United States Commodity Index Funds Trust 10-Q for FY2020 Q2

United States Commodity Index Funds Trust (USCI)

10-Q 2020-08-07 For: 2020-06-30

Added on April 12, 2026

About this 10-Q

United States Commodity Index Funds Trust filed this 10-Q on August 7, 2020, covering the quarter ended June 30, 2020 (FY2020 Q2).

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☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2020.

	or


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


Delaware		27-1537655
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)


Title of each class:	Trading Symbol(s)	Name of each exchange on which registered:
Shares of United States Commodity Index Fund	USCI	NYSE Arca, Inc.
Shares of United States Copper Index Fund	CPER	NYSE Arca, Inc.


Large Accelerated Filer	☐	Accelerated Filer	☒
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
Emerging Growth Company	☐


		Number of Outstanding Shares as of
		August 3, 2020
United States Commodity Index Fund		4,850,000
United States Copper Index Fund		1,150,000
Total		6,000,000


	Page

Part I. FINANCIAL INFORMATION

Item I. Condensed Financial Statements.	1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	36

Item 3. Quantitative and Qualitative Disclosures About Market Risk.	72

Item 4. Controls and Procedures.	73

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.	74

Item 1A. Risk Factors.	74

Items 2. Unregistered Sales of Equity Securities and Use of Proceeds.	75

Item 3. Defaults Upon Senior Securities.	76

Item 4. Mine Safety Disclosures.	76

Item 5. Other Information.	76

Item 6. Exhibits.	77


Documents		Page

Condensed Statements of Financial Condition at June 30, 2020 (Unaudited) and December 31, 2019		2-5

Condensed Schedule of Investments (Unaudited) at June 30, 2020		6-8

Condensed Statements of Operations (Unaudited) for the three and six months ended June 30, 2020 and 2019		9-12

Condensed Statements of Changes in Capital (Unaudited) for the three and six months ended June 30, 2020 and 2019		13-16

Condensed Statements of Cash Flows (Unaudited) for the six months ended June 30, 2020 and 2019		17-20

Notes to (Unaudited) Condensed Financial Statements for the period ended June 30, 2020		21


	June 30, 2020		December 31, 2019
Assets
Cash and cash equivalents (at cost $114,398,499 and $163,036,680, respectively) (Notes 2 and 6)	$	114,398,499	$	163,036,680
Equity in trading accounts:
Cash and cash equivalents (at cost $10,991,849 and $27,277,314, respectively)		10,991,849		27,277,314
Unrealized gain (loss) on open commodity futures contracts		1,758,481		2,138,868
Dividends receivable		7,987		25,510
Prepaid insurance*		16,207		20,198
ETF transaction fees receivable		—		350

Total Assets	$	127,173,023	$	192,498,920

Liabilities and Capital
Payable due to Broker	$	283,894	$	—
Payable for shares redeemed		—		1,843,700
Management fees payable (Note 4)		82,790		142,699
Professional fees payable		249,117		571,822
Brokerage commissions payable		3,955		33,805
Directors' fees payable*		4,527		11,412

Total Liabilities		624,283		2,603,438

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor		—		—
Shareholders		126,548,740		189,895,482
Total Capital		126,548,740		189,895,482

Total Liabilities and Capital	$	127,173,023	$	192,498,920

Shares outstanding		4,750,000		5,150,000
Net asset value per share	$	26.64	$	36.87
Market value per share	$	26.58	$	36.90


	June 30, 2020*		December 31, 2019*
Assets
Cash (at cost $– and $1,000, respectively) (Notes 2 and 6)	$	—	$	1,000

Total Assets	$	—	$	1,000

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor	$	—	$	1,000
Shareholders		—		—
Total Capital		—		1,000

