10-Q 1 rici-20130630x10q.htm 10-Q 49ebf7a1e30e46d

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

(Mark One)

 

x  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2013

OR

o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                          to             

Commission File number:     000-53647

RICI® Linked – PAM Advisors Fund, LLC

(Exact name of registrant as specified in charter)

 

 

 

 

 

 

Delaware

 

38-3743129

(State or other jurisdiction of

 

(IRS Employer Identification No.)

incorporation or organization)

 

 

 

 

 

c/o Price Asset Management, Inc.

 

 

141 West Jackson Blvd., Suite 1320A

 

 

Chicago, IL

 

60604

(Address of Principal Executive Offices)

 

(Zip Code)

 

(877) 261-4400

(Registrant’s telephone number, including area code)

 

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x    No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x    No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. 

 

 

 

 

Large accelerated filer o

Accelerated filer   o

Non-accelerated filer x  (Do not check if a smaller reporting company)

Smaller reporting company   o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o   No x

1


 

PART I - FINANCIAL INFORMATION

 

 

ITEM 1.            FINANCIAL STATEMENTS

 

The following unaudited financial statements of RICI® Linked – PAM Total Index Series and RICI® Linked PAM Agricultural Sector Series, each a series of RICI® Linked – PAM Advisors Fund, LLC, as well as the unaudited financial statements of RICI® Linked – PAM Advisors Fund, LLC, are included in Item 1:

 

 

 

 

2


 

RICI® Linked - PAM Advisors Fund, LLC

Statements of Financial Condition

 

June 30, 2013 (Unaudited) and December 31, 2012 (Audited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Index Series

 

Agricultural Sector Series

 

RICI® Linked - PAM Advisors Fund, LLC

 

 

June 30, 2013

December 31, 2012

 

June 30, 2013

December 31, 2012

 

June 30, 2013

December 31, 2012

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in broker trading account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

34,579,342 

$

35,834,498 

 

$

2,414,906 

$

2,626,089 

 

$

36,994,248 

$

38,460,587 

Net unrealized gain (loss) on open futures contracts

 

 

(6,828,190)

 

(660,454)

 

 

(463,220)

 

(447,627)

 

 

(7,291,410)

 

(1,108,081)

 

 

 

27,751,152 

 

35,174,044 

 

 

1,951,686 

 

2,178,462 

 

 

29,702,838 

 

37,352,506 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

7,280,606 

 

22,155,680 

 

 

500,321 

 

355,529 

 

 

7,780,927 

 

22,511,209 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprise securities, at fair value

 

 

211,975,310 

 

219,959,160 

 

 

7,299,712 

 

9,698,930 

 

 

219,275,022 

 

229,658,090 

Mutual funds, at fair value

 

 

203 

 

10,000,554 

 

 

 -

 

200,000 

 

 

203 

 

10,200,554 

Total assets

 

$

247,007,271 

$

287,289,438 

 

$

9,751,719 

$

12,432,921 

 

$

256,758,990 

$

299,722,359 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Members' Equity (Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued operating expenses

 

$

99,302 

$

145,587 

 

$

51,421 

$

50,011 

 

$

150,723 

$

195,598 

Management fee payable to Managing Member

 

 

132,557 

 

155,139 

 

 

5,213 

 

6,686 

 

 

137,770 

 

161,825 

Support services fee payable

 

 

20,382 

 

23,854 

 

 

802 

 

1,028 

 

 

21,184 

 

24,882 

Servicing fee payable to selling agent

 

 

22,592 

 

27,046 

 

 

3,551 

 

4,589 

 

 

26,143 

 

31,635 

Withdrawals payable

 

 

4,486,557 

 

14,926,716 

 

 

 -

 

555,579 

 

 

4,486,557 

 

15,482,295 

Subscriptions received in advance

 

 

2,127,000 

 

650,000 

 

 

40,000 

 

 -

 

 

2,167,000 

 

650,000 

 

 

 

6,888,390 

 

15,928,342 

 

 

100,987 

 

617,893 

 

 

6,989,377 

 

16,546,235 

Members' equity (net assets)

 

 

240,118,881 

 

271,361,096 

 

 

9,650,732 

 

11,815,028 

 

 

249,769,613 

 

283,176,124 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and members' equity (net assets)

 

$

247,007,271 

$

287,289,438 

 

$

9,751,719 

$

12,432,921 

 

