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EX-32.2 - EX-32.2 - INVESCO DB SILVER FUNDdbs-ex322_8.htm
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EX-31.2 - EX-31.2 - INVESCO DB SILVER FUNDdbs-ex312_9.htm
EX-31.1 - EX-31.1 - INVESCO DB SILVER FUNDdbs-ex311_7.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2018

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:                    001-33234

 

INVESCO DB SILVER FUND

(A Series of Invesco DB Multi-Sector Commodity Trust)

(Exact name of Registrant as specified in its charter)

 

 

Delaware

87-0778072

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, Illinois

60515

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (800) 983-0903

 

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 an 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 (Check one):

 

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 pursuant to Section 13(a) of the Exchange Act.              ☐

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

Indicate the number of outstanding Shares as of September 30, 2018: 800,000 Shares.

 

 

 

 


INVESCO DB SILVER FUND

(A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST)

QUARTER ENDED SEPTEMBER 30, 2018

TABLE OF CONTENTS

 

 

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

 

1

 

 

 

 

 

ITEM 1.

 

Financial Statements

 

1

 

 

Notes to Unaudited Financial Statements

 

10

ITEM 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

18

ITEM 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

26

ITEM 4.

 

Controls and Procedures

 

27

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

29

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

29

Item 1A.

 

Risk Factors

 

29

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

29

Item 3.

 

Defaults Upon Senior Securities

 

30

Item 4.

 

Mine Safety Disclosures

 

30

Item 5.

 

Other Information

 

30

Item 6.

 

Exhibits

 

30

 

 

 

 

 

SIGNATURES

 

31

 

i


PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS.

Invesco DB Silver Fund

Statements of Financial Condition

September 30, 2018 and December 31, 2017

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Assets

 

 

 

 

 

 

 

 

United States Treasury Obligations, at value (cost $16,318,321 and $17,981,285,

   respectively)

 

$

16,314,093

 

 

$

17,981,134

 

Affiliated Investments, at value and cost

 

 

1,000,177

 

 

 

2,561,161

 

Other investments:

 

 

 

 

 

 

 

 

Variation margin receivable- Commodity Futures Contracts

 

 

510,620

 

 

 

268,800

 

Cash held by custodian

 

 

 

 

 

185,775

 

Receivable for:

 

 

 

 

 

 

 

 

Dividends from affiliates

 

 

1,363

 

 

 

1,333

 

Total assets

 

$

17,826,253

 

 

$

20,998,203

 

Liabilities

 

 

 

 

 

 

 

 

Payable for:

 

 

 

 

 

 

 

 

Management fees

 

 

10,538

 

 

 

12,456

 

Total liabilities

 

 

10,538

 

 

 

12,456

 

Commitments and Contingencies (Note 9)

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Shareholder's equity—General Shares

 

 

891

 

 

 

1,049

 

Shareholders' equity—Shares

 

 

17,814,824

 

 

 

20,984,698

 

Total shareholders' equity

 

 

17,815,715

 

 

 

20,985,747

 

Total liabilities and equity

 

$

17,826,253

 

 

$

20,998,203

 

General Shares outstanding

 

 

40

 

 

 

40

 

Shares outstanding

 

 

800,000

 

 

 

800,000

 

Net asset value per share

 

$

22.27

 

 

$

26.23

 

Market value per share

 

$

22.19

 

 

$

25.99

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 

 

1


Invesco DB Silver Fund

Schedule of Investments

September 30, 2018

(Unaudited)

 

Description

 

Percentage  of

Shareholders'

Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations (a)

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills, 2.095% due December 6, 2018

 

 

35.78

%

 

$

6,375,096

 

 

$

6,400,000

 

U.S. Treasury Bills, 2.175% due January 3, 2019 (b)

 

50.23

 

 

 

8,948,476

 

 

 

9,000,000

 

U.S. Treasury Bills, 2.210% due February 28, 2019

 

5.56

 

 

 

990,521

 

 

 

1,000,000

 

Total United States Treasury Obligations (cost $16,318,321)

 

 

91.57

%

 

$

16,314,093

 

 

 

 

 

Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

Shares

 

Invesco Premier U.S. Government Money Portfolio - Institutional

   Class, 1.95% (cost $1,000,177)(c)

 

 

5.62

%

 

$

1,000,177

 

 

 

1,000,177

 

Total Investments in Securities (cost $17,318,498)

 

 

97.19

%

 

$

17,314,270

 

 

 

 

 

 

(a)

Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.

