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1068237_16_item7_p66_s0
1068237_15_item7_p81_s0
Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME.
Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded.
2
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[ "Transactions", "in", "futures", "contracts", "require", "participants", "to", "make", "both", "initial", "margin", "deposits", "of", "cash", "or", "other", "assets", "and", "variation", "margin", "deposits", ",", "through", "the", "futures", "broker", ",", "dir...
[]
[ "futures", "futures", "exchange", "traded" ]
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1068237_16_item7_p66_s1
1068237_15_item7_p82_s0
Net realized gains (losses) and changes in net unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses.
Net realized gains (losses) and net change in unrealized gains (losses) on futures contracts are included in the Funds Statements of Income and Expenses.
2
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[]
[ "change", "futures", "Funds" ]
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1068237_17_item7_p16_s0
1068237_16_item7_p11_s0
Altis Partners (Jersey) Limited Altis trades its Global Futures Portfolio Program on behalf of the Partnership.
Altis traded its Global Futures Portfolio Program on behalf of the Partnership.
2
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[ "Altis", "traded", "its", "Global", "Futures", "Portfolio", "Program", "on", "behalf", "of", "the", "Partnership", "." ]
[]
[ "traded" ]
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1068237_17_item7_p16_s1
1068237_16_item7_p11_s1
It is a proprietary, systematic, automated trading system.
It was a proprietary, systematic, automated trading system.
2
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[ "It", "was", "a", "proprietary", ",", "systematic", ",", "automated", "trading", "system", "." ]
[]
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1068237_17_item7_p17_s0
1068237_16_item7_p12_s0
The Global Futures Portfolio Program currently trades in over 100 futures markets on recognized futures exchanges globally.
The Altis Global Futures Portfolio trading system currently trades in over 100 futures markets on recognized futures exchanges globally.
2
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[]
[ "Altis", "trading", "system" ]
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1068237_17_item7_p23_s0
1068237_16_item7_p18_s0
For the period January 1, 2015 through December 31, 2015 the average allocation by commodity market sector for each of the Funds was as follows: CMF Aspect Master Fund L.P.
For the period January 1, 2016 through December 31, 2016, the average allocation by commodity market sector for each of the Funds was as follows: (a) Liquidity .
2
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[ "Liquidity" ]
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1068237_17_item7_p37_s2
1068237_16_item7_p34_s2
The Funds are exposed to a market risk equal to the value of the futures and forward contracts purchased and unlimited liability on such contracts sold short.
The Partnership/Funds are exposed to a market risk equal to the value of the futures and forward contracts purchased and unlimited liability on such contracts sold short.
2
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[ "Partnership" ]
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1068237_17_item7_p48_s3
1068237_16_item7_p45_s21
The Partnership experienced a net trading gain, through investments in the Funds, before fees and expenses in 2014 of $2,513,437.
The Partnership experienced a net trading loss, through investments in the Funds, before fees and expenses in 2016 of $1,514,623.
2
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[]
[ "loss", "1,514,623" ]
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1068237_17_item7_p48_s4
1068237_16_item7_p45_s22
Gains were primarily attributable to the Funds trading in energy, currencies, grains and U.S. and non-U.S. interest rates and were partially offset by gains in livestock, metals, softs and indices.
Losses were primarily attributable to the Funds trading in energy, livestock, metals, softs, indices and U.S. interest rates, and were partially offset by gains in currencies, grains and non-U.S. interest rates.
2
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[ "Losses" ]
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1068237_17_item7_p48_s3
1068237_16_item7_p45_s3
The Partnership experienced a net trading gain, through investments in the Funds, before fees and expenses in 2015 of $841,906.
The Partnership experienced a net trading loss, through investments in the Funds, before fees and expenses in 2016 of $1,514,623.
2
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[]
[ "loss", "1,514,623" ]
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1068237_17_item7_p51_s0
1068237_16_item7_p47_s0
Interest income on 80% of the average daily equity maintained in cash in each of the Fund s brokerage accounts was earned at a rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate.
Interest income on 80% of the average daily equity maintained in cash in the Partnership s (or the Partnership s allocable portion of a Fund s) brokerage account during each month was earned at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate.
2
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[ "Partnership", "Partnership", "allocable", "portion", "account", "month" ]
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1068237_17_item7_p51_s3
1068237_16_item7_p47_s2
Interest income for the three and twelve months ended December 31, 2015 decreased by $279 and $1,168, respectively, as compared to the corresponding periods in 2014.
Interest income for the three and twelve months ended December 31, 2016 increased by $5,551 and $21,090, respectively, as compared to the corresponding periods in 2015.
2
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[]
[ "2016", "increased", "5,551", "21,090" ]
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1068237_17_item7_p53_s0
1068237_16_item7_p48_s2
Ongoing selling agent fees are calculated as a percentage of the Partnership s adjusted net asset value on the last day of each month and are affected by trading performance and redemptions.
Management fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
2
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[ "Management", "end" ]
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1068237_17_item7_p54_s1
1068237_16_item7_p48_s2
Ongoing selling agent fees are calculated as a percentage of the Partnership s adjusted net asset value on the last day of each month and are affected by trading performance and redemptions.
These fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
2
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[]
[ "end" ]
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1068237_17_item7_p53_s3
1068237_16_item7_p48_s4
The decrease in ongoing selling agent fees was due to lower average net assets during the three and twelve months ended December 31, 2015, as compared to the corresponding periods in 2014.
The decrease in management fees is due to lower average net assets during the three and twelve months ended December 31, 2016, as compared to the corresponding periods in 2015.
2
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[]
[ "management" ]
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1068237_17_item7_p55_s1
1068237_16_item7_p48_s4
The decrease in ongoing selling agent fees was due to lower average net assets during the three and twelve months ended December 31, 2015, as compared to the corresponding periods in 2014.
