þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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26-0151234
26-0151301
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(State or Other Jurisdiction of Incorporation or
Organization) |
(I.R.S. Employer Identification No.)
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c/o GreenHaven Commodity Services LLC
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3340 Peachtree Rd, Suite 1910
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Atlanta, Georgia
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30326
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(Address of Principal Executive Offices)
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(Zip Code)
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Large Accelerated Filer þ
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Accelerated Filer o
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Non-Accelerated Filer o
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Smaller reporting company o
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(Do not check if a smaller reporting company)
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PART 1. FINANCIAL INFORMATION
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3
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ITEM 1. FINANCIAL STATEMENTS
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3
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Greenhaven Continuous Commodity Index Fund Financial Statements
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Consolidated Statements of Financial Condition at June 30, 2013 (unaudited) and December 31, 2012
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3
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Unaudited Consolidated Schedule of Investments at June 30, 2013
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4
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Consolidated Schedule of Investments at December 31, 2012
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5
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Unaudited Consolidated Statements of Income and Expenses for the Three Months Ended June 30, 2013 and 2012 and Six Months Ended June 30, 2013 and 2012
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6
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Unaudited Consolidated Statement of Changes in Shareholders’ Equity for the Six Months Ended June 30, 2013
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7
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Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2013 and 2012
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8
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Greenhaven Continuous Commodity Index Master Fund Financial Statements
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Statements of Financial Condition at June 30, 2013 (unaudited) and December 31, 2012
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9
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Unaudited Schedule of Investments at June 30, 2013
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10
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Schedule of Investments at December 31, 2012
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11
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Unaudited Consolidated Statements of Income and Expenses for the Three Months Ended June 30, 2013 and 2012 and Six Months Ended June 30, 2013 and 2012
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12
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Unaudited Statement of Changes in Shareholders’ Equity for the Six Months Ended June 30, 2013
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13
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Unaudited Statements of Cash Flows for the Six Months Ended June 30, 2013 and 2012
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14
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Notes
to Unaudited Consolidated Financial Statements
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15
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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23
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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29
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ITEM 4. CONTROLS AND PROCEDURES
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31
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PART II. OTHER INFORMATION
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33
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ITEM 1. Legal Proceedings
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33
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ITEM 1A. Risk Factors
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33
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ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
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33
