QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) |
(IRS Employer Identification No.) | |
(Address of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Large accelerated filer | ☐ | ☒ | ||||
Non-accelerated filer |
☐ | Smaller reporting company | ||||
Emerging growth company |
1 | ||||
1 | ||||
1 | ||||
1 | ||||
2 | ||||
4 | ||||
6 | ||||
7 | ||||
9 | ||||
10 | ||||
10 | ||||
11 | ||||
13 | ||||
15 | ||||
16 | ||||
18 | ||||
19 | ||||
27 | ||||
35 | ||||
37 | ||||
38 | ||||
38 | ||||
38 | ||||
38 | ||||
38 | ||||
38 | ||||
38 | ||||
39 | ||||
40 |
June 30, 2020 (unaudited) |
December 31, 2019 |
|||||||
Assets: |
| |||||||
Cash |
$ | $ | ||||||
Cash held by broker for futures contracts (Note 3) |
||||||||
Short-term investments (cost $ |
||||||||
Net unrealized appreciation on futures contracts |
||||||||
|
|
|
|
|||||
Total Assets |
||||||||
|
|
|
|
|||||
Liabilities and shareholders’ equity: |
| |||||||
Net management fee payable to related party (Note 8) |
||||||||
|
|
|
|
|||||
Total Liabilities |
||||||||
|
|
|
|
|||||
Shareholders’ equity: |
| |||||||
General Units: |
| |||||||
Paid in capital— | ||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total General Units |
||||||||
|
|
|
|
|||||
Limited Units: |
| |||||||
Paid in capital— | ||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total Limited Units |
||||||||
|
|
|
|
|||||
Total shareholders’ equity |
||||||||
|
|
|
|
|||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
|
|
|
|
|||||
Net asset value per share |
| |||||||
General Units |
$ | $ | ||||||
|
|
|
|
|||||
Limited Units |
$ | $ | ||||||
|
|
|
|
Description |
Percentage of Net Assets |
Fair Value |
Face Amount |
|||||||||||||
U.S. Treasury Obligations |
||||||||||||||||
U.S. Treasury Bills |
||||||||||||||||
(a) |
% | $ | $ | |||||||||||||
Total U.S. Treasury Obligations (Cost: $ |
% |
$ |
$ |
|||||||||||||
Description |
Contracts |
Unrealized Appreciation/ (Depreciation) Percentage of Net Assets |
Unrealized Appreciation/ (Depreciation) |
Notional Value |
||||||||||||
Futures Contracts Long Exposure (Exchange-Traded) |
||||||||||||||||
Cocoa |
||||||||||||||||
expiration date 9/15/20 |
( |
)% | $ | ( |
) | $ | ||||||||||
expiration date 12/15/20 |
( |
) | ( |
) | ||||||||||||
Coffee “C” |
||||||||||||||||
expiration date 9/18/20 |
( |
) | ( |
) | ||||||||||||
expiration date 12/18/20 |
( |
) | ( |
) | ||||||||||||
Copper |
||||||||||||||||
expiration date 9/28/20 |
||||||||||||||||
expiration date 12/29/20 |
||||||||||||||||
Corn |
||||||||||||||||
expiration date 9/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 12/14/20 |
||||||||||||||||
Cotton No. 2 |
||||||||||||||||
expiration date 12/8/20 |
||||||||||||||||
expiration date 3/9/21 |
||||||||||||||||
Gold 100 Ounce |
||||||||||||||||
expiration date 12/29/20 |
||||||||||||||||
expiration date 2/24/21 |
||||||||||||||||
Lean Hogs |
||||||||||||||||
expiration date 8/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 10/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 12/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 2/12/21 |
( |
) | ( |
) | ||||||||||||
Live Cattle |
||||||||||||||||
expiration date 10/30/20 |
( |
) | ( |
) | ||||||||||||
expiration date 12/31/20 |
||||||||||||||||
expiration date 2/26/21 |
||||||||||||||||
Natural Gas |
||||||||||||||||
expiration date 8/27/20 |
( |
) | ( |
) | ||||||||||||
expiration date 9/28/20 |
( |
) | ( |
) | ||||||||||||
expiration date 10/28/20 |
( |
) | ( |
) | ||||||||||||
expiration date 11/25/20 |
( |
) | ( |
) | ||||||||||||
expiration date 12/29/20 |
( |
) | ( |
) | ||||||||||||
NY Harbor ULSD |
||||||||||||||||
expiration date 8/31/20 |
||||||||||||||||
expiration date 9/30/20 |
||||||||||||||||
expiration date 10/30/20 |
||||||||||||||||
expiration date 11/30/20 |
||||||||||||||||
expiration date 12/31/20 |
||||||||||||||||
Platinum |
||||||||||||||||
expiration date 10/28/20 |
||||||||||||||||
expiration date 1/27/21 |
||||||||||||||||
Silver |
||||||||||||||||
expiration date 9/28/20 |
||||||||||||||||
expiration date 12/29/20 |
||||||||||||||||
Soybean |
||||||||||||||||
expiration date 11/13/20 |
Description |
Contracts |
Unrealized Appreciation/ (Depreciation) Percentage of Net Assets |
Unrealized Appreciation/ (Depreciation) |
Notional Value |
||||||||||||
expiration date 1/14/21 |
% | $ | $ | |||||||||||||
Soybean Oil |
||||||||||||||||
expiration date 9/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 10/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 12/14/20 |
||||||||||||||||
expiration date 1/14/21 |
( |
) | ( |
) | ||||||||||||
Sugar No. 11 |
||||||||||||||||
expiration date 9/30/20 |
||||||||||||||||
expiration date 2/26/21 |
( |
) | ( |
) | ||||||||||||
Wheat |
||||||||||||||||
expiration date 9/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 12/14/20 |
( |
) | ( |
) | ||||||||||||
WTI Crude Oil |
||||||||||||||||
expiration date 8/20/20 |
||||||||||||||||
expiration date 9/22/20 |
||||||||||||||||
expiration date 10/20/20 |
||||||||||||||||
expiration date 11/20/20 |
||||||||||||||||
expiration date 12/21/20 |
||||||||||||||||
Total Futures Contracts Long Exposure (Exchange-Traded) |
% |
$ |
$ |
|||||||||||||
* | Interest rate shown reflects the yield to maturity at time of purchase. |
(a) |
All or a portion of this security is held by the broker as collateral for open futures contracts. The securities collateral posted was comprised entirely of U.S. Treasury securities having a market value of $ |
Description |
Percentage of Net Assets |
Fair Value |
Face Amount |
|||||||||||||
U.S. Treasury Obligations |
||||||||||||||||
U.S. Treasury Bills |
||||||||||||||||
|
% | $ | $ | |||||||||||||
|
||||||||||||||||
(a) |
||||||||||||||||
|
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Total U.S. Treasury Obligations (Cost: $ |
|
% |
$ |
$ |
||||||||||||
|
|
|
|
|
|
|||||||||||
Description |
Contracts |
Unrealized Appreciation/ (Depreciation) Percentage of Net Assets |
Unrealized Appreciation/ (Depreciation) |
Notional Value |
||||||||||||
Futures Contracts Long Exposure (Exchange-Traded) |
||||||||||||||||
Cocoa |
||||||||||||||||
expiration date 3/16/20 |
% | $ | $ | |||||||||||||
expiration date 5/13/20 |
||||||||||||||||
expiration date 7/16/20 |
||||||||||||||||
Coffee “C” |
||||||||||||||||
expiration date 3/19/20 |
||||||||||||||||
expiration date 5/18/20 |
||||||||||||||||
expiration date 7/21/20 |
||||||||||||||||
Copper |
||||||||||||||||
expiration date 3/27/20 |
||||||||||||||||
expiration date 5/27/20 |
||||||||||||||||
expiration date 7/29/20 |
||||||||||||||||
Corn |
||||||||||||||||
expiration date 3/13/20 |
( |
) | ( |
) | ||||||||||||
expiration date 5/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 7/14/20 |