The decrease in General Partner fees is due to lower average net assets during the three and twelve months ended December 31, 2016, as compared to the corresponding periods in 2015.
2
[ "<tag1>", "The", "decrease", "in", "ongoing", "selling", "agent", "fees", "was", "due", "to", "lower", "average", "net", "assets", "during", "the", "three", "and", "twelve", "months", "ended", "December", "31", ",", "2015", ",", "as", "compared", "to", "th...
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[ "The", "decrease", "in", "General", "Partner", "fees", "is", "due", "to", "lower", "average", "net", "assets", "during", "the", "three", "and", "twelve", "months", "ended", "December", "31", ",", "2016", ",", "as", "compared", "to", "the", "corresponding", ...
[]
[ "General", "Partner" ]
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1068237_17_item7_p52_s0
1068237_16_item7_p49_s0
Management fees are calculated as a percentage of the Partnership s net asset value on the last day of each month and are affected by trading performance and redemptions.
Ongoing selling agent fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
2
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[]
[ "Ongoing", "selling", "agent", "adjusted", "end" ]
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1068237_17_item7_p54_s1
1068237_16_item7_p49_s0
Management fees are calculated as a percentage of the Partnership s net asset value on the last day of each month and are affected by trading performance and redemptions.
These fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
2
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[ "Management", "fees", "are", "calculated", "as", "a", "percentage", "of", "the", "Partnership", "s", "net", "asset", "value", "on", "the", "last", "day", "of", "each", "month", "and", "are", "affected", "by", "trading", "performance", "and", "redemptions", "...
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[]
[ "adjusted", "end" ]
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1068237_17_item7_p54_s2
1068237_16_item7_p49_s1
Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values.
Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values.
2
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[ "Accordingly", ",", "they", "must", "be", "analyzed", "in", "relation", "to", "the", "fluctuations", "in", "the", "monthly", "net", "asset", "values", "." ]
[]
[ "analyzed" ]
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1068237_17_item7_p53_s2
1068237_16_item7_p49_s2
Management fees for the three and twelve months ended December 31, 2015 increased by $1,542 and $8,517, respectively, as compared to the corresponding periods in 2014.
Management fees for the three and twelve months ended December 31, 2016 decreased by $16,358 and $30,971, respectively, as compared to the corresponding periods in 2015.
2
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[ "Management", "fees", "for", "the", "three", "and", "twelve", "months", "ended", "December", "31", ",", "2015", "increased", "by", "$", "1,542", "and", "$", "8,517", ",", "respectively", ",", "as", "compared", "to", "the", "corresponding", "periods", "in", ...
[ "Management", "fees", "for", "the", "three", "and", "twelve", "months", "ended", "December", "31", ",", "2016", "decreased", "by", "$", "16,358", "and", "$", "30,971", ",", "respectively", ",", "as", "compared", "to", "the", "corresponding", "periods", "in",...
[]
[ "2016", "decreased", "16,358", "30,971" ]
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1068237_17_item7_p53_s3
1068237_16_item7_p49_s3
The increase in management fees was due to a higher average net assets during the three and twelve months ended December 31, 2015, as compared to the corresponding periods in 2014.
The decrease in management fees is due to lower average net assets during the three and twelve months ended December 31, 2016, as compared to the corresponding periods in 2015.
2
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[ "The", "increase", "in", "management", "fees", "was", "due", "to", "a", "higher", "average", "net", "assets", "during", "the", "three", "and", "twelve", "months", "ended", "December", "31", ",", "2015", ",", "as", "compared", "to", "the", "corresponding", ...
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[]
[ "decrease", "lower" ]
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1068237_17_item7_p5_s0
1068237_16_item7_p4_s0
As of December 31, 2015, the programs traded by each Advisor on behalf of the Partnership are: Aspect Diversified Program and Altis The Global Futures Portfolio Program.
As of December 31, 2016, the programs traded by each Advisor on behalf of the Partnership are: Aspect Diversified Program and PGR Mayfair Program.
2
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[]
[ "PGR", "Mayfair" ]
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1068237_17_item7_p52_s0
1068237_16_item7_p50_s1
These fees are calculated as a percentage of the Partnership s adjusted net asset value on the last day of each month and are affected by trading performance and redemptions.
Ongoing selling agent fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
2
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[]
[ "Ongoing", "selling", "agent", "end" ]
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1068237_17_item7_p53_s0
1068237_16_item7_p50_s1
These fees are calculated as a percentage of the Partnership s adjusted net asset value on the last day of each month and are affected by trading performance and redemptions.
Management fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
2
[ "<tag1>", "These", "fees", "are", "calculated", "as", "a", "percentage", "of", "the", "Partnership", "s", "adjusted", "net", "asset", "value", "on", "the", "last", "day", "of", "each", "month", "and", "are", "affected", "by", "trading", "performance", "and",...
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[ "Management", "fees", "are", "calculated", "as", "a", "percentage", "of", "the", "Partnership", "s", "adjusted", "net", "asset", "value", "as", "of", "the", "end", "of", "each", "month", "and", "are", "affected", "by", "trading", "performance", "and", "redem...
[]
[ "Management", "end" ]
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1068237_17_item7_p54_s2
1068237_16_item7_p50_s2
Accordingly, they must be compared in relation to the fluctuations in monthly net asset values.
Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values.
2
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[ "Accordingly", ",", "they", "must", "be", "compared", "in", "relation", "to", "the", "fluctuations", "in", "monthly", "net", "asset", "values", "." ]
[ "Accordingly", ",", "they", "must", "be", "analyzed", "in", "relation", "to", "the", "fluctuations", "in", "the", "monthly", "net", "asset", "values", "." ]
[]
[ "analyzed" ]
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1068237_17_item7_p50_s12
1068237_16_item7_p53_s2
The Partnership experienced a net trading loss, through investments in the Funds, before fees and expenses in 2013 of $386,776.
