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EX-32.1 - EX-32.1 - ROGERS INTERNATIONAL RAW MATERIALS FUND LPc384-20141231ex3218f688f.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-K

 

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended      December 31, 2014

 

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:    000-51836 

 

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

 

 

 

Illinois

 

36-4368292

(State of Organization)

 

(IRS Employer Identification Number)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c/o Beeland Management Company, L.L.C.

General Partner

141 West Jackson Boulevard Suite 1340A

Chicago, Illinois

 

60604

(Address of principal executive offices)

 

(Zip Code)

 

(312) 264-4375

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:  None

Securities registered pursuant to Section 12(g) of the Act: Units of Limited Partnership

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes  No

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.YesNo

Indicate by check mark if the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulations S-T (Sec. 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files. YesNo

 


 

Indicate by check mark if the disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. YesNo

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

 

 

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

 

(Do not check if a smaller reporting company)

 

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

DOCUMENTS INCORPORATED BY REFERENCE

None

 

 

 


 

PART I

 

ITEM 1.BUSINESS

 

(a) General development

Rogers International Raw Materials Fund, L.P. (the “Partnership”) is an Illinois Limited Partnership established in May 2000. The Partnership invests and trades a portfolio primarily of commodity futures and forward contracts designed to track the change in values of the Rogers International Commodity Index® (the “Index”). The Partnership commenced trading during November 2001.  Beeland Management Company, L.L.C., an Illinois limited liability company (“Beeland Management”), serves as the general partner of the Partnership.

The Partnership originally filed a registration statement, under the Securities Act of 1933, as amended, with the Securities and Exchange Commission (the “SEC”) to register $200 million of units of limited partnership interest (the “Series A units”), which registration statement became effective in January 2001. The Partnership’s initial offering period was held during fiscal year 2001. The Series A units were initially offered for sale at a fixed price of $100. An initial closing was held after a minimum of 50,000 units in subscriptions was received.

The net proceeds from the initial closing, after deducting the subscription fee, were placed in a trading account with the Partnership's futures commission merchant and were used to acquire a portfolio of futures positions, consistent with the Partnership’s trading policies, as well as U.S. Government obligations.

The Partnership subsequently filed an additional registration statement with the SEC to bring the total dollar amount of Series A units registered for sale to approximately $245,405,200, and a total of 677,673.54 of units have been sold to the public as of March 1, 2015.

Effective September 22, 2010, the Partnership filed an additional registration statement with the SEC to register $150,000,000 of Series B Units of limited partnership interest (the “Series B units”).  A total of $1,280,078 of Series B units has been sold to the public as of March 1, 2015.  Series A and Series B units are identical with respect to participation in the Partnership’s profits or losses. Series B units do not, however, participate in any Partnership recoveries arising out of the bankruptcy of Refco Inc. and its affiliates. Effective May 1, 2013, the Partnership ceased offering its units of limited partnership and subsequently deregistered the unsold balance of its registered units.

The Partnership will terminate December 31, 2020 or earlier upon certain circumstances as defined in the Limited Partnership Agreement.

(b) Financial information about segments 

The Partnership’s business constitutes only one business segment, i.e., a speculative commodity pool. The Partnership does not engage in sales of goods and services. Financial information regarding the Partnership’s business is set forth in Item 8 “Financial Statements and Supplementary Data.”

 

(c) Narrative description of business 

The Partnership invests and trades in a portfolio of commodity futures and forward contracts. The Partnership’s investment activities are designed to replicate the positions that comprise the Rogers International Commodity Index ® (the “Index”).  The Index consists of a compendium, sometimes known as a basket, of raw materials employed within the world economy and traded on established exchanges as futures and forward contracts. The Partnership invests and trades exclusively on the “long side” of the market. This means that the Partnership only buys positions in commodities and does not engage in any short-selling. The Partnership historically has closed out all positions by making an offsetting sale and has not taken delivery of the actual commodities, although it may take delivery in the future.  Funds for its business were obtained only by the sale of units of limited partnership interest and from the retention of any profits generated from the Partnership’s trading.  At December 31, 2014, the Partnership was not accepting contributions.  

1

 


 

The Index was developed by James Beeland Rogers, Jr. to be a balanced, representative, international raw materials index. Beeland Management believes that the Index includes most of the publicly traded raw materials used in international commerce for which futures contracts or forward contracts are regularly traded in recognized markets. Beeland Management attempts to replicate the composition of the Index using various commodity futures contracts.  The initial components of the Index and their weightings were chosen by Mr. Rogers based on his perception of the relative importance of the underlying raw materials in international trade and commerce.  A committee now formulates and enacts all business assessments and decisions regarding the composition of the Index.  Mr. Rogers, as the founder and owner of the Index, chairs that committee and is the final arbiter of its decisions. “Rogers International Commodity Index” is a registered service mark of Beeland Interests, Inc., a company wholly owned by Mr. Rogers. Beeland Management uses and publishes the Index and markets products designed to track the Index pursuant to a nonexclusive license from Beeland Interests, Inc.

