Company Quick10K Filing
Quick10K
United States Commodity Index Funds Trust
10-Q 2019-06-30 Quarter: 2019-06-30
S-1 2019-05-09 Public Filing
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-29 Regulation FD, Exhibits
8-K 2019-06-25 Regulation FD, Exhibits
8-K 2019-05-28 Regulation FD, Exhibits
8-K 2019-04-29 Regulation FD, Exhibits
8-K 2019-03-26 Regulation FD, Exhibits
8-K 2019-01-28 Regulation FD, Exhibits
8-K 2019-01-28 Regulation FD, Exhibits
8-K 2018-12-21 Regulation FD, Exhibits
8-K 2018-12-04 Regulation FD, Exhibits
8-K 2018-11-29 Regulation FD, Exhibits
8-K 2018-10-30 Regulation FD, Exhibits
8-K 2018-09-27 Regulation FD, Exhibits
8-K 2018-08-27 Regulation FD, Exhibits
8-K 2018-08-08 Enter Agreement, Exhibits
8-K 2018-07-30 Regulation FD, Exhibits
8-K 2018-06-21 Regulation FD, Exhibits
8-K 2018-05-23 Regulation FD, Exhibits
8-K 2018-04-27 Regulation FD, Exhibits
8-K 2018-04-24 Enter Agreement, Exhibits
8-K 2018-03-29 Regulation FD, Exhibits
8-K 2018-03-28 Regulation FD, Exhibits
8-K 2018-02-28 Regulation FD, Exhibits
8-K 2018-01-30 Regulation FD, Exhibits
MSFT Microsoft 961,680
CSGP Costar Group 18,080
TWNK Hostess Brands 1,810
CODI Compass Diversified Holdings 1,010
JAX J. Alexander's 155
DRRX Durect 125
EQ Embarq 105
HZN Horizon Global 69
MEEC Midwest Energy Emissions 0
AQIM Altegris Qim Futures Fund 0
USCI 2019-06-30
Part I. Financial Information
Item 1. Condensed Financial Statements.
Note 1 - Organization and Business
Note 2 - Summary of Significant Accounting Policies
Note 3 - Trust Series
Note 4 - Fees Paid By Each Trust Series and Related Party Transactions
Note 5 - Contracts and Agreements
Note 6 - Financial Instruments, Off-Balance Sheet Risks and Contingencies
Note 7 - Financial Highlights
Note 8 - Fair Value of Financial Instruments
Note 9 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-10.1 usci-20190630ex10194ca2d.htm
EX-10.2 usci-20190630ex1029a746f.htm
EX-10.3 usci-20190630ex1032a3deb.htm
EX-10.4 usci-20190630ex104de2f64.htm
EX-31.1 usci-20190630ex311c2fc29.htm
EX-31.2 usci-20190630ex312415e35.htm
EX-32.1 usci-20190630ex321ea1563.htm
EX-32.2 usci-20190630ex322202f43.htm

United States Commodity Index Funds Trust Earnings 2019-06-30

USCI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2019.

OR

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from                to             .

Commission file number: 001-34833

United States Commodity Index Funds Trust

(Exact name of registrant as specified in its charter)

Delaware

    

27-1537655

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

1850 Mt. Diablo Boulevard, Suite 640

Walnut Creek, California 94596

(Address of principal executive offices) (Zip code)

(510) 522-9600

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   ⌧    Yes    ◻    No

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).   ⌧    Yes    ◻    No

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

 

Accelerated filer

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

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 to Section 7(a)(2)(B) of the Securities Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes        No

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

    

Trading Symbol(s)

    

Name of each exchange on which registered:

Shares of United States Commodity Index Fund

 

USCI

 

NYSE Arca, Inc.

Shares of United States Copper Index Fund

 

CPER

 

NYSE Arca, Inc.

The number of outstanding shares of each series of the registrant as of August 5, 2019 are included in the table below:

    

Number of Outstanding Shares as of

August 5, 2019

United States Commodity Index Fund

 

9,200,000

United States Copper Index Fund

 

600,000

Total

 

9,800,000

UNITED STATES COMMODITY INDEX FUNDS TRUST

Table of Contents

Page

Part I. FINANCIAL INFORMATION

Item 1. Condensed Financial Statements.

1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

37

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

75

Item 4. Controls and Procedures.

76

Part II. OTHER INFORMATION

78

Item 1. Legal Proceedings.

78

Item 1A. Risk Factors.

78

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

78

Item 3. Defaults Upon Senior Securities.