The Partnership experienced a net trading gain, through investments in the Funds, before fees and expenses in 2015 of $841,906.
2
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[]
[ "gain", "841,906" ]
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1068237_17_item7_p58_s0
1068237_16_item7_p53_s2
The Partnership experienced a net trading loss, through investments in the Funds, before fees and expenses in 2013 of $386,776.
The Partnership experienced a net trading gain, through investments in the Funds, before fees and expenses in 2014 of $2,513,437.
2
[ "<tag1>", "The", "Partnership", "experienced", "a", "net", "trading", "loss", ",", "through", "investments", "in", "the", "Funds", ",", "before", "fees", "and", "expenses", "in", "2013", "of", "$", "386,776", ".", "<tag2>", "The", "Partnership", "experienced",...
[ "The", "Partnership", "experienced", "a", "net", "trading", "loss", ",", "through", "investments", "in", "the", "Funds", ",", "before", "fees", "and", "expenses", "in", "2013", "of", "$", "386,776", "." ]
[ "The", "Partnership", "experienced", "a", "net", "trading", "gain", ",", "through", "investments", "in", "the", "Funds", ",", "before", "fees", "and", "expenses", "in", "2014", "of", "$", "2,513,437", "." ]
[]
[ "gain", "2,513,437" ]
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1068237_17_item7_p58_s1
1068237_16_item7_p53_s3
Losses were primarily attributable to the Funds trading in energy, currencies, grains and U.S. and non-U.S. interest rates and were partially offset by gains in livestock, metals, softs and indices.
Gains were primarily attributable to the Funds trading in energy, currencies, grains and U.S. and non-U.S. interest rates and were partially offset by gains in livestock, metals, softs and indices.
2
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[ "Losses", "were", "primarily", "attributable", "to", "the", "Funds", "trading", "in", "energy", ",", "currencies", ",", "grains", "and", "U.S.", "and", "non", "-", "U.S.", "interest", "rates", "and", "were", "partially", "offset", "by", "gains", "in", "lives...
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[]
[ "Gains" ]
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1068237_17_item7_p60_s1
1068237_16_item7_p54_s2
The profitability of the Partnership depends on the existence of major price trends and the ability of the Advisors to identify those price trends correctly.
The profitability of the Funds depends on the existence of major price trends and the ability of the Advisors to correctly identify those price trends.
2
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[ "The", "profitability", "of", "the", "Partnership", "depends", "on", "the", "existence", "of", "major", "price", "trends", "and", "the", "ability", "of", "the", "Advisors", "to", "identify", "those", "price", "trends", "correctly", "." ]
[ "The", "profitability", "of", "the", "Funds", "depends", "on", "the", "existence", "of", "major", "price", "trends", "and", "the", "ability", "of", "the", "Advisors", "to", "correctly", "identify", "those", "price", "trends", "." ]
[]
[ "Funds" ]
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1068237_17_item7_p60_s3
1068237_16_item7_p54_s4
To the extent that market trends exist and the Advisors are able to identify them, the Partnership expects to increase capital through operations.
To the extent that market trends exist and the Advisors are able to identify them, the Funds expect to increase capital through operations.
2
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[]
[ "Funds", "expect" ]
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1068237_18_item7_p32_s0
1068237_17_item7_p38_s2
The Partnership s/Funds risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Funds to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events.
permit the Partnership/Funds to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events.
2
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[ "The", "Partnership", "s", "/", "Funds", "risk", "of", "loss", "is", "reduced", "through", "the", "use", "of", "legally", "enforceable", "master", "netting", "agreements", "with", "counterparties", "that", "permit", "the", "Partnership", "/", "Funds", "to", "o...
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[]
[]
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1068237_18_item7_p53_s0
1068237_17_item7_p48_s3
The Partnership experienced a net trading loss, through investments in the Funds, before fees and expenses in 2016 of $1,514,623.
The Partnership experienced a net trading gain, through investments in the Funds, before fees and expenses in 2015 of $841,906.
2
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[ "The", "Partnership", "experienced", "a", "net", "trading", "loss", ",", "through", "investments", "in", "the", "Funds", ",", "before", "fees", "and", "expenses", "in", "2016", "of", "$", "1,514,623", "." ]
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[]
[ "gain", "841,906" ]
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1068237_18_item7_p45_s0
1068237_17_item7_p50_s11
Additional gains in this sector were recorded during January and February from long positions in European fixed income futures as prices rallied after European Central Bank (the ECB ) head Mario Draghi said the ECB s Governing Council would review its stimulus policy as the region s inflation rate fell below zero.
January and February from long positions in European fixed income futures as prices rallied after European Central Bank (the ECB ) head Mario Draghi said the ECB s Governing Council would review its stimulus policy as the region s inflation rate fell below zero.
2
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[ "Additional", "gains", "in", "this", "sector", "were", "recorded", "during", "January", "and", "February", "from", "long", "positions", "in", "European", "fixed", "income", "futures", "as", "prices", "rallied", "after", "European", "Central", "Bank", "(", "the",...
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[]
[]
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1068237_18_item7_p42_s0
1068237_17_item7_p50_s12
The Partnership experienced a net trading gain, through investments in the Funds, before fees and expenses in 2015 of $841,906.
The Partnership experienced a net trading loss, through investments in the Funds, before fees and expenses in 2017 of $135,453.
2
[ "<tag1>", "The", "Partnership", "experienced", "a", "net", "trading", "gain", ",", "through", "investments", "in", "the", "Funds", ",", "before", "fees", "and", "expenses", "in", "2015", "of", "$", "841,906", ".", "<tag2>", "The", "Partnership", "experienced",...
