Trading Activities (Tables)
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6 Months Ended |
Jun. 30, 2026 |
|---|
| Brokers and Dealers [Abstract] |
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| Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives |
The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of June 30, 2026 and December 31, 2025, respectively.
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June 30, 2026 |
|
Gross
Amounts
Recognized |
|
|
Gross Amounts
Offset in the
Consolidated
Statements of
Financial
Condition |
|
|
Amounts
Presented in the
Consolidated
Statements of
Financial
Condition |
|
|
Gross Amounts Not Offset in the
Consolidated Statements of
Financial Condition |
|
|
Net Amount |
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| |
Financial
Instruments |
|
|
Cash Collateral
Received/
Pledged* |
|
Assets |
|
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|
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|
|
Futures |
|
$ |
18,064,212 |
|
|
$ |
(13,669,455 |
) |
|
$ |
4,394,757 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
4,394,757 |
|
Forwards |
|
|
1,153,416 |
|
|
|
(1,153,416 |
) |
|
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– |
|
|
|
– |
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– |
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– |
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|
|
|
|
|
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|
|
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|
19,217,628 |
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|
|
(14,822,871 |
) |
|
|
4,394,757 |
|
|
|
– |
|
|
|
– |
|
|
|
4,394,757 |
|
JPMorgan |
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|
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|
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|
|
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|
Forwards |
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|
89,541 |
|
|
|
(50,413 |
) |
|
|
39,128 |
|
|
|
– |
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|
|
– |
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|
39,128 |
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Total assets |
|
$ |
19,307,169 |
|
|
$ |
(14,873,284 |
) |
|
$ |
4,433,885 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
4,433,885 |
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Liabilities |
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Futures |
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$ |
(13,669,455 |
) |
|
$ |
13,669,455 |
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|
$ |
– |
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|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
Forwards |
|
|
(1,421,711 |
) |
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|
1,153,416 |
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|
(268,295 |
) |
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– |
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|
268,295 |
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– |
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(15,091,166 |
) |
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|
14,822,871 |
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|
(268,295 |
) |
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– |
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|
268,295 |
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– |
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Forwards |
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(50,413 |
) |
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|
50,413 |
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– |
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– |
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– |
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– |
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Total liabilities |
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$ |
(15,141,579 |
) |
|
$ |
14,873,284 |
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|
$ |
(268,295 |
) |
|
$ |
– |
|
|
$ |
268,295 |
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|
$ |
– |
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Net fair value |
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$ |
4,433,885 |
* |
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|
December 31, 2025 |
|
Gross Amounts
Recognized |
|
|
Gross Amounts
Offset in the
Consolidated
Statements of
Financial
Condition |
|
|
Amounts
Presented in the
Consolidated
Statements of
Financial
Condition |
|
|
Gross Amounts Not Offset in the
Consolidated Statements of
Financial Condition |
|
|
Net Amount |
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| |
Financial
Instruments |
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|
Cash Collateral
Received/
Pledged* |
|
Assets |
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Futures |
|
$ |
20,195,093 |
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|
$ |
(15,263,153 |
) |
|
$ |
4,931,940 |
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|
$ |
– |
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|
$ |
– |
|
|
$ |
4,931,940 |
|
Forwards |
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|
1,619,985 |
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(1,160,231 |
) |
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|
459,754 |
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– |
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– |
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|
459,754 |
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21,815,078 |
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(16,423,384 |
) |
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|
5,391,694 |
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– |
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– |
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|
5,391,694 |
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Forwards |
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|
113,563 |
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(52,412 |
) |
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|
61,151 |
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– |
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– |
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|
61,151 |
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Total assets |
|
$ |
21,928,641 |
|
|
$ |
(16,475,796 |
) |
|
$ |
5,452,845 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
5,452,845 |
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Liabilities |
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|
Futures |
|
$ |
(15,263,153 |
) |
|
$ |
15,263,153 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
Forwards |
|
|
(1,160,231 |
) |
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|
1,160,231 |
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|
|
– |
|
|
|
– |
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|
– |
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|
– |
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|
|
|
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|
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|
(16,423,384 |
) |
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|
16,423,384 |
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|
– |
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|
– |
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|
– |
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– |
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|
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|
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|
Forwards |
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|
(52,412 |
) |
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|
52,412 |
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|
|
– |
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|
– |
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– |
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– |
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Total liabilities |
|
$ |
(16,475,796 |
) |
|
$ |
16,475,796 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
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Net fair value |
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|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,452,845 |
* |
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| * |
In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and a counterparty to the Partnership’s non–exchange–traded contracts, as applicable, and JPMorgan, as a counterparty to certain of the Funds non–exchange traded contracts, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co. or JPMorgan, as applicable, thereby minimizing MS&Co.’s and JPMorgan’s risk of loss. In certain instances, a counterparty, may not post collateral and as such, in the event of default by such counterparty, the Partnership is exposed to the amount shown in the Consolidated Statements of Financial Condition. In the case of exchange–traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default. In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
|
| Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded |
The following tables indicate the gross fair values of derivative instruments of futures, forward and option contracts, as applicable, held directly by the Partnership as separate assets and liabilities as of June 30, 2026 and December 31, 2025, respectively.