Total Liabilities and Capital	$	—	$	1,000


				Fair Value/
				Unrealized Gain
				(Loss) on Open
	Notional		Number of	Commodity		% of Partners'
	Amount		Contracts	Contracts		Capital
Open Commodity Futures Contracts - Long
United States Contracts
ICE Cocoa Futures CC September 2020 contracts, expiring September 2020	$	10,187,790	373	$	(2,034,010)	(1.61)
COMEX Copper Futures HG September 2020 contracts, expiring September 2020		8,056,187	133		1,016,075	0.80
COMEX Silver Futures SI September 2020 contracts, expiring September 2020		8,932,580	99		292,735	0.23
ICE Sugar#11 Futures SB September 2020 contracts, expiring October 2020		8,826,686	667		107,912	0.09
NYMEX Platinum Futures PL October 2020 contracts, expiring October 2020		9,569,920	220		(206,720)	(0.16)
ICE Cotton No. 2 Futures CT December 2020 contracts, expiring December 2020		8,928,870	298		142,250	0.11
CBOT Soybean Oil Futures BO December 2020 contracts, expiring December 2020		8,907,732	522		115,560	0.09
ICE Coffee C Futures December 2020 contracts, expiring December 2020		9,470,812	242		(82,724)	(0.07)
NYMEX Natural Gas Futures December 2020 contracts, expiring January 2021		8,616,570	315		464,880	0.37
CME Cattle Feeder Futures FC January 2021 contracts, expiring January 2021		8,799,575	130		(61,950)	(0.05)
COMEX Gold 100 OZ Futures GC February 2021 contracts, expiring February 2021		8,244,320	50		893,180	0.71
CBOT Soybean Futures S March 2021 contracts, expiring March 2021		8,783,701	205		223,487	0.18
Foreign Contracts
LME Zinc Futures LX July 2020 contracts, expiring July 2020		8,889,745	182		384,293	0.30
LME Tin Futures LT August 2020 contracts, expiring August 2020		22,976,272	281		598,223	0.47
LME Nickel Futures LN December 2020 contracts, expiring December 2020		9,047,451	122		361,494	0.29
Open Commodity Futures Contracts – Short**
Foreign Contracts
LME Zinc Futures LX July 2020 contracts, expiring July 2020*		(9,288,846)	(182)		14,809	0.01
LME Tin Futures LT August 2020 contracts, expiring August 2020*		(14,133,812)	(174)		(463,919)	(0.37)
LME Nickel Futures LN December 2020 contracts, expiring December 2020*		(224,274)	(3)		(7,094)	—	^†
Total Open Futures Contracts^*	$	124,591,279	3,480	$	1,758,481	1.39


	Principal		Market		% of Partners'
	Amount		Value		Capital
Cash Equivalents
United States Treasury Obligations
U.S. Treasury Bills:
1.52%,7/09/2020	$	16,000,000	$	15,994,658	12.64
1.55%, 7/16/2020		15,000,000		14,990,437	11.85
1.53%, 7/23/2020		5,000,000		4,995,371	3.95
1.54%, 7/30/2020		20,000,000		19,975,511	15.78
Total United States Treasury Obligations				55,955,977	44.22

United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Share Class, 0.10%^#		12,302,587		12,302,587	9.72
Goldman Sachs Financial Square Funds - Government Fund - Class FS, 0.15%^#		56,055,830		56,055,830	44.29
RBC U.S. Government Money Market Fund - Institutional Share Class, 0.10%^#		1,045,874		1,045,874	0.83
Total United States Money Market Funds				69,404,291	54.84
Total Cash Equivalents			$	125,360,268	99.06


	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	(7,815,560)	$	(12,381,741)	$	(52,782,086)	$	(15,732,746)
Change in unrealized gain (loss) on open commodity futures contracts		8,116,712		(8,139,194)		(380,387)		10,010,909
Realized gain (loss) on short-term investments		2,261,434		—		2,279,102		—
Dividend income		18,133		101,060		73,602		215,091
Interest income*		311,375		2,276,000		900,602		4,878,041
ETF transaction fees		1,050		8,400		5,600		12,600
Total Income (Loss)	$	2,893,144	$	(18,135,475)	$	(49,903,567)	$	(616,105)

