Financial Highlights

6 Months Ended

Jun. 30, 2019

3.	Financial Highlights:

Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2019 and 2018 were as follows:


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Per Unit Performance (for a unit outstanding throughout the period): *
Net realized and unrealized gains (losses)	$	1.30		$	(0.51	)	$	1.87		$	(1.05	)
Net investment loss		(0.19	)		(0.24	)		(0.37	)		(0.50	)

Net increase (decrease) for the period		1.11			(0.75	)		1.50			(1.55	)
Net asset value per Unit, beginning of period		20.84			23.02			20.45			23.82

Net asset value per Unit, end of period	$	21.95		$	22.27		$	21.95		$	22.27


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Ratios to Average Limited Partners’ Capital: **
Net investment loss ***		(3.6	)%		(4.3	)%		(3.6	)%		(4.4	)%

Operating expenses before incentive fees		5.2	%		5.6	%		5.3	%		5.6	%
Incentive fees		-	%		-	%		-	%		-	%

Total expenses		5.2	%		5.6	%		5.3	%		5.6	%

Total return:
Total return before incentive fees		5.3	%		(3.3	)%		7.3	%		(6.5	)%
Incentive fees		-	%		-	%		-	%		-	%

Total return after incentive fees		5.3	%		(3.3	)%		7.3	%		(6.5	)%

*	Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the period. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information.

**	Annualized (except for incentive fees, if applicable).

***	Interest income less total expenses.

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital.