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)
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(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 o
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Accelerated Filer þ
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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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ITEM 1. FINANCIAL STATEMENTS
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GreenHaven Continuous Commodity Index Fund Financial Statements
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Consolidated Statements of Financial Condition at June 30, 2014 (unaudited) and December 31, 2013
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3
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Unaudited Consolidated Schedule of Investments at June 30, 2014
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4
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Consolidated Schedule of Investments at December 31, 2013
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5
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Unaudited Consolidated Statements of Income and Expenses for the Three Months Ended June 30, 2014 and 2013 and Six Months Ended June 30, 2014 and 2013
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6
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Unaudited Consolidated Statement of Changes in Shareholders’ Equity for the Six Months Ended June 30, 2014
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7
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Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2014 and 2013
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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, 2014 (unaudited) and December 31, 2013
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9
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Unaudited Schedule of Investments at June 30, 2014
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10
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Schedule of Investments at December 31, 2013
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11
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Unaudited Statements of Income and Expenses for the Three Months Ended June 30, 2014 and 2013 and Six Months Ended June 30, 2014 and 2013
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12
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Unaudited Statement of Changes in Shareholders’ Equity for the Six Months Ended June 30, 2014
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13
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Unaudited Statements of Cash Flows for the Six Months Ended June 30, 2014 and 2013
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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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EXHIBIT INDEX
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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
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EX-32.2 SECTION 906 CERTIFICATION OF CEO
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EX-32.3 SECTION 906 CERTIFICATION OF CFO
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EX-32.4 SECTION 906 CERTIFICATION OF CFO
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2 |
June 30, 2014
(unaudited)
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December 31, 2013
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|||||||
Assets
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||||||||
Equity in broker trading accounts:
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||||||||
Short-term investments (cost $228,489,258 and $199,996,365 as of June 30, 2014 and December 31, 2013, respectively)
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$ | 228,492,300 | $ | 199,998,800 | ||||
Cash held by broker
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131,960,877 | 124,417,599 | ||||||
Net unrealized depreciation on futures contracts
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(99,062 | ) | (4,055,188 | ) | ||||
Total assets
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$ | 360,354,115 | $ | 320,361,211 | ||||
Liabilities and shareholders’ equity
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||||||||
Management fee payable to related party
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$ | 248,407 | $ | 241,143 | ||||
Accrued brokerage fees and expenses payable
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127,379 | 127,484 | ||||||
Total liabilities
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375,786 | 368,627 | ||||||
Shareholders’ equity
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||||||||
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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(105 | ) | (215 | ) | ||||
Total General Units
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1,395 | 1,285 | ||||||
Limited Units:
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||||||||
Paid in capital - 12,900,000 and 12,450,000 redeemable shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively
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378,763,913 | 364,838,413 | ||||||
Accumulated deficit
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(18,786,979 | ) | (44,847,114 | ) | ||||
Total Limited Units
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359,976,934 | 319,991,299 | ||||||
Total shareholders’ equity
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359,978,329 | 319,992,584 | ||||||