78

Item 4. Mine Safety Disclosures.

79

Item 5. Other Information.

79

Item 6. Exhibits.

79

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Condensed Financial Statements.

Index to Condensed Financial Statements

Documents

    

Page

Condensed Statements of Financial Condition at June 30, 2019 (Unaudited) and December 31, 2018

2-5

Condensed Schedules of Investments (Unaudited) at June 30, 2019

6-8

Condensed Statements of Operations (Unaudited) for the three and six months ended June 30, 2019 and 2018

9-12

Condensed Statements of Changes in Capital (Unaudited) for the six months ended June 30, 2019 and Condensed Statements of Changes in Shares Outstanding (Unaudited) for the six months ended June 30, 2019

13-16

Condensed Statements of Cash Flows (Unaudited) for the six months ended June 30, 2019 and 2018

17-20

Notes to Condensed Financial Statements for the period ended June 30, 2019 (Unaudited)

21

1

Table of Contents

United States Commodity Index Funds Trust

Condensed Statements of Financial Condition

At June 30, 2019 (Unaudited) and December 31, 2018

United States Commodity Index Fund

    

June 30, 2019

    

December 31, 2018

Assets

 

  

 

  

Cash and cash equivalents (at cost $321,509,576 and $427,657,030, respectively) (Notes 2 and 6)

$

321,509,576

$

427,657,030

Equity in trading accounts:

 

  

 

  

Cash and cash equivalents (at cost $33,042,921 and $50,852,183, respectively)

 

33,042,921

 

50,852,183

Unrealized gain (loss) on open commodity futures contracts

 

(4,477,075)

 

(14,487,984)

Dividends receivable

 

23,364

 

9,983

Interest receivable

 

765

 

4,224

Directors’ fees and insurance receivable

 

45,587

 

22,319

Total assets

$

350,145,138

$

464,057,755

Liabilities and Capital

 

  

 

  

Management fees payable (Note 4)

$

269,400

$

367,646

Professional fees payable

 

398,991

 

604,296

Brokerage commissions payable

 

43,305

 

43,305

Total liabilities

 

711,696

 

1,015,247

Commitments and Contingencies (Notes 4, 5 and 6)

 

  

 

  

Capital

 

  

 

  

Sponsor

 

 

Shareholders

 

349,433,442

 

463,042,508

Total Capital

 

349,433,442

 

463,042,508

Total liabilities and capital

$

350,145,138

$

464,057,755

Shares outstanding

 

9,450,000

 

12,350,000

Net asset value per share

$

36.98

$

37.49

Market value per share

$

36.97

$

37.53

See accompanying notes to condensed financial statements.

2

Table of Contents

United States Commodity Index Funds Trust

Condensed Statements of Financial Condition

At June 30, 2019 (Unaudited) and December 31, 2018

United States Copper Index Fund

    

June 30, 2019

    

December 31, 2018

Assets

 

  

 

  

Cash and cash equivalents (at cost $10,198,319 and $10,753,786, respectively) (Notes 2 and 6)

$

10,198,319

$

10,753,786

Short-Term Investments (at cost $— and $295,216, respectively) (Note 6)

 

 

295,216

Equity in trading accounts:

 

  

 

  

Cash and cash equivalents (at cost $595,810 and $1,362,458, respectively)

 

595,810

 

1,362,458

Unrealized gain (loss) on open commodity futures contracts

 

258,463

 

(903,475)

Receivable from Sponsor (Note 4)

 

44,272

 

51,299

Dividends receivable

 

555

 

1,356

Interest receivable

 

 

221

Directors' fees and insurance receivable

 

411

 

Total assets

$

11,097,830

$

11,560,861

 

  

 

  

Liabilities and Capital

 

  

 

  

Payable due to Broker

$

12,001

$

Management fees payable (Note 4)

 

5,888

 

6,113

Professional fees payable

 

38,756

 

49,800

Directors’ fees and insurance payable

 

 

53

 

  

 

  

Total liabilities

 

56,645

 

55,966

 

  

 

  

Commitments and Contingencies  (Notes 4, 5 and 6)

 

  

 

  

 

  

 

  

Capital

 

  

 

  

Sponsor

 

 

Shareholders

 

11,041,185

 

11,504,895

Total Capital

 

11,041,185

 

11,504,895

 

  

 

  

Total liabilities and capital

$

11,097,830

$

11,560,861

 

  

 

  

Shares outstanding

 

650,000

 

700,000

Net asset value per share

$

16.99

$

16.44

Market value per share

$

16.96

$

16.44

See accompanying notes to condensed financial statements.