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ITEM 3. Defaults Upon Senior Securities
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33
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ITEM 4. Reserved
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33
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ITEM 5. Other Information
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33
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ITEM 6. Exhibits
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34
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SIGNATURES
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35
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EXHIBITS
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36
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EX-31.1 SECTION 302 CERTIFICATION OF CEO
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EX-31.2 SECTION 302 CERTIFICATION OF CEO
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EX-31.3 SECTION 302 CERTIFICATION OF CFO
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EX-31.4 SECTION 302 CERTIFICATION OF CFO
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EX-32.1 SECTION 906 CERTIFICATION OF CEO AND CFO
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EX-32.2 SECTION 906 CERTIFICATION OF CEO AND CFO
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2 |
June 30, 2013
(unaudited) |
December 31, 2012 |
|||||||
Assets
|
||||||||
Equity in broker trading accounts:
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||||||||
U.S. Treasury Obligations (cost $399,991,558 and $469,979,439 as of June 30, 2013 and December 31, 2012, respectively)
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$ | 399,996,510 | $ | 469,995,420 | ||||
Cash held by broker
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34,026,311 | 22,210,626 | ||||||
Net unrealized depreciation on futures contracts
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(29,055,846 | ) | (12,514,458 | ) | ||||
Total assets
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$ | 404,966,975 | $ | 479,691,588 | ||||
Liabilities and shareholders’ equity
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||||||||
Capital shares payable
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$ | — | $ | 4,327,722 | ||||
Management fee payable to related party
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297,631 | 354,469 | ||||||
Accrued brokerage fees and expenses payable
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180,821 | 401,297 | ||||||
Total liabilities
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478,452 | 5,083,488 | ||||||
Shareholders’ equity
|
||||||||
General Units:
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||||||||
Paid in capital - 50 units issued
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1,500 | 1,500 | ||||||
Accumulated deficit
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(212 | ) | (57 | ) | ||||
Total General Units
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1,288 | 1,443 | ||||||
Limited Units:
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||||||||
Paid in capital - 15,700,000 and 16,450,000 redeemable shares issued and outstanding as of June 30, 2013 and December 31, 2012, respectively
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450,409,641 | 470,214,957 | ||||||
Retained earnings (deficit)
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(45,922,406 | ) | 4,391,700 | |||||
Total Limited Units
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404,487,235 | 474,606,657 | ||||||
Total shareholders’ equity
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404,488,523 | 474,608,100 | ||||||
Total liabilities and shareholders’ equity
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$ | 404,966,975 | $ | 479,691,588 | ||||
Net asset value per share
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||||||||
General Units
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$ | 25.76 | $ | 28.86 | ||||
Limited Units
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$ | 25.76 | $ | 28.85 |
3 |
Percentage
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Fair
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Face
|
||||||||||
Description
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of Net Assets
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Value
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Value
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|||||||||
U.S. Treasury Obligations
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||||||||||||
U.S. Treasury Bills, 0.04% due July 05, 2013
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35.85 | % | $ | 144,999,855 | $ | 145,000,000 | ||||||
U.S. Treasury Bills, 0.04% due July 11, 2013
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7.42 | 29,999,880 | 30,000,000 | |||||||||
U.S. Treasury Bills, 0.03% due July 25, 2013
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39.55 | 159,998,400 | 160,000,000 | |||||||||