Since the Partnership’s portfolio is based on the Index, there is no active trading by Beeland Management in the traditional sense. Unlike most commodity pools, commodity contracts are not bought or sold to take advantage of potential profitable price movement. Other than effecting trades to reflect a possible adjustment in the composition of the Index or the weightings among its components, the only regular trading performed by Beeland Management is for rolling positions from near delivery dates to later delivery dates to ensure that the Partnership will not take actual delivery of a physical commodity. These rolling trades, made pursuant to a predetermined formula and rules, are placed and effected, to the extent possible, as spread transactions in which the Partnership simultaneously buys and sells futures contracts corresponding to the same commodity but for delivery in different months.

The Partnership’s principal objective is to provide an alternative investment vehicle for investors with diversified investment portfolios. The performance of the Partnership is not correlated with traditional securities markets. In other words, the performance of the Partnership is largely independent from how the traditional equity and debt markets perform.  Accordingly, the Partnership’s returns will not necessarily increase when that of stocks or bonds increase and will not necessarily decrease when that of stocks or bonds decrease.  However, the Partnership will not necessarily perform better when traditional markets decline, or perform worse when the traditional markets are rising.

The Partnership pays a monthly management fee to Beeland Management equal to 0.08333% of the average monthly sum of all limited partner capital accounts at the close of each month (1.00% per annum). The Partnership pays the costs of executing and clearing its trades, its administrative expenses, compensation due to its selling agents, and any extraordinary expenses which it may incur.

ADM Investor Services, Inc. (“ADMIS”) acts as the futures commission merchant for the Partnership, and The Price Futures Group, Inc.,  an affiliate of Beeland Management,  acts as introducing broker for the Partnership.  Unit holders of Series A and B units normally may be redeemed at any month end upon 6 business days written notice to the Partnership’s general partner.

Regulation

Under the Commodity Exchange Act, as amended (the “CEA”), commodity exchanges and futures trading are subject to regulation by the Commodity Futures Trading Commission (the “CFTC”). National Futures Association (the “NFA”), a “registered futures association” under the CEA, is the only non-exchange self-regulatory organization for futures industry professionals. The CFTC has delegated to the NFA responsibility for the registration of “commodity trading advisors,” “commodity pool operators,” “futures commission merchants,” “introducing brokers” and their respective associated persons and “floor brokers” and “floor traders.” The CEA requires commodity pool operators and commodity trading advisors, such as Beeland Management, and commodity brokers or futures commission merchants and introducing brokers, such as ADMIS and The Price Futures Group, Inc. to be registered and to comply with various reporting and record keeping requirements. The CFTC may suspend a commodity pool operator’s or trading advisor’s registration if it finds that its trading practices tend to disrupt orderly market conditions or in certain other situations. In the event that the registration of Beeland Management as a commodity pool operator or a commodity trading advisor were terminated or suspended, Beeland

2

 


 

Management would be unable to continue to manage the business of the Partnership.  Should Beeland Management’s registration be suspended, termination of the Partnership might result.

In addition to such registration requirements, the CFTC and certain commodity exchanges have established limits on the maximum net long or net short position which any person may hold or control in particular commodities.  Most exchanges also limit the changes in futures contract prices that may occur during a single trading day. The CFTC has proposed rules for a separate position limits regime for 28 so-called “exempt” (i.e. metals and energy) and agricultural futures and options contracts and their economically equivalent swap contracts.  If the CFTC rule becomes effective, Beeland Management believes that the limits, once compliance is required, will be sufficiently large that they should not restrict the Partnership’s ability to replicate the Index.

(i) through (xii) - not applicable.

(xiii) the Partnership has no employees.

(d) Financial information about geographic areas 

The Partnership does not engage in material operations in foreign countries (although it does trade from the United States on foreign futures exchanges), nor is a material portion of its revenues derived from foreign customers.

 

ITEM 1A.RISK FACTORS

 

Not Required.

 

ITEM 1B.UNRESOLVED STAFF COMMENTS

 

Not Required.

 

 

ITEM 2.PROPERTIES

 

The Partnership does not own or use any physical properties in the conduct of its business.  Beeland Management Company L.L.C., 141 W. Jackson Blvd., Suite 1340A, Chicago, IL 60604, conducts the Partnership’s trading activities and performs certain administrative services for the Partnership from its offices.

 

ITEM 3.LEGAL PROCEEDINGS

None.

 

ITEM 4.MINE SAFETY DISCLOSURES

 

Not applicable.

3

 


 

PART II

 

ITEM 5.MARKET FOR REGISTRANT’S LIMITED PARTNERSHIP UNITS AND RELATED PARTNER MATTERS AND ISSUER PURCHASES OF LIMITED PARTNERSHIP UNITS

 

(a)   Market InformationThere is no established market for the Series A and B units, and none is likely to develop. Series A and B units normally may be redeemed upon 6 business days’ written notice to the Partnership’s general partner, Beeland Management Company, LLC, 141 W. Jackson Blvd., Suite 1340A, Chicago, IL 60604. 