(b)

United States Treasury Obligations of $5,965,800 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

 

Open Commodity Futures Contracts

 

Number of Contracts

 

 

Expiration Date

 

Notional

Value

 

 

Value(d)

 

 

Unrealized Appreciation (Depreciation)(d)

 

Long Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMEX Silver

 

 

242

 

 

December-2018

 

$

17,801,520

 

 

$

(3,260,511

)

 

$

(3,260,511

)

 

(d)

Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 

2


Invesco DB Silver Fund

Schedule of Investments

December 31, 2017

(Unaudited)

 

Description

 

Percentage  of

Shareholders'

Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations (a)

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills, 1.180% due January 4, 2018

 

 

38.12

%

 

$

7,999,498

 

 

$

8,000,000

 

U.S. Treasury Bills, 1.285% due February 22, 2018(b)

 

 

38.05

 

 

 

7,985,720

 

 

 

8,000,000

 

U.S. Treasury Bills, 1.285% due March 1, 2018

 

 

9.51

 

 

 

1,995,916

 

 

 

2,000,000

 

Total United States Treasury Obligations (cost $17,981,285)

 

 

85.68

%

 

$

17,981,134

 

 

 

 

 

Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

Shares

 

Invesco Premier U.S. Government Money Portfolio—Institutional

   Class, 1.15% (cost $2,561,161)(c)

 

 

12.21

%

 

$

2,561,161

 

 

 

2,561,161

 

Total Investments in Securities (cost $20,542,446)

 

 

97.89

%

 

$

20,542,295

 

 

 

 

 

 

(a)

Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.

(b)

United States Treasury Obligations of $5,989,200 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of December 31, 2017.

 

Open Commodity Futures Contracts

 

Number of Contracts

 

 

Expiration Date

 

Notional

Value

 

 

Value(d)

 

 

Unrealized Appreciation (Depreciation)(d)

 

Long Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMEX Silver

 

 

240

 

 

December-2018

 

$

20,965,200

 

 

$

45,369

 

 

$

45,369

 

 

(d)

Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 

 

3


Invesco DB Silver Fund

Statements of Income and Expenses

For the Three and Nine Months Ended September 30, 2018 and 2017

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$

89,108

 

 

$

46,906

 

 

$

237,285

 

 

$

122,903

 

Dividends from Affiliates

 

 

4,036

 

 

 

3,019

 

 

 

12,982

 

 

 

7,449

 

Total Income

 

 

93,144

 

 

 

49,925

 

 

 

250,267

 

 

 

130,352

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management Fees

 

 

34,504

 

 

 

39,289

 

 

 

110,408

 

 

 

132,901

 

Brokerage Commissions and Fees

 

 

6

 

 

 

 

 

6

 

 

 

2,477

 

Interest Expense

 

 

1,071

 

 

 

26

 

 

 

1,285

 

 

 

324

 

Total Expenses

 

 

35,581

 

 

 

39,315

 

 

 

111,699

 

 

 

135,702

 

Less: Waivers

 

 

(397

)

 

 

(696

)

 

 

(1,570

)

 

 

(2,424

)

Net Expenses

 

 

35,184

 

 

 

38,619

 

 

 

110,129

 

 

 

133,278

 

Net Investment Income (Loss)

 

 

57,960

 

 

 

11,306

 

 

 

140,138

 

 

 

(2,926

)

Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Realized Gain (Loss) on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury Obligations

 

 

(112

)

 

 

(49

)

 

 

(213

)

 

 

(1,247

)

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

741,086

 

Net Realized Gain (Loss)

 

 

(112

)

 

 

(49

)

 

 

(213

)

 

 

739,839

 

Net Change in Unrealized Gain (Loss) on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury Obligations

 

 

(4,947

)

 

 

(32

)

 

 

(4,077

)

 

 

(513

)

Commodity Futures Contracts

 

 

(1,919,880

)

 

 

(68,600

)

 

 

(3,305,880

)

 

 

(267,184

)

Net Change in Unrealized Gain (Loss)

 

 

(1,924,827

)

 

 

(68,632

)

 

 

(3,309,957

)

 

 

(267,697

)

Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts

 

 

(1,924,939

)

 

 

(68,681

)

 

 

(3,310,170

)

 

 

472,142

 

Net Income (Loss)

 

$

(1,866,979

)

 

$

(57,375

)

 

$

(3,170,032

)

 

$

469,216

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 

 

 

 

 

 

 

 

 

 

 


4


Invesco DB Silver Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2018

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at June 30, 2018

 

 

40

 

 

$

984

 

 

 

800,000

 

 

$

19,681,710

 

 

$

19,682,694

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return of Capital Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

3

 

 

 

 

 

 

 

57,957

 

 

 

57,960

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

(112

)

 

 

(112

)

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and Commodity Futures Contracts

 

 

 

 

 

 

(96

)

 

 

 

 

 

 

(1,924,731

)

 

 

(1,924,827

)

Net Income (Loss)

 

 

 

 

 

 

(93

)

 

 

 

 

 

 

(1,866,886

)

 

 

(1,866,979

)

Net Change in Shareholders' Equity

 

 

 

 

 

(93

)

 

 

 

 

 

(1,866,886

)

 

 

(1,866,979

)

Balance at September 30, 2018

 

 

40

 

 

$

891

 

 

 

800,000

 

 

$

17,814,824

 

 