Total liabilities and shareholders’ equity
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$ | 360,354,115 | $ | 320,361,211 | ||||
Net asset value per share
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||||||||
General Units
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$ | 27.90 | $ | 25.70 | ||||
Limited Units
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$ | 27.91 | $ | 25.70 |
3 |
Description
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Percentage
of Net Assets |
Fair
Value
|
Face
Value
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|||||||||
U.S. Treasury Obligations
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||||||||||||
U.S. Treasury Bills, 0.03% due July 10, 2014
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21.80 | % | $ | 78,495,000 | $ | 78,495,000 | ||||||
U.S. Treasury Bills, 0.03% due August 07, 2014
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13.89 | 49,999,950 | 50,000,000 | |||||||||
U.S. Treasury Bills, 0.03% due August 21, 2014
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13.89 | 49,998,650 | 50,000,000 | |||||||||
U.S. Treasury Bills, 0.03% due August 28, 2014
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13.89 | 49,998,700 | 50,000,000 | |||||||||
Total U.S. Treasury Obligations (cost $228,489,258)
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63.47 | % | $ | 228,492,300 | $ | 228,495,000 | ||||||
Description
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Percentage
of Net Assets |
Fair
Value
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Notional
Value
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|||||||||
Unrealized Appreciation/(Depreciation) on Futures Contracts
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||||||||||||
Cocoa (339 contracts, settlement date December 15, 2014)
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0.08 | % | $ | 287,300 | $ | 10,593,750 | ||||||
Cocoa (339 contracts, settlement date September 15, 2014)
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0.10 | 377,340 | 10,600,530 | |||||||||
Coffee (159 contracts, settlement date December 18, 2014)
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(0.18 | ) | (650,775 | ) | 10,654,987 | |||||||
Coffee (160 contracts, settlement date September 18, 2014)
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(0.09 | ) | (316,556 | ) | 10,506,000 | |||||||
Copper (132 contracts, settlement date December 29, 2014)
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0.15 | 544,875 | 10,563,300 | |||||||||
Copper (132 contracts, settlement date September 26, 2014)
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0.07 | 268,413 | 10,571,550 | |||||||||
Corn (502 contracts, settlement date December 12, 2014)
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(0.36 | ) | (1,307,263 | ) | 10,673,775 | |||||||
Corn (501 contracts, settlement date September 12, 2014)
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(0.24 | ) | (880,200 | ) | 10,489,687 | |||||||
Cotton (286 contracts, settlement date March 09, 2015)
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(0.12 | ) | (449,905 | ) | 10,717,850 | |||||||
Cotton (285 contracts, settlement date December 08, 2014)
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(0.26 | ) | (927,080 | ) | 10,475,175 | |||||||
Gold (80 contracts, settlement date February 25, 2015)
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0.13 | 451,200 | 10,585,600 | |||||||||
Gold (80 contracts, settlement date December 29, 2014)
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0.03 | 112,900 | 10,582,400 | |||||||||
Lean Hogs (121 contracts, settlement date February 13, 2015)
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(0.01 | ) | (33,270 | ) | 4,421,340 | |||||||
Lean Hogs (121 contracts, settlement date December 12, 2014)
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0.09 | 338,500 | 4,772,240 | |||||||||
Lean Hogs (121 contracts, settlement date October 14, 2014)
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0.20 | 707,540 | 5,512,760 | |||||||||
Lean Hogs (121 contracts, settlement date August 14, 2014)
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0.27 | 972,130 | 6,428,730 | |||||||||
Light, Sweet Crude Oil (41 contracts, settlement date December 19, 2014)
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0.02 | 84,700 | 4,157,400 | |||||||||
Light, Sweet Crude Oil (41 contracts, settlement date November 20, 2014)
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0.02 | 74,910 | 4,189,380 | |||||||||
Light, Sweet Crude Oil (41 contracts, settlement date October 21, 2014)
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0.07 | 237,420 | 4,222,180 | |||||||||
Light, Sweet Crude Oil (41 contracts, settlement date September 22, 2014)
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0.06 | 233,310 | 4,257,850 | |||||||||
Light, Sweet Crude Oil (41 contracts, settlement date August 20, 2014)
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0.09 | 311,440 | 4,293,930 | |||||||||
Live Cattle (115 contracts, settlement date February 27, 2015)
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0.03 | 104,520 | 7,070,200 | |||||||||
Live Cattle (115 contracts, settlement date December 31, 2014)
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0.17 | 596,060 | 7,071,350 | |||||||||
Live Cattle (114 contracts, settlement date October 31, 2014)
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0.22 | 778,370 | 6,982,500 | |||||||||
Natural Gas (94 contracts, settlement date December 29, 2014)
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(0.05 | ) | (168,700 | ) | 4,311,780 | |||||||
