Edgar Filing: GreenHaven Continuous Commodity Index Master Fund

t76422_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended March 31, 2013,


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 Numbers: 001-33908, 001-33909

GREENHAVEN CONTINUOUS COMMODITY INDEX FUND

(Registrant)

(Exact name of Registrant as specified in its charter)

GREENHAVEN CONTINUOUS COMMODITY INDEX MASTER FUND

(Rule 140 Co-Registrant)

(Exact name of Registrant as specified in its charter)


Delaware		26-0151234 26-0151301
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

c/o GreenHaven Commodity Services LLC
3340 Peachtree Rd, Suite 1910
Atlanta, Georgia		30326
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (404)-239-7942

(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 þ No o

Indicate by check mark whether the registrant has submitted electronically and posted to its web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to post such files). Yes þ 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 definition of “accelerated filer,” “large accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


Large Accelerated Filer þ	Accelerated Filer o		Non-Accelerated Filer o	Smaller reporting company o
		(Do not check if a 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 o No þ

Indicate the number of outstanding Limited Shares as of March 31, 2013: 17,000,000 Limited Shares.

GREENHAVEN CONTINUOUS COMMODITY INDEX FUND

GREENHAVEN CONTINUOUS COMMODITY INDEX MASTER FUND

QUARTER ENDED MARCH 31, 2013

PART 1. FINANCIAL INFORMATION		3

ITEM 1. FINANCIAL STATEMENTS		3

Greenhaven Continuous Commodity Index Fund Financial Statements
Consolidated Statements of Financial Condition at March 31, 2013 (unaudited) and December 31, 2012		3
Unaudited Consolidated Schedule of Investments at March 31, 2013		4
Consolidated Schedule of Investments at December 31, 2012		5
Unaudited Consolidated Statements of Income and Expenses for the Three Months Ended March 31, 2013 and 2012		6
Unaudited Consolidated Statement of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2013		7
Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2013 and 2012		8

Greenhaven Continuous Commodity Index Master Fund Financial Statements
Statements of Financial Condition at March 31, 2013 (unaudited) and December 31, 2012		9
Unaudited Schedule of Investments at March 31, 2013		10
Schedule of Investments at December 31, 2012		11
Unaudited Statements of Income and Expenses for the Three Months Ended March 31, 2013 and 2012		12
Unaudited Statement of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2013		13
Unaudited Statements of Cash Flows for the Three Months Ended March 31, 2013 and 2012		14
Notes to Consolidated Unaudited Financial Statements		15

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		24

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		29

ITEM 4. CONTROLS AND PROCEDURES		31

PART II. OTHER INFORMATION		32

ITEM 1. Legal Proceedings		32
ITEM 1A. Risk Factors		32
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds		32
ITEM 3. Defaults Upon Senior Securities		32
ITEM 4. Reserved		32
ITEM 5. Other Information		32
ITEM 6. Exhibits		33

SIGNATURES		34

EXHIBIT INDEX		35
EX-31.1 SECTION 302 CERTIFICATION OF CEO
EX-31.2 SECTION 302 CERTIFICATION OF CEO
EX-31.3 SECTION 302 CERTIFICATION OF CFO
EX-31.4 SECTION 302 CERTIFICATION OF CFO
EX-32.1 SECTION 906 CERTIFICATION OF CEO
EX-32.2 SECTION 906 CERTIFICATION OF CEO
EX-32.3 SECTION 906 CERTIFICATION OF CFO
EX-32.4 SECTION 906 CERTIFICATION OF CFO

GreenHaven Continuous Commodity Index Fund
Consolidated Statements of Financial Condition
March 31, 2013 (unaudited) and December 31, 2012

	March 31,
	2013			December 31,
	(unaudited)			2012
Assets
Equity in broker trading accounts:
U.S. Treasury Obligations (cost $459,980,886 and $469,979,439 as of March 31, 2013 and December 31, 2012, respectively)	$	459,990,580		$	469,995,420
Cash held by broker		37,705,732			22,210,626
Net unrealized depreciation on futures contracts		(16,754,619	)		(12,514,458	)
Total assets	$	480,941,693		$	479,691,588

Liabilities and shareholders’ equity
Capital shares payable	$	-		$	4,327,722
Management fee payable to related party		344,394			354,469
Accrued brokerage fees and expenses payable		230,623			401,297
Total liabilities		575,017			5,083,488

Shareholders’ equity
General Units:
Paid in capital - 50 units issued		1,500			1,500
Accumulated deficit		(87	)		(57	)
Total General Units		1,413			1,443
Limited Units:
Paid in capital - 17,000,000 and 16,450,000 redeemable units
issued and outstanding as of March 31, 2013 and December 31, 2012, respectively		485,814,487			470,214,957
Retained earnings (deficit)		(5,449,224	)		4,391,700

Total Limited Units		480,365,263			474,606,657

Total shareholders’ equity		480,366,676			474,608,100
Total liabilities and shareholders’ equity	$	480,941,693		$	479,691,588

