x | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2013. |
¨ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to . |
Delaware | | 27-1537655 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
Large accelerated filer | | ¨ | | Accelerated filer | | x |
| | | | | | |
Non-accelerated filer | | ¨ (Do not check if a smaller reporting company) | | Smaller reporting company | | ¨ |
| | Page |
Part I. FINANCIAL INFORMATION | | |
| | |
Item 1. Condensed Financial Statements. | | 1 |
| | |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. | | 48 |
| | |
Item 3. Quantitative and Qualitative Disclosures About Market Risk. | | 120 |
| | |
Item 4. Controls and Procedures. | | 121 |
| | |
Part II. OTHER INFORMATION | | |
| | |
Item 1. Legal Proceedings. | | 121 |
| | |
Item 1A. Risk Factors. | | 121 |
| | |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. | | 121 |
| | |
Item 3. Defaults Upon Senior Securities. | | 121 |
| | |
Item 4. Mine Safety Disclosures. | | 122 |
| | |
Item 5. Other Information. | | 122 |
| | |
Item 6. Exhibits. | | 122 |
Documents | | Page |
Condensed Statements of Financial Condition at September 30, 2013 (Unaudited) and December 31, 2012 | | 2 |
| | |
Condensed Schedules of Investments (Unaudited) at September 30, 2013 | | 7 |
| | |
Condensed Statements of Operations (Unaudited) for the three and nine months ended September 30, 2013 and 2012 | | 12 |
| | |
Condensed Statements of Changes in Capital (Unaudited) for the nine months ended September 30, 2013 and Condensed Statements of Changes in Units Outstanding (Unaudited) for the nine months ended September 30, 2013 | | 17 |
| | |
Condensed Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2013 and 2012 | | 22 |
| | |
Notes to Condensed Financial Statements for the period ended September 30, 2013 (Unaudited) | | 27 |
1 | ||
United States Commodity Index Funds Trust |
Condensed Statements of Financial Condition |
At September 30, 2013 (Unaudited) and December 31, 2012 |
|
United States Commodity Index Fund |
| | September 30, 2013 | | December 31, 2012 | | ||
Assets | | | | | | | |
Cash and cash equivalents (Notes 2 and 6) | | $ | 476,266,020 | | $ | 430,800,077 | |
Equity in Newedge trading accounts: | | | | | | | |
Cash and cash equivalents | | | 71,147,145 | | | 60,319,627 | |
Unrealized loss on open commodity futures contracts | | | 792,122 | | | (5,220,900) | |
Receivable for units sold | | | | | | 2,922,886 | |
Interest receivable | | | 1,261 | | | 474 | |
Other assets | | | 18,931 | | | 4,657 | |
| | | | | | | |
Total assets | | $ | 548,225,479 | | $ | 488,826,821 | |
| | | | | | | |
Liabilities and Capital | | | | | | | |
Management fees payable (Note 4) | | $ | 422,371 | | $ | 394,233 | |
Professional fees payable | | | 235,247 | | | 312,296 | |
Brokerage commissions payable | | | 22,815 | | | 22,815 | |
Other liabilities | | | 15,745 | | | 11,750 | |
| | | | | | | |
Total liabilities | | | 696,178 | | | 741,094 | |
| | | | | | | |
Commitments and Contingencies (Notes 4, 5 and 6) | | | | | | | |
| | | | | | | |
Capital | | | | | | | |
| | | | | | | |
Sponsor | | | | | | | |
Unitholders | | | 547,529,301 | | | 488,085,727 | |
Total Capital | | | 547,529,301 | | | 488,085,727 | |
| | | | | | | |