Expenses
Management fees (Note 4)	$	247,306	$	789,497	$	569,468	$	1,701,916
Professional fees		72,934		159,343		113,959		323,597
Brokerage commissions		21,219		128,876		76,374		305,797
Directors’ fees and insurance		7,365		24,574		33,719		46,863
Total Expenses	$	348,824	$	1,102,290	$	793,520	$	2,378,173
Net Income (Loss)	$	2,544,320	$	(19,237,765)	$	(50,697,087)	$	(2,994,278)
Net Income (Loss) per share	$	0.52	$	(1.83)	$	(10.23)	$	(0.51)
Net Income (Loss) per weighted average share	$	0.54	$	(1.84)	$	(10.41)	$	(0.27)
Weighted average shares outstanding		4,747,802		10,451,099		4,870,055		11,189,779


	Three months ended		Six months ended		Period ended
	June 30, 2020*		June 30, 2020*		June 30, 2019*
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	—	$	—	$	—
Change in unrealized gain (loss) on open commodity futures contracts		—		—		—
Realized gain (loss) on short-term investments		—		—		—
Dividend income		—		—		—
Interest income		—		—		—
ETF transaction fees		—		—		—
Total Income (Loss)	$	—	$	—	$	—

Expenses
Management fees (Note 4)	$	—	$	—	$	—
Professional fees		—		—		—
Brokerage commissions		—		—		—
Directors' fees and insurance		—		—		—
Total Expenses	$	—	$	—	$	—
Net Income (Loss)	$	—	$	—	$	—
Net Income (Loss) per share	$	—	$	—	$	—
Net Income (Loss) per weighted average share	$	—	$	—	$	—
Weighted average shares outstanding		—		—		—


	Shareholders*
	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Balances at beginning of period	$	120,168,967	$	438,572,099	$	189,895,482	$	463,042,508
Addition of 200,000, –, 350,000 and – shares, respectively		5,127,140		—		10,549,302		—
Redemption of (50,000), (1,850,000), (750,000) and (2,900,000) shares, respectively		(1,291,687)		(69,900,892)		(23,198,957)		(110,614,788)
Net income (loss)		2,544,320		(19,237,765)		(50,697,087)		(2,994,278)

Balances at end of period	$	126,548,740	$	349,433,442	$	126,548,740	$	349,433,442


	Sponsor*
	Three months ended		Six months ended		Period ended
	June 30, 2020**		June 30, 2020**		June 30, 2019**
Balances at beginning of period	$	1,000	$	1,000	$	—
Addition of –, – and – shares, respectively		—		—		1,000
Redemption of –, – and – shares, respectively		(1,000)		(1,000)		—
Net income (loss)		—		—		—

Balances at end of period	$	—	$	—	$	1,000


	Six months ended		Six months ended
	June 30, 2020		June 30, 2019
Cash Flows from Operating Activities:
Net income (loss)	$	345,079	$	81,215
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Increase) Decrease in short-term investments		—		295,216
Change in unrealized (gain) loss on open commodity futures contracts		(1,052,325)		(1,161,938)
(Increase) decrease in receivable from sponsor		67,629		7,027
(Increase) decrease in dividends receivable		18		801
(Increase) decrease in interest receivable		125		221
(Increase) decrease in prepaid insurance*		(440)		(411)
(Increase) decrease in prepaid reimbursement		(23,609)		—
Increase (decrease) in payable due to Broker		717,366		12,001
Increase (decrease) in Management fees payable		2,307		(225)
Increase (decrease) in professional fees payable		(43,535)		(11,044)
Increase (decrease) in directors' fees payable*		(151)		(53)
Net cash provided by (used in) operating activities		12,464		(777,190)

Cash Flows from Financing Activities:
Addition of shares		8,628,268		6,328,250
Redemption of shares		(694,752)		(6,873,175)
Net cash provided by (used in) financing activities		7,933,516		(544,925)

Net Increase (Decrease) in Cash and Cash Equivalents		7,945,980		(1,322,115)

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		7,098,904		12,116,244
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	15,044,884	$	10,794,129

Components of Cash and Cash Equivalents:
Cash and cash equivalents	$	14,346,185	$	10,198,319
Equity in Trading Accounts:
Cash and cash equivalents		698,699		595,810
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	15,044,884	$	10,794,129