Natural Gas (94 contracts, settlement date November 25, 2014)
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(0.05 | ) | (166,330 | ) | 4,260,080 | |||||||
Natural Gas (94 contracts, settlement date October 29, 2014)
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(0.04 | ) | (160,600 | ) | 4,196,160 | |||||||
Natural Gas (94 contracts, settlement date September 26, 2014)
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(0.04 | ) | (149,250 | ) | 4,167,960 | |||||||
Natural Gas (94 contracts, settlement date August 27, 2014)
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(0.02 | ) | (86,810 | ) | 4,173,600 | |||||||
NY Harbor ULSD (33 contracts, settlement date December 31, 2014)
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0.02 | 79,443 | 4,175,464 | |||||||||
NY Harbor ULSD (33 contracts, settlement date November 28, 2014)
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0.02 | 70,808 | 4,170,613 | |||||||||
NY Harbor ULSD (34 contracts, settlement date October 31, 2014)
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0.03 | 105,315 | 4,289,141 | |||||||||
NY Harbor ULSD (34 contracts, settlement date September 30, 2014)
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0.02 | 86,045 | 4,276,574 | |||||||||
NY Harbor ULSD (34 contracts, settlement date August 29, 2014)
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0.01 | 43,420 | 4,263,294 | |||||||||
Platinum (143 contracts, settlement date January 28, 2015)
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0.05 | 166,430 | 10,605,595 | |||||||||
Platinum (142 contracts, settlement date October 29, 2014)
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0.11 | 402,020 | 10,528,590 | |||||||||
Silver (100 contracts, settlement date December 29, 2014)
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0.19 | 682,800 | 10,557,500 | |||||||||
Silver (101 contracts, settlement date September 26, 2014)
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0.13 | 471,920 | 10,633,280 | |||||||||
Soybean (182 contracts, settlement date January 14, 2015)
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(0.17 | ) | (596,213 | ) | 10,592,400 | |||||||
Soybean (182 contracts, settlement date November 14, 2014)
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(0.16 | ) | (576,625 | ) | 10,530,975 | |||||||
Soybean Oil (225 contracts, settlement date January 14, 2015)
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0.00 | * | 15,108 | 5,302,800 | ||||||||
Soybean Oil (225 contracts, settlement date December 12, 2014)
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(0.06 | ) | (226,800 | ) | 5,285,250 | |||||||
Soybean Oil (226 contracts, settlement date October 14, 2014)
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(0.03 | ) | (101,772 | ) | 5,291,112 | |||||||
Soybean Oil (226 contracts, settlement date September 12, 2014)
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(0.04 | ) | (139,914 | ) | 5,293,824 | |||||||
Sugar (508 contracts, settlement date February 27, 2015)
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0.08 | 271,510 | 10,935,411 | |||||||||
Sugar (508 contracts, settlement date September 30, 2014)
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0.04 | 161,504 | 10,246,970 | |||||||||
Wheat (360 contracts, settlement date December 12, 2014)
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(0.37 | ) | (1,324,175 | ) | 10,768,500 | |||||||
Wheat (360 contracts, settlement date September 12, 2014)
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(0.24 | ) | (874,075 | ) | 10,395,000 | |||||||
Net Unrealized Depreciation on Futures Contracts
|
(0.03 | )% | $ | (99,062 | ) | $ | 359,646,337 |
*
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Denotes greater than 0.000% yet less than 0.005%
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4 |
Percentage
|
Fair
|
Face | ||||||||||
Description
|
of Net Assets
|
Value
|
Value | |||||||||
U.S. Treasury Obligations
|
||||||||||||
U.S. Treasury Bills, 0.01% due January 16, 2014
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15.62 | % | $ | 49,999,850 | $ | 50,000,000 | ||||||
U.S. Treasury Bills, 0.01% due January 23, 2014
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46.88 | 149,998,950 | 150,000,000 | |||||||||
Total U.S. Treasury Obligations (cost $199,996,365)
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62.50 | % | $ | 199,998,800 | $ | 200,000,000 |
Percentage
|
Fair
|
Notional
|
||||||||||
Description
|
of Net Assets
|
Value
|
Value
|
|||||||||
Unrealized Appreciation/(Depreciation) on Futures Contracts
|
||||||||||||
Cocoa (231 contracts, settlement date July 16, 2014)
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0.01 | % | $ | 35,760 | $ | 6,292,440 | ||||||
Cocoa (231 contracts, settlement date May 14, 2014)
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0.13 | 411,440 | 6,273,960 | |||||||||
Cocoa (231 contracts, settlement date March 14, 2014)
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0.12 | 381,180 | 6,257,790 | |||||||||
Coffee (148 contracts, settlement date July 21, 2014)
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0.07 | 216,881 | 6,388,050 | |||||||||
Coffee (148 contracts, settlement date May 19, 2014)
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(0.17 | ) | (536,812 | ) | 6,268,725 | |||||||
Coffee (148 contracts, settlement date March 19, 2014)
|
(0.17 | ) | (545,550 | ) | 6,143,850 | |||||||
Copper (74 contracts, settlement date July 29, 2014)
|
0.06 | 200,375 | 6,240,975 | |||||||||
Copper (74 contracts, settlement date May 28, 2014)
|