U.S. Treasury Bills, 0.05% due August 15, 2013
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16.07 | 64,998,375 | 65,000,000 | |||||||||
Total U.S. Treasury Obligations (cost $399,991,558)
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98.89 | % | $ | 399,996,510 | $ | 400,000,000 | ||||||
Percentage
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Fair
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Notional
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||||||||||
Description
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of Net Assets
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Value
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Value
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|||||||||
Unrealized Appreciation/(Depreciation) on Futures Contracts
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||||||||||||
Cocoa (549 contracts, settlement date December 13, 2013)
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(0.16 | )% | $ | (651,330 | ) | $ | 11,929,770 | |||||
Cocoa (550 contracts, settlement date September 13, 2013)
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(0.15 | ) | (594,690 | ) | 11,902,000 | |||||||
Coffee (260 contracts, settlement date December 18, 2013)
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(0.35 | ) | (1,400,194 | ) | 12,026,625 | |||||||
Coffee (261 contracts, settlement date September 18, 2013)
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(0.39 | ) | (1,589,400 | ) | 11,784,150 | |||||||
Copper (155 contracts, settlement date December 27, 2013)
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(0.26 | ) | (1,067,013 | ) | 11,900,125 | |||||||
Copper (155 contracts, settlement date September 26, 2013)
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(0.37 | ) | (1,513,650 | ) | 11,847,813 | |||||||
Corn (450 contracts, settlement date December 13, 2013)
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(0.16 | ) | (639,438 | ) | 11,497,500 | |||||||
Corn (449 contracts, settlement date September 13, 2013)
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(0.15 | ) | (607,275 | ) | 12,285,762 | |||||||
Cotton (286 contracts, settlement date March 07, 2014)
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(0.17 | ) | (678,085 | ) | 11,794,640 | |||||||
Cotton (285 contracts, settlement date December 06, 2013)
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(0.05 | ) | (222,985 | ) | 11,971,425 | |||||||
Gold (97 contracts, settlement date February 26, 2014)
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(0.35 | ) | (1,431,230 | ) | 11,901,900 | |||||||
Gold (97 contracts, settlement date December 27, 2013)
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(0.65 | ) | (2,614,440 | ) | 11,891,230 | |||||||
Lean Hogs (170 contracts, settlement date February 14, 2014)
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0.01 | 41,830 | 5,698,400 | |||||||||
Lean Hogs (170 contracts, settlement date December 13, 2013)
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0.06 | 222,680 | 5,620,200 | |||||||||
Lean Hogs (170 contracts, settlement date October 14, 2013)
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0.03 | 115,250 | 5,834,400 | |||||||||
Lean Hogs (169 contracts, settlement date August 14, 2013)
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0.04 | 173,380 | 6,587,620 | |||||||||
Light, Sweet Crude Oil (50 contracts, settlement date December 19, 2013)
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(0.01 | ) | (52,060 | ) | 4,682,000 | |||||||
Light, Sweet Crude Oil (50 contracts, settlement date November 20, 2013)
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(0.01 | ) | (42,170 | ) | 4,719,000 | |||||||
Light, Sweet Crude Oil (50 contracts, settlement date October 22, 2013)
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0.03 | 123,200 | 4,755,000 | |||||||||
Light, Sweet Crude Oil (50 contracts, settlement date September 20, 2013)
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0.03 | 133,520 | 4,790,500 | |||||||||
Light, Sweet Crude Oil (50 contracts, settlement date August 20, 2013)
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0.00 | * | 8,650 | 4,822,000 | ||||||||
Live Cattle (155 contracts, settlement date February 28, 2014)
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0.04 | 147,740 | 7,984,050 | |||||||||
Live Cattle (155 contracts, settlement date December 31, 2013)
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0.01 | 43,590 | 7,923,600 | |||||||||
Live Cattle (156 contracts, settlement date October 31, 2013)
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(0.07 | ) | (284,530 | ) | 7,842,120 | |||||||
Natural Gas (128 contracts, settlement date December 27, 2013)
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(0.07 | ) | (287,950 | ) | 4,990,720 | |||||||
Natural Gas (128 contracts, settlement date November 26, 2013)
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(0.07 | ) | (293,040 | ) | 4,880,640 | |||||||
Natural Gas (128 contracts, settlement date October 29, 2013)