	Six months ended		Six months ended
	June 30, 2020		June 30, 2019
Cash Flows from Operating Activities:
Net income (loss)	$	(50,352,008)	$	(2,913,063)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Increase) Decrease in short-term investments		—		295,216
Change in unrealized (gain) loss on open commodity futures contracts		(671,938)		(11,172,847)
(Increase) decrease in receivable from sponsor		67,629		7,027
(Increase) decrease in dividends receivable		17,541		(12,580)
(Increase) decrease in interest receivable		125		3,680
(Increase) decrease in prepaid insurance*		3,551		(23,679)
(Increase) decrease in prepaid reimbursement		(23,609)		—
(Increase) decrease in ETF transaction fees receivable		350		—
Increase (decrease) in payable due to Broker		1,001,260		12,001
Increase (decrease) in Management fees payable		(57,602)		(98,471)
Increase (decrease) in professional fees payable		(366,240)		(216,349)
Increase (decrease) in brokerage commissions payable		(29,850)		—
Increase (decrease) in directors' fees payable*		(7,036)		(53)
Net cash provided by (used in) operating activities		(50,417,827)		(14,119,118)

Cash Flows from Financing Activities:
Addition of shares		19,177,570		6,329,250
Redemption of shares		(25,738,409)		(117,487,963)
Net cash provided by (used in) financing activities		(6,560,839)		(111,158,713)

Net Increase (Decrease) in Cash and Cash Equivalents		(56,978,666)		(125,277,831)

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		197,413,898		490,625,457
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	140,435,232	$	365,347,626

Components of Cash and Cash Equivalents:
Cash and cash equivalents	$	128,744,684	$	331,708,895
Equity in Trading Accounts:
Cash and cash equivalents		11,690,548		33,638,731
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	140,435,232	$	365,347,626


	Six months ended			Six months ended
	June 30, 2020			June 30, 2019
Total commissions accrued to brokers	$	76,374		$	305,797
Total commissions as annualized percentage of average total net assets		0.11	%		0.14	%
Commissions accrued as a result of rebalancing	$	73,525		$	295,457
Percentage of commissions accrued as a result of rebalancing		96.27	%		96.62	%
Commissions accrued as a result of creation and redemption activity	$	2,849		$	10,340
Percentage of commissions accrued as a result of creation and redemption activity		3.73	%		3.38	%


	Six months ended			Six months ended
	June 30, 2020			June 30, 2019
Total commissions accrued to brokers	$	2,568		$	3,847
Total commissions as annualized percentage of average total net assets		0.06	%		0.06	%
Commissions accrued as a result of rebalancing	$	2,306		$	3,378
Percentage of commissions accrued as a result of rebalancing		89.79	%		87.81	%
Commissions accrued as a result of creation and redemption activity	$	262		$	469
Percentage of commissions accrued as a result of creation and redemption activity		10.21	%		12.19	%


At June 30, 2020	Total		Level I		Level II		Level III
Short-Term Investments	$	125,360,268	$	125,360,268	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		870,675		870,675		—		—
Foreign Contracts		887,806		887,806		—		—


At December 31, 2019	Total		Level I		Level II		Level III
Short-Term Investments	$	188,989,355	$	188,989,355	$	—	$	—
Exchange-Traded Futures Contracts
Foreign Contracts		(2,381,779)		(2,381,779)		—		—
United States Contracts		4,520,647		4,520,647		—		—


Derivatives not	Condensed
Accounted for	Statements of	Fair Value at		Fair Value at
as Hedging	Financial	June 30,		December 31,
Instruments	Condition Location	2020		2019
Futures - Commodity Contracts	Assets	$	1,758,481	$	2,138,868


SummerHaven Dynamic Commodity Index Total Return^SM (“SDCI”)⁽¹⁾	(27.87)	%
S&P GSCI Commodity Index (GSCI^®) Total Return⁽²⁾	(36.31)	%
Bloomberg Commodity Index Total Return⁽²⁾	(19.40)	%
Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return^TM(2)	(22.72)	%


SummerHaven Copper Index Total Return^TM(“SCI”)⁽¹⁾	(2.77)	%
Bloomberg Copper Subindex Total Return⁽²⁾	(3.48)	%