0.07 | 207,963 | 6,262,250 | |||||||||
Copper (74 contracts, settlement date March 27, 2014)
|
0.08 | 240,550 | 6,283,525 | |||||||||
Corn (292 contracts, settlement date July 14, 2014)
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(0.05 | ) | (170,225 | ) | 6,380,200 | |||||||
Corn (292 contracts, settlement date May 14, 2014)
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(0.19 | ) | (618,075 | ) | 6,281,650 | |||||||
Corn (292 contracts, settlement date March 14, 2014)
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(0.20 | ) | (625,900 | ) | 6,161,200 | |||||||
Cotton (149 contracts, settlement date July 09, 2014)
|
0.09 | 301,180 | 6,256,510 | |||||||||
Cotton (149 contracts, settlement date May 07, 2014)
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0.00 | * | (10,605 | ) | 6,287,800 | |||||||
Cotton (148 contracts, settlement date March 07, 2014)
|
(0.02 | ) | (59,930 | ) | 6,263,360 | |||||||
Gold (52 contracts, settlement date June 26, 2014)
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(0.15 | ) | (487,650 | ) | 6,258,720 | |||||||
Gold (52 contracts, settlement date April 28, 2014)
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(0.15 | ) | (482,440 | ) | 6,255,600 | |||||||
Gold (52 contracts, settlement date February 26, 2014)
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(0.17 | ) | (529,510 | ) | 6,251,960 | |||||||
Lean Hogs (125 contracts, settlement date July 15, 2014)
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0.02 | 72,180 | 4,942,500 | |||||||||
Lean Hogs (125 contracts, settlement date June 13, 2014)
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0.01 | 46,480 | 5,007,500 | |||||||||
Lean Hogs (125 contracts, settlement date April 14, 2014)
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0.07 | 229,450 | 4,533,750 | |||||||||
Lean Hogs (126 contracts, settlement date February 14, 2014)
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0.00 | ** | 9,330 | 4,305,420 | ||||||||
Light, Sweet Crude Oil (39 contracts, settlement date May 20, 2014)
|
0.04 | 136,060 | 3,793,920 | |||||||||
Light, Sweet Crude Oil (38 contracts, settlement date April 22, 2014)
|
0.05 | 144,650 | 3,723,620 | |||||||||
Light, Sweet Crude Oil (38 contracts, settlement date March 20, 2014)
|
0.02 | 55,240 | 3,740,720 | |||||||||
Light, Sweet Crude Oil (38 contracts, settlement date February 20, 2014)
|
0.01 | 31,670 | 3,744,900 | |||||||||
Light, Sweet Crude Oil (38 contracts, settlement date January 21, 2014)
|
0.00 | ** | 5,710 | 3,739,960 | ||||||||
Live Cattle (118 contracts, settlement date June 30, 2014)
|
0.01 | 44,040 | 6,108,860 | |||||||||
Live Cattle (117 contracts, settlement date April 30, 2014)
|
0.06 | 187,100 | 6,332,040 | |||||||||
Live Cattle (118 contracts, settlement date February 28, 2014)
|
0.10 | 335,300 | 6,354,300 | |||||||||
Natural Gas (91 contracts, settlement date May 28, 2014)
|
0.12 | 397,390 | 3,743,740 | |||||||||
Natural Gas (91 contracts, settlement date April 28, 2014)
|
0.13 | 412,180 | 3,726,450 | |||||||||
Natural Gas (91 contracts, settlement date March 27, 2014)
|
0.11 | 362,890 | 3,735,550 | |||||||||
Natural Gas (90 contracts, settlement date February 26, 2014)
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0.12 | 383,380 | 3,773,700 | |||||||||
Natural Gas (90 contracts, settlement date January 29, 2014)
|
0.12 | 395,000 | 3,807,000 | |||||||||
NY Harbor ULSD (30 contracts, settlement date May 30, 2014) ***
|
0.06 | 205,317 | 3,810,996 | |||||||||
NY Harbor ULSD (30 contracts, settlement date April 30, 2014) ***
|
0.07 | 207,673 | 3,822,714 | |||||||||
NY Harbor ULSD (29 contracts, settlement date March 31, 2014) ***
|
0.04 | 116,840 | 3,706,983 | |||||||||
NY Harbor ULSD (29 contracts, settlement date February 28, 2014) ***
|
0.03 | 102,001 | 3,719,528 | |||||||||
NY Harbor ULSD (29 contracts, settlement date January 31, 2014) ***
|
0.04 | 113,904 | 3,733,414 | |||||||||
Platinum (137 contracts, settlement date July 29, 2014)
|
(0.15 | ) | (490,930 | ) | 9,430,395 | |||||||
Platinum (137 contracts, settlement date April 28, 2014)
|
(0.18 | ) | (574,305 | ) | 9,410,530 | |||||||
Silver (64 contracts, settlement date July 29, 2014)
|
(0.18 | ) | (567,615 | ) | 6,220,160 | |||||||
Silver (65 contracts, settlement date May 28, 2014)
|
(0.15 | ) | (490,235 | ) | 6,306,625 | |||||||
Silver (65 contracts, settlement date March 27, 2014)
|
(0.15 | ) | (479,325 | ) | 6,295,250 | |||||||
Soybean (98 contracts, settlement date July 14, 2014)
|
0.06 | 182,763 | 6,196,050 | |||||||||
Soybean (98 contracts, settlement date May 14, 2014)
|
0.11 | 344,875 | 6,257,300 | |||||||||
Soybean (98 contracts, settlement date March 14, 2014)
|
0.13 | 401,825 | 6,333,250 | |||||||||
Soybean Oil (266 contracts, settlement date July 14, 2014)
|
(0.12 | ) | (397,332 | ) | 6,361,656 | |||||||
Soybean Oil (264 contracts, settlement date May 14, 2014)
|
(0.15 | ) | (466,266 | ) | 6,255,216 | |||||||
Soybean Oil (264 contracts, settlement date March 14, 2014)
|
(0.14 | ) | (450,534 | ) | 6,198,192 | |||||||
Sugar (338 contracts, settlement date June 30, 2014)
|
(0.12 | ) | (385,806 | ) | 6,333,309 | |||||||
Sugar (338 contracts, settlement date April 30, 2014)
|
(0.11 | ) | (337,557 | ) | 6,268,954 | |||||||
Sugar (339 contracts, settlement date February 28, 2014)
|
(0.14 | ) | (462,112 | ) | 6,230,549 | |||||||
Wheat (205 contracts, settlement date July 14, 2014)
|
(0.17 | ) | (549,650 | ) | 6,321,687 | |||||||
Wheat (205 contracts, settlement date May 14, 2014)
|
(0.20 | ) | (627,613 | ) | 6,273,000 | |||||||
Wheat (205 contracts, settlement date March 14, 2014)
|
(0.20 | ) | (627,788 | ) | 6,203,812 | |||||||