Total liabilities and capital | | $ | 548,225,479 | | $ | 488,826,821 | |
| | | | | | | |
Units outstanding | | | 9,750,000 | | | 8,350,000 | |
Net asset value per unit | | $ | 56.16 | | $ | 58.45 | |
Market value per unit | | $ | 55.97 | | $ | 58.63 | |
2 | ||
| | September 30, 2013 | | December 31, 2012 | | ||
Assets | | | | | | | |
Cash and cash equivalents (Notes 2 and 6) | | $ | 2,022,145 | | $ | 2,109,061 | |
Equity in Newedge trading accounts: | | | | | | | |
Cash and cash equivalents | | | 218,185 | | | 432,529 | |
Unrealized gain (loss) on open commodity futures contracts | | | 25,075 | | | 6,575 | |
Receivable from Sponsor (Note 4) | | | 67,171 | | | 96,364 | |
Interest receivable | | | 25 | | | 18 | |
Other assets | | | 91 | | | 29 | |
| | | | | | | |
Total assets | | $ | 2,332,692 | | $ | 2,644,576 | |
| | | | | | | |
Liabilities and Capital | | | | | | | |
Management fees payable (Note 4) | | $ | 1,189 | | $ | 1,393 | |
Professional fees payable | | | 69,772 | | | 100,193 | |
Other liabilities | | | 49 | | | 44 | |
| | | | | | | |
Total liabilities | | | 71,010 | | | 101,630 | |
| | | | | | | |
Commitments and Contingencies (Notes 4, 5 and 6) | | | | | | | |
| | | | | | | |
Capital | | | | | | | |
| | | | | | | |
Sponsor | | | | | | | |
Unitholders | | | 2,261,682 | | | 2,542,946 | |
Total Capital | | | 2,261,682 | | | 2,542,946 | |
| | | | | | | |
Total liabilities and capital | | $ | 2,332,692 | | $ | 2,644,576 | |
| | | | | | | |
Units outstanding | | | 100,000 | | | 100,000 | |
Net asset value per unit | | $ | 22.62 | | $ | 25.43 | |
Market value per unit | | $ | 22.44 | | $ | 25.01 | |
3 | ||
| | September 30, 2013 | | December 31, 2012 | | ||
Assets | | | | | | | |
Cash and cash equivalents (Notes 2 and 6) | | $ | 2,021,071 | | $ | 2,000,438 | |
Equity in Newedge trading accounts: | | | | | | | |
Cash and cash equivalents | | | 386,533 | | | 679,407 | |
Unrealized loss on open commodity futures contracts | | | (35,928) | | | (119,155) | |
Receivable from Sponsor (Note 4) | | | 77,136 | | | 76,851 | |
Interest receivable | | | 46 | | | 32 | |
Other assets | | | 89 | | | | |
| | | | | | | |
Total assets | | $ | 2,448,947 | | $ | 2,637,573 | |
| | | | | | | |
Liabilities and Capital | | | | | | | |
Management fees payable (Note 4) | | $ | 1,562 | | $ | 1,772 | |
Professional fees payable | | | 79,830 | | | 80,030 | |
Other liabilities | | | 85 | | | 79 | |
| | | | | | | |
Total liabilities | | | 81,477 | | | 81,881 | |
| | | | | | | |
Commitments and Contingencies (Notes 4, 5 and 6) | | | | | | | |
| | | | | | | |
Capital | | | | | | | |
| | | | | | | |
Sponsor | | | | | | | |
Unitholders | | | 2,367,470 | | | 2,555,692 | |
Total Capital | | | 2,367,470 | | | 2,555,692 | |
| | | | | | | |
Total liabilities and capital | | $ | 2,448,947 | | $ | 2,637,573 | |
| | | | | | | |
Units outstanding | | | 100,000 | | | 100,000 | |
Net asset value per unit | | $ | 23.67 | | $ | 25.56 | |
Market value per unit | | $ | 23.33 | | $ | 25.59 | |
4 | ||
| | September 30, 2013 | | December 31, 2012 | | ||
Assets | | | | | | | |
Cash and cash equivalents (Notes 2 and 6) | | $ | 1,881,883 | | $ | 2,136,984 | |
Equity in Newedge trading accounts: | | | | | | | |