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(0.19 | ) | (752,880 | ) | 4,666,880 | |||||||
Natural Gas (129 contracts, settlement date September 26, 2013)
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(0.19 | ) | (758,010 | ) | 4,607,880 | |||||||
Natural Gas (129 contracts, settlement date August 28, 2013)
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(0.07 | ) | (282,520 | ) | 4,591,110 | |||||||
NY Harbor ULSD (39 contracts, settlement date December 31, 2013)**
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(0.03 | ) | (105,239 | ) | 4,708,267 | |||||||
NY Harbor ULSD (39 contracts, settlement date November 29, 2013)**
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(0.02 | ) | (100,733 | ) | 4,702,207 | |||||||
NY Harbor ULSD (39 contracts, settlement date October 31, 2013)**
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(0.02 | ) | (71,085 | ) | 4,699,750 | |||||||
NY Harbor ULSD (39 contracts, settlement date September 30, 2013)**
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(0.02 | ) | (71,610 | ) | 4,696,310 | |||||||
NY Harbor ULSD (40 contracts, settlement date August 30, 2013)**
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(0.09 | ) | (372,767 | ) | 4,810,344 | |||||||
Platinum (177 contracts, settlement date January 29, 2014)
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(0.28 | ) | (1,122,575 | ) | 11,876,700 | |||||||
Platinum (177 contracts, settlement date October 29, 2013)
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(0.62 | ) | (2,512,385 | ) | 11,858,115 | |||||||
Silver (122 contracts, settlement date December 27, 2013)
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(0.51 | ) | (2,064,010 | ) | 11,906,590 | |||||||
Silver (122 contracts, settlement date September 26, 2013)
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(0.57 | ) | (2,290,635 | ) | 11,876,700 | |||||||
Soybean (189 contracts, settlement date January 14, 2014)
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(0.14 | ) | (556,362 | ) | 11,876,287 | |||||||
Soybean (190 contracts, settlement date November 14, 2013)
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(0.02 | ) | (76,375 | ) | 11,894,000 | |||||||
Soybean Oil (219 contracts, settlement date January 14, 2014)
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(0.07 | ) | (281,532 | ) | 5,926,140 | |||||||
Soybean Oil (219 contracts, settlement date December 13, 2013)
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(0.12 | ) | (499,428 | ) | 5,928,768 | |||||||
Soybean Oil (219 contracts, settlement date October 14, 2013)
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(0.16 | ) | (642,102 | ) | 5,970,816 | |||||||
Soybean Oil (215 contracts, settlement date September 13, 2013)
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(0.15 | ) | (600,708 | ) | 5,922,390 | |||||||
Sugar (613 contracts, settlement date February 28, 2014)
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0.02 | 61,466 | 12,179,574 | |||||||||
Sugar (614 contracts, settlement date September 30, 2013)
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(0.22 | ) | (902,966 | ) | 11,635,546 | |||||||
Wheat (360 contracts, settlement date December 13, 2013)
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(0.22 | ) | (884,975 | ) | 12,087,000 | |||||||
Wheat (358 contracts, settlement date September 13, 2013)
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(0.30 | ) | (1,208,775 | ) | 11,773,725 | |||||||
Net Unrealized Depreciation on Futures Contracts
|
(7.18 | )% | $ | (29,055,846 | ) | $ | 404,058,289 |
*
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Denotes greater than 0.000% yet less than 0.005%
|
||||||
**
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The CME Group changed specifications and the name of Heating Oil futures contracts to ‘NY Harbor ULSD’ in May 2013
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4 |
Percentage of
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Fair
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Face
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||||||||||
Description
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Net Assets
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Value
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Value
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|||||||||
U.S. Treasury Obligations
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||||||||||||
U.S. Treasury Bills, 0.06% due January 03, 2013
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37.93 | % | $ | 180,000,000 | $ | 180,000,000 | ||||||
U.S. Treasury Bills, 0.05% due January 10, 2013
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6.32 | 29,999,820 | 30,000,000 | |||||||||
U.S. Treasury Bills, 0.05% due January 24, 2013
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40.03 | 189,997,910 | 190,000,000 | |||||||||
U.S. Treasury Bills, 0.11% due February 14, 2013
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14.75 | 69,997,690 | 70,000,000 | |||||||||