[ "The", "Partnership", "experienced", "a", "net", "trading", "gain", ",", "through", "investments", "in", "the", "Funds", ",", "before", "fees", "and", "expenses", "in", "2015", "of", "$", "841,906", "." ]
[ "The", "Partnership", "experienced", "a", "net", "trading", "loss", ",", "through", "investments", "in", "the", "Funds", ",", "before", "fees", "and", "expenses", "in", "2017", "of", "$", "135,453", "." ]
[]
[ "loss", "135,453" ]
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1068237_18_item7_p44_s19
1068237_17_item7_p50_s12
The Partnership experienced a net trading gain, through investments in the Funds, before fees and expenses in 2015 of $841,906.
The Partnership experienced a net trading loss, through investments in the Funds, before fees and expenses in 2016 of $1,514,623.
2
[ "<tag1>", "The", "Partnership", "experienced", "a", "net", "trading", "gain", ",", "through", "investments", "in", "the", "Funds", ",", "before", "fees", "and", "expenses", "in", "2015", "of", "$", "841,906", ".", "<tag2>", "The", "Partnership", "experienced",...
[ "The", "Partnership", "experienced", "a", "net", "trading", "gain", ",", "through", "investments", "in", "the", "Funds", ",", "before", "fees", "and", "expenses", "in", "2015", "of", "$", "841,906", "." ]
[ "The", "Partnership", "experienced", "a", "net", "trading", "loss", ",", "through", "investments", "in", "the", "Funds", ",", "before", "fees", "and", "expenses", "in", "2016", "of", "$", "1,514,623", "." ]
[]
[ "loss", "1,514,623" ]
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1068237_18_item7_p48_s0
1068237_17_item7_p52_s0
Ongoing selling agent fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
Management fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
2
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[ "Ongoing", "selling", "agent", "fees", "are", "calculated", "as", "a", "percentage", "of", "the", "Partnership", "s", "adjusted", "net", "asset", "value", "as", "of", "the", "end", "of", "each", "month", "and", "are", "affected", "by", "trading", "performanc...
[ "Management", "fees", "are", "calculated", "as", "a", "percentage", "of", "the", "Partnership", "s", "adjusted", "net", "asset", "value", "as", "of", "the", "end", "of", "each", "month", "and", "are", "affected", "by", "trading", "performance", "and", "redem...
[]
[ "Management" ]
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1068237_18_item7_p49_s1
1068237_17_item7_p52_s0
Ongoing selling agent fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
These fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
2
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[ "Ongoing", "selling", "agent", "fees", "are", "calculated", "as", "a", "percentage", "of", "the", "Partnership", "s", "adjusted", "net", "asset", "value", "as", "of", "the", "end", "of", "each", "month", "and", "are", "affected", "by", "trading", "performanc...
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[]
[]
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1068237_18_item7_p49_s2
1068237_17_item7_p52_s1
Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values.
Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values.
2
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[]
[ "analyzed" ]
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1068237_18_item7_p48_s3
1068237_17_item7_p52_s3
The decrease in ongoing selling agent fees is due to lower average net assets during the three and twelve months ended December 31, 2016, as compared to the corresponding periods in 2015.
The decrease in management fees is due to lower average net assets during the three and twelve months ended December 31, 2017 as compared to the corresponding periods in 2016.
2
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[]
[ "management" ]
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1068237_18_item7_p50_s1
1068237_17_item7_p52_s3
The decrease in ongoing selling agent fees is due to lower average net assets during the three and twelve months ended December 31, 2016, as compared to the corresponding periods in 2015.
The decrease in General Partner fees is due to lower average net assets during the three and twelve months ended December 31, 2017 as compared to the corresponding periods in 2016.
2
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[]
[ "General", "Partner" ]
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1068237_18_item7_p47_s0
1068237_17_item7_p53_s0
Management fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
Ongoing selling agent fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
2
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[]
[ "Ongoing", "selling", "agent" ]
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1068237_18_item7_p49_s1
1068237_17_item7_p53_s0
Management fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
These fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
2
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[ "Management", "fees", "are", "calculated", "as", "a", "percentage", "of", "the", "Partnership", "s", "adjusted", "net", "asset", "value", "as", "of", "the", "end", "of", "each", "month", "and", "are", "affected", "by", "trading", "performance", "and", "redem...
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[]
[]
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1068237_18_item7_p49_s2
1068237_17_item7_p53_s1
Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values.
Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values.
2
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[]
[ "analyzed" ]
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1068237_18_item7_p50_s0
1068237_17_item7_p53_s2
Management fees for the three and twelve months ended December 31, 2016 decreased by $16,358 and $30,971, respectively, as compared to the corresponding periods in 2015.
General Partner fees for the three and twelve months ended December 31, 2017 decreased by $6,388 and $35,820, respectively, as compared to the corresponding periods in 2016.
2
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[ "Management", "fees", "for", "the", "three", "and", "twelve", "months", "ended", "December", "31", ",", "2016", "decreased", "by", "$", "16,358", "and", "$", "30,971", ",", "respectively", ",", "as", "compared", "to", "the", "corresponding", "periods", "in",...
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[]
[ "General", "Partner", "6,388", "35,820" ]
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1068237_18_item7_p47_s3
1068237_17_item7_p53_s3
The decrease in management fees is due to lower average net assets during the three and twelve months ended December 31, 2016, as compared to the corresponding periods in 2015.
The decrease in ongoing selling agent fees is due to lower average net assets during the three and twelve months ended December 31, 2017 as compared to the corresponding periods in 2016.
2
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[]
[ "ongoing", "selling", "agent" ]
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1068237_18_item7_p50_s1
1068237_17_item7_p53_s3
The decrease in management fees is due to lower average net assets during the three and twelve months ended December 31, 2016, as compared to the corresponding periods in 2015.