Cash and cash equivalents | | | 425,268 | | | 468,065 | |
Unrealized gain (loss) on open commodity futures contracts | | | (27,195) | | | 46,058 | |
Receivable from Sponsor (Note 4) | | | 77,178 | | | 59,316 | |
Interest receivable | | | 11 | | | 7 | |
Other assets | | | 93 | | | | |
| | | | | | | |
Total assets | | $ | 2,357,238 | | $ | 2,710,430 | |
| | | | | | | |
Liabilities and Capital | | | | | | | |
Management fees payable (Note 4) | | $ | 1,416 | | $ | 1,581 | |
Professional fees payable | | | 80,112 | | | 61,605 | |
Other liabilities | | | 92 | | | 67 | |
| | | | | | | |
Total liabilities | | | 81,620 | | | 63,253 | |
| | | | | | | |
Commitments and Contingencies (Notes 4, 5 and 6) | | | | | | | |
| | | | | | | |
Capital | | | | | | | |
| | | | | | | |
Sponsor | | | | | | | |
Unitholders | | | 2,275,618 | | | 2,647,177 | |
Total Capital | | | 2,275,618 | | | 2,647,177 | |
| | | | | | | |
Total liabilities and capital | | $ | 2,357,238 | | $ | 2,710,430 | |
| | | | | | | |
Units outstanding | | | 100,000 | | | 100,000 | |
Net asset value per unit | | $ | 22.76 | | $ | 26.47 | |
Market value per unit | | $ | 22.05 | | $ | 31.07 | |
5 | ||
| | September 30, 2013 | | December 31, 2012 | | ||
Assets | | | | | | | |
Cash and cash equivalents (Notes 2 and 6) | | $ | 482,191,119 | | $ | 437,046,560 | |
Equity in Newedge trading accounts: | | | | | | | |
Cash and cash equivalents | | | 72,177,131 | | | 61,899,628 | |
Unrealized gain (loss) on open commodity futures contracts | | | 754,074 | | | (5,287,422) | |
Receivable for units sold | | | | | | 2,922,886 | |
Receivable from Sponsor (Note 4) | | | 221,485 | | | 232,531 | |
Interest receivable | | | 1,343 | | | 531 | |
Other assets | | | 19,204 | | | 4,686 | |
| | | | | | | |
Total assets | | $ | 555,364,356 | | $ | 496,819,400 | |
| | | | | | | |
Liabilities and Capital | | | | | | | |
Management fees payable (Note 4) | | $ | 426,538 | | $ | 398,979 | |
Professional fees payable | | | 464,961 | | | 554,124 | |
Brokerage commissions payable | | | 22,815 | | | 22,815 | |
Other liabilities | | | 15,971 | | | 11,940 | |
| | | | | | | |
Total liabilities | | | 930,285 | | | 987,858 | |
| | | | | | | |
Commitments and Contingencies (Notes 4, 5, and 6) | | | | | | | |
| | | | | | | |
Capital | | | | | | | |
Sponsor | | | | | | | |
Unitholders | | | 554,434,071 | | | 495,831,542 | |
Total Capital | | | 554,434,071 | | | 495,831,542 | |
| | | | | | | |
Total liabilities and capital | | $ | 555,364,356 | | $ | 496,819,400 | |
| | | | | | | |
Units outstanding | | | 10,050,000 | | | 8,650,000 | |
6 | ||
| | Number of Contracts | | Unrealized Gain (Loss) on Open Commodity Contracts | | % of Capital | | |
Open Futures Contracts - Long | | | | | | | | |
Foreign Contracts | | | | | | | | |
LME Zinc Futures LX October 2013 contracts, expiring October 2013 | | 748 | | $ | (3,887,544) | | (0.71) | |
LME Tin Futures LT November 2013 contracts, expiring November 2013 | | 354 | | | 728,603 | | 0.13 | |
ICE-US Cotton #2 Futures CT December 2013 contracts, expiring December 2013 | | 922 | | | 1,867,330 | | 0.34 | |
LME Tin Futures LT March 2014 contracts, expiring March 2014 | | 387 | | | 6,359,425 | | 1.16 | |
LME Lead Futures LL April 2014 contracts, expiring April 2014 | | 711 | | | (1,437,788) | | (0.26) | |