||||||||||||||||
Cotton No. 2 |
||||||||||||||||
expiration date 3/9/20 |
||||||||||||||||
expiration date 5/6/20 |
||||||||||||||||
expiration date 7/9/20 |
||||||||||||||||
Gold 100 Ounce |
||||||||||||||||
expiration date 2/26/20 |
||||||||||||||||
expiration date 4/28/20 |
||||||||||||||||
expiration date 6/26/20 |
||||||||||||||||
Lean Hogs |
||||||||||||||||
expiration date 2/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 4/15/20 |
( |
) | ( |
) | ||||||||||||
expiration date 6/12/20 |
( |
) | ( |
) | ||||||||||||
expiration date 7/15/20 |
( |
) | ( |
) | ||||||||||||
Live Cattle |
||||||||||||||||
expiration date 2/28/20 |
||||||||||||||||
expiration date 4/30/20 |
||||||||||||||||
expiration date 6/30/20 |
||||||||||||||||
Natural Gas |
||||||||||||||||
expiration date 1/29/20 |
( |
) | ( |
) | ||||||||||||
expiration date 2/26/20 |
( |
) | ( |
) | ||||||||||||
expiration date 3/27/20 |
( |
) | ( |
) | ||||||||||||
expiration date 4/28/20 |
( |
) | ( |
) | ||||||||||||
expiration date 5/27/20 |
( |
) | ( |
) | ||||||||||||
NY Harbor ULSD |
||||||||||||||||
expiration date 1/31/20 |
||||||||||||||||
expiration date 2/28/20 |
||||||||||||||||
expiration date 3/31/20 |
||||||||||||||||
expiration date 4/30/20 |
||||||||||||||||
expiration date 5/29/20 |
||||||||||||||||
Platinum |
||||||||||||||||
expiration date 4/28/20 |
Description |
Contracts |
Unrealized Appreciation/ (Depreciation) Percentage of Net Assets |
Unrealized Appreciation/ (Depreciation) |
Notional Value |
||||||||||||
expiration date 7/29/20 |
% | $ | $ | |||||||||||||
Silver |
||||||||||||||||
expiration date 3/27/20 |
||||||||||||||||
expiration date 5/27/20 |
||||||||||||||||
expiration date 7/29/20 |
||||||||||||||||
Soybean |
||||||||||||||||
expiration date 3/13/20 |
||||||||||||||||
expiration date 5/14/20 |
||||||||||||||||
expiration date 7/14/20 |
||||||||||||||||
Soybean Oil |
||||||||||||||||
expiration date 3/13/20 |
||||||||||||||||
expiration date 5/14/20 |
||||||||||||||||
expiration date 7/14/20 |
||||||||||||||||
Sugar No. 11 |
||||||||||||||||
expiration date 2/28/20 |
||||||||||||||||
expiration date 4/30/20 |
||||||||||||||||
expiration date 6/30/20 |
||||||||||||||||
Wheat |
||||||||||||||||
expiration date 3/13/20 |
||||||||||||||||
expiration date 5/14/20 |
||||||||||||||||
expiration date 7/14/20 |
||||||||||||||||
WTI Crude Oil |
||||||||||||||||
expiration date 1/21/20 |
||||||||||||||||
expiration date 2/20/20 |
||||||||||||||||
expiration date 3/20/20 |
||||||||||||||||
expiration date 4/21/20 |
||||||||||||||||
expiration date 5/19/20 |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Total Futures Contracts Long Exposure (Exchange-Traded) |
|
% |
$ |
$ |
||||||||||||
|
|
|
|
|
|
* | Interest rate shown reflects the yield to maturity at time of purchase. |
(a) |
All or a portion of this security is held by the broker as collateral for open futures contracts. The securities collateral posted was comprised entirely of U.S. Treasury securities having a market value of $ |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Income: |
| |||||||||||||||
Interest income |
$ |
$ |
$ |
$ |
||||||||||||
Expenses: |
| |||||||||||||||
Management fee to related party (Note 8) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Expense waivers (Note 8) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net expenses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income (loss) |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: |
| |||||||||||||||
Net Realized Gain (Loss) from: |
| |||||||||||||||
Investments |
( |
) | ||||||||||||||
Futures Contracts* |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Realized Loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Unrealized Appreciation/Depreciation from: |
| |||||||||||||||
Investments |
( |
) | ( |
) | ||||||||||||
Futures Contracts |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Unrealized Appreciation/Depreciation |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Gain (Loss) |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
|
|
|
|
|
|
|
|
|||||||||
* |
$ |
$ |
$ |
$ |
||||||||||||
|
|
|
|
|
|
|
|
General Units |
Limited Units |
Total |
||||||||||||||||||||||||||||||||||
General Units |
Accumulated |
Total General Shareholders’ |
Limited Units |
Accumulated |
Total Limited Shareholders’ |
Total Shareholders’ |
||||||||||||||||||||||||||||||
Units |
Amount |
Deficit |
Equity |
Units |
Amount |
Deficit |
Equity |
Equity |
||||||||||||||||||||||||||||
Balance at March 31, 2020 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
Creation of Units |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Redemption of Units |
— | — | — | — | ( |
) | ( |
) | — | ( |
) | ( |
) | |||||||||||||||||||||||
Net Gain (Loss): |
||||||||||||||||||||||||||||||||||||
Net Investment Loss |
— | — | ( |
)* | ( |
)* | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Net Realized Loss from Investments and Futures Contracts |
— | — | ( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Net Increase in Unrealized Appreciation/Depreciation from Investments and Futures Contracts |
— | — | — | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Gain |
— | — | — | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at June 30, 2020 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Amount represents less than $1. |
General Units |
Limited Units |
Total |
||||||||||||||||||||||||||||||||||
General Units |
Accumulated |
Total General Shareholders’ |
Limited Units |
Accumulated |
Total Limited Shareholders’ |
Total Shareholders’ |
||||||||||||||||||||||||||||||
Units |
Amount |
Deficit |
Equity |
Units |
Amount |
Deficit |
Equity |
Equity |
||||||||||||||||||||||||||||
Balance at December 31, 2019 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
Creation of Units |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Redemption of Units |
— | — | — | — | ( |
) | ( |
) | — | ( |
) | ( |
) | |||||||||||||||||||||||
Net Gain (Loss): |
||||||||||||||||||||||||||||||||||||
Net Investment Income |
— | — | — | — | ||||||||||||||||||||||||||||||||
Net Realized Loss from Investments and Futures Contracts |
— | — | ( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Net Decrease in Unrealized Appreciation/Depreciation from Investments and Futures Contracts |
— | — | ( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Loss |
— | — | ( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at June 30, 2020 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Units |
Limited Units |
Total |
||||||||||||||||||||||||||||||||||
General Units |
Accumulated Deficit |
Total General Shareholders' Equity |
Limited Units |
Accumulated Deficit |
