The following tables show the Partnership's financial assets and liabilities measured at fair value:


	Fair Value as of
	December 31, 2022
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	144	$	—	$	144
Money market funds		49		—		—		49
Total cash equivalents	$	49	$	144	$	—	$	193

Investments segregated under federal regulations:
U.S. treasuries	$	10,327	$	—	$	—	$	10,327
Certificates of deposit		—		1,000		—		1,000
Total investments segregated under federal regulations	$	10,327	$	1,000	$	—	$	11,327

Securities owned:
Investment securities:
Government and agency obligations	$	1,000	$	—	$	—	$	1,000
Mutual funds(1)		310		—		—		310
Municipal obligations		—		11		—		11
Equities		8		—		—		8
Total investment securities	$	1,318	$	11	$	—	$	1,329

Inventory securities:
Municipal obligations	$	—	$	28	$	—	$	28
Corporate bonds and notes		—		21		—		21
Equities		20		—		—		20
Mutual funds		4		—		—		4
Government and agency obligations		3		—		—		3
Total inventory securities	$	27	$	49	$	—	$	76

Other assets:
Client fractional share ownership assets	$	680	$	—	$	—	$	680

Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	680	$	—	$	—	$	680


	Fair Value as of
	December 31, 2021
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	266	$	—	$	266
Money market funds		47		—		—		47
Total cash equivalents	$	47	$	266	$	—	$	313

Investments segregated under federal regulations:
U.S. treasuries	$	13,908	$	—	$	—	$	13,908
Certificates of deposit		—		400		—		400
Total investments segregated under federal regulations	$	13,908	$	400	$	—	$	14,308

Securities owned:
Investment securities:
Government and agency obligations	$	413	$	—	$	—	$	413
Mutual funds(1)		366		—		—		366
Equities		3		—		—		3
Certificates of deposit		—		70		—		70
Total investment securities	$	782	$	70	$	—	$	852

Inventory securities:
Equities	$	18	$	—	$	—	$	18
Municipal obligations		—		9		—		9
Certificates of deposit		—		6		—		6
Corporate bonds and notes		—		3		—		3
Mutual funds		2		—		—		2
Total inventory securities	$	20	$	18	$	—	$	38

Other assets:
Client fractional share ownership assets	$	710	$	—	$	—	$	710

Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	710	$	—	$	—	$	710

(1)

The mutual funds balance consists primarily of securities held to economically hedge future liabilities for the non-qualified deferred compensation plan. The balance also includes a security held for regulatory purposes at the Trust Co.