Net asset value per share

General Units	$	28.26		$	28.86

Limited Units	$	28.26		$	28.85

See accompanying notes to unaudited consolidated financial statements

GreenHaven Continuous Commodity Index Fund
Unaudited Consolidated Schedule of Investments
March 31, 2013
	Percentage of			Fair			Face
Description	Net Assets			Value			Value
U.S. Treasury Obligations
U.S. Treasury Bills, 0.09% due April 04, 2013		35.39	%	$	169,999,830		$	170,000,000
U.S. Treasury Bills, 0.10% due April 11, 2013		6.25			29,999,760			30,000,000
U.S. Treasury Bills, 0.08% due April 25, 2013		39.55			189,995,820			190,000,000
U.S. Treasury Bills, 0.09% due May 16, 2013		14.57			69,995,170			70,000,000
Total U.S. Treasury Obligations (cost $459,980,886)		95.76	%	$	459,990,580		$	460,000,000

	Percentage of			Fair			Notional
Description	Net Assets			Value			Value
Unrealized Appreciation/(Depreciation) on Futures Contracts
Cocoa (431 contracts, settlement date May 15, 2013)		(0.19	) %	$	(900,380	)	$	9,352,700
Cocoa (431 contracts, settlement date July 16, 2013)		(0.12	)		(575,590	)		9,417,350
Cocoa (430 contracts, settlement date September 13, 2013)		(0.04	)		(172,390	)		9,442,800
Coffee (180 contracts, settlement date May 20, 2013)		(0.29	)		(1,377,675	)		9,257,625
Coffee (179 contracts, settlement date July 19, 2013)		(0.22	)		(1,054,069	)		9,374,006
Coffee (179 contracts, settlement date September 18, 2013)		(0.10	)		(505,556	)		9,558,600
Copper (110 contracts, settlement date May 29, 2013)		(0.05	)		(251,250	)		9,355,500
Copper (110 contracts, settlement date July 29, 2013)		(0.04	)		(184,600	)		9,410,500
Copper (110 contracts, settlement date September 26, 2013)		(0.18	)		(875,987	)		9,457,250
Corn (291 contracts, settlement date May 14, 2013)		(0.18	)		(886,037	)		10,115,888
Corn (291 contracts, settlement date July 12, 2013)		(0.13	)		(612,487	)		9,835,800
Corn (293 contracts, settlement date September 13, 2013)		(0.10	)		(458,650	)		8,247,950
Cotton (317 contracts, settlement date May 08, 2013)		0.31			1,473,460			14,020,910
Cotton (317 contracts, settlement date July 09, 2013)		0.36			1,741,710			14,234,885
Gold (89 contracts, settlement date June 26, 2013)		(0.19	)		(899,520	)		14,201,730
Gold (88 contracts, settlement date August 28, 2013)		(0.12	)		(575,140	)		14,057,120
Heating Oil (44 contracts, settlement date April 30, 2013)		0.02			99,662			5,630,856
Heating Oil (44 contracts, settlement date May 31, 2013)		0.02			116,319			5,604,984
Heating Oil (44 contracts, settlement date June 28, 2013)		0.01			28,350			5,595,744
Heating Oil (44 contracts, settlement date July 31, 2013)		(0.04	)		(192,465	)		5,594,635
Heating Oil (45 contracts, settlement date August 30, 2013)		(0.04	)		(187,291	)		5,720,463
Lean Hogs (162 contracts, settlement date April 12, 2013)		(0.09	)		(427,420	)		5,222,880
Lean Hogs (162 contracts, settlement date June 14, 2013)		(0.10	)		(474,120	)		5,901,660
Lean Hogs (162 contracts, settlement date July 15, 2013)		(0.10	)		(482,480	)		5,900,040
Lean Hogs (162 contracts, settlement date August 14, 2013)		(0.07	)		(313,600	)		5,878,980
Lean Hogs (162 contracts, settlement date October 14, 2013)		(0.04	)		(209,850	)		5,307,120
Light, Sweet Crude Oil (58 contracts, settlement date April 22, 2013)		0.09			422,880			5,639,340
Light, Sweet Crude Oil (58 contracts, settlement date May 21, 2013)		0.09			421,200			5,654,420
Light, Sweet Crude Oil (58 contracts, settlement date June 20, 2013)		0.03			161,930			5,663,120
Light, Sweet Crude Oil (58 contracts, settlement date July 22, 2013)		0.00	*		1,600			5,659,060
Light, Sweet Crude Oil (58 contracts, settlement date August 20, 2013)		0.00	*		(5,720	)		5,643,400
Live Cattle (186 contracts, settlement date June 28, 2013)		(0.07	)		(325,320	)		9,253,500
Live Cattle (186 contracts, settlement date August 30, 2013)		(0.07	)		(344,230	)		9,314,880
Live Cattle (186 contracts, settlement date October 31, 2013)		(0.04	)		(171,350	)		9,636,660
Natural Gas (138 contracts, settlement date April 26, 2013)		0.13			601,230			5,553,120
Natural Gas (138 contracts, settlement date May 29, 2013)		0.12			596,270			5,611,080
Natural Gas (138 contracts, settlement date June 26, 2013)		0.18			878,290			5,675,940
Natural Gas (138 contracts, settlement date July 29, 2013)		0.15			698,600			5,699,400
Natural Gas (138 contracts, settlement date August 28, 2013)		0.14			671,600			5,681,460
Platinum (179 contracts, settlement date July 29, 2013)		(0.03	)		(152,720	)		14,092,670
Platinum (179 contracts, settlement date October 29, 2013)		(0.24	)		(1,140,665	)		14,113,255
Silver (67 contracts, settlement date May 29, 2013)		(0.15	)		(729,690	)		9,488,205
Silver (66 contracts, settlement date July 29, 2013)		(0.24	)		(1,146,950	)		9,366,060
Silver (66 contracts, settlement date September 26, 2013)		(0.20	)		(940,530	)		9,385,200
Soybean (136 contracts, settlement date May 14, 2013)		(0.07	)		(361,288	)		9,552,300
Soybean (137 contracts, settlement date July 12, 2013)		(0.04	)		(212,575	)		9,490,675
Soybean (136 contracts, settlement date August 14, 2013)		(0.04	)		(170,563	)		9,157,900
Soybean Oil (188 contracts, settlement date May 14, 2013)		0.00	*		(4,434	)		5,652,408
Soybean Oil (188 contracts, settlement date July 12, 2013)		0.00	*		(13,914	)		5,679,480
Soybean Oil (188 contracts, settlement date August 14, 2013)		0.00	*		(5,784	)		5,678,352
Soybean Oil (187 contracts, settlement date September 13, 2013)		(0.05	)		(247,548	)		5,634,684
Soybean Oil (188 contracts, settlement date October 14, 2013)		(0.05	)		(219,708	)		5,630,976
Sugar (471 contracts, settlement date April 30, 2013)		(0.21	)		(992,107	)		9,316,003
Sugar (471 contracts, settlement date June 28, 2013)		(0.14	)		(678,160	)		9,337,104
Sugar (471 contracts, settlement date September 30, 2013)		(0.09	)		(443,531	)		9,574,488
Wheat (272 contracts, settlement date May 14, 2013)		(0.40	)		(1,948,900	)		9,353,400
Wheat (271 contracts, settlement date July 12, 2013)		(0.39	)		(1,883,238	)		9,363,050
Wheat (272 contracts, settlement date September 13, 2013)		(0.19	)		(912,238	)		9,509,800
Net Unrealized Depreciation on Futures Contracts		(3.49	) %	$	(16,754,619	)	$	479,759,366