Total Limited Shareholders' Equity |
Total Shareholders' Equity |
||||||||||||||||||||||||||||||
Units |
Amount |
Units |
Amount |
|||||||||||||||||||||||||||||||||
Balance at March 31, 2019 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
Creation of Units |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Redemption of Units |
— | — | — | — | ( |
) | ( |
) | — | ( |
) | ( |
) | |||||||||||||||||||||||
Net Gain (Loss): |
||||||||||||||||||||||||||||||||||||
Net Investment Income |
— | — | — | — | ||||||||||||||||||||||||||||||||
Net Realized Loss from Investments and Futures Contracts |
— | — | ( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Net Increase (Decrease) in Unrealized Appreciation/Depreciation from Investments and Futures Contracts |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Loss |
— | — | ( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at June 30, 2019 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Units |
Limited Units |
Total |
||||||||||||||||||||||||||||||||||
General Units |
Accumulated Deficit |
Total General Shareholders' Equity |
Limited Units |
Accumulated Deficit |
Total Limited Shareholders' Equity |
Total Shareholders' Equity |
||||||||||||||||||||||||||||||
Units |
Amount |
Units |
Amount |
|||||||||||||||||||||||||||||||||
Balance at December 31, 2018 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
Creation of Units |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Redemption of Units |
— | — | — | — | ( |
) | ( |
) | — | ( |
) | ( |
) | |||||||||||||||||||||||
Net Gain (Loss): |
||||||||||||||||||||||||||||||||||||
Net Investment Income |
— | — | — | — | ||||||||||||||||||||||||||||||||
Net Realized Loss from Investments and Futures Contracts |
— | — | ( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Net Increase in Unrealized Appreciation/Depreciation from Investments and Futures Contracts |
— | — | — | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Gain |
— | — | — | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at June 30, 2019 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
2019 |
|||||||
Cash flows from operating activities |
||||||||
Net Gain (Loss) |
$ | ( |
) | $ | ||||
Adjustments to reconcile net gain (loss) to net cash provided by (used for) operating activities: |
||||||||
Purchases of investment securities |
( |
) | ( |
) | ||||
Proceeds from sales/maturities of investment securities |
||||||||
Net accretion of discount |
( |
) | ( |
) | ||||
Net realized gain (loss) on investment securities |
( |
) | ||||||
Net change in unrealized appreciation/depreciation from investments |
( |
) | ||||||
Net change in unrealized appreciation/depreciation from futures contracts |
( |
) | ||||||
Changes in assets and liabilities |
||||||||
Increase/(Decrease) in liabilities: |
||||||||
Net management fee payable to related party |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash provided by operating activities |
||||||||
|
|
|
|
|||||
Cash flows from financing activities |
||||||||
Proceeds from creation of Limited Units |
||||||||
Redemption of Limited Units |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash used for financing activities |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net decrease in cash |
( |
) | ( |
) | ||||
Cash* at beginning of period |
||||||||
|
|
|
|
|||||
Cash* at end of period |
$ | $ | ||||||
|
|
|
|
* |
Includes cash held by the broker for futures contracts. |
June 30, 2020 (unaudited) |
December 31, 2019 |
|||||||
Assets: |
||||||||
Cash |
$ | $ | ||||||
Cash held by broker for futures contracts (Note 3) |
||||||||
Short-term investments (cost $ |
||||||||
Net unrealized appreciation on futures contracts |
||||||||
|
|
|
|
|||||
Total Assets |
||||||||
|
|
|
|
|||||
Liabilities and shareholders’ equity: |
||||||||
Net management fee payable to related party (Note 8) |
||||||||
|
|
|
|
|||||
Total Liabilities |
||||||||
|
|
|
|
|||||
Shareholders’ equity: |
||||||||
General Units: |
||||||||
Paid in capital - | ||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total General Units |
||||||||
|
|
|
|
|||||
Limited Units: |
||||||||
Paid in capital - | ||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total Limited Units |
||||||||
|
|
|
|
|||||
Total shareholders’ equity |
||||||||
|
|
|
|
|||||
Total liabilities and shareholders’ equity |
$ | $ | ||||||
|
|
|
|
|||||
Net asset value per share |
||||||||
General Units |
$ | $ | ||||||
|
|
|
|
|||||
Limited Units |
$ | $ | ||||||
|
|
|
|
Description |
Percentage of Net Assets |
Fair Value |
Face Amount |
|||||||||||||
U.S. Treasury Obligations |
||||||||||||||||
U.S. Treasury Bills |
||||||||||||||||
7/9/20 *,(a) |
% | $ | $ | |||||||||||||
7/30/20 * |
||||||||||||||||
8/20/20 * |
||||||||||||||||
9/10/20 * |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Total U.S. Treasury Obligations (Cost: $ |
% |
$ |
$ |
|||||||||||||
|
|
|
|
|
|
|||||||||||
Description |
Contracts |
Unrealized Appreciation/ (Depreciation) Percentage of Net Assets |
Unrealized Appreciation/ (Depreciation) |
Notional Value |
||||||||||||
Futures Contracts Long Exposure (Exchange-Traded) |
||||||||||||||||
Cocoa |
||||||||||||||||
expiration date 9/15/20 |
( |
)% | $ | ( |
) | $ | ||||||||||
expiration date 12/15/20 |
( |
) | ( |
) | ||||||||||||
Coffee “C” |
||||||||||||||||
expiration date 9/18/20 |
( |
) | ( |
) | ||||||||||||
expiration date 12/18/20 |
( |
) | ( |
) | ||||||||||||
Copper |
||||||||||||||||
expiration date 9/28/20 |
||||||||||||||||
expiration date 12/29/20 |
||||||||||||||||
Corn |
||||||||||||||||
expiration date 9/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 12/14/20 |
||||||||||||||||
Cotton No. 2 |
||||||||||||||||
expiration date 12/8/20 |
||||||||||||||||
expiration date 3/9/21 |
||||||||||||||||
Gold 100 Ounce |
||||||||||||||||
expiration date 12/29/20 |
||||||||||||||||
expiration date 2/24/21 |
||||||||||||||||
Lean Hogs |
||||||||||||||||
expiration date 8/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 10/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 12/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 2/12/21 |
( |
) | ( |
) | ||||||||||||
Live Cattle |
||||||||||||||||
expiration date 10/30/20 |
( |
) | ( |
) | ||||||||||||
expiration date 12/31/20 |
||||||||||||||||
expiration date 2/26/21 |
||||||||||||||||
Natural Gas |
||||||||||||||||
expiration date 8/27/20 |
( |
) | ( |
) | ||||||||||||
expiration date 9/28/20 |
( |
) | ( |
) | ||||||||||||
expiration date 10/28/20 |
( |
) | ( |
) | ||||||||||||
expiration date 11/25/20 |
( |
) | ( |
) | ||||||||||||
expiration date 12/29/20 |
( |
) | ( |
) | ||||||||||||
NY Harbor ULSD |
||||||||||||||||
expiration date 8/31/20 |
||||||||||||||||