3

Table of Contents

United States Commodity Index Funds Trust

Condensed Statement of Financial Condition

At June 30, 2019* (Unaudited)

USCF Crescent Crypto Index Fund

    

June 30, 2019*

Assets

 

  

Cash (at cost $1,000) (Notes 2 and 6)

$

1,000

Total assets

$

1,000

Commitments and Contingencies (Notes 4, 5 and 6)

 

  

Capital

 

  

Sponsor

$

1,000

Shareholders

 

Total Capital

 

1,000

Total liabilities and capital

$

1,000

* The Sponsor contributed $1,000 on May 8, 2019. As of June 30, 2019, the Fund is in registration and had not commenced operations.

See accompanying notes to condensed financial statements.

4

Table of Contents

United States Commodity Index Funds Trust

Condensed Statements of Financial Condition

At June 30, 2019 (Unaudited) and December 31, 2018

United States Commodity Index Funds Trust

    

June 30, 2019

    

December 31, 2018

Assets

 

  

 

  

Cash and cash equivalents (at cost $331,708,895 and $438,410,816, respectively) (Notes 2 and 6)

$

331,708,895

$

438,410,816

Short-Term Investments (at cost $— and $295,216, respectively) (Note 6)

 

 

295,216

Equity in trading accounts:

 

  

 

  

Cash and cash equivalents (at cost $33,638,731 and $52,214,641, respectively)

 

33,638,731

 

52,214,641

Unrealized gain (loss) on open commodity futures contracts

 

(4,218,612)

 

(15,391,459)

Receivable from Sponsor (Note 4)

 

44,272

 

51,299

Dividends receivable

 

23,919

 

11,339

Interest receivable

 

765

 

4,445

Directors’ fees and insurance receivable

 

45,998

 

22,319

 

  

 

  

Total assets

$

361,243,968

$

475,618,616

 

  

 

  

Liabilities and Capital

 

  

 

  

Payable due to Broker

$

12,001

$

Management fees payable (Note 4)

 

275,288

 

373,759

Professional fees payable

 

437,747

 

654,096

Brokerage commissions payable

 

43,305

 

43,305

Directors’ fees and insurance payable

 

 

53

 

  

 

  

Total liabilities

 

768,341

 

1,071,213

 

  

 

  

Commitments and Contingencies (Notes 4, 5 and 6)

 

  

 

  

 

  

 

  

Capital

 

  

 

  

Sponsor

 

1,000

 

Shareholders

 

360,474,627

 

474,547,403

Total Capital

 

360,475,627

 

474,547,403

 

  

 

  

Total liabilities and capital

$

361,243,968

$

475,618,616

 

  

 

  

Shares outstanding

 

10,100,000

 

13,050,000

See accompanying notes to condensed financial statements.

5

Table of Contents

United States Commodity Index Funds Trust

Condensed Schedule of Investments (Unaudited)

At June 30, 2019

United States Commodity Index Fund

    

    

    

Value/

    

 

Unrealized Gain

 

(Loss) on Open

 

Notional

Number of

Commodity

% of

 

Amount

Contracts

Contracts

Capital

 

Open Futures Contracts – Long

Foreign Contracts

LME Nickel Futures LN July 2019 contracts, expiring July 2019

$

26,487,940

 

366

$

1,268,722

 

0.36

LME Zinc Futures LX July 2019 contracts, expiring July 2019

 

26,366,030

 

406

 

(534,280)

 

(0.15)

LME Zinc Futures LX August 2019 contracts, expiring August 2019

 

24,611,537

 

390

 

(169,096)

 

(0.05)

LME Tin Futures LT November 2019 contracts, expiring November 2019

 

33,201,495

 

313

 

(3,788,885)

 

(1.08)

LME Nickel Futures LN November 2019 contracts, expiring November 2019

 

31,441,758

 

399

 

(990,078)

 

(0.28)

ICE Brent Crude Oil Futures CO April 2020 contracts, expiring February 2020

25,981,620

400

(797,620)

(0.23)

 

168,090,380

 

2,274

 

(5,011,237)

 

(1.43)

United States Contracts

NYMEX Natural Gas Futures NG September 2019 contracts, expiring August 2019

 

25,210,080

 

1,110

 

120,120

 

0.04

CME Live Cattle Futures LC August 2019 contracts, expiring August 2019

 

25,857,220

 

608

 

(479,300)

 

(0.14)

CBOT Soybean Meal Futures SM September 2019 contracts, expiring September 2019

 