The decrease in General Partner fees is due to lower average net assets during the three and twelve months ended December 31, 2017 as compared to the corresponding periods in 2016.
2
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[]
[ "General", "Partner" ]
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1068237_18_item7_p47_s0
1068237_17_item7_p54_s1
These fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
Ongoing selling agent fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
2
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[]
[ "Ongoing", "selling", "agent" ]
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1068237_18_item7_p48_s0
1068237_17_item7_p54_s1
These fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
Management fees are calculated as a percentage of the Partnership s adjusted net asset value as of the end of each month and are affected by trading performance and redemptions.
2
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[ "Management", "fees", "are", "calculated", "as", "a", "percentage", "of", "the", "Partnership", "s", "adjusted", "net", "asset", "value", "as", "of", "the", "end", "of", "each", "month", "and", "are", "affected", "by", "trading", "performance", "and", "redem...
[]
[ "Management" ]
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1068237_18_item7_p47_s1
1068237_17_item7_p54_s2
Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values.
Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values.
2
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[ "Accordingly", ",", "they", "must", "be", "analyzed", "in", "relation", "to", "the", "fluctuations", "in", "the", "monthly", "net", "asset", "values", "." ]
[ "Accordingly", ",", "they", "must", "be", "compared", "in", "relation", "to", "the", "fluctuations", "in", "the", "monthly", "net", "asset", "values", "." ]
[]
[ "compared" ]
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1068237_18_item7_p48_s1
1068237_17_item7_p54_s2
Accordingly, they must be analyzed in relation to the fluctuations in the monthly net asset values.
Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values.
2
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[ "Accordingly", ",", "they", "must", "be", "analyzed", "in", "relation", "to", "the", "fluctuations", "in", "the", "monthly", "net", "asset", "values", "." ]
[ "Accordingly", ",", "they", "must", "be", "compared", "in", "relation", "to", "the", "fluctuations", "in", "the", "monthly", "net", "asset", "values", "." ]
[]
[ "compared" ]
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1068237_18_item7_p48_s2
1068237_17_item7_p55_s0
General Partner fees for the three and twelve months ended December 31, 2016 decreased by $10,217 and $27,904, respectively, as compared to the corresponding periods in 2015.
Management fees for the three and twelve months ended December 31, 2017 decreased by $7,847 and $52,485, respectively, as compared to the corresponding periods in 2016.
2
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[ "General", "Partner", "fees", "for", "the", "three", "and", "twelve", "months", "ended", "December", "31", ",", "2016", "decreased", "by", "$", "10,217", "and", "$", "27,904", ",", "respectively", ",", "as", "compared", "to", "the", "corresponding", "periods...
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[]
[ "Management", "7,847", "52,485" ]
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1068237_18_item7_p47_s3
1068237_17_item7_p55_s1
The decrease in General Partner fees is due to lower average net assets during the three and twelve months ended December 31, 2016, as compared to the corresponding periods in 2015.
The decrease in ongoing selling agent fees is due to lower average net assets during the three and twelve months ended December 31, 2017 as compared to the corresponding periods in 2016.
2
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[ "ongoing", "selling", "agent" ]
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1068237_18_item7_p48_s3
1068237_17_item7_p55_s1
The decrease in General Partner fees is due to lower average net assets during the three and twelve months ended December 31, 2016, as compared to the corresponding periods in 2015.
The decrease in management fees is due to lower average net assets during the three and twelve months ended December 31, 2017 as compared to the corresponding periods in 2016.
2
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[]
[ "management" ]
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1068237_18_item7_p42_s0
1068237_17_item7_p58_s0
The Partnership experienced a net trading gain, through investments in the Funds, before fees and expenses in 2014 of $2,513,437.
The Partnership experienced a net trading loss, through investments in the Funds, before fees and expenses in 2017 of $135,453.
2
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[]
[ "loss", "135,453" ]
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1068237_18_item7_p44_s19
1068237_17_item7_p58_s0
The Partnership experienced a net trading gain, through investments in the Funds, before fees and expenses in 2014 of $2,513,437.
The Partnership experienced a net trading loss, through investments in the Funds, before fees and expenses in 2016 of $1,514,623.
2
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[]
[ "loss", "1,514,623" ]
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1068237_18_item7_p44_s20
1068237_17_item7_p58_s1
Gains were primarily attributable to the Funds trading in energy, currencies, grains and U.S. and non-U.S. interest rates and were partially offset by gains in livestock, metals, softs and indices.
Losses were primarily attributable to the Funds trading in energy, livestock, metals, softs, indices and U.S. interest rates and were partially offset by gains in currencies, grains and non-U.S. interest rates.
2
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[]
[ "Losses" ]
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1073349_12_item7_p15_s0
1073349_11_item7_p12_s2
However, certain of our software arrangements, particularly those related to banking and financial institution customers, are recognized on a percentage of completion basis over the life of the project because they require significant customization and modification and involve extended implementation periods.
institution customers, are recognized on a percentage of completion basis over the life of the project because they require significant customization and modification and involve extended implementation periods.
2
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[]
[]
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1073349_12_item7_p19_s2
1073349_11_item7_p19_s2
The substantial majority of this expense is related to awards of restricted stock and stock options.
For fiscal year 2012, the substantial majority of this expense is related to awards of restricted stock.
2
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[]
[ "fiscal", "year", "2012" ]
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1073349_12_item7_p1_s0
1073349_11_item7_p1_s0
We provide collaborative payment, invoice and document management solutions to corporations, insurance companies, healthcare organizations, financial institutions and banks around the world.
Overview We provide cloud-based payment, invoice and banking solutions to corporations, insurance companies, financial institutions and banks around the world.
