Organization and Offering Costs

9 Months Ended

Sep. 30, 2013

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Organization and Offering Costs

Note 7. Organization and Offering Costs

As of September 30, 2013, the Sponsor has paid approximately $4.1 million of offering costs and $236 thousand of organization costs, all of which were paid directly by the Sponsor on behalf of the Company, and will be reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $1.1 million of offering costs and $6,645 of organization costs which were incurred by the Sponsor during the nine months ended September 30, 2013. During the period ended September 30, 2013, $215,732 was paid and $28,856 was recognized as a liability to the Sponsor as payment towards the reimbursement of offering costs. The total, $244,588, is included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets.