In an interpretation dated November 7, the Commodity Futures Trading Commission confirmed that a Commodity Pool Operator (CPO) was not required to aggregate the performance of each series of a pool operated by the CPO in that pool’s financial statements in order to comply with CFTC rules. CFTC rules require that CPOs prepare financial statements for the pools that they operate in accordance with generally accepted accounting principles. The pool in question was a Delaware statutory trust, which allowed for a limitation of liability among the different “series” of the pool, and the CPO presented the results for the different series in a multi-columnar format in the pool’s financial statements. In its letter, the CFTC observed that the multi-columnar format employed by the CPO was consistent with the treatment of registered investment companies operating as series funds, as described in the American Institute of Certified Public Accountant’s Investment Company Audit Guide.