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|
June 30, 2026 |
|
Assets |
|
|
|
|
|
|
|
|
|
Currencies |
|
$ |
2,644,942 |
|
Energy |
|
|
1,110,875 |
|
Grains |
|
|
2,466,146 |
|
Indices |
|
|
3,129,988 |
|
Interest Rates U.S. |
|
|
162,095 |
|
Interest Rates Non-U.S. |
|
|
1,864,865 |
|
Livestock |
|
|
649,965 |
|
Metals |
|
|
260,350 |
|
Softs |
|
|
5,774,986 |
|
|
|
|
|
|
Total unrealized appreciation on open futures contracts |
|
|
18,064,212 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Currencies |
|
|
(637,022 |
) |
Energy |
|
|
(2,475,229 |
) |
Grains |
|
|
(1,543,330 |
) |
Indices |
|
|
(854,007 |
) |
Interest Rates U.S. |
|
|
(300,724 |
) |
Interest Rates Non-U.S. |
|
|
(1,411,656 |
) |
Livestock |
|
|
(537,503 |
) |
Metals |
|
|
(941,535 |
) |
Softs |
|
|
(4,968,449 |
) |
|
|
|
|
|
Total unrealized depreciation on open futures contracts |
|
|
(13,669,455 |
) |
|
|
|
|
|
Net unrealized appreciation on open futures contracts |
|
$ |
4,394,757 |
* |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Currencies |
|
$ |
89,619 |
|
Metals |
|
|
1,153,338 |
|
|
|
|
|
|
Total unrealized appreciation on open forward contracts |
|
|
1,242,957 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Currencies |
|
$ |
(50,413 |
) |
Metals |
|
|
(1,421,711 |
) |
|
|
|
|
|
Total unrealized depreciation on open forward contracts |
|
|
(1,472,124 |
) |
|
|
|
|
|
Net unrealized depreciation on open forward contracts |
|
$ |
(229,167 |
)** |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Grains |
|
$ |
1,460,875 |
|
Indices |
|
|
69,975 |
|
|
|
|
|
|
Total options purchased |
|
$ |
1,530,850 |
*** |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Grains |
|
$ |
(598,688 |
) |
|
|
|
|
|
Total options written |
|
$ |
(598,688 |
)**** |
|
|
|
|
|
| * |
This amount is in “Net unrealized appreciation on open futures contracts” in the Consolidated Statements of Financial Condition. |
| ** |
This amount is in “Net unrealized depreciation on open forward contracts” in the Consolidated Statements of Financial Condition. |
| *** |
This amount is in “Options purchased, at fair value” in the Consolidated Statements of Financial Condition. |
| **** |
This amount is in “Options written, at fair value” in the Consolidated Statements of Financial Condition. |
|
|
|
|
|
| |
|
December 31, 2025 |
|
Assets |
|
|
|
|
|
|
|
|
|
Currencies |
|
$ |
1,154,606 |
|
Energy |
|
|
2,677,373 |
|
Grains |
|
|
4,128,476 |
|
Indices |
|
|
2,203,683 |
|
Interest Rates U.S. |
|
|
385,862 |
|
Interest Rates Non-U.S. |
|
|
1,183,970 |
|
Livestock |
|
|
1,475,269 |
|
Metals |
|
|
4,051,231 |
|
Softs |
|
|
2,934,623 |
|
|
|
|
|
|
Total unrealized appreciation on open futures contracts |
|
|
20,195,093 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Currencies |
|
|
(574,188 |
) |
Energy |
|
|
(2,232,758 |
) |
Grains |
|
|
(3,564,015 |
) |
Indices |
|
|
(697,075 |
) |
Interest Rates U.S. |
|
|
(494,734 |
) |
Interest Rates Non-U.S. |
|
|
(1,865,994 |
) |
Livestock |
|
|
(403,443 |
) |
Metals |
|
|
(1,232,080 |
) |
Softs |