$

256,758,990 

$

299,722,359 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 

3


 

RICI® Linked - PAM Advisors Fund, LLC

Condensed Schedule of Investments

June 30, 2013 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Index Series

 

Agricultural Sector Series

 

Total RICI® Linked - PAM Advisors Fund, LLC

 

 

Net Unrealized

 

 

 

Net Unrealized

 

 

 

Net Unrealized

 

 

 

 

Gain (Loss)

Percent of

 

 

Gain (Loss)

Percent of

 

 

Gain (Loss)

Percent of

 

 

 

on Open

Members'

 

 

on Open

Members'

 

 

on Open

Members'

 

 

 

Long Futures

Equity

 

 

Long Futures

Equity

 

 

Long Futures

Equity

 

 

 

Contracts

(Net Assets)

 

 

Contracts

(Net Assets)

 

 

Contracts

(Net Assets)

 

Futures contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agriculture

 

$

(3,471,085)
(1.45)

%

 

$

 -

 -

%

 

$

(3,874,255)
(1.55)

%

39 Sept. 2013 CBOT Wheat Contracts

 

 

 -

 -

 

 

 

(109,687)
(1.14)

 

 

 

 -

 -

 

46 Sept 2013 CBOT Corn Contracts

 

 

 -

 -

 

 

 

(104,238)
(1.08)

 

 

 

 -

 -

 

Other*

 

 

 -

 -

 

 

 

(189,245)
(1.96)

 

 

 

 -

 -

 

Energy*

 

 

117,959 
0.05 

 

 

 

 -

 -

 

 

 

117,959 
0.05 

 

Metals*

 

 

(1,539,215)
(0.64)

 

 

 

 -

 -

 

 

 

(1,539,215)
(0.62)

 

Total futures contracts - United States

 

 

(4,892,341)
(2.04)

 

 

 

(403,170)
(4.18)

 

 

 

(5,295,511)
(2.12)

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agriculture*

 

 

(502,836)
(0.21)

 

 

 

(60,050)
(0.62)

 

 

 

(562,886)
(0.23)

 

Energy*

 

 

(17,730)
(0.01)

 

 

 

 -

 -

 

 

 

(17,730)
(0.01)

 

Metals*

 

 

(1,415,283)
(0.59)

 

 

 

 -

 -

 

 

 

(1,415,283)
(0.57)

 

Total futures contracts - Foreign

 

 

(1,935,849)
(0.81)

 

 

 

(60,050)
(0.62)

 

 

 

(1,995,899)
(0.81)

 

Total net unrealized loss on open futures contracts

 

$

(6,828,190)
(2.85)

%

 

$

(463,220)
(4.80)

%

 

$

(7,291,410)
(2.93)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*  No individual futures contract position constituted greater than 1% of members' equity (net assets). 

Accordingly, the number of contracts and expiration dates are not presented.

The accompanying notes are an integral part of these financial statements.

4


 

RICI® Linked - PAM Advisors Fund, LLC

Condensed Schedule of Investments

June 30, 2013 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Index Series

 

Agricultural Sector Series

 

Total RICI® Linked - PAM Advisors Fund, LLC

 

 

 

 

 

 

Percent of

 

 

 

 

 

Percent of

 

 

 

 

 

Percent of

 

 

 

 

 

 

Members'

 

 

 

 

 

Members'

 

 

 

 

 

Members'

Government-sponsored enterprise securities

 

 

 

 

 

Equity

 

 

 

 

 

Equity

 

 

 

 

 

Equity

United States

 

Cost

Fair Value

(Net Assets)

 

Cost

Fair Value

(Net Assets)

 

Cost

Fair Value

(Net Assets)

U.S.Treasury Bills

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$35,000,000 Treasury bill due 07/05/2013

 

$

34,986,565 

$

35,000,000 
14.58 

%

 

$

 -

$

 -

 -

%

 

$

34,986,565 

$

35,000,000 
14.01 

%

$41,000,000 Treasury bill due 07/18/2013

 

 

40,979,684 

 

40,999,590 
17.07 

 

 

 

 -

 

 -

 -

 

 

 

40,979,684 

 

40,999,590 
16.41 

 

$5,800,000 Treasury bill due 07/18/2013

 

 

 -

 

 -

 -

 

 

 

5,797,131 

 

5,799,942 
60.10 

 

 

 