LME Zinc Futures LX April 2014 contracts, expiring April 2014 | | 790 | | | (627,394) | | (0.11) | |
ICE-US Cocoa Futures CC May 2014 contracts, expiring May 2014 | | 1,515 | | | 456,800 | | 0.08 | |
ICE Brent Crude Oil Futures CO June 2014 contracts, expiring May 2014 | | 379 | | | 1,483,010 | | 0.27 | |
| | 5,806 | | | 4,942,442 | | 0.90 | |
United States Contracts | | | | | | | | |
CME Feeder Cattle Futures FC November 2013 contracts, expiring November 2013 | | 476 | | | 1,362,650 | | 0.25 | |
CBOT Soybean Meal Futures SM December 2013 contracts, expiring December 2013 | | 936 | | | 3,158,150 | | 0.58 | |
CME Lean Hogs Futures LH December 2013 contracts, expiring December 2013 | | 1,102 | | | (501,330) | | (0.09) | |
COMEX Copper Futures HG December 2013 contracts, expiring December 2013 | | 477 | | | 180,388 | | 0.03 | |
NYMEX RBOB Gasoline Futures RB December 2013 contracts, expiring November 2013 | | 353 | | | (395,359) | | (0.07) | |
NYMEX Platinum Futures PL January 2014 contracts, expiring January 2014 | | 545 | | | (3,090,710) | | (0.57) | |
CME Live Cattle Futures LC February 2014 contracts, expiring February 2014 | | 734 | | | 99,260 | | 0.02 | |
NYMEX Natural Gas Futures NG April 2014 contracts, expiring March 2014 | | 1,043 | | | (751,650) | | (0.14) | |
NYMEX WTI Crude Oil Futures CL April 2014 contracts, expiring March 2014 | | 398 | | | 2,393,470 | | 0.44 | |
NYMEX Heating Oil Futures HO June 2014 contracts, expiring May 2014 | | 321 | | | 12,852 | | 0.00 | |
| | 6,385 | | | 2,467,721 | | 0.45 | |
Open Futures Contracts - Short* | | | | | | | | |
Foreign Contracts | | | | | | | | |
LME Zinc Futures LX October 2013 contracts, expiring October 2013 | | 748 | | | 559,456 | | 0.10 | |
LME Tin Futures LT November 2013 contracts, expiring November 2013 | | 354 | | | (6,293,027) | | (1.15) | |
LME Tin Futures LT March 2014 contracts, expiring March 2014 | | 50 | | | (205,241) | | (0.04) | |
LME Lead Futures LL April 2014 contracts, expiring April 2014 | | 711 | | | (376,762) | | (0.07) | |
LME Zinc Futures LX April 2014 contracts, expiring April 2014 | | 790 | | | (302,467) | | (0.05) | |
| | 2,653 | | | (6,618,041) | | (1.21) | |
Total Open Futures Contracts** | | 14,844 | | $ | 792,122 | | 0.14 | |
7 | ||
| | Principal Amount | | Market Value | | % of Capital | | ||
Cash Equivalents | | | | | | | | | |
United States Treasury Obligations | | | | | | | | | |
U.S. Treasury Bills: | | | | | | | | | |
0.04%, 10/10/2013 | | $ | 20,000,000 | | $ | 19,999,794 | | 3.65 | |
0.05%, 10/10/2013 | | | 20,000,000 | | | 19,999,794 | | 3.65 | |
0.02%, 10/17/2013 | | | 40,000,000 | | | 39,999,556 | | 7.31 | |
0.04%, 10/17/2013 | | | 20,000,000 | | | 19,999,778 | | 3.65 | |
0.01%, 10/24/2013 | | | 20,000,000 | | | 19,999,808 | | 3.65 | |
0.04%, 11/07/2013 | | | 20,000,000 | | | 19,999,239 | | 3.65 | |
0.02%, 11/21/2013 | | | 20,000,000 | | | 19,999,386 | | 3.65 | |
0.03%, 11/21/2013 | | | 10,000,000 | | | 9,999,693 | | 1.83 | |
0.05%, 12/26/2013 | | | 30,000,000 | | | 29,996,113 | | 5.48 | |
0.05%, 1/09/2014 | | | 55,000,000 | | | 54,991,479 | | 10.05 | |
0.06%, 1/09/2014 | | | 20,000,000 | | | 19,996,902 | | 3.65 | |