expiration date 9/30/20 |
||||||||||||||||
expiration date 10/30/20 |
||||||||||||||||
expiration date 11/30/20 |
||||||||||||||||
expiration date 12/31/20 |
||||||||||||||||
Platinum |
||||||||||||||||
expiration date 10/28/20 |
||||||||||||||||
expiration date 1/27/21 |
||||||||||||||||
Silver |
||||||||||||||||
expiration date 9/28/20 |
||||||||||||||||
expiration date 12/29/20 |
||||||||||||||||
Soybean |
||||||||||||||||
expiration date 11/13/20 |
Description |
Contracts |
Unrealized Appreciation/ (Depreciation) Percentage of Net Assets |
Unrealized Appreciation/ (Depreciation) |
Notional Value |
||||||||||||
expiration date 1/14/21 |
% | $ | $ | |||||||||||||
Soybean Oil |
||||||||||||||||
expiration date 9/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 10/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 12/14/20 |
||||||||||||||||
expiration date 1/14/21 |
( |
) | ( |
) | ||||||||||||
Sugar No. 11 |
||||||||||||||||
expiration date 9/30/20 |
||||||||||||||||
expiration date 2/26/21 |
( |
) | ( |
) | ||||||||||||
Wheat |
||||||||||||||||
expiration date 9/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 12/14/20 |
( |
) | ( |
) | ||||||||||||
WTI Crude Oil |
||||||||||||||||
expiration date 8/20/20 |
||||||||||||||||
expiration date 9/22/20 |
||||||||||||||||
expiration date 10/20/20 |
||||||||||||||||
expiration date 11/20/20 |
||||||||||||||||
expiration date 12/21/20 |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Total Futures Contracts Long Exposure (Exchange-Traded) |
% |
$ |
$ |
|||||||||||||
|
|
|
|
|
|
* | Interest rate shown reflects the yield to maturity at time of purchase. |
(a) |
All or a portion of this security is held by the broker as collateral for open futures contracts. The securities collateral posted was comprised entirely of U.S. Treasury securities having a market value of $ |
Description |
Percentage of Net Assets |
Fair Value |
Face Amount |
|||||||||||||
U.S. Treasury Obligations |
| |||||||||||||||
U.S. Treasury Bills |
|
|||||||||||||||
|
|
% | $ | $ | ||||||||||||
|
|
|||||||||||||||
(a) |
||||||||||||||||
|
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Total U.S. Treasury Obligations (Cost: $ |
% |
$ |
$ |
|||||||||||||
|
|
|
|
|
|
Description |
Contracts |
Unrealized Appreciation/ (Depreciation) Percentage of Net Assets |
Unrealized Appreciation/ (Depreciation) |
Notional Value |
||||||||||||
Futures Contracts Long Exposure (Exchange-Traded) |
||||||||||||||||
Cocoa |
| |||||||||||||||
expiration date 3/16/20 |
% | $ | $ | |||||||||||||
expiration date 5/13/20 |
||||||||||||||||
expiration date 7/16/20 |
||||||||||||||||
Coffee “C” |
||||||||||||||||
expiration date 3/19/20 |
||||||||||||||||
expiration date 5/18/20 |
||||||||||||||||
expiration date 7/21/20 |
||||||||||||||||
Copper |
||||||||||||||||
expiration date 3/27/20 |
||||||||||||||||
expiration date 5/27/20 |
||||||||||||||||
expiration date 7/29/20 |
||||||||||||||||
Corn |
||||||||||||||||
expiration date 3/13/20 |
( |
) | ( |
) | ||||||||||||
expiration date 5/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 7/14/20 |
||||||||||||||||
Cotton No. 2 |
||||||||||||||||
expiration date 3/9/20 |
||||||||||||||||
expiration date 5/6/20 |
||||||||||||||||
expiration date 7/9/20 |
||||||||||||||||
Gold 100 Ounce |
||||||||||||||||
expiration date 2/26/20 |
||||||||||||||||
expiration date 4/28/20 |
||||||||||||||||
expiration date 6/26/20 |
||||||||||||||||
Lean Hogs |
||||||||||||||||
expiration date 2/14/20 |
( |
) | ( |
) | ||||||||||||
expiration date 4/15/20 |
( |
) | ( |
) | ||||||||||||
expiration date 6/12/20 |
( |
) | ( |
) | ||||||||||||
expiration date 7/15/20 |
( |
) | ( |
) | ||||||||||||
Live Cattle |
||||||||||||||||
expiration date 2/28/20 |
||||||||||||||||
expiration date 4/30/20 |
||||||||||||||||
expiration date 6/30/20 |
||||||||||||||||
Natural Gas |
||||||||||||||||
expiration date 1/29/20 |
( |
) | ( |
) | ||||||||||||
expiration date 2/26/20 |
( |
) | ( |
) | ||||||||||||
expiration date 3/27/20 |
( |
) | ( |
) | ||||||||||||
expiration date 4/28/20 |
( |
) | ( |
) | ||||||||||||
expiration date 5/27/20 |
( |
) | ( |
) | ||||||||||||
NY Harbor ULSD |
||||||||||||||||
expiration date 1/31/20 |
||||||||||||||||
expiration date 2/28/20 |
||||||||||||||||
expiration date 3/31/20 |
||||||||||||||||
expiration date 4/30/20 |
||||||||||||||||
expiration date 5/29/20 |
||||||||||||||||
Platinum |
||||||||||||||||
expiration date 4/28/20 |
Description |
Contracts |
Unrealized Appreciation/ (Depreciation) Percentage of Net Assets |
Unrealized Appreciation/ (Depreciation) |
Notional Value |
||||||||||||
expiration date 7/29/20 |
% | $ | $ | |||||||||||||
Silver |
||||||||||||||||
expiration date 3/27/20 |
||||||||||||||||
expiration date 5/27/20 |
||||||||||||||||
expiration date 7/29/20 |
||||||||||||||||
Soybean |
||||||||||||||||
expiration date 3/13/20 |
||||||||||||||||
expiration date 5/14/20 |
||||||||||||||||
expiration date 7/14/20 |
||||||||||||||||
Soybean Oil |
||||||||||||||||
expiration date 3/13/20 |
||||||||||||||||
expiration date 5/14/20 |
||||||||||||||||
expiration date 7/14/20 |
||||||||||||||||
Sugar No. 11 |
||||||||||||||||
expiration date 2/28/20 |
||||||||||||||||
expiration date 4/30/20 |
||||||||||||||||
expiration date 6/30/20 |
||||||||||||||||
Wheat |
||||||||||||||||
expiration date 3/13/20 |
||||||||||||||||
expiration date 5/14/20 |
||||||||||||||||
expiration date 7/14/20 |
||||||||||||||||
WTI Crude Oil |
||||||||||||||||
expiration date 1/21/20 |
||||||||||||||||
expiration date 2/20/20 |
||||||||||||||||
expiration date 3/20/20 |
||||||||||||||||
expiration date 4/21/20 |
||||||||||||||||
expiration date 5/19/20 |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Total Futures Contracts Long Exposure (Exchange-Traded) |
|
% |
$ |
$ |
||||||||||||
|
|
|
|
|
|
* | Interest rate shown reflects the yield to maturity at time of purchase. |
(a) |
All or a portion of this security is held by the broker as collateral for open futures contracts. The securities collateral posted was comprised entirely of U.S. Treasury securities having a market value of $ |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Income: |
| |||||||||||||||
Interest income |
$ |
$ |
$ |
$ |
||||||||||||
Expenses: |
| |||||||||||||||
Management fee to related party (Note 8) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Expense waivers (Note 8) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net expenses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income (loss) |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts: |
| |||||||||||||||
Net Realized Gain (Loss) from: |
| |||||||||||||||
Investments |
( |
) | ||||||||||||||
