset by a slight increase in the market price for natural gas sales during the nine months ended September 30, 2025.

the nine months ended September 30, 2025, the average price for oil decreased 14.4% to $65.96 per Bbl and the average price for

natural gas increased 7.0% to $3.24 per Mcf.

Oil sales volumes were 333,850 Bbls for the nine months ended September 30, 2025, a

decrease of 9,095 Bbls or 2.7% from 342,945 Bbls for the nine months ended September 30, 2024, while natural gas sales volumes were

178,083 Mcf, a decrease of 20,461 Mcf or 10.3% from 198,544 Mcf for the same period in 2024.

Lease operating expenses were

$10,628,735 for the nine months ended September 30, 2025, a decrease of $375,358 or 3.4% from $11,004,093 for the nine months ended

September 30, 2024.

Production and property taxes were $1,612,659 for the nine months ended September 30, 2025, an increase

of $54,978 or 3.5% from $1,557,681 for the nine months ended September 30, 2024.

This increase is the result of a decrease of $47,277

or 7.4% in production taxes due primarily to lower sales volumes for oil and natural gas and an increase of $102,255 or 11.1% in property

Development expenses were $2,181,181 for the nine months ended September 30, 2025, an increase of $676,530 or 45.0% from

$1,504,651 for the same period in 2024.

This increase was primarily due to increased development activity during the nine months ended

September 30, 2025, compared to the nine months ended September 30, 2024.

Excess of revenues over direct operating expenses

and lease equipment and development costs.

The excess of revenues over direct operating expenses and lease equipment and development

costs from the underlying properties was $8,176,611 for the nine months ended September 30, 2025, a decrease of $4,798,633 or 37.0%

from $12,975,244 for the nine months ended September 30, 2024.

The Trust’s 80% net profits interest of these totals was

reduced by a Trustee holdback for current estimated Trust expenses of $56,124 and $453,820 for the three months ended March 31,

2026 and 2025, respectively.

During the nine months ended September 30, 2025 and 2024, VOC Brazos did not withhold

or release any dollar amounts due to the Trust from the previously established cash reserve for future development, maintenance or operating

expenditures, which resulted in income from the net profits interest of $6,541,289 and $10,380,195 for such periods, respectively.

amounts were reduced by a Trustee holdback for current estimated Trust expenses of $1,016,289 and $1,030,195 for the nine months ended

September 30, 2025 and 2024, respectively.

The Trustee paid general and administrative expenses of $782,604 for the nine months

ended September 30, 2025, an increase of $102,820 from $679,784 for the nine months ended September 30, 2024.

These factors

resulted in distributable income of $5,525,000 for the nine months ended September 30, 2025 and $9,350,000 for the nine months ended

September 30, 2024.

The Trustee paid general and administrative expenses of $311,650 for the three months ended March 31,

2026, a decrease of $100,871 from $412,521 for the three months ended March 31, 2025.

These factors resulted in distributable income

for the three months ended March 31, 2026 of $1,530,000, an increase of $85,000 from $1,445,000 for the three months ended March 31,

Liquidity and Capital Resources

9 unchanged sentences

that the Trustee decides to reserve for future development, maintenance or operating expenses.

As of September 30, 2025, the Trustee

As of March 31, 2026, the Trustee

held $1,771,113 as cash and cash equivalents on the accompanying Statements of Assets and Trust Corpus, which includes the $1.175 million

3 unchanged sentences

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

the three and nine months ended September 30, 2025 and 2024, there were no such borrowings.

VOC Brazos has provided a letter of

credit in the amount of $1.7 million to the Trustee to protect the Trust against the risk that it does not have sufficient cash

to pay future expenses.

During the three months ended March 31, 2026 and 2025, there were no such borrowings.

VOC Brazos has provided a letter of credit

in the amount of $1.7 million to the Trustee to protect the Trust against the risk that it does not have sufficient cash to pay future

From the first quarter of 2022 to the second quarter

18 unchanged sentences

reduce the impact on distributions of uneven capital expenditure timing.

The cash reserve balance was $1,000,000 at September 30,

2025 and 2024.

The cash reserve balance was $1,000,000 on March 31, 2026

Note Regarding Forward-Looking Statements

6 unchanged sentences

and Results of Operations”, are forward-looking statements.

Although VOC Brazos advised the Trust that it believes that the

expectations reflected in the forward-looking statements contained herein are reasonable, such expectations may not prove to have been

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, 2024

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

Although VOC Brazos advised the Trust that it believes that the expectations

reflected in the forward-looking statements contained herein are reasonable such expectations may not prove to have been correct.

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, 2025 (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.

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