UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
or
Commission file number:
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
(Address of principal executive offices) (Zip Code)
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(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered or to be registered pursuant to Section 12(b) of the Act.
Title of each class: |
| Trading Symbol(s) |
| Name of each exchange on which registered: |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer | ☐ |
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Non-Accelerated Filer | ☐ |
| Smaller Reporting Company | |
Emerging Growth Company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided in Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.).
The number of outstanding shares of each series of the registrant as of October 30, 2023. are included in the table below:
| Number of Outstanding Shares as |
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United States Commodity Index Fund | |||
United States Copper Index Fund | |||
Total |
United States Commodity Index Funds Trust
Table of Contents
Part I. FINANCIAL INFORMATION
Item 1. Condensed Financial Statements.
Index to Condensed Financial Statements
1
United States Commodity Index Funds Trust
Condensed Statements of Financial Condition
At September 30, 2023 (Unaudited) and December 31, 2022
United States Commodity Index Fund
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| September 30, 2023 |
| December 31, 2022 | ||
Assets | ||||||
Cash and cash equivalents (at cost $ | $ | | $ | | ||
Equity in trading accounts: |
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Cash and cash equivalents (at cost $ |
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Unrealized gain (loss) on open commodity futures contracts |
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Dividends receivable |
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Interest receivable |
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Prepaid insurance* | | | ||||
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Total Assets | $ | | $ | | ||
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Liabilities and Capital |
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Management fees payable (Note 4) | $ | |
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Professional fees payable |
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Brokerage commissions payable |
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Directors’ fees payable* | |
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Total Liabilities |
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Commitments and Contingencies (Notes 4, 5 & 6) |
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Capital |
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Sponsor |
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Shareholders |
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Total Capital |
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Total Liabilities and Capital | $ | | $ | | ||
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Shares outstanding | |
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Net asset value per share | $ | | $ | | ||
Market value per share | $ | | $ | |
*
See accompanying notes to condensed financial statements.
2
United States Commodity Index Funds Trust
Condensed Statements of Financial Condition
At September 30, 2023 (Unaudited) and December 31, 2022
United States Copper Index Fund
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| September 30, 2023 |
| December 31, 2022 | ||
Assets |
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Cash and cash equivalents (at cost $ | $ | | $ | | ||
Equity in trading accounts: |
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Cash and cash equivalents (at cost $ |
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Unrealized gain (loss) on open commodity futures contracts |
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Dividends receivable |
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Interest receivable |
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Prepaid professional fees | | | ||||
Prepaid insurance* | | | ||||
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Total Assets | $ | | $ | | ||
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Liabilities and Capital |
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Management fees payable (Note 4) | $ | | $ | | ||
Professional fees payable |
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Directors’ fees payable* |
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Total Liabilities |
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Commitments and Contingencies (Notes 4, 5 & 6) |
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Capital |
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Sponsor |
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Shareholders |
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Total Capital |
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Total Liabilities and Capital | $ | | $ | | ||
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Shares outstanding | | | ||||
Net asset value per share | $ | | $ | | ||
Market value per share | $ | | $ | |
* Certain prior year amounts have been reclassified for consistency with the current presentation.
See accompanying notes to condensed financial statements.
3
United States Commodity Index Funds Trust
Condensed Statements of Financial Condition
At September 30, 2023 (Unaudited) and December 31, 2022
United States Commodity Index Funds Trust
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| September 30, 2023 |
| December 31, 2022 | ||
Assets |
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Cash and cash equivalents (at cost $ | $ | | $ | | ||
Equity in trading accounts: |
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Cash and cash equivalents (at cost $ |
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Unrealized gain (loss) on open commodity futures contracts |
| ( |
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Dividends receivable |
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Interest receivable |
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Prepaid professional fees | | | ||||
Prepaid insurance* | | | ||||
Total Assets | $ | | $ | | ||
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Liabilities and Capital |
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Management fees payable (Note 4) | $ | | $ | | ||
Professional fees payable |
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Brokerage commissions payable |
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Directors’ fees payable* |
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Total Liabilities |
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Commitments and Contingencies (Notes 4, 5 and 6) |
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Capital |
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Sponsor |
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Shareholders |
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Total Capital |
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Total Liabilities and Capital | $ | | $ | | ||
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Shares Outstanding |
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* Certain prior year amounts have been reclassified for consistency with the current presentation.