* Denotes greater than 0.000% yet less than 0.005%
See accompanying notes to unaudited consolidated financial statements

GreenHaven Continuous Commodity Index Fund
Consolidated Schedule of Investments
December 31, 2012
	Percentage of			Fair			Face
Description	Net Assets			Value			Value
U.S. Treasury Obligations
U.S. Treasury Bills, 0.06% due January 03, 2013		37.93	%	$	180,000,000		$	180,000,000
U.S. Treasury Bills, 0.05% due January 10, 2013		6.32			29,999,820			30,000,000
U.S. Treasury Bills, 0.05% due January 24, 2013		40.03			189,997,910			190,000,000
U.S. Treasury Bills, 0.11% due February 14, 2013		14.75			69,997,690			70,000,000
Total U.S. Treasury Obligations (cost $469,979,439)		99.03	%	$	469,995,420		$	470,000,000

	Percentage of			Fair			Notional
Description	Net Assets			Value			Value
Unrealized Appreciation/(Depreciation) on Futures Contracts
Cocoa (414 contracts, settlement date March 13, 2013)		(0.20	) %	$	(948,620	)	$	9,257,040
Cocoa (415 contracts, settlement date May 15, 2013)		(0.20	)		(932,590	)		9,320,900
Cocoa (414 contracts, settlement date July 16, 2013)		(0.10	)		(485,050	)		9,331,560
Coffee (168 contracts, settlement date March 18, 2013)		(0.28	)		(1,303,556	)		9,059,400
Coffee (170 contracts, settlement date May 20, 2013)		(0.28	)		(1,324,350	)		9,352,125
Coffee (169 contracts, settlement date July 19, 2013)		(0.14	)		(671,381	)		9,477,731
Copper (102 contracts, settlement date March 26, 2013)		0.12			554,000			9,313,875
Copper (102 contracts, settlement date May 29, 2013)		0.11			544,763			9,338,100
Copper (101 contracts, settlement date July 29, 2013)		0.11			529,500			9,271,800
Corn (267 contracts, settlement date March 14, 2013)		(0.25	)		(1,180,150	)		9,321,637
Corn (266 contracts, settlement date May 14, 2013)		(0.23	)		(1,104,225	)		9,313,325
Corn (266 contracts, settlement date July 12, 2013)		(0.08	)		(389,100	)		9,273,425
Cotton (246 contracts, settlement date March 06, 2013)		0.08			361,630			9,242,220
Cotton (244 contracts, settlement date May 08, 2013)		0.02			99,440			9,254,920
Cotton (245 contracts, settlement date July 09, 2013)		0.10			489,040			9,416,575
FCOJ-A (838 contracts, settlement date March 08, 2013)		(0.06	)		(301,343	)		14,750,895
FCOJ-A (435 contracts, settlement date May 10, 2013)		0.03			133,620			7,777,800
FCOJ-A (285 contracts, settlement date July 11, 2013)		(0.01	)		(61,987	)		5,185,575
Gold (56 contracts, settlement date February 26, 2013)		0.07			312,270			9,384,480
Gold (55 contracts, settlement date April 26, 2013)		0.05			236,130			9,229,000
Gold (55 contracts, settlement date June 26, 2013)		(0.07	)		(317,080	)		9,240,000
Heating Oil (44 contracts, settlement date January 31, 2013)		0.00	*		(14,960	)		5,602,766
Heating Oil (44 contracts, settlement date February 28, 2013)		0.00	*		(10,185	)		5,575,046
Heating Oil (44 contracts, settlement date March 28, 2013)		0.00	*		(1,571	)		5,535,869
Heating Oil (44 contracts, settlement date April 30, 2013)		0.02			85,352			5,587,982
Heating Oil (44 contracts, settlement date May 31, 2013)		0.02			90,959			5,558,045
Lean Hogs (189 contracts, settlement date February 14, 2013)		0.07			323,420			6,480,810
Lean Hogs (189 contracts, settlement date April 12, 2013)		0.01			24,060			6,707,610
Lean Hogs (188 contracts, settlement date June 14, 2013)		(0.04	)		(163,170	)		7,358,320
Lean Hogs (188 contracts, settlement date July 15, 2013)		(0.04	)		(193,660	)		7,322,600