Net Unrealized Depreciation on Futures Contracts
|
(1.27 | )% | $ | (4,055,188 | ) | $ | 319,612,065 |
*
|
Denotes less than 0.000% yet greater than (0.005)%
|
**
|
Denotes greater than 0.000% yet less than 0.005%
|
***
|
The CME Group changed specifications and the name of Heating Oil futures to ‘NY Harbor ULSD’ in May 2013
|
5 |
Three Months Ended
|
Three Months Ended
|
Six Months
Ended
|
Six Months
Ended
|
|||||||||||||
June 30, 2014
|
June 30, 2013
|
June 30, 2014
|
June 30, 2013
|
|||||||||||||
Income
|
||||||||||||||||
Interest Income
|
$ | 15,419 | $ | 61,443 | $ | 25,430 | $ | 145,452 | ||||||||
Expenses
|
||||||||||||||||
Management fee to related party
|
755,603 | 949,009 | 1,445,682 | 1,947,929 | ||||||||||||
Brokerage fees and expenses
|
177,789 | 223,297 | 340,161 | 458,337 | ||||||||||||
Total expenses
|
933,392 | 1,172,306 | 1,785,843 | 2,406,266 | ||||||||||||
Net Investment Loss
|
(917,973 | ) | (1,110,863 | ) | (1,760,413 | ) | (2,260,814 | ) | ||||||||
Realized and Net Change in Unrealized Gain (Loss) on Investments and Futures Contracts
|
||||||||||||||||
Realized Gain (Loss) on
|
||||||||||||||||
Investments
|
- | 1,390 | - | 1,390 | ||||||||||||
Futures Contracts
|
15,116,976 | (27,057,865 | ) | 23,863,925 | (31,502,420 | ) | ||||||||||
Net Realized Gain (Loss)
|
15,116,976 | (27,056,475 | ) | 23,863,925 | (31,501,030 | ) | ||||||||||
Net Change in Unrealized Gain (Loss) on
|
||||||||||||||||
Investments
|
(1,086 | ) | (4,742 | ) | 607 | (11,029 | ) | |||||||||
Futures Contracts
|
(18,007,930 | ) | (12,301,227 | ) | 3,956,126 | (16,541,388 | ) | |||||||||
Net Change in Unrealized Gain (Loss)
|
(18,009,016 | ) | (12,305,969 | ) | 3,956,733 | (16,552,417 | ) | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts
|
(2,892,040 | ) | (39,362,444 | ) | 27,820,658 | (48,053,447 | ) | |||||||||
Net Gain (Loss)
|
$ | (3,810,013 | ) | $ | (40,473,307 | ) | $ | 26,060,245 | $ | (50,314,261 | ) |
6 |
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, 2014
|
50 | $ | 1,500 | $ | (215 | ) | $ | 1,285 | 12,450,000 | $ | 364,838,413 | $ | (44,847,114 | ) | $ | 319,991,299 | $ | 319,992,584 | ||||||||||||||||||
Creation of Limited Units
|
— | — | — | — | 1,300,000 | 36,461,802 | — | 36,461,802 | 36,461,802 | |||||||||||||||||||||||||||
Redemption of Limited Units
|
— | — | — | — | (850,000 | ) | (22,536,302 | ) | — | (22,536,302 | ) | (22,536,302 | ) | |||||||||||||||||||||||
Net Gain:
|
||||||||||||||||||||||||||||||||||||
Net Investment Loss
|
— | — | (7 | ) | (7 | ) | — | — | (1,760,406 | ) | (1,760,406 | ) | (1,760,413 | ) | ||||||||||||||||||||||
Net Realized Gain on Investments and Futures Contracts
|
— | — | 96 | 96 | — | — | 23,863,829 | 23,863,829 | 23,863,925 | |||||||||||||||||||||||||||
Net Change in Unrealized Gain on Investments and Futures Contracts
|
— | — | 21 | 21 | — | — | 3,956,712 | 3,956,712 | 3,956,733 | |||||||||||||||||||||||||||
Net Activity
|
— | — | 110 | 110 | 450,000 | 13,925,500 | 26,060,135 | 39,985,635 | 39,985,745 | |||||||||||||||||||||||||||
Balance at June 30, 2014
|
50 | $ | 1,500 | $ | (105 | ) | $ | 1,395 | 12,900,000 | $ | 378,763,913 | $ | (18,786,979 | ) | $ | 359,976,934 | $ | 359,978,329 |
7 |
2014
|
2013
|
|||||||
Cash flow from operating activities:
|
||||||||
Net Gain (Loss)
|
$ | 26,060,245 | $ | (50,314,261 | ) | |||
Adjustments to reconcile net gain (loss) to net cash provided by (used for) operating activities:
|
||||||||
Purchase of investment securities
|
(428,467,463 | ) | (904,864,341 | ) | ||||
Proceeds from sales of investment securities
|
400,000,000 | 974,999,064 | ||||||
Net accretion of discount
|
(25,430 | ) | (145,452 | ) | ||||
Net
realized gain on investment securities
|
- | (1,390 | ) | |||||
Unrealized depreciation (appreciation) on investments
|
(3,956,733 | ) | 16,552,417 | |||||
Increase (decrease) in accrued expenses
|
7,159 | (277,314 | ) | |||||
Net cash provided by (used for) operating activities
|
(6,382,222 | ) | 35,948,723 | |||||
Cash flows from financing activities:
|
||||||||
Proceeds from creation of Limited Units
|
36,461,802 | 25,704,701 | ||||||
Redemption of Limited Units
|
(22,536,302 | ) | (45,510,017 | ) | ||||
Decrease in capital shares payable
|
- | (4,327,722 | ) | |||||
Net cash provided by (used for) financing activities
|
13,925,500 | (24,133,038 | ) | |||||
Net change in cash
|
7,543,278 | 11,815,685 | ||||||
Cash held by broker at beginning of period
|
124,417,599 | 22,210,626 | ||||||
Cash held by broker at end of period
|
$ | 131,960,877 | $ | 34,026,311 |
8 |
June 30, 2014
(unaudited)
|
December 31,
2013 |
|||||||
Assets
|
||||||||
Equity in broker trading accounts:
|
||||||||
Short-term investments (cost $228,489,258 and $199,996,365 as of June 30, 2014 and December 31, 2013, respectively)
|
$ | 228,492,300 | $ | 199,998,800 | ||||
Cash held by broker
|
131,960,877 | 124,417,599 | ||||||
Net unrealized depreciation on futures contracts
|
(99,062 | ) | (4,055,188 | ) | ||||
Total assets
|
$ | 360,354,115 | $ | 320,361,211 | ||||
Liabilities and shareholders’ equity
|
||||||||
Management fee payable to related party
|
$ | 248,407 | $ | 241,143 | ||||
Accrued brokerage fees and expenses payable
|
127,379 | 127,484 | ||||||
Total liabilities
|
375,786 | 368,627 | ||||||
Shareholders’ equity
|
||||||||
General Units:
|
||||||||
Paid in capital - 50 units issued
|
1,500 | 1,500 | ||||||
Accumulated deficit
|
(105 | ) | (215 | ) | ||||
Total General Units
|
1,395 | 1,285 | ||||||
Limited Units:
|
||||||||
Paid in capital - 12,900,000 and 12,450,000 redeemable shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively
|
378,763,913 | 364,838,413 | ||||||