 

(b)   Holders.  There were approximately 501 Series A and 38 Series B Limited Partners at March 1, 2015.    

(c)   Dividends.  The Fund has not paid any dividends. 

(d)   Securities Authorized for Issuance Under Equity Compensation Plans.  There are no securities authorized for issuance under equity compensation plans.

 

(e)   Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities.  There have been no sales of unregistered securities of the Partnership during 2014. 

(f)   Issuer Purchases of Equity Securities.  Unitholders may redeem their Series A and B units at the end of each calendar month at the then current month-end Net Asset Value per unit.  The redemption of units has no impact on the value of Series A and B units that remain outstanding, and Series A and B units are not reissued once redeemed.    

The following table summarizes the redemptions by Series A and Series B Unitholders during the fourth calendar quarter of  2014:

 

 

 

 

 

 

 

 

 

 

 

Series A

 

 

 

 

 

 

 

 

 

Month

 

 

 

Redemption Date

 

 

Units Redeemed:

 

NAV per Unit

October 31, 2014

 

(728.27)

 

142.67 

November 30, 2014

 

(3,252.01)

 

133.13 

December 31, 2014

 

(3,150.25)

 

121.70 

 

 

 

 

 

Series B

 

 

 

 

 

 

 

 

 

 

 

 

 

Redemption Date

Month

 

Units Redeemed:

 

NAV per Unit

October 31, 2014

 

(482.93)

 

139.12 

November 30, 2014

 

(209.97)

 

129.81 

December 31, 2014

 

(66.90)

 

118.36 

 

 

ITEM 6.SELECTED FINANCIAL DATA

 

Not required.

4

 


 

ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

INTRODUCTION

 

The Partnership’s trading is designed to replicate the positions which comprise the Index.  The Partnership invests and trades in a portfolio of commodity futures and possibly forward contracts.  The Partnership invests and trades solely on the “long side” of the market.  Beeland Management, as general partner, manages all business of the Partnership. 

The Index is not designed to predict which markets will exhibit positive (or negative) performance in any given year, and the specific components of the Index were not selected based on expectations of their future performance.  Rather, the Index was designed to be a balanced, representative international raw materials index and to include most of the publicly traded raw materials used in international commerce.  As a diversified index, the Index as a whole can be expected to produce different levels of return (including negative returns) in its various sectors from year to year.

CAPITAL RESOURCES

 

The Partnership has raised capital only through the sale of units of limited partnership interest.  At December 31, 2014,  the Partnership was not accepting contributions.   The Partnership does not intend to raise any capital through borrowing.  Due to the nature of the Partnership’s business, it will make no capital expenditures and will have no capital assets that are not operating capital or assets.

 

LIQUIDITY

 

Most United States commodity exchanges limit fluctuations in futures contracts prices during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits.”  During a single trading day, no trades may be executed at prices beyond the daily limit.  This may affect the Partnership’s ability to close existing positions and initiate new positions when the Partnership is rolling its positions forward from one futures contract delivery month to another or when adjusting the Partnership’s portfolio to reflect additions or withdrawals of capital.  Futures prices have occasionally moved the daily limit for several consecutive days with little or no trading.  Trading in forward or other over the counter contracts introduces a possible further impact on liquidity.  Because such contracts are executed “off exchange” between private parties, the time required to offset or “unwind” these positions may be greater than that for regulated instruments.  Other than these limitations on liquidity, which are inherent in the Partnership’s trading operations; the Partnership’s assets are highly liquid and are expected to remain so.  During its operations through December 31, 2014, the Partnership experienced no meaningful periods of illiquidity in any of the markets traded by the Partnership.

 

RESULTS OF OPERATIONS

 

The Partnership’s net income or loss is directly related to changes in the value of the Index, which the Partnership is designed to replicate, and is not dependent on trading decisions made by Beeland Management apart from balancing positions to track the Index.  In periods of general market inflation, market deflation, Beeland Management would expect the value of the Index to decrease.  The Partnership’s performance may be negative in years when the Index’s performance is positive due to fees charged.

 

The components of the Partnership’s return are normally the gains and losses recognized from the changes in futures market prices and the interest income earned on cash balances. The mechanics and rules of futures markets allow the Partnership to earn interest on approximately 90% to 100% of its assets.