Light, Sweet Crude Oil (60 contracts, settlement date January 22, 2013)		(0.01	)		(45,010	)		5,509,200
Light, Sweet Crude Oil (61 contracts, settlement date February 20, 2013)		(0.01	)		(57,300	)		5,628,470
Light, Sweet Crude Oil (60 contracts, settlement date March 20, 2013)		(0.01	)		(38,330	)		5,563,800
Light, Sweet Crude Oil (60 contracts, settlement date April 22, 2013)		0.06			279,100			5,589,600
Light, Sweet Crude Oil (60 contracts, settlement date May 21, 2013)		0.06			274,100			5,609,400
Live Cattle (175 contracts, settlement date February 28, 2013)		0.03			163,800			9,261,000
Live Cattle (174 contracts, settlement date April 30, 2013)		0.02			106,530			9,491,700
Live Cattle (175 contracts, settlement date June 28, 2013)		0.02			96,290			9,152,500
Natural Gas (163 contracts, settlement date January 29, 2013)		(0.06	)		(298,990	)		5,462,130
Natural Gas (163 contracts, settlement date Februay 26, 2013)		(0.05	)		(251,910	)		5,484,950
Natural Gas (163 contracts, settlement date March 26, 2013)		(0.04	)		(189,680	)		5,546,890
Natural Gas (163 contracts, settlement date April 26, 2013)		(0.07	)		(316,420	)		5,628,390
Natural Gas (163 contracts, settlement date May 29, 2013)		(0.06	)		(298,280	)		5,718,040
Platinum (181 contracts, settlement date April 26, 2013)		(0.06	)		(267,470	)		13,958,720
Platinum (180 contracts, settlement date July 29, 2013)		(0.07	)		(329,455	)		13,911,300
Silver (62 contracts, settlement date March 26, 2013)		0.01			58,585			9,370,370
Silver (61 contracts, settlement date May 29, 2013)		0.03			143,405			9,235,095
Silver (61 contracts, settlement date July 29, 2013)		(0.14	)		(680,860	)		9,249,125
Soybean (133 contracts, settlement date March 14, 2013)		(0.16	)		(772,287	)		9,373,175
Soybean (132 contracts, settlement date May 14, 2013)		(0.10	)		(461,563	)		9,235,050
Soybean (133 contracts, settlement date July 12, 2013)		(0.01	)		(61,712	)		9,278,413
Sugar (424 contracts, settlement date February 28, 2013)		(0.10	)		(456,109	)		9,264,909
Sugar (424 contracts, settlement date April 30, 2013)		(0.07	)		(317,901	)		9,307,648
Sugar (423 contracts, settlement date June 28, 2013)		0.06			278,678			9,352,022
Wheat (237 contracts, settlement date March 14, 2013)		(0.28	)		(1,303,087	)		9,219,300
Wheat (237 contracts, settlement date May 14, 2013)		(0.24	)		(1,134,200	)		9,334,838
Wheat (235 contracts, settlement date July 12, 2013)		(0.22	)		(1,015,588	)		9,326,563
Net Unrealized Depreciation on Futures Contracts		(2.64	) %	$	(12,514,458	)	$	473,904,029

* Denotes greater than 0.000% yet less than 0.005%

See accompanying notes to unaudited consolidated financial statements

GreenHaven Continuous Commodity Index Fund

Unaudited Consolidated Statements of Income and Expenses

For the Three Months Ended March 31, 2013 and 2012

	2013			2012
Income
Interest Income	$	84,009		$	30,714

Expenses
Management fee to related party		998,920			1,328,067
Brokerage fees and expenses		235,040			70,914
Total expenses		1,233,960			1,398,981
Net Investment Loss		(1,149,951	)		(1,368,267	)

Realized and Net Change in Unrealized Gain (Loss) on Investments and Futures Contracts
Realized Loss on
Futures Contracts		(4,444,555	)		(19,491,624	)
Net Realized Loss		(4,444,555	)		(19,491,624	)
Net Change in Unrealized Gain (Loss) on
Investments		(6,287	)		6,638
Futures Contracts		(4,240,161	)		26,063,992
Net Change in Unrealized Gain (Loss)		(4,246,448	)		26,070,630
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts		(8,691,003	)		6,579,006

