FINANCIAL HIGHLIGHTS

9 Months Ended

Sep. 30, 2019

NOTE 6 — FINANCIAL HIGHLIGHTS

The following table presents per share performance data and other supplemental financial data for the nine months ended September 30, 2019 and 2018 for the shareholders. This information has been derived from information presented in the condensed financial statements.


	For the nine months ended			For the nine months ended
	September 30, 2019			September 30, 2018
	(Unaudited)			(Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	17.82		$	21.05
Total income (loss)		2.48			6.23
Total expenses		(0.14)			(0.14)
Net increase (decrease) in net asset value		2.34			6.09
Net asset value, end of period	$	20.16		$	27.14

Total Return		13.13	%		28.93	%

Ratios to Average Net Assets
Total income (loss)		13.77	%		26.11	%
Management fees*		0.60	%		0.60	%
Expenses excluding management fees*		0.29	%		0.21	%
Net income (loss)		13.10	%		25.50	%

* Annualized.

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 USL.