 

At December 31, 2014 and 2013, the Partnership’s net assets were $10,541,678 and $18,436,202, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 


 

 

Year ended

 

Year ended

 

2014

 

2013

Net Revenues

 

 

 

 

 

Realized net trading loss

$

(2,915,724)

 

$

(946,080)

Change in unrealized net trading gain (loss)

 

(278,574)

 

 

(177,085)

Interest income

 

7,105 

 

 

9,362 

Other income

 

25,725 

 

 

41,632 

 

 

 

 

 

 

Total Net Revenues

$

(3,161,467)

 

$

(1,072,171)

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

Brokerage commissions

 

39,746 

 

 

44,549 

Management fees

 

165,291 

 

 

221,721 

Administrative and other fees

 

249,901 

 

 

405,492 

 

 

 

 

 

 

Total Operating Expenses

$

454,938 

 

$

671,762 

 

2014

During 2014, the Index and the Partnership experienced negative performance. The Index can be categorized into three sectors: agriculture, energy and metals. During 2014, the performance of the Index’s sectors were all negative.  Agriculture, energy and metals sectors posted decreases of -1.97%, -19.89% and -2.29%, respectively. The Index returned -22.21% while the Partnership returned -24.10%. Performance of the Partnership deviated from the Index due to the expenses charged at the Partnership level.

 

The Partnership had no capital contributions in 2014. The total capital withdrawals in 2014 were  $4,278,118.

 

2013

During 2013, the Index and the Partnership experienced negative performance. The Index can be categorized into three sectors: agriculture, energy and metals. During 2013, the performance of the Index’s sectors was mixed. Energy led the sectors with an increase of 3.347% while agriculture and metals sectors posted decreases of -4.32% and -3.93%, respectively. The Index returned -4.49% while the Partnership returned -7.42%. Performance of the Partnership deviated from the Index due to the expenses charged at the Partnership level.

 

The Partnership had capital contributions in 2013 totaling $25,117. The total capital withdrawals in 2013 were  $5,615,266.

 

 

OFF-BALANCE SHEET RISK

 

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Partnership trades primarily in futures and forward contracts and may therefore become a party to financial instruments with elements of off-balance sheet market and credit risk.  Market risks arise from changes in the market value of financial instruments.  Theoretically, the Partnership’s exposure is equal to the notional contract value of futures contracts entered. Exposure to market risk is influenced by a number of factors, including the relationships between financial instruments, and the volatility and liquidity in the markets in which the financial instruments are traded.  Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of a contract.  The Partnership’s exposure to credit risk associated with counterparty nonperformance is generally the net unrealized gain on the open positions plus the value of the margin or collateral held by the counterparty.  Exchange-traded financial instruments generally do not give rise to significant counterparty exposure due to the cash settlement procedures for daily market movements and the margin requirements of individual exchanges.   Financial instruments traded off-exchange give rise to the risk of the failure of, or the inability or refusal to perform by, the counterparties to such trades.

6

 


 

 

The Partnership clears all of its futures trades through one clearing broker, ADMIS.  In the event this counterparty does not fulfill its obligations, the Partnership may be exposed to risk.  This risk of default depends on the creditworthiness of the counterparties to these transactions. The Partnership has a substantial portion of its assets on deposit with financial institutions in connection with its cash management activities.  In the event of a financial institution’s insolvency, recovery of the Partnership’s assets on deposit may be limited to the amount of insurance or other protection afforded such deposits. The Partnership attempts to minimize this credit risk by monitoring the creditworthiness of the clearing broker and financial institutions.

 

CRITICAL ACCOUNTING POLICIES – VALUATION OF THE PARTNERSHIP’S POSITIONS

 

Beeland Management believes that the accounting policies that are most critical to the Partnership’s financial condition and results of operations relate to the valuation of the Partnership’s positions.  The Partnership’s positions are exchange-traded futures contracts, which are valued daily at settlement prices published by the exchanges.    Thus, Beeland Management expects that under normal circumstances substantially all of the Partnership’s assets are valued on a daily basis using objective measures.

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Based on the nature of the business and operations of the Partnership, Beeland Management believes that the estimates utilized in preparing the Partnership’s financial statements are appropriate and reasonable; however actual results could differ from these estimates.  The estimates used do not provide a range of possible results that would require the exercise of subjective judgment.  Beeland Management further believes that, based on the nature of the business and operations of the Partnership, no other reasonable assumptions relating to the application of the Partnership’s accounting estimates other than those currently used would likely result in materially different amounts from those reported. 

 

OFF-BALANCE SHEET ARRANGEMENTS

The Partnership does not engage in off-balance sheet arrangements with other entities.

CONTRACTUAL OBLIGATIONS

The Partnership does not enter into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources.  The Partnership’s sole business is trading futures, forwards, and other over the counter contracts.  All such contracts are settled by offset, not delivery.  The Partnership’s financial statements, included in Item 8 of this report, present audited Schedules of Investments setting forth unrealized gains and losses on the Partnership’s open futures contracts at December 31, 2013 and 2012.

ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

 

 

 

7

 


 

 

 

 

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

The following financial statements of The Rogers International Raw Materials Fund are included in Item 8.