Accumulated deficit
|
(18,786,979 | ) | (44,847,114 | ) | ||||
Total Limited Units
|
359,976,934 | 319,991,299 | ||||||
Total shareholders’ equity
|
359,978,329 | 319,992,584 | ||||||
Total liabilities and shareholders’ equity
|
$ | 360,354,115 | $ | 320,361,211 | ||||
Net asset value per share
|
||||||||
General Units
|
$ | 27.90 | $ | 25.70 | ||||
Limited Units
|
$ | 27.91 | $ | 25.70 |
9 |
Description
|
Percentage
of Net Assets |
Fair
Value |
Face
Value |
|||||||||
U.S. Treasury Obligations
|
||||||||||||
U.S. Treasury Bills, 0.03% due July 10, 2014
|
21.80 | % | $ | 78,495,000 | $ | 78,495,000 | ||||||
U.S. Treasury Bills, 0.03% due August 07, 2014
|
13.89 | 49,999,950 | 50,000,000 | |||||||||
U.S. Treasury Bills, 0.03% due August 21, 2014
|
13.89 | 49,998,650 | 50,000,000 | |||||||||
U.S. Treasury Bills, 0.03% due August 28, 2014
|
13.89 | 49,998,700 | 50,000,000 | |||||||||
Total U.S. Treasury Obligations (cost $228,489,258)
|
63.47 | % | $ | 228,492,300 | $ | 228,495,000 |
Description
|
Percentage
of Net Assets |
Fair
Value |
Notional
Value |
|||||||||
Unrealized Appreciation/(Depreciation) on Futures Contracts
|
||||||||||||
Cocoa (339 contracts, settlement date December 15, 2014)
|
0.08 | % | $ | 287,300 | $ | 10,593,750 | ||||||
Cocoa (339 contracts, settlement date September 15, 2014)
|
0.10 | 377,340 | 10,600,530 | |||||||||
Coffee (159 contracts, settlement date December 18, 2014)
|
(0.18 | ) | (650,775 | ) | 10,654,987 | |||||||
Coffee (160 contracts, settlement date September 18, 2014)
|
(0.09 | ) | (316,556 | ) | 10,506,000 | |||||||
Copper (132 contracts, settlement date December 29, 2014)
|
0.15 | 544,875 | 10,563,300 | |||||||||
Copper (132 contracts, settlement date September 26, 2014)
|
0.07 | 268,413 | 10,571,550 | |||||||||
Corn (502 contracts, settlement date December 12, 2014)
|
(0.36 | ) | (1,307,263 | ) | 10,673,775 | |||||||
Corn (501 contracts, settlement date September 12, 2014)
|
(0.24 | ) | (880,200 | ) | 10,489,687 | |||||||
Cotton (286 contracts, settlement date March 09, 2015)
|
(0.12 | ) | (449,905 | ) | 10,717,850 | |||||||
Cotton (285 contracts, settlement date December 08, 2014)
|
(0.26 | ) | (927,080 | ) | 10,475,175 | |||||||
Gold (80 contracts, settlement date February 25, 2015)
|
0.13 | 451,200 | 10,585,600 | |||||||||
Gold (80 contracts, settlement date December 29, 2014)
|
0.03 | 112,900 | 10,582,400 | |||||||||
Lean Hogs (121 contracts, settlement date February 13, 2015)
|
(0.01 | ) | (33,270 | ) | 4,421,340 | |||||||
Lean Hogs (121 contracts, settlement date December 12, 2014)
|
0.09 | 338,500 | 4,772,240 | |||||||||
Lean Hogs (121 contracts, settlement date October 14, 2014)
|
0.20 | 707,540 | 5,512,760 | |||||||||
Lean Hogs (121 contracts, settlement date August 14, 2014)
|
0.27 | 972,130 | 6,428,730 | |||||||||
Light, Sweet Crude Oil (41 contracts, settlement date December 19, 2014)
|
0.02 | 84,700 | 4,157,400 | |||||||||
Light, Sweet Crude Oil (41 contracts, settlement date November 20, 2014)
|
0.02 | 74,910 | 4,189,380 | |||||||||
Light, Sweet Crude Oil (41 contracts, settlement date October 21, 2014)
|
0.07 | 237,420 | 4,222,180 | |||||||||
Light, Sweet Crude Oil (41 contracts, settlement date September 22, 2014)
|
0.06 | 233,310 | 4,257,850 | |||||||||
Light, Sweet Crude Oil (41 contracts, settlement date August 20, 2014)
|
0.09 | 311,440 | 4,293,930 | |||||||||
Live Cattle (115 contracts, settlement date February 27, 2015)
|
0.03 | 104,520 | 7,070,200 | |||||||||
Live Cattle (115 contracts, settlement date December 31, 2014)
|
0.17 | 596,060 | 7,071,350 | |||||||||
Live Cattle (114 contracts, settlement date October 31, 2014)
|
0.22 | 778,370 | 6,982,500 | |||||||||
Natural Gas (94 contracts, settlement date December 29, 2014)
|
(0.05 | ) | (168,700 | ) | 4,311,780 | |||||||
Natural Gas (94 contracts, settlement date November 25, 2014)
|
(0.05 | ) | (166,330 | ) | 4,260,080 | |||||||
Natural Gas (94 contracts, settlement date October 29, 2014)
|
(0.04 | ) | (160,600 | ) | 4,196,160 | |||||||
Natural Gas (94 contracts, settlement date September 26, 2014)
|
(0.04 | ) | (149,250 | ) | 4,167,960 | |||||||
Natural Gas (94 contracts, settlement date August 27, 2014)
|
(0.02 | ) | (86,810 | ) | 4,173,600 | |||||||
NY Harbor ULSD (33 contracts, settlement date December 31, 2014)
|
0.02 | 79,443 | 4,175,464 | |||||||||
NY Harbor ULSD (33 contracts, settlement date November 28, 2014)
|
0.02 | 70,808 | 4,170,613 | |||||||||
NY Harbor ULSD (34 contracts, settlement date October 31, 2014)
|
0.03 | 105,315 | 4,289,141 | |||||||||
NY Harbor ULSD (34 contracts, settlement date September 30, 2014)
|
0.02 | 86,045 | 4,276,574 | |||||||||
NY Harbor ULSD (34 contracts, settlement date August 29, 2014)
|
0.01 | 43,420 | 4,263,294 | |||||||||
Platinum (143 contracts, settlement date January 28, 2015)
|
0.05 | 166,430 | 10,605,595 | |||||||||
Platinum (142 contracts, settlement date October 29, 2014)
|
0.11 | 402,020 | 10,528,590 | |||||||||
Silver (100 contracts, settlement date December 29, 2014)
|
0.19 | 682,800 | 10,557,500 | |||||||||
Silver (101 contracts, settlement date September 26, 2014)
|
0.13 | 471,920 | 10,633,280 | |||||||||
Soybean (182 contracts, settlement date January 14, 2015)
|
(0.17 | ) | (596,213 | ) | 10,592,400 | |||||||
Soybean (182 contracts, settlement date November 14, 2014)
|
(0.16 | ) | (576,625 | ) | 10,530,975 | |||||||
Soybean Oil (225 contracts, settlement date January 14, 2015)
|
0.00 | * | 15,108 | 5,302,800 | ||||||||
Soybean Oil (225 contracts, settlement date December 12, 2014)
|
(0.06 | ) | (226,800 | ) | 5,285,250 | |||||||
Soybean Oil (226 contracts, settlement date October 14, 2014)
|