24,940,340

 

788

 

62,900

 

0.02

CBOT Soybean Oil Futures BO September 2019 contracts, expiring September 2019

 

25,054,950

 

1,480

 

244,170

 

0.07

CBOT Wheat Futures W September 2019 contracts, expiring September 2019

 

23,660,212

 

929

 

830,550

 

0.24

ICE Cocoa Futures CC September 2019 contracts, expiring September 2019

 

24,798,050

 

1,018

 

(111,550)

 

(0.03)

ICE Sugar #11 Futures SB October 2019 contracts, expiring September 2019

 

24,445,579

 

1,782

 

741,922

 

0.21

NYMEX RBOB Gasoline Futures RB October 2019 contracts, expiring September 2019

 

25,359,239

 

361

 

385,837

 

0.11

CBOT Corn Futures C December 2019 contracts, expiring December 2019

 

24,282,325

 

1,097

 

(614,550)

 

(0.18)

COMEX Gold Futures GC December 2019 contracts, expiring December 2019

 

25,103,930

 

176

 

(22,170)

 

(0.01)

CBOT Soybean Futures S January 2020 contracts, expiring January 2020

 

24,923,063

 

535

 

74,812

 

0.02

 

273,634,988

 

9,884

 

1,232,741

 

0.35

Open Futures Contracts - Short*

Foreign Contracts

LME Nickel Futures LN July 2019 contracts, expiring July 2019**

 

(27,391,370)

 

366

 

(367,856)

 

(0.11)

LME Zinc Futures LX July 2019 contracts, expiring July 2019**

 

(25,991,170)

 

406

 

157,437

 

0.05

LME Nickel Futures LN November 2019 contracts, expiring November 2019**

(29,816,399)

399

(637,492)

(0.18)

LME Tin Futures LT November 2019 contracts, expiring November 2019**

(4,754,865)

49

149,332

0.04

 

(87,953,804)

 

1,220

 

(698,579)

 

(0.20)

Total Open Futures Contracts**

$

353,771,564

 

13,378

$

(4,477,075)

 

(1.28)

6

Table of Contents

United States Commodity Index Funds Trust

Condensed Schedule of Investments (Unaudited) (Continued)

At June 30, 2019

United States Commodity Index Fund

    

Principal

    

Market 

    

% of 

Amount

Value

Capital

Cash Equivalents

United States Treasury Obligations

U.S. Treasury Bills:

 

  

 

  

 

  

2.42%, 7/05/2019

$

20,000,000

$

19,994,669

 

5.72

2.46%, 7/11/2019

 

42,000,000

 

41,971,606

 

12.01

2.42%, 7/18/2019

 

28,000,000

 

27,968,267

 

8.01

2.44%, 7/25/2019

 

21,000,000

 

20,966,260

 

6.00

2.38%, 8/01/2019

 

25,000,000

 

24,949,194

 

7.14

2.46%, 8/08/2019

 

25,000,000

 

24,935,875

 

7.14

2.47%, 8/15/2019

 

25,000,000

 

24,923,750

 

7.13

2.34%, 9/12/2019

 

20,000,000

 

19,905,749

 

5.70

2.11%, 9/26/2019

 

9,000,000

 

8,954,325

 

2.56

2.36%, 10/03/2019

 

23,000,000

 

22,859,470

 

6.54

2.40%, 10/31/2019

 

13,000,000

 

12,895,588

 

3.69

2.37%, 11/21/2019

 

30,000,000

 

29,721,150

 

8.51

2.13%, 12/05/2019

 

20,000,000

 

19,815,961

 

5.67

2.15%, 12/19/2019

 

10,000,000

 

9,899,063

 

2.83

2.07%, 12/26/2019

 

9,000,000

 

8,908,997

 

2.55

Total Treasury Obligations

 

  

 

318,669,924

 

91.20

 

  

 

  

 

  

United States - Money Market Funds

 

  

 

  

 

  

Fidelity Investments Money Market Funds - Government Portfolio

 

4,300,000

 

4,300,000

 

1.23

Goldman Sachs Financial Square Funds - Government Fund - Class FS

 

7,850,000

 

7,850,000

 

2.24

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

 

3,800,000

 

3,800,000

 

1.09

Total Money Market Funds

 

  

 

15,950,000

 

4.56

Total Cash Equivalents

 

  

$

334,619,924

 

95.76

*      All short contracts are offset by long positions in 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).

**    Collateral amounted to $33,042,921 on open futures contracts.

See accompanying notes to condensed financial statements.