 

 

 

 

 

Financial Statements

 

 

 

 

 

Report of Independent Registered Public Accounting Firm-2014 and 2013 

F-1

 

 

Statements of Financial Condition as of December 31, 2014 and 2013 

F-2

 

 

Condensed Schedule of Investments as of December 31, 2014 

F-3

 

 

Condensed Schedule of Investments as of December 31, 2013 

F-4

 

 

Statements of Operations for the Years Ended December 31, 2014 and 2013 

F-5

 

 

Statements of Changes in Partners’ Capital (Net Assets) for the Years Ended December 31, 2014 and 2013 

F-6

 

 

Notes to Financial Statements 

F-7-14

 

 

 

 

 

 


 

 

Report of Independent Registered Public Accounting Firm

 

To the Partners

Rogers International Raw Materials Fund, L.P.

 

We have audited the accompanying statements of financial condition, including the condensed schedules of investments, of Rogers International Raw Materials Fund, L.P. (the Partnership) as of December 31, 2014 and December 31, 2013, and the related statements of operations and changes in partners’ capital (net assets) for the years then ended.  These financial statements are the responsibility of the Partnership’s management.  Our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Rogers International Raw Materials Fund, L.P. as of December 31, 2014 and December 31, 2013, and the results of its operations for the years then ended in conformity with U.S. generally accepted accounting principles. 

 

/s/ Spicer Jeffries LLP

 

Greenwood Village, Colorado

March 30, 2015

 

F-1


 

 

 

 

 

 

 

 

 

 

 

 

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

STATEMENTS OF FINANCIAL CONDITION

December 31, 2014 and 2013

 

 

 

 

 

 

 

 

 

2014

 

2013

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in broker trading accounts:

 

 

 

 

 

 

Cash at brokers

 

$

2,269,630 

 

$

3,178,609 

Unrealized (loss) on open futures contracts, net

 

 

(505,782)

 

 

(227,208)

      Total equity in brokers trading accounts

 

 

1,763,848 

 

 

2,951,401 

 

 

 

 

 

 

 

U.S. Government securities, at fair value (cost of    

 

 

 

 

 

 

     $9,497,527 and $16,198,357)

 

 

9,498,692 

 

 

16,199,351 

Cash and cash equivalents

 

 

265,878 

 

 

35,365 

      Total assets

 

$

11,528,418 

 

$

19,186,117 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

Brokerage commissions payable

 

$

2,690 

 

$

2,690 

Accrued management fees – General Partner

 

 

9,968 

 

 

15,482 

Administrative and other fees payable

 

 

118,838 

 

 

164,836 

Withdrawals payable

 

 

855,244 

 

 

566,907 

      Total liabilities

 

 

986,740 

 

 

749,915 

 

 

 

 

 

 

 

PARTNERS’ CAPITAL (NET ASSETS)

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners’ capital (net assets)

 

 

10,541,678 

 

 

18,436,202 

 

 

 

 

 

 

 

      Total liabilities and partners’ capital (net assets)

 

$

11,528,418 

 

$

19,186,117 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 

 

 

 

 

 

F-2


 

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

December 31, 2014

 

 

 

 

 

 

 

 

 

U.S. Government securities:

 

Fair Value

 

Percent of Partners' Capital        (Net Assets)

 

(total cost - $9,497,527)

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills due 2/12/2015 at 0.05%, principal amount $4,500,000

 

$

4,499,760 

 

42.69 

%

U.S. Treasury Bills due 4/16/2015 at 0.04%, principal amount $1,500,000

 

 

1,499,827 

 

14.23 

 

U.S. Treasury Bills due 5/21/2015 at 0.07%, principal amount $3,500,000

 

 

3,499,105 

 

33.19 

 

 

 

 

 

 

 

 

 

 

$

9,498,692 

 

90.11 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gain (Loss) on Open Long Contracts

 

Percent of Partners' Capital       (Net Assets)

 

Futures contracts*:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Futures Positions

 

 

 

 

 

 

   Agricultural

 

$

(30,914)

 

(0.29)

%

   Metals

 

 

(26,100)

 

(0.25)

 

   Energy

 

 

(339,257)

 

(3.22)

 

         Total U.S. Futures Positions

 

 

(396,271)

 

(3.76)

 

 

 

 

 

 

 

 

Foreign Futures Positions

 

 

 

 

 

 

   Agricultural

 

 

16,984 

 

0.16 

 

   Metals

 

 

(126,495)

 

(1.20)

 

         Total Foreign Futures Positions

 

 

(109,511)

 

(1.04)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         Total Futures Contracts

 

$

(505,782)

 

(4.80)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*No individual futures contract position constitutes greater than 1 percent of Partners’ Capital (Net Assets).

 

 

 

Accordingly, the number of contracts and expiration dates are not presented.