Total U.S. Treasury Obligations (cost $469,979,439)
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99.03 | % | $ | 469,995,420 | $ | 470,000,000 | ||||||
Percentage of
|
Fair
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Notional
|
||||||||||
Description
|
Net Assets
|
Value
|
Value
|
|||||||||
Unrealized Appreciation/(Depreciation) on Futures Contracts
|
||||||||||||
Cocoa (414 contracts, settlement date March 13, 2013)
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(0.20 | )% | $ | (948,620 | ) | $ | 9,257,040 | |||||
Cocoa (415 contracts, settlement date May 15, 2013)
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(0.20 | ) | (932,590 | ) | 9,320,900 | |||||||
Cocoa (414 contracts, settlement date July 16, 2013)
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(0.10 | ) | (485,050 | ) | 9,331,560 | |||||||
Coffee (168 contracts, settlement date March 18, 2013)
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(0.28 | ) | (1,303,556 | ) | 9,059,400 | |||||||
Coffee (170 contracts, settlement date May 20, 2013)
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(0.28 | ) | (1,324,350 | ) | 9,352,125 | |||||||
Coffee (169 contracts, settlement date July 19, 2013)
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(0.14 | ) | (671,381 | ) | 9,477,731 | |||||||
Copper (102 contracts, settlement date March 26, 2013)
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0.12 | 554,000 | 9,313,875 | |||||||||
Copper (102 contracts, settlement date May 29, 2013)
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0.11 | 544,763 | 9,338,100 | |||||||||
Copper (101 contracts, settlement date July 29, 2013)
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0.11 | 529,500 | 9,271,800 | |||||||||
Corn (267 contracts, settlement date March 14, 2013)
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(0.25 | ) | (1,180,150 | ) | 9,321,637 | |||||||
Corn (266 contracts, settlement date May 14, 2013)
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(0.23 | ) | (1,104,225 | ) | 9,313,325 | |||||||
Corn (266 contracts, settlement date July 12, 2013)
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(0.08 | ) | (389,100 | ) | 9,273,425 | |||||||
Cotton (246 contracts, settlement date March 06, 2013)
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0.08 | 361,630 | 9,242,220 | |||||||||
Cotton (244 contracts, settlement date May 08, 2013)
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0.02 | 99,440 | 9,254,920 | |||||||||
Cotton (245 contracts, settlement date July 09, 2013)
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0.10 | 489,040 | 9,416,575 | |||||||||
FCOJ-A (838 contracts, settlement date March 08, 2013)
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(0.06 | ) | (301,343 | ) | 14,750,895 | |||||||
FCOJ-A (435 contracts, settlement date May 10, 2013)
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0.03 | 133,620 | 7,777,800 | |||||||||
FCOJ-A (285 contracts, settlement date July 11, 2013)
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(0.01 | ) | (61,987 | ) | 5,185,575 | |||||||
Gold (56 contracts, settlement date February 26, 2013)
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0.07 | 312,270 | 9,384,480 | |||||||||
Gold (55 contracts, settlement date April 26, 2013)
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0.05 | 236,130 | 9,229,000 | |||||||||
Gold (55 contracts, settlement date June 26, 2013)
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(0.07 | ) | (317,080 | ) | 9,240,000 | |||||||
Heating Oil (44 contracts, settlement date January 31, 2013)
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0.00 | * | (14,960 | ) | 5,602,766 | |||||||
Heating Oil (44 contracts, settlement date February 28, 2013)
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0.00 | * | (10,185 | ) | 5,575,046 | |||||||
Heating Oil (44 contracts, settlement date March 28, 2013)
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0.00 | * | (1,571 | ) | 5,535,869 | |||||||
Heating Oil (44 contracts, settlement date April 30, 2013)
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0.02 | 85,352 | 5,587,982 | |||||||||
Heating Oil (44 contracts, settlement date May 31, 2013)
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0.02 | 90,959 | 5,558,045 | |||||||||
Lean Hogs (189 contracts, settlement date February 14, 2013)
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0.07 | 323,420 | 6,480,810 | |||||||||
Lean Hogs (189 contracts, settlement date April 12, 2013)
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0.01 | 24,060 | 6,707,610 | |||||||||
Lean Hogs (188 contracts, settlement date June 14, 2013)
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(0.04 | ) | (163,170 | ) | 7,358,320 | |||||||
Lean Hogs (188 contracts, settlement date July 15, 2013)
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(0.04 | ) | (193,660 | ) | 7,322,600 | |||||||
Light, Sweet Crude Oil (60 contracts, settlement date January 22, 2013)
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(0.01 | ) | (45,010 | ) | 5,509,200 | |||||||