(0.03 | ) | (101,772 | ) | 5,291,112 | |||||||
Soybean Oil (226 contracts, settlement date September 12, 2014)
|
(0.04 | ) | (139,914 | ) | 5,293,824 | |||||||
Sugar (508 contracts, settlement date February 27, 2015)
|
0.08 | 271,510 | 10,935,411 | |||||||||
Sugar (508 contracts, settlement date September 30, 2014)
|
0.04 | 161,504 | 10,246,970 | |||||||||
Wheat (360 contracts, settlement date December 12, 2014)
|
(0.37 | ) | (1,324,175 | ) | 10,768,500 | |||||||
Wheat (360 contracts, settlement date September 12, 2014)
|
(0.24 | ) | (874,075 | ) | 10,395,000 | |||||||
Net Unrealized Depreciation on Futures Contracts
|
(0.03 | )% | $ | (99,062 | ) | $ | 359,646,337 |
*
|
Denotes greater than 0.000% yet less than 0.005%
|
10 |
Description
|
Percentage
of Net Assets |
Fair
Value |
Face
Value |
|||||||||
U.S. Treasury Obligations
|
||||||||||||
U.S. Treasury Bills, 0.01% due January 16, 2014
|
15.62 | % | $ | 49,999,850 | $ | 50,000,000 | ||||||
U.S. Treasury Bills, 0.01% due January 23, 2014
|
46.88 | 149,998,950 | 150,000,000 | |||||||||
Total U.S. Treasury Obligations (cost $199,996,365)
|
62.50 | % | $ | 199,998,800 | $ | 200,000,000 |
Description
|
Percentage
of Net Assets |
Fair
Value |
Notional
Value |
|||||||||
Unrealized Appreciation/(Depreciation) on Futures Contracts
|
||||||||||||
Cocoa (231 contracts, settlement date July 16, 2014)
|
0.01 | % | $ | 35,760 | $ | 6,292,440 | ||||||
Cocoa (231 contracts, settlement date May 14, 2014)
|
0.13 | 411,440 | 6,273,960 | |||||||||
Cocoa (231 contracts, settlement date March 14, 2014)
|
0.12 | 381,180 | 6,257,790 | |||||||||
Coffee (148 contracts, settlement date July 21, 2014)
|
0.07 | 216,881 | 6,388,050 | |||||||||
Coffee (148 contracts, settlement date May 19, 2014)
|
(0.17 | ) | (536,812 | ) | 6,268,725 | |||||||
Coffee (148 contracts, settlement date March 19, 2014)
|
(0.17 | ) | (545,550 | ) | 6,143,850 | |||||||
Copper (74 contracts, settlement date July 29, 2014)
|
0.06 | 200,375 | 6,240,975 | |||||||||
Copper (74 contracts, settlement date May 28, 2014)
|
0.07 | 207,963 | 6,262,250 | |||||||||
Copper (74 contracts, settlement date March 27, 2014)
|
0.08 | 240,550 | 6,283,525 | |||||||||
Corn (292 contracts, settlement date July 14, 2014)
|
(0.05 | ) | (170,225 | ) | 6,380,200 | |||||||
Corn (292 contracts, settlement date May 14, 2014)
|
(0.19 | ) | (618,075 | ) | 6,281,650 | |||||||
Corn (292 contracts, settlement date March 14, 2014)
|
(0.20 | ) | (625,900 | ) | 6,161,200 | |||||||
Cotton (149 contracts, settlement date July 09, 2014)
|
0.09 | 301,180 | 6,256,510 | |||||||||
Cotton (149 contracts, settlement date May 07, 2014)
|
0.00 | * | (10,605 | ) | 6,287,800 | |||||||
Cotton (148 contracts, settlement date March 07, 2014)
|
(0.02 | ) | (59,930 | ) | 6,263,360 | |||||||
Gold (52 contracts, settlement date June 26, 2014)
|
(0.15 | ) | (487,650 | ) | 6,258,720 | |||||||
Gold (52 contracts, settlement date April 28, 2014)
|
(0.15 | ) | (482,440 | ) | 6,255,600 | |||||||
Gold (52 contracts, settlement date February 26, 2014)
|
(0.17 | ) | (529,510 | ) | 6,251,960 | |||||||
Lean Hogs (125 contracts, settlement date July 15, 2014)
|
0.02 | 72,180 | 4,942,500 | |||||||||
Lean Hogs (125 contracts, settlement date June 13, 2014)
|
0.01 | 46,480 | 5,007,500 | |||||||||
Lean Hogs (125 contracts, settlement date April 14, 2014)
|
0.07 | 229,450 | 4,533,750 | |||||||||
Lean Hogs (126 contracts, settlement date February 14, 2014)
|
0.00 | ** | 9,330 | 4,305,420 | ||||||||
Light, Sweet Crude Oil (39 contracts, settlement date May 20, 2014)
|
0.04 | 136,060 | 3,793,920 | |||||||||
Light, Sweet Crude Oil (38 contracts, settlement date April 22, 2014)
|
0.05 | 144,650 | 3,723,620 | |||||||||
Light, Sweet Crude Oil (38 contracts, settlement date March 20, 2014)
|
0.02 | 55,240 | 3,740,720 | |||||||||
Light, Sweet Crude Oil (38 contracts, settlement date February 20, 2014)
|
0.01 | 31,670 | 3,744,900 | |||||||||
Light, Sweet Crude Oil (38 contracts, settlement date January 21, 2014)
|
0.00 | ** | 5,710 | 3,739,960 | ||||||||
Live Cattle (118 contracts, settlement date June 30, 2014)
|
0.01 | 44,040 | 6,108,860 | |||||||||
Live Cattle (117 contracts, settlement date April 30, 2014)
|
0.06 | 187,100 | 6,332,040 | |||||||||
Live Cattle (118 contracts, settlement date February 28, 2014)
|
0.10 | 335,300 | 6,354,300 | |||||||||
Natural Gas (91 contracts, settlement date May 28, 2014)
|
0.12 | 397,390 | 3,743,740 | |||||||||
Natural Gas (91 contracts, settlement date April 28, 2014)
|
0.13 | 412,180 | 3,726,450 | |||||||||
Natural Gas (91 contracts, settlement date March 27, 2014)
|
0.11 | 362,890 | 3,735,550 | |||||||||
Natural Gas (90 contracts, settlement date February 26, 2014)
|
0.12 | 383,380 | 3,773,700 | |||||||||
Natural Gas (90 contracts, settlement date January 29, 2014)
|
0.12 | 395,000 | 3,807,000 | |||||||||
NY Harbor ULSD (30 contracts, settlement date May 30, 2014) ***
|
0.06 | 205,317 | 3,810,996 | |||||||||
NY Harbor ULSD (30 contracts, settlement date April 30, 2014) ***
|
0.07 | 207,673 | 3,822,714 | |||||||||
NY Harbor ULSD (29 contracts, settlement date March 31, 2014) ***
|
0.04 | 116,840 | 3,706,983 | |||||||||
NY Harbor ULSD (29 contracts, settlement date February 28, 2014) ***
|
0.03 | 102,001 | 3,719,528 | |||||||||
NY Harbor ULSD (29 contracts, settlement date January 31, 2014) ***
|
0.04 | 113,904 | 3,733,414 | |||||||||
Platinum (137 contracts, settlement date July 29, 2014)
|
(0.15 | ) | (490,930 | ) | 9,430,395 | |||||||
Platinum (137 contracts, settlement date April 28, 2014)
|
(0.18 | ) | (574,305 | ) | 9,410,530 | |||||||
Silver (64 contracts, settlement date July 29, 2014)
|
(0.18 | ) | (567,615 | ) | 6,220,160 | |||||||