$

17,815,715

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

5


Invesco DB Silver Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2017

(Unaudited)

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at June 30, 2017

 

 

40

 

 

$

1,026

 

 

 

800,000

 

 

$

20,530,015

 

 

$

20,531,041

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

1

 

 

 

 

 

 

 

11,305

 

 

 

11,306

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

(49

)

 

 

(49

)

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and Commodity Futures Contracts

 

 

 

 

 

 

(3

)

 

 

 

 

 

 

(68,629

)

 

 

(68,632

)

Net Income (Loss)

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

(57,373

)

 

 

(57,375

)

Net Change in Shareholders' Equity

 

 

 

 

 

(2

)

 

 

 

 

 

(57,373

)

 

 

(57,375

)

Balance at September 30, 2017

 

 

40

 

 

$

1,024

 

 

 

800,000

 

 

$

20,472,642

 

 

$

20,473,666

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.


6


Invesco DB Silver Fund

Statement of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2018

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at December 31, 2017

 

 

40

 

 

$

1,049

 

 

 

800,000

 

 

$

20,984,698

 

 

$

20,985,747

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

7

 

 

 

 

 

 

 

140,131

 

 

 

140,138

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

(213

)

 

 

(213

)

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and Commodity Futures Contracts

 

 

 

 

 

 

(165

)

 

 

 

 

 

 

(3,309,792

)

 

 

(3,309,957

)

Net Income (Loss)

 

 

 

 

 

 

(158

)

 

 

 

 

 

 

(3,169,874

)

 

 

(3,170,032

)

Net Change in Shareholders' Equity

 

 

 

 

 

(158

)

 

 

 

 

 

(3,169,874

)

 

 

(3,170,032

)

Balance at September 30, 2018

 

 

40

 

 

$

891

 

 

 

800,000

 

 

$

17,814,824

 

 

$

17,815,715

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.


7


Invesco DB Silver Fund

Statement of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2017

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at December 31, 2016

 

 

40

 

 

$

998

 

 

 

1,000,000

 

 

$

24,944,523

 

 

$

24,945,521

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

200,000

 

 

 

5,755,806

 

 

 

5,755,806

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(400,000

)

 

 

(10,696,877

)

 

 

(10,696,877

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

(200,000

)

 

 

(4,941,071

)

 

 

(4,941,071

)

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,926

)

 

 

(2,926

)

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and Commodity Futures Contracts

 

 

 

 

 

 

41

 

 

 

 

 

 

 

739,798

 

 

 

739,839

 

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and Commodity Futures Contracts

 

 

 

 

 

 

(15

)

 

 

 

 

 

 

(267,682

)

 

 

(267,697

)

Net Income (Loss)

 

 

 

 

 

 

26

 

 

 

 

 

 

 

469,190

 

 

 

469,216

 

Net Change in Shareholders' Equity

 

 

 

 

 

26

 

 

 

(200,000

)

 

 

(4,471,881

)

 

 

(4,471,855

)

Balance at September 30, 2017

 

 

40

 

 

$

1,024

 

 

 

800,000

 

 

$

20,472,642

 

 

$

20,473,666

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 


8


Invesco DB Silver Fund

Statements of Cash Flows

For the Nine Months Ended September 30, 2018 and 2017

(Unaudited)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2018

 

 

2017

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

(3,170,032

)

 

$

469,216

 

Adjustments to reconcile net income (loss) to net cash provided by (used for) operating

   activities:

 

 

 

 

 

 

 

 

Cost of securities purchased

 

 

(43,690,426

)

 

 

(54,869,467

)

Proceeds from securities sold and matured

 

 

45,589,733

 

 

 

62,882,224

 

Cost of affiliated investments purchased

 

 

(23,059,379

)

 

 

(42,053,301

)

Proceeds from affiliated investments sold

 

 

24,620,363

 

 

 

41,310,896

 

Net accretion of discount on United States Treasury Obligations

 

 

(236,556

)

 

 

(122,903

)

Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments

 

 

213

 

 

 

1,247

 

Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments

 

 

4,077

 

 

 

513

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

Variation margin - Commodity Futures Contracts

 

 

(241,820

)

 

 

(147,765

)

Dividends from affiliates

 

 

(30

)

 

 

(538

)

Management fees

 

 

(1,918

)

 

 

(6,309

)

Brokerage commissions and fees

 

 

 

 

 

174

 

Net cash provided by (used for) operating activities

 

 

(185,775

)

 

 

7,463,987

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from purchases of Shares

 

 

 

 

 

5,755,806

 

Redemption of Shares

 

 

 

 

 

(10,696,877

)

Increase (decrease) in payable for amount due to custodian, net

 

 

 

 

 

(2,522,916

)

Net cash provided by (used for) financing activities

 

 

 

 

 

(7,463,987

)

Net change in cash

 

 

(185,775

)

 

 

 

Cash at beginning of period

 

 

185,775

 

 

 

 

Cash at end of period

 

$