NOTE 6 — FINANCIAL HIGHLIGHTS

The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2020, 2019 and 2018 for the shareholders. This information has been derived from information presented in the financial statements.


	Year ended December			Year ended December			Year ended December
	31, 2020			31, 2019			31, 2018
Per Share Operating Performance:
Net asset value, beginning of year	$	8.43		$	10.26		$	9.26
Total income (loss)		(0.62)			(1.74)			1.09
Total expenses		(0.07)			(0.09)			(0.09)
Net increase (decrease) in net asset value		(0.69)			(1.83)			1.00
Net asset value, end of year	$	7.74		$	8.43		$	10.26

Total Return		(8.19)	%		(17.84)	%		10.80	%

Ratios to Average Net Assets
Total income (loss)		(3.59)	%		(17.87)	%		9.73	%
Management fees		0.75	%		0.75	%		0.75	%
Expenses excluding management fees		1.41	%		1.86	%		1.08	%
Expense waived		(1.26)	%		(1.71)	%		(0.93)	%
Net expense excluding management fees		0.15	%		0.15	%		0.15	%
Net income (loss)		(4.49)	%		(18.77)	%		8.83	%

Total returns are calculated based on the change in value during the period. An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from UNL.