0001144204-13-060410.txt : 20131112 0001144204-13-060410.hdr.sgml : 20131111 20131112140528 ACCESSION NUMBER: 0001144204-13-060410 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 35 CONFORMED PERIOD OF REPORT: 20130930 FILED AS OF DATE: 20131112 DATE AS OF CHANGE: 20131112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: United States Commodity Index Funds Trust CENTRAL INDEX KEY: 0001479247 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34833 FILM NUMBER: 131209373 BUSINESS ADDRESS: STREET 1: 1320 HARBOR BAY PARKWAY STREET 2: SUITE 145 CITY: ALAMEDA STATE: CA ZIP: 94502 BUSINESS PHONE: 510-522-9600 MAIL ADDRESS: STREET 1: 1320 HARBOR BAY PARKWAY STREET 2: SUITE 145 CITY: ALAMEDA STATE: CA ZIP: 94502 10-Q 1 v358193_10q.htm FORM 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
 
FORM 10-Q
  
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.
 
OR
 
¨
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: 001-34833
 
United States Commodity Index Funds Trust
(Exact name of registrant as specified in its charter)
 
Delaware
 
27-1537655
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
1999 Harrison Street, Suite 1530
Oakland, California 94612
(Address of principal executive offices) (Zip code)
 
(510) 522-9600
(Registrant’s telephone number, including area code)
 
N/A
(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.     x  Yes     ¨  No
 
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).     x  Yes     ¨  No
 
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
 
¨
 
Accelerated filer
 
x
 
 
 
 
 
 
 
Non-accelerated filer
 
¨  (Do not check if a smaller reporting company)
 
Smaller reporting company
 
¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     ¨  Yes     x  No
 
 
 
UNITED STATES COMMODITY INDEX FUNDS TRUST
 
 
 
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
 
 
 
Part I. FINANCIAL INFORMATION
 
Item 1. Condensed Financial Statements.
 
Index to Condensed Financial Statements
 
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
 
 
See accompanying notes to condensed financial statements.
 
 
2

 
United States Commodity Index Funds Trust
Condensed Statements of Financial Condition
At September 30, 2013 (Unaudited) and December 31, 2012
 
United States Copper Index Fund 
 
 
 
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
 
 
See accompanying notes to condensed financial statements.
    
 
3

 
United States Commodity Index Funds Trust
Condensed Statements of Financial Condition
At September 30, 2013 (Unaudited) and December 31, 2012
 
United States Agriculture Index Fund
 
 
 
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
 
 
See accompanying notes to condensed financial statements.
 
 
4

  
United States Commodity Index Funds Trust
Condensed Statements of Financial Condition
At September 30, 2013 (Unaudited) and December 31, 2012
 
 
United States Metals Index Fund  
 
 
 
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
 
 
See accompanying notes to condensed financial statements.
 
 
5

 
United States Commodity Index Funds Trust
Condensed Statements of Financial Condition
At September 30, 2013 (Unaudited) and December 31, 2012
   
United States Commodity Index Funds Trust
 
 
 
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
 
 
See accompanying notes to condensed financial statements.
 
 
6

 
United States Commodity Index Funds Trust
Condensed Schedule of Investments (Unaudited)
At September 30, 2013
 
United States Commodity Index Fund
 
 
 
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
 
 
See accompanying notes to condensed financial statements.
 
 
7

 
United States Commodity Index Funds Trust
Condensed Schedule of Investments (Unaudited)
At September 30, 2013
 
United States Commodity Index Fund (Continued)
 
 
 
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
 
 
* All short contracts are offset by the same number of Futures Contracts in the corresponding long positions and are acquired solely for the purpose of reducing a long position (e.g., due to a redemption or to reflect a rebalancing of the Commodity Index).
** Collateral amounted to $70,396,727 on open futures contracts.
 
See accompanying notes to condensed financial statements.
 
 
8

 
United States Commodity Index Funds Trust
Condensed Schedule of Investments (Unaudited)
At September 30, 2013
 
United States Copper Index Fund
 
 
 
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
 
 
* Collateral amounted to $216,693 on open futures contracts.
 
See accompanying notes to condensed financial statements.
 
 
9

 
United States Commodity Index Funds Trust
Condensed Schedule of Investment (Unaudited)
At September 30, 2013
 
United States Agriculture Index Fund
 
 
 
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
 
 
* Collateral amounted to $383,552 on open futures contracts.
 
See accompanying notes to condensed financial statements.
 
 
10

 
United States Commodity Index Funds Trust
Condensed Schedule of Investments (Unaudited)
At September 30, 2013
 
United States Metals Index Fund
 
 
 
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
 
 
* All short contracts are offset by the same number of Futures Contracts in the corresponding long positions and are acquired solely for the purpose of reducing a long position (e.g., due to a redemption or to reflect a rebalancing of the Metals Index). 
** Collateral amounted to $422,267 on open futures contracts.
 
See accompanying notes to condensed financial statements.
 
 
11

 
United States Commodity Index Funds Trust
Condensed Statements of Operations (Unaudited)
For the three and nine months ended September 30, 2013 and 2012
 
United States Commodity Index Fund
 
 
 
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
 
 
See accompanying notes to condensed financial statements.
 
 
12

 
United States Commodity Index Funds Trust
Condensed Statements of Operations (Unaudited)
For the three and nine months ended September 30, 2013 and 2012
 
United States Copper Index Fund
 
 
 
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
 
 
See accompanying notes to condensed financial statements.
 
 
13

 
United States Commodity Index Funds Trust
Condensed Statements of Operations (Unaudited)
For the three and nine months ended September 30, 2013 and 2012
 
United States Agriculture Index Fund*
 
 
 
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
 
 
* The commencement of operations of the United States Agriculture Index Fund was April 13, 2012.
 
See accompanying notes to condensed financial statements.
 
 
14

  
United States Commodity Index Funds Trust
Condensed Statements of Operations (Unaudited)
For the three and nine months ended September 30, 2013 and 2012
 
United States Metals Index Fund*
 
 
 
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
 
&