Commodity	Designated Contract	Exchange	Units	Quote
Aluminum	High Grade Primary Aluminum	LME	25 metric tons	USD/metric ton
Cocoa	Cocoa	ICE-US	10 metric tons	USD/metric ton
Coffee	Coffee “C”	ICE-US	37,500 lbs	U.S. cents/pound
Copper	Copper	COMEX	25,000 lbs	U.S. cents/pound
Corn	Corn	CBOT	5,000 bushels	U.S. cents/bushel
Cotton	Cotton	ICE-US	50,000 lbs	U.S. cents/pound
Crude Oil (WTI)	Light, Sweet Crude Oil	NYMEX	1,000 barrels	USD/barrel
Crude Oil (Brent)	Crude Oil	ICE-UK	1,000 barrels	USD/barrel
Gas Oil	Gas Oil	ICE-UK	100 metric tons	USD/metric ton
Gold	Gold	COMEX	100 troy oz.	USD/troy oz.
Heating Oil	Heating Oil	NYMEX	42,000 gallons	U.S. cents/gallon
Lead	Lead	LME	25 metric tons	USD/metric ton
Lean Hogs	Lean Hogs	CME	40,000 lbs.	U.S. cents/pound
Live Cattle	Live Cattle	CME	40,000 lbs.	U.S. cents/pound
Feeder Cattle	Feeder Cattle	CME	50,000 lbs.	U.S. cents/pound
Natural Gas	Henry Hub Natural Gas	NYMEX	10,000 mmbtu	USD/mmbtu
Nickel	Primary Nickel	LME	6 metric tons	USD/metric ton
Platinum	Platinum	NYMEX	50 troy oz.	USD/troy oz.
Silver	Silver	COMEX	5,000 troy oz.	U.S. cents/troy oz.
Soybeans	Soybeans	CBOT	5,000 bushels	U.S. cents/bushel
Soybean Meal	Soybean Meal	CBOT	100 tons	USD/ton
Soybean Oil	Soybean Oil	CBOT	60,000 lbs.	U.S. cents/pound
Sugar	World Sugar No. 11	ICE-US	112,000 lbs.	U.S. cents/pound
Tin	Tin	LME	5 metric tons	USD/metric ton
Unleaded Gasoline	Reformulated Blendstock for Oxygen Blending	NYMEX	42,000 gallons	U.S. cents/gallon
Wheat	Wheat	CBOT	5,000 bushels	U.S. cents/bushel
Zinc	Special High Grade Zinc	LME	25 metric tons	USD/metric ton


Commodity	Commodity			Max.
Symbol	Name	Sector	Allowed Contracts	tenor
CO	Brent Crude	Energy	All 12 Calendar Months	12
CL	Crude Oil	Energy	All 12 Calendar Months	12
QS	Gas Oil	Energy	All 12 Calendar Months	12
HO	Heating Oil	Energy	All 12 Calendar Months	12
NG	Natural Gas	Energy	All 12 Calendar Months	12
XB	RBOB	Energy	All 12 Calendar Months	12
FC	Feeder Cattle	Livestock	Jan, Mar, Apr, May, Aug, Sep, Oct, Nov	5
LH	Lean Hogs	Livestock	Feb, Apr, Jun, Jul, Aug, Oct, Dec	5
LC	Live Cattle	Livestock	Feb, Apr, Jun, Aug, Oct, Dec	5
BO	Soybean Oil	Grains	Jan, Mar, May, Jul, Aug, Sep, Oct, Dec	7
C	Corn	Grains	Mar, May, Jul, Sep, Dec	12
S	Soybeans	Grains	Jan, Mar, May, Jul, Aug, Sep, Nov	12
SM	Soymeal	Grains	Jan, Mar, May, Jul, Aug, Sep, Oct, Dec	7
W	Wheat (Soft Red Winter)	Grains	Mar, May, Jul, Sep, Dec	7
LA	Aluminum	Industrial Metals	All 12 Calendar months	12
HG	Copper	Industrial Metals	All 12 Calendar Months	12
LL	Lead	Industrial Metals	All 12 Calendar Months	7
LN	Nickel	Industrial Metals	All 12 Calendar Months	7
LT	Tin	Industrial Metals	All 12 Calendar Months	7
LX	Zinc	Industrial Metals	All 12 Calendar Months	7
GC	Gold	Precious Metals	Feb, Apr, Jun, Aug, Oct, Dec	12
PL	Platinum	Precious Metals	Jan, Apr, Jul, Oct	5
SI	Silver	Precious Metals	Mar, May, Jul, Sep, Dec	5
CC	Cocoa	Softs	Mar, May, Jul, Sep, Dec	7
KC	Coffee	Softs	Mar, May, Jul, Sep, Dec	7
CT	Cotton	Softs	Mar, May, Jul, Dec	7
SB	Sugar	Softs	Mar, May, Jul, Oct	7