|
|
(4,198,866 |
) |
|
|
|
|
|
Total unrealized depreciation on open futures contracts |
|
|
(15,263,153 |
) |
|
|
|
|
|
Net unrealized appreciation on open futures contracts |
|
$ |
4,931,940 |
* |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Currencies |
|
$ |
113,563 |
|
Metals |
|
|
1,619,985 |
|
|
|
|
|
|
Total unrealized appreciation on open forward contracts |
|
|
1,733,548 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Currencies |
|
$ |
(52,431 |
) |
Metals |
|
|
(1,160,212 |
) |
|
|
|
|
|
Total unrealized depreciation on open forward contracts |
|
|
(1,212,643 |
) |
|
|
|
|
|
Net unrealized appreciation on open forward contracts |
|
$ |
520,905 |
** |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Grains |
|
$ |
2,505,799 |
|
Livestock |
|
|
2,386,320 |
|
|
|
|
|
|
Total options purchased |
|
$ |
4,892,119 |
*** |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Grains |
|
$ |
(867,079 |
) |
Livestock |
|
|
(987,372 |
) |
|
|
|
|
|
Total options written |
|
$ |
(1,854,451 |
)**** |
|
|
|
|
|
| * |
This amount is in “Net unrealized appreciation on open futures contracts” in the Consolidated Statements of Financial Condition. |
| ** |
This amount is in “Net unrealized appreciation on open forward contracts” in the Consolidated Statements of Financial Condition. |
| *** |
This amount is in “Options purchased, at fair value” in the Consolidated Statements of Financial Condition. |
| **** |
This amount is in “Options written, at fair value” in the Consolidated Statements of Financial Condition. |
|
| Trading Gains and Losses by Market Sector on Derivative Instruments Traded |
The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three and six months ended June 30, 2026 and 2025.
|
|
|
|
|
|
|
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|
| |
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
Sector |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Currencies |
|
$ |
5,209,766 |
|
|
$ |
(4,459,533 |
) |
|
$ |
8,117,119 |
|
|
$ |
(9,668,833 |
) |
Energy |
|
|
(378,321 |
) |
|
|
(7,144,328 |
) |
|
|
4,447,436 |
|
|
|
(11,032,853 |
) |
Grains |
|
|
2,163,844 |
|
|
|
(165,144 |
) |
|
|
941,244 |
|
|
|
(3,029,979 |
) |
Indices |
|
|
1,863,210 |
|
|
|
(3,147,247 |
) |
|
|
5,136,687 |
|
|
|
(4,473,562 |
) |
Interest Rates U.S. |
|
|
(334,998 |
) |
|
|
693,077 |
|
|
|
394,024 |
|
|
|
(961,394 |
) |
Interest Rates Non-U.S. |
|
|
432,834 |
|
|
|
(1,454,511 |
) |
|
|
(1,748,177 |
) |
|
|
(1,081,206 |
) |
Livestock |
|
|
(1,246,887 |
) |
|
|
3,246,579 |
|
|
|
176,618 |
|
|
|
4,924,796 |
|
Metals |
|
|
(3,706,725 |
) |
|
|
1,593,255 |
|
|
|
(321,963 |
) |
|
|
6,521,716 |
|
Softs |
|
|
(2,234,566 |
) |
|
|
(1,720,006 |
) |
|
|
(3,586,595 |
) |
|
|
(693,964 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,768,157 |
***** |
|
$ |
(12,557,858 |
)***** |
|
$ |
13,556,393 |
***** |
|
$ |
(19,495,279 |
)***** |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ***** This amount is included in “Total trading results” in the Consolidated Statements of Income and Expenses.
|