5,797,131 

 

5,799,942 
2.32 

 

$20,000,000 Treasury bill due 08/15/2013

 

 

19,988,377 

 

19,999,400 
8.33 

 

 

 

 -

 

 -

 -

 

 

 

19,988,377 

 

19,999,400 
8.01 

 

$1,000,000 Treasury bill due 09/19/2013

 

 

 -

 

 -

 -

 

 

 

999,418 

 

999,920 
10.36 

 

 

 

999,418 

 

999,920 
0.40 

 

$12,000,000 Treasury bill due 10/03/2013

 

 

11,995,931 

 

11,998,560 
5.00 

 

 

 

 -

 

 -

 -

 

 

 

11,995,931 

 

11,998,560 
4.80 

 

$14,000,000 Treasury bill due 10/17/2013

 

 

13,995,442 

 

13,997,760 
5.83 

 

 

 

 -

 

 -

 -

 

 

 

13,995,442 

 

13,997,760 
5.60 

 

$20,000,000 Treasury bill due 10/31/2013

 

 

19,992,570 

 

19,996,200 
8.33 

 

 

 

 -

 

 -

 -

 

 

 

19,992,570 

 

19,996,200 
8.01 

 

$40,000,000 Treasury bill due 11/07/2013

 

 

39,985,927 

 

39,992,800 
16.66 

 

 

 

 -

 

 -

 -

 

 

 

39,985,927 

 

39,992,800 
16.01 

 

$30,000,000 Treasury bill due 12/12/2013

 

 

29,990,775 

 

29,991,000 
12.49 

 

 

 

 -

 

 -

 -

 

 

 

29,990,775 

 

29,991,000 
12.01 

 

$500,000 Treasury bill due 12/12/2013

 

 

 -

 

 -

 -

 

 

 

499,851 

 

499,850 
5.18 

 

 

 

499,851 

 

499,850 
0.20 

 

Total Government-sponsored enterprise securities

 

$

211,915,271 

$

211,975,310 
88.29 

%

 

$

7,296,400 

$

7,299,712 
75.64 

%

 

$

219,211,671 

$

219,275,022 
87.78 

%

Mutual funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federated Government Obligations Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 (203 Shares)

 

$

203 

$

203 

**

%

 

$

 -

$

 -

 -

%

 

$

203 

$

203 

**

%

Total mutual funds

 

$

 -

$

 -

**

%

 

$

 -

$

 -

 -

%

 

$

 -

$

 -

**

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**  Represents less than 0.01% of members' equity (net assets). 

The accompanying notes are an integral part of these financial statements.

5


 

RICI® Linked - PAM Advisors Fund, LLC

Condensed Schedule of Investments

December 31, 2012 (Audited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Index Series

 

Agricultural Sector Series

 

Total RICI® Linked - PAM Advisors Fund, LLC

 

 

Net Unrealized

 

 

 

Net Unrealized

 

 

 

Net Unrealized

 

 

 

 

Gain (Loss)

Percent of

 

Gain (Loss)

Percent of

 

Gain (Loss)

Percent of

 

 

on Open

Members'

 

on Open

Members'

 

on Open

Members'

 

 

Long Futures

Equity

 

Long Futures

Equity

 

Long Futures

Equity

 

 

Contracts

(Net Assets)

 

Contracts

(Net Assets)

 

Contracts

(Net Assets)

Futures contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agriculture*

 

$

(3,604,351)
(1.33)

%

 

$

(450,743)
(3.81)

%

 

$

(4,055,094)
(1.43)

%

Energy*

 

 

431,994 
0.16 

 

 

 

 -

 -

 

 

 

431,994 
0.15 

 

Metals*

 

 

(515,960)
(0.19)

 

 

 

 -

 -

 

 

 

(515,960)
(0.18)

 

Total futures contracts - United States

 

 

(3,688,317)
(1.36)

 

 

 

(450,743)
(3.81)

 

 

 

(4,139,060)
(1.46)

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agriculture*

 

 

4,585 
0.00 

 

 

 

3,116 
0.03 

 

 

 

7,701 
0.00 

 

Energy*

 

 

141,040 
0.05 

 

 

 

 -

 -

 

 

 

141,040 
0.05 

 

Metals*

 

 

2,882,238 
1.06 

 

 

 

 -

 -

 

 

 

2,882,238 
1.02 

 

Total futures contracts - Foreign

 

 

3,027,863 
1.12 

 

 

 

3,116 
0.03 

 

 

 

3,030,979 
1.07 

 

Total net unrealized loss on open futures contracts

 

$

(660,454)
(0.24)

%

 

$

(447,627)
(3.78)

%

 

$

(1,108,081)
(0.39)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*  No individual futures contract position constituted greater than 1% of members' equity (net assets). 