Light, Sweet Crude Oil (61 contracts, settlement date February 20, 2013)
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(0.01 | ) | (57,300 | ) | 5,628,470 | |||||||
Light, Sweet Crude Oil (60 contracts, settlement date March 20, 2013)
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(0.01 | ) | (38,330 | ) | 5,563,800 | |||||||
Light, Sweet Crude Oil (60 contracts, settlement date April 22, 2013)
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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)
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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 |
5 |
Three Months Ended |
Three Months Ended |
Six Months Ended |
Six Months
Ended |
|
||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 |
June 30, 2012
|
|
||||||||||||
Income
|
||||||||||||||||
Interest Income
|
$ | 61,443 | $ | 90,769 | $ | 145,452 | $ | 121,484 | ||||||||
Expenses
|
||||||||||||||||
Management fee to related party
|
949,009 | 1,164,381 | 1,947,929 | 2,492,448 | ||||||||||||
Brokerage fees and expenses
|
223,297 | 32,399 | 458,337 | 103,314 | ||||||||||||
Total expenses
|
1,172,306 | 1,196,780 | 2,406,266 | 2,595,762 | ||||||||||||
Net Investment Loss
|
(1,110,863 | ) | (1,106,011 | ) | (2,260,814 | ) | (2,474,278 | ) | ||||||||
Realized and Net Change in Unrealized Gain (Loss) on Investments and Futures Contracts
|
||||||||||||||||
Realized Gain (Loss) on
|
||||||||||||||||
Investments
|
1,390 | 903 | 1,390 | 903 | ||||||||||||
Futures Contracts
|
(27,057,865 | ) | (59,164,455 | ) | (31,502,420 | ) | (78,656,078 | ) | ||||||||
Net Realized Loss
|
(27,056,475 | ) | (59,163,552 | ) | (31,501,030 | ) | (78,655,175 | ) | ||||||||
Net Change in Unrealized Gain (Loss) on
|
||||||||||||||||
Investments
|
(4,742 | ) | 4,637 | (11,029 | ) | 11,275 | ||||||||||
Futures Contracts
|
(12,301,227 | ) | 19,505,930 | (16,541,388 | ) | 45,569,922 | ||||||||||
Net Change in Unrealized Gain (Loss)
|
(12,305,969 | ) | 19,510,567 | (16,552,417 | ) | 45,581,197 | ||||||||||
Net Realized and Unrealized Loss on Investments and Futures Contracts
|
(39,362,444 | ) | (39,652,985 | ) | (48,053,447 | ) | (33,073,978 | ) | ||||||||
Net Loss
|
$ | (40,473,307 | ) | $ | (40,758,996 | ) | $ | (50,314,261 | ) | $ | (35,548,256 | ) | ||||
See accompanying notes to unaudited consolidated financial statements
|
6 |
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 | 25,704,701 | — | 25,704,701 | 25,704,701 | |||||||||||||||||||||||||||
Redemption of Limited Units
|
— | — | — | — | (1,650,000 | ) | (45,510,017 | ) | — | (45,510,017 | ) | (45,510,017 | ) | |||||||||||||||||||||||
Net Loss:
|
||||||||||||||||||||||||||||||||||||
Net Investment Loss
|
— | — | (8 | ) | (8 | ) | — | — | (2,260,806 | ) | (2,260,806 | ) | (2,260,814 | ) | ||||||||||||||||||||||
Net Realized Loss on Investments and Futures Contracts
|
— | — | (96 | ) | (96 | ) | — | — | (31,500,934 | ) | (31,500,934 | ) | (31,501,030 | ) | ||||||||||||||||||||||
Net Change in Unrealized Loss on Investments and Futures Contracts
|
— | — | (51 | ) | (51 | ) | — | — | (16,552,366 | ) | (16,552,366 | ) | (16,552,417 | ) | ||||||||||||||||||||||
Net Loss
|
— | — | (155 | ) | (155 | ) | (50,314,106 | ) | (50,314,106 | ) | (50,314,261 | ) | ||||||||||||||||||||||||
Balance at June 30, 2013
|
50 | $ | 1,500 | $ | (212 | ) | $ | 1,288 | 15,700,000 | $ | 450,409,641 | $ | (45,922,406 | ) | $ | 404,487,235 | $ | 404,488,523 |
7 |
2013
|
2012
|
|||||||
Cash flow from operating activities:
|
||||||||
Net Loss
|
$ | (50,314,261 | ) | $ | (35,548,256 | ) | ||
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:
|
||||||||
Purchase of investment securities
|
(904,864,341 | ) | (1,129,849,062 | ) | ||||
Proceeds from sales of investment securities
|
974,999,064 | 659,992,044 | ||||||
Net accretion of discount
|
(145,452 | ) | (121,484 | ) | ||||
Net realized loss on investment securities
|
(1,390 | ) | (903 | ) | ||||
Unrealized depreciation (appreciation) on investments
|
16,552,417 | (45,581,197 | ) | |||||
Decrease in accrued expenses
|
(277,314 | ) | (485,346 | ) | ||||
Net cash provided by (used for) operating activities
|
35,948,723 | (551,594,204 | ) | |||||
Cash flows from financing activities:
|
||||||||
Proceeds from creation of Limited Units
|
25,704,701 | 80,222,138 | ||||||
Redemption of Limited Units
|
(45,510,017 | ) | (114,119,319 | ) | ||||
Decrease in capital shares payable
|
(4,327,722 | ) | (1,497,826 | ) | ||||
Net cash used for financing activities
|
(24,133,038 | ) | (35,395,007 | ) | ||||
Net change in cash
|
11,815,685 | (586,989,211 | ) | |||||
Cash held by broker at beginning of period
|
22,210,626 | 619,079,494 | ||||||
Cash held by broker at end of period
|
$ | 34,026,311 | $ | 32,090,283 |
8 |
June 30, 2013
(unaudited)
|
December 31, 2012
|
|||||||
Assets
|
||||||||
Equity in broker trading accounts:
|
||||||||
U.S. Treasury Obligations (cost $399,991,558 and $469,979,439 as of June 30, 2013 and December 31, 2012, respectively)
|
$ | 399,996,510 | $ | 469,995,420 | ||||
Cash held by broker
|
34,026,311 | 22,210,626 | ||||||