Net Gain (Loss)	$	(9,840,954	)	$	5,210,739

See accompanying notes to unaudited consolidated financial statements

GreenHaven Continuous Commodity Index Fund

Unaudited Consolidated Statements of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2013


	General Units										Limited Units												Total

								Total												Total
								General												Limited			Total
	General Units				Accumulated			Shareholders’			Limited Units						Accumulated			Shareholders’			Shareholders’
	Units		Amount		Deficit			Equity			Units			Amount			Deficit			Equity			Equity
Balance at January 1, 2013		50	$	1,500	$	(57	)	$	1,443			16,450,000		$	470,214,957		$	4,391,700		$	474,606,657		$	474,608,100
Creation of Limited Units		-		-		-			-			900,000			25,704,700			-			25,704,700			25,704,700
Redemption of Limited Units		-		-		-			-			(350,000	)		(10,105,170	)		-			(10,105,170	)		(10,105,170	)
Net loss:
Net investment loss		-		-		(4	)		(4	)		-			-			(1,149,947	)		(1,149,947	)		(1,149,951	)
Net realized loss on Investments and Futures Contracts		-		-		(14	)		(14	)		-			-			(4,444,541	)		(4,444,541	)		(4,444,555	)
Net change in unrealized loss on Investments and Futures Contracts		-		-		(12	)		(12	)		-			-			(4,246,436	)		(4,246,436	)		(4,246,448	)
Net loss		-		-		(30	)		(30	)		-			-			(9,840,924	)		(9,840,924	)		(9,840,954	)

Balance at March 31, 2013		50	$	1,500	$	(87	)	$	1,413			17,000,000		$	485,814,487		$	(5,449,224	)	$	480,365,263		$	480,366,676

See accompanying notes to unaudited consolidated financial statements

GreenHaven Continuous Commodity Index Fund

Unaudited Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2013 and 2012

	2013			2012
Cash flow from operating activities:
Net Gain (Loss)	$	(9,840,954	)	$	5,210,739
Adjustments to reconcile net (loss) to net cash used for operating activities:
Purchase of investment securities		(459,917,438	)		(554,953,498	)
Proceeds from sales of investment securities		470,000,000			10,000,000
Net accretion of discount		(84,009	)		(30,714	)
Unrealized depreciation (appreciation) on investments		4,246,448			(26,070,630	)
Decrease in payable - capital shares		(4,327,722	)		(1,497,826	)
Decrease in accrued expenses		(180,749	)		(41,912	)
Net cash used for operating activities		(104,424	)		(567,383,841	)

Cash flows from financing activities:
Proceeds from creation of Limited Units		25,704,700			80,222,138
Redemption of Limited Units		(10,105,170	)		(21,722,132	)
Net cash provided by financing activities		15,599,530			58,500,006

Net change in cash		15,495,106			(508,883,835	)
Cash held by broker at beginning of period		22,210,626			619,079,494
Cash held by broker at end of period	$	37,705,732		$	110,195,659

See accompanying notes to unaudited consolidated financial statements

GreenHaven Continuous Commodity Index Master Fund

Statements of Financial Condition

March 31, 2013 (unaudited) and December 31, 2012

	March 31,
	2013			December 31,
	(unaudited)			2012
Assets
Equity in broker trading accounts:
U.S. Treasury Obligations (cost $459,980,886 and $469,979,439 as of March 31, 2013 and December 31, 2012, respectively)	$	459,990,580		$	469,995,420
Cash held by broker		37,705,732			22,210,626
Net unrealized depreciation on futures contracts		(16,754,619	)		(12,514,458	)
Total assets	$	480,941,693		$	479,691,588

Liabilities and shareholders’ equity
Capital shares payable	$	-		$	4,327,722
Management fee payable to related party		344,394			354,469
Accrued brokerage fees and expenses payable		230,623			401,297
Total liabilities		575,017			5,083,488

Shareholders’ equity
General Units:
Paid in capital - 50 units issued		1,500			1,500
Accumulated deficit		(87	)		(57	)
Total General Units		1,413			1,443
Limited Units:
Paid in capital - 17,000,000 and 16,450,000 redeemable units issued and outstanding as of March 31, 2013 and December 31, 2012, respectively		485,814,487			470,214,957
Retained earnings (deficit)		(5,449,224	)		4,391,700

Total Limited Units		480,365,263			474,606,657

Total shareholders’ equity		480,366,676			474,608,100

Total liabilities and shareholders’ equity	$	480,941,693		$	479,691,588

Net asset value per share

General Units	$	28.26		$	28.86

Limited Units	$	28.26		$	28.85

See accompanying notes to unaudited consolidated financial statements

GreenHaven Continuous Commodity Index Master Fund

Unaudited Schedule of Investments

March 31, 2013

	Percentage of			Fair			Face
Description	Net Assets			Value			Value
U.S. Treasury Obligations
U.S. Treasury Bills, 0.09% due April 04, 2013		35.39	%	$	169,999,830		$	170,000,000
U.S. Treasury Bills, 0.10% due April 11, 2013		6.25			29,999,760			30,000,000
U.S. Treasury Bills, 0.08% due April 25, 2013		39.55			189,995,820			190,000,000
U.S. Treasury Bills, 0.09% due May 16, 2013		14.57			69,995,170			70,000,000
Total U.S. Treasury Obligations (cost $459,980,886)		95.76	%	$	459,990,580		$	460,000,000