7

Table of Contents

United States Commodity Index Funds Trust

Condensed Schedule of Investments (Unaudited)

At June 30, 2019

United States Copper Index Fund

    

    

    

Value/

    

Unrealized Gain

(Loss) on Open

Notional

Number of

Commodity

% of

Amount

 Contracts

Contracts

Capital

Open Futures Contracts – Long

 

  

 

  

 

  

 

  

United States Contracts

 

  

 

  

 

  

 

  

COMEX Copper Futures HG September 2019 contracts, expiring September 2019*

$

10,799,050

 

163

$

258,463

 

2.34

    

Principal

    

Market 

    

Amount

Value

Cash Equivalents

 

  

 

  

 

  

United States Treasury Obligations

 

  

 

  

 

  

U.S. Treasury Bills:

 

  

 

  

 

  

2.44%, 7/05/2019

$

500,000

$

499,866

 

4.53

2.48%, 7/11/2019

 

350,000

 

349,762

 

3.17

2.41%, 7/18/2019

 

450,000

 

449,493

 

4.07

2.44%, 7/25/2019

 

300,000

 

299,518

 

2.71

2.38%, 8/01/2019

 

250,000

 

249,492

 

2.26

2.44%, 8/08/2019

 

700,000

 

698,217

 

6.32

2.54%, 8/15/2019

 

550,000

 

548,285

 

4.97

2.42%, 8/22/2019

 

1,200,000

 

1,195,841

 

10.83

2.44%, 9/05/2019

 

500,000

 

497,787

 

4.51

2.44%, 9/12/2019

 

1,000,000

 

995,113

 

9.01

2.46%, 9/19/2019

 

500,000

 

497,300

 

4.51

2.41%, 9/26/2019

 

700,000

 

695,965

 

6.30

2.36%, 10/03/2019

 

600,000

 

596,334

 

5.40

2.41%, 10/17/2019

 

700,000

 

694,990

 

6.30

2.40%, 10/31/2019

 

500,000

 

495,984

 

4.49

2.38%, 11/14/2019

 

400,000

 

396,441

 

3.59

Total Treasury Obligations

 

  

 

9,160,388

 

82.97

 

  

 

  

 

  

United States - Money Market Funds

 

  

 

  

 

  

Fidelity Investments Money Market Funds - Government Portfolio

 

300,000

 

300,000

2.72

Goldman Sachs Financial Square Funds - Government Fund - Class FS

 

800,000

 

800,000

 

7.24

Total Money Market Funds

 

  

 

1,100,000

 

9.96

Total Cash Equivalents

 

  

$

10,260,388

 

92.93

*      Collateral amounted to $595,810 on open futures contracts.

See accompanying notes to condensed financial statements.

8

Table of Contents

United States Commodity Index Funds Trust

Condensed Statements of Operations (Unaudited)

For the three and six months ended June 30, 2019 and 2018

United States Commodity Index Fund

    

Three months ended

    

Three months ended

    

Six months ended

    

Six months ended

June 30, 2019

June 30, 2018

June 30, 2019

June 30, 2018

Income

 

  

 

  

 

  

 

  

Gain (loss) on trading of commodity futures contracts:

 

  

 

  

 

  

 

  

Realized gain (loss) on closed positions

$

(12,381,741)

$

1,102,409

$

(15,732,746)

$

5,730,666

Change in unrealized gain (loss) on open positions

 

(8,139,194)

 

11,201,433

 

10,010,909

 

9,119,194

Dividend income

 

101,060

 

126,963

 

215,091

 

126,963

Interest income*

 

2,276,000

 

2,415,852

 

4,878,041

 

4,128,018

ETF transaction fees

 

8,400

 

8,750

 

12,600

 

14,700

 

  

 

 

  

 

Total income (loss)

 

(18,135,475)

 

14,855,407

 

(616,105)

 

19,119,541

 

  

 

 

  

 

Expenses

 

  

 

 

  

 

Management fees (Note 4)

 

789,497

 

1,257,005

 

1,701,916

 

2,295,929

Professional fees

 

159,343

 

170,480

 

323,597

 

334,734

Brokerage commissions

 

128,876

 

84,834

 

305,797

 

254,356

Directors’ fees and insurance

 

24,574

 

24,111

 

46,863

 

42,446

 

  

 

 

  

 

Total expenses

 

1,102,290

 

1,536,430

 

2,378,173

 

2,927,465

 

  

 

 

  

 

Net income (loss)

$

(19,237,765)