2
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[]
[ "Overview", "cloud", "based", "banking" ]
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1073349_12_item7_p1_s6
1073349_11_item7_p2_s4
We offer SaaS-based legal spend management solutions that automate receipt and review of legal invoices for insurance companies and other large corporate consumers of outside legal services.
We offer legal spend management solutions that automate receipt and review of legal invoices for insurance companies and other large corporate consumers of outside legal services.
2
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[]
[]
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1073349_12_item7_p1_s7
1073349_11_item7_p2_s5
We also offer a SaaS-based offering that facilitates the exchange of electronic payments and invoices between buyers and their suppliers.
We operate a cloud-based network that facilitates the exchange of electronic payments and invoices between buyers and their suppliers.
2
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[]
[ "operate", "cloud", "network" ]
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1073349_12_item7_p34_s2
1073349_11_item7_p36_s0
VSOE is not available or estimated selling price (ESP) if neither VSOE nor TPE are available.
The selling price of each element is based on VSOE if available, third-party evidence (TPE) if VSOE is not available or estimated selling price (ESP) if neither VSOE nor TPE are available.
2
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[]
[ "element", "based", "third", "party", "evidence" ]
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1073349_12_item7_p46_s4
1073349_11_item7_p51_s4
The increased gross margin was offset by increased operating expenses primarily related to increased sales and marketing costs in the US and Europe largely associated with our 2011 business acquisitions.
The increased gross margin was offset in part by increased operating expenses primarily related to increased sales and marketing costs.
2
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[]
[ "part" ]
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1073349_12_item7_p50_s0
1073349_11_item7_p53_s3
Subscriptions and transactions costs increased to 54% of subscriptions and transactions revenues for the fiscal year ended June 30, 2011 as compared to 50% of subscriptions and transactions revenues in the fiscal year ended June 30, 2010.
Subscriptions and transactions costs decreased to 49% of subscriptions and transactions revenues for the fiscal year ended June 30, 2012 as compared to 54% of subscriptions and transactions revenues in the fiscal year ended June 30, 2011.
2
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[]
[ "decreased" ]
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1073349_12_item7_p50_s2
1073349_11_item7_p53_s5
We expect that subscriptions and transactions costs will decline slightly as a percentage of subscriptions and transactions revenue in fiscal year 2012.
We expect that subscriptions and transactions costs will remain relatively consistent as a percentage of subscriptions and transactions revenue in fiscal year 2013.
2
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1073349_12_item7_p51_s9
1073349_11_item7_p54_s11
We expect product development and engineering expenses will increase in fiscal year 2012 as we continue to invest in solutions that can drive future revenue growth such as our Paymode-X, legal spend management and transaction banking offerings.
We expect product development and engineering expenses will increase in fiscal year 2013 as we continue to invest in our SaaS-based solutions that we believe will drive future revenue growth such as our commercial banking, Paymode-X and legal spend management solutions.
2
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[ "SaaS", "based", "believe", "commercial" ]
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1073349_12_item7_p51_s4
1073349_11_item7_p54_s13
In addition, we recognized approximately $0.3 million of general and administrative related restructuring expense during fiscal 2011.
In addition, we recognized approximately $0.3 million of sales and marketing related restructuring expense during fiscal 2012 compared to $0.4 million in fiscal 2011.
2
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[]
[ "sales", "marketing", "2012", "compared", "0.4" ]
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1073349_12_item7_p60_s9
1073349_11_item7_p54_s13
In addition, we recognized approximately $0.3 million of general and administrative related restructuring expense during fiscal 2011.
In addition, we recognized approximately $0.4 million of sales and marketing related restructuring expense during fiscal 2011.
2
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[]
[ "0.4", "sales", "marketing" ]
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1073349_12_item7_p61_s3
1073349_11_item7_p54_s7
In addition, we recognized approximately $0.4 million of sales and marketing related restructuring expense during fiscal 2011.
In addition, we recognized approximately $0.3 million of general and administrative related restructuring expense during fiscal 2011.
2
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[]
[ "0.3", "general", "administrative" ]
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1073349_12_item7_p51_s5
1073349_11_item7_p54_s8
We expect sales and marketing expenses will increase in fiscal year 2012 as we continue to focus on our marketing initiatives to support both new and existing products.
We expect sales and marketing expenses will increase in fiscal year 2013 as we continue to focus on our marketing initiatives to support our new and existing products, particularly our commercial banking products and Paymode-X. Product Development and Engineering.
2
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[]
[ "particularly", "commercial", "banking", "Paymode", "X.", "Product", "Development", "Engineering" ]
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1073349_12_item7_p53_s0
1073349_11_item7_p58_s0
For the fiscal year ended June 30, 2011 as compared to the prior fiscal year, interest income increased as a result of a full year of increased cash balances as compared to the prior fiscal year.
For the fiscal year ended June 30, 2012 as compared to the prior fiscal year, interest income remained consistent as a result of similar average cash balances in each fiscal year.
2
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1073349_12_item7_p53_s2
1073349_11_item7_p58_s2
Other income in fiscal 2011 arose from realized foreign exchange gains associated with both the British Pound Sterling and the European Euro, as compared to certain foreign exchange transaction losses in 2010.
Other expense in fiscal 2012 arose from certain realized foreign exchange losses associated with both the British Pound Sterling and the European Euro, as compared to certain foreign exchange transaction gains in 2011.
2
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[]
[ "expense" ]
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1073349_12_item7_p45_s2
1073349_11_item7_p60_s0
A reconciliation of the measure of segment profit to our GAAP income (loss) for 2010 and 2009, before the provision for income taxes, is as follows: Payments and Transactional Documents.
The following tables represent our segment revenues and our segment measure of profit: A reconciliation of the measure of segment profit to our GAAP before the provision for income taxes is as follows: Payments and Transactional Documents.