Silver (65 contracts, settlement date May 28, 2014)
|
(0.15 | ) | (490,235 | ) | 6,306,625 | |||||||
Silver (65 contracts, settlement date March 27, 2014)
|
(0.15 | ) | (479,325 | ) | 6,295,250 | |||||||
Soybean (98 contracts, settlement date July 14, 2014)
|
0.06 | 182,763 | 6,196,050 | |||||||||
Soybean (98 contracts, settlement date May 14, 2014)
|
0.11 | 344,875 | 6,257,300 | |||||||||
Soybean (98 contracts, settlement date March 14, 2014)
|
0.13 | 401,825 | 6,333,250 | |||||||||
Soybean Oil (266 contracts, settlement date July 14, 2014)
|
(0.12 | ) | (397,332 | ) | 6,361,656 | |||||||
Soybean Oil (264 contracts, settlement date May 14, 2014)
|
(0.15 | ) | (466,266 | ) | 6,255,216 | |||||||
Soybean Oil (264 contracts, settlement date March 14, 2014)
|
(0.14 | ) | (450,534 | ) | 6,198,192 | |||||||
Sugar (338 contracts, settlement date June 30, 2014)
|
(0.12 | ) | (385,806 | ) | 6,333,309 | |||||||
Sugar (338 contracts, settlement date April 30, 2014)
|
(0.11 | ) | (337,557 | ) | 6,268,954 | |||||||
Sugar (339 contracts, settlement date February 28, 2014)
|
(0.14 | ) | (462,112 | ) | 6,230,549 | |||||||
Wheat (205 contracts, settlement date July 14, 2014)
|
(0.17 | ) | (549,650 | ) | 6,321,687 | |||||||
Wheat (205 contracts, settlement date May 14, 2014)
|
(0.20 | ) | (627,613 | ) | 6,273,000 | |||||||
Wheat (205 contracts, settlement date March 14, 2014)
|
(0.20 | ) | (627,788 | ) | 6,203,812 | |||||||
Net Unrealized Depreciation on Futures Contracts
|
(1.27 | )% | $ | (4,055,188 | ) | $ | 319,612,065 |
* |
Denotes less than 0.000% yet greater than (0.005)%
|
** |
Denotes greater than 0.000% yet less than 0.005%
|
*** |
The CME Group changed specifications and the name of Heating Oil futures to ‘NY Harbor ULSD’ in May 2013
|
11 |
Three Months
Ended |
Three Months
Ended |
Six Months
Ended |
Six Months
Ended |
|||||||||||||
June 30, 2014
|
June 30, 2013
|
June 30, 2014
|
June 30, 2013
|
|||||||||||||
Income
|
||||||||||||||||
Interest Income
|
$ | 15,419 | $ | 61,443 | $ | 25,430 | $ | 145,452 | ||||||||
Expenses
|
||||||||||||||||
Management fee to related party
|
755,603 | 949,009 | 1,445,682 | 1,947,929 | ||||||||||||
Brokerage fees and expenses
|
177,789 | 223,297 | 340,161 | 458,337 | ||||||||||||
Total expenses
|
933,392 | 1,172,306 | 1,785,843 | 2,406,266 | ||||||||||||
Net Investment Loss
|
(917,973 | ) | (1,110,863 | ) | (1,760,413 | ) | (2,260,814 | ) | ||||||||
Realized and Net Change in Unrealized Gain (Loss) on Investments and Futures Contracts
|
||||||||||||||||
Realized Gain (Loss) on
|
||||||||||||||||
Investments
|
- | 1,390 | - | 1,390 | ||||||||||||
Futures Contracts
|
15,116,976 | (27,057,865 | ) | 23,863,925 | (31,502,420 | ) | ||||||||||
Net Realized Gain (Loss)
|
15,116,976 | (27,056,475 | ) | 23,863,925 | (31,501,030 | ) | ||||||||||
Net Change in Unrealized Gain (Loss) on
|
||||||||||||||||
Investments
|
(1,086 | ) | (4,742 | ) | 607 | (11,029 | ) | |||||||||
Futures Contracts
|
(18,007,930 | ) | (12,301,227 | ) | 3,956,126 | (16,541,388 | ) | |||||||||
Net Change in Unrealized Gain (Loss)
|
(18,009,016 | ) | (12,305,969 | ) | 3,956,733 | (16,552,417 | ) | |||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts
|
(2,892,040 | ) | (39,362,444 | ) | 27,820,658 | (48,053,447 | ) | |||||||||
Net Gain (Loss)
|
$ | (3,810,013 | ) | $ | (40,473,307 | ) | $ | 26,060,245 | $ | (50,314,261 | ) |
12 |
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, 2014
|
50 | $ | 1,500 | $ | (215 | ) | $ | 1,285 | 12,450,000 | $ | 364,838,413 | $ | (44,847,114 | ) | $ | 319,991,299 | $ | 319,992,584 | ||||||||||||||||||
Creation of Limited Units
|
— | — | — | — | 1,300,000 | 36,461,802 | — | 36,461,802 | 36,461,802 | |||||||||||||||||||||||||||
Redemption of Limited Units
|
— | — | — | — | (850,000 | ) | (22,536,302 | ) | — | (22,536,302 | ) | (22,536,302 | ) | |||||||||||||||||||||||
Net Gain:
|
||||||||||||||||||||||||||||||||||||
Net Investment Loss
|
— | — | (7 | ) | (7 | ) | — | — | (1,760,406 | ) | (1,760,406 | ) | (1,760,413 | ) | ||||||||||||||||||||||
Net Realized Gain on Investments and Futures Contracts
|
— | — | 96 | 96 | — | — | 23,863,829 | 23,863,829 | 23,863,925 | |||||||||||||||||||||||||||
Net Change in Unrealized Gain on Investments and Futures Contracts
|
— | — | 21 | 21 | — | — | 3,956,712 | 3,956,712 | 3,956,733 | |||||||||||||||||||||||||||
Net Activity
|
— | — | 110 | 110 | 450,000 | 13,925,500 | 26,060,135 | 39,985,635 | 39,985,745 | |||||||||||||||||||||||||||
Balance at June 30, 2014
|
50 | $ | 1,500 | $ | (105 | ) | $ | 1,395 | 12,900,000 | $ | 378,763,913 | $ | (18,786,979 | ) | $ | 359,976,934 | $ | 359,978,329 |
13 |
2014
|
2013
|
|||||||
Cash flow from operating activities:
|
||||||||
Net Gain (Loss)
|
$ | 26,060,245 | $ | (50,314,261 | ) | |||
Adjustments to reconcile net gain (loss) to net cash provided by (used for) operating activities:
|
||||||||
Purchase of investment securities
|
(428,467,463 | ) | (904,864,341 | ) | ||||
Proceeds from sales of investment securities
|
400,000,000 | 974,999,064 | ||||||
Net accretion of discount
|
(25,430 | ) | (145,452 | ) | ||||
Net
realized gain on investment securities
|
- | (1,390 | ) | |||||
Unrealized depreciation (appreciation) on investments
|
(3,956,733 | ) | 16,552,417 | |||||
Increase (decrease) in accrued expenses
|
7,159 | (277,314 | ) | |||||
Net cash provided by (used for) operating activities
|
(6,382,222 | ) | 35,948,723 | |||||
Cash flows from financing activities:
|
||||||||
Proceeds from creation of Limited Units
|
36,461,802 | 25,704,701 | ||||||
Redemption of Limited Units
|
(22,536,302 | ) | (45,510,017 | ) | ||||
Decrease in capital shares payable
|