0.04%, 1/30/2014 | | | 20,000,000 | | | 19,997,017 | | 3.65 | |
0.04%, 3/06/2014 | | | 20,200,000 | | | 20,196,499 | | 3.69 | |
0.05%, 3/27/2014 | | | 30,000,000 | | | 29,993,362 | | 5.48 | |
Total Cash Equivalents | | | | | $ | 345,168,420 | | 63.04 | |
8 | ||
| | Number of Contracts | | Unrealized Gain (Loss) on Open Commodity Contracts | | % of Capital | | |
Open Futures Contracts - Long | | | | | | | | |
United States Contracts | | | | | | | | |
COMEX Copper Futures HG November 2013 contracts, expiring November 2013 | | 7 | | $ | (10,163) | | (0.45) | |
COMEX Copper Futures HG December 2013 contracts, expiring December 2013 | | 7 | | | (9,825) | | (0.43) | |
COMEX Copper Futures HG March 2014 contracts, expiring March 2014 | | 13 | | | 45,063 | | 1.99 | |
Total Open Futures Contracts* | | 27 | | $ | 25,075 | | 1.11 | |
| | Principal Amount | | Market Value | | | | ||
Cash Equivalents | | | | | | | | | |
United States Treasury Obligations | | | | | | | | | |
U.S. Treasury Bills: | | | | | | | | | |
0.04%, 10/10/2013 | | $ | 250,000 | | $ | 249,998 | | 11.05 | |
0.02%, 10/17/2013 | | | 300,000 | | | 299,997 | | 13.27 | |
0.03%, 12/26/2013 | | | 100,000 | | | 99,991 | | 4.42 | |
0.05%, 12/26/2013 | | | 50,000 | | | 49,996 | | 2.21 | |
0.06%, 1/09/2014 | | | 100,000 | | | 99,983 | | 4.42 | |
0.05%, 3/06/2014 | | | 400,000 | | | 399,922 | | 17.68 | |
0.05%, 3/27/2014 | | | 100,000 | | | 99,978 | | 4.42 | |
Total Cash Equivalents | | | | | $ | 1,299,865 | | 57.47 | |
9 | ||
| | Number of Contracts | | Unrealized Gain (Loss) on Open Commodity Contracts | | % of Capital | | |
Open Futures Contracts - Long | | | | | | | | |
Foreign Contracts | | | | | | | | |
ICE-US Cocoa Futures CC December 2013 contracts, expiring December 2013 | | 8 | | $ | 18,400 | | 0.78 | |
ICE-US Coffee-C Futures KC December 2013 contracts, expiring December 2013 | | 4 | | | (14,212) | | (0.60) | |
ICE-US Cotton #2 Futures CT December 2013 contracts, expiring December 2013 | | 4 | | | 8,325 | | 0.35 | |
ICE-US Canola Futures RS March 2014 contracts, expiring March 2014 | | 3 | | | (113) | | (0.01) | |
ICE-US Sugar #11 Futures SB May 2014 contracts, expiring April 2014 | | 10 | | | 14,146 | | 0.60 | |
| | 29 | | | 26,546 | | 1.12 | |
United States Contracts | | | | | | | | |
CBOT Corn Futures C December 2013 contracts, expiring December 2013 | | 11 | | | (58,100) | | (2.45) | |
CBOT Soybean Meal Futures SM December 2013 contracts, expiring December 2013 | | 4 | | | (10,530) | | (0.44) | |
CME Lean Hogs Futures LH December 2013 contracts, expiring December 2013 | | 6 | | | (3,340) | | (0.14) | |
CME Live Cattle Futures LC December 2013 contracts, expiring December 2013 | | 6 | | | 6,900 | | 0.29 | |
KCBOT Hard Red Winter Wheat Futures KW December 2013 contracts, expiring December 2013 | | 1 | | | 1,450 | | 0.06 | |
CME Feeder Cattle Futures FC January 2014 contracts, expiring January 2014 | | 2 | | | 6,162 | | 0.26 | |
CBOT Soybean Oil Futures BO March 2014 contracts, expiring March 2014 | | 1 | | | (2,016) | | (0.09) | |
CBOT Wheat Futures W March 2014 contracts, expiring March 2014 | | 4 | | | 1,850 | | 0.08 | |
CBOT Soybean Futures S November 2014 contracts, expiring November 2014 | | 5 | | | (4,850) | | (0.21) | |