Futures Contracts* |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Realized Loss |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Unrealized Appreciation/Depreciation from: |
| |||||||||||||||
Investments |
( |
) | ( |
) | ||||||||||||
Futures Contracts |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Increase (Decrease) in Unrealized Appreciation/Depreciation |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Gain (Loss) |
$ | $ | ( |
) | $ | ( |
) | $ | ||||||||
|
|
|
|
|
|
|
|
|||||||||
* |
$ |
$ |
$ |
$ |
||||||||||||
|
|
|
|
|
|
|
|
General Units |
Limited Units |
Total |
||||||||||||||||||||||||||||||||||
General Units |
Accumulated |
Total General Shareholders’ |
Limited Units |
Accumulated |
Total Limited Shareholders’ |
Total Shareholders’ |
||||||||||||||||||||||||||||||
Units |
Amount |
Deficit |
Equity |
Units |
Amount |
Deficit |
Equity |
Equity |
||||||||||||||||||||||||||||
Balance at March 31, 2020 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
Creation of Units |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Redemption of Units |
— | — | — | — | ( |
) | ( |
) | — | ( |
) | ( |
) | |||||||||||||||||||||||
Net Gain (Loss): |
||||||||||||||||||||||||||||||||||||
Net Investment Loss |
— | — | ( |
)* |
( |
)* |
— | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Net Realized Loss from Investments and Futures Contracts |
— | — | ( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Net Increase in Unrealized Appreciation/Depreciation from Investments and Futures Contracts |
— | — | — | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Gain |
— | — | — | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at June 30, 2020 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Amount represents less than $1. |
General Units |
Limited Units |
Total |
||||||||||||||||||||||||||||||||||
General Units |
Accumulated |
Total General Shareholders’ |
Limited Units |
Accumulated |
Total Limited Shareholders’ |
Total Shareholders’ |
||||||||||||||||||||||||||||||
Units |
Amount |
Deficit |
Equity |
Units |
Amount |
Deficit |
Equity |
Equity |
||||||||||||||||||||||||||||
Balance at December 31, 2019 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
Creation of Units |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Redemption of Units |
— | — | — | — | ( |
) | ( |
) | — | ( |
) | ( |
) | |||||||||||||||||||||||
Net Gain (Loss): |
||||||||||||||||||||||||||||||||||||
Net Investment Income |
— | — | — | — | ||||||||||||||||||||||||||||||||
Net Realized Loss from Investments and Futures Contracts |
— | — | ( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Net Decrease in Unrealized Appreciation/Depreciation from Investments and Futures Contracts |
— | — | ( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Loss |
— | — | ( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at June 30, 2020 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Units |
Limited Units |
Total |
||||||||||||||||||||||||||||||||||
General Units |
Accumulated |
Total General Shareholders’ |
Limited Units |
Accumulated |
Total Limited Shareholders’ |
Total Shareholders’ |
||||||||||||||||||||||||||||||
Units |
Amount |
Deficit |
Equity |
Units |
Amount |
Deficit |
Equity |
Equity |
||||||||||||||||||||||||||||
Balance at March 31, 2019 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
Creation of Units |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Redemption of Units |
— | — | — | — | ( |
) | ( |
) | — | ( |
) | ( |
) | |||||||||||||||||||||||
Net Gain (Loss): |
||||||||||||||||||||||||||||||||||||
Net Investment Income |
— | — | — | — | ||||||||||||||||||||||||||||||||
Net Realized Loss from Investments and Futures Contracts |
— | — | ( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Net Increase (Decrease) in Unrealized Appreciation/Depreciation from Investments and Futures Contracts |
— | — | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Loss |
— | — | ( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at June 30, 2019 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Units |
Limited Units |
Total |
||||||||||||||||||||||||||||||||||
General Units |
Accumulated |
Total General Shareholders’ |
Limited Units |
Accumulated |
Total Limited Shareholders’ |
Total Shareholders’ |
||||||||||||||||||||||||||||||
Units |
Amount |
Deficit |
Equity |
Units |
Amount |
Deficit |
Equity |
Equity |
||||||||||||||||||||||||||||
Balance at December 31, 2018 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
Creation of Units |
— | — | — | — | — | |||||||||||||||||||||||||||||||
Redemption of Units |
— | — | — | — | ( |
) | ( |
) | — | ( |
) | ( |
) | |||||||||||||||||||||||
Net Gain (Loss): |
||||||||||||||||||||||||||||||||||||
Net Investment Income |
— | — | — | — | ||||||||||||||||||||||||||||||||
Net Realized Loss from Investments and Futures Contracts |
— | — | ( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Net Increase in Unrealized Appreciation/Depreciation from Investments and Futures Contracts |
— | — | — | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Gain |
— | — | — | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at June 30, 2019 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | $ | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
2019 |
|||||||
Cash flows from operating activities |
| |||||||
Net Gain (Loss) |
$ | ( |
) | $ | ||||
Adjustments to reconcile net gain (loss) to net cash provided by (used for) operating activities: |
| |||||||
|
( |
) | ( |
) | ||||
|
||||||||
|
( |
) | ( |
) | ||||
|
( |
) | ||||||
|
( |
) | ||||||
|
( |
) | ||||||
|
| |||||||
|
| |||||||
|
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash provided by operating activities |
||||||||
|
|
|
|
|||||
Cash flows from financing activities |
| |||||||
Proceeds from creation of Limited Units |
||||||||
Redemption of Limited Units |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash used for financing activities |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net decrease in cash |
( |
) | ( |
) | ||||
Cash* at beginning of period |
||||||||
|
|
|
|
|||||
Cash* at end of period |
$ | $ | ||||||
|
|
|
|
* |
Includes cash held by the broker for futures contracts. |
Level 1 | — | Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. | ||
Level 2 | — | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | ||
Level 3 | — | Unobservable inputs for the asset or liability. |
Assets |
Quoted Prices in Active Market (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Totals |
||||||||||||
U.S. Treasury Obligations |
$ | — | $ | $ | — | $ | ||||||||||
Unrealized appreciation on futures contracts |
— | — | ||||||||||||||
Total |
$ | $ | $ | — | $ | |||||||||||
Assets |