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 

 

 

 

 

 

 

 

 

 

F-3


 

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

December 31, 2013

 

 

 

 

 

 

 

 

 

U.S. Government securities:

 

Fair Value

 

Percent of Partners' Capital        (Net Assets)

 

(total cost - $16,198,357)

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills due 2/13/2014 at 0.02%, principal amount $8,200,000

 

$

8,199,805 

 

44.48 

%

U.S. Treasury Bills due 3/20/2014 at 0.01%, principal amount $4,000,000

 

 

3,999,949 

 

21.70 

 

U.S. Treasury Bills due 5/01/2014 at 0.03%, principal amount $4,000,000

 

 

3,999,597 

 

21.69 

 

 

 

 

 

 

 

 

 

 

$

16,199,351 

 

87.87 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized Gain (Loss) on Open Long

 

Percent of Partners' Capital

 

 

 

 

Contracts

 

(Net Assets)

 

Futures contracts*:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Futures Positions

 

 

 

 

 

 

   Agricultural

 

$

(148,728)

 

(0.81)

%

   Metals

 

 

(55,860)

 

(0.30)

 

   Energy

 

 

12,655 

 

0.07 

 

         Total U.S. Futures Positions

 

 

(191,933)

 

(1.04)

 

 

 

 

 

 

 

 

Foreign Futures Positions

 

 

 

 

 

 

   Agricultural

 

 

(3,261)

 

(0.02)

 

   Metals

 

 

(32,014)

 

(0.17)

 

         Total Foreign Futures Positions

 

 

(35,275)

 

(0.19)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         Total Futures Contracts

 

$

(227,208)

 

(1.23)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*No individual futures contract position constitutes greater than 1 percent of Partners’ Capital (Net Assets).

 

 

Accordingly, the number of contracts and expiration dates are not presented.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-4


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

STATEMENTS OF OPERATIONS

For the years ended December 31, 2014 and 2013

 

 

 

 

 

 

 

 

 

2014

 

2013

 

 

 

 

 

 

 

Net trading gains (losses):

 

 

 

 

 

 

   Realized

 

$

(2,915,724)

 

$

(946,080)

   Change in unrealized

 

 

(278,574)

 

 

(177,085)

   Commissions

 

 

(39,746)

 

 

(44,549)

 

 

 

(3,234,044)

 

 

(1,167,714)

 

 

 

 

 

 

 

Investment income:

 

 

 

 

 

 

   Interest income

 

 

7,105 

 

 

9,362 

   Other income

 

 

25,725 

 

 

41,632 

 

 

 

32,830 

 

 

50,994 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

   Management fees – General Partner

 

 

165,291 

 

 

221,721 

   Administrative and other fees

 

 

249,901 

 

 

405,492 

 

 

 

415,192 

 

 

627,213 

 

 

 

 

 

 

 

Net investment income (loss)

 

 

(382,362)

 

 

(576,219)

 

 

 

 

 

 

 

Net income (loss)

 

$

(3,616,406)

 

$

(1,743,933)

 

 

 

 

 

 

 

Net increase (decrease) in NAV per GP and LP unit for the period:

 

 

 

 

 

 

 

 

 

 

 

 

 

General Partner

 

$

(38.64)

 

$

(12.84)

Limited Partners-Series A

 

$

(38.64)

 

$

(12.84)

Limited Partners-Series B

 

$

(38.06)

 

$

(12.97)

 

 

 

 

 

 

 

Net income (loss) per General and Limited Partners (based on weighted average number of units outstanding during the period):

 

 

 

 

 

 

 

 

 

 

 

 

 

General Partner

 

$

(50,768)

 

$

(19,303)

Limited Partners-Series A

 

 

(3,378,096)

 

 

(1,646,980)

Limited Partners-Series B

 

 

(187,542)

 

 

(77,650)

 

 

$

(3,616,406)

 

$

(1,743,933)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 

 

 

 

 

F-5


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (NET ASSETS)

For the years ended December 31, 2014 and 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General Partner

 

Limited Partners

 

 

 

 

 

 

 

 

 

 

 

Series A

 

Series B

 

 

 

 

 

 

 

 

Number of Units

 

Dollars

 

Number of Units

 

Dollars

 

Number of Units

 

Dollars

 

Total

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners’ capital (net assets), January 1, 2013

 

 

1,732 

 

$

299,995 

 

140,726 

 

$

24,371,666 

 

6,485 

 

$

1,098,623 

 

$

25,470,289 

 

$

25,770,284 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contributions

 

 

 

 

 

 

 

 

 

 

 

 

145 

 

 

25,117 

 

 

25,117 

 

 

25,117 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

(19,303)

 

 

 

 

(1,646,980)

 

 

 

 

(77,650)

 

 

(1,724,630)

 

 

(1,743,933)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Withdrawals

 

 

(418)

 

 

(70,000)

 

(32,490)

 

 

(5,370,382)

 

(1,061)

 

 

(174,884)

 

 

(5,545,266)

 

 

(5,615,266)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners’ capital (net assets), December 31, 2013

 

 

1,314 

 

 

210,692 

 

108,236 

 

 

17,354,304 

 

5,569 

 

 

871,206 

 