Net unrealized depreciation on futures contracts
|
(29,055,846 | ) | (12,514,458 | ) | ||||
Total assets
|
$ | 404,966,975 | $ | 479,691,588 | ||||
Liabilities and shareholders’ equity
|
||||||||
Capital shares payable
|
$ | — | $ | 4,327,722 | ||||
Management fee payable to related party
|
297,631 | 354,469 | ||||||
Accrued brokerage fees and expenses payable
|
180,821 | 401,297 | ||||||
Total liabilities
|
478,452 | 5,083,488 | ||||||
Shareholders’ equity
|
||||||||
General Units:
|
||||||||
Paid in capital - 50 units issued
|
1,500 | 1,500 | ||||||
Accumulated deficit
|
(212 | ) | (57 | ) | ||||
Total General Units
|
1,288 | 1,443 | ||||||
Limited Units:
|
||||||||
Paid in capital - 15,700,000 and 16,450,000 redeemable shares issued and outstanding as of June 30, 2013 and December 31, 2012, respectively
|
450,409,641 | 470,214,957 | ||||||
Retained earnings (deficit)
|
(45,922,406 | ) | 4,391,700 | |||||
Total Limited Units
|
404,487,235 | 474,606,657 | ||||||
Total shareholders’ equity
|
404,488,523 | 474,608,100 | ||||||
Total liabilities and shareholders’ equity
|
$ | 404,966,975 | $ | 479,691,588 | ||||
Net asset value per share
|
||||||||
General Units
|
$ | 25.76 | $ | 28.86 | ||||
Limited Units
|
$ | 25.76 | $ | 28.85 |
9 |
Percentage
|
Fair
|
Face
|
||||||||||
Description
|
of Net Assets
|
Value
|
Value
|
|||||||||
U.S. Treasury Obligations
|
||||||||||||
U.S. Treasury Bills, 0.04% due July 05, 2013
|
35.85 | % | $ | 144,999,855 | $ | 145,000,000 | ||||||
U.S. Treasury Bills, 0.04% due July 11, 2013
|
7.42 | 29,999,880 | 30,000,000 | |||||||||
U.S. Treasury Bills, 0.03% due July 25, 2013
|
39.55 | 159,998,400 | 160,000,000 | |||||||||
U.S. Treasury Bills, 0.05% due August 15, 2013
|
16.07 | 64,998,375 | 65,000,000 | |||||||||
Total U.S. Treasury Obligations (cost $399,991,558)
|
98.89 | % | $ | 399,996,510 | $ | 400,000,000 | ||||||
Percentage
|
Fair
|
Notional
|
||||||||||
Description
|
of Net Assets
|
Value
|
Value
|
|||||||||
Unrealized Appreciation/(Depreciation) on Futures Contracts
|
||||||||||||
Cocoa (549 contracts, settlement date December 13, 2013)
|
(0.16 | )% | $ | (651,330 | ) | $ | 11,929,770 | |||||
Cocoa (550 contracts, settlement date September 13, 2013)
|
(0.15 | ) | (594,690 | ) | 11,902,000 | |||||||
Coffee (260 contracts, settlement date December 18, 2013)
|
(0.35 | ) | (1,400,194 | ) | 12,026,625 | |||||||
Coffee (261 contracts, settlement date September 18, 2013)
|
(0.39 | ) | (1,589,400 | ) | 11,784,150 | |||||||
Copper (155 contracts, settlement date December 27, 2013)
|
(0.26 | ) | (1,067,013 | ) | 11,900,125 | |||||||
Copper (155 contracts, settlement date September 26, 2013)
|
(0.37 | ) | (1,513,650 | ) | 11,847,813 | |||||||
Corn (450 contracts, settlement date December 13, 2013)
|
(0.16 | ) | (639,438 | ) | 11,497,500 | |||||||
Corn (449 contracts, settlement date September 13, 2013)
|
(0.15 | ) | (607,275 | ) | 12,285,762 | |||||||
Cotton (286 contracts, settlement date March 07, 2014)
|
(0.17 | ) | (678,085 | ) | 11,794,640 | |||||||
Cotton (285 contracts, settlement date December 06, 2013)
|
(0.05 | ) | (222,985 | ) | 11,971,425 | |||||||
Gold (97 contracts, settlement date February 26, 2014)
|
(0.35 | ) | (1,431,230 | ) | 11,901,900 | |||||||
Gold (97 contracts, settlement date December 27, 2013)
|
(0.65 | ) | (2,614,440 | ) | 11,891,230 | |||||||
Lean Hogs (170 contracts, settlement date February 14, 2014)
|
0.01 | 41,830 | 5,698,400 | |||||||||
Lean Hogs (170 contracts, settlement date December 13, 2013)
|
0.06 | 222,680 | 5,620,200 | |||||||||
Lean Hogs (170 contracts, settlement date October 14, 2013)
|
0.03 | 115,250 | 5,834,400 | |||||||||
Lean Hogs (169 contracts, settlement date August 14, 2013)
|
0.04 | 173,380 | 6,587,620 | |||||||||
Light, Sweet Crude Oil (50 contracts, settlement date December 19, 2013)
|
(0.01 | ) | (52,060 | ) | 4,682,000 | |||||||
Light, Sweet Crude Oil (50 contracts, settlement date November 20, 2013)
|
(0.01 | ) | (42,170 | ) | 4,719,000 | |||||||
Light, Sweet Crude Oil (50 contracts, settlement date October 22, 2013)
|
0.03 | 123,200 | 4,755,000 | |||||||||
Light, Sweet Crude Oil (50 contracts, settlement date September 20, 2013)
|
0.03 | 133,520 | 4,790,500 | |||||||||
Light, Sweet Crude Oil (50 contracts, settlement date August 20, 2013)
|
0.00 | * | 8,650 | 4,822,000 | ||||||||
Live Cattle (155 contracts, settlement date February 28, 2014)
|
0.04 | 147,740 | 7,984,050 | |||||||||
Live Cattle (155 contracts, settlement date December 31, 2013)
|
0.01 | 43,590 | 7,923,600 | |||||||||
Live Cattle (156 contracts, settlement date October 31, 2013)
|
(0.07 | ) | (284,530 | ) | 7,842,120 | |||||||
Natural Gas (128 contracts, settlement date December 27, 2013)
|
(0.07 | ) | (287,950 | ) | 4,990,720 | |||||||
Natural Gas (128 contracts, settlement date November 26, 2013)
|
(0.07 | ) | (293,040 | ) | 4,880,640 | |||||||
Natural Gas (128 contracts, settlement date October 29, 2013)
|
(0.19 | ) | (752,880 | ) | 4,666,880 | |||||||
Natural Gas (129 contracts, settlement date September 26, 2013)
|
(0.19 | ) | (758,010 | ) | 4,607,880 | |||||||