2
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1073349_12_item7_p50_s0
1073349_11_item7_p63_s2
Subscriptions and transactions costs remained relatively consistent at 50% of subscriptions and transactions revenues for the fiscal year ended June 30, 2010 as compared to 49% of subscriptions and transactions revenues in the fiscal year ended June 30, 2009.
Subscriptions and transactions costs decreased to 49% of subscriptions and transactions revenues for the fiscal year ended June 30, 2012 as compared to 54% of subscriptions and transactions revenues in the fiscal year ended June 30, 2011.
2
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[]
[ "decreased" ]
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1073349_12_item7_p63_s3
1073349_11_item7_p64_s3
Provision for Income Taxes We recorded net income tax expense of $2.6 million for the fiscal year ended June 30, 2010 compared to net income tax expense of $0.8 million for the fiscal year ended June 30, 2009.
Provision for Income Taxes We recorded an income tax benefit of $25.5 million for the fiscal year ended June 30, 2011 compared to income tax expense of $2.6 million for the fiscal year ended June 30, 2010.
2
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[]
[ "benefit", "25.5" ]
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1073349_12_item7_p65_s0
1073349_11_item7_p65_s1
We have financed our operations primarily from cash provided by operating activities and the sale of our common stock.
Liquidity and Capital Resources We have financed our operations primarily from cash generated by operating activities and the sale of our common stock.
2
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[]
[ "Liquidity", "Capital", "Resources", "generated" ]
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1073349_12_item7_p67_s5
1073349_11_item7_p67_s3
Accordingly, increases in the foreign currency exchange rates of the British Pound, European Euro, and Australian Dollar to the US Dollar favorably affected our overall cash balances by approximately $3.1 million in the fiscal year ended June 30, 2011.
Decreases in the foreign currency exchange rates of the British Pound, European Euro, and Australian Dollar to the US Dollar decreased our overall cash balances by approximately $1.0 million in the fiscal year ended June 30, 2012.
2
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1073349_12_item7_p72_s0
1073349_11_item7_p70_s0
On February 15, 2011, we acquired substantially all of the assets and assumed certain liabilities of BITG for a cash payment of approximately $0.9 million.
On November 30, 2011, we acquired substantially all of the assets and assumed certain liabilities of Logical Progression for a cash payment of $1.4 million.
2
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1073349_12_item7_p78_s0
1073349_11_item7_p74_s0
In September 2009, we renewed our Loan and Security Agreement with Silicon Valley Bank (the Credit Facility) through September 22, 2011.
In September 2011, our Loan and Security Agreement with Silicon Valley Bank (the Credit Facility) expired.
2
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[ "expired" ]
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1073349_12_item7_p46_s2
1073349_11_item7_p8_s5
The increased revenue includes the favorable effect of foreign exchange rates of $0.5 million associated with the British Pound Sterling and the Australian Dollar, both of which appreciated against the US Dollar when compared to the prior fiscal year.
The increased revenue includes the unfavorable effect of foreign exchange rates of approximately $0.1 million primarily associated with the British Pound Sterling which depreciated against the US Dollar when compared to the prior fiscal year.
2
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1073349_13_item7_p1_s0
1073349_12_item7_p0_s4
Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth in Management s Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors and elsewhere in this Form 10-K. You should carefully ...
Condition and Results of Operations and Risk Factors and elsewhere in this Form 10-K. You should carefully review those factors and also carefully review the risks outlined in other documents that we file from time to time with the Securities and Exchange Commission.
2
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1073349_13_item7_p13_s2
1073349_12_item7_p15_s0
institution customers, are recognized on a percentage of completion basis over the life of the project because they require significant customization and modification and involve extended implementation periods.
However, certain of our software arrangements, particularly those related to banking and financial institution customers, are recognized on a percentage of completion basis over the life of the project because they require significant customization and modification and involve extended implementation periods.
2
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1073349_13_item7_p32_s0
1073349_12_item7_p39_s6
The principal component of the valuation process is the determination of discounted future cash flows, and there are a number of variables that we consider for purposes of projecting these future cash flows.
cash flows, and there are a number of variables that we consider for purposes of projecting these future cash flows.
2
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1073349_13_item7_p33_s1
1073349_12_item7_p40_s2
The acquisition date fair value of these arrangements is estimated based on the historical and projected costs we expect to incur in fulfilling the arrangements, plus a normal profit margin.
The acquisition date fair value of deferred revenue is estimated based on the historical and projected costs we expect to incur in fulfilling the obligations, plus a normal profit margin.
2
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1073349_13_item7_p40_s3
1073349_12_item7_p42_s2
This will change the manner in which comprehensive income is presented in our overall financial statements, but will not result in any other accounting or financial reporting impact to us.
This changed the manner in which we present comprehensive income or loss in our overall financial statements, but did not result in any other accounting or financial reporting impact to us.
2
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1073349_13_item7_p48_s0
1073349_12_item7_p45_s2
The following tables represent our segment revenues and our segment measure of profit: A reconciliation of the measure of segment profit to our GAAP before the provision for income taxes is as follows: Payments and Transactional Documents.
A reconciliation of the measure of segment profit to our GAAP (loss) income before the provision for income taxes is as follows: Payments and Transactional Documents.
2
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1073349_13_item7_p60_s0
1073349_12_item7_p45_s2
The following tables represent our segment revenues and our segment measure of profit: A reconciliation of the measure of segment profit to our GAAP before the provision for income taxes is as follows: Payments and Transactional Documents.
A reconciliation of the measure of segment profit to our GAAP before the provision for income taxes is as follows: Payments and Transactional Documents.
2
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1073349_13_item7_p49_s1
1073349_12_item7_p46_s1
The increases were primarily attributable to increased European revenue in our payment and document automation products.
The increases were primarily attributable to increased European revenue in our payment and document automation products as a result of our acquisition of Albany.