| | 40 | | | (62,474) | | (2.64) | |
Total Open Futures Contracts* | | 69 | | $ | (35,928) | | (1.52) | |
| | Principal Amount | | Market Value | | | | ||
Cash Equivalents | | | | | | | | | |
United States Treasury Obligations | | | | | | | | | |
U.S. Treasury Bills: | | | | | | | | | |
0.04%, 10/10/2013 | | $ | 100,000 | | $ | 99,999 | | 4.22 | |
0.02%, 10/17/2013 | | | 400,000 | | | 399,996 | | 16.89 | |
0.03%, 11/21/2013 | | | 150,000 | | | 149,993 | | 6.33 | |
0.05%, 12/26/2013 | | | 200,000 | | | 199,978 | | 8.45 | |
0.05%, 3/06/2014 | | | 200,000 | | | 199,961 | | 8.45 | |
0.05%, 3/27/2014 | | | 200,000 | | | 199,956 | | 8.45 | |
Total Cash Equivalents | | | | | $ | 1,249,883 | | 52.79 | |
10 | ||
| | Number of Contracts | | Unrealized Gain (Loss) on Open Commodity Contracts | | % of Capital | | |
Open Futures Contracts - Long | | | | | | | | |
Foreign Contracts | | | | | | | | |
LME Aluminum Futures LA January 2014 contracts, expiring January 2014 | | 13 | | $ | (35,588) | | (1.56) | |
LME Zinc Futures LX January 2014 contracts, expiring January 2014 | | 6 | | | 1,163 | | 0.05 | |
LME Nickel Futures LN March 2014 contracts, expiring March 2014 | | 4 | | | 1,629 | | 0.07 | |
LME Tin Futures LT March 2014 contracts, expiring March 2014 | | 2 | | | 26,695 | | 1.17 | |
LME Lead Futures LL April 2014 contracts, expiring April 2014 | | 4 | | | (8,481) | | (0.37) | |
| | 29 | | | (14,582) | | (0.64) | |
United States Contracts | | | | | | | | |
COMEX Copper Futures HG December 2013 contracts, expiring December 2013 | | 6 | | | (8,363) | | (0.37) | |
COMEX Gold Futures GC December 2013 contracts, expiring December 2013 | | 3 | | | (24,860) | | (1.09) | |
COMEX Silver Futures SI December 2013 contracts, expiring December 2013 | | 4 | | | 19,540 | | 0.86 | |
NYMEX Palladium Futures PA December 2013 contracts, expiring December 2013 | | 2 | | | (770) | | (0.04) | |
| | 15 | | | (14,453) | | (0.64) | |
Open Futures Contracts - Short* | | | | | | | | |
Foreign Contracts | | | | | | | | |
LME Aluminum Futures LA January 2014 contracts, expiring January 2014 | | 7 | | | 4,491 | | 0.20 | |
LME Zinc Futures LX January 2014 contracts, expiring January 2014 | | 2 | | | 272 | | 0.01 | |
LME Nickel Futures LN March 2014 contracts, expiring March 2014 | | 2 | | | (2,294) | | (0.10) | |
LME Tin Futures LN March 2014 contracts, expiring March 2014 | | 1 | | | 19 | | 0.00 | |
LME Lead Futures LL April 2014 contracts, expiring April 2014 | | 3 | | | (648) | | (0.03) | |
| | 15 | | | 1,840 | | 0.08 | |
Total Open Futures Contracts** | | 59 | | $ | (27,195) | | (1.20) | |
| | Principal Amount | | Market Value | | | | ||
Cash Equivalents | | | | | | | | | |
United States Treasury Obligations | | | | | | | | | |
U.S. Treasury Bills: | | | | | | | | | |
0.05%, 10/03/2013 | | $ | 200,000 | | $ | 199,999 | | 8.79 | |
0.02%, 10/17/2013 | | | 200,000 | | | 199,999 | | 8.79 | |
0.03%, 11/21/2013 | | | 100,000 | | | 99,995 | | 4.40 | |
0.05%, 12/26/2013 | | | 150,000 | | | 149,981 | | 6.59 | |
0.05%, 1/09/2014 | | | 600,000 | | | 599,908 | | 26.36 | |
0.06%, 1/09/2014 | | | 100,000 | | | 99,985 | | 4.39 | |
0.05%, 3/27/2014 | | | 200,000 | | | 199,956 | | 8.79 | |
Total Cash Equivalents | | | | | $ | 1,549,823 | | 68.11 | |