Quoted Prices in Active Market (Level 1) |
Other Significant Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Totals |
||||||||||||
U.S. Treasury Obligations |
$ | — | $ | $ | — | $ | ||||||||||
Unrealized appreciation on futures contracts |
— | — | ||||||||||||||
Total |
$ | $ | $ | — | $ | |||||||||||
As of: |
Derivative Instruments |
Asset Derivatives (i) |
Liability Derivatives (ii) |
|||||||||
June 30, 2020 |
Commodity Futures | $ | $ | — | ||||||||
December 31, 2019 |
Commodity Futures | $ | $ | — |
(i) | Values are disclosed on the Statements of Financial Condition under Net unrealized appreciation on futures contracts. |
(ii) | Values are disclosed on the Statements of Financial Condition under Net unrealized depreciation on futures contracts |
Period |
Derivative Instruments |
Realized Gain (Loss) on Derivative Instruments (i) |
Net Increase (Decrease) in Unrealized Appreciation/Depreciation on Derivative Instruments (ii) |
|||||||||
Three months ended June 30, 2020 |
Commodity Futures | $ | ( |
) | $ | |||||||
Three months ended June 30, 2019 |
Commodity Futures | ( |
) | ( |
) | |||||||
Six months ended June 30, 2020 |
Commodity Futures | ( |
) | ( |
) | |||||||
Six months ended June 30, 2019 |
Commodity Futures | ( |
) |
(i) | Values are disclosed on the Statements of Income and Expenses under Net realized gain (loss) from futures contracts. |
(ii) | Values are disclosed on the Statements of Income and Expenses under Net increase (decrease) in unrealized appreciation/depreciation from futures contracts. |
Period |
Management Fee |
Voluntary Fee Waiver |
Net Management Fee |
|||||||||
Three months ended June 30, 2020 |
$ | $ | ( |
) | $ | |||||||
Three months ended June 30, 2019 |
$ | $ | ( |
) | $ | |||||||
Six months ended June 30, 2020 |
$ | $ | ( |
) | $ | |||||||
Six months ended June 30, 2019 |
$ | $ | ( |
) | $ | |||||||
Three Months Ended June 30, 2020 |
Three Months Ended June 30, 2019 |
Six Months Ended June 30, 2020 |
Six Months Ended June 30, 2019 |
|||||||||||||
Net Asset Value |
||||||||||||||||
Net asset value per Limited Share, beginning of period |
$ | $ | $ | $ | ||||||||||||
Investment operations: |
||||||||||||||||
Net realized and unrealized gain (loss) (1) |
( |
) | ( |
) | ||||||||||||
Net investment income (loss) (2) |
( |
) | ||||||||||||||
Net increase (decrease) in net assets from operations |
( |
) | ( |
) | ||||||||||||
Net asset value per Limited Share, end of period |
$ | $ | $ | $ | ||||||||||||
Total Return, at net asset value (3) |
% | ( |
)% | ( |
)% | % | ||||||||||
Ratio/Supplemental Data: |
||||||||||||||||
Net assets, end of period (000’s omitted) |
$ | $ | $ | 69,649 | $ | 129,395 | ||||||||||
Ratios to average net assets of: |
||||||||||||||||
Net investment income (4) |
( |
)% | % | % | % | |||||||||||
Expenses, prior to expense waivers (4) |
% | % | % | % | ||||||||||||
Expenses, net of expense waivers (4) |
% | % | % | % | ||||||||||||
(1) | Includes brokerage commissions of less than $ 25 . |
(2) | Based on average shares outstanding. |
(3) | Total return calculated for a period of less than one year is not annualized. For the periods in which the Managing Owner waived a portion of its Management Fee, the total return would have been lower if such expenses had not been waived. See Note 8(a) on page 25 . |
(4) | Annualized. |
Date |
Net Asset Value Per Share |
Total Shares |
Net Assets |
1 Month |
3 Months |
Year to Date |
Cumulative Return Since Inception |
|||||||||||||||||||||
7/31/2015 |
$ | 20.14 | 12,350,050 | $ | 248,781,672 | -8.79 | % | -8.04 | % | -11.71 | % | -32.87 | % | |||||||||||||||
8/31/2015 |
$ | 19.89 | 12,250,050 | $ | 243,701,247 | -1.24 | % | -7.53 | % | -12.80 | % | -33.70 | % | |||||||||||||||
9/30/2015 |
$ | 19.48 | 12,350,050 | $ | 240,610,264 | -2.06 | % | -11.78 | % | -14.60 | % | -35.07 | % | |||||||||||||||
10/31/2015 |
$ | 19.80 | 12,450,050 | $ | 246,482,902 | 1.64 | % | -1.69 | % | -13.20 | % | -34.00 | % | |||||||||||||||
11/30/2015 |
$ | 18.65 | 12,600,050 | $ | 234,930,303 | -5.81 | % | -6.23 | % | -18.24 | % | -37.83 | % | |||||||||||||||
12/31/2015 |
$ | 18.56 | 12,100,050 | $ | 224,518,525 | -0.48 | % | -4.72 | % | -18.63 | % | -38.13 | % | |||||||||||||||
1/31/2016 |
$ | 18.08 | 11,800,050 | $ | 213,290,323 | -2.59 | % | -8.69 | % | -2.59 | % | -39.73 | % | |||||||||||||||
2/29/2016 |
$ | 17.95 | 11,500,050 | $ | 206,423,399 | -0.72 | % | -3.75 | % | -3.29 | % | -40.17 | % | |||||||||||||||
3/31/2016 |
$ | 18.73 | 11,350,050 | $ | 212,556,966 | 4.35 | % | 0.92 | % | 0.92 | % | -37.57 | % | |||||||||||||||
4/30/2016 |
$ | 19.83 | 11,400,050 | $ | 226,055,159 | 5.87 | % | 9.68 | % | 6.84 | % | -33.90 | % | |||||||||||||||
5/31/2016 |
$ | 19.61 | 11,450,050 | $ | 224,548,529 | -1.11 | % | 9.25 | % | 5.66 | % | -34.63 | % | |||||||||||||||
6/30/2016 |
$ | 20.42 | 11,100,050 | $ | 226,681,895 | 4.13 | % | 9.02 | % | 10.02 | % | -31.93 | % | |||||||||||||||
7/31/2016 |
$ | 19.83 | 11,350,050 | $ | 225,092,558 | -2.89 | % | 0.00 | % | 6.84 | % | -33.90 | % | |||||||||||||||
8/31/2016 |
$ | 19.33 | 11,450,050 | $ | 221,349,718 | -2.52 | % | -1.43 | % | 4.15 | % | -35.57 | % | |||||||||||||||
9/30/2016 |
$ | 19.51 | 10,950,050 | $ | 213,673,816 | 0.93 | % | -4.46 | % | 5.12 | % | -34.97 | % | |||||||||||||||
10/31/2016 |
$ | 19.62 | 10,950,050 | $ | 214,888,405 | 0.56 | % | -1.06 | % | 5.71 | % | -34.60 | % | |||||||||||||||
11/30/2016 |
$ | 19.39 | 11,300,050 | $ | 219,111,876 | -1.17 | % | 0.31 | % | 4.47 | % | -35.37 | % | |||||||||||||||
12/31/2016 |
$ | 19.35 | 11,350,050 | $ | 219,660,595 | -0.21 | % | -0.82 | % | 4.26 | % | -35.50 | % | |||||||||||||||
1/31/2017 |
$ | 19.82 | 11,350,050 | $ | 224,901,754 | 2.43 | % | 1.02 | % | 2.43 | % | -33.93 | % | |||||||||||||||
2/28/2017 |
$ | 19.70 | 10,750,050 | $ | 211,819,623 | -0.61 | % | 1.60 | % | 1.81 | % | -34.33 | % | |||||||||||||||
3/31/2017 |
$ | 19.25 | 10,150,050 | $ | 195,428,354 | -2.28 | % | -0.52 | % | -0.52 | % | -35.83 | % | |||||||||||||||
4/30/2017 |
$ | 18.93 | 9,450,050 | $ | 178,936,038 | -1.66 | % | -4.49 | % | -2.17 | % | -36.90 | % | |||||||||||||||
5/31/2017 |
$ | 18.85 | 8,900,050 | $ | 167,788,181 | -0.42 | % | -4.31 | % | -2.58 | % | -37.17 | % | |||||||||||||||
6/30/2017 |
$ | 18.68 | 8,850,050 | $ | 165,359,886 | -0.90 | % | -2.96 | % | -3.46 | % | -37.73 | % | |||||||||||||||
7/31/2017 |
$ | 19.15 | 8,750,050 | $ | 167,534,220 | 2.52 | % | 1.16 | % | -1.03 | % | -36.17 | % | |||||||||||||||
8/31/2017 |
$ | 18.84 | 8,750,050 | $ | 164,834,840 | -1.62 | % | -0.05 | % | -2.64 | % | -37.20 | % | |||||||||||||||
9/30/2017 |
$ | 18.76 | 8,550,050 | $ | 160,409,438 | -0.42 | % | 0.43 | % | -3.05 | % | -37.47 | % | |||||||||||||||
10/31/2017 |