	Percentage of			Fair			Notional
Description	Net Assets			Value			Value
Unrealized Appreciation/(Depreciation) on Futures Contracts
Cocoa (431 contracts, settlement date May 15, 2013)		(0.19	) %	$	(900,380	)	$	9,352,700
Cocoa (431 contracts, settlement date July 16, 2013)		(0.12	)		(575,590	)		9,417,350
Cocoa (430 contracts, settlement date September 13, 2013)		(0.04	)		(172,390	)		9,442,800
Coffee (180 contracts, settlement date May 20, 2013)		(0.29	)		(1,377,675	)		9,257,625
Coffee (179 contracts, settlement date July 19, 2013)		(0.22	)		(1,054,069	)		9,374,006
Coffee (179 contracts, settlement date September 18, 2013)		(0.10	)		(505,556	)		9,558,600
Copper (110 contracts, settlement date May 29, 2013)		(0.05	)		(251,250	)		9,355,500
Copper (110 contracts, settlement date July 29, 2013)		(0.04	)		(184,600	)		9,410,500
Copper (110 contracts, settlement date September 26, 2013)		(0.18	)		(875,987	)		9,457,250
Corn (291 contracts, settlement date May 14, 2013)		(0.18	)		(886,037	)		10,115,888
Corn (291 contracts, settlement date July 12, 2013)		(0.13	)		(612,487	)		9,835,800
Corn (293 contracts, settlement date September 13, 2013)		(0.10	)		(458,650	)		8,247,950
Cotton (317 contracts, settlement date May 08, 2013)		0.31			1,473,460			14,020,910
Cotton (317 contracts, settlement date July 09, 2013)		0.36			1,741,710			14,234,885
Gold (89 contracts, settlement date June 26, 2013)		(0.19	)		(899,520	)		14,201,730
Gold (88 contracts, settlement date August 28, 2013)		(0.12	)		(575,140	)		14,057,120
Heating Oil (44 contracts, settlement date April 30, 2013)		0.02			99,662			5,630,856
Heating Oil (44 contracts, settlement date May 31, 2013)		0.02			116,319			5,604,984
Heating Oil (44 contracts, settlement date June 28, 2013)		0.01			28,350			5,595,744
Heating Oil (44 contracts, settlement date July 31, 2013)		(0.04	)		(192,465	)		5,594,635
Heating Oil (45 contracts, settlement date August 30, 2013)		(0.04	)		(187,291	)		5,720,463
Lean Hogs (162 contracts, settlement date April 12, 2013)		(0.09	)		(427,420	)		5,222,880
Lean Hogs (162 contracts, settlement date June 14, 2013)		(0.10	)		(474,120	)		5,901,660
Lean Hogs (162 contracts, settlement date July 15, 2013)		(0.10	)		(482,480	)		5,900,040
Lean Hogs (162 contracts, settlement date August 14, 2013)		(0.07	)		(313,600	)		5,878,980
Lean Hogs (162 contracts, settlement date October 14, 2013)		(0.04	)		(209,850	)		5,307,120
Light, Sweet Crude Oil (58 contracts, settlement date April 22, 2013)		0.09			422,880			5,639,340
Light, Sweet Crude Oil (58 contracts, settlement date May 21, 2013)		0.09			421,200			5,654,420
Light, Sweet Crude Oil (58 contracts, settlement date June 20, 2013)		0.03			161,930			5,663,120
Light, Sweet Crude Oil (58 contracts, settlement date July 22, 2013)		0.00	*		1,600			5,659,060
Light, Sweet Crude Oil (58 contracts, settlement date August 20, 2013)		0.00	*		(5,720	)		5,643,400
Live Cattle (186 contracts, settlement date June 28, 2013)		(0.07	)		(325,320	)		9,253,500
Live Cattle (186 contracts, settlement date August 30, 2013)		(0.07	)		(344,230	)		9,314,880
Live Cattle (186 contracts, settlement date October 31, 2013)		(0.04	)		(171,350	)		9,636,660
Natural Gas (138 contracts, settlement date April 26, 2013)		0.13			601,230			5,553,120
Natural Gas (138 contracts, settlement date May 29, 2013)		0.12			596,270			5,611,080
Natural Gas (138 contracts, settlement date June 26, 2013)		0.18			878,290			5,675,940
Natural Gas (138 contracts, settlement date July 29, 2013)		0.15			698,600			5,699,400
Natural Gas (138 contracts, settlement date August 28, 2013)		0.14			671,600			5,681,460
Platinum (179 contracts, settlement date July 29, 2013)		(0.03	)		(152,720	)		14,092,670
Platinum (179 contracts, settlement date October 29, 2013)		(0.24	)		(1,140,665	)		14,113,255
Silver (67 contracts, settlement date May 29, 2013)		(0.15	)		(729,690	)		9,488,205
Silver (66 contracts, settlement date July 29, 2013)		(0.24	)		(1,146,950	)		9,366,060
Silver (66 contracts, settlement date September 26, 2013)		(0.20	)		(940,530	)		9,385,200
Soybean (136 contracts, settlement date May 14, 2013)		(0.07	)		(361,288	)		9,552,300
Soybean (137 contracts, settlement date July 12, 2013)		(0.04	)		(212,575	)		9,490,675
Soybean (136 contracts, settlement date August 14, 2013)		(0.04	)		(170,563	)		9,157,900
Soybean Oil (188 contracts, settlement date May 14, 2013)		0.00	*		(4,434	)		5,652,408
Soybean Oil (188 contracts, settlement date July 12, 2013)		0.00	*		(13,914	)		5,679,480
Soybean Oil (188 contracts, settlement date August 14, 2013)		0.00	*		(5,784	)		5,678,352
Soybean Oil (187 contracts, settlement date September 13, 2013)		(0.05	)		(247,548	)		5,634,684
Soybean Oil (188 contracts, settlement date October 14, 2013)		(0.05	)		(219,708	)		5,630,976
Sugar (471 contracts, settlement date April 30, 2013)		(0.21	)		(992,107	)		9,316,003
Sugar (471 contracts, settlement date June 28, 2013)		(0.14	)		(678,160	)		9,337,104
Sugar (471 contracts, settlement date September 30, 2013)		(0.09	)		(443,531	)		9,574,488
Wheat (272 contracts, settlement date May 14, 2013)		(0.40	)		(1,948,900	)		9,353,400
Wheat (271 contracts, settlement date July 12, 2013)		(0.39	)		(1,883,238	)		9,363,050
Wheat (272 contracts, settlement date September 13, 2013)		(0.19	)		(912,238	)		9,509,800
Net Unrealized Depreciation on Futures Contracts		(3.49	)%	$	(16,754,619	)	$	479,759,366