11 | ||
| | Three months ended September 30, 2013 | | Three months ended September 30, 2012 | | Nine months ended September 30, 2013 | | Nine months ended September 30, 2012 | | ||||
Income | | | | | | | | | | | | | |
Gain (loss) on trading of commodity futures contracts: | | | | | | | | | | | | | |
Realized gain (loss) on closed positions | | $ | (2,442,019) | | $ | 20,615,262 | | $ | (23,085,330) | | $ | (12,231,495) | |
Change in unrealized gain (loss) on open positions | | | 28,036,614 | | | 6,757,910 | | | 6,013,022 | | | 31,016,267 | |
Realized gain (loss) on foreign currency transactions | | | (45) | | | | | | 324 | | | | |
Change in unrealized gain on foreign currency translations | | | (11) | | | (170) | | | 207 | | | (130) | |
Interest income | | | 54,656 | | | 82,589 | | | 206,472 | | | 177,504 | |
Other income | | | 3,150 | | | 4,200 | | | 10,500 | | | 8,750 | |
| | | | | | | | | | | | | |
Total income (loss) | | | 25,652,345 | | | 27,459,791 | | | (16,854,805) | | | 18,970,896 | |
| | | | | | | | | | | | | |
Expenses | | | | | | | | | | | | | |
Management fees (Note 4) | | | 1,242,536 | | | 1,042,577 | | | 3,624,369 | | | 2,914,069 | |
Professional fees | | | 106,094 | | | 173,144 | | | 364,809 | | | 408,917 | |
Brokerage commissions | | | 81,812 | | | 88,340 | | | 284,139 | | | 224,208 | |
Other expenses | | | 27,944 | | | 17,911 | | | 76,913 | | | 51,053 | |
| | | | | | | | | | | | | |
Total expenses | | | 1,458,386 | | | 1,321,972 | | | 4,350,230 | | | 3,598,247 | |
| | | | | | | | | | | | | |
Expense waiver (Note 4) | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net expenses | | | 1,458,386 | | | 1,321,972 | | | 4,350,230 | | | 3,598,247 | |
| | | | | | | | | | | | | |
Net income (loss) | | $ | 24,193,959 | | $ | 26,137,819 | | $ | (21,205,035) | | $ | 15,372,649 | |
Net income (loss) per unit | | $ | 2.65 | | $ | 3.84 | | $ | (2.29) | | $ | 2.88 | |
Net income (loss) per weighted average unit | | $ | 2.60 | | $ | 3.65 | | $ | (2.35) | | $ | 2.27 | |
Weighted average units outstanding | | | 9,308,696 | | | 7,161,957 | | | 9,040,476 | | | 6,781,022 | |
12 | ||
| | Three months ended September 30, 2013 | | Three months ended September 30, 2012 | | Nine months ended September 30, 2013 | | Nine months ended September 30, 2012 | | ||||
Income | | | | | | | | | | | | | |
Gain (loss) on trading of commodity futures contracts: | | | | | | | | | | | | | |
Realized gain (loss) on closed positions | | $ | (60,425) | | $ | 19,112 | | $ | (285,950) | | $ | (63,313) | |
Change in unrealized gain on open positions | | | 233,325 | | | 171,925 | | | 18,500 | | | 278,838 | |
Interest income | | | 214 | | | 426 | | | 990 | | | 1,093 | |
Other income | | | | | | 1,350 | | | | | | 1,350 | |
| | | | | | | | | | | | | |
Total income (loss) | | | 173,114 | | | 192,813 | | | (266,460) | | | 217,968 | |
| | | | | | | | | | | | | |
Expenses | | | | | | | | | | | | | |
Management fees (Note 4) | | | 3,609 | | | 4,096 | | | 11,294 | | | 15,712 | |
Professional fees | | | 20,014 | | | 24,257 | | | 69,772 | | | 67,441 | |
Brokerage commissions | | | 149 | | | 278 | | | 549 | | | 597 | |
Other expenses | | | 125 | | | 111 | | | 360 | | | 309 | |
| | | | | | | | | | | | | |