Natural Gas (129 contracts, settlement date August 28, 2013)
|
(0.07 | ) | (282,520 | ) | 4,591,110 | |||||||
NY Harbor ULSD (39 contracts, settlement date December 31, 2013)**
|
(0.03 | ) | (105,239 | ) | 4,708,267 | |||||||
NY Harbor ULSD (39 contracts, settlement date November 29, 2013)**
|
(0.02 | ) | (100,733 | ) | 4,702,207 | |||||||
NY Harbor ULSD (39 contracts, settlement date October 31, 2013)**
|
(0.02 | ) | (71,085 | ) | 4,699,750 | |||||||
NY Harbor ULSD (39 contracts, settlement date September 30, 2013)**
|
(0.02 | ) | (71,610 | ) | 4,696,310 | |||||||
NY Harbor ULSD (40 contracts, settlement date August 30, 2013)**
|
(0.09 | ) | (372,767 | ) | 4,810,344 | |||||||
Platinum (177 contracts, settlement date January 29, 2014)
|
(0.28 | ) | (1,122,575 | ) | 11,876,700 | |||||||
Platinum (177 contracts, settlement date October 29, 2013)
|
(0.62 | ) | (2,512,385 | ) | 11,858,115 | |||||||
Silver (122 contracts, settlement date December 27, 2013)
|
(0.51 | ) | (2,064,010 | ) | 11,906,590 | |||||||
Silver (122 contracts, settlement date September 26, 2013)
|
(0.57 | ) | (2,290,635 | ) | 11,876,700 | |||||||
Soybean (189 contracts, settlement date January 14, 2014)
|
(0.14 | ) | (556,362 | ) | 11,876,287 | |||||||
Soybean (190 contracts, settlement date November 14, 2013)
|
(0.02 | ) | (76,375 | ) | 11,894,000 | |||||||
Soybean Oil (219 contracts, settlement date January 14, 2014)
|
(0.07 | ) | (281,532 | ) | 5,926,140 | |||||||
Soybean Oil (219 contracts, settlement date December 13, 2013)
|
(0.12 | ) | (499,428 | ) | 5,928,768 | |||||||
Soybean Oil (219 contracts, settlement date October 14, 2013)
|
(0.16 | ) | (642,102 | ) | 5,970,816 | |||||||
Soybean Oil (215 contracts, settlement date September 13, 2013)
|
(0.15 | ) | (600,708 | ) | 5,922,390 | |||||||
Sugar (613 contracts, settlement date February 28, 2014)
|
0.02 | 61,466 | 12,179,574 | |||||||||
Sugar (614 contracts, settlement date September 30, 2013)
|
(0.22 | ) | (902,966 | ) | 11,635,546 | |||||||
Wheat (360 contracts, settlement date December 13, 2013)
|
(0.22 | ) | (884,975 | ) | 12,087,000 | |||||||
Wheat (358 contracts, settlement date September 13, 2013)
|
(0.30 | ) | (1,208,775 | ) | 11,773,725 | |||||||
Net Unrealized Depreciation on Futures Contracts
|
(7.18 | )% | $ | (29,055,846 | ) | $ | 404,058,289 |
*
|
Denotes greater than 0.000% yet less than 0.005%
|
**
|
The CME Group changed the specifications and the name of Heating Oil futures contracts to ‘NY Harbor ULSD’ in May 2013
|
10 |
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%
|
11 |
Three Months
Ended |
Three Months
Ended |
Six Months Ended
|
Six Months Ended
|
|||||||||||||
June 30, 2013
|
June 30, 2012
|
June 30, 2013
|
June 30, 2012
|
|||||||||||||
Income
|
||||||||||||||||
Interest Income
|
$ | 61,443 | $ | 90,769 | $ | 145,452 | $ | 121,484 | ||||||||
Expenses
|
||||||||||||||||
Management fee to related party
|
949,009 | 1,164,381 | 1,947,929 | 2,492,448 | ||||||||||||
Brokerage fees and expenses
|
223,297 | 32,399 | 458,337 | 103,314 | ||||||||||||
Total expenses
|
1,172,305 | 1,196,780 | 2,406,265 | 2,595,762 | ||||||||||||
Net Investment Loss
|
(1,110,863 | ) | (1,106,011 | ) | (2,260,814 | ) | (2,474,278 | ) | ||||||||
Realized and Net Change in Unrealized Gain (Loss) on Investments and Futures Contracts
|
||||||||||||||||
Realized Gain (Loss) on
|
||||||||||||||||
Investments
|
1,390 | 903 | 1,390 | 903 | ||||||||||||
Futures Contracts
|
(27,057,865 | ) | (59,164,455 | ) | (31,502,420 | ) | (78,656,078 | ) | ||||||||
Net Realized Loss
|
(27,056,475 | ) | (59,163,552 | ) | (31,501,030 | ) | (78,655,175 | ) | ||||||||
Net Change in Unrealized Gain (Loss) on
|
||||||||||||||||
Investments
|
(4,742 | ) | 4,637 | (11,029 | ) | 11,275 | ||||||||||
Futures Contracts
|
(12,301,227 | ) | 19,505,930 | (16,541,388 | ) | 45,569,922 | ||||||||||
Net Change in Unrealized Gain (Loss)
|
(12,305,969 | ) | 19,510,567 | (16,552,417 | ) | 45,581,197 | ||||||||||
Net Realized and Unrealized Loss on Investments and Futures Contracts
|
(39,362,444 | ) | (39,652,985 | ) | (48,053,447 | ) | (33,073,978 | ) | ||||||||
Net Loss
|
$ | (40,473,307 | ) | $ | (40,758,996 | ) | $ | (50,314,261 | ) | $ | (35,548,256 | ) | ||||
See accompanying notes to unaudited consolidated financial statements
|
12 |
General Units
|
Limited Units
|
Total
|
||||||||||||||||||||||||||||||||||
Total
General
|
Total
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 | 25,704,701 | — | 25,704,701 | 25,704,701 | |||||||||||||||||||||||||||
Redemption of Limited Units
|
— | — | — | — | (1,650,000 | ) | (45,510,017 | ) | — | (45,510,017 | ) | (45,510,017 | ) | |||||||||||||||||||||||
Net Loss:
|
||||||||||||||||||||||||||||||||||||
Net Investment Loss
|
— | — | (8 | ) | (8 | ) | — | — | (2,260,806 | ) | (2,260,806 | ) | (2,260,814 | ) | ||||||||||||||||||||||
Net Realized Loss on Investments and Futures Contracts
|
— | — | (96 | ) | (96 | ) | — | — | (31,500,934 | ) | (31,500,934 | ) | (31,501,030 | ) | ||||||||||||||||||||||
Net Change in Unrealized Loss on Investments and Futures Contracts
|
— | — |