$ | 19.08 | 8,400,050 | $ | 160,283,921 | 1.71 | % | -0.37 | % | -1.40 | % | -36.40 | % | |||||||||||||||
11/30/2017 |
$ | 19.11 | 8,200,050 | $ | 156,718,600 | 0.16 | % | 1.43 | % | -1.24 | % | -36.30 | % | |||||||||||||||
12/31/2017 |
$ | 19.25 | 8,050,050 | $ | 154,956,309 | 0.73 | % | 2.61 | % | -0.52 | % | -35.83 | % |
Date |
Net Asset Value Per Share |
Total Shares |
Net Assets |
1 Month |
3 Months |
Year to Date |
Cumulative Return Since Inception |
|||||||||||||||||||||
1/31/2018 |
$ | 19.50 | 8,800,050 | $ | 171,590,704 | 1.30 | % | 2.20 | % | 1.30 | % | -35.00 | % | |||||||||||||||
2/28/2018 |
$ | 19.45 | 9,150,050 | $ | 177,987,164 | -0.26 | % | 1.78 | % | 1.04 | % | -35.17 | % | |||||||||||||||
3/31/2018 |
$ | 19.25 | 9,400,050 | $ | 180,938,291 | -1.03 | % | 0.00 | % | 0.00 | % | -35.83 | % | |||||||||||||||
4/30/2018 |
$ | 19.48 | 9,300,050 | $ | 181,169,802 | 1.19 | % | -0.10 | % | 1.19 | % | -35.07 | % | |||||||||||||||
5/31/2018 |
$ | 19.73 | 9,400,050 | $ | 185,447,260 | 1.28 | % | 1.44 | % | 2.49 | % | -34.23 | % | |||||||||||||||
6/30/2018 |
$ | 18.86 | 9,150,050 | $ | 172,533,165 | -4.41 | % | -2.03 | % | -2.03 | % | -37.13 | % | |||||||||||||||
7/31/2018 |
$ | 18.36 | 9,400,050 | $ | 172,579,285 | -2.65 | % | -5.75 | % | -4.62 | % | -38.80 | % | |||||||||||||||
8/31/2018 |
$ | 18.02 | 9,000,050 | $ | 162,207,008 | -1.85 | % | -8.67 | % | -6.39 | % | -39.93 | % | |||||||||||||||
9/30/2018 |
$ | 18.08 | 8,800,050 | $ | 159,102,078 | 0.33 | % | -4.14 | % | -6.08 | % | -39.73 | % | |||||||||||||||
10/31/2018 |
$ | 18.28 | 8,650,050 | $ | 158,160,214 | 1.11 | % | -0.44 | % | -5.04 | % | -39.07 | % | |||||||||||||||
11/30/2018 |
$ | 17.96 | 8,350,050 | $ | 149,939,026 | -1.75 | % | -0.33 | % | -6.70 | % | -40.13 | % | |||||||||||||||
12/31/2018 |
$ | 17.50 | 8,850,050 | $ | 154,855,001 | -2.56 | % | -3.21 | % | -9.09 | % | -41.67 | % | |||||||||||||||
1/31/2019 |
$ | 18.09 | 9,000,050 | $ | 162,845,090 | 3.37 | % | -1.04 | % | 3.37 | % | -39.70 | % | |||||||||||||||
2/28/2019 |
$ | 18.07 | 8,700,050 | $ | 157,241,808 | -0.11 | % | 0.61 | % | 3.26 | % | -39.77 | % | |||||||||||||||
3/31/2019 |
$ | 18.04 | 7,950,050 | $ | 143,407,805 | -0.17 | % | 3.09 | % | 3.09 | % | -39.87 | % | |||||||||||||||
4/30/2019 |
$ | 17.90 | 7,700,050 | $ | 137,843,116 | -0.78 | % | -1.05 | % | 2.29 | % | -40.33 | % | |||||||||||||||
5/31/2019 |
$ | 17.53 | 7,450,050 | $ | 130,608,270 | -2.07 | % | -2.99 | % | 0.17 | % | -41.57 | % | |||||||||||||||
6/30/2019 |
$ | 17.85 | 7,250,050 | $ | 129,395,183 | 1.83 | % | -1.05 | % | 2.00 | % | -40.50 | % | |||||||||||||||
7/31/2019 |
$ | 17.62 | 7,250,050 | $ | 127,772,592 | -1.29 | % | -1.56 | % | 0.69 | % | -41.27 | % | |||||||||||||||
8/31/2019 |
$ | 17.10 | 6,700,050 | $ | 114,556,679 | -2.95 | % | -2.45 | % | -2.29 | % | -43.00 | % | |||||||||||||||
9/30/2019 |
$ | 17.56 | 6,500,050 | $ | 114,110,261 | 2.69 | % | -1.62 | % | 0.34 | % | -41.47 | % | |||||||||||||||
10/31/2019 |
$ | 17.95 | 6,850,050 | $ | 122,956,931 | 2.22 | % | 1.87 | % | 2.57 | % | -40.17 | % | |||||||||||||||
11/30/2019 |
$ | 17.86 | 6,850,050 | $ | 122,348,578 | -0.50 | % | 4.44 | % | 2.06 | % | -40.47 | % | |||||||||||||||
12/31/2019 |
$ | 18.80 | 6,800,050 | $ | 127,835,843 | 5.26 | % | 7.06 | % | 7.43 | % | -37.33 | % | |||||||||||||||
1/31/2020 |
$ | 17.61 | 6,400,050 | $ | 112,722,603 | -6.33 | % | -1.89 | % | -6.33 | % | -41.30 | % | |||||||||||||||
2/29/2020 |
$ | 16.76 | 6,000,050 | $ | 100,581,288 | -4.83 | % | -6.16 | % | -10.85 | % | -44.13 | % | |||||||||||||||
3/31/2020 |
$ | 14.83 | 5,050,050 | $ | 74,876,112 | -11.52 | % | -21.12 | % | -21.12 | % | -50.57 | % | |||||||||||||||
4/30/2020 |
$ | 14.85 | 4,950,050 | $ | 73,491,909 | 0.13 | % | -15.67 | % | -21.01 | % | -50.50 | % | |||||||||||||||
5/31/2020 |
$ | 15.45 | 4,850,050 | $ | 74,932,143 | 4.04 | % | -7.82 | % | -17.82 | % | -48.50 | % | |||||||||||||||
6/30/2020 |
$ | 15.65 | 4,450,050 | $ | 69,649,419 | 1.29 | % | 5.53 | % | -16.76 | % | -47.83 | % |
Sector |
Sector Weight |
Commodity | ||||
Energy |
17.64 | % | WTI Crude Oil, Natural Gas, NY Harbor ULSD | |||
Grains |
23.49 | % | Corn, Soybean, Wheat, Soybean Oil | |||
Livestock |
11.80 | % | Live Hogs, Live Cattle | |||
Metals |
23.50 | % | Gold 100 Ounce, Silver, Platinum, Copper | |||
Softs |
23.57 | % | Coffee “C”, Cocoa, Sugar No. 11, Cotton No. 2 |
Description |
Range of Expiration Dates |
Number of Contracts |
Weighted- Average Price per Contract |
Contract Multiplier |
Notional Value |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
Energy |
||||||||||||||||||||||
Natural Gas |
August 2020—December 2020 | 176 | $ | 2.32 | 10,000 | $ | 4,084,630 | $ | (304,330 | ) | ||||||||||||
NY Harbor ULSD |
August 2020—December 2020 | 79 | 1.24 | 42,000 | 4,102,139 | 221,521 | ||||||||||||||||
WTI Crude Oil |
August 2020—December 2020 | 103 | 39.57 | 1,000 | 4,075,600 | 696,860 | ||||||||||||||||
Grains |
||||||||||||||||||||||
Corn |
September 2020—December 2020 | 236 | 3.46 | 5,000 | 4,082,800 | (57,262 | ) | |||||||||||||||
Soybean |
November 2020—January 2021 | 92 | 8.84 | 5,000 | 4,064,100 | 32,550 | ||||||||||||||||
Soybean Oil |
September 2020—January 2021 | 238 | 0.29 | 60,000 | 4,090,548 | (115,308 | ) | |||||||||||||||
Wheat |
September 2020—December 2020 | 165 | 4.95 | 5,000 | 4,087,025 | (320,213 | ) | |||||||||||||||
Livestock |
||||||||||||||||||||||
Lean Hogs |
August 2020—February 2021 | 195 | 0.53 | 40,000 | 4,096,390 | (235,270 | ) | |||||||||||||||
Live Cattle |
October 2020—February 2021 | 99 | 1.04 | 40,000 | 4,102,230 | (23,360 | ) | |||||||||||||||
Metals |
||||||||||||||||||||||
Copper |
September 2020—December 2020 | 60 | 2.74 | 25,000 | 4,103,250 | 335,438 | ||||||||||||||||
Gold 100 Ounce |
December 2020—February 2021 | 22 | 1,823.95 | 100 | 4,012,690 | 190,070 | ||||||||||||||||
Platinum |
October 2020—January 2021 | 96 | 853.65 | 50 | 4,097,520 | 159,170 | ||||||||||||||||
Silver |
September 2020—December 2020 | 44 | 18.72 | 5,000 | 4,118,400 | 424,950 | ||||||||||||||||
Softs |
||||||||||||||||||||||
Cocoa |
September 2020—December 2020 | 188 | 2,185.50 | 10 | 4,108,740 | (383,990 | ) | |||||||||||||||
Coffee “C” |
September 2020—December 2020 | 107 | 1.02 | 37,500 | 4,101,319 | (274,388 | ) | |||||||||||||||
Cotton No. 2 |
December 2020—March 2021 | 133 | 0.61 | 50,000 | 4,070,300 | 192,445 | ||||||||||||||||
Sugar No. 11 |
September 2020—February 2021 | 299 | 0.12 | 112,000 | 4,105,293 | 115,091 | ||||||||||||||||
|
|
|
|
|||||||||||||||||||
$ |
69,502,974 |
$ |
653,974 |
|||||||||||||||||||
|
|
|
|
Description |
Range of Yields to Maturity |
Range of Maturity Dates |
Face Amount |
Fair Value |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||