Total expenses | | | 23,897 | | | 28,742 | | | 81,975 | | | 84,059 | |
| | | | | | | | | | | | | |
Expense waiver (Note 4) | | | (19,181) | | | (23,656) | | | (67,171) | | | (64,905) | |
| | | | | | | | | | | | | |
Net expenses | | | 4,716 | | | 5,086 | | | 14,804 | | | 19,154 | |
| | | | | | | | | | | | | |
Net income (loss) | | $ | 168,398 | | $ | 187,727 | | $ | (281,264) | | $ | 198,814 | |
Net income (loss) per unit | | $ | 1.69 | | $ | 1.72 | | $ | (2.81) | | $ | 1.83 | |
Net income (loss) per weighted average unit | | $ | 1.68 | | $ | 1.85 | | $ | (2.81) | | $ | 1.98 | |
Weighted average units outstanding | | | 100,000 | | | 101,630 | | | 100,000 | | | 100,549 | |
13 | ||
| | Three months ended September 30, 2013 | | Three months ended September 30, 2012 | | Nine months ended September 30, 2013 | | Nine months ended September 30, 2012 | | ||||
Income | | | | | | | | | | | | | |
Gain (loss) on trading of commodity futures contracts: | | | | | | | | | | | | | |
Realized gain (loss) on closed positions | | $ | 12,807 | | $ | 482,644 | | $ | (253,247) | | $ | 368,209 | |
Change in unrealized gain (loss) on open positions | | | 29,817 | | | (227,945) | | | 83,227 | | | 18,483 | |
Realized gain (loss) on foreign currency transactions | | | 61 | | | 239 | | | (165) | | | 209 | |
Realized gain (loss) on short term investments | | | 2 | | | (2) | | | 2 | | | (2) | |
Change in unrealized gain (loss) on foreign currency translations | | | | | | 264 | | | (116) | | | 237 | |
Interest income | | | 217 | | | 547 | | | 1,036 | | | 1,014 | |
Other income | | | | | | 2,350 | | | | | | 2,700 | |
| | | | | | | | | | | | | |
Total income (loss) | | | 42,904 | | | 258,097 | | | (169,263) | | | 390,850 | |
| | | | | | | | | | | | | |
Expenses | | | | | | | | | | | | | |
Management fees (Note 4) | | | 4,730 | | | 6,151 | | | 14,402 | | | 12,155 | |
Professional fees | | | 17,928 | | | 26,841 | | | 79,830 | | | 48,566 | |
Brokerage commissions | | | 510 | | | 1,098 | | | 1,524 | | | 2,074 | |
Other expenses | | | 128 | | | 80 | | | 338 | | | 156 | |
| | | | | | | | | | | | | |
Total expenses | | | 23,296 | | | 34,170 | | | 96,094 | | | 62,951 | |
| | | | | | | | | | | | | |
Expense waiver (Note 4) | | | (17,041) | | | (26,019) | | | (77,135) | | | (46,719) | |
| | | | | | | | | | | | | |
Net expenses | | | 6,255 | | | 8,151 | | | 18,959 | | | 16,232 | |
| | | | | | | | | | | | | |
Net income (loss) | | $ | 36,649 | | $ | 249,946 | | $ | (188,222) | | $ | 374,618 | |
Net income (loss) per unit | | $ | 0.36 | | $ | 1.85 | | $ | (1.89) | | $ | 2.38 | |
Net income (loss) per weighted average unit | | $ | 0.37 | | $ | 2.25 | | $ | (1.88) | | $ | 3.11 | |
Weighted average units outstanding | | | 100,000 | | | 110,870 | | | 100,000 | | | 120,486 | |
14 | ||
| | Three months ended September 30, 2013 | | Three months ended September 30, 2012 | | Nine months ended September 30, 2013 | | Nine months ended September 30, 2012 | | ||||
Income | | | | | | | | | | | | | |
Gain (loss) on trading of commodity futures contracts: | | | | | | | | | | | | | |
Realized gain (loss) on closed positions | | $ | (15,671) | | $ | 162,427 | | $ | (236,824) | | $ | 132,421 | |
Change in unrealized gain (loss) on open positions | | & |