 

18,225,510 

 

 

18,436,202 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 -

 

 

(50,768)

 

 -

 

 

(3,378,096)

 

 -

 

 

(187,542)

 

 

(3,565,638)

 

 

(3,616,406)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Withdrawals

 

 

 -

 

 

 -

 

(27,328)

 

 

(4,129,524)

 

(1,049)

 

 

(148,594)

 

 

(4,278,118)

 

 

(4,278,118)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners’ capital (net assets), December 31, 2014

 

 

1,314 

 

$

159,924 

 

80,908 

 

$

9,846,684 

 

4,520 

 

$

535,070 

 

$

10,381,754 

 

$

10,541,678 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per unit data

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value Series A

 

$

121.70 

 

$

160.34 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value Series B

 

$

118.36 

 

$

156.42 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value General Partner

 

$

121.70 

 

$

160.34 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 

 

 

 

 

 

F-6


 

 

ROGERS INTERNATIONAL RAW MATERIALS FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

December 31, 2014

 

 

Note 1. Significant Accounting Policies:

 

Nature of Business and Organization: Rogers International Raw Materials Fund, L.P. (the "Partnership") is an Illinois Limited Partnership that was established in May 2000. The Partnership trades a portfolio primarily of commodity futures contracts, principally on recognized exchanges. The Partnership may also purchase contracts in the over the counter marketplace under certain circumstances. The Partnership invests and trades exclusively on the “long side” of the market. The Partnership’s investment strategy is designed to replicate the Rogers International Commodity Index® (the “Index”) and positions are rebalanced monthly to maintain the Index’s relative weightings. The Partnership commenced trading during November 2001. The Partnership will terminate on December 31, 2020 or earlier upon certain circumstances as defined in the Limited Partnership Agreement. The Partnership’s General Partner and commodity pool operator is Beeland Management Company, L.L.C. (the “General Partner”).  Beeland Interests, Inc. is the owner and sponsor of the Index.

 

Accounting Policies:  The Partnership follows Generally Accepted Accounting Principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition and results of operation.  The Partnership is an investment company and follows the accounting and reporting guidelines in FASB Topic 946.     

 

Net Assets: The valuation of net assets includes open commodity futures owned by the Partnership, if any, at the end of the period. The unrealized gain or loss on these contracts has been calculated based on settlement prices on the last business day of each month. Net assets are determined by subtracting liabilities from assets, which also equals partners’ capital.

 

Cash and Cash Equivalents:  Cash and cash equivalents include highly liquid instruments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents include amounts on deposit with a broker to facilitate payment of expenses and partner withdrawals.

 

Fair Value of Financial Instruments:  Securities and derivative financial instruments are recorded at fair value.

 

Deposits with Brokers:  The Partnership deposits assets with brokers subject to Commodity Futures Trading Commission regulations and various exchange and broker requirements.  Margin requirements are satisfied by the deposit of cash with such brokers.  The Partnership earns interest income on its assets deposited with the brokers.

 

Revenue Recognition: Futures and forward contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are liquidated.  Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statements of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses.   Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations.    

 

Interest Income Recognition: The Partnership records interest income on the accrual basis.

 

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.    

 

Foreign Currency Translation: Foreign currency is translated into U.S. dollars at the exchange rate prevailing on the last business day of each month.  The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities and derivative financial instruments held. Such fluctuations are included with the net realized trading gains or losses.

 

Income Taxes: No provision for income taxes has been made in these financial statements as each partner is individually responsible for reporting income or loss based on its respective share of the Partnership’s income and expenses as reported for income tax purposes.

 

The Partnership is generally not subject to examination by U.S. federal or state taxing authorities for tax years before 2011.  The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through December 31, 2014.

F-7


 

Note 1. Significant Accounting Policies (continued):

 

Profit and Loss Allocation: Limited partners and the General Partner share in the profits and losses of the Partnership in the proportion that each partner’s capital account bears to the total partners’ capital.

 

Withdrawals Payable:  Withdrawals approved by the General Partner prior to month-end with a fixed effective date and fixed amount are recorded as withdrawals payable as of month-end (See Note 5).

 

Statement of Cash Flows:  The Partnership has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met:

 

-During the years, substantially all of the Partnership’s investments were level 1 or 2;

-Substantially all of the Partnership’s investments are carried at fair value;

-The Partnership had little or no debt during the years;

-The Partnership’s financial statements include a statement of changes in partners’ capital (net assets).

 

 

Note 2. Fair Value of Financial Instruments:

 

As described in Note 1, the Partnership records its investments at fair value.  Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The Partnership utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs.  Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value.   The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).   The three levels of the fair value hierarchy are described below:

 

Level 1.  Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

 

Level 2.  Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value is determined through the use of models or other valuation methodologies.  

 

Level 3.  Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability.  The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation.

 

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.  The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.  The following section describes the valuation techniques used by the Partnership to measure different financial instruments at fair value and includes the level within the fair value hierarchy in which the financial instrument is categorized.