2
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[ "result", "acquisition", "Albany" ]
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1073349_13_item7_p50_s9
1073349_12_item7_p47_s11
We expect revenue for the Outsourced Solutions segment to increase in fiscal year 2013 as a result of increased revenue from our legal spend management and Paymode-X solutions.
We expect revenue for the Hosted Solutions segment to increase in fiscal year 2014 as a result of increased revenue from our legal spend management, SWIFT Access Service and Paymode-X solutions and as a result of our acquisition of Sterci.
2
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[]
[ "Hosted", "SWIFT", "Access", "Service", "acquisition", "Sterci" ]
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1073349_13_item7_p50_s6
1073349_12_item7_p47_s6
The revenue increase in our Outsourced Solutions segment for the fiscal year ended June 30, 2012 compared to the prior fiscal year was primarily due to increased revenue from our legal spend management solutions of $15.8 million, increased revenue from our SWIFT Access Service solution of $4.2 million and increased rev...
The revenue increase in our Hosted Solutions segment for the fiscal year ended June 30, 2013 compared to the prior fiscal year was primarily due to increased revenue from our legal spend management solutions, our SWIFT Access Service solution and our Paymode-X solution.
2
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[]
[ "Hosted" ]
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1073349_13_item7_p51_s3
1073349_12_item7_p48_s3
We expect subscriptions and transactions revenues to increase in fiscal year 2013 primarily as a result of the revenue contribution from our commercial banking business, Paymode-X, and legal spend management solutions.
We expect subscriptions and transactions revenues to increase in fiscal year 2014 primarily as a result of the revenue contribution from our SWIFT Access, Paymode-X, and legal spend management solutions and as a result of our acquisition of Sterci.
2
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[]
[ "SWIFT", "Access", "acquisition", "Sterci" ]
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1073349_13_item7_p53_s0
1073349_12_item7_p50_s0
Subscriptions and transactions costs decreased to 49% of subscriptions and transactions revenues for the fiscal year ended June 30, 2012 as compared to 54% of subscriptions and transactions revenues in the fiscal year ended June 30, 2011.
Subscriptions and transactions costs increased to 54% of subscriptions and transactions revenues for the fiscal year ended June 30, 2013 as compared to 49% of subscriptions and transactions revenues in the fiscal year ended June 30, 2012.
2
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[]
[ "increased" ]
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1073349_13_item7_p53_s2
1073349_12_item7_p50_s2
We expect that subscriptions and transactions costs will remain relatively consistent as a percentage of subscriptions and transactions revenue in fiscal year 2013.
We expect that subscriptions and transactions costs will decrease as a percentage of subscriptions and transactions revenue in fiscal year 2014.
2
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[]
[ "decrease" ]
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1073349_13_item7_p53_s5
1073349_12_item7_p50_s8
We expect that service and maintenance costs will remain relatively consistent as a percentage of service and maintenance revenues in fiscal year 2013.
We expect that service and maintenance costs will increase as a percentage of service and maintenance revenues in fiscal year 2014 as a result of our acquisition of Sterci.
2
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[]
[ "increase", "result", "acquisition", "Sterci" ]
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1073349_13_item7_p53_s6
1073349_12_item7_p51_s0
Equipment and supplies costs increased slightly to 80% of equipment and supplies revenues for the fiscal year ended June 30, 2012 as compared to 78% of equipment and supplies revenues for the prior fiscal year.
Equipment and supplies costs decreased slightly to 77% of equipment and supplies revenues for the fiscal year ended June 30, 2013 as compared to 80% of equipment and supplies revenues for the prior fiscal year.
2
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[]
[ "decreased" ]
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1073349_13_item7_p66_s1
1073349_12_item7_p51_s11
In addition, we recognized approximately $0.1 million of general and administrative related restructuring expense during fiscal 2012 compared to $0.3 million in fiscal 2011.
In addition, we recognized approximately $0.3 million of sales and marketing related restructuring expense during fiscal 2012 compared to $0.4 million in fiscal 2011.
2
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[]
[ "sales", "marketing", "0.4" ]
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1073349_13_item7_p66_s4
1073349_12_item7_p51_s11
In addition, we recognized approximately $0.1 million of general and administrative related restructuring expense during fiscal 2012 compared to $0.3 million in fiscal 2011.
In addition, we recognized approximately $0.5 million of product development and engineering related restructuring expense during fiscal 2012 compared to $0.1 million in fiscal year 2011.
2
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[]
[ "0.5", "product", "development", "engineering", "year" ]
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1073349_13_item7_p66_s6
1073349_12_item7_p51_s4
In addition, we recognized approximately $0.3 million of sales and marketing related restructuring expense during fiscal 2012 compared to $0.4 million in fiscal 2011.
In addition, we recognized approximately $0.1 million of general and administrative related restructuring expense during fiscal 2012 compared to $0.3 million in fiscal 2011.
2
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[]
[ "0.1", "general", "administrative" ]
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1073349_13_item7_p66_s6
1073349_12_item7_p51_s8
In addition, we recognized approximately $0.5 million of product development and engineering related restructuring expense during fiscal 2012 compared to $0.1 million in fiscal year 2011.
In addition, we recognized approximately $0.1 million of general and administrative related restructuring expense during fiscal 2012 compared to $0.3 million in fiscal 2011.
2
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[]
[ "general", "administrative", "0.3" ]
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1073349_13_item7_p57_s0
1073349_12_item7_p53_s0
For the fiscal year ended June 30, 2012 as compared to the prior fiscal year, interest income remained consistent as a result of similar average cash balances in each fiscal year.
For the fiscal year ended June 30, 2013 as compared to the prior fiscal year, interest income increased as a result of higher average cash balances in the fiscal year ended June 30, 2013.
2
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[]
[ "increased", "higher" ]
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