* Denotes greater than 0.000% yet less than 0.005%

See accompanying notes to unaudited consolidated financial statements

GreenHaven Continuous Commodity Index Master Fund
Schedule of Investments
December 31, 2012

Description	Percentage of Net Assets			Fair Value			Face Value
U.S. Treasury obligations
U.S. Treasury Bills, 0.06% due January 03, 2013		37.93	%	$	180,000,000		$	180,000,000
U.S. Treasury Bills, 0.05% due January 10, 2013		6.32			29,999,820			30,000,000
U.S. Treasury Bills, 0.05% due January 24, 2013		40.03			189,997,910			190,000,000
U.S. Treasury Bills, 0.11% due February 14, 2013		14.75			69,997,690			70,000,000
Total U.S. Treasury Obligations (cost $469,979,439)		99.03	%	$	469,995,420		$	470,000,000

	Percentage of			Fair			Notional
Description	Net Assets			Value			Value
Unrealized Appreciation/(Depreciation) on Futures Contracts
Cocoa (414 contracts, settlement date March 13, 2013)		(0.20	) %	$	(948,620	)	$	9,257,040
Cocoa (415 contracts, settlement date May 15, 2013)		(0.20	)		(932,590	)		9,320,900
Cocoa (414 contracts, settlement date July 16, 2013)		(0.10	)		(485,050	)		9,331,560
Coffee (168 contracts, settlement date March 18, 2013)		(0.28	)		(1,303,556	)		9,059,400
Coffee (170 contracts, settlement date May 20, 2013)		(0.28	)		(1,324,350	)		9,352,125
Coffee (169 contracts, settlement date July 19, 2013)		(0.14	)		(671,381	)		9,477,731
Copper (102 contracts, settlement date March 26, 2013)		0.12			554,000			9,313,875
Copper (102 contracts, settlement date May 29, 2013)		0.11			544,763			9,338,100
Copper (101 contracts, settlement date July 29, 2013)		0.11			529,500			9,271,800
Corn (267 contracts, settlement date March 14, 2013)		(0.25	)		(1,180,150	)		9,321,637
Corn (266 contracts, settlement date May 14, 2013)		(0.23	)		(1,104,225	)		9,313,325
Corn (266 contracts, settlement date July 12, 2013)		(0.08	)		(389,100	)		9,273,425
Cotton (246 contracts, settlement date March 06, 2013)		0.08			361,630			9,242,220
Cotton (244 contracts, settlement date May 08, 2013)		0.02			99,440			9,254,920
Cotton (245 contracts, settlement date July 09, 2013)		0.10			489,040			9,416,575
FCOJ-A (838 contracts, settlement date March 08, 2013)		(0.06	)		(301,343	)		14,750,895
FCOJ-A (435 contracts, settlement date May 10, 2013)		0.03			133,620			7,777,800
FCOJ-A (285 contracts, settlement date July 11, 2013)		(0.01	)		(61,987	)		5,185,575
Gold (56 contracts, settlement date February 26, 2013)		0.07			312,270			9,384,480
Gold (55 contracts, settlement date April 26, 2013)		0.05			236,130			9,229,000
Gold (55 contracts, settlement date June 26, 2013)		(0.07	)		(317,080	)		9,240,000
Heating Oil (44 contracts, settlement date January 31, 2013)		0.00	*		(14,960	)		5,602,766
Heating Oil (44 contracts, settlement date February 28, 2013)		0.00	*		(10,185	)		5,575,046
Heating Oil (44 contracts, settlement date March 28, 2013)		0.00	*		(1,571	)		5,535,869
Heating Oil (44 contracts, settlement date April 30, 2013)		0.02			85,352			5,587,982
Heating Oil (44 contracts, settlement date May 31, 2013)		0.02			90,959			5,558,045
Lean Hogs (189 contracts, settlement date February 14, 2013)		0.07			323,420			6,480,810
Lean Hogs (189 contracts, settlement date April 12, 2013)		0.01			24,060			6,707,610
Lean Hogs (188 contracts, settlement date June 14, 2013)		(0.04	)		(163,170	)		7,358,320
Lean Hogs (188 contracts, settlement date July 15, 2013)		(0.04	)		(193,660	)		7,322,600
Light, Sweet Crude Oil (60 contracts, settlement date January 22, 2013)		(0.01	)		(45,010	)		5,509,200
Light, Sweet Crude Oil (61 contracts, settlement date February 20, 2013)		(0.01	)		(57,300	)		5,628,470
Light, Sweet Crude Oil (60 contracts, settlement date March 20, 2013)		(0.01	)		(38,330	)		5,563,800