Year	Ending Level*	Annual Return
2010	1,852.04	20.82	%
2011	1,703.23	(8.03)	%
2012	1,726.55	1.37	%
2013	1,678.73	(2.77)	%
2014	1,475.68	(12.10)	%
2015	1,265.58	(14.24)	%
2016	1,262.46	(0.25)	%
2017	1,364.38	8.07	%
2018	1,221.18	(10.50)	%
2019	1.219.05	(0.17)	%
2020 (YTD)	879.29	(27.87)	%


	Hypothetical and Historical Results for the period
	from December 31, 1997 through June 30, 2020
					DB LCI
	BCOM TR		S&P GSCI TR		OY TR		SDCI
Total return	(10.31)	%	(46.04)	%	111.12	%	290.76	%
Average annualized return (total)	0.77	%	0.24	%	5.08	%	7.36	%
Annualized volatility	15.99	%	23.41	%	18.79	%	15.09	%
Annualized Sharpe ratio	(7.60)		(7.65)		15.81		34.56


	Commodity		Max.
Commodity Name	Symbol	Allowed Contracts	Tenor
Copper	HG	All 12 calendar months	12


		Contract
Copper Futures Contract	Expiration Date	Price
Nearest-to-maturity	November-10	374.70

Third nearest-to-maturity	January-11	365.20



		Percentage
		Price
Eligible Copper Futures Contracts	Price	Difference		Ranking
January-11	365.20	10.47	%	1

February-11	363.00	10.15	%	4

March-11	359.70	10.36	%	3

April-11	356.70	10.41	%	2


		Annualized
		Percentage
		Price
Eligible Copper Futures Contracts	Price	Difference		Ranking
January-11	375.70	(1.97)	%	4

February-11	376.00	(1.78)	%	3

March-11	376.30	(1.59)	%	2

April-11	376.40	(1.37)	%	1


	Hypothetical and Historical Results for the period
	from December 31, 1997 through June 30, 2020
	BCOM		Spot Copper
	HG TR		(less storage)		SCI TR
Total return	270.72	%	82.80	%	462.09	%
Average annualized return (total)	11.51	%	7.91	%	13.91	%
Annualized volatility	25.93	%	25.03	%	25.40	%
Annualized Sharpe ratio	0.45		0.33		0.55


	Total
	Number of
	Shares	Average Price Per
Period	Redeemed	Share
4/1/20 to 4/30/20	—	$	—
5/1/20 to 5/31/20	50,000	$	26.58
6/1/20 to 6/30/20	—	$	—
Total	50,000


Exhibit Number		Description of Document
31.1(1)		Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2(1)		Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1(1)		Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2(1)		Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101 .INS		XBRL Instance Document.
101.SCH		XBRL Taxonomy Extension Schema.
101.CAL		XBRL Taxonomy Extension Calculation Linkbase.
101.DEF		XBRL Taxonomy Extension Definition Linkbase.
101.LAB		XBRL Taxonomy Extension Label Linkbase.
101.PRE		XBRL Taxonomy Extension Presentation Linkbase.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


By:	/s/ John P. Love
	John P. Love
	President and Chief Executive Officer
	(Principal executive officer)


By:	/s/ Stuart P. Crumbaugh
	Stuart P. Crumbaugh
	Chief Financial Officer
	(Principal financial and accounting officer)