 

The fair values of exchange traded futures contracts are based upon exchange settlement prices.  Money market funds included in cash at brokers are valued using quoted market prices.  U.S. Government securities are stated at cost plus accrued interest, which approximates fair value based on quoted prices for identical assets in an active market. These financial instruments are categorized in Level 1 of the fair value hierarchy. 

 

The following table summarizes the Partnership’s assets measured at fair value on a recurring basis as of December 31, 2014 and 2013 using the fair value hierarchy:

 

 

 

 

 

 

 

F-8


 

Note 2. Fair Value of Financial Instruments (continued):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

Description

 

Level 1

 

Level 1

 

 

 

 

 

 

 

Equity in brokers trading account:

 

 

 

 

 

 

Unrealized loss on open futures contracts, net*

 

$

(505,782)

 

$

(227,208)

U.S. Government securities*

 

 

9,498,692 

 

 

16,199,351 

Cash and cash equivalents:

 

 

 

 

 

 

Money market funds

 

 

198,304 

 

 

12,705 

 

 

 

 

 

 

 

 

 

$

9,191,214 

 

$

15,984,848 

 

*See the condensed schedule of investments for further description.

 

During the years ended December 31, 2014 and 2013, there were no Level 2 or Level 3 assets or liabilities.

 

The Partnership assesses the levels of assets and liabilities measured at fair value at each measurement date, and transfers between levels are recognized on the accrual date of the event or change in circumstances that caused the transfer. There were no transfers among Levels 1, 2, and 3 during the years ended December 31, 2014 and 2013.

 

In addition, substantially all of the Partnership’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments.

 

Note 3. Derivative Transactions:

 

The Partnership’s business is the speculative trading of futures contracts. The Partnership does not consider any derivative instruments to be hedging instruments, as this term is generally understood under FASB guidance.

 

As of and for the years ended December 31, 2014 and 2013, the Partnership’s derivative contracts had the following impact on the statements of financial condition and statements of operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Derivatives

 

Liability Derivatives

 

Net Derivatives

 

 

December 31, 2014

 

December 31, 2014

 

December 31, 2014

 

 

Fair Value

 

Fair Value

 

Fair Value*

 

 

 

 

 

 

 

 

 

 

Futures positions:

 

 

 

 

 

 

 

 

 

Agricultural

 

$

77,898 

 

$

(91,828)

 

$

(13,930)

Metals

 

 

98,632 

 

 

(251,227)

 

 

(152,595)

Energy

 

 

1,800 

 

 

(341,057)

 

 

(339,257)

 

 

$

178,330 

 

$

(684,112)

 

$

(505,782)

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

Net Derivatives

 

 

 

December 31, 2013

 

 

December 31, 2013

 

 

December 31, 2013

 

 

 

Fair Value

 

 

Fair Value

 

 

Fair Value*

 

 

 

 

 

 

 

 

 

 

Futures positions:

 

 

 

 

 

 

 

 

 

Agricultural

 

$

77,300 

 

$

(229,289)

 

$

(151,989)

Metals

 

 

165,267 

 

 

(253,141)

 

 

(87,874)

Energy

 

 

47,847 

 

 

(35,192)

 

 

12,655 

 

 

$

290,414 

 

$

(517,622)

 

$

(227,208)

 

*The net fair value of all assets and liability derivatives is included in equity in broker trading accounts in the statements of financial condition.

F-9


 

Note 3. Derivative Transactions  (continued):

 

 

Trading Revenue** for the years ended December 31, 2014 and 2013:

 

 

 

 

 

 

 

 

 

Type of Instrument

 

12/31/2014

 

12/31/2013

 

 

 

 

 

 

 

Futures positions:

 

 

 

 

 

 

Agricultural

 

$

(351,735)

 

$

(933,016)

Metal

 

 

(261,234)

 

 

(64,618)

Energy

 

 

(2,581,329)

 

 

(125,531)

 

 

$

(3,194,298)

 

$

(1,123,165)

 

 

 

 

 

 

 

Line Item in Statement of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized

 

$

(2,915,724)

 

$

(946,080)

Change in unrealized

 

 

(278,574)

 

 

(177,085)

 

 

$

(3,194,298)

 

$

(1,123,165)

 

** Trading gains and losses is exclusive of brokerage commissions.

 

For the years ended December 31, 2014 and 2013, the monthly average number of contracts bought and sold  was 561 and 587, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2014

 

 

 

 

Gross Amount of Recognized Assets and Liabilities

 

Gross Amounts Offset in the Consolidated Statement of Financial Condition

 

Net Amount of Unrealized Loss Presented in the Consolidated Statement of Financial Condition

 

 

Assets

 

 

 

 

 

 

 

 

US and foreign futures contracts

$

178,330 

$

(178,330)

$

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

US and foreign futures contracts

$

684,112 

$

(178,330)

$