See accompanying notes to condensed financial statements.
4
United States Commodity Index Funds Trust
Condensed Schedule of Investments (Unaudited)
At September 30, 2023
United States Commodity Index Fund
Fair | ||||||||||
Value/Unrealized | ||||||||||
Gain (Loss) on | ||||||||||
Open | ||||||||||
Number of | Commodity | % of Partners’ | ||||||||
| Notional Amount |
| Contracts |
| Contracts |
| Capital | |||
Open Commodity Futures Contracts - Long | ||||||||||
United States Contracts | ||||||||||
NYMEX RBOB Gasoline Futures RB December 2023 contracts, expiring November 2023 | $ | |
| | $ | ( |
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ICE Cocoa Futures CC December 2023 contracts, expiring December 2023 |
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| ( |
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CBOT Soybean Oil Futures BO December 2023 contracts, expiring December 2023 |
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CME Lean Hogs Futures LH December 2023 contracts, expiring December 2023 |
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ICE Coffee Futures KC December 2023 contracts, expiring December 2023 |
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NYMEX WTI Crude Oil Futures CL January 2024 contracts, expiring December 2023 |
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COMEX Copper Futures HG December 2023 contracts, expiring December 2023 |
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COMEX Silver Futures SI December 2023 contracts, expiring December 2023 |
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NYMEX NY Harbour ULSD Futures HO January 2024 contracts, expiring December 2023 |
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CBOT Soybean Meal Futures SM January 2024 contracts, expiring January 2024 |
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ICE Sugar #11 Futures SB May 2024 contracts, expiring April 2024 |
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United Kingdom Contracts |
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ICE Low Sulphur Gasoil Futures QS December 2023 contracts, expiring December 2023 |
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ICE Brent Crude Futures CO February 2024 contracts, expiring December 2023 |
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Foreign Contracts |
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LME Lead Futures LL October 2023 contracts, expiring October 2023* |
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LME Lead Futures LL November 2023 contracts, expiring November 2023* |
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LME Zinc Futures LX January 2024 contracts, expiring January 2024* |
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Open Commodity Futures Contracts - Short** |
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Foreign Contracts | ||||||||||
LME Lead Futures LL October 2023 contracts, expiring October 2023* | ( | | | | ||||||
LME Zinc Futures LX January 2024 contracts, expiring January 2024* | ( | | ( | ( | ||||||
Total Open Futures Contracts* | $ | |
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5
United States Commodity Index Funds Trust
Condensed Schedule of Investments (Unaudited)
At September 30, 2023 (continued)
United States Commodity Index Fund
| Shares/Principal |
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| % of Partners’ | ||||
Amount | Market Value | Capital | ||||||
Cash Equivalents |
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United States Treasury Obligations |
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U.S. Treasury Bills: |
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$ | | $ | |
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Total United States Treasury Obligations |
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United States Money Market Funds |
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Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, |
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Total United States Money Market Funds |
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Total Cash Equivalents |
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† | Represents less than |
# |
* |
** | All short contracts are offset by long positions in Commodity Futures Contracts and are acquired solely for the purpose of reducing a long position (e.g., due to a redemption or to reflect a rebalancing of the SDCI). |
See accompanying notes to condensed financial statements.