Accordingly, the number of contracts and expiration dates are not presented.

The accompanying notes are an integral part of these financial statements.

6


 

RICI® Linked - PAM Advisors Fund, LLC

Condensed Schedule of Investments

December 31, 2012 (Audited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Index Series

 

Agricultural Sector Series

 

Total RICI® Linked - PAM Advisors Fund, LLC

 

 

 

 

 

 

Percent of

 

 

 

 

 

Percent of

 

 

 

 

 

Percent of

 

 

 

 

 

 

Members'

 

 

 

 

 

Members'

 

 

 

 

 

Members'

Government-sponsored enterprise securities

 

 

 

 

 

Equity

 

 

 

 

 

Equity

 

 

 

 

 

Equity

United States

 

Cost

Fair Value

(Net Assets)

 

Cost

Fair Value

(Net Assets)

 

 

Cost

 

Fair Value

(Net Assets)

U.S.Treasury Bills

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$40,000,000 Treasury bill due 01/10/2013

 

$

39,971,850 

$

39,999,600 
14.74 

%

 

$

 -

$

 -

 -

%

 

$

39,971,850 

$

39,999,600 
14.13 

%

$30,000,000 Treasury bill due 01/17/2013

 

 

29,982,858 

 

29,999,700 
11.06 

 

 

 

 -

 

 -

 -

 

 

 

29,982,858 

 

29,999,700 
10.59 

 

$6,200,000 Treasury bill due 01/17/2013

 

 

 -

 

 -

 -

 

 

 

6,196,241 

 

6,199,938 
52.48 

 

 

 

6,196,241 

 

6,199,938 
2.19 

 

$16,000,000 Treasury bill due 02/07/2013

 

 

15,988,675 

 

15,999,520 
5.90 

 

 

 

 -

 

 -

 -

 

 

 

15,988,675 

 

15,999,520 
5.65 

 

$4,000,000 Treasury bill due 02/28/2013

 

 

3,997,499 

 

3,999,840 
1.47 

 

 

 

 -

 

 -

 -

 

 

 

3,997,499 

 

3,999,840 
1.41 

 

$1,000,000 Treasury bill due 02/28/2013

 

 

 -

 

 -

 -

 

 

 

999,378 

 

999,960 
8.46 

 

 

 

999,378 

 

999,960 
0.35 

 

$20,000,000 Treasury bill due 04/11/2013

 

 

19,986,068 

 

19,996,400 
7.37 

 

 

 

 -

 

 -

 -

 

 

 

19,986,068 

 

19,996,400 
7.06 

 

$20,000,000 Treasury bill due 04/18/2013

 

 

19,985,830 

 

19,995,800 
7.37 

 

 

 

 -

 

 -

 -

 

 

 

19,985,830 

 

19,995,800 
7.06 

 

$20,000,000 Treasury bill due 04/18/2013

 

 

19,985,828 

 

19,995,800 
7.37 

 

 

 

 -

 

 -

 -

 

 

 

19,985,828 

 

19,995,800 
7.06 

 

$40,000,000 Treasury bill due 05/09/2013

 

 

39,973,839 

 

39,987,200 
14.74 

 

 

 

 -

 

 -

 -

 

 

 

39,973,839 

 

39,987,200 
14.12 

 

$1,000,000 Treasury bill due 05/16/2013

 

 

 -

 

 -

 -

 

 

 

999,405 

 

999,660 
8.46 

 

 

 

999,405 

 

999,660 
0.35 

 

$30,000,000 Treasury bill due 06/20/2013

 

 

29,986,453 

 

29,985,300 
11.05 

 

 

 

 -

 

 -

 -

 

 

 

29,986,453 

 

29,985,300 
10.59 

 

$1,500,000 Treasury bill due 06/20/2013

 

 

 -

 

 -

 -

 

 

 

1,499,372 

 

1,499,372 
12.69 

 

 

 

1,499,372 

 

1,499,372 
0.53 

 