U.S. Treasury Obligations |
||||||||||||||||||
U.S. Treasury Bills |
0.08% – 0.15% | July 2020 – September 2020 | $ | 65,000,000 | $ | 64,990,566 | $ | (215 | ) |
Issuer Purchases of Equity Securities |
||||||||||||||||
Period |
Total Number of Shares Redeemed |
Average Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs |
||||||||||||
April 1, 2020 to April 30, 2020 |
100,000 | $ | 14.39 | N/A | N/A | |||||||||||
May 1, 2020 to May 31, 2020 |
100,000 | $ | 14.90 | N/A | N/A | |||||||||||
June 1, 2020 to June 30, 2020 |
400,000 | $ | 15.59 | N/A | N/A | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
600,000 | $ | 15.28 | N/A | N/A | |||||||||||
|
|
|
|
|
|
|
|
(1) |
Filed herewith. |
WisdomTree Commodity Services, LLC, | ||
Managing Owner of the WisdomTree Continuous Commodity Index Fund (registrant) | ||
By: | /s/ Jeremy Schwartz | |
Jeremy Schwartz | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date: August 7, 2020 | ||
By: | /s/ David Castano | |
David Castano | ||
Chief Financial Officer and Treasurer | ||
(Principal Financial Officer) | ||
Date: August 7, 2020 | ||
WisdomTree Commodity Services, LLC, | ||
Managing Owner of the WisdomTree Continuous Commodity Index Master Fund (co-registrant) | ||
By: | /s/ Jeremy Schwartz | |
Jeremy Schwartz | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date: August 7, 2020 | ||
By: | /s/ David Castano | |
David Castano | ||
Chief Financial Officer and Treasurer | ||
(Principal Financial Officer) | ||
Date: August 7, 2020 |
Exhibit 31.1
CERTIFICATION
I, Jeremy Schwartz, President and Chief Executive Officer of WisdomTree Commodity Services, LLC, the Managing Owner of the WisdomTree Continuous Commodity Index Fund (the Fund), certify that:
1. | I have reviewed this Quarterly Report on Form 10-Q of the Fund; |
2. | based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | the registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: August 7, 2020 | /s/ Jeremy Schwartz |
|||||
Jeremy Schwartz | ||||||
President and Chief Executive Officer | ||||||
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION
I, David Castano, Chief Financial Officer and Treasurer of WisdomTree Commodity Services, LLC, the Managing Owner of the WisdomTree Continuous Commodity Index Fund (the Fund), certify that:
1. | I have reviewed this Quarterly Report on Form 10-Q of the Fund; |
2. | based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | the registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: August 7, 2020 | /s/ David Castano |
|||||
David Castano | ||||||
Chief Financial Officer and Treasurer | ||||||
(Principal Financial Officer) |
Exhibit 31.3
CERTIFICATION
I, Jeremy Schwartz, President and Chief Executive Officer of WisdomTree Commodity Services, LLC, the Managing Owner of the WisdomTree Continuous Commodity Index Master Fund (the Master Fund), certify that:
1. | I have reviewed this Quarterly Report on Form 10-Q of the Master Fund; |
2. | based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | the registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: August 7, 2020 | /s/ Jeremy Schwartz |
|||||
Jeremy Schwartz | ||||||
President and Chief Executive Officer | ||||||
(Principal Executive Officer) |
Exhibit 31.4
CERTIFICATION
I, David Castano, Chief Financial Officer and Treasurer of WisdomTree Commodity Services, LLC, the Managing Owner of the WisdomTree Continuous Commodity Index Master Fund (the Master Fund), certify that:
1. | I have reviewed this Quarterly Report on Form 10-Q of the Master Fund; |
2. | based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | the registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; |
b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
b. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: August 7, 2020 | /s/ David Castano |
|||||
David Castano | ||||||
Chief Financial Officer and Treasurer | ||||||
(Principal Financial Officer) |
Exhibit 32.1
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
The undersigned, Jeremy Schwartz, President and Chief Executive Officer of WisdomTree Commodity Services, LLC, the Managing Owner of the WisdomTree Continuous Commodity Index Fund (the Fund), hereby certifies pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1. | The Funds Quarterly Report on Form 10-Q for the period ended June 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the Report), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. |
Date: August 7, 2020 | /s/ Jeremy Schwartz |
|||||
Jeremy Schwartz | ||||||
President and Chief Executive Officer | ||||||
(Principal Executive Officer) |
Exhibit 32.2
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
The undersigned, David Castano, Chief Financial Officer and Treasurer of WisdomTree Commodity Services, LLC, the Managing Owner of the WisdomTree Continuous Commodity Index Fund (the Fund), hereby certifies pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1. | The Funds Quarterly Report on Form 10-Q for the period ended June 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the Report), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. |
Date: August 7, 2020 | /s/ David Castano |
|||||
David Castano | ||||||
Chief Financial Officer and Treasurer | ||||||
(Principal Financial Officer) |
Exhibit 32.3
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
The undersigned, Jeremy Schwartz, President and Chief Executive Officer of WisdomTree Commodity Services, LLC, the Managing Owner of the WisdomTree Continuous Commodity Index Master Fund (the Master Fund), hereby certifies pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1. | The Master Funds Quarterly Report on Form 10-Q for the period ended June 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the Report), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Master Fund. |
Date: August 7, 2020 | /s/ Jeremy Schwartz |
|||||
Jeremy Schwartz | ||||||
President and Chief Executive Officer | ||||||
(Principal Executive Officer) |
Exhibit 32.4
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
The undersigned, David Castano, Chief Financial Officer and Treasurer of WisdomTree Commodity Services, LLC, the Managing Owner of the WisdomTree Continuous Commodity Index Master Fund (the Master Fund), hereby certifies pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1. | The Master Funds Quarterly Report on Form 10-Q for the period ended June 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the Report), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Master Fund. |
Date: August 7, 2020 | /s/ David Castano |
|||||
David Castano | ||||||
Chief Financial Officer and Treasurer | ||||||
(Principal Financial Officer) |
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