6
United States Commodity Index Funds Trust
Condensed Schedule of Investments (Unaudited)
At September 30, 2023
United States Copper Index Fund
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| Fair |
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Value/Unrealized | ||||||||||
Gain (Loss) on | ||||||||||
Open | ||||||||||
Number of | Commodity | % of Partners’ | ||||||||
Notional Amount | Contracts | Contracts | Capital | |||||||
Open Commodity Futures Contracts - Long | ||||||||||
United States Contracts |
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COMEX Copper Futures HG December 2023 contracts, expiring December 2023 | $ | |
| | $ | ( |
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COMEX Copper Futures HG March 2024 contracts, expiring March 2024 | | | | | ||||||
COMEX Copper Futures HG May 2024 contracts, expiring May 2024 |
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Total Open Futures Contracts* | $ | |
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| Shares/Principal |
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| % of Partners’ | ||||
Amount | Market Value | Capital | ||||||
Cash Equivalents | ||||||||
United States Treasury Obligations | ||||||||
U.S. Treasury Bills: | ||||||||
$ | | $ | |
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Total United States Treasury Obligations |
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United States Money Market Funds |
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Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, |
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Total United States Money Market Funds |
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Total Cash Equivalents |
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#Reflects the -day yield at September 30, 2023.
*
See accompanying notes to condensed financial statements.
7
United States Commodity Index Funds Trust
Condensed Statements of Operations (Unaudited)
For the three and nine months ended September 30, 2023 and 2022
United States Commodity Index Fund
| Three months ended | Three months ended | Nine months ended |
| Nine months ended | |||||||
| September 30, 2023 |
| September 30, 2022 |
| September 30, 2023 |
| September 30, 2022 | |||||
Income |
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Gain (loss) on trading of commodity futures contracts: |
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Realized gain (loss) on closed commodity futures contracts | $ | | $ | ( | $ | | $ | | ||||
Change in unrealized gain (loss) on open commodity futures contracts |
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| ( |
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Dividend income |
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Interest income* |
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ETF transaction fees |
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Total Income (Loss) | $ | | $ | ( | $ | | $ | | ||||
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Expenses |
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Management fees (Note 4) | $ | | $ | | $ | | $ | | ||||
Professional fees |
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Brokerage commissions |
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Directors’ fees and insurance |
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License fees | | | | | ||||||||
Registration fees |
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Total Expenses | $ | | $ | | $ | | $ | | ||||
Net Income (Loss) | $ | | $ | ( | $ | | $ | | ||||
Net Income (Loss) per share | $ | | $ | ( | $ | | $ | | ||||
Net Income (Loss) per weighted average share | $ | | $ | ( | $ | | $ | | ||||
Weighted average shares outstanding |
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* |
See accompanying notes to condensed financial statements.
8
United States Commodity Index Funds Trust
Condensed Statements of Operations (Unaudited)
For the three and nine months ended September 30, 2023 and 2022
United States Copper Index Fund
| Three months ended | Three months ended | Nine months ended | Nine months ended | ||||||||
| September 30, 2023 |
| September 30, 2022 |
| September 30, 2023 |
| September 30, 2022 | |||||
Income |
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Gain (loss) on trading of commodity futures contracts: |
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Realized gain (loss) on closed commodity futures contracts | $ | ( | $ | ( | $ | | $ | ( | ||||
Change in unrealized gain (loss) on open commodity futures contracts |
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| ( |
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Dividend income |
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Interest income* |
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ETF transaction fees |
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Total Income (Loss) | $ | ( | $ | ( | $ | | $ | ( | ||||
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Expenses |
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Management fees (Note 4) | $ | | $ | | $ | | $ | | ||||
Professional fees |
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Brokerage commissions |
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Directors’ fees and insurance |
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License fees | | | | | ||||||||
Other fees | | | | | ||||||||
Registration fees | | | | | ||||||||
Total Expenses | $ | | $ | | $ | | $ | | ||||
Net Income (Loss) | $ | ( | $ | ( | $ | | $ | ( | ||||
Net Income (Loss) per share | $ | ( | $ | ( | $ | | $ | ( | ||||
Net Income (Loss) per weighted average share | $ | ( | $ | ( | $ | | $ | ( | ||||
Weighted average shares outstanding |
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* | Interest income does not exceed paid in kind of |
See accompanying notes to condensed financial statements.
9