Total Government-sponsored enterprise securities

 

$

219,858,900 

$

219,959,160 
81.07 

%

 

$

9,694,396 

$

9,698,930 
82.09 

%

 

$

229,553,296 

$

229,658,090 
81.09 

%

Mutual funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federated Government Obligations Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,000,057 shares)

 

$

5,000,067 

$

5,000,057 
1.84 

%

 

$

 -

$

 -

 -

%

 

$

5,000,067 

$

5,000,057 
1.77 

%

Federated Government Obligations Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(100,000 shares)

 

 

 -

 

 -

 -

 

 

 

100,000 

 

100,000 
0.85 

 

 

 

100,000 

 

100,000 
0.04 

 

AIM Government & Agency  Portfolio Institutional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,000,497 shares)                                    

 

 

5,000,497 

 

5,000,497 
1.84 

 

 

 

 -

 

 -

 -

 

 

 

5,000,497 

 

5,000,497 
1.77 

 

AIM Government & Agency  Portfolio Institutional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(100,000 shares)                                    

 

 

 -

 

 -

 -

 

 

 

100,000 

 

100,000 
0.85 

 

 

 

100,000 

 

100,000 
0.04 

 

Total mutual funds

 

$

10,000,564 

$

10,000,554 
3.68 

%

 

$

200,000 

$

200,000 
1.70 

%

 

$

10,200,564 

$

10,200,554 
3.58 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 

7


 

RICI® Linked - PAM Advisors Fund, LLC

Statements of Operations

For the Three Months and Six Months Ended June 30, 2013 and 2012 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Index Series

 

Agricultural Sector Series

 

Total RICI® Linked - PAM Advisors Fund, LLC

 

 

Three Months Ended

Six Months Ended

 

Three Months Ended

Six Months Ended

 

Three Months Ended

Six Months Ended

 

 

June 30,

June 30,

 

June 30,

 

June 30,

 

June 30,

June 30,

 

 

2013

2012

2013

2012

 

2013

2012

2013

2012

 

2013

2012

2013

2012

Realized and unrealized gains (losses) on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized losses on futures contracts

 

$

(16,799,230)

$

(41,785,945)

$

(13,287,715)

$

(29,098,125)

 

$

(539,876)

$

(1,287,481)

$

(877,737)

$

(1,335,681)

 

$

(17,339,106)

$

(43,073,426)

$

(14,165,452)

$

(30,433,806)

Realized gains on securities

 

 

86,199 

 

28,236 

 

145,307 

 

69,554 

 

 

979 

 

660 

 

5,407 

 

3,427 

 

 

87,178 

 

28,896 

 

150,714 

 

72,981 

Change in unrealized gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(losses) on open futures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

contracts

 

 

(3,032,283)

 

11,729,895 

 

(6,167,737)

 

14,134,328 

 

 

(168,106)

 

966,241 

 

(15,593)

 

1,260,600 

 

 

(3,200,389)

 

12,696,136 

 

(6,183,331)

 

15,394,928 

Change in unrealized gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(losses) on securities

 

 

(40,710)

 

26,882 

 

(40,211)

 

4,943 

 

 

846 

 

1,343 

 

(1,222)

 

(338)

 

 

(39,864)

 

28,225 

 

(41,433)

 

4,605 

Brokerage commissions

 

 

(146,973)

 

(136,264)

 

(267,836)

 

(286,737)

 

 

(8,323)

 

(7,901)

 

(14,814)

 

(15,053)

 

 

(155,296)

 

(144,165)

 

(282,650)

 

(301,790)

Net realized and unrealized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

gain (loss) on investments

 

 

(19,932,997)

 

(30,137,196)

 

(19,618,193)

 

(15,176,037)

 

 

(714,480)

 

(327,138)

 

(903,959)

 

(87,045)

 

 

(20,647,477)

 

(30,464,334)

 

(20,522,152)

 

(15,263,082)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

3,629 

 

4,866 

 

9,132 

 

5,232 

 

 

320 

 

412 

 

582 

 

185 

 

 

3,949 

 

5,278 

 

9,714 

 

5,417 

 

 

 

3,629 

 

4,866 

 

9,132 

 

5,232 

 

 

320 

 

412 

 

582 

 

185 

 

 

3,949 

 

5,278 

 

9,714 

 

5,417 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management fees

 

 

408,277 

 

460,154 

 

866,774