Light, Sweet Crude Oil (60 contracts, settlement date April 22, 2013)		0.06			279,100			5,589,600
Light, Sweet Crude Oil (60 contracts, settlement date May 21, 2013)		0.06			274,100			5,609,400
Live Cattle (175 contracts, settlement date February 28, 2013)		0.03			163,800			9,261,000
Live Cattle (174 contracts, settlement date April 30, 2013)		0.02			106,530			9,491,700
Live Cattle (175 contracts, settlement date June 28, 2013)		0.02			96,290			9,152,500
Natural Gas (163 contracts, settlement date January 29, 2013)		(0.06	)		(298,990	)		5,462,130
Natural Gas (163 contracts, settlement date Februay 26, 2013)		(0.05	)		(251,910	)		5,484,950
Natural Gas (163 contracts, settlement date March 26, 2013)		(0.04	)		(189,680	)		5,546,890
Natural Gas (163 contracts, settlement date April 26, 2013)		(0.07	)		(316,420	)		5,628,390
Natural Gas (163 contracts, settlement date May 29, 2013)		(0.06	)		(298,280	)		5,718,040
Platinum (181 contracts, settlement date April 26, 2013)		(0.06	)		(267,470	)		13,958,720
Platinum (180 contracts, settlement date July 29, 2013)		(0.07	)		(329,455	)		13,911,300
Silver (62 contracts, settlement date March 26, 2013)		0.01			58,585			9,370,370
Silver (61 contracts, settlement date May 29, 2013)		0.03			143,405			9,235,095
Silver (61 contracts, settlement date July 29, 2013)		(0.14	)		(680,860	)		9,249,125
Soybean (133 contracts, settlement date March 14, 2013)		(0.16	)		(772,287	)		9,373,175
Soybean (132 contracts, settlement date May 14, 2013)		(0.10	)		(461,563	)		9,235,050
Soybean (133 contracts, settlement date July 12, 2013)		(0.01	)		(61,712	)		9,278,413
Sugar (424 contracts, settlement date February 28, 2013)		(0.10	)		(456,109	)		9,264,909
Sugar (424 contracts, settlement date April 30, 2013)		(0.07	)		(317,901	)		9,307,648
Sugar (423 contracts, settlement date June 28, 2013)		0.06			278,678			9,352,022
Wheat (237 contracts, settlement date March 14, 2013)		(0.28	)		(1,303,087	)		9,219,300
Wheat (237 contracts, settlement date May 14, 2013)		(0.24	)		(1,134,200	)		9,334,838
Wheat (235 contracts, settlement date July 12, 2013)		(0.22	)		(1,015,588	)		9,326,563
Net Unrealized Depreciation on Futures Contracts		(2.64	) %	$	(12,514,458	)	$	473,904,029

* Denotes greater than 0.000% yet less than 0.005%

See accompanying notes to unaudited consolidated financial statements

GreenHaven Continuous Commodity Index Master Fund

Unaudited Statements of Income and Expenses

For the Three Months Ended March 31, 2013 and 2012


	2013			2012
Income
Interest Income	$	84,009		$	30,714

Expenses
Management fee to related party		998,920			1,328,067
Brokerage fees and expenses		235,040			70,914
Total expenses		1,233,960			1,398,981
Net Investment Loss		(1,149,951	)		(1,368,267	)

Realized and Net Change in Unrealized Gain (Loss) on Investments and Futures Contracts
Realized Loss on
Futures Contracts		(4,444,555	)		(19,491,624	)
Net Realized Loss		(4,444,555	)		(19,491,624	)
Net Change in Unrealized Gain (Loss) on
Investments		(6,287	)		6,638
Futures Contracts		(4,240,161	)		26,063,992
Net Change in Unrealized Gain (Loss)		(4,246,448	)		26,070,630
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts		(8,691,003	)		6,579,006

Net Gain (Loss)	$	(9,840,954	)	$	5,210,739

See accompanying notes to unaudited consolidated financial statements

GreenHaven Continuous Commodity Index Master Fund

Unaudited Statements of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2013

General Units

Limited Units

Total

General

Limited

Total

General Units

Accumulated

Shareholders’

Limited Units

Accumulated

Shareholders’

Units

Amount

Deficit

Equity

Units

Amount

Deficit

Equity

Balance at January 1, 2013

1,500

(57

)

1,443

16,450,000

470,214,957